Europlasma: 2009 Full-Year Earnings: Significant Investments for Strong and Profitable Growth in 2010By Europlasma, PRNE
Thursday, April 29, 2010
BORDEAUX, France, April 30, 2010 - At the Board meeting held on April 29th, 2010, Europlasma's
directors approved the financial statements for 2009.
Europlasma, the French Group specialized in clean technologies
and renewable energy production, is releasing its full-year earnings for
- 2009 consolidated revenues: EUR31.4 million - 2009 consolidated EBIT: -EUR4.0 million Inertam: profitable first year Europe Environnement: priority focus on investments - 2009 consolidated net income: -EUR3.6 million
2009 consolidated earnings
At the end of 2009, the breakdown of business for the Group's
companies was as follows:
- Air depollution activities (Europe Environnement subsidiary,
66% of the Group's revenues in 2009) have been affected by the global
economic slowdown, including a strong impact on business with industrial
clients in the US. Revenues came to EUR20.8 million for 2009, down 8% on
2008. The contraction in revenues is far less marked than the downturn in the
industrial air depollution market (down 30% in 2009). The excellent
commercial results achieved by Europe Environnement confirm the relevance of
Europe Environnement's teams and their ability to adapt in order to safeguard
its products and tailor its solutions to customers on public markets, which
represented the main source of revenues in 2009.
In terms of investment, the new industrial site inaugurated in
May 2009, a 12,000 sq.m ultramodern platform, located in Alsace, has driven
Europe Environnement's development with a production tool based on
leading-edge technology and optimized support structures. The efforts made,
combined with the commitment to developing the Group internationally, are
expected to pave the way for significant revenue growth and a return to
- The asbestos and hazardous waste destruction activities (Inertam subsidiary, 31% of revenues) made it possible to process 5,210 tons of waste through glassification (compared with 6,100 tons in 2008), with EUR9.7 million in revenues, down slightly (-7%) as compared to 2008. Despite this fall, the full impact of the actions launched in 2009 to optimize and expand margins made it possible to achieve a positive EBIT of EUR0.6 million (compared with a EUR0.3 million loss in 2008). The Morcenx processing and reclamation center has benefited from the continuation of existing contracts, while further developing its customer portfolio. In 2009, Inertam also rolled out a program to develop its commercial strategy for holders of waste contaminated with asbestos. The approach adopted aims to highlight the legal and environmental benefits linked to choosing Inertam's technological solution over other alternatives, which remain problematic in terms of public health and legal liability. This far-reaching work will make it possible to support prospecting actions among industrial operatives, real estate players and the French State in 2010. - The historical business for marketing and operating the proprietary plasma torch technology accounted for 3% of the Group's revenues, representing EUR1.0 million in full-year revenues, down 56%. The company recorded an operating loss of -EUR3.9 million (compared with -EUR2.4 million in 2008). This reflects the significant investments made in connection with developing the technology and launching the Group's new business: energy from waste (EfW) and biomass production (CHO-Power). The benefits of these investments will be seen as of mid-2010, when the CHO Morcenx project starts up.
The strategy to position the proprietary technology on the two
significant segments identified as areas of profitable growth has been a
- In the nuclear segment: four-year, EUR6.5 million contract signed in April 2009 in order to reduce and immobilize low-level radioactive waste at a nuclear site in Bulgaria. - In the energy production segment: financing put in place for 54 MWe over three years, with the option to extend the financing to 200 MWe over five years, based on a EUR50 million investment by the financial partner, with building work to start on the first 12 MWe unit (Morcenx CHO) in June 2010.
At the end of 2009, EBIT showed a loss of EUR4.0 million,
reflecting the downturn in revenues and the impact of the investment strategy
applied in 2009. Indeed, the accounting losses recorded are primarily linked
to the development of the gasification process technology and the development
of several plant projects, including the Morcenx project. Net income (Group
share) came to -EUR3.6 million, compared with -EUR1.0 million in 2008.
