Resultados provisionales
31 de enero de 2024
PLC de potencia ITM
Interim Results for the Six Months to 31 October 2023
Resumen de resultados intermedios
· Ingresos 8.9 millones de libras esterlinas (H123: 2.0 millones de libras esterlinas)
· Adjusted EBITDA loss £21.0m (H123: £54.1m)*
· Cash at the end of H124 of £253.7m (H123: £317.7m)
· Robust financial performance leading to improved full-year guidance:
o Revenue confirmed;
o EBITDA positively narrowed, and;
o Cash materially improved
· 12-month plan successfully completed:
o Product portfolio narrowed for standardisation and volume manufacturing
o Greater capital discipline, cost reduction, and improved processes achieved
o Manufacturing and testing debottlenecked, and automation increased
· Project delivery performance improved; embraced by existing and upcoming customers
· Market reach substantially extended, opening sales opportunities in new world regions
· Strategic priorities post 12-month plan defined, reflecting the dynamic between expected long-term and near-term market development, necessitating readiness and flexibility, whilst maintaining a strong balance sheet:
o Remain at the forefront of technology, product and delivery credibility
o Scale operations whilst retaining flexibility and conserving cash
o Grow global footprint and reach whilst staying adaptable
· Full details included in the interim review below
*Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in the notas 3
Dennis Schulz, CEO ITM, said: "I am pleased to report that we have completed the implementation of our 12-month plan on time. The first half of the financial year already paints the early picture of a new ITM, which starts to be reflected in our improved financial results.
We have accomplished what we set out to do in the last 12 months. Our plan successfully addressed the most pressing issues to right the ship. It has made ITM a stronger, more focussed, and more capable company. We have achieved a shift in culture, and the transformation of the company has tangibly improved our project delivery performance. We now have a strong foundation for growth.
The long-term trajectory for green hydrogen remains an unparalleled opportunity. As I reflect on the more near-term market ahead, we will be operating in a complex environment. This ranges from a massive long-term opportunity just waiting to be captured, to dynamically developing markets emerging at different speeds, and short-term macroeconomics currently slowing down market acceleration. With the unchanged need to decarbonise, demand is not reduced but simply piling up, and will cause exponential growth thereafter. The most important attributes for ITM will be readiness and flexibility, and to maintain a strong balance sheet which necessitates continued spending discipline. We will remain at the forefront of technology developments and continue to establish ourselves as the most credible OEM for commercial and especially large-scale projects."
A las 9.00:XNUMX a. m. GMT se llevará a cabo una presentación para analistas e inversores a cargo de Dennis Schulz, CEO, y Andy Allen, CFO.
La presentación será a través de la plataforma Investor Meet Company. Las preguntas se pueden enviar antes del evento a través del panel de Investor Meet Company en cualquier momento durante la presentación en vivo. Los analistas e inversores pueden registrarse en Investor Meet Company de forma gratuita a través de:
https://www.investormeetcompany.com/itm-power-plc/register-investor. Aquellos que ya siguen a la Compañía en la plataforma Investor Meet Company serán invitados automáticamente.
Una grabación estará disponible en la sección Relaciones con inversores del sitio web de ITM después del evento.
Para más información, visite www.itm-power.es o contacte:
PLC de potencia ITM | |
Justin Scarborough, jefe de relaciones con inversores
| 44 0 114 551 1080
|
Investec Bank plc (Asesor designado y Broker) | 44 0 20 7597 5970 |
James Rudd/Chris Sim/Ben Griffiths |
Acerca de ITM Power PLC:
ITM Power se fundó en 2000 e ITM Power PLC fue admitida en el mercado AIM de la Bolsa de Valores de Londres en 2004. Con sede en Sheffield, Inglaterra, ITM Power diseña y fabrica electrolizadores basados en tecnología de membrana de intercambio de protones (PEM) para producir hidrógeno verde, el único gas de energía neta cero, utilizando electricidad y agua renovables.
INTERIM REVIEW
Strategic update: 12-month successfully completed
Our 12-month plan has made ITM a stronger, more focussed, and more capable company. We have put the necessary foundations in place to ready ITM for the large-scale opportunities and significant demand in the market that are yet to come.
We are pleased to announce the successful on-time completion of our plan, which was based on the following three pillars, with:
· Product portfolio narrowed for standardisation and volume manufacturing:
o We have completed the rationalisation of our portfolio, ceasing the production and support of older generation technologies, and reducing the number of product variants by 75%.
o We have translated our technology into volume products. Our TRIDENT stack platform is world leading and sits at the heart of our product solutions, including our 2 MW NEPTUNE plug & play containerised unit, and our 20 MW POSEIDON core electrolysis process module.
o We launched POSEIDON to address the market for larger plants whilst reducing complexity for integrators seeking to work with our technology, thereby providing a competitive edge. Customer response has been very positive.
o The release of our Hybrid Stack in November is making available our state-of-the-art TRIDENT technology to customers operating older generation electrolysers. The Hybrid Stack underwent robust validation and testing at ITM's facilities and in the field. The operational data showed an efficiency improvement of circa 10% compared to previous generation stacks, which is a material increase.
o We have substantially enlarged our product compliance reach, and pursued an asset-light market entry into the US.
· Greater capital discipline, cost reduction, and improved processes achieved:
o We have fundamentally tightened the rigour applied to managing costs and capital spend.
o Having reduced headcount by over 30% at the end of FY23, we have professionalised our engineering capabilities and processes to operate in unison with other areas of the company such as procurement and manufacturing. We have also put in place a more robust quality and process management system, and strengthened compliance and validation.
o Our quality over quantity policy has driven down failure rates in production.
o We have visibly improved our project performance and delivery credibility, which is being positively embraced by our customers.
o The sale of our 50% share in the joint venture Motive Fuels Ltd. was completed in October, freeing up £28m of ringfenced capital, which we directed back to our core business.
