- Good sales momentum:
- Volume of cement sold up fivefold to more than 10,000 tons
(vs. 1,775 tons in 2020);
- Order book of over 200,000 tons at the end of 2021, (+29%
vs. December 2020).
- Execution of the industrial plan on schedule:
- Work continuing on H2;
- Signing of an agreement for land in the port of La Rochelle
to install storage silos.
- New R&D milestones achieved:
- Broadening of the product range with the launch of H- IONA,
the European market’s most decarbonized cement;
- H-UKR cement becomes the world’s first clinker-free cement
to be validated under ATEx case A by the CSTB;
- Geographical extension of the Company’s intellectual
property.
- Solid financial situation, strengthened by the success of
the capital increase, shareholders’ equity of over €81
million
Regulatory News:
Hoffmann Green Cement Technologies (ISIN: FR0013451044, Ticker:
ALHGR) (“Hoffmann Green Cement” or the “Company”), an industrial
player committed to decarbonizing the construction sector that
designs and distributes innovative clinker-free cement, announces
its 2021 annual results. The Company’s Supervisory Board met on
March 25, 2022 and reviewed the 2021 accounts approved by the
Management Board. The audit procedures have been completed and the
audit report on the certification is being issued.
Key elements of the Company’s consolidated annual
accounts
€ thousands – IFRS
FY 2021
FY 2020
Revenue
2,380
504
EBITDA
-5,228
-4,131
Recurring operating profit/loss (EBIT)
-7,360
-5,882
Financial profit/loss
131
-2,128
Tax
1,663
1,978
Net profit/loss
-5,562
-6,119
€ thousands – IFRS
At Dec. 31, 2021
At Dec. 31, 2020
Cash and cash equivalents
56,704
46,268
Shareholders’ equity
81,399
64,643
NEXT FINANCIAL COMMUNICATION: 2022 half-year sales and
results, September 19, 2022 (before market)
Julien Blanchard and David Hoffmann, co-founders of Hoffmann
Green Cement Technologies, commented: “2021 was a historic
turning point for Hoffmann Green Cement in a number of respects.
Firstly, the Company saw an acceleration in its commercial
development by multiplying its partnerships with leading players in
the construction sector. The sale of over 10,000 tons of Hoffmann
cement represents a symbolic milestone, as does the increase in the
order book to over 200,000 tons. Over the last year, Hoffmann Green
Cement also deployed its industrial plan by continuing work on its
H2 plant, which will be completed during the second half of 2022.
Moreover, the storage silo project in the port of La Rochelle is a
structural opportunity to accelerate the Company’s logistics
strategy and anticipate the next stages of its development. We
would also like to commend the work of our R&D and
certification teams that has allowed Hoffmann Green Cement to
accentuate its technological leadership by expanding our product
range with the launch of H-IONA, the European market’s most
decarbonized cement, and obtaining further patents and technical
appraisals. Lastly, 2021 allowed the Company to acquire the human
and financial means it requires to meet the growing demand from
industry and the general public, increasingly keen to reduce their
environmental footprint. Buoyed by these numerous achievements, we
are continuing our efforts to offer our clients and partners
innovative and immediately available solutions for decarbonized
construction that is more environmentally responsible. With the
enactment of the 2020 Environmental Regulations (RE 2020), more
than ever Hoffmann Green Cement has key assets enabling it to
retain its leadership position in clinker-free decarbonized cement
in France and in Europe.”
2021 and Q1 2022: a period marked by ongoing commercial
development, the deployment of the industrial plan and the
achievement of numerous R&D milestones strengthening the
Company’s technological leadership
Ongoing commercial development embodied by the growth in the
order book and the acceleration in its execution:
- 29% increase in cement orders thanks to the signing of
partnership deals with key players from across the construction
sector:
- Real-estate developers and contractors: Ouest Réalisations and
Podeliha;
- General contractors: Maulini and Demathieu Bard;
- Concrete companies: Edycem and Carrières Nivet;
- Distributors of bags of cement: Ecobati and Groupe Ravate.
- Fivefold increase in volumes sold in 2021, to 10,124 tons of
cement.
Deployment of the industrial plan, with work continuing on
the H2 plant and the launch of the storage silo project in the port
of La Rochelle:
- H2’s schedule and budget are in line with forecasts, the tower
has now reached a height of 70m and the plant is slated for
delivery by the end of 2022;
- Signing of a 25-year Temporary Occupation Permit in the port of
La Rochelle in order to construct facilities for loading and
unloading raw materials as well as storage silos.
R&D milestones achieved, product range and intellectual
property expanded:
- Commercial launch of H-IONA, the European market’s most
decarbonized cement now accessible to the general public for the
first time;
- H-UKR cement becomes the world’s first clinker-free cement to
be validated under ATEx case A by the CSTB;
- H-EVA patent granted in the United States and H-P2A patent
granted in Europe and China;
- Launch of Phare, an INIES-certified calculator measuring the
carbon footprint of all concrete used on a construction
project;
- Signing of a strategic partnership deal with the CSTB in order
to benefit from optimized lead-times in the processing of dossiers
for the assessment of Hoffmann’s current and future
technologies;
- Launch of the construction of an eco-responsible concrete
mixing plant 4.0 to develop concrete formulations using Hoffmann
Green Cement clinker-free cement.
Continuation of the implementation of the CSR
roadmap:
- Undertaking and publication of a new Bilan Carbone® SCOPE 3
carbon assessment;
- 11-point improvement in the Company’s Ethifinance rating to
65/100;
- Partnership agreement with Corailartefact regarding the
production of clinker-free decarbonized concrete components to
restore coral reefs.
