2021 half-year results: the Group enters a new phase of
industrialization within a market in full structuring
- Revenues for the first half of 2021 at €5.2 million, stable
compared to the first half of 2020
- Cash position of €185 million at 30 June 2021
- Launch of major industrialization projects with the new station
production site in Grenoble and the pre-selection of Belfort as
location for the electrolyzer Gigafactory
- A solid portfolio of technological and commercial opportunities
with the Group’s partners despite a slowdown in activity due to
delays in the decision-making process for some projects
- Change in governance to support the acceleration of the
transition to industrial scale
La Motte-Fanjas, July 27 2021 – 5:45 pm
CEST – McPhy (Euronext Paris Compartment C: MCPHY,
FR0011742329), specialized in zero-carbon hydrogen
production and distribution equipment (electrolyzers and refueling
stations), today announces its 2021 half-year results.
Luc Poyer, Chairman and
CEO of McPhy, stated: “McPhy operates in a market where
projects are progressively changing in scale, driven by the
European Green Deal and the French National Hydrogen Strategy. The
Group is particularly well positioned with equipment designed to
meet the expectations of the two market segments at the heart of
this transformation: industry and mobility. In order to prepare
itself for an acceleration of its growth, McPhy, strengthened by
its technological choices and attentive to its customer’s needs, is
intensifying its industrialization efforts and is strengthening its
teams in its three countries of operation in accordance with its
strategy.”
Simplified income statement
(€
millions, limited review) |
S1 2020 |
S1 2021 |
Revenues |
5.4 |
5.2 |
Other operating
income |
0.3 |
0.8 |
Income from ordinary activities |
5.7 |
6.0 |
Purchases consumed |
(2.9) |
(1.8) |
Personnel costs |
(4.1) |
(5.7) |
Other operating expenses |
(2.2) |
(4.4) |
Depreciation, amortization and provisions |
(0.6) |
(1.8) |
Recurring operating profit (loss) |
(4.1) |
(8.4) |
Financial result |
(0.1) |
(0.2) |
Net profit (loss) |
(4.3) |
(8.6) |
Half-year consolidated accounts approved by the
Board of Directors on July 27 2021
2021 half-year results
McPhy's revenues for the first half of 2021
amounted to €5.2 million compared to €5.4 million in the first half
of 2020. Revenues is made up of 58% of electrolyzer sales (of which
45% are large capacity and 17% smaller capacity) and 42% of
hydrogen station sales. Although the dynamics of the decarbonized
hydrogen market are still very favorable, sales in the first half
of the year were impacted by delays in decision-making by certain
stakeholders.
Purchases consumed decreased significantly as
R&D costs were capitalized in the first half of 2021 for an
amount of €1.4 million.
Based on a still very promising medium-term
outlook, the Group pursues its investment efforts in order to
secure the necessary resources to respond to the massification of
projects, increase its technological lead and strengthen the key
know-how in its sector. As expected, McPhy recruited 24 people in
the first six months of the year, bringing the workforce to 134
people as of 30 June 2021, in line with the objective of welcoming
50 new employees over the entire year, and has also incurred
expenses to support its growth. This acceleration and these efforts
have an impact on personnel costs and operating costs, which have
been brought respectively to €5.7 million and €4.4 million.
During the period, net provisions increased by
€1.8 million and mainly correspond to the estimation of: (i) the
potential impacts of the incident that took place at the
EnergieDienst site in Grenzach-Wyhlen while awaiting the expert
report (costs estimated to date at €1.3 million provisioned) and
(ii) the costs of dismantling two completed demonstration projects
equipped with McPhy storage technology (MgH2 pellets) for an amount
of €0.6 million provision. This leads to an operating loss of €8.4
million and a net loss of €8.6 million.
Cash consumption was €13 million in the first
half of 2021 and included (i) a €2.5 million contribution to the
liquidity contract in line with the increase in trading volumes of
McPhy shares, (ii) €2 million in investments, (iii) the repayment
of State Guaranteed Loans of €4 million.
As of June 30, 2021, McPhy holds €185 million in
cash, a significant increase compared to the same period last year,
due to the capital increase that took place in the second half of
the year 2020.
