Press release
Activity for the first half of 2019: excellent sales momentum
La Motte-Fanjas (France), July 30, 2019 – 5:45 pm (CEST) – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329) a specialist in hydrogen production and distribution equipment, today announces its results for the first half of 2019.
The confidence of our partners and the substantial opportunities offered by the carbon-free hydrogen market confirm our medium-term growth prospects.” | Pascal Mauberger, Chairman and Chief Executive Officer of McPhy, states: “The beginning of 2019 has confirmed McPhy’s excellent sales momentum, with over 7 million euros in orders recorded in France and abroad at the end of July. Among our commercial successes, we notably received orders for 7 stations regarding the deployment of hydrogen mobility in France, an order for heavy-duty vehicle mobility in Germany and the largest ever order for 11 electrolyzers for the Bangladesh Meteorological Department. Our technological lead on the hydrogen mobility market will be strengthened with the launch of our “Augmented McFilling” hydrogen station. The latter will offer innovative, proprietary and patented architecture managed by McPhy’s smart supervision software that will make the station dynamically reconfigurable. In June, alongside our partners ENGIE and SMT-AG (the Artois-Gohelle transport authority), we inaugurated, in the Hauts-de-France Region, France’s first refueling station for hydrogen buses, which is equipped with McPhy technologies. The confidence of our partners and the substantial opportunities offered by the carbon-free hydrogen market confirm our medium-term growth prospects”. |
Simplified income statement
(€ millions) | H1 2019 | H1 2018 |
Revenues | 4.3 | 3.5 |
Other operating income | 0.4 | 0.5 |
Income from ordinary activities | 4.7 | 4.0 |
Purchases consumed | (1.8) | (1.9) |
Personnel costs | (3.5) | (3.1) |
Other operating expenses | (3.0) | (2.5) |
Depreciation, amortization and provisions | (0.4) | (0.5) |
Recurring operating result | (4.1) | (4.0) |
Other operating income and expenses | 0.0 | 0.0 |
Operating result | (4.1) | (4.0) |
Financial result | (0.1) | (0.1) |
Income tax | (0.0) | (0.0) |
Net income | (4.2) | (4.1) |
Limited review of half-year consolidated accounts approved by the Board on July 30, 2019
Results for the first half of 2019
McPhy recorded a 23% increase in revenues to €4.3 million in the first half of 2019, compared with €3.5 million in the first half of 2018, notably driven by the delivery of the station for refueling the first 100%-hydrogen bus line in France. The extra costs incurred by this first reference for McPhy impacted the increase in other operating expenses (€3.0 million in the first half of 2019 versus €2.5 million in the first half of 2018).
Personnel costs totaled €3.5 million versus €3.1 million in the first half of 2018 (+€0.4 million). This increase was due to the strengthening of the teams, notably the operational and sales teams, to absorb the growth in activity during the first half of the year and prepare for the acceleration expected in the second half. At June 30, 2019, McPhy had a cash position of €8.7 million.
Lastly, within the framework of the Pushy1 project, in accordance with the contract terms and as expected by McPhy, Bpifrance Financement informed the Company, in July 2019, of the cancellation of the repayment of the debt on the balance sheet for €3.5 million (including €0.4 million of debt discounting). This cancellation will be written down in accounts during the second half of 2019. The following table indicates the value of the loans and financial debt before and after the cancellation of the repayment of this debt.
€ millions | At 30 June 2019 | |
Pre cancellation | Post cancellation | |
Non-current financial debt | 5.7 | 2.2 |
Current financial debt | 1.1 | 1.1 |
Total loans and financial debt | 6.8 | 3.3 |
2019 highlights
Orders booked and announced during the first half of 2019:
Orders booked in July 2019:
Upcoming financial communication
2019 annual revenues: Tuesday January 28, 2020, after market.
About McPhy
In the framework of the energy transition, and as a leading supplier of hydrogen production and distribution equipment, McPhy contributes to the deployment of clean hydrogen throughout the world. Thanks to its wide range of products and services dedicated to the hydrogen energy, zero emission mobility and industrial hydrogen markets, McPhy provides turnkey solutions to its clients. These solutions are tailored to our client applications: renewable energy surplus storage and valorization, fuel cell car refueling, raw material for industrial sites. As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany). The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions. McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY). | |
Media relations NewCap Nicolas Merigeau T. +33 (0)1 44 71 94 98 mcphy@newcap.eu Investors Relations NewCap Théodora Xu | Emmanuel Huynh T. +33 (0)1 44 71 20 42 mcphy@newcap.eu | Follow us on @McPhyEnergy |
1 This project was aiming at developing two innovative technological offers (OSSHY and LASHY) combining hydrogen production through the electrolysis of water and its storage in the form of hydrides.
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