2018 Full-Year Results - Outscale
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2018 Full-Year Results
March 13, 2019
Confidential | Do not reproduce or disclose | March 2019 2
Agenda
1 Introduction
2 Key elements of 2018
3 Hydrogen, the key driver for energy transition
4 McPhy, a leading player uniquely positioned to meet the gigantic needs resulting from
the energy transition
March 2018
5 Conclusion
Confidential | Do not reproduce or disclose | March 2019 3
McPhy : a key player in Hydrogen
Offering pioneering solutions at the forefront of innovation
• An unrivalled know-how in hydrogen: 15 years of R&D
• The only player worldwide being able to address the 3 core and booming markets of the energy transition: Mobility, Energy and Industry
• A global presence through France, Germany, Italy and China
• A team sized to capture the buoyant market: 94 employees
EDF & McPhy partnership
Introduction of agreement
Launch PEM electrolysis
Reserved capital increase
Launch of McFilling® Capital increase of €16m to EDF
Acquisition of PIEL of the Alkaline of €4.5m
Launch of the Augmented
and Enertrag Hytec electrolyzers
€4.6m McLyzer
of 100 Nm3/h
Solid hydrogen and €10.1m
Launch of the McFilling
€1.3m
storage prototype fundraisings with IPO on the for buses
of 1kg the entry of Euronext Paris
Launch of McPhy fundraising
stock exchange Membership Hydrogen
after 8 years of R&D €9.1m fundraising
with €32m raised Council
2008 2009 2010 2012 2013 2014 2016 2017 2018
TECHNOLOGY INCUBATION TRANSFORMATION ACCELERATION & SCALE UP
Confidential | Do not reproduce or disclose | March 2019 4
McPhy: a unique player ready for the scale up of H2 Technology
Business locations
100 MW | Platform
A total footprint below 4,500 m2
5 Sites 20 MW | Cluster
France, Germany, Italy, China and USA 15 years Fast dynamic response time
4 MW | Augmented McLyzer 800-30
of R&D High pressure production (30 bar)
Breakthrough Alkaline ELY Technology
Unique combination between our high-pressure alkaline
Flagship Reference electrolysis technology
> 16 MW > 21 HRS
Electrolysis in operation (12)
McPhy
McPhy France
Germany
HRS Center
Engineering
McPhy Italy
Scalable Electrolyzer for Large Hydrogen Refueling Manufacturing McPhy China
Industry, Energy Station for Mobility Sales & Service
Key elements of 2018
March 13, 2019
Confidential | Do not reproduce or disclose | March 2019 6
2018: a year of contrasts
Expected reduction in results
IFRS (in €m) 2018 2017 21% decline in FY 2018 revenue compared
Sales revenue 8.0 10.1 to FY 2017 due to delays affecting several
Other ordinary income 1.1 1.2 orders.
Income from ordinary operations 9.1 11.3 To remember in 2017 in the Turnover : 2.9M€ for
Purchases (4.6) (5.7) 4MW delivered in Hebeï (China) -> excluding this
Staff costs (6.1) (6.0) project +9% in 2018 compare to 2017
External charges (5.7) (5.2) The decrease of the purchases is in line
Allowance for depreciation, amortization and reserves (2.1) (0.8) with the Turnover : -20%
Current Operating Income (EBIT) (9.4) (6.4)
Non-current expenses and income (0.0) (0.1) Staff costs : the variance of €0.1 m is only
Operating Income (9.4) (6.5) due to an IFRS Adjustment
Net financial income (expense) (0.0) (0.1)
Income tax expense (0.1) (0.1) External charges and provisions : increase
Net income (loss) (9.5) (6.7) mainly due to delays in the finalization of
several orders, extension of the duration
and additional costs + Research and
innovation effort
Decline of the operating income at -€9.4 m
Confidential | Do not reproduce or disclose | March 2019 7
Balance sheet
No variances except : cash + €14.9 m End of December linked to the Capital increase
Assets (in €m) 31/12/18 31/12/17 Equity and liabilities (in €m) 31/12/18 31/12/17
Non current assets Shareholders’ equity
Goodwill 2.5 2.5 Share capital 1.8 1.3
Other assets 2.6 3.2 Additional paid-in capital 31.2 22.3
Other non current assets 0.4 0.3 Treasury stock (0.1) (0.1)
Total non current assets 5.5 6.0 Retained earnings (17.2) (17.2)
Current assets Total Shareholders’ equity 15.7 6.4
Inventories 2.2 2.5 Non-current liabilities
Trade and other receivables 6.6 6.5 Provisions – over 1 year 0.6 0.4
Current tax assets 0.7 0.5 Financial debt – over 1 year 5.2 4.4
