DJ ENOGIA: First-half 2024 results
ENOGIA ENOGIA: First-half 2024 results 09-Sep-2024 / 07:45 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- First-half 2024 results - Revenue up 53% at EUR3.6 million - EBITDA at breakeven in the first half of 2024 - Confirmation of all financial targets: -- Growth > 50% in 2024 -- EBITDA at breakeven in FY 2024 Marseille, 9 September 2024 - 8 a.m. ENOGIA (ISIN code: FR0014004974 - ticker: ALENO, an expert in micro-turbomachinery for the energy transition, is reporting its interim 2024 results, approved by the Board of Directors on 6 September 2024. First-half 2024 results In EUR thousands H1 2023 H1 2024 Change Revenue 2,352 3,602 +53% EBITDA[1] (1,497) 135 +1,631 Operating profit/(loss) (2,216) (591) +1,625 Net financial income/(expense) (59) (117) -58 Net exceptional income/(expenses) 372 8 -364 Tax credits 96 190 +94 Net profit/(loss) (1,807) (510) +1,297
Orders received from a broadly diversified customer base totalled EUR4.4 million in the first half of 2024, bringing the order book to EUR7.5 million at 30 June 2024.
ENOGIA's H1 2024 revenue amounted to EUR3.6 million, up 53% compared with the same period in 2023. Exports accounted for 81% of revenue, compared with 96% in the first half of 2023, with the Chantiers de l'Atlantique contract increasing the contribution from France.
Sustained momentum maintained in both businesses
The ORC Modules business generated revenue of EUR3.0 million over the period, an increase of 34%. Its growth was driven by the completion of several significant orders in both the geothermal sector - such as the ongoing project with Taiwan Cement Corporation (TCC) - and the maritime transport sector. The first half was also marked by the completion of the German anaerobic digestion contract, with the 40 ORC modules now in operation.
Innovative Turbomachinery division continued to expand, with revenue increasing almost fivefold to EUR0.6 million in the first half of 2024, driven by the need for decarbonisation solutions and a particular focus on supercritical CO2 turbomachinery and Carnot battery energy storage.
Significant improvement in operating profitability
ENOGIA's profitability increased significantly in the first half of 2024, reflecting business growth combined with major efforts to improve operational efficiency. As a reminder, the Company launched a three-pillar plan at the beginning of 2023: - A reorganisation, now fully completed, resulting in a leaner structure, the creation of a dedicated "ORCStandard" business unit and the refocusing of the turbomachinery business on the provision of services. - A reduction in fixed costs by adjusting headcount, cutting overheads and marketing expenses, andrationalising premises to achieve total annual savings of EUR1.5 million - 90% of which has now been achieved. - An increase in gross margins, mainly reflecting the impact of series production of ORC modules, productre-engineering and supplier negotiations. The full impact of this work on gross margin, which currently stands at70%, is expected in 2025.
Over the first half of 2024, the Company's personnel expenses decreased by 13% to EUR1.5 million, reflecting the adjustment of the headcount. At the same time, the increase in external purchases and expenses (up 6.8% at EUR2.7 million) was very limited given the increase in sales.
Cash-flow was positive for the first time at EUR0.03 million. EBITDA was also positive in the first half, at EUR0.1 million, compared with a loss of EUR1.5 million for the same period in 2023. The operating loss was EUR0.6 million, after EUR0.7 million in depreciation and amortisation, and the net loss was EUR0.5 million, compared with a loss of EUR1.8 million in the first half of 2023.
On the balance sheet, shareholders' equity was EUR7.1 million at 30 June 2024. With gross cash of EUR2.4 million, net debt was EUR4.1 million (compared with EUR2.6 million a year earlier), including the EUR2.3 million March 2024 bond issue via the LITA.co platform dedicated to companies committed to the sustainable economy (press release dated 18 January 2024).
Outlook: targets for 2025 confirmed
After this first half perfectly in line with its ambitions, the Company is confident that it can continue to deliver sustained growth in revenue and profitability.
A new pillar of the 'focus Top line' operational efficiency plan has been implemented since the beginning of the year. It is based on the recruitment of specific profiles (key account and international sales staff, etc.), the strengthening of relationships with distributors and the promotion of the Greenshield offer. The result will be an increase in both order intake and recurring revenue, with the full impact expected in 2025 and beyond.
Against this backdrop, ENOGIA confirms its expectation of revenue growth averaging more than 50% per year in both 2024 and 2025.
In terms of profitability, the Group confirms its EBITDA breakeven target for the current financial year, thanks to business growth combined with the full impact of the operational efficiency plan.
Finally, ENOGIA still expects to post positive free cash flow by 2025.
Find all of ENOGIA's news on https://enogia.com/investisseurs
About ENOGIA
ENOGIA responds to the major challenges of the ecological and energy transition with its unique and patented technology
of compact, light and durable micro-turbomachinery. As the French leader in heat-to-electricity conversion with its
wide range of ORC modules, ENOGIA enables its customers to produce decarbonised electricity and to recover waste or
renewable heat. With sales in more than 25 countries, ENOGIA continues to prospect for new customers in France and
internationally. Founded in 2009 and based in Marseille, the company has a strong commitment to CSR (rated "Advanced"
by EthiFinance). It employs around 50 people involved in the design, production and marketing of environmentally
friendly technological solutions.
ENOGIA is listed on Euronext Growth Paris.
Ticker: ALENO. ISIN code: FR0014004974. LEI: 969500IANLNITRI3R653.
Contacts
ENOGIA SEITOSEI.ACTIFIN
Antonin Pauchet Deputy SEITOSEI.ACTIFIN
CEO Marianne Py Isabelle Dray Press
antonin.pauchet@enogia.com04 84 25 60 Investor relations relations
17 marianne.py@seitosei-actifin.fr isabelle.dray@seitosei-actifin.com
01 80 48 25 31 01 56 88 11 29
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[1] EBITDA is operating profit before depreciation, amortisation and provisions, and after capitalised production. It is an aggregate that illustrates a company's ability to finance its operations beyond its financing structure and taxation.
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Regulatory filing PDF file File: First-half 2024 results
1983623 09-Sep-2024 CET/CEST
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September 09, 2024 01:45 ET (05:45 GMT)
