McPhy: First-Half Year 2024 Results Growth in Electrolyzer Revenue
- Half-year revenue up +35% to €9.5 million, driven by growth in
the electrolyzer business (+120%), despite a market that remains
far from expected levels
- Total Backlog1 of €27.7 million, including €21.6
million for electrolyzer alone
- EBITDA of €(24.7) million reflecting the difficult execution of
legacy projects and a still insufficient level of activity
- Successful execution of the funding plan and cash position of
€57.6 million as of June 30, 2024
- Signature of an agreement with Larsen & Toubro extending
the technology transfer and exclusive license to McPhy XL (4
MW)
- Estimated full year 2024 revenue between €18 million and €22
million
Foussemagne (France), October 29, 2024 –
6:00 pm CET – McPhy Energy, a leading French player in
electrolyzer technology and manufacturing, today announces its
consolidated results for the first half of its 2024 fiscal year,
ended June 30, approved on October 28 by the Company’s Board of
Directors.
Simplified Profit & Loss
Statement2
(€ million) |
|
06/30/2024 |
06/30/2023 |
Change |
Revenue |
|
9.5 |
7.0 |
35% |
Other
operating income |
|
0.6 |
0.7 |
-8% |
Income from Operating Activities |
|
10.1 |
7.7 |
31% |
Purchases consumed |
|
(10.3) |
(5.2) |
x2 |
Personal costs |
|
(13.5) |
(11.2) |
21% |
External
costs |
|
(11.0) |
(12.9) |
-15% |
EBITDA |
|
(24.7) |
(21.6) |
14% |
Depreciation, amortization and net provisions |
|
(2.6) |
(3.3) |
-20% |
Operating Income (EBIT) |
|
(27.3) |
(24.8) |
10% |
Other income and expenses |
|
(5.0) |
(0.0) |
x5 |
Financial Result |
|
0.3 |
1.4 |
-78% |
Income Tax |
|
(0.0) |
(0.0) |
n.s. |
Net Result |
|
(32.0) |
(23.5) |
36% |
Jean-Baptiste Lucas, Chief Executive
Officer of McPhy, states : “During this
first half of 2024, McPhy has profoundly accelerated
its transformation by successfully completing several major
projects: the completion of the sale of its
station business to Atawey, with the Group now positioned as a
player focused on the manufacture of electrolyzers; the on-time
delivery of its Gigafactory, initiating the development and mass
production of large-scale, new-generation electrolyzers; the
start-up of the first industrial contracts, notably across the
Rhine; and finally, the implementation of a funding plan that gives
the Group the financial resources it needs until early 2026 to
pursue its development. Added to this is the extension of the
license with L&T for new generation electrolyzers, representing
both significant additional resources and a partnership of trust
with a group of international stature, established in promising
markets. McPhy has thus succeeded in selling its station business,
starting up its Gigafactory and implementing its funding plan at a
time when the hydrogen sector has experienced turbulence,
illustrating its ability to move forward in a high-potential market
where uncertainty and volatility remain
significant.”
2024 half-year revenue up +35%, +120%
for electrolyzers alone
In the first half of 2024,
McPhy reported total revenue of €9.5
million, up +35% on the first half of
2023. This growth is mainly due to the ongoing execution of major
projects in the Electrolyzers business, achievieng
revenue in the first half of 2024 of €9.1 million,
up +120%. The station business,
whose sale has now been finalized, made a small contribution of
€0.3 million over the period.
The Group benefited primarily from the
contribution of three significant projects which have now started
up to supply:
- A 4 MW McLyzer 800-30 electrolyzer with
Swedish company AAK, a major global player in the
edible oil processing industry, to produce low-carbon hydrogen as a
process gas;
- Two electrolyzers (2 & 4 MW) and
two Dual Pressure stations as
part of its partnership with Hype;
- A 4 MW McLyzer 800-30
electrolyzer as part of a “green metal”
project with the Plansee Group at the
Reutte site in Austria.
