Ecoslops (ALESA) H1 2024 earnings summary

Executive summary

• H1 2024 sales rose 30% year-over-year on a like-for-like basis, following the disposal of Ecoslops Provence in February 2024.

• EBITDA turned positive at €0.3m, improving by €0.6m compared to H1 2023.

• Net result improved significantly, with a loss of €0.2m versus a €5.8m loss in H1 2023 (excluding Provence's negative €3.9m contribution in 2023).

Financial highlights

• Group sales reached €6.2m, up 30% year-over-year; Refined Products up 35%, Port Services up 15%.

• Gross margin rate declined to 60% from 66%, impacted by swap contracts and higher sea freight costs.

• Personnel and other expenses were reduced by €0.3m due to a savings plan, partially offset by higher costs in Portugal.

• Net financial result was a €0.5m loss, mainly from interest on borrowings.

• Cash position at 30 June 2024 was €7.8m, up from €3.2m at year-end 2023.

Outlook and guidance

• Focus on renegotiating €9.0m EIB debt, renewing the Sines port concession, and securing medium-term supplies.

• Plans to deploy Scarabox® technology in Cameroon, Ivory Coast, and other markets.