2021 annual results
In 2021, the Company’s commercial development resulted in an
acceleration in revenue, which thus totaled €2.4 million
corresponding primarily to the sale of cement for €2.2 million and
the billing of engineering services for €0.2 million. This
significant acceleration compared with 2020 (+€1.9 million) was due
to the increase in the volume of cement sold to 10,124 tons at
end-2021 vs. 1,775 tons at end-2020.
The Company recorded 2021 EBITDA of -€5.2 million, compared with
-€4.1 million in 2020. This deterioration was a result of the
increase in the workforce to 33 staff at end-2021 from 21 at
end-2020. The sales, R&D and technical teams were all
strengthened in accordance with the development plan.
Other operating income and expenses were globally stable over
the period.
The 2001 Recurring Operating Loss was €7.4 million. The €1.4
million increase in this figure compared to 2000 was due to the
change in EBITDA and the increase in depreciation charges (€0.4
million).
In 2021, there was a Financial Profit of €0.1 million, compared
to the Financial Loss of €2.1 million recorded in 2020. As a
reminder, the 2020 Financial Result was impacted by UCITS
depreciations and losses associated with the effects of the
COVID-19 pandemic on the financial markets.
Altogether, once tax income of €1.7 million is taken into
account, the 2021 Net Loss was €5.6 million.
The Company’s accounts to December 31, 2021 will be published in
the Annual report that will be made available to shareholders on
the Company’s website no later than 29 April 2022 in accordance
with legal and regulatory provisions.
A solid and strengthened balance sheet
At December 31, 2021, the Company had a solid balance sheet with
Shareholders’ Equity of €81.6 million, up €16.9 million compared
with December 31, 2020 essentially as a result of the €22.5 million
capital increase successfully carried out in December 2021.
Hoffmann has €56.7 million in available cash (€68.5 million
including placements). The change in the cash position over the
period (+€10.4 million) was a result of the capital increase (€21.5
million, net of expenses) and the taking out of bank loans (+€8.9
million, net of loan repayments) offset by investment cash flow
(-€13.4 million) primarily associated with the construction of the
H2 production plant (-€10.7 million) and operating cash flow (-€6.6
million) incorporating the stockpiling of blast furnace slag (-€2.6
million).
Lastly, the Company has an unused credit line of €10
million.
2022 outlook: commercialization of between 20,000 and 30,000
tons of cement
In 2022, the Company will continue to follow its development
plan and will strive to meet the following milestones:
- In terms of industrial deployment:
- H2 plant expected to be delivered in the fourth quarter of
2022;
- Launch of the construction of the La Rochelle silos;
- Signing of the acquisition of land for the H3 plant.
- In terms of commercial development:
- Signing of contracts with new strategic partners in
France;
- Signing of the first contracts abroad;
- Objective of selling between 20,000 and 30,000 tons of
cement.
- In terms of R&D:
- Construction of the concrete mixing plant 4.0;
- Development of a fifth technology.
Impact of the situation in Ukraine
Regarding the conflict in Ukraine, the Company specifies that it
has no activity in, or commercial ties with, either Russia or
Ukraine. Although it has no direct exposure, the Company is closely
monitoring developments and their consequences on increases in
energy and transport costs as well as difficulties sourcing some
raw materials that could impact certain suppliers and the
construction sector in general. Buoyed by its solid financial
situation, the Company remains fully confident in the relevance of
its corporate project and its ability to meet its commercial and
financial targets.
2026 outlook: confirmation of the revenue target of €130
million and EBITDA margin target of 40%
In France, the Company is aiming to accelerate its development
by increasing its production capacity and national coverage. By
2026, the Company expects to be selling 550,000 tons of cement a
year via three production sites, giving revenue of approximately
€120 million representing a market share of 3%.
Abroad, the Company wants to develop via licensing agreements
with partners responsible, on their territories, of financing,
constructing and operating Hoffmann Green Cement production plants
and marketing Hoffmann Green Cement technologies. The Company is
aiming to have four plants up and running outside France by 2026
generating some €10 million in revenue.
The Company believes that it can achieve an EBITDA margin of
approximately 40% by 2026.
ABOUT HOFFMANN GREEN CEMENT TECHNOLOGIES
Founded in 2014 and based in Bournezeau (Vendée, Western
France), Hoffmann Green Cement Technologies designs, produces and
distributes innovative extremely low-carbon cements – with a carbon
footprint 6 times lower than traditional cement – that present, at
equivalent dosage and with no alteration to the concrete
manufacturing process, superior performances than traditional
cement. With one 4.0 industrial sites already operational and two
new sites on the way, the Group has industrialized a genuine
technological breakthrough based on alterations to cement’s
composition and the creation of a clean, heating-free and
clinker-free manufacturing process making it a leading and unique
player on a cement market that has not undergone any significant
changes in the last 200 years. Within the context of the climate
emergency, Hoffmann Green Cement is thus actively participating in
the energy transition by working to create eco-responsible
buildings and by encouraging the circular economy and the
preservation of natural resources. Thanks to its unrivaled
technological know-how that is constantly improving, driven by
effective and cutting-edge teams, Hoffmann Green Cement
Technologies addresses all construction sector markets, both in
France and abroad.
For further information, please go to:
www.ciments-hoffmann.fr
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220327005056/en/
Hoffmann Green Jérôme Caron Chief Financial Officer
finances@ciments-hoffmann.fr +33 2 51 460 600 NewCap Investor
Relations Pierre Laurent Thomas Grojean Quentin Massé
ciments-hoffmann@newcap.eu +33 1 44 71 94 94 NewCap Media
Relations Nicolas Merigeau ciments-hoffmann@newcap.eu +33 1 44
71 94 98
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