Voltalia SA : Q2 2022 revenues up +26% to €111 million
Q2
2022 revenues up
+26%
to €111
million
Solid second quarter
- Energy Sales:
+8%. Decline in wind and solar production, more than offset by a
positive exchange rate effect and by contractual clauses indexing
sale prices to inflation
- Services: +36%.
Strong sales growth for third-party clients in all regions
Capacity in operation and under construction
- 2.1 GW in
operation and under construction (+42% vs. H1 2021) with more than
0.9 GW under construction (88% in solar)
2023 ambitions confirmed
- 2.6 GW in
operation and under construction
- Normalised1 2023
EBITDA target of €275-300 million
Voltalia (Euronext Paris ISIN code:
FR0011995588), an international player in renewable
energies, announces
today its revenues for the
second quarter and first
half of
2022.
"Voltalia continued to grow at a rapid pace in
the second quarter with strong sales of services to third-party
customers and the contractual indexation of electricity sales
prices to inflation. Our capacity in operation and under
construction now exceeds 2.1 gigawatts", commented Sébastien Clerc,
Voltalia’s CEO.
Revenues for the second quarter and
first half of 2022
In € million |
Q2 2022 |
Q2 2021 |
Change At current exchange
rates |
ChangeAt constant exchange
rates2 |
H1 2022 |
H1 2021 |
Change At current exchange
rates |
ChangeAt constant exchange
rates2 |
Energy Sales |
52.6 |
48.9 |
+8% |
-3% |
95.7 |
87.9 |
+9% |
-1% |
Services |
94.3 |
69.1 |
+36% |
+34% |
162.0 |
99.9 |
+62% |
+59% |
Eliminations |
-36.0 |
-29.9 |
+20% |
+17% |
-48.4 |
-35.8 |
+35% |
+32% |
Revenues3 |
111.0 |
88.2 |
+26% |
+19% |
209.3 |
152.1 |
+38% |
+31% |
BUSINESS REVIEW
Revenues for H1
2022 reach €209.3 million, up +38% compared to the
first half of 2021 (+31% at constant exchange rates). They benefit
from growth in Energy Sales (+9%) and Services (+62%). Energy Sales
account for 46% of revenues in the first six months of 2022,
compared to 54% for Services sold to third-party customers (after
eliminating internal sales).
Revenues for
Q2 2022 amount to €111
million, up +26% compared to Q2 2021 (+19% at constant exchange
rates). Energy Sales and Services (after eliminations) contribute
48% and 52% respectively to the quarter's revenues.
ENERGY
SALES4
Operational indicators
|
Q2 2022 |
Q2 2021 |
Change |
H1 2022 |
H1 2021 |
Change |
Production (in GWh) |
630 |
827 |
-24% |
1,309 |
1,623 |
-19% |
Installed capacity and under construction (in MW)5 |
|
|
|
2,143 |
1,512 |
+42% |
Wind load factor in Brazil |
27% |
38% |
-11pts |
30% |
42% |
-12pts |
Wind load factor in France |
17% |
22% |
-5pts |
22% |
25% |
-3pts |
Solar load factor in France |
23% |
22% |
+1pt |
19% |
17% |
+2pts |
Solar load factor in Egypt and Jordan |
30% |
36% |
-6pts |
26% |
30% |
-4pts |
H1 2022
revenues from Energy Sales reach €95.7 million, up +9% at
current exchange rates compared to H1 2021. Growth at constant
exchange rates is slightly down at -1%, reflecting an upturn in the
Brazilian real over the period. The average EUR/BRL exchange rate
is 5.55 in H1 2022 compared to 6.49 in H1 2021.
In the first half of 2022 production is 1.3 TWh,
compared to 1.6 TWh in H1 2021, reflecting the drop in wind and
solar resources.
Q2 2022
revenues from Energy sales amount to €52.6
million, up +8% at current exchange rates (-3% at constant exchange
rates) compared to Q2 2021.