· Manufacturing and testing debottlenecked, and automation increased:
o We have achieved the planned progress in the automation of manufacturing and assembly. This has enabled enhanced build quality and consistency, along with shortened build times and reduced manufacturing costs. We will continue to introduce automation in a controlled way after new equipment and new processes have been validated.
o We have increased our testing capacity and expanded our facilities in Sheffield, enabling our current site to operate at an appropriate scale whilst avoiding disruption of concurrent fit-out works.
o The development of the new site will also allow us to optimise our factory layout for further stack manufacturing automation and serial production, providing increased fabrication space for higher stack volumes, allowing ITM to grow output in line with commercial projects.
o This scale up also requires the active management of our supply chain, meaning the choice of and close collaboration with the right suppliers and partners. Throughout the year, we have announced strategic collaborations with market-leading suppliers, including Gore, Mott and Friem, for essential materials and components of our products, adding to our delivery credibility, especially as stack volumes grow.
o In October, we officially opened the all-new ITM Power Germany in Linden, north of Frankfurt. The facility will ensure our state-of-the-art stacks are ready for quick deployment as aftersales spares. This allows us to minimise response time to customers, in turn maximising value from the use of our products. It will be home to functions such as business development and industrial IoT, and will house facilities for repair and maintenance, as well as for training of customers and partners. As we scale our operations, we are gearing up for an increasing degree of local content creation in the EU.
Rendimiento financiero mejorado
A tangible outcome of the 12-month plan is an improved project delivery performance, which is reflected in the financial performance for the half year.
Estado de resultados
Revenue for the period was £8.9m (H123: £2.0m), driven predominantly by product and service revenue from cube deliveries to Germany together, with a number of NEPTUNE units. Further income was recognised from consulting contracts. This constitutes an increase compared to the Trading Update value of £7.5m as we concluded a commercial discussion with a customer which was still ongoing in December.
The gross loss was £8.2m (H123: £45.6m), a significant reduction as a result of improved management of projects in execution. Provisions made in the period were primarily related to collaborative efforts with customers to use existing projects to trial new stacks in the field, being the fastest route to validation. Gross losses were driven by closing out legacy projects, macroeconomic conditions (inflation), and cost of quality; marking a significant improvement year-on-year as a result of our 12-month plan.
The Company posted an adjusted EBITDA loss of £21.0m (H123: £54.1m) for the period. Adjusted EBITDA is a non-statutory measure and is detailed in Note 3. The administrative expenses presented in the income statement are net of cost booked to inventory or development costs), and have increased in period-on-period due to a lower level of cost capitalised and absorbed on project spend (tighter controlled) and product development (narrowing the focus on core products).
Hoja de balance
Capital expenditure totalled £7.0m in the period (H123: £7.2m), with £5.7m (H123: £3.5m) invested in capital projects, namely factory upgrades and machinery. This represents a saving compared with expectations whilst achieving the planned capacity increase in the period.
In contrast to previous periods, we have spent less money, at £1.3m (H123: £3.7m), on new product development (intangible assets). As set out in the 12-month plan a year ago, we focussed our time on consolidating a more narrowed and targeted product portfolio.
La salida de capital circulante en el primer semestre fue de 8.1 millones de libras esterlinas, con un aumento de los inventarios y las cuentas por cobrar de 18.0 millones de libras esterlinas y 7.5 millones de libras esterlinas respectivamente, parcialmente compensado por un aumento de las cuentas por pagar de 17.3 millones de libras esterlinas.
Inventories held increased to £76.8m from £47.0m in the prior year and £58.8m at April 2023. The inventory has largely been processed into finished subsystems and products, with the raw materials balance reducing from £36.0m (H123) to £9.4m (H124). This balance remains an opportunity for ITM to improve working capital through project execution.
Cash at the period end was £254m (H123: £318m), representing an outflow since the year-end of £29m. Finance income in the period was £6.3m (H123: £1.3m), representing an annual average interest rate of 4.7%.
Actualización del mercado
The pathway to Net Zero is a challenge that is unparalleled in scale and complexity - but also an unparalleled opportunity. Today, there is broad consensus that green hydrogen is a key enabler for the energy transition, by means of grid balancing and particularly for the decarbonisation of hard-to-abate sectors which account for circa 30% of global emission, such as steel, chemicals, heavy-duty transport, shipping and aviation.
By 2050, it is estimated that hydrogen and hydrogen-based fuels will meet a sizeable share of the energy demand, with expectations that this could equate to a 15-20% share of the energy mix, equating to 613Mt of annual clean hydrogen production, with two thirds of this number being green hydrogen. For this, 5TW of electrolyser capacity are required by 2050, meaning an average of around 160GW of electrolysers installed per year, with a few GW in the short-term followed by a significant acceleration in deployment. The expected 613Mt of clean hydrogen production annually compare to approximately 95Mt of grey hydrogen and 0.7Mt of clean hydrogen that is currently produced each year.
As such, the outlook for green hydrogen as the enabler of a transition to Net Zero is excellent. This is also demonstrated by early and significant investments into infrastructure around transport and storage by governments all around the world, and by targeted funding programmes and alliances between nations which aim to stimulate and kick-start a cross-border hydrogen economy.
