24 January 2024 - Revenue of €17.6 million in H1 2024, +16% Q2 2024 revenue growth compared to Q1 2024, Strong developments confirmed for 2024 16 January 2024 - FDE set to acquire a controlling stake in Greenstat ASA in Norway 9 January 2024 - Half-year statement of the liquidity contract 7 December 2023 - La Française de l’Énergie (FDE) improves its Gaïa Research rating in 2023 29 November 2023 - Hannam & Partners initiated its research coverage with a target price of €129 per share 28 November 2023 - Gazonor, a subsidiary of FDE, signs a €5.8 million ESG loan with Arkéa Banque, confirming its virtuous activity in the Hauts-de-France region 23 November 2023 - Granting of the Bleue Lorraine production lease   25 October 2023 - Turnover of €8.1 million in the first quarter (Q1) FY 2024; Increase in electricity volumes sold
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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



Substantial increase in all financial aggregates   

Consolidated Income Statement

In Euro thousands

2022/2023 2021/2022 Variation


Revenues 39,227 26,220 +50%

% of revenues







Operating income[2]

% of revenues







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














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.


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


Press Release