Earnings Release • Mar 10, 2015
Earnings Release
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Press release
Following a year focused on establishing its strategy, McPhy Energy is moving into a commercial development phase, in an increasingly buoyant market for new hydrogen uses.
La Motte-Fanjas, March 10th, 2015 – McPhy Energy, specialising in hydrogenbased solutions for industrial and energy storage, recorded 22% growth in business over 2014, up to €8.4 million.
This progress has been driven by strong growth in the Energy business, climbing 37% to €5.2 million, generated by the major demonstration projects.
During the year, McPhy Energy completed the production of its first renewable energy-based solid hydrogen storage equipment (INGRID project), which will be set up in southern Italy in summer 2015.
The company has also delivered an integrated generation-storage solution for the Berlin-Schönefeld refuelling station (H2BER project), inaugurated in May 2014. The commissioning of this first service station highlights the operational relevance of McPhy Energy's solutions for carbon-free mobility applications.
The increase in operating expenditure factors in:
After listing on Euronext (Compartment C) in March last year, McPhy Energy has significantly increased its equity, up to €23.4 million at December 31st, 2014, with a balance sheet total of €34.5 million.
The company has €19.8 million in cash, with €4.9 million of financial debt, giving €14.9 million in net cash. For reference, the figure for financial debt includes €3.6 million of advances, repayable under conditions based on the company's success, with maturities of over five years.
Over the past year, McPhy Energy has laid the foundations for its deployment strategy in an increasingly positive environment for new hydrogen uses.
McPhy Energy has further strengthened its industrial infrastructures, with its production relocated to a new 5,000 sq.m plant in San Miniato, Italy. This site also has a dedicated engineering centre for Industry projects.
The engineering centre for major Energy projects is based in Wildau, Germany. The La Motte-Fanjas site is continuing to specialise in systems engineering for the French market, as well as solid storage trials, prototyping and assembly.
Global reach
Historically focused on Europe, McPhy Energy now has a global commercial presence. Four regional directors, with proven expertise in the hydrogen and energy sectors, have been recruited for its priority regions: North America, Asia-Pacific, Russia / Eastern Europe and Central Asia, as well as the Middle East / India and Africa. Three commercial subsidiaries have also been set up in Boston, Moscow and Singapore.
Driven by its industrial and commercial structuring work, and having demonstrated the relevance of its products, McPhy Energy has the financial resources required to capitalise on the strong growth expected in the market for new hydrogen uses.
The company is also positioning itself on other invitations to tender, particularly in France, where it is actively involved in the HyWay project, which aims to set up two hydrogen distribution stations in Lyon and Grenoble, as well as the French national hydrogen mobility plan (Plan Mobilité Hydrogène France), which includes plans to build three stations in 2015.
| IFRS (€ millions) | 2014 | 2013 |
|---|---|---|
| Revenues | 3.2 | 3.1 |
| Other operating income | 5.2 | 3.8 |
| Income from ordinary operations | 8.4 | 6.9 |
| Staff costs | (6.7) | (5.7) |
| Other operating expenses | (10.6) | (8.3) |
| Allowances for depreciation, amortization and reserves | (1.8) | (0.8) |
| Current operating income (EBIT) | (10.7) | (7.9) |
| Other operating income and expenses | 0.1 | (0.3) |
| Net interest expense | (0.3) | (0.1) |
| Income tax expense | 0.3 | (0.1) |
| Net profit | (10.6) | (8.5) |
Audited accounts approved by the Management Board on March 9th, 2015.
| Assets (€ millions) | 2014 | 2013 |
|---|---|---|
| Goodwill | 2.5 | 2.5 |
| Intangible assets | 0.2 | 0.1 |
| Property, plant and equipment | 4.4 | 4.8 |
| Other assets | 0.1 | 0.0 |
| Deferred tax assets | 0.1 | 0.2 |
| Total non-current assets | 7.3 | 7.7 |
| Inventories | 1.4 | 2.0 |
| Trade and other receivables | 4.4 | 2.7 |
| Current tax assets | 1.7 | 1.3 |
| Financial assets | 3.0 | - |
| Cash and cash equivalents | 16.8 | 3.2 |
| Total current assets | 27.2 | 9.2 |
| Total assets | 34.5 | 16.9 |
| Liabilities (€ millions) | 2014 | 2013 |
|---|---|---|
| Share capital | 0.4 | 0.3 |
| Additional paid-in capital | 54.0 | 23.7 |
| Treasury stock | (0.1) | - |
| Retained earnings | (31.0) | (20.1) |
| Shareholders' equity | 23.4 | 3.9 |
| Provisions – over 1 year | 0.2 | 0.1 |
| Financial debt and borrowings – over 1 year | 4.2 | 3.9 |
| Other creditors | 0.5 | 0.1 |
| Deferred tax liabilities | 0.2 | 0.4 |
| Total non-current liabilities | 5.1 | 4.6 |
| Provisions – under 1 year | 0.0 | 0.0 |
| Financial debt and borrowings – under 1 year | 0.7 | 0.8 |
| Trade and other payables | 3.4 | 5.0 |
| Other current liabilities | 1.9 | 2.5 |
| Total current liabilities | 6.1 | 8.4 |
| Total shareholders' equity and liabilities | 34.5 | 16.9 |
With the European "Transparency" Directive transposed into French law, listed companies can now publish financial disclosures every half year.
McPhy Energy believes that this frequency is better suited to its development stage and its long-term outlook. Nevertheless, the company will continue to regularly communicate on any significant contracts that it wins.
| Annual general meeting | April 16th, 2015 |
|---|---|
| 2015 first-half earnings | July 28th, 2015 |
| 2015 full-year revenues | January 19th, 2016 |
| 2015 full-year earnings | March 15th, 2016 |
McPhy Energy, a leading developer of hydrogen-based solutions, was founded in La Motte Fanjas (Drôme), France, in 2008. The company draws on its exclusive technique for storing hydrogen in solid form and its years of experience in producing hydrogen through water electrolysis to design and manufacture flexible storage and production equipment.
McPhy Energy markets easy-to-use, environmentally-friendly solutions combining unique safety features and energy independence in the renewable energy, mobility and industry sectors.
The Group has three design-production sites in France, Germany and Italy, an R&D laboratory in France, and three commercial subsidiaries in North America, Asia-Pacific and Russia-Eastern Europe-Central Asia.
McPhy Energy is listed on NYSE Euronext Paris (Segment C, ISIN: FR0011742329; ticker: MCPHY).
Calyptus Marie-Anne Garigue Tél : + 33 1 53 65 68 63 [email protected]
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