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FY2021 annual results : revenues up by 30% and EBITDA by 177% (€2,9M)

21 October 2021

Pontpierre, France, October 21st, 2021 – La Française de l’Énergie (Euronext: LFDE – ISIN: FR0013030152), producer of energy with a negative carbon footprint, closes its FY 2020/2021 with a significant improvement of its main financial aggregates. This confirms the profitability of its activity with an EBITDA up by 177% yoy reaching €2,9M and an operating income of €1,4M up from a €143K loss in FY2019/2020. These results confirm the Group’s strategy and business model as well as its ability to ramp up its developments.

 

Consolidated accounts

In Euro Thousands (K€)

 2020/2021 2019/2020 Variation

%
Revenues[1] 10 236 7 855 + 30%
EBITDA

% of revenues

 2 924

29%

 1 057

14%

 + 177%
EBIT

% of revenues

 1 418

14%

 (143)

(2%)

 +1.090%
Financial results (1,196) (561) – 113%
Taxes 71 753 – 91%
Net income Group share

% of revenues

Minority interests[2]

Net profit

 274

2,7%

19

293

 109

1,4%

(61)

48

 +152%

 

+131%

+510%

The Board of Directors of La Française de l’Énergie, held on October 19, 2021, has approved the annual accounts on June 30th, 2021.
The Group’s Statutory Auditors carried out their due diligence on these accounts and their reports are being issued.

 

Strong growth in financial indicators, driven by increased production volumes and control on operational costs

The 2020/2021 financial year has been characterized by a significant increase in revenues, mainly driven by an improvement in gas, electricity and heat sales volumes. The recent low-carbon energy production sites of Béthune and Creutzwald have also contributed to the revenues increase and so did the surge in gas prices in France (+ 36%) and in electricity prices in Belgium (+ 42%).

These excellent operational performances enable the Group to record a turnover of €10,2M, up 30% yoy and over c.900,000 tons of CO2eq emissions were avoided during this financial year.

All the same, the improvement in production volumes combined with an excellent operating and administrative costs control has resulted in a further 12% yoy reduction in the Group’s production cost per MWh. Group’s EBITDA is up at €2,9M, translating into an EBITDA margin of 29% (vs 14% in 2019/2020). Operating profit has also improved significantly to €1,4M. This performance therefore confirms the Group’s ability to grow its activity while fostering its cost structure.

Despite an increase in financial charges, mainly related to the addition of new loans dedicated to new projects, the net income has more than doubled to reach €274K.

Reinforced financial structure to support the Group’s developments

La Française de l’Énergie confirms its ability to generate positive operating fluxes in the order of €5,3M over the year (up €4,5M yoy) and sees an improvement in its cash position, thanks to new additional loans:

– €2M in advance loan and project financing between Cellcius and Caisse d’Epargne, including a loan of €1,3M with a 20-year maturity at 1,5% for the Creutzwald thermal solar project, and

– €8,8M in 4 and 5-year crowdfunding bonds raised by Gazonor Béthune and EG NPC (for the 2 additional combined heat and power plants (CHPs) in Avion) maturing in at 4,75% to finance the equity required by the Group, thus enabling La Française de l’Énergie to further reduce its cost of capital.

As of June 30th, 2021, the Group has therefore posted a cash balance of €7M (up by €3,2M yoy) and has kept its investment capacity intact with a conservative net debt / equity ratio of 36%.

Growth prospects and revenue progression confirmed for 2022

The Group has maintained a sustained investment policy during the year with investment flows of nearly €9,5M, a 300% increase compared to last year. Key investments included the construction and commissioning of the largest solar thermal plant in France with injection into an district heating network and the Béthune project where gas, electricity and heat are delivered to the local municipality.

La Française de l’Energie in on track to deliver on its 2022 roadmap while strengthening its unique positioning in France and Belgium. The deployment of new local low-carbon energy solutions keeps ramping upwith the commissioning of 5 new 1,5 MW CHP plants on the Avion (3 MW) and Anderlues (4,5 MW) sites, i.e. 7,5 MW of additional capacity by the end of the year, as well as an initial development of 6 CHP plants under the new concession called Sud Charleroi, i.e. 9 additional MW which will be installed at the end of FY 2021/2022.

The Group has also launched the construction work on its 15 MW solar plant at Tritteling-Redlach in Moselle and plans to commission it at the end of the 2021/2022 financial year.

The €40M green bond issued in September 2021 with Edmond de Rothschild AM, of which an initial instalment of €25M has already been made available for the development of FDE’s low-carbon energy portfolio in France and Belgium, allows the Group to engage significant financial resources to accelerate its growth and reach 49,5 MW of installed capacity by the end of December 2022. Thanks to the implementation of these projects, 3 million tonnes of CO2eq emissions will be avoided annually.

