Revenues increased by 126% EBITDA multiplied
by 5 EBITDA margin objective reached ahead of the announced
schedule Strengthened financial structure and confirmed growth
opportunities
Regulatory News:
FDE (Euronext: FDE - ISIN: FR0013030152), a carbon negative
energy producer, confirms its growth and profitability trajectory
during this first half of FY 2022. The strong improvement in
most of the financial aggregates resulted in a 126% increase in
revenues, a strong increase in EBITDA that reached €5.6
million, a 62% margin, and an operating profit
multiplied by 15 to €4.8 million over this semester. These
figures do confirm the Group's economic model and profitability, as
well as its proven ability to carry on its development.
Consolidated accounts In Euro Thousands
(k€)
H1 2021/2022
H1 2020/2021
Revenues
9 103
4 020
EBITDA
5 673
907
% of revenues
62%
23%
Operating Income
4 793
287
% of revenues
53%
7%
Financial Result
(1 278)
(383)
Taxes
(936)
168
Net Income Group share
2 607
102
% of revenues
29%
3%
Minority interests1
(27)
(30)
Net Income
2 580
72
Growth of all the Group's activities and continuous operating
costs control
H1 2022 is marked by strong revenues growth, driven by the
development of the Group's activities and the increase in gas
and electricity production (+30% and +31% respectively), as
well as by the rise in gas price in France (average sale price of
€37.43/MWh, compared to €11.07/MWh as of December 31st,
2020) and electricity price in Belgium (€86.94/MWh on
average over the semester, compared to €37.63/MWh as of December
31st, 2020).
These excellent operational achievements enabled the Group to
record a revenue of €9.1 million over H1 2022, up by 126%
compared to H1 2021.
This remarkable performance is supported by continuous
improvement of operating costs, confirmed again over this
semester with the cost of goods and services per MWh down by more
than 3% to €12.84/MWh. These levels confirm FDE's ability to
develop its business while controlling its cost structure.
EBITDA was therefore multiplied by 5 and reached €5.7
million in H1 2022 (compared to €907k in H1 2021) and includes
a provision reversal of €1.2 million following revised dismantling
costs estimates by third parties. The EBITDA margin increased to
62%, beyond the Group's margin objectives at the end of
2022.
The Operating Income recorded a spectacular growth,
rising from €287k in H1 2021 to €4.8 million over this
semester.
Despite increased financial charges following the signing of new
loans to support FDE's growth, the net income Group share
amounted to €2.6 million in H1 2022, compared to €102k in
December 31st, 2020.
FDE anticipates this very good business momentum to
continue throughout the second half of FY 2022, with the
contribution of 15 operational cogeneration units and the continued
increase in gas and electricity prices.
Solid financial structure to support the Group's
developments
FDE confirms its ability to generate strong positive
operating cash flow of €4.9 million before change in WCR in H1
2022.
The Group continued its sustained investment policy
during the semester, strengthening its unique positioning thanks to
the deployment of low-carbon local energy solutions in France and
Belgium, in particular with the installation of 5 new cogeneration
units on the Avion (3 MW) and Anderlues (4.5 MW) sites and the
start of construction of the 15 MW photovoltaic plant in the East
of France.
This continuous active investment momentum was also supported by
the signing of additional financings including €2.5 million
crowdfunding for the 15 MW photovoltaic project and €25 million
green bond for the development of the FDE low-carbon energy
portfolio, granted by Edmond de Rothschild Asset Management
(EDRAM) in September 2021.
The effective implementation of this financings proves the
relevance of FDE’s model based on sustainable energy solutions with
strong environmental, economic and social impacts on its
territories, while allowing the Group to preserve its equity and
significantly reduce the cost of its capital.
As of December 31st, 2021, the Group therefore recorded a cash
balance of €23.1 million (+€16.2 million compared to
June 30th, 2021) and a net debt to equity ratio of 44%, a
conservative level allowing nevertheless FDE to steadily finance
its development.
A growing positive impact of the activity on the
environment
The current activity allows the Group to avoid more than 1
million tonnes of CO2eq annually, confirming the leading role
of FDE in the European ecological transition.
In addition, the conflict between Russia and Ukraine, by
accentuating tensions on the energy market, highlights the need for
France for greater energy independence. Thanks to its large
certified gas reserves, FDE offers concrete energy solutions,
which can be deployed quickly once the various administrative
authorizations have been obtained.
Therefore, with the development of its cogeneration units
portfolio in France and Belgium to an installed capacity of 49.5
MW and the valorisation of its gas reserves in Lorraine through
gas, electricity and/or carbon-free hydrogen, FDE will
significantly strengthen its contribution to the energy
independence of the territories, while contributing to the
reduction of their carbon footprint.
FDE confirms its objective of achieving
annualized revenue of €35 million and an EBITDA margin of over 45%
by the end of 2022.
Next announcement: Q3 2022 sales – April
26th 2022
Reuters code: FDE.PA
Bloomberg code: FDE.FP
About FDE
FDE is a carbon negative energy producer, setting up
decentralized energy production sites and energy solutions. FDE
supplies gas, electricity and heat to regional players, 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. The company
benefits from the innovative company label awarded by
Bpifrance.
More information available on www.francaisedelenergie.fr
Disclaimer
This press release contains certain forward - looking statements
and estimates concerning FDE’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 FDE 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 FDE
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.
_______________________ 1 Results of the companies Cellcius
dedicated to the operation of the Creutzwald thermal solar plant
(51% owned by FDE and 49% by Énes) and FalkenSun dedicated to the
construction and operation of the photovoltaic solar plant of
FalkenSun (75% owned by FDE and 25% by Mercury Advisors)
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Press contact@francaisedelenergie.fr + 33 3 87 04 34 51
Investor Relations ir@francaisedelenergie.fr + 33 3 87 04 34
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