Voltalia SA: Q3 2021 revenues: +67% to 102.7 million euros
Q3 2021
revenues:
+67%
to 102.7
million euros
Crossing the 100 million euros quarterly revenue
threshold
- Energy sales:
+47%. Record quarterly production (1.3 terrawatthours) thanks to
increased installed capacity
- Services to
third-party clients: +120%. Dynamics of the Construction, Equipment
Procurement and O&M activities
- With a third
consecutive quarter of strong growth, cumulative revenues as at
September 30, 2021 were up +69%.
Short and medium term objectives and ambitions
reiterated
- 2021: expected
improvement in profitability in H2 2021 confirmed by Q3 2021
dynamic and confirmation of the 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
third quarter and first
nine months of 2021.
"We achieved a third consecutive quarter of very
strong growth, crossing the 100 million euros quarterly revenue
threshold for the first time. This performance, driven by both
Energy Sales and Services, illustrates the success of our
integrated model that combines growth, resilience and value
creation," commented Sébastien Clerc, Voltalia’s
CEO.
Revenues for the
third quarter
(Q3) and first nine
months (9M) of 2021
In € million |
Q3 2021 |
Q3 2020 |
Change at current
rates |
Change at constant rates 2 |
9M 2021 |
9M 2020 |
Change at current
rates |
Change at constant rates2 |
Energy sales |
67.0 |
45.4 |
+47% |
+50% |
159.8 |
107.5 |
+49% |
+60% |
Services |
52.6 |
36.1 |
+46% |
+45% |
146.2 |
85.9 |
+70% |
+71% |
Eliminations 3 |
-17.0 |
-19.9 |
-15% |
-15% |
-52.3 |
-43.4 |
+21% |
+23% |
Consolidated revenues |
102.7 |
61.6 |
+67% |
+68% |
253.6 |
150.1 |
+69% |
+77% |
The average EUR/BRL exchange rate at which
revenues were established at September 30, 2021 was 6.4 compared to
5.7 at September 30, 2020.
BUSINESS REVIEW
Consolidated revenues for Q3 2021 amounted to
102.7 million euros, up +67% (+68% at constant exchange rates),
crossing the 100 million euros quarterly revenue threshold for the
first time. Cumulative consolidated revenues for the first nine
months of 2021 amounted to 253.6 million euros, up +69% (+77% at
constant exchange rates). In the third quarter alone, as in the
first nine months of the year, there was a very strong increase in
revenues from Energy Sales and an even stronger increase in
revenues from Services to third-party clients.
ENERGY SALES
Operational indicators:
increased production and installed capacity
|
Q3 2021 |
Q3 2020 |
Change |
9M 2021 |
9M 2020 |
Change |
Production (in GWh) |
1 303 |
894 |
+46% |
2 910 |
1 794 |
+62% |
Installed capacity (in MW, end of period) |
|
|
|
1 278 |
860 |
+49% |
Wind load factor in Brazil 4 |
57.2% |
59.8% |
-2.6pts |
47.1% |
45.0% |
+2.1pts |
Wind load factor in France5 |
14.5% |
15.9% |
-1.4pt |
21.5% |
24.9% |
-3.4pts |
Solar load factor in France5 |
22.9% |
22.5% |
+0.4pt |
19.4% |
16.4% |
+3.0pts |
Revenues for 9M 2021 reached
159.8 million euros, up +49% at current exchange rates, reflecting
a better level of resources compared to 9M 2020 - wind in Brazil
was close to the long-term average, after 9M 2020 was well below
this average - and an increase in installed capacity in operation
in the various regions which reached 1,278 MW at the end of
September 2021. Growth at constant exchange rates was +60%,
reflecting a Brazilian real that is still weak against the euro,
even though it has been gradually improving since the beginning of
the year. The average EUR/BRL rate was thus 6.4 in the 9M 2021,
compared to 5.7 in the 9M 2020.
Q3 2021 revenues reached 67.0
million euros, up +47% (+50% at constant exchange rates) compared
to Q3 2020, with record quarterly production at 1.3 TWh.
By country :
- In
Brazil, production increased by +67%, driven by the increase in
production and the commissioning of new plants (VSM2, VSM3 and
VSM4), whereas weather conditions were slightly less favorable in
Q3 2020;
- In
France, the slight decrease in wind resources was largely offset by
the decrease in solar resources and, above all, 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, Egypt…), Voltalia benefited from a constant level of
irradiation as well as the significant contribution of the
Jordanian plants acquired at the end of the third quarter of
2020.
SERVICES
Revenues for 9M 2021 (internal
and external) reached 146.2 million euros, up +70% (+71% at
constant exchange rates) compared to the first nine months of 2020.
Although internal revenues (eliminated in consolidation) are
growing fast (+21%), it is revenues with third-party clients (+121%
to 93.8 million euros) that explains the bulk of the growth in
Services over nine months.
Q3 2021 revenues (internal and
external) reached 52.6 million euros, up +46% (+45% at constant
exchange rates) compared to Q3 2020. Revenues from third-party
clients are growing fastest (+120%), while internal revenues
(eliminated in consolidation) are down (-15%). The analysis by
segment shows a generalized increase:
- The
Development, Construction and Equipment Procurement segment posted
revenues of 44.7 million euros, up +45% (+45% at constant exchange
rates). In this segment, the Group recorded a strong increase in
Construction and Procurement activities, illustrating in particular
the dynamic construction activity for third-party clients during
the period in France, Portugal and Greece. On the other hand, the
Development activity saw its revenues for the quarter at almost
none: it is highlighted that the sale of the VSM2 and VSM4 projects
(187 MW in total) will contribute to the activity in Q4 2021;
-
Operation &Maintenance segment, with revenues of 8.0 million
euros, more than doubled: +49% (+49% at constant exchange rates).