Financial assets - 0.6 Other non-current liabilities 0.5 0.4
Cash and cash equivalents 14.9 4.4 Total non-current liabilities 6.2 5.2
Total current assets 24.4 14.5 Current liabilities
Total assets 29.9 20.5 Provisions – under 1 year 0.8 0.2
Financial debt – under 1 year 0.8 2.5
Trade and other payables 4.2 4.3
Other current labilities 2.3 1.8
Total current liabilities 8.0 8.9
Total equity and liabilities 29.9 20.5
Confidential | Do not reproduce or disclose | March 2019 8 Cash-Flows Operating cash-flow : -€7.0 m Capital increase : €18.7 m Net cash position of €14.9 m at December 31, 2018 in million euros 2018 2017 Cash-Flow (7.2) (5.8) Working capital requirement 0.1 (0.8) Operating Cash-Flow (7.0) (6.7) CapEx (0.4) (0.6) Projects pre-financing (1.8) (1.2) Change in other loans 0.5 (0.1) Capital increase 18.7 5.3 Change in cash 9.9 (3.2) Opening cash 5.0 8.1 Closing cash(1) 14.9 5.0 Note: (1) A financial investment of € 0.6 million as of December 31, 2017 that does not strictly meet the definition of "cash equivalents" according to IFRS has been recognized in "Financial assets". This amount is included in the amount of closing management cash.
Confidential | Do not reproduce or disclose | March 2019 9
…while continuing to power ahead in achieving new milestones for McPhy’s
development
Long-term supply agreement with De Nora to integrate its
advanced electrodes in McPhy’s electrolyzers
Launch of
the Augmented McLyzer technology
Collaboration with Toyota to conduct tests on McPhy’s
prototyping and testing platform for 700 bar stations
Signature of a 1st station at 700 bar in Germany: H2Mobility
Germany
Signature of a 1st contract for large refueling stations : SMT-
AG (Lens-Bethune city) for a 1st HRS for buses
Successful commissioning: PUS, Rungis, RiverSimple, Hebei,
Jupiter 1000, RAG, EnergieDienst
Development of the
new PIEL line
Industrial and commercial partnership with EDF to develop a
carbon-free hydrogen in France and around the world
Reserved capital increase of €16m to EDF with a 21.7%
stake in the capital
Hydrogen, the key driver of
the energy transition
March 13, 2019Confidential | Do not reproduce or disclose | March 2019 11 A number of challenges need to be resolved to realize the ambitious transition of the Europe’s Energy System Source: FCHJU Europe, February 2019 / IEA Energy Technology Perspectives 2017, Hydrogen Roadmap Europe team
Confidential | Do not reproduce or disclose | March 2019 12
Achieving deep decarbonization of >80% of CO2 emissions requires H2
Key
markets
Source: FCHJU Europe, February 2019Confidential | Do not reproduce or disclose | March 2019 13 Mobility: significant investments are required to meet the EU’s ambition The equivalent of ~3,740 refueling stations by 2030 and investments of €~8,2 BN Source: FCHJU Europe, February 2019
Confidential | Do not reproduce or disclose | March 2019 14
Industry Feedstock: a major decarbonization opportunity
Key Relative importance Complementary decarbonization
subsegments by 20501 solutions
For steel
Ultra-low-carbon hydrogen as feedstock for Coke from biomass
- Ammonia, methanol CCS on blast furnace
- Refining For CCU
Feedstock in steelmaking (DRI) Carbon storage
Combined with CCU in production of olefins
and BTX
1:percent of total feedstock for production
Source: FCHJU Europe, February 2019 – IEA ETP (2017), expert interviews, Hydrogen Roadmap Europe teamConfidential | Do not reproduce or disclose | March 2019 15
PPE (Programmation Pluriannuelle de l’Énergie) : Concretization of French
political support into orders
1 Reaffirmation of the importance of H2’s role to meet the challenges of the energy transition
2 Confirmation of the National H2 Plan’s objectives announced in June 2018 by the French government
3 Development of production of clean H2
4 Setting up of a system to track clean H2 by 2020
1ST call launched by ADEME for « H2 mobility Ecosystems » in October 2018 : 24 projects submitted in
5 January 2019
1ST call for projects « clean hydrogen production and supply for industrial customers » launched by ADEME
6 & the French Government on February 25, 2019
Source: https://www.environnement-magazine.fr/energie/article/2019/02/18/123000/tribune-ppe-confirme-transition-energetique-fera-avec-hydrogene
