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Save to read list Published by Emily Thomas , Assistant Editor World Cement, Tuesday, 29 March 2022 10:34

The Company’s Supervisory Board met on 25 March 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.

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 t. 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 decarbonised 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 decarbonised 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 decarbonised cement in France and in Europe.”

In 2021, the company’s commercial development resulted in an acceleration in revenue, which thus totalled €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 t at end-2021 vs. 1775 t 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 considered, the 2021 Net Loss was €5.6 million.

The company’s accounts to 31 December 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.

At 31 December 2021, the company had a solid balance sheet with Shareholders’ Equity of €81.6 million, up €16.9 million compared with 31 December 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.

In 2022, the Company will continue to follow its development plan and will strive to meet the following milestones:

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.

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 t 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.

Read the article online at: https://www.worldcement.com/europe-cis/29032022/hoffmann-green-publishes-its-2021-annual-results/

Dr. Dominik Aufderheide and Dr. Luigi Di Matteo, DI MATTEO Group, delve into a system theoretic approach to AF feeding line architectures and the various ways a cement plant can ensure an uninterrupted fuel supply.

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