Haffner Energy publishes annual results for fiscal year 2023-2024
Haffner Energy publishes annual results
for fiscal year 2023-2024
A year of transition towards
expanding addressable market and project
portfolio
Vitry-le-François, June 20, 2024, 6:00
pm (CEST), France
- A
pipeline* multiplied by more than 4 (€1.4B) year-over-year, boosted
by market opportunities for the production of syngas and
Sustainable Aviation Fuel (SAF), including in the United
States
- An order
book at 03/31/2024 that reflects delays in the hydrogen market and
a blank year in terms of sales
- EBITDA**
contained at -€13,041k versus
-€12,480k last year
- Net
income for the year of -€9,935k
versus -€16,461k at
03/31/2023
- Net
available cash of €11,042k
at 03/31/2024, with fundraising
expected in Q3 2024 to finance the company's accelerated
development
-
Amplified potential and adjusted figures: Sales for the
current fiscal year reflecting the first expected contracts;
positive EBITDA by 03/31/2026; a sales target of €165M by
03/31/2027, ahead of a sharp acceleration driven by SAF projects
with a sales target of €330M at 03/31/2028
- The
targets for 03/31/2027 and 03/31/2028 represent installed capacity
that translates to approximately 1.2M and 2.9M tonnes respectively
of CO2 avoided per
year
HAFFNER ENERGY (ISIN code: FR0014007ND6
- Mnemonic: ALHAF) published its annual financial results
to 03/31/2024, approved by the Board of Directors on 06/19/2024.
This is an opportunity also for the Company to provide an update on
its business development and outlook.
Philippe HAFFNER, Co-founder and Chairman and
CEO of HAFFNER ENERGY said:
"For Haffner Energy, 2023-2024 will remain a
year of expanding our addressable markets. Faced with delays in the
onset of the renewable hydrogen market, we are prioritizing market
segments where we find the highest demand (SAF and syngas), for
which our offering is differentiating and value-creating both for
our customers and ourselves. To this end, we have adapted our
technology, notably with the commissioning of our Marolles
industrial site.
“This past financial year was both insignificant
in terms of financial results, yet highly value-creating in terms
of project portfolios in mature markets hungry for competitive
decarbonization solutions. Our addressable market and sales
prospects are now much higher than they have ever been. In fact,
compared with the hydrogen market alone, Haffner Energy's overall
target market has increased by a factor of more than 4.
Furthermore, these complementary markets offer the advantage of
making biomass an essential component in the composition of
biofuels (syngas, SAF, methanol) and e-fuels. Furthermore, we are
progressing our business model from technology supplier to project
developer. The Paris-Vatry SAF project is a case in point. It is
equivalent to the decarbonization of 3.6 billion passenger-km per
year by Airbus A320neo planes.
These new opportunities translate into
exponential growth in our pipeline, far beyond anything we've seen
to date; a potential which isn’t reflected yet in the Company's
market capitalization.
On the strength of these new commercial
prospects, new high-quality strategic partnerships, and a more
ambitious business plan, we are well positioned to launch a new
round of financing to support projects that will create significant
value. Based on our 30-year experience, our ability to provide
immediate decarbonization solutions at scale through producing
competitive biofuels, makes us confident that we can become a
global leader in the energy transition. Our 10-year target is to
help avoid over 90 million tonnes of CO2."
I. BUSINESS
ACTIVITY: ORDER BOOK, NEW OFFERS, PIPELINE, AND GROWTH
MARKETS
2023-2024, a year of expansion into new
markets in the context of the renewable hydrogen market’s slow
onset
The 2023-2024 financial year has been devoted to
expanding Haffner Energy's technical and commercial offering to
diversify and increase its addressable market. This, in the
context of the slow onset of the renewable hydrogen ecosystem,
particularly in Europe, with insufficient outlets and a
lack of "offtake-or-pay" contracts making the financing of most
projects difficult.
This situation, which has led to a delay
in the signing of new contracts, has also weighed on the
execution of the order book we had built. The 2023-2024 financial
year thus saw the termination or cancellation of our first
contracts relating to renewable hydrogen production, such
as the R-Hynoca contract, the termination of which was recorded on
12/13/2023 (see 12/14/2023 press release).
