- Annual results reflecting the transition towards the
development and supply of green hydrogen and renewable gas
production systems
- Successful IPO in February 2022 with a net capital increase
of €59.3m
- Appointment of the Executive Committee and acceleration of
the Company's structuring
- Outlook:
- Strongly improved competitiveness of
Hynoca® compared to alternative hydrogen production solutions and
in substitution to natural gas; - New short-term development
potential thanks to renewable gas, led by the European Union's
energy independence urgency (REPowerEU); - Due to a sharp
increase in the procurement time for certain key components and raw
materials, adjustment of 2022-2023 revenue target to more than €25m
(vs. more than €30m announced at the IPO); - Confirmation of
medium to long-term growth and profitability targets.
- Integration of Haffner Energy into the new Euronext Tech
Leaders market segment with over 100 high-growth European
technology companies
Regulatory News:
Haffner Energy (Paris:ALHAF) (ISIN code:
FR0014007ND6 - Mnemonic: ALHAF), today announces the
publication of its results for the 2021-2022 financial year ending
31 March, approved on 28 June 2022 by the Company's Board of
Directors.
Philippe Haffner, Chairman and CEO of Haffner Energy
said: "These first annual results since our IPO reflect the ongoing
deployment of Haffner Energy's technology and its Hynoca® module
and service offering to produce green hydrogen and renewable gas
from biomass.
Hynoca® enables industrial and mobility players to produce green
hydrogen and renewable gas with a negative carbon footprint, while
being highly competitive. Hynoca® is part of a local and circular
approach, strongly enhancing the value of the territories. In
particular, Hynoca® provides an immediate, local, and competitive
solution to the urgent need for Europe's energy independence.
Hynoca® is based on a counter-cyclical model that is hardly
affected by increases in the price of gas, electricity, and raw
materials, which makes it more competitive.
Following the success of the IPO in February 2022, which led to
a €59.3 million capital increase, we are accelerating our
development and are focused on industrial, commercial, and
technological deployment as well as on structuring the Company.
We also benefit from the accelerating structural trends towards
more decarbonisation and energy independence. All these strengths
support our medium to long term growth and profitability targets of
€250 million turnover in the financial year 2025/26 and a long-term
EBITDA margin of 25%."
Key figures as at 31 March 2022 (IFRS standards / k€)
In thousands of euros
31.03.22 (12 months)
31.03.21 (12 months)
Turnover and other income
1,397
4,439
EBITDA
(2,704)
(1,774)
Operating result
(4,726)
(2,972)
Net result
(4,807)
(3,027)
Equity
54,253
(194)
Cash available at 31 March 2022
61,429
3,336
Annual results reflecting the transition towards the
development and supply of green hydrogen and renewable gas
production systems
The 2021-2022 financial year is characterised by the transition
between, on the one hand, the historical activity relating to
energy cogeneration contracts, and, on the other hand, the new
activity centred on hydrogen and renewable gas production
technologies from biomass. Haffner Energy no longer receives income
from its former cogeneration business, which accounted for the bulk
of the previous year's sales (€4,439k), and does not yet benefit
from significant revenue from its new business selling Hynoca®
modules and associated services to produce green hydrogen and
renewable gas (€1,397k, consisting of the first R-Hynoca contract
and licences).
Given the decline in revenues and the ongoing structuring of
strong future growth, reflected mainly by the increase in salaries
and external charges, EBITDA came to €(2,704)k compared with
€(1,774)k the previous year.
In addition, the operating result takes into account an
additional loss on completion of €1,886k on phase 2 of the R-Hynoca
hydrogen production contract in Strasbourg. As previously
communicated, the amendment signed on 31 May 2022 now provides for
the delivery of two modules of a more efficient and compact
technology, in a context of higher material and component
prices.
The net loss amounts to €4,807k compared to €3,027k on 31 March
2021.
As at 31 March 2022, cash and cash equivalents amounted to
€61,429k, benefiting from the net proceeds of the IPO of €59,357k.
The net cash position was €55,277k.
Successful IPO in February 2022
The successful IPO in February 2022 provided the Company with
the resources to accelerate the implementation of its strategy,
with the following priorities:
- continued investment in R&D;
- strengthening the commercial organisation and international
deployment;
- identification and beginning of the construction of an assembly
site in the Grand Est region;
- structuring to drive growth.
As part of this operation, Haffner Energy benefited from the
investments of industrial players, Hydrogen Refueling Solutions
(HRS), Vicat and Eren Industries, with whom strategic partnerships
have been established.
The three-year partnership with HRS notably includes Haffner
Energy systematically offering an option to integrate an HRS
hydrogen refuelling station. In return, HRS will offer Hynoca®
Mobility solutions to its customers seeking 100% green alternatives
to electrolysis. Concerning the partnership with Vicat, Haffner
Energy and Vicat will combine their know-how to develop green
solutions for the production of syngas, biochar, hydrogen and
electricity, based on Haffner Energy's patented Hynoca® technology.
The solutions developed could be applied to cement plant
activities, and more broadly to heavy industries with a view to
their deployment in decarbonisation.
Finally, the partnership with Eren Industrie provides for the
creation of a joint venture in which Haffner Energy will hold 20%
of the capital, with the possibility of increasing this to 40%.
Eren Industries and Haffner Energy will join forces to accelerate
the deployment of the Hynoca® technology, particularly
internationally, with Eren Industries providing recognised
international know-how and financial resources for the development
of major industrial projects in the field of renewable energy.
