Energia
McPhy Energy: stable First-Half Revenue and strong acceleration in order intake
Grenoble, France, July 28, 2022 5:45 pm CEST – McPhy , specialized in low-carbon hydrogen production and distribution equipment (electrolyzers and refueling stations), today announced its preliminary results for the first half of fiscal year 2022, as of June 30, closed today by the Company's Board of Directors prior to the publication of the Half Year Financial Report (“ HYR ”) in September.
2022 First-Half Results*
Half-year consolidated accounts under limited review by the mandatory auditors
Jean-Baptiste Lucas, CEO of McPhy, stated : “To respond to the gradual acceleration of the market, McPhy has just completed its industrial facilities with the opening of a new site in Grenoble dedicated to the production of our hydrogen filling stations. At the same time, McPhy is pursuing its strategy to develop its pressurized alkaline electrolysis technology with an investment in capacity at its San Miniato plant, complemented by the recruitment of engineering and R&D teams in Wildau. These investments mark the Group's change of scale and increase its production capacity to meet the demand of the European market. Finally, also in the electrolyzers area, the validation of the Gigafactory project by the European Commission within the framework of the PIIEC scheme confirms the potential of low-carbon hydrogen, and is a key step in the Group's decision-making process.
On the operational side, McPhy has started to benefit this semester from the implementation of the large-scale hydrogen projects in which it is engaged. Intrinsic performance was affected by the take back of two stations already ordered due to non-standard technical and commercial requirements for both the two customers concerned and for McPhy.
This adjustment neutralizes the dynamism observed in the good progress of the last few months in the first half of the year.”
Dynamic commercial activity with increased order intake
The commercial dynamism during the first half of the year is reflected in firm orders totaling €16.1 million , bringing the backlog to €29.1 million at 30 June 2022, an increase of 44% compared to 31 December 2021 .
Recurring operating result reflecting growth investments and prudent project management
In this environment, personnel costs increased by €2.2 million year-on-year to €7.9 million in the first half of 2022, reflecting the net recruitment of 32 new employees during the period. Other expenses amounted to €4.4 million in the first half of 2021 and €9.6 million in the first half of 2022, of which €6 million were incurred to strengthen the Group's industrial and R&D teams (industrial subcontracting, recruitment costs and technical expertise).
Strong cash position thanks to controlled cash consumption
2022 First-Half highlights: accelerating industrial scale-up and strengthening partnerships
Continued active recruitment policy and implementation of a structured ISR policy
Post-closing event: validation by the European Commission of the McPhy Gigafactory project under the Hydrogen IPCEI program
Outlook
Based on 2022 First-Half Results, McPhy observes that the low-carbon hydrogen market is still gradually gaining momentum and anticipates a more moderate growth of its revenue for the year 2022 than initially anticipated.
During the second half of the year, the Group will continue its industrial investments , notably by communicating its final decision on the construction of a Gigafactory. It also intends to maintain its active human resources policy, with a target of more than 60 net recruitments in 2022.
As the market in which McPhy operates remains strong, the Group will also continue to accelerate its growth investments , in particular in R&D, which will consequently impact its profitability.
Agenda
About McPhy Energy
Specialized in hydrogen production and distribution 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 is listed on Euronext Paris (compartment B, ISIN code: FR0011742329, MCPHY).
To learn more: www.mcphy.com
McPhy is eligible PEA-PME
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Appendix :
Balance sheet - Summary table
Cash flow - Summary table
IPCEI (" Important Project of Common European Interest ") is a funding scheme that supports projects deemed essential for Europe's competitiveness, allowing Member States to fund initiatives beyond the limits usually set by European regulations. An IPEC or IPCEI Hydrogen was launched on 17 December 2020.
https://mcphy.com/en/press-releases/mcphy-will-equip-the-r-hynoca-project-in-strasbourg/
https://mcphy.com/en/press-releases/ceog-project/
https://mcphy.com/en/press-releases/hydrogen-mobility-contract-with-eiffage-energie-systemes-clemessy/
https://mcphy.com/en/press-releases/mcphy-signs-a-first-order-with-hype/
https://mcphy.com/en/press-releases/signature-of-a-strategic-partnership-with-hype/
https://mcphy.com/en/press-releases/mcphy-combined-general-meeting/
Please refer to footnote #1 above.
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