- 2023 revenues of €6m, x2.7 vs. 2022, higher than the target
of €4.5m
- Strong sales dynamic: 21 300 tons sold, +78% vs.
2022
- Validation of international development strategy: signature
of a licensing contract in Saudi Arabia and agreement in principle
for the signature of a licensing contract in the United
States
- Strengthening of production capacity: lauch of the H2 unit
in summer 2023, the world's first vertical cement plant
- Solid financial structure: shareholder’s equity of €67m and
cash position of €25m
Regulatory News:
Hoffmann Green Cement Technologies (ISIN: FR0013451044, Ticker:
ALHGR) (“Hoffmann Green Cement” or the “Company”) (Paris:ALHGR), an
industrial player committed to the decarbonation of the
construction sector that designs and markets innovative
clinker-free cements, provides an update on its activities, and
announces its 2023 annual results. The Supervisory Board of the
Company met on March 14, 2024, and reviewed the 2023 financial
statements approved by the Management Board. The audit procedures
have been carried out and the audit report on the certification is
being issued.
Key elements of the Company’s consolidated annual
accounts
€ thousands – IFRS
FY 2023
FY 2022
Revenue
6 041
2 219
EBITDA
-5 170
-6 617
Recurring operating profit/loss (EBIT)
-8 546
-9 358
Financial profit/loss
986
-1 111
Tax
-45
2 626
Net profit/loss
-7 862
-6 739
€ thousands – IFRS
At Dec. 31, 2023
At Dec. 31, 2022
Cash and cash equivalents (including
placements)
25 034
42 001
Shareholders’ equity
67 035
74 693
Julien BLANCHARD et David HOFFMANN, co-founders of Hoffmann
Green Cement Technologies, commented: "2023 was shaped by
significant progress in Hoffmann Green's development. First of all,
the growth of our revenue up to €6 million reflects the willingness
of the construction industry to decarbonize its activities in the
context of increasingly ambitious environmental policies. This
paradigm change is necessary to ensure a sustainable and
environmentally friendly future with construction projects relying
on decarbonized solutions such as those offered by Hoffmann Green.
The commercial dynamic of recent quarters has been confirmed by the
signature of multiple partnerships with key players in the sector,
some of which have reaffirmed their commitment, such as Bouygues
Immobilier. In order to meet the growing demand for our
decarbonized cement, we inaugurated our H2 production unit at the
beginning of summer 2023, a unique plant in the world combining
cutting-edge technology, industrial performance and minimal
environmental impact. 2023 was also marked by Hoffmann Green's
international development, particularly with the signature of a
licensing agreement in Saudi Arabia. Hoffmann Green also has a
solid financial structure, recently strengthened by an issue of
OCEANE, which is slightly dilutive for our shareholders and was
carried out under attractive conditions for the Company. The
transaction was subscribed by Eiffel Investment Group, a key
investor. We look forward to 2024 with confidence, in an
increasingly restrictive regulatory environment for traditional
cement manufacturers, which should favor Hoffmann Green's growth
perspectives."
A 2023 financial year characterised by an acceleration in
sales dynamic and industrial deployment in line with the Company
roadmap
Strong growth in sales volumes, increase of the order book,
and international expansion:
- Increase in sales in 2023, with sales volumes reaching 21,370
tons, up 78% vs. 2022 fiscal year;
- The order book progressed to 260,000 tons (+20,000 tons vs.
2022), thanks to several cement supply contracts with key partners,
including:
- VM Matériaux from the HERIGE Group, the leading distribution
network in mainland France offering 25 kg bags of H-IONA cement to
building professionals, artisans, and the general public across 50
points of sale in France.
- Belin Promotion, an historic real estate developer based in the
South-West of France, Belin Promotion, a long-established property
developer in south-west France, for the supply of 0% clinker
cements for the construction of several flat blocks and
offices;
- VENDEE HABITAT, one of the most dynamic social housing
providers in the Pays de la Loire region, to supply concrete made
with Hoffmann 0% clinker cements for future real estate projects
throughout the Vendée region;
- Structuring partnership with the leading brand POINT.P to
distribute Hoffmann Green's clinker-free cement;
- SPIE BATIGNOLLES, a key player in building, infrastructure, and
service industries, for the supply of decarbonized cements,
including a volume commitment until 2027;
- Contract to supply decarbonized cement, including a volume
commitment of around 20,000 tons until 2027, with the OGIC Group, a
major French property developer.
