- 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,
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
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
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
Highlights of the first half of 2021
- 1st half-year activity
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
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
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
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
McPhy also announced on 12 July the evolution of its governance. A selection process for a new Chief Executive Officer was immediately initiated and
- Outlook
The market outlook remains well oriented for the Group, particularly in
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
To learn more: www.mcphy.com
McPhy is eligible PEA-PME
CONTACTS
NewCap | |
Investor Relations T. +33 (0)1 44 71 94 99 mcphy@newcap.eu | Media Relations Nicolas Merigeau T. +33 (0)1 44 71 94 98 mcphy@newcap.eu |
Attachment
- PR_McPhy_27072021_2021 H1 Results
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