As regards the future of the three (3)
contracts signed with Carbonloop (one contract for the
supply of renewable gas production equipment with a capacity of 500
kW and two contracts for the supply of renewable hydrogen), it is
now acknowledged that they will not be executed. The contracts had
been suspended on 09/30/2023 (see 12/14/2023 press release) and the
risk of cancellation from the order book had been announced.
The recent receivership of Carbonloop
SAS, the engineering company behind the projects, corroborates the
fact that these contracts will not be pursued. This
situation justifies the Company's decision, on 03/31/2024, to
cancel the projects (€14.9M) from the order book, which stood at
€1,230k at that date (invoices only, never recognized as deferred
revenue).
Haffner Energy and Carbonloop have a dispute
concerning the execution of these contracts and a summary procedure
before the Paris Commercial Court is underway. Haffner Energy is
confident of a successful outcome.
A change in pipeline size: €1.4B for
projects in Europe and overseas
Since its SAFNOCA® and SYNOCA® offerings
launched last year in July and October respectively to address
aviation and industry decarbonization, Haffner Energy has recorded
an acceleration of its pipeline, from €300M at
03/31/2023 to €1.4B at 03/31/2024.
In terms of opportunities by sector,
industry became Haffner Energy's top short-term market
during the 2023-2024 financial year, validating the
commercial targeting announced in the second half of 2023.
Geographically, we note the rise of
North America, with several projects currently being
explored in the United States, especially regarding SAF.
Haffner Energy has thus succeeded in establishing itself
and gaining traction in the U.S., where its ambition
recently shifted into higher gear with the creation of the US
subsidiary Haffner Energy, Inc. (see 05/29/2024 press release).
II. KEY FIGURES AT 03/31/2024 (IFRS):
REVENUE, EBITDA, OPERATING PROFIT & NET INCOME, BALANCE SHEET
INCLUDING CASH, FUNDRAISING PROJECT
For Haffner Energy, 2023-2024 is not a
significant year in financial terms.
Revenue close to zero, reflecting the
refocusing undertaken during the year and lower losses
year-over-year
In
thousands of euros |
03.31.24 (12 months) |
03.31.23(12 months) |
Net salesOther income |
-15769 |
30326 |
EBITDA |
-13,041 |
-12,480 |
Operating result |
-10,263 |
-16,484 |
Net
income |
-9,935 |
-16,461 |
Shareholders’ equity |
26,768 |
36,887 |
Cash available |
11,042 |
35,476 |
Operating result, negative at
-€10,263k, at 03/31/2024, is a significant
improvement this year compared to the previous year at
-€16,484k.
EBITDA was
-€13,041k at 03/31/2024
compared to -€12,480k at
03/31/2023.
Total net income amounts to
-€9,935k, compared to a net loss of -€16,461k at
03/31/2023.
At 03/31/2024, the Company's net cash position
stood at €11,042k.
A fundraising round to create value
through the potential of Haffner Energy's technology
As was initially mentioned at the half-year
results presentation, Haffner Energy has taken steps to
seek additional financing to support the funding of its growth and
to expand its business model. From being a supplier of
technology for renewable hydrogen production, the Company is now
positioning itself both as a supplier of biofuel production
technology and as a producer of biofuels, as well as a project
developer. A mandate has been given to Avolta, a
European specialist in M&A and fundraising for innovative
companies, to seek investors (debt and/or equity) to support the
Company's development and its projects. The creation of combined
value for the Company and its shareholders is a key objective of
the planned transaction.
III. PROJECTS AND PROSPECTS: FIRST
FACTORY, MAROLLES TESTING AND TRAINING CENTRE, FIRST "PARIS-VATRY"
SAF PROJECT
Significant advances for Haffner
Energy's industrial system and showcase of know-how
The 2023-2024 fiscal year allowed Haffner Energy
to advance its FactorHy project at Première Usine.
