Q3 2022 revenues up +33% to €135.2 million
Continued strong revenue growth
- Energy Sales:
+16%. Strong acceleration of Helexia's production and full effect
of the plants commissioned in 2021 and the first half of 2022
- Services: +36%.
Continued strong growth in sales to third-party customers
Capacity in operation and under construction
- 2.4 GW in
operation and under construction1 (+31% vs 30/09/2021) with more
than 0.9 GW under construction (of which 82% in solar)
Ambition 2023 capacity achieved by 2022
- Voltalia will
reach its 2023 target of 2.6 gigawatts of capacity in operation and
under construction by the end of 2022, one year ahead of
schedule
- Confirmation of
normalised2 EBITDA target of €275-300 million in 2023
Voltalia (Euronext Paris ISIN code:
FR0011995588), an international player in
the renewable energy
sector, announces today its revenues for the third
quarter and first nine months of 2022.
"Third quarter performance was strong, with
accelerating energy sales and continued very strong growth in
services to third party customers. Our growth momentum is driven by
continued high demand for renewable energy, with now over 2.4
gigawatts of capacity in operation and under construction,
representing 31% year-on-year growth", commented Sébastien Clerc,
Voltalia’s CEO.
Revenues for the third quarter (Q3) and
first nine months (9M) of 2022
In € million3 |
Q3 2022 |
Q3 2021 |
Change At current exchange
rates |
ChangeAt constant exchange
rates4 |
9M 2022 |
9M 2021 |
Change At current exchange
rates |
ChangeAt constant exchange
rates2 |
Energy Sales |
74.8 |
64.4 |
+16% |
+4% |
171.0 |
152.3 |
+12% |
+2% |
Services |
73.2 |
53.7 |
+36% |
+35% |
240.3 |
152.2 |
+58% |
+56% |
Eliminations |
-12.9 |
-16.5 |
-22% |
-22% |
-61.8 |
-52.3 |
+18% |
+15% |
Revenues5 |
135.2 |
101.6 |
+33% |
+25% |
349.5 |
252.2 |
+39% |
+31% |
BUSINESS REVIEW
Revenues for 9M
2022 amount to €349.5 million, up +39% (+31% at constant
exchange rates).
Revenues for Q3 2022 are €135.2
million, up +33% (+25% at constant exchange rates). Energy Sales
and Services (after eliminations) contributed 55% and 45% of the
quarter's revenues respectively.
ENERGY
SALES6
Operational indicators
|
Q3 2022 |
Q3 2021 |
Change |
9M 2022 |
9M 2021 |
Change |
Production (in GWh) |
1,151 |
1,303 |
-12% |
2,465 |
2,910 |
-15% |
Installed capacity and under construction (in MW)7 |
|
|
|
2,4328 |
1,856 |
+31% |
Wind load factor in Brazil |
53% |
57% |
-4pts |
38% |
47% |
-9pts |
Wind load factor in France |
16% |
14% |
+2pts |
20% |
22% |
-2pts |
Solar load factor in France |
23% |
23% |
stable |
20% |
19% |
+1pt |
Solar load factor in Egypt and Jordan |
31% |
33% |
-2pts |
28% |
31% |
-3pts |
Revenues for 9M
2022 from Energy Sales reach €171.0 million, up +12% at
current exchange rates compared to 9M 2021. At constant exchange
rates the increase is +2%, reflecting the continued appreciation of
the Brazilian Real over the period. The average EUR/BRL rate was
5.46 in 9M 2022, compared to 6.38 in 9M 2021.
During the first nine months, Voltalia benefited
from the strong acceleration of production by its subsidiary
Helexia, which specialises in on-site energy production from
rooftops and solar shading systems and in energy optimisation for
buildings.
As at 30 September 2022, production reached 2.5
TWh, compared with 2.9 TWh as at 30 September 2021. This decrease
is explained, on the one hand, by the sale in November 2021 of the
VSM2 and VSM4 plants in Brazil (which had started producing in 9M
2021), and on the other hand by fewer wind and solar resources than
in 2021.
The increase in revenues (+12%) in a context of
falling production (-15%) reflects a sharp rise in the average
selling price per MWh (+32%) and is explained by a combination of
several factors9: (i) contractual indexation of sales prices to
inflation up to 83% of revenues in 2021, (ii) replacement of
projects with low prices per MWh by higher-priced projects, and
(iii) strengthening of the Brazilian real.
Revenues for Q3 2022 from
Energy Sales reach €74.8 million, up +16% (+4% at constant exchange
rates) compared to Q3 2021.
Quarterly production was 1.2 TWh compared to 1.3
TWh in 2021 and operating capacity is 1,521 MW to date10 (+19%
compared to the end of September 2021).
