McPhy 2023 First-Half Results Continued development and increase in
the backlog
- Revenue of €7.0 million in the first half of 2023, within the
expected range
- Backlog1 of €33.4 million as of June 30, 2023, up 9% vs.
December 31, 2022
- EBITDA of €(21.6) million, reflecting the ongoing development
strategy
- Cash position of €97 million as of June 30, 2023
- Double-digit revenue growth target for the full year
Grenoble (France), July 27, 2023 – 6:00
pm CEST – McPhy Energy, specialized in low-carbon hydrogen
production and distribution equipment (electrolyzers and refueling
stations), today announces its consolidated results for the first
half of its 2023 fiscal year, ended June 30, approved today by the
Company’s Board of Directors.
2023 First-Half Results2
(€ million) |
H1 2023 |
H1 2022 |
Change |
Revenue |
7,0 |
5,2 |
35% |
Other
operating income |
0,7 |
0,5 |
29% |
Income from Operating Activities |
7,7 |
5,7 |
34% |
Purchases consumed |
(5,2) |
(5,2) |
1% |
Personal costs |
(11,2) |
(7,9) |
42% |
External
costs |
(12,9) |
(9,7) |
33% |
EBITDA |
(21,6) |
(17,1) |
27% |
Depreciation, amortization and net provisions |
(3,3) |
(2,3) |
41% |
Operating Income (EBIT) |
(24,8) |
(19,4) |
28% |
Other income and expenses |
(0,0) |
(0,5) |
-98% |
Financial Result |
1,4 |
0,2 |
562% |
Income Tax |
(0,0) |
(0,0) |
n.s. |
Net
Result |
(23,5) |
(19,7) |
|
|
|
|
|
Jean-Baptiste Lucas, CEO of McPhy,
says: “During this first semester of 2023, McPhy achieved
several milestones on the road to becoming a key player in the
hydrogen ecosystem in Europe and beyond. We signed our first
significant contracts in the industrial sector, the biggest market
for low-carbon hydrogen. Our industrial scale-up has accelerated
with the automation of the stack assembly line in our San Miniato
plant and the start of construction of our Gigafactory in Belfort.
We have also begun our international development through a highly
promising partnership with the Indian group Larsen & Toubro
(L&T) and structured our policy regarding corporate social
responsibility. Over the coming months, we will continue these
actions while stepping-up our commercial penetration and
strengthening our execution capabilities. The low-carbon hydrogen
market is making gradual progress and must accelerate its growth to
meet the targets set by major public and private operators. McPhy
is leveraging all available means to make the most of this amazing
opportunity”.
Revenue within expected
range and increase in the backlog
2023 first-half revenue totaled
€7.0 million, within the expected range of €6 to 8 million
announced in April. It represents growth of 35%
compared with the data published for the first half of 2022 and,
remains stable compared with the 2022 figures restated for the
takeover of two older generation stations. Although solid, the
Group’s performance was nevertheless impacted by the postponement
of the CEOG contract, one of the largest projects in which McPhy is
a stakeholder. However, during the semester, the Group benefited
from the contribution of contracts whose implementation has now
begun, such as VEO-ArcelorMittal and HYPE. Sales are divided
between the supply of electrolyzers, either large capacity McLyzer
or from the Piel range (59%), and the supply of stations (41%).
The semester’s commercial
momentum is illustrated by the first two major contracts
won by McPhy in the industrial sector:
- McPhy is a stakeholder in an ambitious low-carbon steel
project with ArcelorMittal and VEO, with the construction
of an electrolysis pilot plant in Eisenhüttenstadt, Germany, in
collaboration with the Brandenburg Technical University. McPhy will
supply two McLyzer electrolyzers with an output of 1 MW each and
will perform a 5-year service contract,
- McPhy is also involved in a “green metal” project with
the Plansee Group. McPhy will supply a McLyzer 800-30
electrolyzer that will be installed on Reutte site in Austria and
will also provide long-term equipment maintenance services.
Furthermore, the Group has signed an
agreement with Indian conglomerate L&T whereby
McPhy has granted an exclusive license for its
pressurized alkaline electrolyzer technology for the
manufacture of electrolyzers. L&T is planning to
build a large-scale (Gigawatt) electrolyzer manufacturing plant in
India based on McPhy’s technology to serve the needs of Indian
domestic market, as well as selected geographical areas3. This
partnership enables McPhy expansion beyond the European market,
notably in India, a high-potential market whose low-carbon hydrogen
production capacity should reach at least 5 million tons a year by
2030.
Finally, these new references resulted in
€10.9 million in firm orders in the first half of
2023 and took the backlog to €33.4
million at June 30, 2023, an increase of
9% vs. December 31, 2022.
Operating result reflecting the
Company’s ongoing development
In the first half of 2023, the Group pursued its
strategy of commercial and industrial development. This led to a
rise in current expenses linked to innovation and R&D
expenditure on the one hand, and engineering resources for project
and services on the other.
