(AOF) – Neoen, an independent producer of exclusively renewable energy, announces unaudited turnover of 397.5 million euros for the first nine months of 2023, up 12% compared to the first nine months of 2022. At constant exchange rates, it increased by 16%. The turnover of the wind activity, the main contributor to the group’s consolidated turnover (up to 45% over the first nine months of 2023 compared to 40% over the first nine months of 2022), increased by 28 %.
During the first nine months of 2023, the group put two major projects into operation in Australia, with the Western Downs solar farm (460 MWp), and the Kaban wind farm (157 MW). In France, seven solar power plants with a total capacity of 89 MWp as well as two wind farms with a total capacity of 41 MW have also entered into operation.
Over the period, electricity production amounted to 5.5 TWh over the first nine months of 2023, up 32% compared to the first nine months of 2022.
On the outlook side, the group confirmed its 2023 adjusted EBITDA target, which it now expects towards the middle of the initial range of 460 to 490 million euros, with an adjusted EBITDA margin rate above 80%.
Neoen finally reiterates its ambition to see its adjusted EBITDA exceed 700 million euros in 2025 as well as its objective of reaching more than 10 GW of capacity in operation or under construction by the end of 2025.
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Key points
– First independent French producer of exclusively renewable energies founded in 2008;
– Turnover of €333.4 million, generated in 15 countries, including 50% in Australia, and coming 49% from solar, 41% from wind and 10% from storage;
– Portfolio of 13.9 GW, including 5.4 GW of assets in operation or construction;
– “Development to own” business model: integrated with a presence in the 4 phases of asset life – development, financing, project management and operations: operating in countries with network parity, with sales contracts for long-term PPA electricity,
– Capital held at 42.16% by Impala (holding of the Veyrat family) and 0.84% by Cartusia (holding of the Barbaro family) acting in concert, ahead of the FSP (6.92%) and the BPI (4. 39%), Xavier Barbaro being president and CEO of the 8-member board of directors;
– Balance sheet strengthened by the capital increase of March 2023
Challenges
– 2023-2025 roadmap with identified financial objectives: capacity in operation or construction of + 10 GW including 5 GW in 2023, annual investments of around €5.3 billion, hence regular fundraising, increase operating profit of +20% in 2022 then double digits;
– Innovation strategy: carried out in partnership with customers during pilot projects, innovative in nature, identifying cost reduction and energy storage technologies;
– “Sustainable Framework” environmental strategy: Corporate pillar for reducing the carbon footprint, Projects pillar for managing environmental issues and recycling of installations, launch of green loans;
– Strong position in lithium-ion battery storage (Capacity of 1 GW) developed in partnership in Australia, Scandinavia, France and America
;
– Economic model backed by long-term electricity sales contracts and benefiting from the context of high market prices (immediate increase in revenue on electrons sold on the markets and additional demand for long-term contracts);
–
Visibility with a pipeline of 11.9 GW of advanced projects, including 7.4 GW secured with upcoming geographic expansion in Germany, Italy, Croatia and Ecuador.
Challenges
– Activity driven by regulations favorable to renewable energies;
– Expected capital gains from “farm-out” – partial or even total transfers of secure assets;
–
After a 42% gain in revenues on 1
er
quarter, raising the 2023 objective of an operating profit between €460 and €490 million with an operating margin close to 80%;
– 2022 dividend of €0.125, up 25%, payable in cash or shares, with a desire for a progressively increasing distribution until 2025.