Revenue was also driven to a lesser extent
by:
- The low-carbon steel project with ArcelorMittal and
VEO, which involves the construction of an electrolysis
pilot plant in Eisenhüttenstadt, Germany, in collaboration with
Brandenburg Technical University. McPhy supplied two McLyzer
electrolyzers, each rated at 1 MW, and a Dual Pressure station, and
will provide a five-year service contract;
- Sales of the Piel
range of small and medium capacity electrolyzers,
mainly dedicated to applications in jewelry and small-scale
industry, amounting to €1.2 million;
- The re-launch of the CEOG
project, which involves the production of hydrogen using a
high-powered electrolyzer, the Augmented McLyzer 16 MW, supplied by
McPhy, linked to a photovoltaic solar farm, coupled with a hydrogen
storage unit and high-powered fuel cells to reduce the carbon
footprint associated with supplying electricity to 10,000 homes in
French Guiana.
Update on current business
In
€m |
06/30/2024 |
12/31/2023 |
Change |
Firm order intake |
14.9 |
13.0 |
+14% |
Total Backlog3 |
27.7 |
23.8 |
+17% |
Backlog – Electrolyzer |
21.6 |
20.0 |
+8% |
McPhy recorded firm order
intake of €14.9 million, including
€10.8 million for the
electrolyzer business alone. The Group's
commercial success over the half-year was mainly
driven by:
- The signature of a firm contract for the supply of a
McLyzer 800-30 4 MW
electrolyzer and related spare parts with
the Swedish company AAK, a major global player in
the edible oil processing industry;
- McPhy's commitment to a large-scale project, “Rouen Vallée
Hydrogène (RVH2)”, to support the energy transition in
Normandy. Selected by the VALOREM Group, McPhy
will supply a 1 MW
electrolyzer and a McFilling 350
station (subcontracted to Atawey as part of the sale of
the station business).
The total backlog thus stood at
€27.7 million on June 30, 2024,
up +17% vs. December 31, 2023, and mainly driven
by the electrolyzer business, now the Group's core
business, which contributed €21.6 million.
The two projects below are not
included in the firm order intake:
- The 20 MW Djewels green hydrogen
project for which McPhy has signed a contract for
the supply of Augmented McLyzer electrolyzers at the Delfzijl site
in the Netherlands, with the final investment decision
expected at the end of 2024; and
- The 16 MW HMS phase I green hydrogen pipeline
project, for which McPhy has signed a contract to
supply a McLyzer 3200-30, with a final investment decision
expected in 2025.
Financial results reflect the difficult
execution of legacy projects and a still insufficient level of
activity
The completion of legacy projects remains
difficult, leading to a deterioration in margin due to higher
equipment purchase and installation costs. Purchases almost doubled
to €10.3 million from €5.2 million as of June 30, 2023.
During the first half of 2024, the Group pursued
its development and structuring, resulting in an increase in
current expenses linked to:
- Innovation and R&D expenditure related to
the optimization of current products and the development of the new
XL electrolyzer range;
- Structuring and strengthening of the
organization.
Personnel costs rose by €2.3 million in
the first half of 2024, due to the recruitment
of 28 employees (vs. 70 over the past 12
months), and stood at €13.5 million, bringing the
number of employees to 258
(before the sale of the station
business)4.
Other external expenses
fell by 15% to €11.0 million. They mainly
represent the purchase of subcontracting services and technical
studies required to pursue the Group's industrial,
engineering and R&D development.
EBITDA, which includes the
IPCEI5 grants of €1.4 million share of eligible expenses
over the period, came to €(24.7) million on June
30, 2024, compared with €(21.6) million for the first half of
2023.
Operating income, including
depreciation and amortization of €2.6 million, came to
€(27.3) million on June 30, 2024.
Net income for the period came
to €(32.0) million, penalized by
the €0.8 million impairment of
goodwill and the €4.2 million impairment of fixed
assets and inventories held for
sale. The fair value of assets held for sale (i.e. those
included in the sale of the station business), net of disposal
costs, was determined considering only the fixed portion of the
sale price (i.e. €12 million).
Cash position
Net cash consumption was
€(5.4) million in the first half of
2024, including:
- Cash flow from operating activities of
€(35.1) million, (excluding the IPCEI
subsidy), due to the change in EBITDA and an 11.0
million euros increase in working capital requirements, explained
mainly by the increase in inventories due to the start-up of new
projects;
- The second instalment of IPCEI public aid,
amounting to €7.2 million, less the €1.4 million
share included in EBITDA, resulting from the successful
achievement of the project's first
milestone;
- Capital expenditure of €(8.2)
million, two-thirds of which was dedicated to the
Gigafactory, to support the Group's continued industrial
scale-up;
- Financing flows of €30.5
million, following the issue of bonds convertible into new
ordinary shares and/or exchangeable for existing ordinary shares
(OCEANEs) to EDF Pulse Holding and EPIC Bpifrance for a nominal
amount of €30 million.