By country:
- In
Brazil, production decreased by -17% due to the sale in November
2021 of the VSM2 and VSM4 plants (which had started production in
the first half of 2021), partly offset by the full effect of the
plants that started contributing during 2021 (mainly VSM3) and the
first effects of the plant commissioned in the first half of 2022
(SSM1-2);
- In
France, production is up by +17% mainly due to the production of
the solar and biomass plants commissioned in 2021 (Laspeyres,
Cabanon and Cacao), and the first effects of the Carrière des
Plaines solar plant (which started operations in June 2022).
Helexia is contributing to this progress, notably with the
production of the agricultural photovoltaic roofs of Cap Sud, whose
acquisition was finalised in July and consolidated from that
date;
- In
the other countries, production is growing overall (+19%). It
increased by a factor of x3.7 in Greece due to the full effect of
the production of the new Stavria solar power plant commissioned in
March, and by +48% in Spain and +64% in Portugal, due to the strong
increase in Helexia's production during the period. In Egypt and
Jordan, production was up by +2% compared to last year.
SERVICES
Revenues for 9M 2022 from
Services (internal and external) reach €240.3 million, up +58%
(+56% at constant exchange rates) compared to 9M 2021. Revenues
with third party clients are up +79% to €178.5 million and internal
revenues (eliminated in consolidation) are up +18% to €61.8
million. The Development, Construction and Equipment Procurement
segment increases by +65% to €217.3 million and the
Operation-Maintenance segment by +12% to €23.0 million.
Revenues for Q3 2022 from
Services (internal and external) reach €73.2 million, up +36% (+35%
at constant exchange rates) compared to Q3 2021. Revenues from
third party clients grow strongly by +62% while internal revenues
(eliminated in consolidation) decrease by -18%. The analysis by
segment shows the following developments:
- The
Development, Construction and Equipment Procurement segment posts
revenues of €65.3 million, up +42% (at current and constant
exchange rates). During the quarter, Development revenues benefited
from the sale of solar power plant development projects in Brazil
to third parties, while Equipment Procurement was particularly
strong in France, Italy and the UK. Construction revenues decreased
slightly during the quarter due to lower activity levels in France
and the UK, partly offset by a strong performance in Portugal.
Third party revenues increased by +66%, while internal revenues
decreased by -18%;
- The
Operations-Maintenance segment reports stable revenues of €8.0
million, slightly up by +3% compared to Q3 2021 (-2% at constant
exchange rates). Third party customers account for 55% of the
segment's revenues.
Revenue eliminations for 9M and
Q3 2022 amount to respectively €61.8 million (+18% at current
exchange rates and +15% at constant exchange rates) and €12.9
million (- 22% at current and constant exchange rates), reflecting
less internally focused construction activity in Q3 2022, with a
growing share of external clients.
RECENT DEVELOPMENTS
(SELECTED)
In South Africa, Voltalia signed a
148 MW power sales contract with
Rio Tinto11
Voltalia entered into a 20-year Corporate PPA
with Richards Bay Minerals (RBM), a leading international mineral
sands company and subsidiary of Rio Tinto.
RBM will be powered by the Bolobedu solar
project, the largest dedicated corporate renewable energy site in
South Africa. Developed by Voltalia, the site’s construction will
start in 2023 and will be commissioned in 2024.
In Brazil, full commissioning of the
SSM1-2 solar park with a capacity of 320
MW12
The construction of the SSM1-2 solar park is
completing its final tests. Construction was launched in September
2021. Commissioning was progressive, with the gradual installation
of solar panels and infrastructure, first production in April
20221, a crossing point of 245 MW at the end of June and almost 320
MW today.
In France, construction of a new
37.4 MW wind farm in the
Nouvelle-Aquitaine region13
The Rives Charentaises wind farm is located in
six municipalities between Vienne (Lizant, Genouillé and Surin) and
Charente (Taizé-Aizie, Nanteuil-en-Vallée and Le Bouchage) in the
Nouvelle-Aquitaine region. It will consist of 17 wind turbines with
a unit power of 2.2 MW, for a total installed capacity of 37.4
MW.
2023 AMBITIONS
Voltalia is bringing forward by one year
its target of 2.6 GW of installed capacity and under construction,
initially planned for 2023
Voltalia reiterates that its target of 2.6 GW of
installed capacity in operation and under construction, which it
had planned to achieve by the end of 2023, will be reached by the
end of 2022, one year ahead of schedule. To date, Voltalia has 2.4
GW of installed capacity in operation and under construction, with
a further 200 MW to be launched by the end of the year.
Voltalia confirms its EBITDA target for
2023
Voltalia reiterates its normalised EBITDA14
target of €275-300 million for 2023.
