Pyrum Innovations AG publishes figures for the first half of 2023

  • 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/​3​P​a​T​kh7 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/​i​n​v​e​s​t​o​r​e​n​/​f​i​n​a​n​z​p​u​b​l​i​k​a​t​i​o​n​en/ available.

Pyrum Innovations AG

Contact us

IR.on AG
Frederic Hilke
Tel: +49 221 9140 970
E‑mail: pyrum(at)ir-on.com

Pyrum Inno­va­tions AG
Diesel­strasse 8
66763 Dillingen
E‑mail: presse(at)pyrum.net
https://​www​.pyrum​.net

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About Pyrum Innovations AG

With its patented pyro­lysis tech­no­logy, Pyrum Inno­va­tions AG is active in the attrac­tive recy­cling market for used tyres and various plas­tics. Pyrum’s pyro­lysis process is largely energy self-suffi­cient and, accor­ding to the Fraun­hofer Insti­tute, saves signi­fi­cantly more CO2 emis­sions than today’s stan­dard recy­cling processes for used tyres — espe­ci­ally compared to inci­ne­ra­tion in cement plants — and produces new raw mate­rials such as pyro­lysis oil, gas and recy­cled carbon black (rCB) from the waste used as input mate­rials. In this way, Pyrum closes the mate­rial cycle and pursues a 100% sustainable busi­ness model. As a pioneer, Pyrum Inno­va­tions AG was the first company in the waste tyre recy­cling sector to receive REACH regis­tra­tion from the Euro­pean Chemi­cals Agency (ECHA) for the pyro­lysis oil it produces back in 2018. 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 rCB. Both products are ther­e­fore reco­g­nised as sustainable and rene­wable raw mate­rials. Pyrum has also received ISO 14001 certi­fi­ca­tion for its envi­ron­mental manage­ment system and ISO 9001 certi­fi­ca­tion for its quality manage­ment system. These successes have also been reco­g­nised by inter­na­tional experts in the tyre industry. For example, Pyrum was hono­ured at the first Recircle Awards in the cate­gory Best Tyre Recy­cling Inno­va­tion and has been a fina­list for the German SME award three times in a row.