- Half-year sales doubled to €3.3 million compared to H1 2023,
with expanded market diversification
- Structuring milestones achieved in international expansion
in Saudi Arabia and the United States
- Solid financial structure: shareholders' equity of €62
million and cash position of €24.8 million
- Short- and medium-term financial guidance confirmed
Regulatory News:
Hoffmann Green Cement Technologies (ISIN: FR0013451044, Ticker:
ALHGR) (“Hoffmann Green Cement” or the “Company”), an industrial
player committed to the decarbonation of the construction sector
that designs and markets innovative clinker-free cements, announces
its 2024 half-year results. The Company's Supervisory Board met on
September 13, 2024 to review the financial statements for the year
ended June 30, 2024, as approved by the Executive Board.
€ thousand – IFRS
At June 30, 2024
At June 30, 2023
Revenue
3,280
1,676
EBITDA
-3,094
-3,648
Recurring operating profit/loss (EBIT)
-5,033
-5,133
Financial profit/loss
-37
270
Tax
-96
1,259
Net profit/loss
-5,190
-3,606
€ thousand – IFRS
At June 30, 2024
At June 30, 2023
Cash and cash equivalents (including
placements)
25,034
42,001
Shareholders’ equity
67,035
74,693
Julien Blanchard and David Hoffmann, co-founders of Hoffmann
Green Cement Technologies, said: “The first half of 2024 was
marked by Hoffmann Green's ongoing business development,
highlighted by the signing of significant new partnerships with
industry leaders. In response to the ongoing slowdown in France's
new housing construction sector, the company has diversified its
focus toward high-value markets, including renewable energy, waste
treatment, and B2C retail. These growth drivers in expanding
sectors position Hoffmann Green to face the future with confidence.
We are highly satisfied with our international progress, having
initiated the construction of the H-KSA 1 unit in Saudi Arabia and
secured a significant 30-year exclusive licensing agreement in the
United States. The doubling of our revenue, coupled with tight cost
control, has led to a significant improvement in EBITDA, which is
on track to reach breakeven in 2024. In light of these strong
commercial and financial achievements, we reaffirm all of our
short- and medium-term financial guidance.”
H1 2024 highlights: increased volumes, a strengthened order
book driven by new partnerships, international expansion, and
recognition through CSR awards
Higher sales volumes and stronger order book:
- Cement sales volume up +6.7% year-on-year to 7,833 tons. Sales
were mainly generated by H-UKR technology, and are mainly
attributable to the execution of contracts in the order book.
- Order book increased to over 270,000 tons, up by 10,000 tons of
cement over the first half of 2024. This increase is the result of
strategic partnerships and order commitments on H-UKR and H-IONA
technologies with key players in the sector:
- Signature of a partnership running until the end of 2027 with
Groupe Trecobat, France's 4th largest builder of single-family
homes;
- Strategic partnership with ViaVilla, a leading real estate
company specializing in the construction of villas on the Atlantic
coast;
- Signature of a key partnership to distribute Hoffmann
decarbonized cements in 600 outlets of the LES MOUSQUETAIRES Group
(Bricomarché, Bricorama, Brico Cash, Tridôme), marking the first
B2C retail agreement in France;
- Extension of the partnership with Bouygues Immobilier, a key
player in property development, for two years;
- Signing of a commercial partnership with Groupe Tartarin, a
Vienne-based producer of a wide range of ready-to-use
concretes;
- Extension of a 5-year distribution partnership with Groupe
Ravate, a major player on Reunion Island and in the Indian
Ocean;
- Partnership with the Polylogis Group and its subsidiary
LogiOuest, social housing providers, for the recommendation and
promotion of Hoffmann cement-based concretes for future housing
programs in Loire Atlantique and Maine et Loire.
In a new housing construction market that remains in a slowdown,
the Company has been able to diversify its business by penetrating
new growth markets such as renewable energies. In June 2024,
Hoffmann Green took part in a world first with the VALOREM Group:
the pouring of the first wind turbine foundation made of 0% clinker
decarbonized concrete.
In addition, building on the commercial dynamic of the first
half of 2024, interest in Hoffmann Green's technologies continues
unabated, as evidenced by the signing of additional strategic
contracts.
The company has signed a partnership agreement with Béton
Contrôle de l'Estuaire (BCE), an entity of the Duclos Group based
in Charente-Maritime (17), which produces a wide range of ready-mix
concrete, to provide Hoffmann Green Cement's 0% clinker cements to
its network of concrete plants.
Structuring milestones achieved in international
expansion
- Launch of H-KSA 1 construction
- Construction of Hoffmann's first cement production unit in
Saudi Arabia has begun with the laying of the foundation stone at
the Rabigh site. This event represents a key milestone, following
the signing in 2023 of the licensing agreement with the Shurfah
Group, a Saudi conglomerate.
- Signing of a key licensing contract in the United States
- This exclusive 30-year licensing agreement includes the
construction of several H2-type vertical production units in the
United States to support the decarbonization of the construction
sector. The contract also offers the partner the possibility of
sub-licensing Hoffmann units in the targeted states.
- In return, and in accordance with the strategy deployed as part
of its international development, the Company will receive an entry
fee of up to 20 million euros (including 2 million euros
guaranteed), as well as fixed and variable annual royalties based
on sales generated by the commercialization of Hoffmann cements in
the United States.
- This contract was signed with Hoffmann Green USA, whose
shareholders, Olivier Ducimetière-Monod and Francis Beauvallet, are
well established in the United States and have recognized expertise
in the sector.
Recognition of Hoffmann Green's CSR policy
- At the beginning of the year, the company published a scope 3
carbon footprint® based on the Net Zero Initiative® reference
framework developed by Carbone 4. The company is one of the first
cement companies to publish its carbon footprint according to all
three scopes.
