Voltalia SA : Q2 2021 revenues: +68% to 87 million euros
Q2 2021 revenues: +68% to 87 million
euros
Continued strong growth in the second
quarter
- Energy sales:
+62%. Increased installed capacity and good resource levels in
Brazil compared to Q2 2020
- Services to
third-party clients: +79%. Dynamic Development and Construction
activity mainly in France, Portugal and Greece
- The second
quarter confirms the momentum of the first quarter, with cumulative
revenues during the first half of the year up by +70%.
Short and medium term objectives and ambitions
reiterated
- 2021: normalised
EBITDA1 target of around 170 million euros
- 2023: 2.6 GW in
operation and under construction and normalised EBITDA of 275-300
million euros
Voltalia (Euronext
Paris, ISIN code: FR0011995588), an international player in
renewable energies, announces today its revenues for the second
quarter and first half of 2021.
"In line with the first quarter of 2021, we have
achieved another quarter, benefiting both from a better level of
resources compared to the same period last year and from the very
strong growth of our installed base, which now stands at almost 1.3
gigawatts. Although there are still challenges ahead, particularly
with regard to the health situation, which has not yet stabilised,
this good level of revenue and the seasonality inherent in our
business mean that we can once again confirm our 2021 objectives
and 2023 ambitions," commented Sébastien Clerc,
Voltalia’s CEO.
Revenues for the second quarter and
first half of 2021
In €
million |
Q2 2021 2 |
Q2 2020 |
Change at current
rates |
Change at constant rates 3 |
H1 2021 |
H1 2020 |
Change at current
rates |
Change at constant rates* |
Energy sales |
52.4 |
32.3 |
+62% |
+70% |
92.8 |
62.5 |
+49% |
+66% |
Services |
64.2 |
29.2 |
+120% |
+121% |
93.5 |
50.4 |
+86% |
+88% |
Eliminations 4 |
-29.5 |
-9.9 |
+200% |
+205% |
-35.4 |
-24.2 |
+46% |
+51% |
Consolidated revenues |
87.0 |
51.7 |
+68% |
+73% |
150.9 |
88.7 |
+70% |
+83% |
*The average EUR/BRL exchange rate at which
revenues for the first half of 2021 have been determined is
6.49.
BUSINESS REVIEW
Q2 2021 consolidated revenues amount to 87.0
million euros, up +68% at current exchange rates and +73% at
constant exchange rates. H1 2021 consolidated revenues amount to
150.9 million euros, up +70% at current exchange rates and +83% at
constant exchange rates. Energy sales, which amount to 92.8 million
euros, and Services, which amount to 93.5 million euros, of which
58.1 million euros for external revenues alone, contributed 61% and
39% respectively to the consolidated revenues for the half year.
Revenues outside Brazil accounted for 67% of total consolidated
revenues for the period.
ENERGY SALES
Operational indicators: strong
production growth due to better resource in Brazil and strong
growth in installed capacity
|
Q2 2021 |
Q2 2020 |
Variation |
H1 2021 |
H1 2020 |
Variation |
Production (in GWh) |
827 |
513 |
+61% |
1,622 |
915 |
+77% |
Installed capacity (in MW, end of period) |
|
|
|
1,265 |
820 |
+54% |
Wind load factor in Brazil 5 |
38% |
32% |
+6pts |
42% |
31% |
+11pts |
Wind load factor in France5 |
22% |
23% |
-1pt |
25% |
31% |
-6pts |
Solar load factor in France5 |
22% |
23% |
-1pt |
17% |
18% |
-1pt |
Revenues for H1 2021 reached
92.8 million euros, up +49% at current exchange rates, driven by a
better level of resources compared to the same period of the year -
with wind in Brazil being close to the long-term average wind
level, whereas Q1 2020 had seen significantly below average - and
by the increase in installed capacity in operation in the different
regions. This reached 1,265 MW at the end of June 2021. Growth at
constant exchange rates was +66%, reflecting a Brazilian real still
weak against the euro, in the wake of the global health and
economic crisis, although gradually improving since the beginning
of the year. The average EUR/BRL rate was 6.49 in H1 2021, compared
to 5.4 in H1 2020.
Q2 2021 revenues reached 52.4
million euros, up +62% at current exchange rates compared to Q2
2020 and +70% at constant exchange rates.
