La Francaise De L'energie Sa · EURONEXT:FDE
La Francaise De L'energie Sa — Investor Day (May 2024)
50 slides from La Francaise De L'energie Sa's investor day presentation, May 30, 2024
Slide 1: Local Energy – Positive Impact
Local Energy – Positive Impact Capital Markets Day May 30th 2024 - Paris
Slide 2: Today's Speakers
TODAY’s SPEAKERS JULIEN ANTOINE AURELIE DENIS YANN MOULIN FORCINAL TAN CLODIC FOUANT Executive Group Chief Group Chief Head of Research, Project Chairman Executive Officer Financial Officer Innovation & Director Development Entrepreneur with Engineer with 18 Financier with 20 PhD in Energy Mechanica
Slide 3: Agenda
A MAJOR PLAYER IN THE ECOLOGICAL TRANSITION AGENDA INTRODUCTION FDE: MAKING NET ZERO HAPPEN MARKET ENVIRONMENT FDE’S ENERGY SOLUTIONS FDE’S ESG ENGAGEMENT RESEARCH, INNOVATION & DEVELOPMENT FDE TODAY FOCUS ON THE GROUP’S PORTFOLIO ELECTRICITY HEAT GAS HYDROGEN FUNDING PLAN GOING FORWARD FDE’S 2030 G
Slide 4: FDE: Making Net Zero Happen
FDE: MAKING NET ZERO HAPPEN Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 5: Making Net Zero Happen
MAKING NET ZERO HAPPEN 40 Gt CO2 CARBON NEUTRALITY CHALLENGE BY 2050 STEPS 30 40 -TONS 50OFBILLION CO EQ 20 APS 2 GENERATED EVERY YEAR NOW 10 SDS NZE 2000 2010 2020 2030 2040 2050 IEA. All rights reserved. NET ZERO EMISSIONS by The APS pushes emissions down, but not until after 2030; the SDS goes fu
Slide 6: Dogmatic Policies Are Costly and Counterproductive
DOGMATIC POLICIES ARE COSTLY AND COUNTERPRODUCTIVE Europe (EU-27 and UK) annual LNG imports by exporting Europe (EU-27 and UK) annual LNG imports by importing country (2010-2023) country (2013-2023) Billion cubic feet per day Billion cubic feet per day 16 16 14 14 other other 12 Nigeria 12 Algeria G
Slide 7: But Europe Is Getting More Pragmatic
BUT EUROPE IS GETTING MORE PRAGMATIC Example of recent amendment voted Simplification law at EU to confirm Fossil fuel vs non are going through the classification Focus on full life fossil fuel debate Key and only focus parliaments to of hydrogen based cycle analysis is therefore is on impact allow
Slide 8: A Complete Set of Sustainable Energy Solutions
A COMPLETE SET OF SUSTAINABLE ENERGY SOLUTIONS A LEADING PLATFORM FOR LOW-CARBON ENERGIES IN EUROPE Using low-carbon PROVIDING VARIOUS Carbon capture and fuels (biogas/RNG, SOLUTIONS utilization/storage abandoned mine methane, hydrogen) ELECTRICITY HEAT GAS HYDROGEN CO2 Code Reuters : FDEL. PA – Cod
Slide 9: Operating on Activities with Favorable Time to Market
OPERATING ON ACTIVITIES WITH FAVORABLE TIME TO MARKET Offshore Wind Onshore Wind Hydrogen Solar Biogas/RNG x Abandoned Mine Methane 1-2 years 3-5 years 3-5 years 3-6 years 7-10 years > 10 years Time from initiation to production (# of years) * Renewable Natural Gas Sources: BP. Statistical Review.St
Slide 10: Key Contributions to the United Nations' SDG
KEY CONTRIBUTIONS TO THE UNITED NATIONS’ SDG BETHUNE HEATING 8 FAMILY OF OVER 3,5 MILLION TONS PROJECT INTERNATIONAL PATENTS CO2EQ EMISSIONS AVOIDED ANNUALLY Reduction of annual Innovative system to energy bill of €400 per year, upgrade biogas and CO2 (of which 1,4 Million tons and per household int
Slide 11: FDE: Fully Engaged in the Energy Transition
FDE: FULLY ENGAGED IN THE ENERGY TRANSITION THE KEY PILLARS TO OUR ESG APPROACH 1 2 3 CREATING TAILORED-MADE ENERGY FIGHTING GLOBAL WARNING BY REDUCING THE CO2 EMISSIONS OF SOLUTIONS AROUND ELECTRICITY, HEAT, PRODUCING LOCAL ENERGY FOR LOCAL THE ENERGY PRODUCED AND GAS AND HYDROGEN CONSUMERS CONSUME
Slide 12: Research, Innovation & Development
RESEARCH, INNOVATION, & DEVELOPMENT Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 13: Research, Innovation & Development