On June 30, 2024, McPhy had a
cash position of €57.6 million, compared with
€63.0 million on December 31, 2023, and the financial
flexibility needed to continue its business until
early 2026, considering:
- Projects to be implemented on schedule and at the cost
estimated at the end of September 2024;
- The €16 million Gigafactory financing lease (see “Post-closing
events” below);
- The payment in cash of the fixed price of €12 million, of which
the balance of €11 million to be paid over the next 14 months,
following the sale to Atawey of its station business (excluding any
earn-out payable in cash and conditional on future orders relating
to the scope of the business sold (see “Post-closing events”
below); and
- The use of the equity financing line set up with Vester Finance
on December 19, 2023 (subject to market conditions and compliance
with exercise conditions).
Post-closing events
McPhy pursued its funding plan by completing two
transactions in July 2024:
- The completion, on July 11, of its financing lease for the
Gigafactory for an amount of €16 million;
- The completion, on July 16, 2024, of the sale of its hydrogen
station business to Atawey. The final amount of the sale was set at
€12 million6, to be paid in instalments up to December
31, 2025, with the possibility of an earn-out based on future
orders relating to the scope of the business concerned by the
transaction. More than 40 employees joined the Atawey team,
enabling the company to consolidate its know-how, cross-fertilize
the experience of historical players in the hydrogen sector, and
consolidate its expertise.
The Group also signed an agreement with the
Indian conglomerate Larsen & Toubro (L&T)7 to
extend the technology transfer and exclusive license to the McPhy
XL (4 MW) product. This is a major milestone in the partnership
between L&T and McPhy, reinforcing their commitment to a
collaborative approach to providing advanced electrolyzer solutions
for the green hydrogen sector.
Finally, effective August 9, 2024, McPhy shares
have been transferred from Euronext Paris to Euronext Growth, and
the Company's headquarters were transferred to Foussemagne, where
the Gigafactory will be located8.
Outlook
Given its order book, and despite a backlog
sell-out rate lengthened by the longer duration of electrolyzer
projects, McPhy is targeting revenue between €18 million and €22
million for the full year 2024 on its new scope, which would be
close to or higher than the previous year’s revenue.
In the medium term, with its industrial
facilities now fully operational, the Group will step up its
commercial efforts, focusing on the industrial sector, where the
potential of hydrogen is expected to materialize most rapidly.
Half-year financial report
availability
The half-yearly financial report is available on
the Company's website(www.mcphy-finance.com), in the “Investors”
> “Financial publications” > “Financial reports” section, in
accordance with legal requirements.
ABOUT MCPHY
Specialized in hydrogen production equipment,
McPhy is contributing to the global deployment of low-carbon
hydrogen as a solution for energy transition. With its complete
range of products dedicated to the industrial, mobility and energy
sectors, McPhy offers its customers turnkey solutions adapted to
their applications in industrial raw material supply, recharging of
fuel cell electric vehicles or storage and recovery of electricity
surplus based on renewable sources. As designer, manufacturer and
integrator of hydrogen equipment since 2008, McPhy 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 Growth Paris (ISIN code: FR0011742329,
ticker: ALMCP).