Highlights of the first half of 2021
During the first half of the year, McPhy
observed a slowdown in firm order intake, notably due to the global
health context and related restrictions and the wait-and-see
attitude of certain stakeholders dependent on public funding
mechanisms. In this context, the Group was nevertheless able to
achieve new operational achievements:
New strategic and technological
partnerships
Already associated with leading industrial
stakeholders such as EDF, Chart Industries and Technip Energies to
support its industrial scale-up work, McPhy has expanded its
network of partners by signing several agreements during the first
half of the year. McPhy has concluded a technological partnership
with Plastic Omnium, in order to optimize the filling protocols and
interfaces between hydrogen stations and high-pressure tanks, as
well as with TSG, which reinforces the 24/7 maintenance service
provided on McPhy hydrogen stations.
This partnership ecosystem is both a powerful
commercial lever, particularly in calls for tender, and a
cooperation in a sector logic to pool expertise, develop an
industrialized and standardized approach, and increase the
competitiveness of hydrogen mobility.
- Industrialization continues at an accelerated pace
Merger of McPhy's station activities on
a single site in Grenoble
McPhy pursues its transition to an industrial
scale with a new hydrogen station production site located in
Grenoble, which will be operational by March 2022. This site will
increase McPhy's production capacity to 150 stations per year,
representing a sevenfold increase of its current production
capacity. This merger of activities, currently located in La
Motte-Fanjas and Grenoble, on a single site will enable the
optimization of project execution times and a better service to
customers. At full load, it will lead to the creation of more than
100 new jobs in the Isère region.
Pre-selection of the Belfort site for
the electrolyzer Gigafactory
McPhy has announced the pre-selection of the
Belfort site to build its electrolyzer Gigafactory. This
gigawatt-scale electrolyzer production site, whose implementation
remains subject to obtaining financing under the IPCEI, will create
more than 500 McPhy jobs at full load (including about 400 in
France and a hundred in Germany and Italy), and several hundred
indirect jobs in France and Europe. This is the Group's industrial
response to the strong growth prospects of the alkaline
electrolyzer market in Europe.
In parallel with these major developments, McPhy
pursues the optimization of its supply chain by strengthening
partnerships with key suppliers and implementing new processes
under the responsibility of the Chief Manufacturing Officer who
joined the Group at the beginning of the year.
- Update on the situation at the EnergieDienst site in
Grenzach-Wyhlen
On June 25, McPhy reported a potassium hydroxide
leakage from its electrolyzer that occurred on Thursday, June 24,
2021 at the Grenzach-Wyhlen power-to-gas plant in Germany, operated
by EnergieDienst.
Since then, McPhy, in consultation with
EnergieDienst, has appointed Gexcon as an independent expert to
determine the exact cause of the incident. The Group is
investigating further and expects the first conclusions of the
expert report in the course of September.
- A new governance for McPhy
The Board of Directors following the General
Meeting of 17 June 2021 appointed Luc Poyer as Chairman. He
succeeds Pascal Mauberger who remains a director of the Group and
becomes its Honorary Chairman.
McPhy also announced on 12 July the evolution of
its governance. A selection process for a new Chief Executive
Officer was immediately initiated and Luc Poyer will assume the
role of Chief Executive Officer during this transition phase. His
priority is to ensure the smooth running of operations, ongoing
projects and the satisfaction of the Group's customers and partners
while accelerating the industrialization phase of the Company, in
close collaboration with the teams.
The market outlook remains well oriented for the
Group, particularly in Europe where the Group is strongly
established, with its activities in France, Germany and Italy.
Beyond the long-term objectives, Europe has confirmed, in the
framework of the Green Deal, an objective of 6 GW of Electrolysis
and 500 H2 stations by 2024.
The second half of 2021, with revenues expected
to be close to the one recorded in the second half of 2020, should
enable the Group to continue to build up its technological and
industrial capacities and to equip itself with the appropriate
organization to meet the requirements of the sector
effectively.
The Group intends to continue the deployment of
its business model based on the continuous improvement of its green
hydrogen technology, which can only be conceived over long cycles.
Thanks to the mobilization of its teams and the support of its
industrial partners, McPhy is more confident than ever in its
medium and long-term growth prospects.
Next financial event
- 2021 Full-Year Revenue, on January 25, 2022
(after market)
About McPhy
Specialized in hydrogen production and
distribution equipment, McPhy is contributing to the global
deployment of zero-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 is listed on Euronext
Paris (compartment C, ISIN code: FR0011742329, MCPHY).
To learn more: www.mcphy.com
McPhy is eligible PEA-PME
CONTACTS
NewCap |
|
Investor Relations Emmanuel HuynhT. +33 (0)1 44 71
94 99mcphy@newcap.eu |
Media Relations Nicolas MerigeauT. +33 (0)1 44 71
94 98mcphy@newcap.eu |
- PR_McPhy_27072021_2021 H1 Results
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