In the short term, the electrolyser market is still immature, with significant 'noise' but only few OEMs and technologies credible commercially. Market consolidation has now started. As a consequence, customers continue to require assurance and certainty around product readiness, technology and delivery performance, all of which are areas in which ITM Power is regarded an industry leader today.
We have been seeing the number and size of project enquiries increasing significantly. Many final investment decisions will be unlocked through the normalisation of today's inflation, peak energy prices and cost of capital. Whilst government incentives can stimulate market growth, delays in approvals can also slow projects down.
In contrast, the UK market, which had previously lagged behind developments in the EU, has started to accelerate. The government's Hydrogen Allocation Round (HAR) mechanism aims to kick-start the UK green hydrogen economy, with an ambition of 1GW electrolyser capacity in operation or construction by 2025, and 5GW by 2030. The HAR1 funding concluded at the end of 2023, supporting 125 MW (output) across 11 projects, providing £90m of CAPEX funding under the Net Zero Hydrogen Fund, and £2bn of revenue support under the Hydrogen Production Business Model. Six more allocation rounds are planned to follow, with HAR2 applications now open and earmarking up to 875 MW for allocation. Furthermore, the Green Industries Growth Accelerator (GIGA) scheme, announced by Jeremy Hunt, Chancellor of the Exchequer, at our premises in November 2023, foresees £960m funding for manufacturing clean energy technologies, including electrolysers. These schemes combined provide ITM in particular with near-term commercial and scale-up opportunities, being the only commercial electrolyser manufacturer in the UK.
In summary, the underlying long-term trajectory for green hydrogen to become a multibillion market remains unchanged. In the short term, industrial scale-up will be incremental. Momentum will accelerate exponentially over time, and will depend on the dynamic of specific markets, with the UK, the US and Japan emerging more recently, and on the successful operation of reference plants.
Strategic priorities: Onto the next phase of our journey
The outlined market development implies a need for readiness and flexibility, whilst managing cash commitments carefully. Our strategic priorities need to align to our vision of delivering the world's best electrolysers, of scaling our operations profitably to meet the rising demand, and of growing our global footprint and reach over time.
· To remain at the forefront of technology, product, and delivery credibility, we will:
o Evolve our products, including continuous improvement of the TRIDENT stack platform and NEPTUNE plug and play unit
o Strategically extend our portfolio, currently under development, with a higher capacity plug & play containerised unit to even better address mid-size projects, and launch a larger capacity, game-changing stack platform, to further widen the gap to competition
o Be prepared for rapid scaling of stack volumes
o Continue to evolve our processes and capabilities in manufacturing, engineering, procurement, and field services
· To scale our operations whilst retaining flexibility and conserving cash, we will:
o Continue to deepen the level of automation, particularly at our extended manufacturing facility in Sheffield
o Grow capacity in line with commercial projects
o Focus on credible sales opportunities, and capture a significant market share through offering the best products and delivery credibility to customers
· To grow our global footprint and reach, whilst staying adaptable, we will:
o Ensure an appropriate setup in all attractive offtake regions, to be best positioned and ready for rapid demand uptick, as we are in the EU by means of our new entity ITM Power Germany
o Take a product and service-first approach, and further expand regional product compliance
ITM is an ambitious company. The market for green hydrogen will be a sizeable one, and we will become the market leader for PEM electrolysers. Our 12-month plan has transformed ITM into a credible delivery organisation, which is being acknowledged by our customers and partners. The recently announced 100 MW capacity reservation from Shell Deutschland GmbH as a repeat customer is yet another testament to this. We will remain agile and adaptable; a crucial strength given the timeframes for developing large-scale projects.
Improved financial guidance for FY24
The financial performance of ITM in the first half of the year was pleasing, bringing us one step closer to becoming a profitable company in the future.
· Full-year revenue guidance of £10m to £18m remains unchanged. Further deployments of NEPTUNE plug & play containers are expected in the second half of the year.
· Adjusted EBITDA loss guidance range has narrowed, and is now expected to be between £45m and £50m, an improvement on the £45m to £55m previously guided.
· Net cash at year end expected to be in the range of £200m to £220m, a material improvement compared to our original guidance of £175m to £200m, and in line with our priorities. Capital discipline and rigour will remain at the heart of every spending decision that we take. Whilst realising savings on original estimates, we expect to fulfil our capacity increase as planned. Our residual CAPEX plans are unaffected. As such, we now expect CAPEX for the full year to be in the range of £15m to £25m, lower than our original £35m to £45m expectations.
DECLARACIÓN CONSOLIDADA DE INGRESO COMPRENSIVO
Resultados del semestre finalizado el 31 de octubre de 2023
Note | Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses hasta el 31 de octubre de 2022 (sin auditar) 000 £ | Año terminado el 30 de abril de 2023 (auditado) 000 £ | |
Ingresos | 2 | 8,883 | 2,031 | 5,229 |
El costo de ventas |
| (17,029) | (47,590) | (84,294) |
Pérdida bruta | (8,146) | (45,559) | (79,065) | |
| ||||
Gastos administrativos | (15,651) | (10,777) | (26,222) | |
Otros ingresos: subvenciones del gobierno | 225 | 175 | 1,574 | |
Pérdida de operaciones | (23,572) | (56,161) | (103,713) | |
|
| |||
Share of loss of associate companies | (260) | (1,384) | (1,567) | |
Ingresos financieros | 6,269 | 1,282 | 4,652 | |
Costos financieros | (295) | (270) | (541) | |
Loss on disposal of joint venture | 8 | (331) | - | - |
Pérdida antes de impuestos | (18,189) | (56,533) | (101,169) | |
| ||||
Impuestos | (26) | (15) | (32) | |
| ||||
Pérdida después de impuestos | (18,215) | (56,548) | (101,201) | |
| ||||
Otro resultado integral: | ||||
Diferencias de conversión de moneda extranjera en operaciones en el extranjero | (152) | (260) | 160 | |
Pérdida integral total del período | (18,367) | (56,808) | (101,041) | |
| ||||
Pérdida por acción básica y diluida | (3.0p) | (9.2p) | (16.5p) | |
Número medio ponderado de acciones | 616,604,544 | 613,658,155 | 614,683,780 |
Todos los resultados presentados anteriormente se derivan de operaciones continuas.
The loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net profit per share. The number of potentially dilutive shares not included in the calculation above due to being anti-dilutive at 31 October 2023 were 3,858,217 (31 October 2022: 7,991,625; 30 April 2023: 5,999,019).
HOJA DE BALANCE CONSOLIDADO
Al 31 de octubre de 2023
Note | Al 31 de octubre de 2023 (No auditado) 000 £ | Al 31 de octubre de 2022 (No auditado) 000 £ | Como a los 30 Abril 2023 (auditado) 000 £ | |
Activos no corrientes | ||||
Investment in associate and joint venture | 109 | 720 | 379 | |
Notas de préstamo | - | 1,577 | - | |
Activos intangibles | 12,130 | 11,916 | 11,475 | |
Activos por derecho de uso | 6,495 | 6,095 | 6,934 | |
Propiedad, planta y equipo. | 24,932 | 17,400 | 20,489 | |
Activo financiero a costo amortizado | 180 | 168 | 174 | |
Total del activo no corriente | 43,846 | 37,876 | 39,451 | |
Activos circulantes | ||||
Los inventarios | 4 | 76,825 | 47,003 | 58,840 |
Cuentas comerciales y otras cuentas por cobrar | 28,634 | 33,073 | 19,657 | |
Efectivo y equivalentes de efectivo | 253,749 | 317,738 | 282,557 | |
| 359,208 | 397,814 | 361,054 | |
Los activos mantenidos para la venta | 8 | - | - | 1,814 |
Total de activos corrientes | 359,208 | 397,814 | 362,868 | |
| ||||
Pasivo circulante | ||||
Comerciales y otras cuentas a pagar | (63,373) | (49,785) | (46,081) | |
Provisiones | 5 | (16,739) | (19,702) | (17,893) |
Responsabilidad por arrendamiento | (646) | (755) | (943) | |
Total pasivo corriente | (80,758) | (70,242) | (64,917) | |
Activos corrientes netos | 278,450 | 327,572 | 297,951 | |
| ||||
Pasivos no corrientes | ||||
Responsabilidad por arrendamiento | (6,617) | (6,271) | (6,866) | |
Provisiones | 5 | (38,253) | (20,034) | (35,028) |
Total pasivo no corriente | (44,870) | (26,305) | (41,894) | |
| ||||
Activos netos | 277,426 | 339,143 | 295,508 | |
Equidad | ||||
Capital social | 30,844 | 30,808 | 30,823 | |
Compartir premium | 542,698 | 542,461 | 542,593 | |
Reserva de fusión | (1,973) | (1,973) | (1,973) | |
Reserva de divisas | 20 | (248) | 172 | |
Pérdida retenida | (294,163) | (231,905) | (276,107) | |
Equidad total | 277,426 | 339,143 | 295,508 |
ESTADO DE CAMBIOS EN PATRIMONIO NETO CONSOLIDADO
Resultados del semestre finalizado el 31 de octubre de 2023
Capital social 000 £ | Compartir premium 000 £ | Reserva de fusión 000 £ | Reserva de divisas 000 £ | Pérdida retenida 000 £ | Total Equidad 000 £ | |
A 1 de mayo de 2023 | 30,823 | 542,593 | (1,973) | 172 | (276,107) | 295,508 |
Transacciones con propietarios | ||||||
Emisión de acciones | 21 | 105 | - | - | - | 126 |
Crédito a capital para pagos basados en acciones | - | - | - | - | 159 | 159 |
Transacciones totales con propietarios | 21 | 105 | - | - | 159 | 285 |
Pérdida del período | - | - | - | - | (18,215) | (18,215) |
Otro resultado integral | - | - | - | (152) | - | (152) |
Total de ingresos integrales | - | - | - | (152) | (18,215) | (18,367) |
Al 31 de octubre de 2023 (no auditado) | 30,844 | 542,698 | (1,973) | 20 | (294,163) | 277,426 |
A 1 de mayo de 2022 | 30,658 | 542,323 | (1,973) | 12 | (176,067) | 394,953 |
Transacciones con propietarios | ||||||
Emisión de acciones | 150 | 138 | - | - | - | 288 |
Crédito a capital para pagos basados en acciones | - | - | - | - | 710 | 710 |
Transacciones totales con propietarios | 150 | 138 | - | - | 710 | 998 |
Pérdida del período | - | - | - | - | (56,548) | (56,548) |
Otro resultado integral | - | - | - | (260) | - | (260) |
Total de ingresos integrales | - | - | - | (260) | (56,548) | (56,808) |
Al 31 de octubre de 2022 (no auditado) | 30,808 | 542,461 | (1,973) | (248) | (231,905) | 339,143 |
| ||||||
A 1 de mayo de 2022 | 30,658 | 542,323 | (1,973) | 12 | (176,067) | 394,953 |
Transacciones con propietarios | ||||||
Emisión de acciones | 165 | 270 | - | - | - | 435 |
Crédito a capital para pagos basados en acciones | - | - | - | - | 1,161 | 1,161 |
Transacciones totales con propietarios | 165 | 270 | - | - | 1,161 | 1,596 |
| ||||||
Pérdida del año | - | - | - | - | (101,201) | (101,201) |
Otro resultado integral | - | - | - | 160 | - | 160 |
Total de ingresos integrales | - | - | - | 160 | (101,201) | (101,041) |
| ||||||
Al 30 de abril de 2023 (auditado) | 30,823 | 542,593 | (1,973) | 172 | (276,107) | 295,508 |
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO
Resultados del semestre finalizado el 31 de octubre de 2023
Note | Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses hasta el 31 de octubre de 2022 (sin auditar) 000 £ | Año terminado el 30 de abril de 2023 (auditado) 000 £ | |
| ||||
Efectivo neto utilizado en actividades operativas | 6 | (27,533) | (41,818) | (72,554) |
|
| |||
Actividades de inversión |
| |||
Investment in associate and joint venture |
| - | (428) | (472) |
Compras de propiedades, planta y equipo. |