NEW AMBITIONS 2027
Voltalia will present new ambitions for 2027 at
a meeting in Paris on Thursday, October 20 at 8:30am Paris time. It
will be webcast at the same time as the physical meeting. A press
release detailing these new ambitions will be issued on October 20,
2022 before the market opens. The third quarter 2022 revenue will
also be commented on during the presentation. All login details and
documents relating to this presentation are available on the
website: https://www.voltalia.com/investor-relations
Forward-Looking Statements This press release
contains certain forward-looking statements about Voltalia and its
subsidiaries. These statements include financial projections and
estimates and their underlying assumptions, statements regarding
plans, objectives, intentions and anticipated results as well as
events, operations, future services or product development and
potential or future performance. Forward-looking statements are
generally identified by the words “expects”, “anticipates”,
“believes”, “intends”, “estimates”, “anticipates”, “projects”,
“seeks”, “endeavors”, “strives”, “aims”, “hopes”, “plans”, “may”,
“goal”, “objective”, “projection”, “outlook” and similar
expressions. Although the management of Voltalia believes that
these forward-looking statements are reasonably made, investors and
holders of the Group’s securities are cautioned that these
forward-looking statements are subject to a number of known and
unknown risks, uncertainties and other factors, a large number of
which are difficult to predict and generally outside the control of
Voltalia, 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. These risks and uncertainties include
those developed or identified in any public documents filed by
Voltalia with the French financial markets authority (the Autorité
des marchés financiers – the “AMF”) made or to be made by the
Group, in particular those described in Chapter 2 “Risk factors and
risk management” of the 2021 Universal Registration Document filed
with the AMF on May 2, 2022 and Chapter 5 “Main risk and trends” of
the 2022 half-year financial report. These forward looking
statements are given only as of the date of this press release and
Voltalia expressly declines any obligation or commitment to publish
updates or corrections of the forward looking statements included
in this press release in order to reflect any change affecting the
forecasts or events, conditions or circumstances on which these
forward-looking statements are based. Any information relating to
past performance contained herein is not a guarantee of future
performance. Nothing herein should be construed as an investment
recommendation or as legal, tax, investment or accounting
advice.
Installed capacity as of
September 30, 2022
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
September 30, 2022 |
September 30, 2021 |
Belgium |
|
15.6 |
|
|
|
15.6 |
15.0 |
Brazil |
732.3 |
324.015 |
|
|
12.0 |
1,068.3 |
936.3 |
Egypt |
|
32.0 |
|
|
|
32.0 |
32.0 |
France |
65.3 |
145.3 |
|
4.5 |
|
215.1 |
161.0 |
French Guiana |
|
8.3 |
6.8 |
5.4 |
13.1 |
33.6 |
29.7 |
Greece |
|
16.7 |
|
|
|
16.7 |
4.7 |
Italy |
|
15.1 |
|
|
|
15.1 |
12.6 |
Jordan |
|
57.0 |
|
|
|
57.0 |
57.0 |
Portugal |
|
20.4 |
|
|
|
20.4 |
17.5 |
Spain |
|
7.8 |
|
|
|
7.8 |
5.1 |
United Kingdom |
|
7.3 |
|
|
32.0 |
39.3 |
7.3 |
Total |
797.6 |
649.5 |
6.8 |
9.9 |
57.1 |
1,520.9 |
1,278.2 |
Capacity under construction as of
September 30, 2022
Name of the project |
Capacity |
Techno. |
Country |
Canudos 1 |
99.4 |
Wind |
Brazil |
Sud Vannier |
23.6 |
Wind |
France |
Rives Charentaises |
37.416 |
Wind |
France |
Cafesoca |
7.5 |
Hydro |
Brazil |
SSM 3-6 |
260.0 |
Solar |
Brazil |
Helexia |
87.0 |
Solar |
Brazil |
Helexia |
1.9 |
Solar |
France |
Helexia |
1.4 |
Solar |
Italy |
Helexia |
5.1 |
Solar |
Portugal |
Helexia |
0.1 |
Solar |
Spain |
Helexia |
23.5 |
Solar |
Hungary |
Sable Blanc |
5.0 |
Solar |
France |
Montclar |
3.7 |
Solar |
France |
South Farm Solar |
50.0 |
Solar |
United Kingdom |
Clifton |
45.0 |
Solar |
United Kingdom |
Higher Stockbridge |
45.0 |
Solar |
United Kingdom |
Lercara Friddi |
3.4 |
Solar |
Italy |
Karavasta |
140.0 |
Solar |
Albania |
Cap Sud |
21,0 |
Solar |
France |
Garrido |
50,6 |
Solar |
Portugal |
Total (in MW) |
910.6 |
|
|
Power production as of September 30,
