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YTD sales of €26.6m, New acceleration of developments across all the Group’s businesses scheduled for end of 2024, 2026 targets confirmed

24 April 2024

Pontpierre, France, 24 April 2024 – La Française de l’Énergie (Euronext: FDE – ISIN: FR0013030152), an energy producer with a negative carbon footprint, has achieved year-to- date sales of €26.6m for the first nine months of FY2024, with a further improvement in electricity sales volumes (up 19% on last year), against a backdrop of persistently volatile energy prices.

 

In millions of Euros 2024* 2023
H1 sales (July-Dec) 17,4 21,3
Q3 sales (Jan-March) 9,2 10,4
9-month sales 26,6 31,7

* Unaudited figures

A solid base of recurring revenues in a volatile market environment

In the first 9 months of FY2024, the gas production business posted sales of €6.7m, against a backdrop of falling market prices, with an average selling price of €39/MWH. As a reminder, the Group has two ongoing proceedings with GRTgaz for compensation for the damage suffered and the loss of revenues, currently not included into the accounts, amounting to c. €8m as of 30th October 2023, date of the latest independent assessment.

Income from the sale of heat, linked to the Béthune project and the solar thermal power plant at Creutzwald, amounted to €310k over the period.

The contribution from Cryo Pur, associated with the operation and maintenance of LBG and Bio-CO2 production units in Ireland and Norway, was €474k, pending the commissioning next year of the new LBG and Bio-CO2 production site in Norway (Stavanger) which will significantly increase the Group’s revenues stream.

Revenues associated with the integration of Greenstat following the completion of the acquisition on 22nd February 2024 amounted to c. €360k for the current quarter and mainly related to engineering, procurement and construction (EPC) work, providing sales and installations of solar energy systems.

Group revenue growth confirmed for FY2025

FDE continues to optimise the value of its existing assets by hedging its future production in order to take advantage of the volatility of current markets, as well as its organic growth, with the implementation of local low-carbon energy solutions, and in particular 4 additional cogeneration units in Hauts-de-France in the coming months.

In Norway, its subsidiary Biogy Solutions AS has started the work on its new LBG and Bio-CO2 production unit in Stavanger, which is due to come on stream in 2025. The unit will produce 100 GWh of LBG, 13,000 tonnes a year of liquid Bio-CO2 and 155,000 tonnes of organic fertiliser and is expected to generate annual revenues of more than €15m. This unit will contribute to the strong growth of FDE’s sales, like the two other similar projects in Bergen and Laerdal, where the Group has initiated the authorisation process and submitted applications for financial support to the Norwegian Agency for Ecological Transition.

In addition, FDE, which now owns and operates several solar power plants in Europe totalling 64 MW[1], is continuing to expand, particularly in Norway, where the Group has just launched the construction of the third ground-mounted power plant in Norway in Engene, with a capacity of 5.8 MWp, which will come on stream by the end of 2024. Work on the future Brandsrud photovoltaic plant, with a capacity of 11.5 MWp, is also due to start in the 2025, with production scheduled for late 2025.

Finally, FDE, via its subsidiary Greenstat, is pursuing its engineering work for the construction of the green hydrogen production site at Agder in Norway, which will be built in two phases: the first phase will see the commissioning of a 20 MW capacity designed to supply green H2 to the maritime industry, with production starting at the beginning of 2026, while the second 40 MW phase will be launched in 2027.

These various projects will contribute to the creation of a leading European operator dedicated to global Net Zero objectives.

 

FDE is thus reiterating its targets of annualised sales in excess of €100m, EBITDA in excess of €50m, combined with more than 10 million tonnes of CO2 eq emissions avoided per year by 2026.

 Next meeting:

Capital Markets Day, 30 May 2024

Annual sales 2024, 23 July 2024

[1] 4 MW at the Creutzwald site, 15 MW at the Tritteling site and 45MW at the Petjnik site

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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,