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Half-year results 2021

23 March 2021

Pontpierre, France, February 17, 2021 – La Française de l’Énergie (Euronext: LFDE – ISIN: FR0013030152), energy producer with a negative carbon footprint, confirms for the first half of FY2021 the profitability of its activity with an EBITDA reaching € 907K and an operating income up by more than 150% over the period. These figures confirm the resilience of the Group’s activities and its ability to pursue its development despite a difficult economical context related to the current pandemic.

 

Consolidated accounts

In Euro Thousands (k€)

 H1 2020/2021  H1 2019/2020
Revenues 4 020 4 180
EBITDA

% of revenues

 907

23%

 712

17%
Operating Income

% of revenues

 287

7%

 112

3%
Financial Result (383) (263)
Taxes 168 345
Net income Group share

% of revenues

Minority interests

Net Profit

 102

3%

(30)

72

 193

5%

(0)

193

Improvement of the financial performance of the Group

During the first half FY2021, the Group’s revenues amounted to € 4 million, thanks to increased electricity production in France and Belgium in Q2 2020/2021 (+ 23% and + 12% respectively). Electricity activities contributed for € 2.9 million to the H1 2021 sales of the Group.

In addition, the strong operational performance of the gas activity allowed the negative price effect of the period to be offset by increased volumes (+ 25%), thus boosting the revenues generated by the gas production to € 1.1 million.

Operating costs control led to a 13% yoy reduction of the cost per MWh produced by the Group with an EBITDA reaching € 907K, representing a € 195K increase yoy. In line with this achievement, operating income continued its growth to reach € 287K, up by € 175K yoy. This good operational performance confirms the Group’s ability to develop its activity while controlling its cost structure.

Despite financial charges related to the new loans issued to support the Group’s growth, the Group share of net income reached € 102K in H1 2021.

Solid financial structure and enhanced visibility

La Française de l’Energie confirms its ability to generate positive operating cash flows of € 1.4 million in H1 2021. Despite important investments of € 6.3 million over the period, the Group’s cash flow has been re-inforced thanks to two new financings facilities (loans from Caisse d’Epargne for a total amount of € 2 million and a crowdfunding for € 2.4 million) raised to refinance the investments made on the solar thermal project in Creutzwald and the gas, electricity and heat project in Béthune.

As of December 31, 2020, the Group posted a cash balance of € 4.9 million (+ 30% compared to June 30, 2020) and a conservative net debt / equity ratio of 33%, thus leaving significant room to finance its future developments.

Confirmed development of high value added projects

Over the next 18 months, the Group will continue its growth trajectory to strengthen its unique positioning, through the deployment of new low-carbon and local energy solutions both in France and Belgium. Five new cogeneration units will be installed this summer on the sites of Avion and Anderlues (3 MW in Hauts-de-France and 4.5 MW in Wallonia).

In addition, the recent acquisition of Greenhill SA in Belgium allows the Group to strengthen its presence in Wallonia, on a former mining concession near Charleroi. Tests have already been carried out on two wells in preparation to the installation of new cogeneration units, to accelerate the ecological transition of this mining basin.

In Lorraine, following the green light provided by the public enquiry as part of the application for the Bleue Lorraine production lease, the Group is finalizing its feasibility study related to the development of its gas reserves into low carbon hydrogen, produced by pyrolysis and/or steam reforming. The study will cover the feasibility of carbon capture and storage (CCS) in the coals alongside the use of the byproducts generated by the hydrogen generation from coal bed methane.

The objective is to finalize the study of the various options available to the Group to value Lorraine’s gas before opting for the most economically and environmentally competitive local solution.

Finally, on its solar activity, the Group, awarded at the last call for tenders from the Energy Regulation Commission, of a 15 MW photovoltaic project in November 2020, plans to start the building of its first large photovoltaic plant by the end of 2021.

Therefore, following the commissioning of the Béthune project in January and the cogeneration units ordered for the Avion and Anderlues extensions, the Group has secured nearly 50% of its objective of installed capacity  to be reached by the end of 2022.

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

 Next announcement:

April 27th, 2021 – Q3 2021 sales

 

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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,