2022
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid17 |
9M 2022 |
9M 2021 |
Belgium |
|
11.2 |
|
|
|
11.2 |
9.5 |
Brazil |
1,845.8 |
79.0 |
|
|
32.5 |
1,957.3 |
2,457.3 |
Egypt |
|
60.7 |
|
|
|
60.7 |
61.0 |
France |
86.3 |
131.1 |
|
6.2 |
|
223.7 |
94.3 |
French Guiana |
|
5.1 |
26.3 |
1.6 |
|
33.0 |
3.9 |
Greece |
|
17.2 |
|
|
|
17.2 |
5.7 |
Italy |
|
18.2 |
|
|
|
18.2 |
10.4 |
Jordan |
|
105.3 |
|
|
|
105.3 |
107.1 |
Portugal |
|
22.0 |
|
|
|
22.0 |
13.8 |
Spain |
|
8.6 |
|
|
|
8.6 |
5.2 |
United Kingdom |
|
7.8 |
|
|
|
7.8 |
6.8 |
Total |
1,932.1 |
466.2 |
26.3 |
7.8 |
32.5 |
2,465.0 |
2,909.9 |
Reconciliation of third quarter (Q3) and
first nine months (9M) 2022 net revenues to revenues
In € million18 |
Q3 2022 |
Q3 2021 |
Change At current exchange
rates |
ChangeAt constant exchange rates
19 |
9M 2022 |
9M 2021 |
Change At current exchange
rates |
ChangeAt constant exchange rates
17 |
Energy Sales |
74.8 |
64.4 |
+16% |
+4% |
171.0 |
152.3 |
+12% |
+2% |
Services |
73.2 |
53.7 |
+36% |
+35% |
240.3 |
152.2 |
+58% |
+56% |
Eliminations |
-12.9 |
-16.5 |
-22% |
-22% |
-61.8 |
-52.3 |
+18% |
+15% |
Revenues20 |
135.2 |
101.6 |
+33% |
+25% |
349.5 |
252.2 |
+39% |
+31% |
Proceeds from asset disposals |
10.2 |
- |
N/A |
N/A |
26.9 |
2.5 |
x11 |
x11 |
Net book value of assets sold |
-0.9 |
- |
N/A |
N/A |
-1.7 |
-1.4 |
+17% |
+17% |
Turnover21 |
126.1 |
101.6 |
+24% |
+16% |
324.3 |
251.1 |
+29% |
+22% |
Next on the agenda:
-
Announcement of new ambitions for 2027, on October
20, 2022 (before market opening)
-
Q4 2022 revenues, on January 25, 2023 (after
market closing)
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 a generating capacity in operation and under
construction of 2.4 GW and a portfolio of projects under
development representing a total capacity of 13.6 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. With more than 1,450
employees in 20 countries on 4 continents, Voltalia has the
capacity to act globally for its customers. Voltalia is listed on
the regulated market of Euronext Paris, compartment B (FR0011995588
– VLTSA) and is part of the EnterNext Tech 40, CAC Mid & Small
and Euronext Tech Leaders 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 As at October 19, 20222 “Normalised” means
calculated with an average annual EUR/BRL exchange rate of 6.3 and
a long-term average wind, solar and hydraulic resource3 The above
amounts are the sum of the consolidated data, rounded to the first
decimal place4 Calculated on the basis of an average EUR/BRL
exchange rate of 5.46 in 9M 2022 versus 6.38 in 9M 20215 Revenues
are net: encompassing income related to capital gains generated on
the sale of assets and not the total value including the value of
the asset sold6 Since the first quarter of 2022, Helexia's revenue
has been split between Energy Sales and Services, both for 2022 and
for the past7 As stated in the URD 2021 (note 3.3 - page 167)8 As
at October 19, 20229 Press release dated September 28, 202210
Includes an additional 75 MW of operating capacity from the SSM1-2
solar farm in Brazil, following the announced full commissioning on
October 13, 202211 Announced in press release dated October 6,
202212 Announced in press release dated October 13, 202213
Announced in press release dated October 17, 202214 “Normalised”
means calculated with an average annual EUR/BRL exchange rate of
6.3 and a long-term average wind, solar and hydraulic resource15
Including SSM1-2 with 320 MW. Announced in press release dated
October 13, 202216 Announced in press release dated October 17,
202217 Including solar production from Oiapoque18 The above amounts
are the sum of the consolidated data, rounded to the first decimal
place19 Calculated on the basis of an average EUR/BRL exchange rate
of 5.46 in 9M 2022 versus 6.38 in 9M 202120 Revenues are net:
encompassing income related to capital gains generated on the sale
of assets and not the total value including the value of the asset
sold21 The difference between “Revenues” and “Turnover” corresponds
to the capital gain and loss on disposals of farms and projects
under development (disposals of SPV securities and/or intangible
assets and property, plant and equipment)
- Q3 2022 revenues up +33% to €135.2 million
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