- Sales slightly above previous year’s level at kEUR 501
- Consolidated net result 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 pioneering company that sustainably recycles used tyres with its globally patented, unique 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 largely shaped by the high level of investment at the company headquarters in Dillingen/Saar and the further expansion of personnel and organisational structures. In addition, the throughput in the plant for rCB grinding and pelletising was not yet within the planned and desired range in terms of volume.
Sales revenue in the first six months totalled EUR 501 thousand and was therefore 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 decline corresponds to the lower cost of materials required to build the new plant as the degree of completion of the plant expansion increases. As expected, total operating performance 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.
Other operating income totalling EUR 356 thousand was generated in the reporting period (H1 2022: EUR 916 thousand), mainly resulting from investment grants of EUR 152 thousand and research grants of EUR 150 thousand. In the same period of the previous year, 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 at 30 June 2023 amounted to EUR 5,431 thousand (31 December 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 commissioning in July 2023. In addition, we are currently working on the planning, approval documents and drawings for four plants with a total of 12 production lines, which are to be built over the next two to three years in collaboration with renowned joint venture partners. We are also in negotiations for further plants, so we are confident that our project pipeline for the next two years will already be fully secured with corresponding consultancy agreements by the end of 2023. 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 with a capacity of 20,000 tonnes of used tyres each that are planned for the medium term. We will need considerable financial resources to realise this extensive project pipeline.”
Pyrum is currently in negotiations to determine the future financing components for further growth, which should be finalised in the fourth quarter of 2023.
Pyrum Innovations AG is offering a webcast in English for investors, private shareholders and representatives of the press on Monday, 18 September 2023, at 10:00 a.m. on the current business development. Interested parties can register at https://bit.ly/3PaTkh7 register for participation.
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/ available.