https://appelsaprojets.ademe.fr/aap/H2Indus2019-40#resultatsMcPhy, a leading player in Hydrogen
uniquely positioned to meet the gigantic
needs resulting from the energy transition
March 13, 2019Confidential | Do not reproduce or disclose | March 2019 17
“ A strategy focused on
building tomorrow’s
growth ”
1 Stay at the cutting edge of hydrogen technology
2 Build key references in the new markets
3 Build partnerships to leverage sales efforts and accelerate development1 Stay at the cutting edge of hydrogen technology
1 Stay at the cutting edge of hydrogen technology Confidential | Do not reproduce or disclose | March 2019 19
Launching disruptive products matching our clients’ needs
Electrolyzers Refueling stations
ZERO ZERO
LOW CARBON EMISSION
EMISSION
INDUSTRY MOBILITY
MOBILITY
Systems ranging from few MW up to 100 MW and over Deploying hydrogen fuel cell mobility solutions on a large
scale
High energy efficiency, and high dynamic response
A strategy to support the development of infrastructure for
Reduced foot print
increasingly heavy vehicles and large rollers (fleet of
Improvement of competitiveness vehicles, buses, trucks and trains)1 Stay at the cutting edge of hydrogen technology Confidential | Do not reproduce or disclose | March 2019 20
A genuine technological breakthrough
“ Designed to fit with
large-scale low carbon
ZERO
EMISSION
MOBILITY
LOW-CARBON
INDUSTRY
industrial and mobility needs 2 years of R&D
Modular architecture with capacities of 4, 20, 100 MW and more
Doubling the amount of hydrogen produced, while combining high energy
efficiency, reduced footprint and drastic improvement of competitiveness
Value added recognized by the industrial players
20 MW platform Technology already selected by leading
industrial companies1 Stay at the cutting edge of hydrogen technology Confidential | Do not reproduce or disclose | March 2019 21
An innovative and exemplary mobility solution
“ Designed to address the
large-scale mobility applications
ZERO
EMISSION
MOBILITY
>2,000 kg per day
For heavy transport buses, trucks, trains, boats and / or large fleets
Producing clean hydrogen on site, intended for the supply of a large
capacity McFilling with a high service rate
First McPhy bus station in France for SMT-AG supplying
6 hydrogen buses1 Stay at the cutting edge of hydrogen technology Confidential | Do not reproduce or disclose | March 2019 22
A new milestone in our offering:
a successful development of a 700 bar refueling station
“ Designed to support its clients
in deploying clean mobility
ZERO
EMISSION
MOBILITY
solutions on a large scale Positive tests conducted alongside Toyota on a 700 bar testing platform
Refueling tests were carried out on two vehicles
Optimization of user experience prior to market launch
Identification of areas for future optimisation
First deliveries of the McFilling 200-700
solution in 20191 Stay at the cutting edge of hydrogen technology Confidential | Do not reproduce or disclose | March 2019 23
Being able to scale-up: McPhy’s Industrial Plan
Stack manufacturing – McPhy Italy BOP Assembly– Contractors HRS manufacturing – McPhy France
2018 Ind. Capacity 2018 2018
50 MW / year – “Hebei Like” 12 to 25 BOP / year – “Hebei Like” 24 HRS / year
2019/2022 evolution of Ind. Capacity: 2019/2022 2019/2022
• 100 MW capacity Sub contractor Skid and BOP :
• Multi-tons HRS plant
• 200 MW capacity in two shifts • France: 25 to 75 BOP per year
• 400 MW capacity in two shifts • Germany: 25 BOP per year
external storage • China: under evaluation
TOTAL > 500 MW / year TOTAL > 125 BOP / year TOTAL > 50 HRS / year2 Build key references in the new markets
2 Building key references in new markets Confidential | Do not reproduce or disclose | March 2019 25
Capitalizing on our established presence and targeting strong potential markets
Countries with Design Commercial
current clients and production sites subsidiaries2 Building key references in new markets Confidential | Do not reproduce or disclose | March 2019 26
Installing high capacity electrolyzers for leading players
• EnergieDienst and ZSW • Jupiter 1000
• SMT-AG Artois-Gohelle (France)
Fos-sur-Mer (France)
(Germany) 1 MW 0.5 MW
1 MW (PEM + Alkaline)
• RAG Austria
• Hebei (China) 0.5 MW
