- Very good resilience of the activity with annual revenues of
7.9 M€
- Increased gas and electricty production volumes (+ 27%
yoy)
- EBITDA maintained at 1,1 M€ million despite the low price
environment
- Solid and reinforced financial health of the Group
2022 ambitions confirmed
Regulatory News:
La Française de l'Énergie (Euronext: LFDE - ISIN: FR0013030152)
leader in industrial ecology, closes an atypical 2019/2020
financial year with a significant increase in production volumes,
that was counter balanced by depressed energy prices due to the
COVID-19 pandemic. The Group still managed to preserve its
profitability with an EBITDA of 1.1 M€. These results
confirm the resilience of the Group's economic model as well as its
ability to pursue its developments in an unprecedented context.
Consolidated accounts
In Euro Thousands (k€)
2019/2020
2018/2019
Revenues
7 855
7 914
EBITDA
% of revenues
1 057
13,5%
2 275
28,8 %
Adjusted EBITDA1
% of revenues
1 057
13,5%
1 065
13,4 %
EBIT
% of revenues
(143)
(1,8%)
1 397
17,6 %
Financial Result
(562)
(518)
Taxes
753
(37)
Net income Group share
109
841
% of revenues
1,4%
10,6 %
Minority interests2
(61)
-
Net Profit
48
841
The Board of Directors of La Française de l'Énergie, which met
on October 12, 2020, approved the annual accounts as of June 30,
2020. The Group's Statutory Auditors performed their due diligence
on these accounts and the issuance of their reports is in
progress.
Good EBITDA level driven by the increase in production
volumes (+ 27%) and operating costs control
During the 2019/2020 financial year, La Française de l'Énergie
maintained its production level at its best levels at the pic of
the crisis and recorded a significant increase in its gas (+
24%) and green electricity (+ 35%) production volumes compared
to last year. These excellent operational performances have enabled
the Group to maintain revenues at 7.9 M€ despite the fall in
gas prices (- 44% yoy) and electricity prices in Belgium (- 6% yoy)
following the global economic slowdown. These cyclical price drops
weighted for 1.7 M€ on the Group's annual revenues, while the Group
is still due to monetize the green certificates associated with its
activity in Wallonia that amount to more than 1.4. M€ over the past
financial year.
However, good operating cost control reduced the Group's
production cost per MWh by 20% compared to the previous year,
allowing a solid EBITDA level of 1,057 k€ despite the shortfall in
earnings over the period. Thus, on a like-for-like basis (excluding
non-recurring items recorded in 2019), EBITDA remains stable
compared to last year.
Operating profit amounted to -143 k€ and included the
depreciation charge related to the commissioning of the electric
motors on the Avion site and the new cogeneration systems in
Anderlues in 2019.
Net income Group share was positive at 109 k€ following
the activation of existing carried forward tax losses (753 k€).
Strengthened financial structure and preserved investment
capacity
La Française de l'Énergie confirms its ability to generate
positive operating cash flows (+797 k€ over the year) and sees its
cash position strengthened through two loans (Bpifrance Financement
for 1.3 M€ and Triodos Bank for 4.2 M€) that were put in place to
refinance the 2019 investments initially funded by equity, and a
loan guaranteed by the State (1.6 M€).
At the end of June 2020, the Group posted a cash position of
3.8 M€ and kept its investment capacity intact with a very
conservative 29% net debt to equity ratio.
Developments and revenue growth confirmed for 2021
The Group continued a sustained investment policy during the
year with nearly 3 M€ of capex spend and maintained its development
program during the period by continuing at the height of the
crisis, to work on its various projects. In the Grand-Est region,
the largest solar thermal park in France backed by an urban
heating network, carried out in partnership with Énes, a local
utility with the financial support of ADEME, will start
production by the end of October and will produce 2,610 MWh
of heat annually – a production equivalent to c. all of the summer
needs of the heating network.
Likewise, work on the new Béthune site has not been
interrupted during the pandemic and the Group will maintain
delivery of gas, green electricity and heat as of January 1, 2021
as previously anticipated. This short-circuit energy with secured
long-term prices will provide more than 2 M€ guaranteed annual
income for the Group.
In addition, La Française de l'Énergie confirms further
deployment on its existing sites with an additional 7.5 MW in
France and in Belgium by the end of the 2021 financial year (3
MW in Hauts-de-France and 4,5 MW in Wallonia).
The Lorraine project has also just taken a new important step
with the completion of the public inquiry on Tuesday, October 13.
The Group has also launched a study on using its coal gas
reserves in Lorraine to produce a carbon-free hydrogen (blue
hydrogen). In any case, La Française de l'Energie, which retains
full control over its development schedule, is studying all the
options available in order to optimise value-creation for the Group
and its shareholders.
With preserved financial capabilities, additional secured
revenues from 2021 onwards and ongoing and diversified growth
drivers, La Française de l'Énergie confirms its ambition to achieve
annualized revenues of 35 M€ with an EBITDA margin greater than 45%
by the end of 2022.
Next announcement: October 19th, 2020 – Q1
Revenues October 20th, 2020 – Presentation of FY Results
Reuters code: LFDE.PA
Bloomberg code: LFDE.FP
About La Française de l’Énergie
La Française de l'Energie is a Lorraine SME, leader in
industrial ecology, specializing in producing the gas present
directly in the coal and in the former coal mines of France and
Belgium. Thanks to its recognised know-how in geology and
engineering combined to its local positioning, La Française de
l'Energie supplies gas, green electricity and heat to regional
players, replacing imported energy by energy local and cleaner
energy. La Française de l'Energie is on a significant growth path
and aims to become a major player in the energy sector in Europe.
The company is labelled as a young innovative company by
Bpifrance.
More information available on 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 EBITDA adjusted from non-recurrent 2019 items: 910 k€ from the
2015-2017 Crédit Impôt Recherche and 300 k€ from the 2016-2018
Gazonor tax refunds 2 Results of LFDE’s Cellcius subsidiary
dedicated to the management of the thermal solar plant in
Creutzwald – Cellcius is 51% owned by LFDE and 49% by Enes, the
local utility company.
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