- Validation of international development strategy, based on a
licensing model:
- Signature of a partnership agreement with the Belgian group
ELOY to carry out initial pilot projects in the Liège region;
- Signature of an exclusive 22-year licensing contract with the
Shurfah Group to build several H2 type units in Saudi Arabia, to
support the decarbonization of the construction sector in the
country;
- Pre-agreement with a partner for the signing of a licensing
contract in the United States, in the state of Florida, with
potential signing expected in 2024.
Progress of the implementation of the industrial
plan:
- Operational launch of the H2 factory, the world's first
vertical cement plant built entirely from Hoffmann cement. From the
second half of 2023, this plant has been producing bulk cement to
meet growing demand. This achievement increases production capacity
from 50,000 to 300,000 tons per year at the Bournezeau site;
- Launch of Hoffmann Green's R&D concrete plant to test and
develop new low-carbon concrete formulations using Hoffmann cements
and recycled aggregates.
Validation of a proactive CSR (Corporate Social
Responsibility) policy:
- Strengthening the offer on the carbon credit market:
- Since the end of 2022, Hoffmann Green has been the first
industrial player, outside of agriculture and renewable energies,
to generate carbon credits on the voluntary market, validating the
decarbonized production process of its cement;
- In 2023, the Company strengthened its carbon credit offering,
corresponding to the CO2 emissions avoided through the use of 0%
clinker cements developed by Hoffmann Green. The revenue from the
sale of carbon credits amounted to €276 K in 2023. Hoffmann Green
currently holds 13,000 carbon credits available for sale.
- Hoffmann Green has received several awards confirming its ESG
commitment:
- Solar Impulse Efficient Solution label, which guarantees the
quality and economic profitability of its H-UKR cement, certifying
Hoffmann Green's decarbonized manufacturing process.;
- Factory of the Year Award in the CSR category at the Trophées
des Usines, organised by L'Usine Nouvelle, celebrating the launch
of the new production unit H2;
- Low Carbon Cement Award, granted by the World Cement
Association in October 2023, highlighting the positive impact of
its decarbonized cements on the environment;
- Hoffmann Green has been awarded a Gaïa extra-financial rating
by Ethifinance of 62/100, confirming a higher level of ESG maturity
compared to similar companies based on workforce size and sector of
activity, using the 2022 baseline.
2023 annual results
Hoffmann Green's 2023 revenue is significantly higher than in
2022 (€6.0m vs. €2.2m) and above the initial target of €4.5m. This
increase is due to the 78% rise in cement sales volumes (21,377
tons in 2023 vs. 12,010 tons in 2022) and the signature of the
first international licensing contract in Saudi Arabia, which gave
rise to an entry fee of €2.0m. It should be noted that the
marketing of Hoffmann Green carbon credits, which began at the end
of 2022, generated €276k in revenue in 2023.
EBITDA for 2023 is -€5.2m, compared with -€6.6m in 2022. The
year-on-year improvement of EBITDA (+€1.4m) is mainly explained by
the development of the business. It should be noted that Hoffmann
Green's workforce has increased from 43 employees at the end of
2022 to 52 employees at the end of 2023 due to the strengthening of
the sales and technical teams. Personnel costs increased by €0.7m
compared with the previous year.
Recurring Operating Profit amounted to €8.5m. The year-on-year
change (+€0.8m) was due to the rise in EBITDA and the increase in
depreciation, amortization and provisions (-€0.6m) linked to the
launch of the H2 unit and the concrete plant in 2023.
Net financial income for 2023 amounted €1.0m, a significant
increase over the previous year (+€2.1m) due to the rise in the
market value of OPCVMs (+€1.9m).
Overall, the Net Result for 2023 stands at -€7.9m.
Solid financial structure
As of December 31, 2023, the Company maintains a strong balance
sheet with equity amounting to €67.0m, down by €7.7m due to the net
result for the year.
