H2APEX : Nine Months 2024 Performance Report

Published: 2024-11-29 01:59:04 ET H2A.DE

NINE MONTHS 2024 PERFORMANCE REPORT

H2APEX Group SCA 19, rue de Flaxweiler L-6776Grevenmacher Grand Duchy of Luxembourg

H2APEX Group - NINE Months 2024 Performance Report

NINE MONTHS PERFORMANCE REPORT

Overview key figures:

January - September

(in EUR 1.000, expenses in parentheses)

2024

2023

Income Statement

Net Sales

25.208

3.678

Gross Profit

(15)

2.122

EBITDA 2)

(12.645)

(11.983)

EBIT 1)

(17.881)

(13.581)

Net Loss for the period

(18.925)

(14.673)

30. Sep 24

31 Dec 2023

Backlog (in EUR million)

15,3

34,4

Employees (full-time equivalent)

143,3

110,0

Rounding differences can occur

H2APEX Group - NINE Months 2024 Performance Report

Financial Performance

Revenue increased in the first nine months 2024 to EUR 25.2 million (9M 2023: EUR 3.7 million) is mainly due to project revenues. The directly attributable costs related to these projects increased to EUR 26.7 million (9M 2023: EUR 2.8 million).

Personnel costs increased because of ramping up the business and hiring employees. The number of employees counted 143 employees (FTE) as of 30 September 2024 (31.12.2023: 110 employees (FTE)). While personnel costs increased to EUR 7.2 million in 9M 2024 (9M 2023: EUR 4.9 million), other operating expenses amounted to EUR 6.7 million in 9M 2024 compared to EUR 9.2 million in 9M 2023. The decrease is due to transaction costs relating to the reverse acquisition in Q1 2023. Depreciation and amortization increased to EUR 5.2 million due to a EUR 2.9 million impairment of a property in Q2 2024 (9M 2023: EUR 1.6 million). The financial loss improved slightly for this period to EUR 1.0 million (9M 2023: EUR 1.1 million).

EBITDA decreased in 9M 2024 to minus EUR 12.6 million (Q3 2023: minus 12.0 million). EBITDA adjusted

eliminated the costs for share based payments in 9M 2024 of EUR 0.6 million (9M 2023: EUR nil million) and

amounted to minus EUR 12.0 million (9M 2023: no adjustment).

The loss of the period 9M 2024 amounted to EUR 18.9 million, compared to a loss of EUR 8.5 million in 9M 2023.

Group Balance Sheet Positions

(in million

EUR)

Balance Sheet

Non-current

assets

Current assets

Equity

Non-current

liabilities

Current Liabilities

30.09.2024

54,9 48,7

39,2 35,3 29,2

31.12.2023

60,8 61,7

57,9 34,6 30,0

As of 30 September 2024, the total assets amounted to EUR 102.6 million, compared to EUR 122.5 million as of 31 December 2023.

The non-current assets decreased to EUR 54.9 million (31.12.2023: EUR 60.8 million).

H2APEX Group - NINE Months 2024 Performance Report

Current assets decreased to EUR 48.7 million, compared to EUR 61.7 million at year-end 2023. The decrease in the cash position from EUR 44.5 million as of 31 December 2023 down to EUR 15.4 million as of 30 September 2024 has the biggest effect due to a repayment of loans with an amount of EUR 10.4 million, while contract assets increased to EUR 16.4 million (31.12.2023: EUR 5.9 million). Trade receivables increased to EUR 13.3 million, compared to EUR 5.6 million at year-end 2023. Working capital and other current assets remained relatively stable.

At the end of the reporting period, H2APEX Group's equity amounted to EUR 39.2 million, compared to EUR 57.9 million as of 31 December 2023. This represents an equity ratio of 38.1% (31.12.2023: 47.2%).

The non-current liabilities decreased to EUR 35.3 million (31.12.2023: EUR 34.6 million). While current

liabilities increased to EUR 32.0 million (31.12.2023: EUR 30.0). The increase mainly results from the decrease of other current financial liabilities by EUR 8.4 million while trade payables increased to EUR 7.8 million as of 30 September 2024 (31.12.2023: EUR 5.2 million), provisions increased to EUR 17.6 million (31.12.2023: EUR 10.9 million) mainly due to an increase of provisions for outstanding supplier invoices. Contract liabilities decreased to EUR nil (31.12.2023: 1.3 million) and other current liabilities decreased to EUR 1.7 million (EUR 2.0 million).

Cash Development and Net Cash

As of 30 September 2024, the cash and cash equivalents amounted to EUR 15.4 million (31.12.2023: EUR 44.5 million).

Financial liabilities summed up to EUR 35.9 million (31.12.2023: EUR 43.7 million) of four shareholder loans. The decrease in the first nine months results from the repayment of financial loans. Net cash position amounted to minus EUR 35,4 million on 30 September 2024, while on 31 December 2023 net cash position was at EUR 0.8 million.

