PARIS (Agefi-Dow Jones)–Renewable energy producer Neoen said on Monday that it expected a 20% to 25% increase in its gross operating surplus (EBITDA) in 2022, after recording a rebound of its net profit in 2021.
Neoen forecasts Ebitda between 360 million and 375 million euros in 2022, compared to 300.4 million euros in 2021. The Ebitda margin should be between 85% and 90% this year, compared to 90% in 2021.
This forecast includes the contribution of asset disposals within the group’s secure portfolio of projects, for an amount that will not exceed 20% of Ebitda, the group said in a press release.
The green electricity producer has also confirmed its medium-term growth objectives, in particular its ambition to reach at least 10 gigawatts of capacity in operation or under construction in 2025.
The group’s Chairman and CEO, Xavier Barbaro, said during a conference call that Neoen intended to strengthen its portfolio of projects in the countries where it is already present, particularly in Europe, where governments are working on reducing their dependence on Russian gas. He notably cited Finland and Italy, but also France where the group recently won 92.5 megawatts-peak of solar projects. Faced with the challenges of energy sovereignty, the renewable sector is “the only one that can accelerate in the short term”, underlined the leader.
In 2021, Neoen’s gross operating surplus stood at 300.4 million euros, up 11% over one year and within the range of 295 to 310 million euros set by the group. This result includes 50 million euros of net capital gains related to the sale of four solar power plants and two wind projects in France.
The group’s current operating profit was €189.6 million, up 18%, and its net profit rebounded to €41 million in 2021, from €3.9 million in 2020. .
According to a consensus made by FactSet, analysts were expecting a net profit of 32.8 million euros and an Ebitda of 296.5 million euros.
Neoen’s turnover, already published, stood at 333.6 million euros in 2021, up 12% compared to 2020.
Net cash flow generated by operating activities amounted to €276 million, an improvement of €53.7 million compared to 2020. As of December 31, the cash position stood at €592.5 million euros, against 374.9 million a year earlier.
The group will propose, for the first time since its creation in 2008, the payment of a dividend of 0.10 euro per share for the past financial year.
-Francois Schott, Agefi-Dow Jones; 01 41 27 47 92; [email protected] ed: LBO
NEOEN FINANCIAL RELEASES:
https://www.neoen.com/en/financial-information#publications-en
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March 14, 2022 13:44 ET (17:44 GMT)