2022 FULL-YEAR RESULTS
Neoen reports a strong increase in its 2022 results and moves closer to its year-end 2025 target of over 10 GW
- 2022 revenue rose 51% to €503.2 million, including a 63% increase in the fourth quarter
- Adjusted EBITDA1 moved up 38% to €414.0 million, in line with the stated target2
- Adjusted net income3 rose 19% to €48.0 million
- Neoen’s secured portfolio4 grew by more than 1.3 GW to 7.4 GW at year-end 2022, including6.6 GW in operation or under construction.
- The total portfolio5 was 19.3 GW (excluding early-stage projects), up 5.4 GW compared to end-December 2021
- Neoen is proposing a dividend of €0.125 per share, representing a 25% increase versus the previous year
- Update on the 2021-2025 strategic roadmap to be presented today (see separate press release)
Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading independent producers of exclusively renewable energy, is presenting its consolidated and audited full-year results for the financial year ended December 31, 2022. The financial statements were approved by the Board of Directors on February 28, 2023.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “Neoen delivered a very solid operational and financial performance in 2022, with our adjusted EBITDA rising 38% to €414 million. We also continued to develop our project portfolio, the cornerstone of our future growth. We won several government tenders and signed PPAs with corporates looking to achieve a greener energy mix and to secure their electricity supply. We also launched the construction of projects representing over 1.1 GW in capacity and commissioned close to 600 MW in assets. Overall, our secured portfolio grew by more than 1.3 GW to 7.4 GW at year-end. We scaled up our positions in Australia, France, Finland and Portugal and now have assets in two new countries – Canada and Sweden. Lastly, we have further differentiated ourselves as we significantly increased our storage capacity and devised contracts which provide our customers with innovative services, capitalizing on both the potential of our batteries and our expertise in energy management. I’d like to congratulate Neoen’s teams on their highly impressive accomplishments during the year.”
1 – Adjusted EBITDA corresponds to current operating income, which includes the net proceeds from asset disposals from the secure portfolio as part of the farm-down activity restated for:
– current operating depreciation, amortization and provisions,
– the expense resulting from application of IFRS 2 – “Share-based payments”, and
– the change in the fair value of energy derivatives.
See the “Adjustment made to Neoen’s key performance indicators” section on page 4 of this document
2 – On February 1, 2023, Neoen announced that its 2022 adjusted EBITDA was expected to be slightly over €410 million, ahead of the guidance range of between €390 million and €410 million given in November 2022. This target was raised twice during the year, having originally been set in a €360–375 million range in March 2022.
3 – Adjusted net income reflects net income restated for the change in the fair value of energy derivatives and related tax effects.
4 – Assets in operation, under construction and projects awarded
5 – Advanced pipeline and secured portfolio