By country :
-
In Brazil, production increased by +64%. This growth was driven
both by the +23% increase in production at the historical plants
(including VSM 1, which was fully connected to the grid during Q2
2020) and by the connection of the new plants: mainly VSM2,
connected during H2 2020, and to a lesser extent by VSM 3 and 4,
which were commissioned at the end of Q1 2021 and Q2 2021,
respectively, and which fully contributed to the Group's production
at the end of June 2021;
-
In France, the slight decrease in wind resources was largely offset
by the increase in installed capacity, whether in wind (Sarry),
solar (Jonquières and Cabanon) or biomass (Cacao);
-
In the other countries (United Kingdom, Belgium, Portugal, Spain,
Italy, Greece, Jordan, Egypt), Voltalia benefited from a constant
level of irradiation as well as the new and significant
contribution of the Jordanian plants acquired in the third quarter
of 2020.
SERVICES
H1 2021 total Services revenues
(internal and external) amount to 93.5 million euros, up +86% at
current exchange rates and +88% at constant exchange rates. This
high level of both external and internal revenues reflects the
intensity of the construction activity. External revenues on behalf
of third parties increased by +121% to 58.1 million euros.
Q2 2021 revenues (internal and
external) reached 64.2 million euros, up +120% at current exchange
rates and +121% at constant exchange rates compared to Q2 2020:
- Total Development
and Construction revenues reached 57.1 million euros, up +143% at
current rates compared to Q2 2020. In line with Q1 2021, Voltalia
recorded strong construction activity for third-party clients
projects in France, Portugal and Greece. In Q2 2021, almost 200 MW
were under construction for third-party clients. Internal activity
also increased strongly, mainly reflecting the completion of the
Cacao biomass plant in French Guiana and the start of construction
of the Hallen SSEB storage plant in the UK.
- Operation &
Maintenance revenues amounted to 7.1 million euros, up +23% at
current rates. At the end of June 2021, Voltalia was operating 2 GW
on behalf of third-party clients, a stable level compared to the
end of June 2020.
H1 and Q2 2021 revenue
eliminations amount to respectively 35.4 million euros
(+46% at current exchange rates and +51% at constant exchange
rates) and 29.5 million euros (+200% at current exchange rates and
+205% at constant exchange rates), reflecting internal construction
sales that were largely concentrated in the second quarter.
RECENT DEVELOPMENTS
(selected)
- Adoption of
the Mission-Driven6
company status in
line with the French
PACTE law
Six years ago, Voltalia defined its Purpose:
improve the global environment fostering local
development. Largely approved by the shareholders (99.98%)
during the General Meeting held on May 19, Voltalia has
chosen, by becoming a Mission-driven Company, to align its
activity with its bylaws by including, in addition to its Purpose,
three environmental and social objectives that it will pursue as
part of its activity.
- New 170
million euros syndicated loan7
The loan, with a maturity of five years, is
composed of a revolving credit facility (for two thirds) and a term
loan that can be drawn down for two years (for one third). It also
benefits from a swingline sub-limit and an accordion
clause allowing the amount to be increased during the life of the
loan. This new syndicated loan brings the total amount of
credit facilities available to the Group to 350 million euros, in
addition to the dedicated project financing. It is intended to
strengthen the Group's financial flexibility in the context of its
continued growth.This new credit line replicates the innovative
framework of the one put in place in 2019: its interest rate may be
subsidized depending on the achievement of certain Environmental,
Social and Governance (ESG) criteria.
- Brasil:
full power for VSM2, VSM3 and VSM4 (339 MW) and sale of VSM2 et
VSM4
The VSM2 wind farm (128 MW)8 was fully
commissioned on April 8, 2021. VSM39 wind farm has reached
full power (152 MW) on June 28, 2021. Electricity production,
sold until the end of June 2021 through short-term contracts, is
since July 1, sold through a 20-year fixed-price inflation-indexed
contract with an electricity distribution company.The VSM4 wind
farm (59 MW) has also entered into service in its entirety last
June 28. VSM2 and VSM410 will be 100% sold by November 30,
2021 to the utility company Copel, serving 4.8 million customers in
395 municipalities and 1,113 localities. Voltalia's teams will
continue to operate and maintain these two wind farms after their
transfer.
- France: a
global partnership with Auchan
Retail11
Voltalia and its
subsidiary Helexia will support Auchan
Retail on all its sites to contribute to
its energy transition and to achieve
its climate goals.It will be a significant contribution
for Auchan Retail to achieve its carbon footprint and conventional
energy consumption reduction goals. The ambition is to achieve a
100%-renewable energy consumption and to reduce to 40% its
electricity intensity by 2030, compared to 2014 reference year.
