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FDE : FY 2022 half-year results

24 March 2022

Revenues increased by 126%
EBITDA multiplied by 5
EBITDA margin objective reached ahead of the announced schedule
Strengthened financial structure and confirmed growth opportunities

Pontpierre, France, March 24th, 2022 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, confirms its growth and profitability trajectory during this first half of FY 2022. The strong improvement in most of the financial aggregates resulted in a 126% increase in revenues, a strong increase in EBITDA that reached €5.6 million, a 62% margin, and an operating profit multiplied by 15 to €4.8 million over this semester. These figures do confirm the Group’s economic model and profitability, as well as its proven ability to carry on its development.

Consolidated accounts

In Euro Thousands (k€)

 H1 2021/2022 H1 2020/2021
Revenues 9 103 4 020
EBITDA

% of revenues

 5 673

62%

 907

23%
Operating Income

% of revenues

 4 793

53%

 287

7%
Financial Result (1 278) (383)
Taxes (936) 168
Net Income Group share

% of revenues

Minority interests1

Net Income

 2 607

29%

(27)

2 580

 102

3%

(30)

72

(1) 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)

Growth of all the Group’s activities and continuous operating costs control

H1 2022 is marked by strong revenues growth, driven by the development of the Group’s activities and the increase in gas and electricity production (+30% and +31% respectively), as well as by the rise in gas price in France (average sale price of €37.43/MWh, compared to €11.07/MWh as of December 31st, 2020) and electricity price in Belgium (€86.94/MWh on average over the semester, compared to €37.63/MWh as of December 31st, 2020).

These excellent operational achievements enabled the Group to record a revenue of €9.1 million over H1 2022, up by 126% compared to H1 2021.

This remarkable performance is supported by continuous improvement of operating costs, confirmed again over this semester with the cost of goods and services per MWh down by more than 3% to €12.84/MWh. These levels confirm FDE’s ability to develop its business while controlling its cost structure.

EBITDA was therefore multiplied by 5 and reached €5.7 million in H1 2022 (compared to €907k in H1 2021) and includes a provision reversal of €1.2 million following revised dismantling costs estimates by third parties. The EBITDA margin increased to 62%, beyond the Group’s margin objectives at the end of 2022.

The Operating Income recorded a spectacular growth, rising from €287k in H1 2021 to €4.8 million over this semester.

Despite increased financial charges following the signing of new loans to support FDE’s growth, the net income Group share amounted to €2.6 million in H1 2022, compared to €102k in December 31st, 2020.

FDE anticipates this very good business momentum to continue throughout the second half of FY 2022, with the contribution of 15 operational cogeneration units and the continued increase in gas and electricity prices.

Solid financial structure to support the Group’s developments

FDE confirms its ability to generate strong positive operating cash flow of €4.9 million before change in WCR in H1 2022.

The Group continued its sustained investment policy during the semester, strengthening its unique positioning thanks to the deployment of low-carbon local energy solutions in France and Belgium, in particular with the installation of 5 new cogeneration units on the Avion (3 MW) and Anderlues (4.5 MW) sites and the start of construction of the 15 MW photovoltaic plant in the East of France.

This continuous active investment momentum was also supported by the signing of additional financings including €2.5 million crowdfunding for the 15 MW photovoltaic project and €25 million green bond for the development of the FDE low-carbon energy portfolio, granted by Edmond de Rothschild Asset Management (EDRAM) in September 2021.

The effective implementation of this financings proves the relevance of FDE’s model based on sustainable energy solutions with strong environmental, economic and social impacts on its territories, while allowing the Group to preserve its equity and significantly reduce the cost of its capital.

As of December 31st, 2021, the Group therefore recorded a cash balance of €23.1 million (+€16.2 million compared to June 30th, 2021) and a net debt to equity ratio of 44%, a conservative level allowing nevertheless FDE to steadily finance its development.

A growing positive impact of the activity on the environment

 The current activity allows the Group to avoid more than 1 million tonnes of CO2eq annually, confirming the leading role of FDE in the European ecological transition.

In addition, the conflict between Russia and Ukraine, by accentuating tensions on the energy market, highlights the need for France for greater energy independence. Thanks to its large certified gas reserves, FDE offers concrete energy solutions, which can be deployed quickly once the various administrative authorizations have been obtained.

Therefore, with the development of its cogeneration units portfolio in France and Belgium to an installed capacity of 49.5 MW and the valorisation of its gas reserves in Lorraine through gas, electricity and/or carbon-free hydrogen, FDE will significantly strengthen its contribution to the energy independence of the territories, while contributing to the reduction of their carbon footprint.

FDE confirms its objective of achieving annualized revenue of €35 million and an EBITDA margin of over 45% by the end of 2022.

Next announcement :
Q3 2022 sales – April 26th 2022

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Promises won't impact
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,