This increase comes mainly from internal operations, with Voltalia
operating 2.6 GW for third-party clients at the end of September
2021, compared to 2.5 GW at the end of September 2020.
9M and Q3 2021 revenue eliminations amounted to
respectively 52.3 million euros (+21% at current exchange rates and
+23% at constant exchange rates) and 17.0 million euros ,
reflecting growth in internal Construction sales and an increase in
sales to third-party clients, notably in Construction and
Maintenance.
RECENT DEVELOPMENTS
(selected)
- In
partnership with Voltalia, Leroy Merlin is launching a new offer of
solar roofs for individuals5
Voltalia has signed an agreement with Leroy
Merlin to launch a turnkey service for the installation of rooftop
photovoltaic solar panels on roofs for private individuals in
mainland France. Available on the leroymerlin.fr website, this
offer democratizes access to solar energy and allows the greatest
number of people to benefit from a simple, reliable and competitive
service. With this service, the electricity produced can reduce the
electricity bill by up to 60%. In addition, individuals benefit
from three measures put in place by the French Government: a
contract for the sale of unconsumed production with a fixed price
for 20 years, a premium for self-consumption and reduced VAT for
installations up to 3kWp.
- The solar
park of Laspeyres delivers its
first kilowatt-hours in
Occitania6
Voltalia announces the commisioning
on September 30 of its solar power plant located in the commune
of Marignac-Laspeyres, in Occitania. The solar power
plant has a capacity of 5 megawatts and its green energy production
will cover the domestic electricity needs (excluding heating) of
approximately 3,500 inhabitants. It is integrated into a site of
11.7 hectares and has 11,500 solar panels. The plant is backed by a
20-year electricity sales contract.
CONFIRMATION OF 2021 OBJECTIVES
AND 2023 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
275-300 million euros.
|
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
September 2021
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid* |
30 Sept
2021 |
30 Sept
2020 |
Brazil |
920.3 |
|
|
|
16.0 |
936.3 |
631.0 |
Egypt |
|
32.0 |
|
|
|
32.0 |
32.0 |
Jordan |
|
57.0 |
|
|
|
57.0 |
- |
France |
64.2 |
92,3 |
|
4.5 |
|
161.0 |
134.4 |
French Guiana |
|
17.1** |
7.2 |
5.4 |
|
29.7 |
13.7 |
Greece |
|
4.7 |
|
|
|
4.7 |
4.7 |
United Kingdom |
|
7.3 |
|
|
|
7.3 |
7.3 |
Portugal |
|
17.5 |
|
|
|
17.5 |
8.8 |
Italy |
|
12.6 |
|
|
|
12.6 |
10.2 |
Belgium |
|
15.0 |
|
|
|
15.0 |
11.6 |
Spain |
|
5.1 |
|
|
|
5.1 |
6.4 |
Total |
984.5 |
260.6 |
7.2 |
9.9 |
16.0 |
1,278.2 |
860.0 |
*4 MW of solar and 12 MW of thermal**Including
the Toco storage complex
Capacity under construction as of end
of September 2021
Name of the project |
Capacity |
Techno. |
Country |
Canudos 1 |
99.4 |
Wind |
Brazil |
South Farm Solar |
49.9 |
Solar |
United Kingdom |
Hallen SSEB |
32.0 |
Storage |
United Kingdom |
Helexia |
8.3 |
Solar |
Europe |
Helexia |
60.0 |
Solar |
Brazil |
Carrières des Plaines |
8.0 |
Solar |
France |
SSM1&2 |
320.0 |
Solar |
Brazil |
Total (in MW) |
577.6 |
|
|
Power production as of end of
September 2021
(In GWh) |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
9M 2021 |
9M 2020 |
Brazil |
2,422 |
2.8 |
|
|
32.5* |
2,457.3 |
1,473.3 |
Egypt |
|
61.0 |
|
|
|
61.0 |
59.9 |
Jordan |
|
107.1 |
|
|
|
107.1 |
- |
France |
92.2 |
94.3 |
|
3.9 |
|
190.4 |
186.5 |
French Guiana |
|
3.9 |
24.8 |
13.5 |
|
42.2 |
24.8 |
Greece |
|
5.7 |
|
|
|
5.7 |
5.8 |
United Kingdom |
|
6.8 |
|
|
|
6.8 |
7.5 |
Portugal |
|
13.8 |
|
|
|
13.8 |
6.2 |
Italy |
|
10.4 |
|
|
|
10.4 |
10.6 |
Belgium |
|
9.5 |
|
|
|
9.5 |
9.5 |
Spain |
|
5.2 |
|
|
|
5.2 |
4.4 |
Total |
2,514.2 |
320.5 |
24.8 |
17.4 |
32.5 |
2,909.9 |
1,788.3 |
*Including solar production from Oiapoque
Next publication: Q4 2021
revenues on January, 26 2022
(after 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 1.9 GW and a portfolio of projects under
development representing total capacity of 10.7 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 1,230 employees and is present in 20 countries on 3 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 Calculated on the basis of 2021 revenues
at 2020 exchange rates3 Eliminations: services provided by the
Services business for the power plants owned by the Group are
eliminated on financial consolidation4 Calculated on power plants
fully commissioned over the period (nine months)5 Press Release of
October 4, 20216 Press Release of October 12, 2021
- Voltalia SA: Q3 2021 revenues: +67% to 102.7 million euros
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