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News

FY2023 annual results

19 October 2023

 Record results confirming the growth trajectory of the Group

Significant improvement in EBITDA ad net income

Confirmation of 2026 objectives

 

 Strong growth in FY2023 annual results

  • Revenues of €39.2 million (+50%)
  • EBITDA of €26.7 million (+77%), EBITDA margin of 68% (2022: 58%)
  • Net income of €12.0 million (+64%)
  • 5 million tons of CO2eq emissions avoided during the year

Strong development momentum for its growing portfolio

  • Installed capacity of 15 cogenerations (22.5MW), up by 15% during the year, with 4 additional units planned for FY 2024 (+27%)
  • Ongoing optimization of the revenue generation from the Group’s installations, with 73% of the portfolio under Power Purchase Agreement (PPAs)

 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 19th, 2023 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, posted its consolidated annual results for the year ending June 30th, 2023 with a record year and a strong improvement in all its financial aggregates.

FDE’s Board of Directors met on October 18th, 2023 and approved the annual financial statements as of June 30th, 2023. The Group’s statutory auditors have carried out their audit of these accounts and their reports are being issued.

FDE will comment its FY2023 annual results during a webcast on Monday, October 23rd, 2023, at 11:00 AM. The connection details will be communicated to the distribution list. For any request: contact@francaisedelenergie.fr

 

KEY FIGURES

Substantial increase in all financial aggregates   

Consolidated Income Statement

In Euro thousands

 2022/2023 2021/2022 Variation

%
Revenues 39,227 26,220 +50%
EBITDA[1]

% of revenues

 26,654

68%

 15,096

58%

 +77%

 
Operating income[2]

% of revenues

 16,133

41%

 14,255

54%

 +13%

 
Financial result (1,757) (4,569) -62%
Current and deferred taxes (2,545) (2,487) 2%
Net income, Group share

% of revenues

Minority interests

Net income

 11,973

31%

(144)

11,830

 7,314

28%

(115)

7,199

 +64%

 

+24%

+64%

 

FY2023 has seen a significant increase in revenues, mainly driven by improved electricity sales volumes following the commissioning of two cogenerations in the Hauts-de-France region and the new 15 MW photovoltaic plant in the Grand-Est region (+23%), all in a favorable energy price market (average gas selling price at €55/MWh and electricity prices at €176/MWh for the year).

These operational achievements allowed FDE to register record revenues of €39.2 million, up by 50% year-on-year, with an estimated 3.5 million tons of CO2eq emissions avoided during the year.

Since the first revenue generation in 2017, revenues have grown by 48% on average per year.

EBITDA improved strongly to €26.7 million (+77% yoy), with an EBITDA margin of 68% (FY2022: 58%), exceeding the target set for the end of 2026.

This solid performance has been reinforced by the Group’s continued cost control in an inflationary environment, with operating expenses accounting for 13% of FY2023 revenues (FY2022: 24%). Administrative expenses (excluding Cryo Pur’s and the accounting of awarded employees’ shares under IFRS) have decreased to €4.3 million during the year.

After a unique depreciation of €6.8 million for this year, the Net income Group share has reached €12.0 million in FY2023, a 64% increase compared to FY2022.

This fiscal year therefore confirms the robustness of FDE’s economic model, mainly associated with the valorization of abandoned mine methane, and the continued growth of its activities.

Strengthened financial structure

FDE’s balance sheet as of June 30th, 2023 reached €163 million, up by 11% year on year, with shareholders’ equity at €74 million (+17%).

Consolidated balance sheet

In Euro thousands

 June 30th 2023 June 30th 2022 Variation

%
Goodwill 4,574 5,759 -21%
Exploration assets 38,918 45,997 -15%
Proven mining rights 23,976 24,261 -1%
Fixed assets 38,188 29,033 +32%
Cash and cash equivalents 42,966 23,985 +79%
Other assets 14,546 17,439 -17%
Total Assets 163,168 146,474 +11%
Shareholders’ Equity 73,675 63,093 +17%
Financial debt (ST et LT) 68,109 55,772 +22%
Provisions (ST et LT) 3,240 3,531 -8%
Other liabilities 18,143 24,078 -25%
Total Shareholders’ Equity and Liabilities 163,168 146,474 +11%

 

FDE confirmed its ability to generate strong operating cash flows, reaching €21.8 million in FY2023. This operational excellence contributes to a substantial strengthening of the Group’s cash position. In addition, in preparation for its next phase of growth, FDE has also secured additional financings, including the issuance of a second green bond for €20 million with Edmond de Rothschild Asset Management (EDRAM), for the development of its low-carbon portfolio.

As of June 30th, 2023, FDE therefore posted cash of €43.0 million (+€19.0 million compared to June 30th, 2022), a reduced net financial debt of €25.1 million (-€6.6 million YoY), at a competitive cost of capital, and a Net Debt/EBITDA ratio below 1. This excellent financial position will allow FDE to confidently finance the Group’s development while limiting the use of equity, which will primarily be dedicated to external growth initiatives.

SOLID GROWTH PROSPECTS

FDE continues to optimize the revenues generation from its installations, while maintaining high visibility on its cash flows generation. Over 60% of the electricity volumes for FY2024 have already been fixed at prices exceeding 178€/MWH on average.

In the coming months, FDE will also further progress its organic development by implementing new low-carbon local energy solutions. The Group is indeed expecting to receive approval from the French government and the Ministry of Ecological Transition to valorize its certified gas reserves in the Hauts-de-France and Lorraine regions.

In addition, with the creation of its new Norwegian subsidiaries, Cryo Pur Norge AS and Biogy Solutions AS, the Group is expanding its portfolio with 6 new projects for the production of Bio-LNG and Bio-CO2. Land acquisition, sourcing of feedstock and engineering of facilities are underway to start construction in the course of 2024. FDE has anticipated that the revenues associated with this new activity will contribute significantly to the medium-term growth of the Group.

With an available cash position of €43.0 million, a conservative level of debt, a strengthened and experienced team and robust banking relationships, FDE has the resources necessary to accelerate its growth strategy and achieve the announced 2026 objectives.

  

FDE confirms its FY 2026 objectives of annual revenues of more than €100 million, and an EBITDA above €50 million, combined with over 10 million tons of CO2eq emissions avoided per annum

  

Next announcements:

FY2023 annual results presentation: October 23rd, 2023 at 11am

Q1 FY2024 revenues – October 25th, 2023

General Assembly Meeting FY2023: November 30th, 2023

 

[1] EBITDA is now presented before provisions. Historical EBITDA (after provisions) stood at €26.1 million (FY2022: €16.4 million), with an EBITDA margin of 67% (FY2022: 62%)

[2] The Operating Result includes an exceptional deprecation of €6.8 million for the year

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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,