• Project H2Ber 4-10 MW platform
Berlin (Germany)
• Werlte (Germany) 0.5 MW
6 MW
• Prenzlau (Germany)
2019
0.5 MW
2018
2017
2014
2013
Zero Emission Low carbon Renewable
Mobility Industry Energy2 Building key references in new markets Confidential | Do not reproduce or disclose | March 2019 27 Solid references (March 2019)
Confidential | Do not reproduce or disclose | March 2019 28
Build partnerships to leverage sales efforts and
3 accelerate development3 Build partnerships to leverage sales efforts and accelerate development Confidential | Do not reproduce or disclose | March 2019 29
2018: continuing to power ahead
Technological
partnership Industrial
and
commercial
partnership
Public
partnership3 Build partnerships to leverage sales efforts and accelerate development Confidential | Do not reproduce or disclose | March 2019 30
The key industrial and commercial partnership with
Industrial and commercial partnership agreement including:
Joint cooperation to support carbon-free hydrogen development in France and around the world
1 Commercial collaboration to address mobility, industry and energy markets together
Industrial partnership to develop new technologies and access to EPC engineering capacities
Investment by EDF Nouveaux Business of €16m in McPhy via a reserved capital increase
Subscription to 3,137,250 new shares at a price of €5.10 per share, representing 21.5% of share capital
2 Appointment of two Board members named by EDF(1). The total number of Board members could rise
to nine, with the appointment to come of another independent Board member
Note: (1) subject to approval by McPhy’s general meeting3 Build partnerships to leverage sales efforts and accelerate development Confidential | Do not reproduce or disclose | March 2019 31
A structuring transaction enabling McPhy to scale up
Rationale of the partnership Rationale of the partnership
Strengthening of its Development of a carbon-free and competitive
financial resources range of hydrogen solutions
Strengthen its financial resources to accelerate the New milestone of its contribution to the energy
pace of its expansion transition
Benefit from the support of a leading low-carbon Speed up its expansion into hydrogen markets with
energy producer to accelerate its business the development of a carbon-free and competitive
development and move into new markets range of hydrogen solutions, primarily for industrial
and mobility clients
Strengthen its industrial capacities in engineering
and operation/maintenance Benefit from a partnership with McPhy giving access
to an advanced electrolytic hydrogen technology
Leverage on EDF’s position in its strategic markets in
Europe, the United States and China Benefit from McPhy’s knowledge in the production
and marketing of hydrogen
Benefit from innovative financing solutions3 Build partnerships to leverage sales efforts and accelerate development Confidential | Do not reproduce or disclose | March 2019 32
Our common core targets
Large industry Heavy Transportation
Clean Industry Revolution Clean Mobility Revolution
Petro and gas refineries, chemical processing, Decarbonized hydrogen production equipment +
steel mills, thermal power stations, … hydrogen refueling stations
Supplying industrial companies with low Scaling-up the zero emission mobility solutions:
carbon hydrogen large fleets, buses, trains, boats, …
Reconciling productivity, competitiveness Ensuring a high-quality service all while contributing
and social responsibility to improve air quality and public health
Security of supply, control over the costs, reliability,
continuity of service, securityConclusion March 13, 2019
Confidential | Do not reproduce or disclose | March 2019
Outlook: 2019, a year of transformation and rebound
5 million of order taking since the beginning
ORDERS of the year for key markets of H2
A strong commercial dynamic SALES
PROJECTS Successful commissioning
of the flagship projects
Achievement of new PRODUCT
product development DEVELOPMENT
PARTNERSHIPS Expected ramp-up of the partnership with
EDF in joint responses to tender offersInvestors presentation | Confidential | Do not reproduce or disclose March 2019 45
McPhy, a leader in Hydrogen uniquely positioned to benefit from the strong market
