EBITDA margin of 62%, above the Group's 2026
targets Confirmed financial strength to support the Group's
growth drivers
Regulatory News:
FDE (Euronext : FDE - ISIN : FR0013030152), a carbon negative
energy producer, confirms during the first half of 2024 the
profitability of its activities in a volatile energy and its 2026
objectives.
Consolidated accounts
In Euro Thousands (k€)
H1 2023/2024
H1 2022/2023
Revenues
17 395
21 346
EBITDA
% of revenues
10 837
62%
15 759
74%
Operating Income
% of revenues
8 968
52%
14 601
68%
Financial Result
(1 394)
(512)
Taxes
(1 410)
(3 760)
Net Income Group share
% of revenues
Minority interests1
Net Income
6 302
36%
(139)
6 163
10 413
49%
(84)
10 329
Ongoing costs control in an inflationary environment
On December 31st 2023, FDE posted H1 2024 sales of
€17.4m, boosted by the good performance of its cogenerations in
the Hauts-de-France and Wallonia regions, and the increase in the
volumes of energy produced from the 15 MW solar plant in Tritteling
(+13% increase in volumes). The long unavailability of the GRTgaz
gas grid, which prevented FDE from selling the forecasted volumes
of abandoned mine methane, has penalised the Group's performance,
in a volatile environment.
EBITDA reached €10.8m, with an EBITDA margin of 62%,
above the Group's objective for 2026, as the Group continues to
control its costs, with the cost of goods stable over the half-year
(excluding €979k of previous ARENH rights retroceded on December
31st 2022). SG&A (excluding recognition of free awarded shares
under IFRS) amounted to €3.4m, following the increase in staff from
29 to 36 (excluding Greenstat) to support FDE’s future
developments.
Operating profit has reached €9.0m, or 52% of sales.
With higher financial expenses related to the €45m green bonds
in order to develop FDE's low-carbon energy projects, and current
and deferred tax of €1.4m, the Group's net profit has reached
€6.3m, compared with €10.4m on December 31st 2022.
A solid financial structure to support the Group's
developments and share buyback programme
In H1 2024, FDE confirmed its ability to generate operating
cash flow of €10.5m (before variation in working capital of
€2.6m). This operational excellence has again strengthened the cash
position of the Group, which has repaid bank loans amounting to
€4.9m, including the bridge financing for the 15 MW photovoltaic
project and the BPI-SAARLB loan for Gazonor.
The Group has cash and cash equivalents of €40.1m
(+€13.5m compared with December 31st 2022), a conservative
gearing ratio of 28%, and a net debt/EBITDA ratio of
1.04x, enabling FDE to finance its growth at a competitive cost
of capital.
FDE investments in its core energy businesses have resulted in
significant recurring cash flow generation and have strengthened
the Group’s balance sheet. In the opinion of FDE’s board of
Directors and management, FDE’s businesses as a whole are worth
significantly more than its current market capitalisation.
In this context, and under the authorizations currently in
place, FDE will re-launch a share buyback programme, thereby
increasing the intrinsic value per FDE share for the benefit of
existing shareholders, without affecting its financing capacities
for the 2026 development plan.
Ongoing developments across the entire Group’s
portfolio
On the last semester, FDE has maintained its investment policy,
deploying an additional €4.4m, mainly to expand its cogeneration
portfolio in France, with some additional installations planned in
the coming months. The Group is also continuing to optimize the
value of the revenues associated with its current production sites,
while maintaining a high level of visibility on its cash flow
generation.
In addition, Cryo Pur's development in Norway is
accelerating, with the contracting of key partnerships for new
lands and feedstocks, and the selection of the digesters
manufacturer, that will enable the new LBG and Bio-CO2 production
unit of 100 GWh/year capacity in Stavanger to contribute to cash
flow generation from 2025 onwards. The site for the second LBG
and Bio-CO2 production plant, located in Bergen, has also been
secured.
Lastly, FDE is finalizing the reorganization of its new
subsidiary, Greenstat, to accelerate the Group's green hydrogen
and solar energy developments and consolidate its position as a key
player in Europe's energy transition.
This hydrogen portfolio fits in perfectly with FDE's strategy
of developing the production of carbon-free hydrogen, and in
particular natural hydrogen, in which FDE will continue to invest
internationally, but more importantly in France on the 3 Evêchés
permit where the tendering period has now ended, leading to the
launch of the next development phase by end of 2024.
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: Q3 2022 sales –
April 24th 2024
Reuters code: FDEL.PA
Bloomberg code :
FDE.FP
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.
1 Results of Cellcius dedicated to the operating of the
Creutzwald thermal solar plant (51% owned by FDE and 49% by Énes)
and FalkenSun dedicated to the operating of the photovoltaic solar
plant of Tritteling (75% owned by FDE and 25% by Mercury Advisors)
and Cryo Pur dedicated to LBG and Bio-CO2 (95.08% owned by FDE and
the rest by minority shareholders).
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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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