Quarterly production is 0.6 TWh compared to 0.8
TWh in 2021 and installed capacity in operation is 1,226 MW at end
of June 2022 (-3%).
Production by country:
-
In Brazil production decreases by -30% due to the sale in November
2021 of the VSM2 and VSM4 power plants (which had started their
production in the first half of 2021) and less favourable wind
conditions than a year ago and well below the long-term resource
average. The volume loss was almost entirely offset by a favourable
exchange rate effect (strengthening of the Brazilian currency) and
by the contractual clauses indexing sale prices to inflation.
-
In France production is down -5% during the second quarter, mainly
due to the wind plants; it benefited from the production of solar
and biomass plants commissioned in 2021 (Laspeyres, Cabanon and
Cacao).
- In other countries,
Voltalia's production is growing overall, multiplied by x3.3 in
Greece, benefiting from the commissioning of the new Stavria solar
plant, up +89% in Spain, +47% in Belgium and +37% in Portugal, due
to the strong growth in Helexia's production over the period. In
Egypt and Jordan, production is down -4% compared to last
year.
SERVICES
H1 2022
revenues from Services (internal and external) reach €162
million, up +62% (+59% at constant exchange rates) compared to the
first half of 2021. Revenues with third-party customers are up +77%
to €113.6 million and internal revenues (eliminated in
consolidation) are up +35% to €48.4 million. The Development,
Construction and Equipment Procurement segment grows by +70%
reaching €147.8 million, and the Operation & Maintenance
segment is up by +10% reaching €14.1 million.
Q2
2022 revenues from Services (internal and
external) reach €94.3 million, up +36% (+34% at constant exchange
rates) compared to Q2 2021. Revenues from third-party clients and
internal revenues (eliminated in consolidation) are up +48% and
+20% respectively. The analysis by segment shows a strong general
progression of the Development, Construction and Equipment
Procurement segment:
-
The Development, Construction and Equipment Procurement segment
posts revenues of €87 million, up +41% (+38% at constant exchange
rates). During the quarter, Development revenues are up due to the
sale of projects under development to third-party clients, while
Construction records strong growth in third-party client revenues
in the UK, Portugal and Kenya; and Equipment Procurement to
third-party customers posts sustained growth particularly in
Portugal, but also in the UK and Italy. Revenues for third-party
clients increase by +53%, while internal revenues increase by
+24%.
-
Revenues of the Operation & Maintenance segment amount to €7.3
million, almost identical to those of Q2 2021 (down -4% at constant
exchange rates). Third-party clients make up 61% of the segment’s
revenues.
H1 and Q2 2022 revenue
eliminations amount to respectively €48.4 million euros
(+35% at current exchange rates and +32% at constant exchange
rates) and €36 million (+20% at current exchange rates and +17% at
constant exchange rates), reflecting the growth of Services sold
internally in Q2 2022, to the benefit of power plants under
construction and in operation owned by Voltalia.
RECENT DEVELOPMENTS
(SELECTED)
117 MW
of solar sites awarded in
Morocco6
Voltalia was awarded the largest volume with 117
MW out of a total of 400 MW offered, spread over two sites: Ain
Beni Mathar (69 MW) and Guercif (48 MW). These two solar sites
located in the Oriental will cover the energy needs equivalent to
the annual consumption of 290,000 inhabitants. Construction is
scheduled to start at the end of 2023. Revenues will be guaranteed
by long-term electricity sales contracts, to be concluded with
private customers connected to the public electricity grid.
Voltalia closed
with success its second
employee share holding
plan7
For this second edition, seven countries, or 88%
of employees, were eligible: France, Portugal, Brazil, Greece,
Italy, Spain and the United Kingdom. In total, 72% of eligible
employees decided to participate (compared to 69.5% in the first
plan). This second employee shareholding plan aims to make employee
shareholding a sustainable lever for aligning the interests of all
stakeholders and building employee loyalty. Through this plan,
Voltalia has placed the commitment of its teams at the heart of its
concerns and has allowed them to express their confidence in the
company, both in its social role and in its operational objectives
and financial performance.