The available cash position as of December 31, 2023, stands at
€25.0m (including placements). The variation in cash over the
period (-€17.0m) is attributed to investment outflows (-€7.6m),
mainly related to the construction of the H2 production unit, the
construction of the R&D concrete plant, and the rehabilitation
of the Hoffmann Microtech site, as well as operating outflows
(-€5.m), and loan repayments (-€4.2m).
The Company's financial statements for the year ended 31
December 2023 will be disclosed in the Company's annual financial
report, which will be available to shareholders on the Company's
website by 30 April 2024 at the latest, in compliance with legal
and regulatory requirements.
Post-closing events: continued sales dynamic and recognition
of the added value of the Hoffmann Green model
Since January 1st 2024, Hoffmann Green has been pursuing the
strong sales dynamic observed in 2023 by signing strategic
contracts and extending its existing partnerships:
- Extension of the partnership with Bouygues Immobilier, a key
player in real estate development, for a duration of two
years;
- Signature of a major partnership to distribute its decarbonized
cements within Bricomarché, Bricorama, Brico Cash, and Tridôme
stores. This represents the first distribution partnership for
Hoffmann cements targeting the B2C market in 600 retail outlets
across France;
- Signature of a partnership with Trecobat Group until the end of
2027, the 4th largest builder of individual houses in France;
- Signature of a strategic partnership with ViaVilla, an elite
property company specialising in the construction of villas on the
Atlantic coast;
- Signature of a commercial partnership with Groupe Tartarin, a
company based in Vienne (86), manufacturing a wide range of
ready-mixed concrete products.
Furthermore, Hoffmann Green announced the issue of bonds
convertible into and/or exchangeable for new or existing shares
("OCEANE") for a nominal amount of approximately €5.0m. This
transaction provides the Company with additional financial
resources with attractive financial terms for the Company, to
support its industrial and commercial strategy while limiting
dilution for its shareholders,.
The company has also obtained the Solar Impulse Efficient
Solution label for its H-UKR carbon-free cement, and has joined the
Bpifrance Excellence Club, two prestigious distinctions that
validate the Hoffmann Green model and the added value of its
solutions.
Strategy and Outlook: Confirmation of medium-term financial
targets
In 2024, the Company will continue to implement its strategic
plan, with particular focus on the following priorities:
- Commercial:
- Continuing to sign and extend contracts with strategic
partners;
- International expansion through the expected signature in 2024
of a licensing agreement with an American partner to build several
Hoffmann units in Florida.
- Industrial:
- Launch of the construction of the H3 plant at the Dunkirk Grand
Maritime Port (Grand Port Maritime de Dunkerque) for delivery in
2025;
- Finalisation of the rehabilitation of the Hoffmann Microtech
subsidiary's site to bring in-house the industrial process of
grinding blast furnace slag, one of the essential raw materials for
the production of H-UKR and H-IONA cements.
- Financial:
- Achieve a positive EBITDA, in line with management's
commitments of 2021.
- R&D:
- Accelerating R&D funding to strengthen the environmental
performance and quality of Hoffmann Green products, already
rewarded in 2023 by the World Cement Association's Low Carbon
Cement Award.
- CSR:
- Continue the commercialization of carbon credits.
- Continuous improvement of the CSR strategy: increase in the
extra-financial rating
Confirmation of 2026 targets: €130m revenue and 40% EBITDA
margin
The tightening of the regulatory environment, in particular with
the introduction in 2025 of the second, more restrictive RE1 2020
threshold, combined with the growing sales dynamic recorded in
recent quarters, give the Company confidence that it will be able
to achieve its commercial and financial targets.
In France, Hoffmann Green aims to commercialise 550,000 tons of
cement per year by 2026 via three production sites, representing
sales of around €120 million and a 3% market share in France.
Following the success of its international deployment in 2023,
particularly in Saudi Arabia, the Company intends to increase the
number of licensing agreements signed with new partners. These
partners will be responsible for financing, building and operating
Hoffmann H2 units and for producing and commercialising Hoffmann
cements in their geographical territory in return for the payment
of an entry fee, royalties and the purchase of a pre-formulation
from the Company. The Company aims to have 4 operational units by
2026, generating sales of around €10m.
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/
1Environmental Reglementation
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version on businesswire.com: https://www.businesswire.com/news/home/20240318113697/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
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