| (5,726) | (3,549) | (8,553) |
Subvenciones de capital recibidas por compras de inmovilizado |
| - | 4 | 124 |
Ingresos por enajenación de activos no corrientes |
| 30 | - | - |
Pagos por activos intangibles |
| (1,279) | (3,667) | (6,562) |
Interés recibido |
| 6,263 | 1,247 | 4,562 |
Efectivo neto utilizado en actividades de inversión |
| (712) | (6,393) | (10,901) |
|
| |||
Actividades de financiación |
| |||
Emisión de capital social ordinario |
| 126 | 900 | 1,048 |
Costos asociados con la recaudación de fondos |
| - | (612) | (612) |
Pago de pasivos por arrendamiento |
| (645) | (165) | (531) |
Efectivo neto (utilizado en) / generado a partir de actividades de financiación |
| (519) | 123 | (95) |
|
| |||
Disminución de efectivo y equivalentes de efectivo |
| (28,764) | (48,088) | (83,550) |
Efectivo y equivalentes de efectivo al comienzo del período |
| 282,557 | 365,882 | 365,882 |
Efecto de las variaciones del tipo de cambio |
| (44) | (56) | 225 |
Efectivo y equivalentes de efectivo al final del período |
| 253,749 | 317,738 | 282,557 |
Las cuentas resumidas intermedias fueron aprobadas por el consejo de administración el 30 de enero de 2024.
Notas a las cuentas resumidas intermedias
1. Base de elaboración de cifras provisionales
These interim summary accounts have been prepared using accounting policies consistent with UK-adopted international accounting standards, with the requirements of the Companies Act 2006. Whilst the financial information has been compiled in accordance with the recognition and measurement principles of UK-adopted international accounting standards (IFRSs), it does not contain sufficient information to comply with IFRSs. This interim financial information does not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006.
La información financiera tiene ha sido preparado sobre la base del costo histórico. Las principales políticas contables adoptadas por el Grupo son las que se aplican en los últimos estados financieros auditados del Grupo.
As permitted, this interim report has been prepared in accordance with the AIM rules and not in accordance with IAS 34 "Interim financial reporting".
La información relativa al ejercicio finalizado el 30 de abril de 2023 ha sido extraída de los estados financieros publicados del Grupo correspondientes a ese ejercicio, que contienen un informe de auditoría sin salvedades que no llama la atención sobre ningún asunto de énfasis y no contenía declaraciones en virtud del artículo 498 (2 ) y 498 (3) de la Ley de Sociedades de 2006 y que se han presentado ante el Registro de Sociedades.
Seleccionado explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as at the year ended 30 April 2023.
Preocupación continua
The Directors have prepared a cash flow forecast for the period ending 28 February 2025. This forecast indicates that the Group and parent company would expect to remain cash positive without the requirement for further fund raising based on delivering the existing pipeline, for a period of at least 12 months from the date of approval of these summary accounts.
By the end of the period analysed, the Group expect to hold funds sufficient to trade for a minimum of a further year if the business continued to operate in a similar way beyond the forecast period.
Esta previsión de flujo de caja también ha sido sometida a pruebas de estrés. En el peor de los casos, si todos los pagos tuvieran que continuar según lo previsto y no se recibiera ningún recibo, la empresa seguiría siendo positiva en efectivo durante los doce meses completos a partir de la fecha de aprobación de estas cuentas resumidas.
Por lo tanto, las cuentas resumidas provisionales se han preparado sobre la base de una empresa en funcionamiento.
2. Ingresos y otros ingresos operativos
Un análisis de los ingresos del Grupo es el siguiente:
| Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses hasta el 31 de octubre de 2022 (sin auditar) 000 £ | Año terminado 30 de abril de 2023 (auditado) 000 £ |
Ingresos por ventas de productos reconocidos en un momento determinado | 4,892 | 1,751 | 4,099 |
Consulting contracts recognised at point in time | 1,883 | - | 636 |
Contratos de mantenimiento reconocidos en un momento determinado | 480 | 169 | 250 |
Ventas de combustible | 117 | 111 | 244 |
Otro | 1,511 | - | - |
Ingresos en el estado de resultados consolidado | 8,883 | 2,031 | 5,229 |
Ingresos por subvenciones (reclamaciones realizadas por proyectos) | - | 52 | 155 |
Otras subvenciones gubernamentales (reclamaciones de I + D) | 225 | 123 | 1,419 |
Ingresos por subvenciones en la cuenta de resultados consolidada | 225 | 175 | 1,574 |
9,108 | 2,206 | 6,803 |
The "Other" category includes contractual revenues recognised at point in time but not classified elsewhere as not involving the transfer of goods or the completion of maintenance or consultancy services.
