Boostheat: 2021 RESULTS: EBITDA IMPROVEMENT – FIRST POSITIVE RESULTS FROM PERFORMANCE CAMPAIGNS AND CURRENT PLAN FOR RETURN TO MARKET BY WINTER 2023-2024
BOOSTHEAT (FR0011814938/ALBOO), French energy efficiency manufacturer, publishes its results for the 2021 financial year. BOOSTHEAT’s Board of Directors approved the 2021 financial statements on April 14, 2022. The certification report is being issued by the statutory auditors and will be available by April 30, 2022.
BOOSTHEAT’s CEO, Éric Lambert, made the following statement on the occasion of the publication of the 2021 results:
“In September 2021, the Company adopted a new strategic direction, focusing all financial and human efforts on thermal compression. Since then, we have succeeded in consolidating our skills base while generating real progress in short loops, from the idea to the field demonstration, alongside our partners.
This mobilization of energy enabled us to demonstrate in less than six months the relevance and performance of our compressor, integrated into a heat pump, in various applications, in the laboratory and on our beta-test sites.
Our teams and our partners implemented the plan jointly, at a steady pace, despite the difficult context. I would like to express my sincere thanks to them for this.
Financially, our expenses remained under control, which enabled us to improve our EBITDA for the year.
On these solid foundations, we are now entering the development phase of our offer, based on a dual-service Thermal Heat Pump for existing individual or collective residential buildings. Our goal is to be back on the market by winter 2023-2024.
In order to accelerate, strengthen our business plan and go even further in our technology, we are now looking for new industrial and commercial partners.
Important note on accounting standards: in 2021, BOOSTHEAT changed its listing place on the regulated market of Euronext to Euronext Growth. Thus, the Company now presents its accounts in accordance with French standards.
|French standards (in thousands of euros) – audited||31/12/2020||2021|
|Reversal of provisions/transfer of charges||36||1,547|
|Total operating result||1,759||4,067|
|Purchases of raw materials and other supplies||(1,319)||(695)|
|Change of inventory||390||(315)|
|Other purchases and external expenses||(6,109)||(5,969)|
|Dues and taxes||(227)||(439)|
|Other operating income and expenses||(193)||25|
|Depreciation and amortization||(9,697)||(5,291)|
|EBIT before non-recurring items||(20,906)||(11,654)|
|Net finance charge||(2,637)||(964)|
GOOD CONTROL OF OPERATING EXPENSES
During the financial year ended December 31, 2021, operating income amounted to €4.1 million, compared to €1.8 million in 2020, an improvement of €2.3 million . It includes (0.3) M€ of turnover covering cancellations of orders in progress and takeovers of installed products, 2 M€ of capitalized production for 2021 development costs and 0.8 M€ of product inventories. .
Operating expenses amounted to 9 million euros, compared to 11.6 million euros in 2020. They include 3 million euros in personnel expenses, down 2.5 million euros compared to to 2020, in line with the reduction in the Company’s workforce and the social plan. At the same time, external expenses fell slightly by 3% to €6 million, although the Company had recourse to external services to strengthen its technical skills. As of December 31, 2021, the Company had 29 employees and around twenty external service providers, mainly in R&D, compared to 42 employees as of December 31, 2020.
EBITDA1 amounted to (7.9) million euros, improving on the (11.2) million euros reported in 2020, as the Company reaped the benefits of its cost reduction plan.
Depreciation, amortization and provisions amounted to €5.3 million in 2021, compared to €9.7 million in 2020. They include a depreciation of €2.1 million for development costs incurred before 2020 and €1.8 million for spare parts inventories already mentioned in the 2021 half-year results. At the same time, BOOSTHEAT recorded €1.5 million in reversals of customer and material provisions.
After taking into account exceptional income of €0.4 million (residual portion of an investment grant), a sharp fall in financial income to €(1.0) million and tax of ( 0.5) M€, the net result is negative at (11.7) M€, against (23.1) million euros in 2020.
Gross cash amounted to €3.5 million as of December 31, 2021 compared to €10.8 million as of December 31, 2020. It does not include the €3 million bond loan taken out by HOLDIGAZ after the end of the year to support BOOSTHEAT’s business plan. The Company also specifies that it has a line of capital with IRIS Capital for an annual amount of €10 million renewable twice and estimates that it will be able to cover its financing needs for the next 12 months.