- Hoffmann Green has also received assessments from French and
international extra-financial rating agencies, ranking the company
among the best-performing companies in its category.
- The Company was awarded the Solar Impulse Efficient Solution
label and joined the Bpifrance Excellence Club, two important
recognition marks guaranteeing the quality and economic
profitability of its H-UKR cement and certifying Hoffmann Green's
decarbonized manufacturing process and business model.
2024 half-year results
In the first half of 2024, revenue amounted to €3.3 million, up
+95.7% on the first half of 2023. The increase in sales in the
first half of 2024 is mainly due to the acceleration of
international expansion and the invoicing of an entry fee of €2
million to the American partner, and to higher cement sales volumes
(7,338 tons at the end of June 2023 vs. 7,833 tons at the end of
June 2024).
The improvement in EBITDA (+0.6 M€) results from the growth in
sales, tempered by an increase in commercial development costs and
a decrease in capitalized R&D development costs. The Company's
workforce is stable year-on-year (56 employees at end June 2023 vs.
55 employees at end June 2024).
Operating income before non-recurring items came to €5.0
million. The year-on-year change (+0.1 M€) is explained by the
evolution of EBITDA and the increase in depreciation and
amortization charges linked in particular to the launch of the H2
unit.
Financial result decreased by -0.3 M€ year-on-year due to the
fall in market value of the Company's mutual funds.
After taking into account a tax charge of -0.1 M€, Net Income at
the end of June 2024 amounted to -5.2 M€.
A strong financial structure
At June 30, 2024, the Company had a solid balance sheet, with
shareholders' equity of €62.0 million.
Available cash amounted to 13.1 M€ and 24.8 M€ including
investments, in accordance with the Company's development plan.
The change in cash and cash equivalents over the first half of
2024 (-0.2 M€) is explained by operating cash flows (-5.2 M€),
investment cash flows (-2.0 M€) and financing cash flows (+7.0 M€),
including the two OCEANE issues carried out over the period (+10.0
M€).
The Company's financial statements to June 30, 2024 will be
disclosed in the Company's half-yearly financial report, which will
be made available to shareholders on the Company's website by
October 30, 2024 at the latest, in accordance with legal and
regulatory requirements.
Strategy and outlook
- Commercial
- Continue to sign and extend contracts with strategic
partners;
- International deployment, through licensing agreements with
partners in charge of financing, building and operating Hoffmann
Green vertical production units in their geographical territory,
and commercializing the Company's technologies.
- Industrial
- Expansion of Hoffmann Green's production base with the launch
of construction of the H3 plant at the Grand Port Maritime de
Dunkerque (GPMD), scheduled for delivery in 2025.
- Financial
- Break-even EBITDA by 2024;
- Positive current operating income from 2025;
- Sales of €130 million and EBITDA margin of around 40% by
2026.
- R&D
- Acceleration of R&D funding to strengthen the environmental
performance and quality of Hoffmann Green products, rewarded in
2024 by the Solar Impulse Efficient Solution label.
- CSR
- Continue to commercialize carbon credits;
- Continuous improvement of CSR approach: increase in
extra-financial rating.
ABOUT HOFFMANN GREEN CEMENT TECHNOLOGIES
Founded in 2014 and based in Bournezeau (Vendée, Western
France), Hoffmann Green Cement Technologies designs, produces and
distributes innovative extremely low-carbon cements – with a carbon
footprint 5 times lower than traditional cement – that present, at
equivalent dosage and with no alteration to the concrete
manufacturing process, superior performances than traditional
cement.
Hoffmann Green operates two production units powered by a solar
tracker park on the Bournezeau site: a 4.0 factory and H2, the
world's first vertical cement plant inaugurated in May 2023. A
third factory will be established at the Grand Port of Dunkirk in
2025, bringing the total production capacity to 550,000 tons per
year, representing 3% of the French market. The group has
industrialized a genuine technological breakthrough based on
modifying cement composition and creating a cold manufacturing
process, with 0% clinker and low energy consumption, making it a
leading and unique player in the cement market that has not evolved
for 200 years.
In a context of climate urgency and energy price inflation,
Hoffmann Green Cement actively participates in energy transition by
producing clean cement that consumes 10 to 15 times less energy
than Portland cement. It also promotes eco-responsible construction
and encourages circular economy and natural resource preservation.
With its unparalleled and constantly evolving technological
expertise, driven by high-performing teams, Hoffmann Green Cement
Technologies serves all markets in the construction sector, both in
France and internationally.
Hoffmann Green was selected among the 2022 promotion of the top
20 French green startups as part of the French Tech Green20
program, led by the French Tech Mission in partnership with the
Ministry of Ecological Transition. In June 2023, the company was
selected for French Tech 2030, a new ambitious support program
operated by the French Tech Mission alongside the General
Secretariat for Investment (SGPI) and Bpifrance.
The company continues its international development with
contract signings in the United Kingdom, Belgium, Switzerland,
Saudi Arabia and recently in the United States.
For further information, please go to :
www.ciments-hoffmann.fr/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240915881495/en/
Hoffmann Green
- Jérôme Caron
- Chief Financial Officer
- finances@ciments-hoffmann.fr
- 02 51 460 600
NewCap Investors Relations
- Thomas Grojean
- Alban Dufumier
- ciments-hoffmann@newcap.eu
- 01 44 71 94 94
NewCap Financial Media Relations
- Nicolas Merigeau
- Antoine Pacquier
- ciments-hoffmann@newcap.eu
- 01 44 71 94 98
Hoffmann Green Cement Technologies | Telephone : +33 2 51 460
600 | Email : fınances@ciments-hoffmann.fr
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