- French
Guiana: a mixed photovoltaic and battery storage power
plant12
Voltalia is the sole winner of the fifth
period of the CRE 4 tender for non-interconnected areas for ground
based solar power plants in French Guiana. Thanks to this
new contract, Toco complex confirms its
position as the largest battery storage
complex in France with a capacity
of 25.6 MWh.The project, called “Parc Sable Blanc”,
combines a 5 MW photovoltaic power plant with a lithium-ion battery
storage facility with a capacity of 5 MW and of 9.3 MWh.
- United
Kingdom: start of construction of the South Farm solar power
plant13
In November 2020, the City of London Corporation
signed a power purchase agreement with Voltalia under which the
governing body of the Square Mile will buy all the electricity
produced by a new-build solar farm for 15 years.The deal, the first
of its kind in the UK to be signed directly between a renewables
producer and a governing authority, will help City of London
provide cheaper, sustainable and more secure electricity supply
protected from the price volatility of energy markets. The
solar plant will have a total capacity of 49.9 MW – enough to power
the equivalent of 15,000 UK homes – and will provide over half the
City Corporation’s electricity
needs. The commissioning is expected in the course
of 2022.
CONFIRMATION OF 2021 AND 2023 OBJECTIVES
AND AMBITIONS
With regards to this high level of revenues and
the seasonality inherent in the Group’s energy sales, Voltalia
confirms its 2021 objective of a normalised EBITDA of around 170
million euros in 2021 and its ambitions of 2.6 GW in operation or
under construction by the end of 2023 and a normalised EBITDA of
EUR 275-300 million.
|
2021 |
2023 |
Capacity |
- |
2.6 GW in operation or under construction |
Normalised
EBITDA |
~170 million euros |
275-300 million euros |
"Normalised": with an average wind, solar, hydraulic resource
equals to the very long-term average and an average EUR/BRL
exchange rate of 6.3 |
Forward-Looking Statements This press release
contains certain forward-looking statements relating to the
business of Voltalia, which shall not be considered per se as
historical facts, including the ability to manufacture, market,
commercialize and achieve market acceptance for specific projects
developed by Voltalia, estimates for future performance and
estimates regarding anticipated operating losses, future revenues,
capital requirements, needs for additional financing. In addition,
even if the actual results or development of Voltalia are
consistent with the forward-looking statements contained in this
press release, those results or developments of Voltalia may not be
indicative of their in the future.In some cases, you can identify
forward-looking statements by words such as "could," "should,"
"may," "expects," "anticipates," "believes," "intends,"
"estimates," "aims," "targets," or similar words. Although the
management of Voltalia believes that these forward-looking
statements are reasonably made, they are based largely on the
current expectations of Voltalia as of the date of this press
release and are subject to a number of known and unknown risks and
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievement expressed or implied by
these forward-looking statements. In particular, the expectations
of Voltalia could be affected by, among other things, uncertainties
involved in Voltalia’s produced electricity selling price, the
evolution of the regulatory context in which Voltalia operates and
the competitiveness of renewable energies or any other risk and
uncertainties that may affect Voltalia’s production sites’ capacity
or profitability of as well as those developed or identified in any
public documents filed by Voltalia with the AMF, included those
listed in section 2.2 “Risk factors” of the 2020 Universal
Registration Document filed with the French financial market
authority (the Autorité des marchés financiers – the “AMF”) on
April 19, 2021. In light of these risks and uncertainties, there
can be no assurance that the forward-looking statements made in
this press release will in fact be realized. Notwithstanding the
compliance with article 223-1 of the General Regulation of the AMF
(the information disclosed must be “accurate, precise and fairly
presented“), Voltalia is providing the information in these