momentum of the energy transition
An unrivalled know-how in Hydrogen’s core markets
01
A global and diversified base of 05 A strongly innovative company with
state-of-the art technology and modern
international blue chip customers 02 manufacturing and engineering sites
04 03
The only player worldwide being able to
support its clients with innovative solutions A one-stop-shop solution provider
as they build up scale covering all main Hydrogen applicationsAppendices March 2019
Confidential | Do not reproduce or disclose | March 2019 37
An experienced management team…
PASCAL MAUBERGER BERTRAND AMELOT
Chairman & CEO
10 4
years EVP - Sales and Marketing years
McPhy team since 2008 McPhy team since 2014
Soitec – COO (2003-2008) Engie – Sales Director of Services segment IDF
Vivendi Water Systems–Vice President (2010-2014)
(2001-2003) Heliotrop – Sales Director(2009)
Air Liquide – Operations Manager (1993-2001) SGD Pharma – Executive VP Supply Chain
Graduated from École Polytechnique and (2007-2009)
ENSPM and holds a Young Manager Program Graduated from Ecole Central Paris
degree from INSEAD business school and ESCP Europe
EMILIE MASCHIO GILLES CACHOT
Chief Financial Officer
6 10
years Chief Operating Officer years
McPhy team since 2013 McPhy team since 2016
SDMS Chaudronnerie Blanche® Group– Will Be Group–Advisor (since 2016)
Financial Controller (2008-2013) Fives Nordon – Operations Manager
Graduated from Grenoble IAE with a Master (2013- 2016)
degree in Finance, Audit and Management HaxiER – Interim Manager (2010-2013)
Control and holds a Licence degree in Modern Ekis – Interim Manager (2008-2009)
Languages from University of Grenoble Alpes Graduated from Institut National des Sciences
Appliquées de Lyon and IAE StrasbourgInvestors presentation | Confidential | Do not reproduce or disclose March 2018 17
The only French player worldwide being able to address the whole value chain of
Hydrogen TECHNOLOGY
COMPANY COUNTRY CREATION SHAREHOLDING Electrolyzer Storage Distribution
Alk.(1) PEM
1 1927 Listed on Oslo Stock Exchange ✓ ✓ ✓ ✓
2 1995 Listed on NASDAQ and Toronto Stock Exchange ✓ ✓ ✓ ✓
3 2008 Listed on Euronext (Bpifrance, Emertec, Sofinnova) ✓ ✓ ✓
4 2001 Listed on Euronext ✓ ✓
5 2001 Listed on LSE ✓ ✓ ✓
6 1968 Listed on NASDAQ ✓ ✓ ✓
7 2014 Areva, ADEME, Smart Energies ✓
8 1995 Siemens ✓
9 TKUCE 2015 JV (De Nora & Thyssen Industrial Solutions) ✓
10 1996 CSHIC(3) ✓
11 2000 n.a. ✓
12 1987 n.a. ✓
Notes: (1) Alkaline
38
Sources: Thomson Reuters, CompaniesConfidential | Do not reproduce or disclose | March 2019 39
Design and specification matching with industrial use & energy market
• 30 bar high pressure production
An innovative solution
• Reduced foot print : 44 m2 / MW
combining the reliability • BOP optimization
• High purity of H2 : 99,9%
of ALKALINE and the
• Cosφ > 0,9 from 15% to 110% of load range
flexibility of PEM
• High efficiency with High current density @ 9.000 A/m2
• Fast dynamic response enabling Service System :
– Nominal Load : 0% to 100% < 30 sec.
Off Peak : 100% to 0% < 5 sec.
• Mature and industrialize products
• Optimized CAPEX and OPEXConfidential | Do not reproduce or disclose | March 2019 40
Before : 10 MW Now : 20 MW
> 1.000 m2 < 900 m2
13,5
MW
reference
Before : Stack Design 2 MW Now : Stack Design 4 MW
2
years Best In Class
of R&D Electrode &
Stack DesignConfidential | Do not reproduce or disclose | March 2019 41
Integrated Value Proposal for Industry
• Focus on Viable Business Case with Customers :
100 MW | Platform
A total footprint below 4,500 m2 Key Segments : Advanced Fuel (refineries, methanol,
ammoniac..), Green Chemicals, Steel Plant, P2G…
Projects screening with TCO approach
Feasibility study : Business case & Basic Engineering
20 MW | Cluster
Fast dynamic response time • Differentiate on Large ELY Platform :
20 MW Platform
4 MW | Augmented McLyzer 800-30 100 MW Platform
High pressure production (30 bar)
• Increase Service Proposal
Turnkey ELY and EPC Partner
Breakthrough Alkaline ELY Technology
Unique combination between our high- Financing
pressure alkaline electrolysis technology Maintenance
Digital Solution “Big Data”Thank you March 2018
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