RESEARCH, INNOVATION & DEVELOPMENT Method and system for extracting Carbon Refrigeration process and Method for frosting Process for solid-phase Dioxide by anti- system for recovering carbon dioxide extraction of sublimation for storage cold from methane by contained in liquid substances from gas th
Slide 14: Research, Innovation & Development – Key Focus
RESEARCH, INNOVATION & DEVELOPMENT – KEY FOCUS Pilot CO2 capture projects on industrial flue gas to recover CO2 in the liquid phase and already industrially proven to be 99.9% pure Consequences: CO2 can be used and sold (e-fuels, food industry…) and used for storage With the adoption in April 2024
Slide 15: FDE Today
FDE TODAY Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 16: Since the IPO: Strong Operational Growth
SINCE THE IPO: STRONG OPERATIONNAL GROWTH Energy produced Avoided CO2 eq Installation capacity (CHPs) under operation Emissions annually GAS ELECTRICTY GAS x 22,5 x 3,5 HEAT HYDROGEN 0 MW 22,5 MW 0 Million Ton 3,5 Million Ton for 0 CHPS for 15 CHPS CO2 eq CO2 eq FY 2017 Today FY 2017 Today FY 2017 T
Slide 17: Diversified Asset Operations Base in Europe
DIVERSIFIED ASSET OPERATIONS BASE IN EUROPE 22,5 MW ELECTRICITY installed cogenerations FRANCE, BELGIUM & BOSNIA + NORWAY UNDER DEVELOPPEMENT 60 MV installed PV NORWAY HEAT FRANCE 4 MW installed GAS (incl. RNG) 300 FRANCE GWH NORWAY UNDER DEVELOPEMENT gas annual BELGIUM production FRANCE HYDROGEN FR
Slide 18: An Integrated Energy Producer Business Model
AN INTEGRATED ENERGY PRODUCER BUSINESS MODEL Develop: FDE uses local and industry expertise identify promising projects in the areas where it operates, through key factors like cost-effective land, permits, x grid capacity, and nearby offtake options. Early-phase investments are made in collaboratio
Slide 19: Backed by Experienced Management and Key Areas of Expertise
BACKED BY EXPERIENCED MANAGEMENT AND KEY AREAS OF EXPERTISE MANAGEMENT JULIEN MOULIN ANTOINE FORCINAL AURELIE TAN Executive Chairman CEO CFO BOARD MEMBER BOARD MEMBER 20 years’ experience 20 years’ experience 18 years’ experience in in M&A and fund in financing & management of E&P gas raising in the
Slide 20: Strong Financial Profile Built for Future Growth
STRONG FINANCIAL PROFILE BUILT FOR FUTURE GROWTH PROFITABLE GROWTH COMFORTABLE CASH POSITION – LOW DEBT LEVEL Revenues FY 2023 39,2 M€ Cash position 43 M€ Equity 74 M€ EBITDA 68% FY 2023 26,7 M€ Gross Debt1 68 M€ Net Debt / EBITDA 0,94 x EBITDA Margin Operational income SUPPORTING BANKING RELATIONSH
Slide 21: Electricity
ELECTRICITY Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 22: Electricity: Cogeneration and Solar Portfolio
ELECTRICITY: COGENERATION AND SOLAR PORTFOLIO COGENERATION SOLAR NORWAY 22,5 MW 60 MW* Installed (15 CHPs) Installed on 6 sites on 2 sites Focus Focus BELGIUM Anderlues Béthune FRANCE BOSNIA Solar PV Projects pipeline Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP * Gross 22
Slide 23: Cogeneration Business Model
COGENERATION BUSINESS MODEL OUR COMMERCIAL STANDARD CHP SITE 1,5 MW PARTNERS TOTAL CAPEX PER SITE – O/W FINANCED BY: Up to €2,5M INVESTMENTS • EQUITY 10 % Equity • DEBT 90 % Debt TIME TO MARKET 12 - 24 months REVENUES RECURRENT ANNUAL REVENUES PER SITE (BASED ON 10 YEARS FEED -IN TARIFF @ €900K €80/
Slide 24: Solar PV Business Model
SOLAR PV BUSINESS MODEL OUR COMMERCIAL PV SITE EXAMPLE 17 MW PARTNERS TOTAL CAPEX PER SITE – O/W FINANCED BY: > €10M INVESTMENTS • EQUITY 15 % Equity • DEBT 85 % Debt TIME TO MARKET 36 months REVENUES RECURRENT REVENUES PER SITE (BASED ON 10 YEARS FEED -IN TARIFF @ Min. €1,6M €80/MWH) COSTS OPEX PER
