KKR-targeted Albioma posts 23% jump in H1 revenue

Albioma - thermal power generation from biomass

July 27 (Renewables Now) - Albioma SA (EPA:ABIO), the French renewable energy producer that is the target of a takeover bid from US buyout firm KKR & Co Inc (NYSE:KKR), on Tuesday reported a 9% decline in attributable net profit for the first half of 2022 despite a 23% rise in revenue.

More specifically, the company posted a net profit attributable to owners of the parent of EUR 21.4 million (USD 21.7m) on group revenue of EUR 328.3 million. The increase in revenue is attributed primarily to a surge in fuel prices in a context of post-COVID economic recovery combined with a decrease in supply since the onset of Russia’s invasion of Ukraine.

Excluding the fuel price effect, the top line was stable with a slight increase of 1%. Higher costs and operating expenses have had a negative impact on the bottom line.

More details are available in the table below.

Figures in EUR million H1 2022 H1 2021
Group revenue 328.3 267.7
EBITDA 99.0 99.4
Net profit attributable to owners of the parent 21.4 23.5

The company has a Thermal Biomass business in France and Brazil, and also operates solar power plants at home, in French Guiana and Mayotte, as well as geothermal energy facilities in Turkey.

Albioma reiterated its EBITDA guidance of EUR 210 million-220 million and attributable net profit of EUR 52 million-60 million for 2022. This excludes transaction costs in the event of a successful friendly takeover offer by KKR.

On June 23, the US buyout group launched its board-recommended tender offer for all shares and warrants of Albioma. The proposal is priced at EUR 50.00 per share, excluding a cash dividend of EUR 0.84, and EUR 29.10 per Albioma warrant (BSAAR). The bid is scheduled to close today and if KKR secures at least 90% of the share capital and voting rights of Albioma, it will be followed by a squeeze-out procedure.

(EUR 1 = USD 1.012)

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