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News

FY2022 annual results

20 October 2022

EBITDA and net income strongly improved

Record results ahead of calendar 2022 year-end’s targets

Strong increase in FY2022 annual results
  • Revenues of €26.2 million (+156%)
  • EBITDA of €16.4 million (+460%), EBITDA margin of 62%
  • Net income of €7.3 million (+2,569%)
Ahead of calendar 2022 year end ’s targets
  • FDE already achieved its annual EBITDA target of 45%
  • 69 million tons of CO2eq emissions avoided in FY2022
Strong development momentum for its growing portfolio
  • Cogeneration portfolio up 50% over the year with total installed capacity of 22.5 MW
  • Since July 2022, optimization of the revenues related to the Group’s installations with the signing of electricity Power Purchase Agreement (PPA) contracts
2026 TARGETS CONFIRMED
  • Annual revenues exceeding €100 million
  • EBITDA above €50 million
  • Over 10 million tons of CO2eq emissions avoided per annum

 

Pontpierre, France, October 20th, 2022 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, posted its consolidated annual results for the year ended June 30th, 2022 with a record FY2022 and a strong improvement in its main financial aggregates.

FDE’s Board of Directors met on October 19th, 2022 and approved the annual financial statements as of June 30th, 2022. The Group’s statutory auditors have carried out their audit of these accounts and their reports are being issued.

FDE will comment its FY2022 annual and Q1 2023 quarterly results during a webcast on Wednesday, October 26th, 2022, at 10:00 AM. The connection details will be posted on its website www.francaisedelenergie.fr 

 

KEY FIGURES

Revenues reached €26.2 million as of June 30th, 2022 (+156% over the year) with an EBITDA of €16.4 million (+460% yoy) and a net income Group share of €7.3 million (28% of revenues), demonstrating FDE’s solid business model and its ability to accelerate its profitable growth.

Strong EBITDA and net income
Consolidated Income Statement

In Euro thousands

 2021/2022 2020/2021 Variation

%
Revenues[1] 26,220 10,236 +156%
EBITDA

% of revenues

 16,365

62%

 2,924

29%

 +460%

 
Operating income

% of revenues

 14,255

54%

 1,418

14%

 +905%

 
Financial result (4,569) (1,196) +282%
Current and deferred taxes (2,487) 71 (3,604)%
Net income, Group share

% of revenues

Minority interests[2]

Net income

 7,314

28%

(115)

7,199

 274

2,7%

19

293

 +2,569%

 

(704)%

+2,360%

 FY2022 was characterized by a sharp increase in revenues, mainly driven by an improvement of gas, electricity and heat sold volumes, as well as by strong gas prices in France (average selling price of €46.70/MWh) and electricity prices in Belgium (€195.10/MWh on average over the year).

Cryo Pur, the recently acquired subsidiary dedicated to liquefied biogas (LBG) and Bio-CO2, contributed for the six months of FY2022 for €1.2 million to the group’s revenues .

These excellent operational achievements have enabled FDE to record revenues of €26.2 million, up by 156% year-on-year, with an estimated 2.69 million tons of CO2eq emissions avoided this year.

Since the IPO in 2016, revenues have therefore grown by 48% on average per year.

The Group’s EBITDA improved tremendously to €16.4 million (+460% yoy), with an EBITDA margin of 62% (2021: 29%), exceeding the target set for the end of calendar 2022 on an annualized basis . Excluding Cryo Pur, the EBITDA margin stood at 66%.

In an inflationary environment, this solid performance was comforted by the Group’s continued cost control with operating expenses (excluding Cryo Pur’s costs) under control, accounting for 24% of FY2022 revenues (2021: 41%). Administrative expenses (excluding Cryo Pur’s and the accounting under IFRS of awarded employees shares) amounted to €4.4 million, following increased personnel costs, as well as development and acquisition costs inherent to FDE’s growth.

The Operating Profit also rose sharply from €1.4 million in FY2021 to €14.3 million this year.

Despite a reduced financial result, mainly due to the implementation of new financings to support the group’s growth, and a current and deferred tax charge of €2.5 million, the Net income Group share amounted to €7.3 million in FY2022, compared to €0.3 million in FY2021.

Strengthened consolidated balance sheet

FDE’s balance sheet as of June 30th, 2022 reached €146.5 million, up by 37% year on year, with shareholders’ equity at €63.1 million (+14%).

Consolidated balance sheet

In Euro thousands

 June 30st 2022 June 30st 2021 Variation

%
Goodwill 5,759 48 +11.936%
Exploration assets 45,997 45,546 +1%
Proven mining rights 24,261 24,509 (1)%
Fixed assets 29,033 19,793 +47%
Cash and cash equivalents 23,985 6,981 +244%
Other assets 17,439 10,171 +71%
Total Assets 146,474 107,048 +37%
Shareholders’ Equity 63,093 55,275 +14%
Financial debt (ST et LT) 55,772 27,112 +106%
Provisions (ST et LT) 3,531 4,374 (19)%
Other liabilities 24,078 20,287 +19%
Total Shareholders’ Equity and Liabilities 146,474 107,048 +37%

The rise in the Group’s assets value was derived from the increase in the portfolio of cogenerations in operation, the photovoltaic power plant under construction and the acquisition of Cryo Pur, with property, plant and equipment, mining rights and goodwill up by €14.7 million over the year.