Slide 25: Cogeneration & Solar PV Development Plan
COGENERATION & SOLAR PV DEVELOPMENT PLAN PIPELINE OF COGENERATION PROJECTS PIPELINE OF SOLAR PV PROJECTS ROUVIGNIES ESCAUDAIN FOLSCHVILLER ENGENE Capacity: 4,5MW (3CHPs) Capacity: 4,5MW (3CHPs) Capacity: 7 MWc Capacity: 6 MWc Expected COD: 2025 Expected COD: 2027 Expected COD: 2026 Expected COD: 202
Slide 26: Electricity: 2030 Objectives
ELECTRICITY: 2030 OBJECTIVES Today 2030 Installed 82,5 MW X3,6 300 MW Capacity Today 2030 Countries In operation 3 5 Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 26
Slide 27: Heat
HEAT Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 28: Heat Development
HEAT DEVELOPMENT HEAT DERIVED FROM COGENERATION ACTIVITIES, SOLAR OR H2 Currently 2 Heat production sites in France Bethune: Since 2021, the city of Bethune is now equipped with one of the largest urban heating networks in France, supplied with abandoned BETHUNE mine methane. The waste heat is reinj
Slide 29: Gas
GAS Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 30: Gas: AMM and RNG Portfolio
GAS: AMM AND RNG PORTFOLIO ABANDONED MINE GAS PORTFOLIO RNG PORTFOLIO 707 220 GWh of AMM on 2 GWh sites of RNG on 7 sites in construction BETHUNE AVION LAERDAL BERGEN STAVANGER RNG Projects to be disclosed Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 30
Slide 31: RNG Business Model (Norway)
RNG BUSINESS MODEL (NORWAY) 2000 NM 3 /100 COMMERCIAL STANDARD RNG SITE GWH/year PROSPECTS TOTAL CAPEX PER SITE – O/W FINANCED BY: €35M European industrials INVESTMENTS • EQUITY 15 % Equity Global Maritime transport • SUBSIDIES 15 % Subsidies Traders • DEBT 70 % Debt Food and beverage industry TIME
Slide 32: RNG Development Plan
RNG DEVELOPMENT PLAN PIPELINE OF RNG PROJECTS STAVENGER PROJECT #4N PROJECT #1F Capacity: 101 GWh/year Capacity: 60 GWh/year Capacity: 65 GWh/year Expected COD: 2025 Expected COD: 2026 Expected COD: 2025 BERGEN PROJECT #5N PROJECT #2F Capacity: 101 GWh/year Capacity: 100 GWh/year Capacity: 65 GWh/ye
Slide 33: Gas: 2030 Objectives
GAS: 2030 OBJECTIVES Today 2030 Production 220 GWh X4,3 950 GWh Capacity Today 2030 Countries In operation 1 3 Today 2030 CAPEX X M€ X€ Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP < 3 ans 33
Slide 34: Hydrogen
HYDROGEN Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 35: Hydrogen Assets
HYDROGEN ASSETS BELGIUM GLOMFJORD FRANCE TBD STORD AGDER 1 low carbon H2 Project under development in France, converting gas reserves into Blue H2 associated with CCUS 1 natural H2 appraisal site in France - A larger portfolio under construction 1 renewable H2 site in production in Norway 1 low carb
Slide 36: Low Carbon Hydrogen: Lorraine
LOW LOWCARBON CARBON LORRAINE: 41HYDROGEN HYDROGEN SITES CERTIFIED BY SPROULE GERMANY Völkingen Sarrebrucken Valorisation options Dilingen Power MosaHYc pipeline BLEUE LORRAINE Gas GAS CONCESSION 87 billions m3 of gas Saint- Avold resources Heat Pontpierre Lachambre Headquarters First test site Hydr
Slide 37: Roadmap to Low Carbon Energy Production in Lorraine
ROADMAP TO LOW CARBON ENERGY PRODUCTION IN LORRAINE 2024 2025 2026 2027 Site 1: CBR- 1/TRIT-1 Low carbon energy Permitting * Construction Start-up Production * Authorisations to drill and produce / Re-enter and produce wells: ✓ Conversion of existing authorisations for the production lease requested
Slide 38: Low Carbon Energy Business Model - Lorraine
LOW CARBON ENERGY BUSINESS MODEL - LORRAINE COMMERCIAL 1st SITE Lachambre PROSPECTS €17M European industrials INVESTMENTS TOTAL CAPEX PER SITE – O/W FINANCED BY: Transport and Mobility • EQUITY 25 % Equity Traders • DEBT 75 % Debt TIME TO MARKET 18-36 months REVENUES GAS ANNUAL REVENUES PER SITE €5,
