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Announcement of the launch of a Share Buy-Back program

30 January 2023

Pontpierre, France, January 30th, 2023 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, announces that the Board of Directors has decided to initiate a Share Buy-Back program for the next 12 months. Such program could be for a maximum amount of EUR 50 million as per the authorization given by the FDE’s general meeting of shareholders of November 30, 2022, to be implemented for the purposes set forth in Article 5 of Regulation (EU) 596/2014 (the “MAR”) and FDE will not hold more than 10% of the share issued capital.

Investments made by FDE in recent years in its key energy activities have resulted in a significant recurrent cash flow generation and the strengthening of its balance sheet. In the opinion of the FDE’s Board of Directors and management, the underlying businesses of the group are worth considerably more than the current market capitalisation.

In that context, share repurchases should enhance the per-share intrinsic value of FDE shares, benefiting to the existing shareholders.

The current balance sheet and ongoing cash generation of FDE is sufficient to deliver on its FY 2026 development plan. The group’s financial strength remains a clear focus for FDE to achieve its strategic objectives, focusing on the development of low carbon energy solutions and the increase in production of gas, power, heat, Bio-Co2 and hydrogen in Europe. FDE’s will thus ensure that any Share Buy-Back will not reduce the consolidated cash and cash equivalents holdings below EUR 15 million.

The amount of purchases will therefore vary upon the levels of free cash available, the attractiveness of new investments and other business opportunities beyond the FY 2026 objectives, and also the level of discount from management’s estimate of intrinsic value.

FDE may buy back shares in open market purchases or through privately negotiated transactions, at management’s discretion. TP ICAP (Europe) remains in charge of the liquidity contract.

FDE reiterates its FYE 2026 objectives of annualized revenues exceeding EUR 100 million with an EBITDA reaching over EUR 50 million, combined with 10 million tons of CO2eq emissions avoided per annum.

 

Next announcement:

March 23rd, 2023 – H1 2023 results

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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,