Activity for the first half of 2020

a strong commercial dynamic despite the Covid-19 crisis, combined with a net increase in cash flow - Seite 2

Results for the first half of 2020

Despite the health crisis linked to the Covid-19, McPhy's sales rose 24% to €5.4 million compared to €4.3 million in the first half of 2019. The gross margin on material consumption remained stable at 46% compared to 2019.

In order to successfully complete its industrialization phase, the Group has strengthened its teams since June 30, 2019. The net recruitment of 9 people over one year thus brings the workforce at 30 June 2020 to 101 employees and personnel expenses amounted to €4.1 million over the first half year, an increase of €0.6 million compared to the first half year 2019.

To maintain McPhy's technological leadership in its markets, the R&D effort has been reinforced and amounted to nearly €2.0 million over the period (€1.5 million in the first half of 2019). Net of the effect of the tax credit and subsidies, these expenses are up by €0.5 million compared to the same period last year.

The Group has put in place all the necessary measures to deal with the Covid-19 crisis, minimize the impact on its cash flow and preserve its continuity of operation. McPhy has thus contracted additional credit lines guaranteed by the French State for an amount of €4 million and has reinforced its financial flexibility by renewing an equity line with Kepler Cheuvreux on April 10, 2020.

As of June 30, 2020, McPhy had €24 million in cash and cash equivalents, a significant increase compared to the first half of 2019, resulting from the drawdowns performed on these lines of credit and equity financing for €9.1 million.

2020 highlights

• A strong commercial dynamic for McPhy with orders booked in France and abroad

Orders booked and announced in the first half of the year:

• • Order for a 20 MW electrolysis platform equipped with technology “Augmented McLyzer” to supply the largest zero-carbon hydrogen production unit in Europe, deployed by Nouryon and Gasunie (“Djewels” project).
  • Order for a Starter Kit to equip the "mobility" segment of a zero-emission hydrogen ecosystem in the Centre-Val de Loire region¹.
  • Order and remote installation of Piel by McPhy hydrogen and oxygen generators for the preparation of metal components for the Diax industrial group.
  • Order for three McFilling stations, as definitive part, and two other stations and several electrolyzers, as conditional part, by the project company Hympulsion to equip the Zero Emission Valley project, the largest deployment of zero-emission hydrogen mobility in France (Auvergne Rhône Alpes region).

Orders booked in July 2020: