A six-fold increase in alkaline water electrolysis (AWE) sales, improved project mix and enhanced project execution spurred thyssenkrupp nucera to record a €22.5m net income in 2022/23.
While its order intake (down 54%) and backlog (down 5%) were blots on the balance sheet, the strong AWE performance saw sales jump from €50.7m to €323.2m. Overall sales rose 70% to €652.8m (previous year: 383.1m) though Chlor-alkali electrolysis sales fell 1% to €329.6m.
Dr. Werner Ponikwar, CEO of thyssenkrupp nucera, said in the fiscal year 2022/2023, it further expanded its position as a leading global supplier of water electrolysis technology for the production of green hydrogen.
He said, “Sales and profits have developed very positively and offer us a good starting position for the growth program and the further development of the company. We will continue to drive our business forward and take and systematically implement the necessary operational and strategic measures.”
The electrolysis specialist focused on developing the necessary organisational capacities to implement its growth strategy and “necessary measures” were implemented to make thyssenkrupp nucera independent. This included setting up independent administrative structures in preparation for the IPO in July 2023.
Dr. Arno Pfannschmidt, CFO, said, “Our IPO has further strengthened our good financial position. thyssenkrupp nucera is very well positioned financially to consistently seize entrepreneurial opportunities, especially in the global growth market for green hydrogen, and thus further expand our market position.”
As part of the growth strategy, the efficiency of the 20 MW AWE module scalum® was also optimised which led to a 21% increase in research and development expenses to €19.4m (previous year: €16m). The staff headcount rose almost a third to 675 (previous year: 509).
Despite Q4 2022/23 sales rising 47%, with AWE sales again the stand out (up from €25.3m to €83.6m), the order intake was down 35%.
In the financial year, free cash flow from continuing operations amounted to €229.1m (previous year: €23.8m).