CONTACTS
Investor Relations
NewCap
Emmanuel Huynh
T. +33 (0)1 44 71 94 99
mcphy@newcap.eu |
Press Relations
DGM Conseil
Pascal Pogam
p.pogam@dgm-conseil.fr / T. +33 (0)6 03 62 27 65
Henry Debreuilly
hg.debreuilly@dgm-conseil.fr / T. +33 (0) 6 13 11 38 74
|
Follow us on
@McPhyEnergy
APPENDICES
Cash-Flow Statement
|
|
|
|
|
|
(€ million) |
|
30/06/2024 |
30/06/2023 |
31/12/2023 |
|
|
|
|
|
|
Net result |
|
(32.0) |
(23.5) |
(47.4) |
Cash-flow from operations |
|
(24.0) |
(19.9) |
(41.0) |
Working capital requirement |
|
(11.0) |
(8.3) |
(5.9) |
Operating subsidies |
|
7.2 |
(1.6) |
(4.5) |
|
|
|
|
|
|
Net cash-flow from operating activities |
|
(27.8) |
(29.8) |
(51.4) |
|
|
|
|
|
|
Net cash-flow from investing activities |
|
(8.2) |
(8.0) |
(20.8) |
|
|
|
|
|
|
Net cash-flow from financing activities |
|
30.5 |
(0.8) |
(0.3) |
|
|
|
|
|
|
Change in cash and cash equivalents |
|
(5.4) |
(38.5) |
(72.4) |
|
|
|
|
|
|
Closing cash position |
|
57.6 |
97.0 |
63.0 |
Unaudited data
Balance Sheet
ASSETS |
|
|
|
(€ million) |
|
6/30/2024 |
12/31/2023 |
|
|
|
|
|
|
Goodwill |
1.7 |
3.7 |
|
Intangible assets |
4.0 |
0.0 |
|
Tangible assets |
38.1 |
1.8 |
|
Other non-current assets |
13.5 |
0.0 |
NON-CURRENT ASSETS |
57.4 |
52.4 |
|
Inventories |
11.0 |
7.6 |
|
Trade and other receivables |
26.7 |
16.6 |
|
Current tax assets |
4.1 |
2.0 |
|
Cash and cash equivalents |
57.6 |
0.0 |
CURRENT ASSETS |
99.5 |
92.8 |
|
|
|
|
|
ASSETS HELD FOR SALE |
13.7 |
19.2 |
|
|
|
|
|
TOTAL ASSETS |
170.5 |
164.4 |
|
|
|
|
|
LIABILITIES |
|
|
|
(€ million) |
|
6/30/2024 |
12/31/2023 |
|
|
|
|
|
|
Share capital |
3.5 |
3.4 |
|
Premium issued |
130.8 |
171.5 |
|
Treasury shares |
(0.4) |
(0.6) |
|
Retained earnings |
(74.7) |
(86.0) |
SHAREHOLDERS' EQUITY |
59.2 |
88.2 |
|
Investment grants |
9.8 |
6.8 |
|
Provisions - over 1 year |
5.1 |
3.7 |
|
Financial debit & borrowings - over 1 year |
32.7 |
4.3 |
|
Deferred tax liabilities |
0.6 |
1.8 |
NON-CURRENT LIABILITIES |
48.3 |
16.6 |
|
Provisions - under 1 year |
6.9 |
7.4 |
|
Financial debit & borrowings - under 1 year |
1.0 |
0.6 |
|
Trade and other payables |
12.0 |
13.4 |
|
Other current liabilities |
41.4 |
36.5 |
CURRENT LIABILITIES |
61.3 |
57.9 |
|
|
|
|
|
LIABILITIES HELD FOR SALE |
1.7 |
1.7 |
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
170.5 |
164.4 |
Unaudited data
1 Firm orders not yet accounted for
in Revenue.
2 Interim consolidated financial
statements not subject to a limited review by the Statutory
Auditors.
3 Firm orders not yet accounted for
in Revenue.
4 Post-cession, the Group has 214
employees.
5 IPCEI - Important Project of Common
European Interest
6 An initial payment of €1 million
was received on completion of the sale. The balance of €11 million,
plus interest, will be paid as and when Atawey completes its
funding plan for the combined business or, failing that, in Atawey
shares.
7 As a reminder, in 2023 the L&T
and McPhy signed an exclusive technology licensing and assistance
agreement for the Company's electrolyzer technology, covering the
following territories to date: India and the countries of the South
Asian Association for Regional Cooperation (Bangladesh, Sri Lanka,
Nepal, Bhutan, Maldives) and those of the Gulf Cooperation Council
(Saudi Arabia, United Arab Emirates, Oman, Qatar, Kuwait,
Bahrain).
8 Following a decision by the Board
of Directors, which will be submitted for ratification to the next
General Meeting of the Company's shareholders.
- PR_McPhy_Results H1 2024_EN
Mcphy Energy (EU:ALMCP)
過去 株価チャート
から 11 2024 まで 12 2024
Mcphy Energy (EU:ALMCP)
過去 株価チャート
から 12 2023 まで 12 2024