materials as of this press release, and disclaims any intention or
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Installed
capacity as of end
of June 2021
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid* |
30 June 2021 |
30 June 2020 |
Brazil |
920.3 |
|
|
|
16.0 |
920.3 |
596.3 |
Egypt |
|
32.0 |
|
|
|
32.0 |
32.0 |
Jordan |
|
57.0 |
|
|
|
57.0 |
- |
France |
64.2 |
85.0 |
|
4.5 |
|
153.7 |
130.4 |
French Guiana |
|
17.1** |
7.2 |
5.4 |
|
29.7 |
13.3 |
Greece |
|
4.7 |
|
|
|
4.7 |
4.7 |
United Kingdom |
|
7.3 |
|
|
|
7.3 |
7.3 |
Portugal |
|
14.9 |
|
|
|
14.9 |
9.3 |
Italy |
|
10.8 |
|
|
|
12.3 |
10.2 |
Belgium |
|
13.1 |
|
|
|
13.1 |
11.6 |
Spain |
|
5.1 |
|
|
|
5.1 |
4.5 |
Total |
984.5 |
247.1 |
7.2 |
9.9 |
16.0 |
1,264.7 |
819.6 |
*4 MW of solar and 12 MW of thermal**Including
the Toco storage complex
Capacity under
construction as of end of
June 2021
Name of the project |
Capacity |
Techno. |
Country |
Canudos 1 |
99.4 |
Wind |
Brazil |
Kopere |
50.0 |
Solar |
Kenya |
South Farm Solar |
49.9 |
Solar |
United Kingdom |
Hallen SSEB |
32.0 |
Storage |
United Kingdom |
Helexia |
8.3 |
Solar |
Europe |
Carrières des Plaines |
8.0 |
Solar |
France |
Total (in MW) |
247.6 |
|
|
Power production
as of end of June
2021
(In GWh) |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
S1 2021 |
S1 2020 |
Brazil |
1,303.9 |
|
|
|
20.6* |
1,324.5 |
706.0 |
Egypt |
|
39.9 |
|
|
|
39.9 |
38.5 |
Jordan |
|
68.1 |
|
|
|
68.1 |
- |
France |
76.2 |
56.1 |
|
1.6 |
|
133.9 |
126.2 |
French Guiana |
|
4.2 |
13.7 |
7.4 |
|
25.3 |
14.7 |
Greece |
|
3.5 |
|
|
|
3.5 |
3.6 |
United Kingdom |
|
4.2 |
|
|
|
4.2 |
4.7 |
Portugal |
|
8.2 |
|
|
|
8.2 |
3.1 |
Italy |
|
6.3 |
|
|
|
6.3 |
6.4 |
Belgium |
|
5.9 |
|
|
|
5.9 |
7.0 |
Spain |
|
2.8 |
|
|
|
2.8 |
2.1 |
Total |
1,380.1 |
199.1 |
13.7 |
8.9 |
20.6 |
1,622.5 |
915.2 |
*Including solar production from Oiapoque
Next meeting: First half 2021
results, 23 September 2021 before market
About Voltalia
(www.voltalia.com) |
Voltalia is an international player in the renewable energy sector.
The Group produces and sells electricity generated from wind,
solar, hydraulic, biomass and storage facilities that it owns and
operates. Voltalia has generating capacity in operation and under
construction of more than 1.5 GW and a portfolio of projects under
development representing total capacity of 9.7 GW. Voltalia is also
a service provider and supports its investor clients in renewable
energy projects during all phases, from design to operation and
maintenance. As a pioneer in the corporate market, Voltalia
provides a global offer to private companies, ranging from the
supply of green electricity and energy efficiency services to the
local production of their own electricity. The Group has more than
1,130 employees and is present in 20 countries on 4 continents and
is able to act worldwide on behalf of its clients. Voltalia is
listed on the regulated market of Euronext Paris, compartment B
(FR0011995588 – VLTSA) and is part of the Enternext Tech 40 and CAC
Mid & Small indices. The Group is also included in the
Gaïa-Index, an index for socially responsible midcaps. |
VoltaliaInvestor Relations: invest@voltalia.comT. +33 (0)1 81 70 37
00 |
ActifinPress Contact: Jennifer Julliajjullia@actifin.fr
. T. +33 (0)1 56 88 11 11 |
1 "Normalised" means calculated with an annual
average EUR/BRL exchange rate of 6.3 and a long-term average wind,
solar and hydro resource2 Quarterly data calculated by difference
between H1 and Q13 Calculated on the basis of 2021 revenues at 2020
exchange rates4 Eliminations: services provided by the Services
business for the power plants owned by the Group are eliminated on
financial consolidation5 Calculated on power plants fully
commissioned over the period (half-year)6 Press Release of May
19,2021. The PACTE law (Action Plan for Business Growth and
Transformation), promulgated on May 22, 2019, allows French law
businesses who want to do so to acquire a « purpose » and
to include social and environmental objectives in their bylaws in
order to become a Mission-Driven company.7 Press Release of June
30, 20218 Press Release of April 8, 20219 Press Release of June 28,
202110 Press Release of May 18, 202111 Press Release of May
31, 202112 Press Release of May 10, 202113 Press Release of
July 19, 2021
- 210721- Voltalia Q2 2021 revenues_VDEF
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