During FY2022, FDE also confirmed its ability to generate positive operating cash flow reaching €15.9 million before changes in working capital, and saw its cash strengthened thanks to additional financings such as a €2.5 million crowdfunding loan for the 15 MW photovoltaic project and the €25 million green bond granted by Edmond de Rothschild Asset Management (EDRAM).

As of June 30th, 2022, FDE therefore posted cash of €24.0 million (+€17.1 million compared to June 30th, 2021) and a net financial debt of €31.8 million.

The net debt to equity ratio stood at 50% (2021: 36%), a conservative level enabling FDE to finance its development with confidence.

The effective implementation of these financing at attractive rates clearly demonstrates the relevance of FDE’s energy solutions with strong environmental, economic and social impacts on its territories, while enabling the Group to limit the use of its equity and continue to reduce its cost of capital.

PORTFOLIO OF PROJECTS UNDER DEVELOPMENT AND SOLID GROWTH PROSPECTS

Over the year, FDE has continued its sustained investment policy with close to €13.6 million invested, further strengthening its unique positioning through the deployment of local low-carbon energy solutions in France and Belgium.

These investments have resulted in a 50% yearly increase in the number of cogenerations with the installation of five new 1.5 MW cogeneration units at Anderlues (4.5 MW) and Avion (3 MW), as well as the construction of the group’s first ground-based photovoltaic power plant in Eastern France with an installed capacity of 15 MW. This facility will be commissioned in October 2022.

The Group is also pursuing its efforts to optimize the value of the revenues derived from the Group’s facilities, by signing electricity sale contracts directly with industrial companies and/or aggregators (Power Purchase Agreement), while maintaining a high level of visibility on cash flows generation.

In addition, FDE continues to push forward the Group’s developments following the same principles that have driven its success and is now only waiting for the final approval of the French government and the Ministry of Ecological Transition to develop its certified mine gas reserves on new sites in the Hauts-de-France region and coal gas in Lorraine.

Finally, with the recent acquisition of Cryo Pur, FDE is strengthening its position as a leading European player in the production of low-carbon energy, with the current development of production projects of LBG and/or Bio-CO2 from recovered or renewable gases.

Thanks to the recent new €20 million green bond granted by Edmond de Rothschild Asset Management (EDRAM) in addition to the initial €25 million bond, FDE has the relevant financial resources to deploy and accelerate its development strategy to achieve its new 2026 targets.

2026 TARGETS CONFIRMED

Thanks to its strategy focused on low-carbon energy production, FDE is confident to achieve its FY2026 objectives:

  • Annual revenues exceeding €100 million
  • EBITDA above €50 million
  • Over 10 million tons of CO2eq emissions avoided per annum

Next announcements:
Q1 FY2023 revenues – October 25th, 2022
FY2022 annual results and Q1 FY2023 quarterly results presentation: October 26th, 2022
General Assembly Meeting FY2022: November 30th, 2022

 

[1] Does not include Green Certificates obtained through its Belgian production since 2019. FDE is continuing its efforts to activate their contribution to revenues.

[2] Results of the companies Cellcius dedicated to the operation of the Creutzwald solar thermal park (51% owned by FDE and 49% by the Énes public utility), FalkenSun dedicated to the operation of the Tritteling photovoltaic solar park (75% owned by FDE and 25% by Mercury Advisors) and Cryo Pur dedicated to Bio-GNL and Bio-CO2 (96% owned by FDE and 4% by minority shareholders) 

 

About La Française de l’Énergie (« FDE »)

FDE is a negative carbon footprint energy Group, specialized in the implementation via short circuits, of energy recovery and production sites, allowing the reduction of greenhouse gas emissions. FDE notably supplies regional players with gas, electricity, heat and CO2, thus replacing imported energy with local, cleaner energy. FDE has strong development potential and aims to become a leading independent player in the energy sector in Europe.by Bpifrance.

More information available on http://www.francaisedelenergie.fr

Disclaimer

This press release contains certain forward – looking statements and estimates concerning LFDE’s financial condition, operating results, strategy, projects and future performance and the markets in which it operates. Such forward-looking statements and estimates may be identified by words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” “plan,” “potential,” “predict,” “objective,” “should,” or the negative of these and similar expressions. They incorporate all topics that are not historical facts. Forward looking statements, forecasts and estimates are based on management’s current assumptions and assessment of risks, uncertainties and other factors, known and unknown, which were deemed to be reasonable at the time they were made but which may turn out to be incorrect. Events and outcomes are difficult to predict and depend on factors beyond the company’s control. Consequently, the actual results, financial condition, performances and/or achievements of LFDE or of the industry may turn out to differ materially from the future results, performances or achievements expressed or implied by these statements, forecasts and estimates. Owing to these uncertainties, no representation is made as to the correctness or fairness of these forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates speak only as of the date on which they are made, and LFDE undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.

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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,