DJ Charwood Energy: Business volume up in 2023
Charwood Energy Charwood Energy: Business volume up in 2023 29-Feb-2024 / 17:40 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Press release Saint-Nolff, 29 February 2024 Business volume up in 2023 Charwood Energy (ISIN: FR001400AJ60, ticker: ALCWE), a French company specializing in custom solutions for recovering energy from biomass, is publishing its business volume for fiscal year 2023. In millions of euros, unaudited data 2023 2022 Revenue 4.2 4.9 Other operating income 2.3 0.6 Total business activity 6.5 5.5
Business volume up 18%
Charwood Energy recorded a business volume[1] of EUR6.5m for 2023, up 18% compared with 2022. The total breaks down into EUR4.2m in revenue and EUR2.3m in other income.
Revenue was generated entirely on behalf of third parties, with the design, construction and installation of bespoke energy solutions using biomass, for external customers including farms, manufacturers and local authorities.
Other income breaks down as follows:
-- Stored production of EUR1.2m for a gasification unit intended for future sale, pending the signing of thecontract;
-- Capitalized production of EUR1.1m, for development costs incurred in R&D at the Colpo innovation center ofEUR0.7m, and other development costs of EUR0.4m.
In third-party business, further significant operational progress was achieved in 2023:
-- Launch of the construction of a hygienization unit coupled with a biomass boiler unit for a siteproducing biomass via anaerobic digestion operated by a group formed by a municipality and 15 farms in Normandy;
-- Construction of a biomass boiler unit coupled with a heat network for a large poultry farm in the Sarthedepartment;
-- Construction, following the signing of the order in April, of a biomass boiler unit for a large poultryfarmer in the Mayenne department;
-- Commissioning of a hygienization unit coupled with a biomass boiler unit for the Methadomf site in theNormandy region;
At the end of the fiscal year, the Group recorded a secure order book[2] on behalf of third parties totaling EUR1.8m, deliverable and billable in 2024.
Other projects are in advanced discussions and should be announced in first-half 2024.
In own-account business, five power plants are under development, including one for Verallia France, the construction of which is expected to start in H2 2024, with commissioning planned for the summer of 2025. Once commissioned, these five power plants will generate ARR[3] of nearly EUR7.7m from the sale of energy.
In addition, in October 2023, the Group acquired[4] a 40% stake in LG Concept with a view to controlling its renewable biomass supply with a regional player well-established in the region that responds to customers' energy challenges.
Outlook for 2024
Business momentum is expected to remain strong in 2024, driven by a structurally favorable market. New projects for the development of renewable energy production plants are currently under review and will feed into the order book for the year.
2027 ambitions confirmed
Benefiting from a buoyant business environment and powerful commercial momentum, Charwood Energy is confirming its ambitions for 2027:
-- Revenue of EUR100m, of which around 60% from own-account business;
-- 50 directly owned plants in operation and under construction, for estimated ARR[5] of EUR90m.
Next publication: 2023 annual results, 29 April 2024 after the close of trading.
About Charwood Energy
Convinced that biomass is a key response to the challenges of the energy transition, Charwood Energy designs, installs and maintains tailored solutions for the production of biomass renewable energy.
Charwood Energy boasts a wealth of technical know-how and expertise in all biomass recovery technologies, including heating and heat networks, anaerobic digestion, and pyrogasification.
Positioned since 2019 in the promising area of pyrogasification technology, Charwood Energy is now also involved in the development and operation of proprietary pyrogasification units aiming to produce and sell green gas, biochar and carbon credits to industrial customers under direct purchasing contracts.
The company is listed on Euronext Growth® Paris (ISIN: FR001400AJ60; Ticker: ALCWE) - Eligible for PEA PME equity savings plans - Certified as an "Innovative Company" by Bpifrance.
To find out more: https://charwood.energy/investisseurs
Contacts
SEITOSEI.ACTIFIN
SEITOSEI.ACTIFIN
Investor Relations
CHARWOOD ENERGY Press Relations
Ghislaine Gasparetto
investisseur@charwood.energy Michael Scholze
charwood@seitosei-
+ 33 2 97 26 46 30 michael.scholze@seitosei-actifin.com
actifin.com
+ 33 1 56 88 11 14
+33 1 56 88 11 22
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[1] Total business volume in 2023 was adjusted following the application since H2 2022 of a new accounting method for recognizing revenue on a percentage-of-completion basis. 2022 annual revenue remains unchanged.
[2] Total order book for signed projects deducted from revenue already recorded as work progresses.
[3] ARR: annual recurring revenue, i.e. the revenue generated by the power plants once in operation, on an annualized basis.
[4] See press release of 4 October 2023.
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Regulatory filing PDF file File: EN PR_Charwood_Energy_2023_revenues_final
=-------------------------------------------------------------
Language: English
Company: Charwood Energy
1 Rue Benjamin Franklin - P.A. de Kerboulard
56250 Saint-Nolff
France
Phone: 0297264630
E-mail: contact@energy.bzh
ISIN: FR001400AJ60
Euronext Ticker: ALCWE
AMF Category: Inside information / Other releases
EQS News ID: 1848863
End of Announcement EQS News Service
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1848863 29-Feb-2024 CET/CEST
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February 29, 2024 11:40 ET (16:40 GMT)
