Pyrum Innovations AG publishes figures for the first half of 2023
EQS-News: Pyrum Innovations AG / Key word(s): Half Year Report/Half Year Results
Pyrum Innovations AG publishes figures for the first half of 2023
15.09.2023 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.*Pyrum Innovations AG publishes figures for the first half of 2023*
· *Sales slightly above previous year's level at EUR 501 thousand*
· *Consolidated net loss for the period of EUR -4,408 thousand (H1 2022: EUR -3,487 thousand)*
· *Cold commissioning phase of the new plant in Dillingen largely completed*
Dillingen / Saar, 15 September 2023 - Pyrum Innovations AG (“Pyrum”, the “company”, ISIN: DE000A2G8ZX8), a pioneer in the sustainable recycling of end-of-life tyres (ELT) based on its patented pyrolysis technology, today published its consolidated financial report for the period from 1 January to 30 June 2023. The company's half-year results and financial position were mainly characterised by the high level of investment at the company's headquarters in Dillingen/Saar and the further expansion of personnel and organizational structures. In addition, the throughput in the plant for rCB grinding and pelletising was not yet in the planned and desired range in terms of volume.
Sales in the first six months amounted to EUR 501 thousand and were thus slightly higher than in the first half of 2022 (EUR 485 thousand). Own work capitalised amounted to EUR 7,613 thousand (H1 2022: EUR 8,495 thousand) as construction of the plant expansion in Dillingen progressed according to plan. The decrease corresponds to the lower cost of materials needed to build the new plant as the degree of completion of the plant expansion increases. As expected, total output fell by around 11% year-on-year to EUR 8,155 thousand (H1 2022: EUR 9,197 thousand) due to a decline in own work capitalised.
In the reporting period, other operating income totalling EUR 356 thousand was generated (H1 2022: EUR 916 thousand), mainly resulting from investment grants of EUR 152 thousand and research grants of EUR 150 thousand. In the prior-year period, other operating income was still dominated by research grants for the BlackCycle project. The consolidated net loss for the period amounted to EUR -4,408 thousand (H1 2022: EUR -3,487 thousand). Cash and cash equivalents as of 30 June 2023 amounted to EUR 5,431 thousand (December 31, 2022: EUR 12,519 thousand).
Pascal Klein, CEO of Pyrum Innovations AG: “We are very proud that despite the current challenges in the supply chain, all components for our new pyrolysis plant in Dillingen have arrived and we were able to successfully start the commissioning in July 2023. In addition, we are currently working on the planning, approval documents and designs for four plants with a total of 12 production lines to be built in the next two to three years in cooperation with renowned joint venture partners. We are also in negotiations for further plants, so we are confident that by the end of 2023 our project pipeline for the next two years will already be fully secured with corresponding consulting contracts. In addition to these customer projects, we are also in the process of building our next own plant in Homburg/Saar and are already looking for suitable sites for further Pyrum-owned plants planned for the medium term, each with a capacity of 20,000 tons of ELT. We will need substantial financial resources to realise this extensive project pipeline.”
Currently, Pyrum is in negotiations to determine the future financing modules for further growth, which are expected to be completed in the fourth quarter of 2023.
Pyrum Innovations AG will offer an English-language *webcast for investors, private shareholders and members of the press *on the current business development on Monday, 18 September 2023, at 10:00 am (CEST). Interested parties can register to participate at https://bit.ly/3PaTkh7.
The consolidated interim report for the first half of 2023 of Pyrum Innovations AG is available on the company's website at https://www.pyrum.net/investoren/finanzpublikationen/.
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*About Pyrum Innovations AG*
Pyrum Innovations AG is active in the attractive recycling market for end-of-life tyres with its patented pyrolysis technology. Pyrum's pyrolysis process is largely energy self-sufficient and, according to the Fraunhofer Institute, saves significantly more CO[2] emissions than today's standard recycling processes for end-of-life tyres - especially compared to incineration in cement plants - and produces new raw materials such as pyrolysis oil, gas and recovered carbon black from the waste used as input materials. In this way, Pyrum closes the recyclable material loop and pursues a completely sustainable business model. As a pioneer, Pyrum Innovations AG was the first company in the end-of-life tyre recycling sector to receive REACH registration from the European Chemicals Agency (ECHA) for the pyrolysis oil it produces. This means that the oil is recognised as an official raw material that can be used in production processes. In addition, Pyrum has received ISCC PLUS certification for the pyrolysis oil and the recovered carbon black. Both products are thus considered sustainable and renewable raw materials. In addition, Pyrum has received ISO 14001 certification for its environmental management system and ISO 9001 certification for its quality management system. These achievements have also been recognised by international experts in the tyre industry. For example, Pyrum won the Best Tyre Recycling Innovation category at the inaugural Recircle Awards and has been nominated for the “Grand Prix Mittelstand” (“Großer Preis des Mittelstandes”) from the German state of Saarland.
https://www.pyrum.net/
*Contact*
*IR.on AG *
Frederic Hilke
Phone: +49 221 9140 970
Email: pyrum@ir-on.com
*Pyrum Innovations AG*
Dieselstr. 8
66763 Dillingen / Saar
Email: presse@pyrum.net
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15.09.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Pyrum Innovations AG
Dieselstraße 8
66763 Dillingen/Saar
Germany
Phone: +49 6831 959 480
E-mail: contact@pyrum.net
Internet: www.pyrum.net
ISIN: DE000A2G8ZX8
WKN: A2G8ZX
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich
EQS News ID: 1726791
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