Dec 31, 2008 Dec 31, 2009* Change EUR' % of EUR' % of EUR'/EUR 000,000 revenues 000,000 revenues 000,000 NET REVENUES 35.298 31.404 -3.894 Other Operating income 2.329 7% 2.658 8% 0.329 Purchases consumed -24.099 -68% -23.171 -74% 0.928 Salaries and fringe benefits -10.499 -30% -11.430 -36% -0.931 Other Operating expenses -0.701 -2% -0.109 -0% 0.592 Tax -0.731 -2% -0.858 -3% -0.144 Net change In Depreciation and amortization -2.022 -6% -2.484 -8% -0.462 EBIT -0.426 -1% -3.989 -13% -3.563 Financial income and expenses -0.463 -0.357 0.106 Non-recurring income and expenses 0.302 -0.074 -0.376 Corporate income tax 0.445 0.969 2.057 NET INCOME FROM CONSOLIDATED COMPANIES -0.107 0% -3.451 -6% -1.811 Share in earnings from equity affiliates - -0.018 Goodwill Amortization 0.790 0.874 0.084 Minority interests 0.150 0.702 0.552 NET INCOME (GROUP SHARE) -1.046 -3% -3.641 -7% -1.062 *Approved by the Board of Directors on April 29th, 2010 (audit underway)
With regard to the main items on the balance sheet at December
31st, 2009, the changes specifically concern the financing of activities
carried out in 2009, and in particular the resources assigned for the
development of clean energy production activities and the building of the new
industrial tool Europe Environnement. These sectors are highly strategic for
the Group's development over the medium and long term.
Balance sheet - Assets (EUR'000,000) Dec 31, 2008 Dec 31, 2009* Goodwill 13.022 12.403 Intangible fixed assets 1.652 2.376 Tangible fixed assets 8.228 19.887 Long-term financial investments 0.378 0.490 Fixed assets 23.280 35.157 Inventories and work-in-progress 2.692 1.505 Receivables 15.179 14.568 Cash, cash equivalents and other 20.353 13.923 Current assets 38.224 29.995 TOTAL ASSETS 61.504 65.152 Balance sheet - Liabilities (EUR'000,000) Dec 31, 2008 Dec 31, 2009* Shareholders' equity 35.016 31.331 Non-Group interests 4.942 4.316 Provisions for liabilities and charges 1.205 0.983 Financial liabilities 7.066 15.135 Sundry liabilities 13.275 13.387 TOTAL LIABILITIES 61.504 65.152 * Approved by the Board of Directors on April 29th, 2010 (audit underway)
Outlook for 2010
For the current year, Europlasma will continue developing on
its various business segments, which dovetail effectively with one another.
The Group aims to provide innovative and responsible solutions for a range of
environmental and health issues linked to human activity: processing and
reclaiming hazardous waste, depolluting and improving air quality, and
producing electricity from waste and biomass.
For its subsidiaries Inertam and Europe Environnement, the
Group is focusing on further strengthening the commercial strategy with a
view to generating a higher volume of business. This ramping up is not
expected to result in any major structural changes and will pave the way for
an improvement in margins.
Europe Environnement has, through its four subsidiaries
(Europ-Plast and Protech Air in France, Amcec in the US, Ventacid in
Hungary), a complete offering in the air processing sector, both
technologically and geographically. With the 2010 order book up as compared
with 2009, Europe Environnement is targeting a return to growth and
profitability, through major orders.
In addition, the Group has the assets and strengths needed in
order to rapidly establish itself as a credible player in renewable energy
- Proprietary technology making it possible to achieve a highly competitive energy performance; - Proven experience in managing industrial projects with major technical, environmental and health constraints; - A robust financial partner with which to build several units at least within the next three years.
Lastly, the dedicated financing process for building CHO-Power
production units with a capacity of 54 MWe over three years, with the option
to extend this financing to cover the building of a total of 200 MWe over
five years, was announced in April 2010. In this context, the Group's
financial partner will be able to contribute EUR50 million, based on a first
commitment for EUR22.8 million focused on launching work to build the first
power production unit in Morcenx, with a capacity of 12 MWe (Morcenx CHO) in
In view of these various parameters, Europlasma expects to
generate profitable growth over 2010, with revenues increasing by more than
50%. The financial statements for the first half of 2010 will already show
significant progress and positive EBIT.
2010 financial diary
June 30th, 2010: general meeting
Founded in 1992, Europlasma is a French Group specialized in
clean technologies and renewable energy production. The Europlasma Group is
made up of four main units and 260 employees who are all firmly committed to
sustainable development and experts in waste processing and reclamation.
- Europlasma develops, produces and markets waste processing and energy production solutions based on its proprietary plasma torch technology. - Inertam is the global specialist for the destruction and reclamation of asbestos and hazardous waste. - CHO Power is a waste gasification power producer (EfW - Electricity from Waste). - Europe Environnement is the European market leader for ventilation and air depollution systems for industry.
Press and investor contacts:
Europlasma, Cedric Berard, Chief Legal and Financial Officer,
email@example.com, Tel: +33-5-56-49-70-00
Calyptus, firstname.lastname@example.org, Tel: +33-1-53-65-68-68
Press and investor contacts: Europlasma, Cedric Berard, Chief Legal and Financial Officer,
contactbourse at europlasma.com, Tel: +33-5-56-49-70-00; Calyptus, europlasma at calyptus.net, Tel: +33-1-53-65-68-68
Tags: April 30, Bordeaux, Europlasma, France