Pyrum sales of EUR 842 thousand, above the previous year’s level (9M 2022: EUR 714 thousand)
Pyrum Innovations AG has published its consolidated financial report for the period from 1 January to 30 September 2023. The company’s results and net assets in the first nine months were primarily influenced by the high level of investment at the company’s headquarters in Dillingen/Saar, the further increase in personnel, as well as the lower-than-expected sales development due to the still unsatisfactory throughput in the plant for rCB milling and pelletising.
Sales in the first nine months totalled EUR 842 thousand, around 18 per cent higher than in the same period of the previous year (9M 2022: EUR 714 thousand). Own work capitalised amounted to EUR 9,828 thousand (9M 2022: EUR 13,171 thousand) as construction of the plant expansion in Dillingen progressed according to plan. The decline corresponds to the reduction in the cost of materials required for the generation of own work as the plant expansion draws closer to completion. As expected, total output fell by around 24 per cent year-on-year to EUR 10,722 thousand (9M 2022: EUR 14,156 thousand) due to a decline in own work.
In the reporting period, other operating income totalling EUR 456 thousand was generated (9M 2022: EUR 1.074 thousand), mainly resulting from investment grants of EUR 160 thousand and research grants of EUR 122 thousand. In the prior-year period, other operating income was dominated by research grants for the BlackCycle project. The consolidated net loss for the period amounted to EUR -6,853 thousand (9M 2022: EUR -5,675 thousand). Cash and cash equivalents as of 30 September 2023 amounted to EUR 4,410 thousand (31 December 2022: EUR 12,519 thousand).
Pascal Klein, CEO of Pyrum Innovations AG commented; “With the successes achieved so far in terms of commissioning our new pyrolysis plants, developing the project pipeline and expanding the partnership with BASF, we have taken decisive steps, the foundations of which were largely laid in the third quarter. The new financing framework with BASF will enable us to maintain our technological lead and make rapid progress with current projects. Parallel to the commissioning of the plant expansion in Dillingen, we are currently working on the realisation of our concrete rollout plans following our successful project acquisition phase of the last few months in order to create additional recycling capacities at other locations in the short and medium term and to meet the high demand for our products. The letter of intent with REMONDIS and the agreements we have concluded for the approval planning of new plants in Greece and the Czech Republic have enabled us to make significant progress.”
In the current fourth quarter, the focus will be on the hot commissioning of the new plants in Dillingen/Saar, the preparation of approval documents for the consulting contracts already signed, as well as the continued implementation of the targeted financing structure. Another task is the planned new plant in Saarland. In the course of preparing the authorisation documents and the detailed review of the existing new plant location, it became apparent that water protection requirements for the site would lead to considerable additional investment, which would jeopardise the economic viability of the location. An alternative, logistically ideally located site, was identified some time ago, and Pyrum is currently in advanced negotiations with the landowner. The first phase of the approval process for the new site will begin next week when the construction project is presented to the local council. The aim remains to submit the application for approval in the short term and to break ground in the first half of 2024.
For the full year 2023, the management is currently expecting sales of between EUR 1.1 million and EUR 1.5 million. The sales targets previously set for the full year in the range of EUR 1.8 million to EUR 2.5 million can therefore no longer be realised from today’s perspective. Expectations for total output are now also slightly lower than the previous forecast (EUR 14 million to EUR 16 million) with a range of EUR 13 million to EUR 15 million.
Pyrum Innovations AG will be represented at this year’s Deutsches Eigenkapitalforum of Deutsche Börse AG from 27 to 29 November at the Steigenberger Airport Hotel Frankfurt, where CEO Pascal Klein and CFO Kai Winkelmann will present the company’s current business development (28 November, 5:25 – 5:55 pm (CEST), room New York) and will be available for 1on1 meetings with interested investors and analysts.
The consolidated interim report for the period from 1 January to 30 September 2023 of Pyrum Innovations AG is available on the company’s website.