In Lorraine, the Group has finalized the analysis of the opportunities related to the development of gas in the form of carbon-free hydrogen and the sequestration of CO2. Environmental, technical and economic aspects have been analysed by La Française de l’Energie’s team supported by experts from Schlumberger, CNRS, Enerka and the University of Lorraine. The two strong strategic angles selected by the company are linked to the production of hydrogen by pyrolysis of methane and the development of a significant CO2 storage capacity in deep coals.

La Française de l’Énergie has therefore validated its participation in two ambitious industrial consortia in France and Belgium, which will eventually see the setting up of pilots of low carbon hydrogen production by pyrolysis on several of its sites, ahead of a possible industrial development.

At the same time, La Française de l’Energie is finalizing the pre-feasibility studies on the injection and storage of CO2 in coal before launching tests on an existing site.

Through these new developments, La Française de l’Energie is strengthening its position as a leading player for reducing the carbon footprint of the regions where the Group operates.

La Française de l’Energie therefore confirms its objective of achieving annualized revenue of €35M and an EBITDA margin of over 45% by the end of 2022.

  

Next announcement :
October 25th, 2021 – Q1 2021/2022 sales

 

[1] Does not include Green Certificates obtained thanks to its Belgian production since 2019. FDE continues its efforts to activate their contribution to turnover.

[2] Results of the companies Cellcius dedicated to the operation of the Creutzwald thermal solar plant (51% owned by FDE and 49% by Énes) and FalkenSun dedicated to the construction and operation of the photovoltaic solar plant of FalkenSun (75% owned by FDE and 25% by Mercury Advisors)

 

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climate change.
Your local resources, will.

Climate change is an undeniable reality. We can already see its serious consequences for our planet. It is now urgent to act.

At FDE, we refuse to participate in initiatives that generate pollution beyond our borders, even if they reduce the carbon footprint of our local territories. Whether it is a question of carbon footprint or pollution, there are no limits.

It is our duty to build sustainable energy solutions that move towards global carbon neutrality. Today, the most resilient and sustainable energy solution is even more self-evident: it is imperative that energy remains local, within short supply chains, as close as possible to the needs of local communities and consumers.

Considering these, at FDE, we are taking actions and offering tailor-made, local multi-energy solutions.

By making the most of local resources, our offer enables us to provide territories with energies with a triple benefit: reduced carbon footprint, economically competitive and contributing to the socio-economic development of the area. We choose abandoned sites, make the most of the potential of local suppliers and service providers, and participate in a local center of expertise that involves universities, local authorities and associations in the local energy project.

FDE lacks neither the resources nor the know-how to deploy tailor-made energy solutions for everyone and for the planet.

Our engineers embrace the energy transition with a pragmatic view.

Recovering abandoned mine gas avoids fatal gas emissions into the atmosphere, while local coal gas reduces the need to import much more carbon-intensive gases. Abundant solar energy is both local and renewable.

To support the energy transition, at FDE, we are constantly innovating, looking for new solutions for the future, such as hydrogen, a decarbonized energy, or CO2 sequestration in coal.

In addition, all energy produced by our Group is designed to be more virtuous. All these processes therefore make FDE the only French energy producer with a negative carbon footprint.

HSE POLICY

In accordance with its values and code of ethics, and with the aim of pursuing the objective of:

  • Guarantee the integrity of our assets,
  • Ensure a safe and healthy working environment for its employees and subcontractors,
  • Guarantee the health and safety of all personnel working on and off-site,
  • Limit environmental impact.

 

FDE wishes to promote the following HSE principles:

Identify, prevent and control impacts and risks to health, safety, security and the environment,

Develop the company's activities in a sustainable and eco-responsible manner,

Improve the working environment for its employees and subcontractors.

Consequently, FDE undertakes to:

Ensure the rigorous application of regulatory procedures in force with respect to safety, health, environment and the preservation of public security,

Impose operational management with advanced criteria for environmental protection, pollution prevention and energy optimization, as part of the ecological transition,

Systematically verify compliance with HSE principles through audits and practical exercises, with the aim of continuously improving the system and its performance,

Define indices and performance indicators for monitoring HSE activities and promote benchmarking to identify areas for improvement,

Encourage employee participation and involvement in health, safety and environmental protection processes through training and creation of tools for sharing experience and knowledge.

This culture of risk prevention and control applies to all employees, partners and suppliers. It involves setting concrete objectives and deploying action plans as part of a continuous improvement process to better anticipate tomorrow's challenges. This policy is reviewed annually, as are the associated indicators and targets.

Antoine FORCINAL
Directeur Général,