Report

Sines refining volumes 2016 in line with expectations; >98% of waste processed

Sines refining volumes 2016 in line with expectations; >98% of waste processed

EARNINGS/SALES RELEASES

ANALYSIS

2016 revenues came in at €4.3m, beating our estimate (at €4.1m), growing from €2.3m in 2015 thanks to the ramp-up of the core business of micro-refining at Sines and sales of refined products (€2.2m vs. €0.3m in 2015).
During H2 16, Ecoslops started studies on the Marseille project at Total’s site.
Ecoslops confirms it aims at signing contracts for two new industrial units by end-2017; this would raise its outstanding balance to three projects, including Marseille.
The Sines unit processed more than 17kt of slops during 2016 (of which 11 kt in H2), in line with our expectations. Ecoslops transformed over 98% of waste into refined products. This proves the potential and quality of Ecoslops’ process.
The company reaffirmed it can treat 30kt of slops per year, as announced previously, and aims to process 25kt at Sines in 2017.
The success of Sines’ operations supports Ecoslops’ commercial proposition and should help to sign the next projects.
Underlying
Ecoslops SA

Ecoslops SA. Ecoslops SA is a France-based company principally engaged in the converting pertroleum residues from shipping (slops and sludge) in new marine fuels recycled. The Company offers seaports, residues collectors, ship-owners and bunker suppliers with a technology to recycle oily waste of ships. Ecoslops SA is active in promoting the development of the P2R unit by its incorporation in a more global plant: Oil Waste Processing Plant (OW2P). The OW2P technology combines a refining petroleum process (P2R) with appropriate clean water. The Company recycles the waste in order to be used in electricity production and steam production among others. The Company's fuel production is located in the port of Sines, Portugal.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Marzio Foa

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