Appointment of the Executive Committee and acceleration of
the Company's structuring
Among the operational developments since the IPO, Haffner Energy
has finalised the organisation of its executive committee with the
recruitment of Adeline Mickeler, on March 21st, as Chief Financial
Officer in charge of Finance, Human Resources and Legal Affairs,
and Alban Reboul Salze, on April 1st, as Chief Operating Officer to
support the industrial roll-out in France and internationally.
Their arrivals have strengthened the executive committee chaired
by Philippe Haffner, Chairman and CEO, assisted by his brother,
Marc Haffner, co-Founder of the company and CEO and Chief
Technology Officer. The executive committee is also made up of
Christian Bestien as Business Development Director, Marcella
Franchi as Marketing and Communication Director, Guillaume Suray as
Director of Transversal Strategic Projects (HSE-CSR, IT), and
Frédéric Aubert as Industrial Director.
Haffner Energy has recruited 17 employees since the IPO,
bringing the current workforce to 40. 60 additional recruitments
are planned for the financial year, in particular to strengthen
operations and sales.
Finally, on 26 April 2022, the Board of Directors allocated
290,507 free shares, i.e. 0.65% of the share capital, to three
people, all of whom are employees and not executive directors of
the Company.
Outlook: medium to long-term growth and profitability targets
confirmed
Haffner Energy fully benefits from the strong structural trends
supporting the deployment of its technology, recently accelerated
by the strategic issues of Europe's energy independence and
decarbonisation. In this context, Haffner Energy's technology,
which allows the production of both renewable gas and green
hydrogen from biomass, while being only marginally dependent on the
electricity grid and the cost of electricity, is becoming
increasingly successful.
At the end of June 2022, the backlog has remained stable since
the IPO at €33m with the formalisation of major contracts with
Corbat, Kouros and Roussel ongoing.
Beyond a pipeline of €183m at the time of the IPO, commercial
prospects continue to develop, both in hydrogen and hypergas
(renewable gas) production, in France, including overseas regions,
and in Europe.
In addition, Haffner Energy has intensified the number of
constructive discussions with the industrial cornerstones that
participated in the IPO: Eren for the financing of renewable energy
projects, Vicat for industrial decarbonisation solutions, and HRS
for hydrogen storage and mobility.
In this buoyant context, but considering tensions on the supply
of key components and sub-assemblies which are temporarily delaying
its development, Haffner Energy is adjusting its 2022-2023 sales
target, which is now expected to be over €25m, compared to over
€30m previously during the IPO. The Company has started to build up
safety stocks of the most critical components and
sub-assemblies.
The Company confirms its revenue target of €250 million for the
financial year 2025-2026 and a long-term EBITDA margin of 25%.
Integration of Haffner Energy into the new Euronext Tech
Leaders market segment alongside more than 100 high-growth European
technology companies (post-closing)
Launched on 7 June 2022, this new segment adds to Euronext's
existing Tech offering with the objective of being a catalyst for
the next generation of technology leaders. The new Tech Leaders
have been selected from among 700 Tech companies listed on Euronext
markets, based on criteria such as technological leadership, market
capitalisation and growth.
As a member of Euronext Tech Leaders, Haffner Energy will
benefit from the full range of services developed by Euronext and
its partners to support participants in their listing journey,
notably through a new dedicated index to be launched in July.
More detailed financial information on the annual accounts as at
31 March 2022 is available at www.haffner-energy.com
The audit process has been carried out and the audit report on
the certification is being issued.
About Haffner Energy
A family company co-founded and co-managed by Marc and Philippe
Haffner and a player in the energy transition for 28 years, Haffner
Energy designs and provides technologies and services enabling its
customers to produce green hydrogen, renewable gas replacing
natural gas combined with carbon capture through the co-production
of biochar through its Hynoca® process, by thermolysis of biomass.
This process allows the production of hydrogen or renewable gas at
highly competitive cost, is carbon negative of 12 kg (net) of CO2
per kg of hydrogen produced, while depending very little on the
electricity grid and the cost of electricity. This enables Haffner
Energy to make a very rapid and agile contribution to the strategic
challenges of Europe's energy independence combined with the
acceleration of its decarbonization.
Lexicon:
EBITDA corresponds to operating profit before
depreciation, amortization, impairment losses net of reversals on
fixed and current assets and before operating provisions net of
reversals.
The backlog designates a project when at least one of the
following situations occurs:
- a deposit, linked to a contract with a
specific number of modules to be ordered or a specific total
amount, has been paid by the customer; or
- a purchase agreement or purchase order has
been signed between Haffner Energy and a customer; or
- there is a signed letter of intent or
specification between Haffner Energy and a customer; or
- a project company, created specifically for
a given project involving the Company's equipment, has been
established and the sponsors have made a financial commitment;
or
- Haffner Energy is awarded a contract
through a tender process.
The pipeline refers to a business opportunity when at
least one of the following situations occurs:
- a preliminary feasibility study for the
installation of equipment is or has been carried out; or
- a preliminary project budget or business
plan or a full commercial offer including specifications has been
sent to the customer and Haffner Energy is awaiting a response;
or
- a letter of intent is sent to Haffner
Energy by the customer; or
- Haffner Energy has received an invitation
to participate and is part of a tender process.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220628006166/en/
Investor Relations, Haffner Energy Adeline Mickeler
adeline.mickeler@haffner-energy.com
Media Relations, NewCap Nicolas Merigeau haffner@newcap.eu Tel:
+33 (0)1 44 71 94 98
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