Ingresos de los principales productos y servicios
Los ingresos del Grupo por sus principales productos y servicios fueron los siguientes:
| Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses hasta el 31 de octubre de 2022 (sin auditar) 000 £ | Año terminado 30 de abril de 2023 (auditado) 000 £ |
Energía a gas | 19 | 107 | 126 |
Repostaje | 2,545 | 173 | 2,717 |
Industrial | 4,241 | 1,751 | 1,750 |
Otro | 2,078 | - | 636 |
8,883 | 2,031 | 5,229 |
The "Other" category contains consultancy values that cannot be allocated to a single product group.
ANÁLISIS GEOGRÁFICO DE INGRESOS
A continuación se detalla un análisis geográfico de los ingresos del Grupo:
| Seis meses hasta el 31 de octubre de 2023 (sin auditar) £'000 | Seis meses hasta el 31 de octubre de 2022 (sin auditar) £'000 | Año terminado 30 de abril de 2023 (auditado) 000 £ |
Reino Unido | 1,912 | 45 | 699 |
Alemania | 2,582 | 1,751 | 1,750 |
Austria | 1,660 | - | - |
Francia | 908 | 62 | 124 |
Países Bajos | - | 62 | 64 |
Estados Unidos | 117 | 111 | 244 |
Australia | 1,704 | - | 2,348 |
| 8,883 | 2,031 | 5,229 |
Lo siguiente representó más del 10% de los ingresos totales:
Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses hasta el 31 de octubre de 2022 (sin auditar) 000 £ | Año terminado 30 de abril de 2023 (auditado) 000 £ | |
Cliente A | N/A | 1,751 | 1,750 |
Cliente B | 1,698 | N/A | 636 |
Cliente C | 1,266 | N/A | N/A |
Cliente D | <10% | N/A | 2,348 |
Cliente E | 1,316 | N/A | <10% |
Cliente F | 1,660 | N/A | N/A |
Cliente G | 903 | <10% | <10% |
Cliente H | 1,064 | N/A | N/A |
3. Cálculo de EBITDA ajustado
In reporting EBITDA, management use the metric of adjusted EBITDA, removing the effect of the non-repeating costs that are not directly linked to the trading performance of the business in the period under review:
Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses hasta el 31 de octubre de 2022 (sin auditar) 000 £ | Año terminado 30 de abril de 2023 (auditado) 000 £ | |
Pérdida de operaciones | (23,572) | (56,160) | (103,713) |
Agregar nuevamente: | |||
Depreciación | 1,766 | 1,318 | 3,006 |
Discapacidad | - | 1,193 | 4,469 |
Amortización | 624 | 482 | 942 |
Pérdida por enajenación de propiedades, planta y equipo | 39 | 35 | 64 |
Pago basado en acciones (crédito) / cargo | 159 | (952) | (420) |
Costes excepcionales de reestructuración | - | - | 1,436 |
(20,984) | (54,084) | (94,216) |
4. Inventarios
Octubre 2023 000 £ | Octubre 2022 | Abril de 2023 000 £ | |
Materias primas | 9,367 | 36,013 | 18,308 |
Trabajo en progreso | 67,458 | 10,990 | 40,532 |
76,825 | 47,003 | 58,840 |
Los inventarios se expresan después de una provisión por deterioro de £21.0 millones (octubre de 2022: £18.1 millones; abril de 2023: £17.8 millones). Included in work in progress is inventory that has yet to be assigned to a specific contract. At the point that the work in progress is assigned to a contract, and it is loss-making, the work in progress will be reduced to recoverable value, which will be offset by an equal and opposite reduction in the contract loss provision. Inventory has increased as we have continued to scale up production towards contract fulfilment.
5. Provisiones
Medio año a octubre de 2023 | Provisión de bienes arrendados | Garantía | Provisión por pérdidas de contrato | Otras provisiones | Provisión de seguro nacional de los empleadores | Total Provisiones |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Saldo al 1 de mayo de 2023 | (896) | (3,854) | (42,630) | (5,326) | (215) | (52,921) |
Provisión creada en el período | (23) | (249) | (11,645) | (2,049) | - | (13,966) |
Uso de la disposición | - | 452 | 11,396 | - | 21 | 11,869 |
Transfer between provisions | - | (161) | 161 | - | - | - |
Lanzamiento en el período | - | - | - | - | 26 | 26 |
Saldo al 31 de octubre de 2023 | (919) | (3,812) | (42,718) | (7,375) | (168) | (54,992) |
En el balance: | ||||||
Esperado dentro de 12 meses (Actual) | - | (2,979) | (7,211) | (6,549) | - | (16,739) |
Esperado después de 12 meses (no actual) | (919) | (833) | (35,507) | (826) | (168) | (38,253) |
Año completo hasta abril de 2023 | Provisión de bienes arrendados | Garantía | Provisión por pérdidas de contrato | Otras provisiones | Provisión de seguro nacional de los empleadores | Total Provisiones |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Saldo al 1 de mayo de 2022 | (854) | (2,938) | (12,493) | (1,330) | (4,153) | (21,768) |
Provisión creada en el año | (42) | (3,219) | (44,810) | (4,059) | - | (52,130) |
Uso de la disposición | - | 2,303 | 14,673 | 1,615 | 18,591 | |
Lanzamiento en el año | - | - | - | 63 | 2,323 | 2, 386 |
Saldo al 30 de abril de 2023 | (896) | (3,854) | (42,630) | (5,326) | (215) | (52,921) |
En el balance: | ||||||
Esperado dentro de 12 meses (Actual) | - | (676) | (12,437) | (4,565) | (215) | (17,893) |
Esperado después de 12 meses (no actual) | (896) | (3,178) | (30,193) | (761) | - | (35,028) |
Medio año a octubre de 2022 | Provisión de bienes arrendados | Garantía | Provisión por pérdidas de contrato | Otras provisiones | Provisión de seguro nacional de los empleadores | Total Provisiones |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Saldo al 1 de mayo de 2022 | (854) | (2,938) | (12,493) | (1,330) | (4,153) | (21,768) |
