HYDROGENE DE FRANCE: Solid commercial deployment and financial balances in line with the strategic plan – 2023/04/11 at 18:00

Bordeaux, April 11, 2023

– Hydrogène de France (“HDF Energy” or the “Company” – Euronext Paris: HDF), a world pioneer in high-power hydrogen power plants, presents its commercial activity and its 2022 accounts. The consolidated financial statements were approved by the Board of Directors on April 6, 2023. The audit procedures on the consolidated financial statements have been carried out and the auditors’ report is in the process of being issued.

1. Employees and contractors in countries where the company does not have a dedicated legal entity

2. Entry of investors into project companies

A solid portfolio of projects

Commercial deployment remained the group’s main objective during the 2022 financial year. 2022, a robust portfolio of projects and major partnerships. Thus, the capacity of power plants in the development phase in the portfolio increased by more than 25% compared to December 31, 2021.

Portfolio monitoring is the most advanced indicator of HDF’s value creation, both for the Group and for all the stakeholders in these projects. HDF estimates that it is able to generate, over the development and construction phases of a project, a turnover of between 12% and 17% of the cost of construction, including engineering services and the supply of batteries. fuel during the construction of the power plant.

Strong growth in turnover in 2022

Consolidated revenue for 2022 amounted to €3.5 million compared to €0.9 million in 2021. It corresponds for €3.0 million to revenue recognized under the development contract for the Renewstable Barbados (RSB) project at Barbados since February 2022, the date from which the Rubis group became the majority shareholder of RSB.

In addition, the invoicing issued by HDF in 2022 for Project Management Assistance (AMO) services on projects over which the Group retains control, and whose impact is neutralized in the consolidated financial statements, represents 3. 0 M€. This value creation is recognized indirectly through the income from the disposal of holdings when control is lost.

Thus, in 2022, the Group recorded income from the sale linked to the loss of control in RSB for €1.0 million.

Results in line with the strategic plan

The acceleration of the development plan and the structuring of the teams is reflected in an increase in operating expenses. The average number of employees (employees and contractors) reaches 57 people in 2022 compared to 25 in 2021.

Thus, the net result for the consolidated group shows a contained deficit of -€3.4 million for 2022, compared to -€3.5 million in 2021.

In 2021, the result took into account non-recurring charges such as costs relating to the IPO and the non-conversion premium on convertible bonds.

A solid financial structure, favorable outlook

As of December 31, 2022, the Group had shareholders’ equity of €107.4 million (compared to €109.1 million as of December 31, 2021). Cash and cash equivalents amounted to €87.4 million, compared to €95.1 million at December 31, 2021.

The Company thus has the financial means necessary to pursue its development and accelerate its commercial deployment.

Regarding the construction of the CEOG power plant in French Guiana, various events have caused a delay in the construction site, the financial impact of which is limited for the Group.

The start of the year also confirms the continuation of the momentum observed in 2022 with the signing of partnerships, in particular with the governments of Indonesia and Zimbabwe. HDF Energy therefore approaches the 2023 financial year with confidence.

Finally, HDF Energy took a new step on February 24, 2023 by officially launching the construction of the Blanquefort plant, where it will mass-produce high-power fuel cells. The plant should be operational from 2024 and contribute to the Group’s ambitions.

Damien HAVARD, Chairman and CEO of Hydrogène de France

says:

In accordance with our strategic plan, in 2022 we accelerated prospecting work and the structuring of our teams in all of our geographical areas. This year we have made very concrete and material progress in all of our areas. Our solid financial structure allows us to calmly consider the deployment of our activities in 2023.

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ABOUT HYDROGEN DE FRANCE (HDF Energy)

HDF Energy is a global pioneer in high power hydrogen power plants. The Company designs and develops power plants that produce non-intermittent, non-polluting renewable energy, day and night. In addition, HDF Energy organises, through dedicated project companies, their financing, construction and operation.

HDF is the designer of the Renewstable® power plants, its flagship model, multi-megawatt power plants producing continuous electricity from intermittent renewable energies (wind or solar) and massive storage of energy in the form of green hydrogen generated on place.

HDF Energy is also an industrialist who will mass-produce, from 2024, in its factory near Bordeaux, the most strategic component of its power plants: high-power fuel cells. Thanks to this industrial activity, HDF Energy, a major player in the production of electricity for networks, is also becoming a player in heavy, maritime and rail mobility. The company develops, with strategic partners, hydrogen freight locomotive projects as well as large ship propulsion projects and their auxiliary energy generation.

Present on five continents, HDF Energy is developing a business portfolio of more than 5 billion euros to date.

HDF Energy is listed on Compartment B of Euronext, a member of the “Euronext Tech Leaders” segment.

Find the financial information of Hydrogène de France

at www.hdf-energy.com

contacts

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