Pyrolyx AG
Pyrolyx AG: Report for The Year Ended 31 December 2019
DGAP-News: Pyrolyx AG
/ Key word(s): Preliminary Results
Reporting Period Results for announcement to the market Review of results: 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 backing per ordinary share (€ / per shares) -0.37 (Dec. 31, 2019) 0.39 (Dec. 31, 2018) Set of accounting standards used in compiling the report: Details of review modifications:
28.02.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Pyrolyx AG |
Landshuter Allee 8-10 | |
80637 München | |
Germany | |
Phone: | +49 (0)89 54558 310 |
E-mail: | info@pyrolyx.com |
Internet: | www.pyrolyx.com |
ISIN: | DE000A2E4L42 |
WKN: | A2E4L4 |
Listed: | Regulated Unofficial Market in Dusseldorf (Primärmarkt), Frankfurt |
EQS News ID: | 985767 |
End of News | DGAP News Service |