Q1 2023 Turnover: €98.9 million
Q1 2023
Turnover:
€98.9
million
Strong increase in energy sales and internal
services
- Energy
sales: +46%. A 40% increase in production thanks to better
wind and solar resources and the full-year effect of the 2022
commissioning
-
Services: +58%. Internal services multiplied by five, with a
record level of construction sites for own account, but a 31%
decrease in services to third-party clients, a one-off decrease,
yet with a strong momentum (x2.5) in capacity under construction
for third-party clients
- After eliminating
Internal Services, which mobilized a large part of the teams during
the quarter, turnover up +4%
Capacity in operation and construction
- 2.6 GW in
operation and under construction (+31%), including 1 GW under
construction
2023 objectives confirmed
- Achievement of the
2023 target of 2.6 GW of capacity in operation and under
construction in 2022, one year ahead of schedule
- Confirmation of
normalised EBITDA1 target of €275-300 million
2027 ambitions reaffirmed
- Owned capacity in
operation and under construction: over 5 GW
- Capacity operated
on behalf of third parties: over 8 GW
- Normalised EBITDA2:
around €475 million
- CO2-equivalent
avoided: over 4 million tonnes
Voltalia (Euronext Paris, code ISIN :
FR0011995588), an international player in renewable energies,
publishes its first quarter
2023 turnover.
“ The quarter was marked by a sustained increase
in energy sales. It was a record first quarter thanks to
commissioning in recent months and better wind conditions, both in
Brazil and in France. In Services, growth was driven by internal
services, reflecting the ramp-up of the power plant projects to be
commissioned this year. On the strength of this first quarter, we
reaffirm our 2023 EBITDA target and our 2027 ambitions ”, commented
Sébastien Clerc, CEO of Voltalia.
Q1
2023 TURNOVER
|
|
|
In € million3 |
Q1 2023 |
Q1 2022 |
ChangeAt current exchange
rates |
ChangeAt constant exchange
rates4 |
Energy Sales |
62.9 |
43.0 |
+46% |
+41% |
Services |
101.9 |
64.7 |
+58% |
+55% |
Eliminations |
-65.9 |
-12.4 |
x5 |
x5 |
Turnover |
98.9 |
95.3 |
+4% |
0% |
ACTIVITY
REVIEW
Total turnover for Q1 2023 amounted to
€98.9 million, up +4% (stable at constant exchange rates).
Energy Sales and Services (after eliminations) contributed to
respectively 64% and 36% of the quarter's turnover.
ENERGY SALES
Operational indicators |
Q1
2023 |
Q1
2022 |
Variation |
Production (in GWh) |
950 |
678 |
+40% |
Installed capacity (in MW) |
1 637 |
1 161 |
+41% |
Installed and under construction capacity (in MW)5 |
2 617 |
2 001 |
+31% |
Wind load factor in Brazil |
40% |
33% |
+7pts |
Solar load factor in Brazil |
21% |
- |
- |
Wind load factor in France |
29% |
27% |
+2pts |
Solar load factor in France |
13% |
14% |
-1pt |
Solar load factor in Egypt |
23% |
23% |
- |
Solar load factor in Jordania |
20% |
21% |
-1pt |
Q1 2023 turnover from Energy Sales reached
€62.9 million, up +46% (+41% at constant exchange rates)
compared to Q1 2022.
Quarterly production amounted to 0.9 TWh
compared to 0.7 TWh in 2022, reflecting the improvement in
wind and solar resources and the increase in installed capacity in
operation to 1 637 MW (+41%) at the end of March
2023.
Analysis by country
- In Brazil,
production increased by +45% to 794 MWh, benefiting in
particular from the full production of the SSM1-2 solar power
plants (320 MW), which was commissioned progressively in 2022,
and from better wind conditions at the wind power plants;
- In France,
production increased by +4%, benefiting from the commissioning in
2022 of Carrières de Plaines (8.9 MW) and the acquisition of
Cap Sud by Helexia in March 2022 (renamed Helexia Agri);
- In other countries,
Voltalia benefits from the growth of Helexia, as well as the
commissioning of South Farm in the United Kingdom (49.9 MW)
and Stavria in Greece (12 MW).
SERVICES
Q1 2023 turnover from Services (internal and
external) reached €101.9 million, up +58% (+55% at constant
exchange rates) compared to Q1 2022.
