First-half 2018 business trends

New milestones reached in McPhy’s development

• Pursuit of McPhy’s innovation drive with the launch of a new range of electrolyzers developed in a breakthrough with De Nora
• Industrial and commercial partnership signed with EDF
• Balance sheet strengthened with €18.6 million in cash thanks, notably, to a capital increase reserved for EDF
• €3.5 million in revenue
• Confirmation of further growth in activity

La Motte-Fanjas, July 26, 2018 at 5:45pm – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production, storage and distribution equipment, is today announcing its interim 2018 results.

We are reiterating our confidence in McPhy’s growth prospects on the strength of our position as a leader, our robust balance sheet and the tremendous prospects for the hydrogen market.”

Pascal Mauberger, Chairman and Chief Executive Officer of McPhy, commented: “Our performance during the first six months of 2018 showed that McPhy is powering ahead. We demonstrated this by reaching several key milestones in our development, despite a delay to competitive tenders temporarily affecting our revenue growth and our operating income.

Our technological advances and our cutting-edge industrial infrastructures have established our leadership credentials with major industry players and enabled us to forge key partnerships.

We launched in April a whole new generation of electrolyzers under our technology partnership with De Nora. They represent a genuine technological breakthrough that substantially strengthens our competitive advantage.

We have also strengthened our offering in clean mobility with a range of dedicated refueling stations for 700-bar vehicles. Positive tests were conducted alongsideToyota, the leader in carbon-free mobility, and will enable us to finalize the architecture for the first of the series in October this year.
By the way, we signed in June an industrial and commercial partnership with EDF, a world leader in low-carbon energies to develop carbon-free hydrogen in France and around the world. With the additional financial resources and backing of the EDF group, we will speed up the pace of our growth, energize our business development, and conquer new markets.

On the sales front, we logged an order from CNR and ENGIE for a second refueling station in Lyon. We also recorded an order for a 200 kg per day capacity bus recharging station with an electrolyzer for the Lens-Béthune urban area.

We are reiterating our confidence in McPhy’s medium-term growth prospects on the strength of our positioning, our robust balance sheet and the tremendous prospects for the carbon-free hydrogen market, including the French deployment plan announced by the French minister Nicolas Hulot on June 1st, 2018 .”

Condensed income statement

The audited accounts have been approved by the Board of Directors on July, 25th 2018

McPhy continues to power ahead

McPhy’s revenue totaled €3.5 million, compared with €5.5 million in the first six months of 2017. The figure for the first half of 2017 included €2.8 million in revenue under the HEBEI contract.

Despite delays to competitive tenders temporarily affecting revenue growth and operating income, the Group maintains its business momentum, especially in very large-scale electrolysis platform projects (from 10 to 100 MW) for industry, which the impact should be substantial on revenue.

During the first half, McPhy logged an order in the clean mobility market for a second hydrogen station with an electrolyzer from CNR and ENGIE GNVERT in Lyon. It also inked a deal for its first hydrogen station for buses in the Hauts de France region, lifting to 11 the number of McPhy hydrogen stations in France, and to 30,500 km in clean mobility the daily potential of of all its stations.

As a result of revenue trends in the first half of 2018, combined with a significant R&D effort, McPhy’s operating performance fell back 34% compared with the first six months of 2017.

McPhy held €18.6 million in cash at June 30, 2018 following the capital transactions completed in the first half of the year. Its stronger balance sheet will provide a springboard for it to speed up the pace of its growth, energize its business development and conquer new markets.

Further business expansion amid upbeat market conditions

During the first half of 2018, the expected ramp-up in the hydrogen market predicted in the Hydrogen Council’s “Scaling Up” report clearly materialized. The French government also undertook to support the development of a carbon-free hydrogen sector as part of the energy transition. In 2019, a budget of €100 million will be devoted to rolling out carbon-free hydrogen in the industry, mobility and energy sectors across France.

The large-scale deployment of these new clean hydrogen applications and technologies will be made possible largely through water electrolysis. With its industry-leading Augmented McLyzer technology, McPhy has established an undeniable lead in the sector, and its product range is getting more efficient and competitive all the time.

Its “qualified commercial pipeline” currently stands at €80 million. This business indicator does not include very large-scale electrolysis platform projects (from 10 to 100 MW).

McPhy is reiterating its forecast of business growth on the basis of the current highly supportive market conditions and its robust balance sheet.

Find out more about all the highlights of the first half of 2018 in the PDF below

Balance sheet highlights

Next release
Results for 2018 – Tuesday January 22, 2018, after closing of stock exchange.

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production, storage 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

Nicolas Merigeau
T. +33 (0)1 44 71 94 98

Investor relations

Julie Coulot | Emmanuel Huynh
T. +33 (0)1 44 71 20 40


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