Provisión creada en el período | (21) | (2,842) | (27,255) | (1,454) | - | (31,572) |
Uso de la disposición | - | 496 | 9,304 | - | 376 | 10,176 |
Lanzamiento en el período | - | - | - | - | 3,428 | 3,428 |
Saldo al 31 de octubre de 2022 | (875) | (5,284) | (30,444) | (2,784) | (349) | (39,736) |
En el balance: | ||||||
Esperado dentro de 12 meses (Actual) | - | (534) | (16,954) | (2,214) | - | (19,702) |
Esperado después de 12 meses (no actual) | (875) | (4,750) | (13,490) | (570) | (349) | (20,034) |
La provisión de propiedad arrendada representa la mejor estimación de la gerencia del valor actual del trabajo de deterioro que puede ser necesario para devolver nuestros edificios arrendados a los propietarios al final del plazo del arrendamiento. El descuento que se le aplica se amortiza en el plazo del arrendamiento.
The warranty provision is recognised in line with revenue recognition on contracts and represents management's current best estimate of the potential costs involved in diagnosing and correcting faults and the likelihood of such faults occurring during the warranty period. These assumptions are built upon our ongoing assessment of the performance of our products and their components both in the field and in our testing facilities. They are reviewed and revised as more information becomes available. If it becomes known that additional work is required, then the provision is extended. Risks around this judgement are high given the limited data ITM Power has available, and the potentially large values involved in making warranty repairs, particularly if stack components require replacement. The assumptions made for the warranty provision were based on field data from older generation stacks, adjusted to take account of product improvements planned or implemented since they were built. Management believes that these improvements are realistic and deliverable within the timescales projected.
The provision for contract losses is created when it becomes known that a commercial contract has become onerous. Project Managers provide rolling spend forecasts, updating these as quotes are obtained. The provision is therefore based on best estimates and information known at the time to ensure the expected losses are recognised immediately through the statement of comprehensive income. This provision will be used to offset the costs of the project as it reaches completion in future periods. Furthermore, the Group uses software to track the risks and opportunities of each project. This gives a potential cost and risk rating for active risks and has been reviewed by management at period end to determine if any additional contingency should be recognised.
Provision is also made at the point when project forecasts suggest that the contractual clauses for liquidated damages might be triggered. The other provisions category relates to potential liquidated damages for overruns on contracts with customers. It also represents management's best current estimate of monies that could be refundable to grant bodies for non-completion of works.
Lastly, there is a provision for Employer's NIC due on share options as they exercise.
6. Notas al estado de flujo de efectivo
Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses hasta el 31 de octubre de 2022 (sin auditar) 000 £ | Año terminado 30 de abril de 2023 (auditado) 000 £ | |
Pérdida de operaciones | (23,572) | (56,160) | (103,713) |
Ajustes: | |||
Depreciación de propiedades, planta y equipo | 1,766 | 1,318 | 3,006 |
Pérdida por enajenación de propiedades, planta y equipo | 39 | 35 | 64 |
Discapacidad | - | 1,193 | 4,469 |
Amortización | 624 | 482 | 942 |
Pago basado en acciones (visto a través de la equidad) | 159 | 711 | 1,161 |
Divisas en transacciones intercompañía | (112) | (272) | (137) |
Flujos de efectivo operativos antes de movimientos en el capital de trabajo | (21,096) | (52,693) | (94,208) |
Incremento de inventarios | (17,985) | (14,805) | (26,642) |
(Aumento) / disminución de cuentas por cobrar | (7,458) | (7,548) | 5,852 |
Aumento de las cuentas por pagar | 17,292 | 15,488 | 11,787 |
Aumento de provisiones | 2,048 | 17,989 | 31,152 |
Efectivo utilizado en operaciones | (27,199) | (41,569) | (72,059) |
Pago interesado | (272) | (249) | (495) |
Impuestos a la renta pagados | (62) | - | - |
Efectivo neto utilizado en actividades operativas | (27,533) | (41,818) | (72,554) |
Quemadura de efectivo
La quema de efectivo es una medida utilizada por el personal gerencial clave para monitorear el desempeño del negocio.
| Seis meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | Seis meses para 31 October 2022 (sin auditar) 000 £ | Año terminado 30 de abril de 2023 (auditado) 000 £ |
Decrease in Cash and Cash equivalents per the cash flow statement | (28,764) | (48,088) | (83,550) |
Efecto de los tipos de cambio de divisas | (44) | (56) | 225 |
Menos ingresos por emisión de acciones (neto) | (126) | (288) | (436) |
Quemadura de efectivo | (28,934) | (48,432) | (83,761) |
7. Partes Relacionadas
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. All related party transactions which were not intra-group have been conducted at arm's length.
