- € 115.0 million raised for the capital increase;
- Implementation of the development plan in line with the roadmap.
Bordeaux– Hydrogen de France (“HDF Energy” or the “Company”) – Euronext Paris: HDF – pioneer in the development of infrastructures allowing continuous or on-demand electricity production from hydrogen from renewable energies (wind or solar), publishes its half-year results for 2021. The consolidated financial statements were approved by the Board of Directors on September 13, 2021.
The half-year financial report, including the condensed accounts as of June 30, 2021 and their appendices, will be available, no later than September 30, 2021, in the “Financial documents” section of the Company’s website ( www.hdf-energy.com “Investors” section).
Damien Havard, Chairman and CEO of Hydrogen de France , declares: “In the first half of 2021, HDF Energy achieved structuring milestones in its development with the IPO which enabled us to welcome two strategic partners to our capital. : RUBIS and TERÉGA, as well as renowned French and foreign institutional investors and numerous individual shareholders. The great success of this operation attests to the strong potential of our markets and the relevance of our positioning.
With this transaction, the Company has acquired the financial means to accelerate its development in the hydrogen-electricity market, which is booming in all regions of the world. A world pioneer in the sector, HDF Energy intends to strongly accelerate its commercial development, on the basis of the strategic positions acquired to become a leader in the development of projects for continuous or on-demand electricity production plants from hydrogen and renewable energies. “
Results of the 1 st half year in line with the development
Turnover relating to the final stages of the development of the CEOG project
On the 1 st half of 2021 year, Hydrogen France achieved a turnover of 405 K €, against 989 k € over the same period last year. As for the three fiscal years, this turnover is mainly made up of income recognized under the project development and project management assistance (AMO) contract concluded with the company CEOG, a company consolidated under the equity method since the end of July 2018, and a bonus related to the decision to launch the construction of the power plant.
These revenues are recognized gradually, on the basis of the costs actually incurred over a given period and may fluctuate according to the development phases of the projects. The CEOG project, approaching the construction phase, has generated less revenue in the 1 st half of 2021.
The CEOG project now has all the administrative authorizations. It is in the process of financial closure.
Increase in operating expenses reflecting the recent development of HDF Energy
Operating expenses for the 1 st half of 2021 amounted to € 2.4 million compared to € 0.8 million for the same period of the previous fiscal year. This increase in costs reflects, on the one hand, the investments made by the company to support its development, both in terms of personnel costs (in particular the recruitment of 4 people for international business development) and external costs associated with development. projects. On the other hand, € 0.9 million in fees related to the search for financing (including € 0.8 million in IPO costs) also weighed on external charges.
The financial result is -0.7 M € and mainly includes a financial charge relating to the conversion of convertible bonds (OC 2021) within the framework of the IPO.
After taking into account a tax income for an amount of 0.6 M €, the net result for the consolidated group amounts to -1.9 M € for the 1 st half of 2021 (including 1.6 M € of accrued non-recurring nature, ie € 0.9 million in research funding and € 0.7 million in financial charges) against a net profit of € 0.2 million in the 1 st half of 2020.
Strengthening of the financial structure with the great success of the IPO
Last June, Hydrogen de France raised € 115m from the issuance of new shares as part of its initial public offering on Euronext Paris (with a global placement of € 151m after partial exercise of the over-allotment option ). With an oversubscription rate of 1.7 times, the operation was very successful, both with individuals and institutional investors and two industrial players, RUBIS and TERÉGA, with which Hydrogen de France signed strategic partnerships of scope for the development of its projects. Collaboration with these two strategic investors has already started on targeted projects.
In view of this significant transaction, Hydrogen de France has the necessary financial resources to pursue its development and to significantly accelerate its commercial deployment.
As of June 30, 2021, the shareholders’ equity of Hydrogen de France amounted to € 110.5 million and available cash reached € 104.0 million.
Implementation of the development plan
Hydrogen de France has, for several years, taken a considerable lead in the development of hydrogen-electricity projects and intends to capitalize on its pioneering position to become a world benchmark player in the development of continuous or non-stop electricity production plants. demand from hydrogen and renewable energies (wind or solar).
To do this, HDF Energy is deploying its sales forces rapidly and has structured its development around 7 geographic areas: Europe-ANMO, Southern Africa, Asia, Oceania, Latin America, the Caribbean and North America. Five of the seven zone directors have already been recruited. They are hard at work and form local development teams in order to best address the specificities and potential of each region, identify opportunities for power plants and ensure the development of projects.
At the same time, HDF Energy is leading the development of the Blanquefort plant (mass production of high-power fuel cells) with the continuation of the administrative procedures for the building permit, alongside the Patriarche firm, the architect chosen for the project. .
Faced with the strong attraction for HDF Energy’s solutions, the Company intends to carry out a rapid deployment in order to secure strategic positions, a source of growth and long-term profitability, with the objective of rapidly increasing its pipeline of projects to reach 100 M € turnover for an EBITDA margin of around 35% by 2025.
Find the financial information of Hydrogen de France
ABOUT HYDROGÈNE DE FRANCE (HDF ENERGY)
Hydrogen de France, a world pioneer in hydrogen-electricity, develops high-capacity Hydrogen-Power plants and participates, through dedicated project companies, in their operation. These plants will provide continuous or on-demand electricity from renewable energies (wind or solar), associated with high-power fuel cells supplied by Hydrogen de France.
Hydrogen de France is developing two models of Hydrogen-Power plants :
- Renewstable ® ( POWER-TO-POWER ) : Multi-megawatt power stations, producing stable electricity, made up of an intermittent renewable source and a hydrogen chain including on-site energy storage.
- HyPower ® ( GAS-TO-POWER ) : Multi-megawatt power plants producing electricity on demand from carbon-free hydrogen from gas transmission networks.
Hydrogen de France integrates the key know-how of the fuel cell, within the framework of a memorandum of understanding with Ballard (exclusive license agreement of 7 years), and develops in France (Métropole de Bordeaux) the first plant in world of mass production of high-power fuel cells for energy that will be commissioned in 2023. Through this activity, Hydrogen de France will also address the maritime and data center markets.
Hydrogen de France is thus positioning itself as a powerful accelerator of the energy transition by providing non-intermittent and competitive renewable electricity, perfectly suited to networks and demand.
HDF shares have been listed on the regulated market of Euronext Paris compartment B since June 24, 2021.