Voltalia is now part of the Euronext
Tech Leaders8
Euronext Tech Leaders is composed of 100+
high-growth and leading companies, each meeting a specific set of
criteria to qualify. This new pan-European market segment includes
companies from the digital, healthtech and renewables sectors,
already listed on the different Euronext exchanges across Europe.
The segment will raise the visibility of its constituents, while
the future Euronext Tech Leaders index, encompassing all member
companies of the Euronext Tech Leaders segment, will increase the
attractiveness of the European tech sector even further.
Start of operation
of the Carriere des Plaines solar power
plant in France9
The 8.16 MW Carrière des Plaines solar power
plant is located on the site of a former quarry in the municipality
of Alleins in the Bouches-du-Rhône department, a site with one of
the best solar deposits in France. This plant is made up of half
crystalline photovoltaic panels and half concentrator photovoltaic
modules, and benefits from a twenty-year electricity contract. Its
production will cover the domestic electricity needs of more than
4,560 inhabitants. In order to support the region’s development,
the plant has a grazing agreement which allows the land to be
shared with a local sheep breeder.
Development of a new renewable solar
cluster in southeastern
Brazil10
After developing its large clusters in Brazil at
Serra Branca (potential of 2.4 GW, in the state of Rio Grande
do Norte) and Canudos (potential of more than 1 GW, in the
state of Bahia), Voltalia is developing Arinos, a new solar cluster
with a potential of more than 1.5 GW, this time located in the
southeast of the country. With the Arinos cluster, Voltalia is
developing for its own account and also for third parties. Voltalia
has already signed partnerships, notably with CTG Brasil, a
reference in clean energy in the country. Following approvals,
these partners will purchase a significant portion of the solar
sites in the Arinos cluster once the development phase of each site
is completed and thus shortly before construction begins.
Construction launch of
Karavasta project in
Albania11
Voltalia has won a 30-year concession for the
Karavasta photovoltaic power plant in 2020. The 140 MW project was
awarded to Voltalia by decision of the Albanian Council of
Ministers on January 21, 2020, following the competitive bidding
process launched by the Ministry of Infrastructure and Energy with
the support of the European Bank for Reconstruction and Development
- EBRD. According to the terms of the tender, Karavasta will sell
50% of the electricity through a 15-year sales contract to the
Albanian public operator, while the remaining production will be
sold through long-term contracts to private operators. The plant is
expected to be commissioned in the second half of 2023. It is the
largest solar power project in the Western Balkans.
2023 AMBITIONS CONFIRMED
The ambition of 2.6 GW in operation or under
construction by the end of 2023 is confirmed. Voltalia has 2.1 GW
of capacity in operation or under construction. In addition, the
Energy Sales contracts already awarded and not yet under
construction represent approximately 0.6 GW.
In 2023, normalised EBITDA is expected to reach
the range of EUR 275 to 300 million.