Based in Saint-Dizier, France, this large-capacity plant will
assemble renewable gas and hydrogen production modules. The
objectives prevailing in the construction of this plant are:
- the control of
quality, costs and time for assembly
- potential for
factory testing of strategic equipment
- the protection
of intellectual property
Selected as part of France 2030
call-for-proposals program operated by Bpifrance and
supported by local elected officials and institutional partners,
the project has benefited throughout this fiscal year from the
granting of major subsidies, including €5.9M from
the State through France 2030 (including an advance of €1.47M
received during the financial year, 60% of which are subsidies and
40% are repayable advances).
In addition to these €5.9M, other public funding
of €5.7M and an additional agreement in principle of €1.3M have
been secured. The realization of this project will require limited
additional financing, mainly through bank loans.
In addition, at the end of 2023, Haffner Energy
launched the creation of a testing and training center in
the Vitry-Marolles business park (Marne) near its
headquarters. This center, which is designed to operate for 8,000
continuous hour per year, will perform tests on different types of
biomass supplied by its customers— among other things. After
several months of site preparation and equipment installation, the
plant, equipped with new-generation standardized industrial
production equipment, went into syngas production on
06/18/2024. Having received the green light from the
authorities, Haffner Energy will add renewable
hydrogen production (nominal capacity of 15
kg/hour) before the end of 2024. All in all, the plant
will display the full range of possibilities offered by Haffner
Energy's technology: from the production of renewable gas to the
production of renewable hydrogen or even the co-production of
electricity, from the production of biochar to its
gasification...
SAF: a first project undertaken with
LanzaJet (Paris-Vatry SAF) and a confirmed potential
As announced a year ago, Haffner Energy has
adapted its disruptive technology to address the Sustainable
Aviation Fuel (SAF) market. The past year has confirmed the
significance of the actual development potential for the Company,
as it was approached by some of the biggest players in the
sector.
Haffner Energy just launched its first
project for a Sustainable Aviation Fuel (SAF) production plant at
Paris-Vatry airport (Marne, Grand-Est Region, France),
developed in collaboration with several public and private
partners, first and foremost US company
LanzaJet (see 06/06/2024 press release). This
global leader in Alcohol-To-Jet (ATJ) technology is one of the most
advanced players in the industry with more than 90 SAF projects in
its portfolio. It was recently named on the prestigious
"TIME 100 Most Influential Companies" list for
2024. This project will be submitted by 28/06 to France 2030 CARB
AERO, a €200M call-for-proposals program operated by the French
Environment and Energy Management Agency ADEME. Being selected for
a grant award would ensure the financing of part of the project's
development (pre-project engineering studies).
The financial statements, which are
currently being audited, were approved by the Board of Directors at
its 06/19/2024 meeting.
Upcoming events
Annual General
Meeting September
12, 2024
2024-2025 Half-Year
Results December 17,
2024
More detailed information on the financial
statements as at 03/31/2024 can be found on
www.haffner-energy.com.
About Haffner Energy
The company is specialized in clean fuels
production. Developed over 30 years of experience, its expertise
lies in the decarbonization of mobility and industry through the
production of competitive renewable biofuels. Its innovative and
patented biomass thermolysis technology makes it possible to
produce Sustainable Aviation Fuel (SAF), as well as renewable gas,
hydrogen, and methanol. The company also contributes to the
regeneration of the planet through the co-production of biogenic
CO2 and biochar. Haffner Energy is listed on Euronext Growth (ISIN
code: FR0014007ND6 – Ticker: ALHAF).
Investor contact
investisseurs@haffner-energy.com
Press
contact
HAFFNER ENERGY
Laure BOURDONChief of Staff to the Chairman and
Chief Executive OfficerDirector of
Communicationslaure.bourdon@haffner-energy.com+33 (0) 7 87 96 35
15
Lexicon:
* Pipeline refers to a business
opportunity when at least one of the following occurs:
- a preliminary feasibility study for
the installation of equipment is or has been carried out; or
- a budget offer or a preliminary
business plan for the project or a complete commercial offer
including specifications has been sent to the customer and Haffner
Energy is awaiting its 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 bidding process.
** EBITDA corresponds to
operating income before depreciation and amortization, net
impairment of fixed and current assets, and before operating
provisions net of reversals.
- PR_Annual Results 2024_Haffner Energy
- PR_Annual Results 2024_Haffner Energy
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