Pyrolyx AG

  • WKN: A2E4L4
  • ISIN: DE000A2E4L42
  • Land: Deutschland

Nachricht vom 28.02.2020 | 00:30

Pyrolyx AG: Report for The Year Ended 31 December 2019

DGAP-News: Pyrolyx AG / Key word(s): Preliminary Results
28.02.2020 / 00:30
The issuer is solely responsible for the content of this announcement.

Reporting Period
Report for financial year ended December 31, 2019 compared. All comparisons are made to financial year ended December 31, 2018.

No final dividend was paid in relation to the full year ended December 31, 2018.
No interim dividend was paid in relation to the half-year ended June 30, 2019 or to the full year ended December 31, 2019.

Results for announcement to the market
Revenue from ordinary activities: €'000 1,765 (Dec. 31, 2019) €'000 579 (Dec. 31, 2018) up 205%
Profit (loss) after tax from ordinary activities attributable to members: €'000 -17,218 (Dec. 31, 2019) €'000 -4,810 (Dec. 31, 2018) down 258%
Net profit (loss) attributable to members: €'000 -17,218 (Dec. 31, 2019) €'000 -4,810 (Dec. 31, 2018) down 258%

The calculation of net tangible assets per ordinary share uses the total number of shares on issue as at December 31, 2019 being 7,226,678 shares.

Review of results:
During the calendar year 2019 the focus of Pyrolyx was completing its commercial facility in Terre Haute, Indiana (TH #1).

The planned start of commercial operations of Terre Haute #1 was delayed from the planned date of end June 2019 due to performance issues with the Company's contractor, Zeppelin Systems. Zeppelin unexpectedly ceased work on and support for completion of the facility in August 2019. Pyrolyx subsequently had to complete the installation and undertake cold and hot commissioning of the facility using its own resources. Production began in January 2020 and is rapidly ramping up towards its target production levels of 13,000 tons of rCB per annum. By our market insights the rCB production facility will be the largest of its kind in the world. The work on a contract for a Front-End Engineering Design (FEED) study to prepare for construction of a second facility in Terre Haute (TH#2) was finalized. Further work on TH #2 is on hold pending commercial operation of TH#1 at target levels of production.

Pyrolyx reported full year revenue of €1,765 thousand an increase of around 205% on prior year revenues. Profit before interest, taxes, depreciation and amortization was minus € 7,384 thousand. The result is due to the continued lack of scale and hence operational efficiency of the Company's Stegelitz facility, additional expenses associated with the Terre Haute facility and the North American market development strategy, and to restructuring costs in Germany.

Net tangible assets backing per ordinary share worsened to - € 0.37 per share (2018: +€ 0.39 per share).

The AGM is scheduled for July 2020.

The company is not proposing to pay dividends.

The report is based on accounts which are in the process of being audited.

Net tangible assets

Net tangible assets backing per ordinary share (€ / per shares) -0.37 (Dec. 31, 2019) 0.39 (Dec. 31, 2018)

Changes in control over entities:
Pyrolyx International GmbH decreased its stake in Pyrolyx USA, Inc. from 90,7% to 88.4% as part of a financing transactions in 2019.
Two new 100% subsidiaries were established for the acquisition of the assets from J&R Tire Recycling Inc.: Pyrolyx Transportation, as a tire collection and hauling company, and Pyrolyx Tire Recycling, as an end-of-life tire (ELT) recycling company.

Details of associates and joint ventures:
In February 2019, Pyrolyx USA entered into an agreement to acquire J&R Used Tire Service Inc.(Newport, Indiana) as part of the group's vertical integration strategy. In September 2019 Pyrolyx USA acquired the assets of J&R Tire Recycling Inc. Two new subsidiary companies were established to own the assets acquired in this purchase: Pyrolyx Transportation, a tire collection and hauling company; and Pyrolyx Tire Recycling, an end-of-life tire (ELT) recycling company. This was a strategic acquisition in order to supply enough ELT feedstock for Terre Haute #1 and in future for Terre Haute #2.

Set of accounting standards used in compiling the report:
The consolidated financial statements have been prepared in accordance with IFRS International Financial Reporting Standards and are currently being audited.

Details of review modifications:
IFRS 16 (Leasing) has been applied in accordance with IFRS rules.

28.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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