Ecoslops (ALESA) H2 2023 earnings summary

Executive summary

• Disposal of Provence closed Feb. 29, 2024, refocusing operations on the Portugal unit and Scarabox; retained activities reported EBITDA near breakeven at -€0.1M for 2023.

• The disposal and related costs heavily affected 2023 consolidated results, including €5.5M of non-recurring Provence-related costs and restructuring fees.

Financial highlights

• Revenue was €10.3M in 2023, down €4.5M YoY; gross margin was €7.0M versus €9.0M, while gross margin rate rose to 68% from 61%.

• EBITDA on the refocused scope was -€0.1M versus €2.0M in 2022; net loss was €8.0M and net loss attributable to the parent was €7.3M.

• Excluding Provence and restructuring impacts, the result before restructuring and Provence-related items was -€2.6M, versus -€0.2M in 2022.

• Net financial expense was €1.3M, mainly including €1.0M interest on the EIB loan; corporate income tax was €0.3M, mainly from the research tax credit.

Outlook and guidance

• 2024 Portugal-unit production is forecast at 24,500 tonnes, with sales of ~€13M including port services, based on current Brent prices.

• The 2024 plan includes contracting a new Scarabox sale in Ivory Coast; further priorities include securing Sines feedstock and renewing the port concession.