|
2023 |
Capacity |
2.6 GW in operation or under construction |
Normalised EBITDA |
€275-300 million |
Normalised: very long-term average wind/solar/hydro resourceand a
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 2021 Universal
Registration Document filed with the French financial market
authority (the Autorité des marchés financiers – the “AMF”) on May
2, 2022. 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
June 30,
2022
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid12 |
June 30, 2022 |
June 30, 2021 |
Belgium |
|
15.0 |
|
|
|
15.0 |
13.1 |
Brazil |
732.3 |
76.7 |
|
|
12.0 |
821.0 |
936.3 |
Egypt |
|
32.0 |
|
|
|
32.0 |
32.0 |
France |
64.2 |
105.9 |
|
4.5 |
|
174.6 |
153.7 |
French Guiana |
|
17.113 |
6.8 |
5.4 |
|
29.3 |
29.7 |
Greece |
|
16.7 |
|
|
|
16.7 |
4.7 |
Italy |
|
13.7 |
|
|
|
13.7 |
10.8 |
Jordan |
|
57.0 |
|
|
|
57.0 |
57.0 |
Portugal |
|
19.7 |
|
|
|
19.7 |
14.9 |
Spain |
|
7.8 |
|
|
|
7.8 |
5.1 |
United Kingdom |
|
39.314 |
|
|
|
39.3 |
7.3 |
Total |
796.5 |
400.9 |
6.8 |
9.9 |
12.0 |
1,226.1 |
1,264.7 |
Capacity under
construction as of June
30,
2022
Name of the project |
Capacity |
Techno. |
Country |
Canudos 1 |
99.4 |
Wind |
Brazil |
Cafesoca |
7.5 |
Hydro |
Brazil |
SSM 1 & 2 |
247.3 |
Solar |
Brazil |
SSM 3 – 6 |
260.0 |
Solar |
Brazil |
Helexia |
87.0 |
Solar |
Brazil |
Helexia |
2.1 |
Solar |
France |
Helexia |
1.9 |
Solar |
Italy |
Helexia |
0.7 |
Solar |
Portugal |
Helexia |
0.1 |
Solar |
Spain |
Sable Blanc |
5.0 |
Solar |
France |
Montclar |
3.7 |
Solar |
France |
South Farm Solar |
49.9 |
Solar |
United Kingdom |
Karavasta |
140.0 |
Solar |
Albania |
Miscellaneous |
12.0 |
Solar |
Portugal |
Total (in MW) |
916.7 |
|
|
Power production as
of June
30,
2022
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid15 |
H1
2022 |
H1
2021 |
Brazil |
965.6 |
14.4 |
|
|
20.9 |
1,000.9 |
1,324.5 |
Egypt |
|
39.0 |
|
|
|
39.0 |
39.9 |
Jordan |
|
65.6 |
|
|
|
65.6 |
68.1 |
France |
62.9 |
69.1 |
|
2.4 |
|
134.4 |
133.9 |
French Guiana |
|
2.1 |
17.9 |
1.6 |
|
21.6 |
25.3 |
Greece |
|
9.0 |
|
|
|
9.0 |
3.5 |
United Kingdom |
|
4.7 |
|
|
|
4.7 |
4.2 |
Portugal |
|
13.1 |
|
|
|
13.1 |
8.2 |
Italy |
|
7.7 |
|
|
|
7.7 |
6.3 |
Belgium |
|
7.4 |
|
|
|
7.4 |
5.9 |
Spain |
|
5.2 |
|
|
|
5.2 |
2.8 |
Total |
1,028.5 |
237.2 |
17.9 |
4.0 |
20.9 |
1,308.5 |
1,622.5 |
Next on the agenda: First
half
2022
results, on September 28, 2022
(before market opening)
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 2.1 GW and a portfolio of projects under
development representing total capacity of 11.1 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 1,400 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 average
annual EUR/BRL exchange rate of 6.3 and a long-term average wind,
solar and hydraulic resource2 Calculated on the basis of an average
EUR/BRL exchange rate of 5.55 in H1 2022 compared to 6.49 in H1
20213 Revenues are net: they include revenues related to capital
gains generated by the sale of assets and not the total value
including the value of the asset sold4 Since Q1 2022 the financial
reporting on Helexia is split along Energy Sales and Services, in
line with the rest of the company. Until our FY 2021 results
announcement, Helexia was fully included in Energy Sales. The
presented Q2 2021 figures in this press release have been updated
accordingly.5 As specified in the 2021 URD (section 3.3 – page
168)6 Announced in press release dated April 25, 20227 Announced in
press releases dated June 6, 2022 and July 11, 20228 Announced in
press release dated June 7, 20229 Announced in press release dated
June 16, 202210 Announced in press release dated June 27, 202211
Announced in press release dated July 1, 202212 4 MW of solar and
12 MW thermal13 Including the Toco storage complex14 Including the
Hallen storage complex15 Including solar production from
Oiapoque
- Voltalia SA : Q2 2022 revenues up +26% to €111 million
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