Slide 1: Interim Results Presentation
INTERIM RESULTS PRESENTATION JANUARY 2018 | LONDON Shell, Rheinland Refinery, Germany
Slide 2: Contents
INTERIM RESULTS PRESENTATION JANUARY 2018 | LONDON Presentation Contents: ▪ What we do ▪ Company Snapshot and Deal Flow ▪ Summary of Results ▪ Financials ▪ Opportunity Pipeline Progress ▪Recognised Market Revenue updates ▪ Corporate Developments 10MW project kick off event; Shell, Germany. CONTENTS
Slide 3: ITM Power | What We Do
ITM POWER | WHAT WE DO ITM Power manufactures integrated hydrogen energy systems Power-To-Gas Renewable Electricity Clean Fuel ITM Electrolyser Water Renewable Chemistry ITM POWER | WHAT WE DO 3 HYDROGEN ENERGY SYSTEMS
Slide 4: Achievements in Calendar Year 2017
ACHIEVEMENTS IN CALENDAR YEAR 2017 4 HYDROGEN ENERGY SYSTEMS
Slide 5: Key Financial Results
INTERIM RESULTS PRESENTATION JANUARY 2018 | LONDON Key Financial Results for the six months ended 31 October 2017: ▪ Total income of £4.4m (2016: £3.0m), up 47%, comprising ▪ Revenue - £1.7m (2016: £0.4m), up 325% ▪ Grant income plus grants receivable for capital projects - £2.7m (2016: £2.6m), up 4
Slide 6: Recognised Revenue
RECOGNISED REVENUE Recognised Revenue £m 2016 Interim results 7 13% 6 Sales 5 Grants 87% 4 3 2017 Interim results 2 39% 1 Sales 61% Grants 0 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 Sales Grants RECOGNISED REVENUE 62 HYDROGEN ENERGY SYSTEMS
Slide 7: Contract Backlog
Contract Backlog BACKLOG 40 20.8 37.4 • Zero contracts lost from Backlog 35 • Processed and recognised: revenue 30 recognised at stage of completion (long term contracts) 25 • In 12 months to January 2018, recognised 20 revenue from 58% of all contract backlog 18.3 (10.6) 15 8.9 • Won: contract not
Slide 8: Tender Opportunity Pipeline
TENDER OPPORTUNITY PIPELINE A developing assessment and qualification process: ▪ Must have been tendered in the last 12 months ▪ Must have a project ready to go with finance in place ▪ Must be expected to happen within three years ▪ Tender opportunity pipeline is increasing ▪ Average contract value
Slide 9: Market Developments
Power-To-Gas Power-To-Gas Storage: • £25m UK Gov end user device funding • UK Gov P2G feasibility study • Shell Wessling refinery Clean Fuel Hydrogen Fuel: • OLEV £9m funding TBA shortly • Toyota truck and bus • New Hyundai vehicle • GM FC platform • FCHJU JIVE I & II bus projects • FC buses in Chin
Slide 10: Australian Market Opportunity
AUSTRALIAN MARKET OPPORTUNITY Gas Vision 2050 Report: “Hydrogen is not only the most plentiful • Published by gas industry stakeholders in element in the universe, but is also the Australia, this year, highlighted the ultimate clean fuel” enormous potential of the gas network for energy storage A Hy
Slide 11: Proposed Site
PROPOSED SITE Expansion of manufacturing capacity • Increase of power on-site to allow testing of larger systems • Expected benefits of operational leverage at larger capacity • Whole company under one roof expected to create synergies • Heads of terms agreed • Costs in-line with expectations PROPOS
Slide 12: Summary
SUMMARY Company and market at the tipping point: • Accelerating global momentum in the hydrogen industry • The potential markets for hydrogen are diverse, global and huge • ITM Power is well placed to exploit these growing markets • Rapid transition into commercial sales driving a growing order book
Slide 13: Interim Results Presentation
INTERIM RESULTS PRESENTATION JANUARY 2018 | LONDON Shell, Rheinland Refinery, Germany