Outlook

Hydrogen is a central component of the strategy for achieving the EU climate targets for 2030 and is particularly relevant for Germany as an industrial hub. In Germany, 10 GW of electrolysis capacity is to be created by 2030

For the current fiscal year 2024, the company expects its growth course to continue and to almost double its revenue from the previous year to above EUR 28 million. This development will be supported by revenues from

H2APEX Group - NINE Months 2024 Performance Report

the planning and construction of hydrogen plants for third-party companies and from the operation of hydrogen plants. The revenues expected in 2024 have already been contractually secured.

The company's strategy remains focused on achieving profitable growth as quickly as possible. As a result of current tender processes, the company expects new EPC projects to be contracted.

The EU funding granted in July 2024 for our 100 MW H2ERO plant, for which the company has applied for funding totaling EUR 167 million, confirms our leading position in the planning and construction of large-scale plants. Further growth potential is in the EU's funding approval for the IPCEI hydrogen projects because these projects will require project developers such as H2APEX to implement them.

Significant Events after Balance Sheet Date

There were no other events since the balance sheet date that would require a disclosure

Grevenmacher, 28 November 2024

H2APEX Management S.à r.l. in its capacity as General Partner

H2APEX Group SCA

Financial Calendar

June 2024

General Shareholder

Meeting

August 2024

Six-month financial

reporting January to June 2024

November 2024

Nine-month financial reporting January to September 2024

H2APEX Group - NINE Months 2024 Performance Report

INTERIM FINANCIAL STATEMENTS

(CONSOLIDATED)

INTERIM BALANCE SHEET (CONSOLIDATED)

unaudited

audited

(in EUR 1,000)

30 September 2024

31 December 2023

ASSETS

Non-current assets

Intangible assets

3.845

3.922

Property, plant and equipment

47.125

52.414

Right-of-use assets

500

885

Investments

2.577

2.474

Deferred tax assets

844

1.106

Total non-current assets

54.891

60.802

Current assets

Inventories

210

Contract assets

17.984

5.941

Trade receivables, net

13.322

5.641

Other current receivables

1.818

5.395

Cash and cash equivalents

15.374

44.466

Total current assets

48.708

61.652

Total assets

103.599

122.454

EQUITY

Share Capital

564

Share Premium

111.432

111.204

Retained eranings

(54.024)

(29.336)

Profit for the year

(18.925)

(24.689)

Equity attributable to Shareholders of the parent

39.047

57.742

company

Non-controlling interests

108

127

Total equity

39.155

57.869

LIABILITIES

Other financial liabilities

33.928

33.109

Other non-current liabilities

507

340

Deferred tax liabilities

844

1.106

Total non-current liabilities

35.279

34.556

Current liabilities

Financial Liabilities

163

Other financial liabilites

2.008

10.448

Provisions

17.602

10.949

Trade payables

7.797

5.176

Contract liabilities

1.284

Other current liabilities

1.682

2.010

Total current liabilities

29.165

30.029

Total liabilities

64.444

64.585

Total equity and liabilities

103.599

122.454

Rounding differences can occur

H2APEX Group - NINE Months 2024 Performance Report

INTERIM INCOME STATEMENT (CONSOLIDATED)

3 months

9 months

unaudited

(in EUR 1,000)

01.07. -

01.01. -

30.09.2024

30.09.2023

30.09.2024

30.09.2023

Revenue

7.733

1.399

25.208

3.678

Costs of materials

(6.683)

(407)

(25.223)

(2.179)

Gross profit

1.050

992

(15)

1.499

Gross profit margin

13,6%

70,9%

(0,1%)

40,7%

Other income

394

382

809

623

Own work capitalized

475

Employee benefits expense

(2.630)

(1.997)

(7.198)

(4.910)

Other operating expenses

(2.578)

(4.062)

(6.716)

(9.195)

Depreciation and amortization

(717)

(556)

(5.236)

(1.599)

Operating result (EBIT) 1)

(4.386)

(5.241)

(17.881)

(13.581)

EBIT margin

n/a

Financial income

186

596

Financial expenses

(435)

(486)

(1.156)

(1.637)

Financial result, net

(382)

(404)

(970)

(1.041)

Profit/(Loss) before income tax

(4.768)

(5.645)

(18.851)

(14.622)

Income tax expense

(24)

(2)

(74)

(51)

Profit/(Loss) for the period

(4.792)

(5.647)

(18.925)

(14.673)

Operating result (EBIT)

(4.386)

(5.241)

(17.881)

(13.581)

Depreciation and amortization

717

556

5.236

1.599

Operating result before depreciation, amortization and

(3.669)

(4.685)

(12.645)

(11.983)

impairment charges (EBITDA) 2)

Rounding differences can occur

Disclaimer

H2APEX Group SCA published this content on November 29, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 29, 2024 at 06:58:07.753.