Borrowings and financial debts amounted to 17.1 million euros compared to 12.8 million euros at December 31, 2020. They include 10.9 million euros in bank loans (including 5 million euros in loans guaranteed by the State repayable over five years, four of which have been extended per year) and €6.2 million in bond financing (€5 million from reference shareholders in July 2021 and €1.2 million from euros of IRIS Capital). It should be noted that debts with a maturity of 2 to 5 years represent approximately 87% of the total financial debt.
THERMAL COMPRESSOR PERFORMANCE VALIDATED IN MULTIPLE APPLICATIONS
In September 2021, the Company changed its strategic orientation, devoting all its financial and human efforts to its innovation in thermal compression.
Since then, skills in thermodynamics, combustion and control automation have been consolidated internally and in collaboration with expert partners, universities (Pau, Liège) and CETIAT, with whom BOOSTHEAT has signed an annual cooperation agreement.
This approach has made it possible to accelerate the development of the product with regular performance measurements in an independent laboratory and to validate the performance of the product in real situations via a program of 12 demonstrators in France, Germany and Switzerland. The first results are already satisfactory and a summary of the results of five of them will be available by the end of the heating season (May-June 2022) with ENGIE LAB Crigen on one installation and COSTIC on four others.
Crigen, who is currently analyzing the performance of the BOOSTHEAT heat pump, explains: “ENGIE has been working with BOOSTHEAT for more than four years… The progress made to date is remarkable both in terms of reliability and performance… We are currently seeing an average performance of more than 130% (PCI).
Finally, work carried out with major market players, including DALKIA, with which BOOSTHEAT has just extended its partnership around the “domestic hot water” application, has enabled the Company to confirm the validity of its technology in this type application at very high temperature (65°C) for individual or small collective buildings.
PROMISING MARKETS FOCUSED ON THE ISSUES OF ECOLOGICAL TRANSITION AND ENERGY SOVEREIGNTY
The adaptation of the environmental policies of European countries and the direct implications of the REPowerEU plan, aimed at making Europe independent of Russian gas, are confirmed, with 20% to 30% of buildings using gas by 2030 and the acceleration of investments in biomethane and hydrogen, a vital need for Europe to have gas heating solutions enabling it to reduce its consumption and its energy bill. BOOSTHEAT technology is one of the few solutions capable of providing an answer to this point.
A RETURN TO THE MARKET IN WINTER 2023-2024, MAINLY IN GERMANY
On the strength of its performance results, BOOSTHEAT is aiming to return to the market in the winter of 2023-2024, with the offer of a dual-service thermal heat pump (domestic hot water and space heating) for existing individual or small collectives.
Government subsidies to help finance energy renovations (≥ 35% non-means-tested) and the ratio of the price of electricity to that of gas (> 2.5) make Germany BOOSTHEAT’s priority market, with an addressable market estimated at more than 250,000 renovations per year.
BOOSTHEAT intends to make a significant contribution to the ecological transition by offering its technological innovation, generating renewable energies and energy savings, for the gas heating of all the buildings concerned as soon as possible. The needs are considerable and BOOSTHEAT intends to strengthen its response by joining forces with industrial and commercial partners.
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For more information on BOOSTHEAT, visit
Founded in 2011, BOOSTHEAT operates in the energy efficiency sector. The company’s mission is to accelerate the energy transition by integrating its technology into energy-intensive applications. BOOSTHEAT has designed and developed a thermal compressor protected by 7 patent families which significantly improves energy consumption in order to promote reasonable and appropriate use of resources.
BOOSTHEAT has its head office, research center and manufacturing plant in Vénissieux, near Lyon (historically a
HVAC* industrial zone). The company is labeled Innovative Company (Bpifrance) and French Fab. the
The BOOSTHEAT share is listed on Euronext Growth Paris (ISIN: FR0011814938).
* Heating, ventilation and air conditioning
NEWS finance & communication – Anne-Pauline Petureaux
Tel: +33 (0)1 53 67 36 72 / [email protected]
NEWS finance & communication – Serena Boni
Tel: +33 (0)4 72 18 04 92 / [email protected]r
BOOSTHEAT – Sabrina Ferré
Tel: 09 82 99 16 13 / [email protected]
 EBITDA = EBIT before non-recurring items and net depreciation and amortization and provisions/reversals
 See press release of January 28, 2022
 Scientific and Technical Committee for Climate Industries
 David Dupuis, ENGIE project manager.
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