Within this context, personnel
expenses increased by 42%, reflecting the recruitment of
30 new employees during the semester (and 54 over
the past 12 months), bringing the workforce to 232 employees at
June 30, 2023. Other external expenses amounted to
€12.9 million in first-half 2023, primarily to strengthen the
Group’s industrial and technical expertise.
As a result, EBITDA came to
€(21.6) million, compared with €(17.1) million in
the first half of 2022. The Operating Result was
€(24.8) million, while the Financial
Result improved substantially to €1.4
million thanks to the favorable impact of interest rate
rises on cash investments. The Net Result was
€(23.5) million in the first half of 2023 compared
with €(19.7) million for the same period in 2022.
Solid cash position
Net cash consumption was
€(38.5) million in the first half of 2023,
impacted by investments relating to the construction of the
Gigafactory, and the increase in working capital requirements
associated with the development of the Company’s activity. At
June 30, 2023, McPhy had a cash position
of €97.0 million, compared to €135.5 million at December
31, 2022, and thus has the financial leeway to continue
implementing its projects.
Implementation of a structured ESG
policy and Governance
About ESG, the Group is
continuing to implement a structured policy to
achieve the best standards, with the aim of obtaining a rigorous
certification by 2025. The Group has already improved its MSCI
rating from BBB to A4 in just one year.
Moreover, the Board of Directors, now
made of 8 members5, has set up a specific
committee (the CSR Committee) to ensure that corporate
social responsibility issues are considered when determining and
implementing the Group’s strategy and activities.
Post-closing events
- Within the framework of the Djewels green hydrogen
project6, McPhy has signed a contract to supply Augmented
McLyzer electrolyzers to the Delfzijl site in the Netherlands. The
latter, with a capacity of 20 MW will be
built by Technip Energies and operated by HyCC (which owns 100% of
Djewels B.V.). With an annual production capacity of 3,000 tons of
green hydrogen from renewable power and water, this is a
large-scale and innovative project whose other stakeholder
companies include Gasunie, DeNora and Hinicio.
- Based on the information the Group is currently aware of, the
CEOG project7, which concerns the construction of
the Western Guiana Power Plant, could resume
shortly. However, the actual restart of the project should
take several months.
- McPhy has also partnered with Dyneff8 to commission the
first hydrogen refueling station on a highway in France.
This new reference allows McPhy to position itself at the forefront
of the nascent highway hydrogen mobility market, which is set to
expand under the European Commission’s Repower EU plan.
Outlook
Given its backlog and the time it takes to
implement projects due to their size and complexity, McPhy
anticipates double-digit annual revenue growth in
2023.
The Group will continue its industrial
investments, in particular the construction of its
Gigafactory in Belfort for an estimated amount of €20 million in
2023, whose commissioning is still scheduled for the first half of
2024.
The 2023 half-year financial report, including
consolidated financial statements for the first half of 2023 and
the auditors’ report on first-half financial information, can be
found on the Company’s website (www.mcphy-finance.com).
ABOUT MCPHY
Specialized in hydrogen production and
distribution equipment, McPhy Energy is contributing to the global
deployment of low-carbon hydrogen as a solution for the energy
transition. With its comprehensive range of products dedicated to
the industrial, mobility and energy sectors, McPhy Energy offers
its clients turnkey solutions adapted to their applications in
industrial raw material supply, the recharging of fuel cell
electric vehicles and the storage and recovery of surplus
electricity from renewable sources. A designer, manufacturer, and
integrator of hydrogen equipment since 2008, McPhy Energy has three
development, engineering and production centers in Europe (France,
Italy, Germany). Its international subsidiaries provide broad
commercial coverage for its innovative hydrogen solutions.
McPhy Energy is listed on Euronext Paris (compartment B, ISIN:
FR0011742329, Ticker: MCPHY).
CONTACTS
NewCap |
|
Investor RelationsEmmanuel
HuynhT. +33 (0)1 44 71 94 99mcphy@newcap.eu |
Press RelationsNicolas
MerigeauT. +33 (0)1 44 71 94 98mcphy@newcap.eu
|
Follow us on
@McPhyEnergy
1 Firm order intake not yet recorded as
revenue.
2 Half-year consolidated financial statements
have been subject to limited review by the statutory auditors.
3 Oman, Qatar, Kuwait, Bahrain) and South Asian
Association for Regional Cooperation countries (Bangladesh, Sri
Lanka, Nepal, Bhutan, Maldives).
4 At end-2022.
5 Composition recently modified following the
non-renewal of the mandate of Pascal Mauberger (whose term of
office expired on the date of the Shareholders’ Meeting of May 24,
2023) and the termination of the directorship of Technip N.V. (from
June 1, 2023) with no replacement appointed yet.
6https://www.mcphy-finance.com/images/PDF/cp/gb/2023/20230704-Press_Release-McPhy_and_Technip_contracted_for_Djewels_VEN_410d1.pdf
7https://mcphy.com/en/press-releases/ceog-project/
8https://www.mcphy-finance.com/images/PDF/cp/gb/2023/PR_071123-McPhy_Dyneff_EN_26b54.pdf
- 27.07.23 PR McPhy_ H1 Results 2023 EN
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