During the period purchases from Linde/BOC Group, represented on the Board by J Nowicki, totalled £0.3m (H1 2023: £0.3m; YE 2023: £0.8m) with £0.1m outstanding for payment at period-end (H1 2023: £0.1m; YE 2023 £0.1m). There were also milestone billings on sales contracts of £6.8m (H1 2023: £9.4m; YE 2023: £15.3m) with £1.9m outstanding (H1 2023: £5.3m; YE 2023: £0.9m).
There were stage payments of £nil (H1 2023: £nil; YE 2023: £0.9m), and £0.7m remained outstanding from ITM Linde Electrolysis GmbH at period end (H1 2023: £nil; YE 2023: £0.9m). The Group also continued to pay for the hosting of ILE's website.
Transactions with Ecclesiastical Insurance Office PLC for the services of D Cockrem, as Non-Executive Director on our Board, amounted to £0.06m with £nil outstanding at period end (H1 2023: £nil with £nil outstanding; YE 2023: £0.03m with £nil outstanding).
Transactions with Motive Fuels Limited amounted to £0.3m in the period (H1 2023: £0.1m with £0.3m outstanding, YE 2023: £0.4m with £0.2m outstanding). La venta de Motive to a third party was agreed on 19 October and the company was therefore no longer part of the Group at period end.
8. Disposal of Motive Joint Venture
The joint venture investment in Motive Fuels Limited was moved into "Held for Sale Assets" towards the end of last financial year (£1.8m). Subsequently, as mentioned above, la venta de Motive to a third party was agreed on 19 October for a sum of £1.5m. The resulting loss of £0.3m is shown as a loss on disposal of joint venture in the income statement. The monies were paid across from the solicitors post-period end so no transaction is currently recognised in the cash flow statement but the receivable is recognised within current assets on the balance sheet.
9. Eventos subsecuentes
Since the balance sheet date the company has signed a 15-year lease to extend our manufacturing footprint in Sheffield.
Informe de revisión independiente para ITM Power PLC
Conclusión
We have reviewed the summary accounts in the half-yearly financial report for the six months ended 31 October 2023 which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Cash Flow Statement and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the summary accounts in the half-yearly financial report for the six months ended 31 October 2023 no está preparado, en todos los aspectos materiales, de acuerdo con the recognition and measurement principles of UK adopted International Accounting Standards
Base para la conclusión
We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410 (UK), "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE (UK) 2410). A review of interim financiero information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Como se revela en la Nota 3, los estados financieros anuales del grupo se preparan de acuerdo con las normas contables internacionales adoptadas en el Reino Unido. La información financiera contenida en el informe financiero semestral ha sido elaborada de acuerdo con las bases de elaboración de la Nota 1.
Hemos leído la otra información contenida en el informe financiero semestral y hemos considerado si contiene errores aparentes o inconsistencias materiales con la información del conjunto condensado de estados financieros.
Conclusiones relativas a la empresa en marcha
Con base en nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección de Fundamento de la Conclusión de este informe, nada ha llegado a nuestra atención que sugiera que la administración haya adoptado de manera inapropiada la base de contabilidad de negocio en funcionamiento o que la administración han identificado incertidumbres materiales relacionadas con la empresa en funcionamiento que no se divulgan de manera adecuada.
Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con esta NIA, sin embargo, eventos o condiciones futuros pueden hacer que la entidad deje de continuar como empresa en funcionamiento.
En nuestra evaluación de las conclusiones de los directores, consideramos los riesgos inherentes asociados con el modelo comercial del grupo, incluidos los efectos que surgen de las incertidumbres macroeconómicas, evaluamos y cuestionamos la razonabilidad de las estimaciones hechas por los directores y las revelaciones relacionadas y analizamos cómo esos riesgos podría afectar los recursos financieros del grupo o la capacidad de continuar las operaciones durante el período de negocio en marcha.
Responsabilidades de los directores
El informe financiero semestral es responsabilidad y ha sido aprobado por los directores. Las reglas AIM de la Bolsa de Valores de Londres exigen que las políticas contables y la presentación aplicadas a la información financiera en el informe financiero semestral sean consistentes con las que se adoptarán en las cuentas anuales teniendo en cuenta las normas contables aplicables a dichas cuentas.
Al preparar el informe financiero semestral, los directores son responsables de evaluar la capacidad de la compañía para continuar como empresa en funcionamiento, revelando, según corresponda, los asuntos relacionados con la empresa en funcionamiento y utilizando la base contable de empresa en funcionamiento, a menos que los directores tengan la intención de liquidar la empresa o cesar sus operaciones, o no tenga otra alternativa realista que hacerlo.
Nuestra responsabilidad
Nuestra responsabilidad es expresar a la empresa una conclusión sobre la información financiera en el informe financiero semestral con base en nuestra revisión.
Nuestra conclusión, incluidas nuestras Conclusiones relacionadas con la empresa en funcionamiento, se basan en procedimientos que son menos extensos que los procedimientos de auditoría, como se describe en el párrafo Base de la conclusión de este informe.
Uso de nuestro informe
Este informe se presenta únicamente a la empresa de acuerdo con la guía contenida en ISRE (Reino Unido) 2410. Nuestro trabajo de revisión se ha llevado a cabo para que podamos informar a la empresa sobre los asuntos que debemos informarle en un informe de revisión y sin fines de lucro. otro propósito. En la máxima medida permitida por la ley, no aceptamos ni asumimos responsabilidad ante nadie que no sea la empresa por nuestro trabajo de revisión, por este informe o por la conclusión a la que hemos llegado.
Grant Thornton Reino Unido LLP
Revisor Fiscal, Contadores Públicos
Sheffield
30 de enero de 2024
-veces-
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