Slide 39: Low Carbon Energy Development Plan - Lorraine
LOW CARBON ENERGY DEVELOPMENT PLAN - LORRAINE 3 first sites of production including one CO2 injector, ramping up from site#1 to site#3 1. LACHAMBRE (existing site): 2 production wells, 1 CO2 injector 2. TRITTELING (existing site): 3 production wells, 1 CO2 injector 3. PONTPIERRE (new site): 8 produc
Slide 40: Low Carbon Hydrogen: Agder Hub Overview
LOW CARBON HYDROGEN: AGDER HUB OVERVIEW Seafront location close to the harbour in Kristiansand, making Elkem 1 it ideal for hydrogen supply to Industrial maritime customers Projected Site hydrogen Kristiansand is a logistics hub plant for multiple companies, making 2 the location attractive in the m
Slide 41: Renewable H2 Business Model
RENEWABLE H2 BUSINESS MODEL OUR COMMERCIAL STANDARD H2 SITE 20 MW PARTNERS TOTAL CAPEX PER SITE – O/W FINANCED BY: Up to €37M European industrials INVESTMENTS • EQUITY 10 % Equity Transport and Mobility • SUBSIDIES 40 % Subsidies Traders • DEBT 50 % Debt TIME TO MARKET 36 months REVENUES RECURRENT R
Slide 42: Natural Hydrogen
NATURAL HYDROGEN Significant discovery made in Folschviller (FOLS-1A) Dillingen « Trois Evêchés » Permit Application « Bleue Lorraine » Concession Saarstahl Application for the « Trois MosaHYc Evêchés » permit (>2000 km2) submitted: • Evaluation of potential • Pilot well • Production test and certif
Slide 43: Hydrogen: 2030 Objectives
HYDROGEN: 2030 OBJECTIVES Today 2030 Production 0 GWh 585 GWh Capacity Today 2030 Countries In operation 1 3 Today 2030 CAPEX 1 M€ Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP < 3 ans 43
Slide 44: FDE Investment Plan Secured and Fully Funded
FDE INVESTMENT PLAN SECURED AND FULLY FUNDED Planned investments 2024-2026 of c. 331 M€ (excluding Lorraine H2), based on current 100% Equity 19% of asset ownership (except for PV) Total < 64 M€ Capex Conservative ring- fenced project finance for decarbonated energy production assets: 8% of Subsidie
Slide 45: FDE Delivering on Its Objectives
FDE DELIVERING ON ITS OBJECTIVES 2026 AMBITIONS > 100 M€ annual revenues > 50 M€ TODAY’S STATUS EBITDA Reconfirmed > 10 M tons of CO2eq emissions avoided per year Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP < 3 ans 45
Slide 46: FDE's 2030 Growth Plan
FDE’S 2030 GROWTH PLAN EMISSIONS CO2 EQ Avoided annually EBITDA In €M ANNUAL REVENUES > 20 MT/y In €M > €85 M > €175 M Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 46
Slide 47: FDE Consensus
FDE CONSENSUS SELL SIDE COVERAGE ✓ BUY HAIB 61 Consensus: €70M TPICAP 82 Analyst: Veneta Nikolova Sales ODDO 56 veneta.nikolova@tpicap.com (in €m) H&P 79 FDE Guidance 100 ✓ BUY HAIB 43 Consensus: €44M Analyst: Cornelis Kik TPICAP 46 cornelis.kik@ha-ib.de EBITDA ODDO 35 (in €m) H&P 52 FDE Guidance 50
Slide 48: FDE Market Share Evolution and Liquidity
FDE MARKET SHARE EVOLUTION AND LIQUIDITY Share Price and Volumes traded 80 € 200000 180000 70 € 160000 60 € 140000 50 € 120000 40 € 100000 80000 30 € 60000 20 € 40000 10 € 20000 0€ 0 31-05-21 31-08-21 30-11-21 28-02-22 31-05-22 31-08-22 30-11-22 28-02-23 31-05-23 31-08-23 30-11-23 29-02-24 VOLUME Sh
Slide 49: FDE Listing
FDE LISTING KEY CORPORATE INFORMATION (as of 29th of May 2024 Closing) Listing Euronext Paris Share price €38,3 / share Shares outstanding 5,2 M Market capitalisation 189 M€ Ticker FDE FR0013030152 ISIN CODE NEXT SCHEDULED ANNOUNCEMENT FY 2024 Sales: 23rd of July 2024 Code Reuters : FDEL. PA – Code
Slide 50: Q&A – Thank you for your attention!
Q&A Thank you for your attention ! Tel : +33 (0)3 87 04 32 11 ir@francaisedelenergie.fr www.francaisedelenergie.fr