The Development, Construction and Equipment
Procurement segment increased by +61% to €92.9 million, thanks to a
five-fold increase in internal activity over the period, reflecting
the record capacity under construction for own account, which
amounted to 980 MW at the end of March 2023. External turnover
from these segments on behalf of third-party customers decreased by
38% to €30.2 million. Although more than 580 MW are
currently under construction for third party customers (x2.5 vs Q1
2022), few significant milestones have yet been reached during the
period, as Voltalia recognizes construction turnover as projects
progress.
The Operation-Maintenance segment increased by
+31% to €9.0 million (+31% at constant exchange rates) thanks
to the strong momentum of new third-party contracts won in Europe
and Brazil.
Eliminations of turnover in Q1
2023 amounted to €65.9 million (x5 at current and constant
exchange rates), reflecting the strong increase in internal
services for plants under construction, the vast majority of which
are due to be commissioned before the end of 2023, and in
operation.
RECENT DEVELOPMENTS
(SELECTION)
Mandate with IFC for the financing of
the Dwangwa solar power plant in
Malawi 6
Voltalia has signed a mandate with IFC
(International Finance Corporation), the private sector arm of the
World Bank Group, to finance the Dwangwa project in Malawi
(55 MW of solar power and 10 MW of battery storage). The
electricity will be sold under a 20-year contract with Electricity
Supply Corporation of Malawi Ltd, the state-owned electricity
transmission and distribution company.
The Sud Vannier wind farm produces its
first kilowatt hours7
Voltalia is continuing to establish itself in
the Grand Est region with the commissioning of its Sud Vannier wind
farm. With a capacity of 23.6 MW, the project is the third
wind farm in the northeast quarter of France after those of Sarry
(23.1 MW) and Molinons (10 MW). The production is sold to
Leroy Merlin under a 23-year contract, the first corporate PPA8 for
wind power in France.
Appeal of a preliminary decision to
suspend permits for the Canudos
project in Brazil9
The preliminary judicial decision relates to the
permits for the Canudos wind farms, located in the state of Bahia,
and currently under construction with a total capacity of
99.4 MW. According to the decision, the environmental agency
has implemented a procedure that was not applicable. Indeed, the
project is located in an area populated by the aras de lear, a
brazilian parrot. A complementary environmental study is
requested.
2023 OBJECTIVES CONFIRMED
Voltalia recalls that its target of 2.6 GW
of capacity in operation and under construction, which the Company
had planned to reach by the end of 2023, was reached by the end of
202210, one year ahead of schedule.
Voltalia reiterates its normalised EBITDA11
target for 2023, which is expected to be in the range of €275 to
€300 million.
2027 AMBITIONS REAFFIRMED
Last October, Voltalia defined a new growth plan
for 2027, including the following ambitions:
- Owned operating and
construction capacity: over 5 GW;
- Capacity operated on behalf of
third parties: over 8 GW;
- Normalised EBITDA12: around
€475 million;
- CO2-equivalent avoided: over
4 million tonnes.
Forward-Looking Statements This press release
contains 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 expectations with respect to
future financial results, events, operations, services, product
development and potential, or future performance. Forward-looking
statements are generally identified by the words "expects,"
"anticipates," "believes," "intends," "estimates," "forecasts,"
"projects," "seeks," "strives," "aims," "hopes," "plans," "may,"
"goal," "objective," "projection," "outlook," and other similar
expressions. Although Voltalia's management believes that these
forward-looking statements are reasonable, investors and
shareholders of the Group are cautioned that forward-looking
statements are subject to numerous risks and uncertainties, many of
which are difficult to predict and generally beyond Voltalia's
control, that could cause actual results and events to differ
materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the public
filings made by Voltalia with the Autorité des marchés financiers,
including those listed in Chapter 2 "Risk Factors and Risk
Management" of Voltalia's 2022 Universal Registration Document
filed with the Autorité des marchés financiers on April 14, 2023
under number D.23-0267 and in Chapter 5 "Principal Risks and
Trends" of the 2022 interim financial report. These forward-looking
statements are made only as of the date of this press release and
Voltalia undertakes no obligation to update any forward-looking
information or statements included in this press release to reflect
any change in expectations or events, conditions or circumstances
on which any such forward-looking statement is based. Any
information regarding past performance contained in this press
release should not be construed as a guarantee of future
performance. Nothing in this press release should be construed as
an investment recommendation or legal, tax, investment or
accounting advice.
Installed capacity as of
March 31,
2023
In MW |
Wind |
Solar |
Biomass |
Hydro |
Storage / Hybrid |
31 March
2023 |
31 March
2022 |
Belgium |
|
13.4 |
|
|
|
13.4 |
15.0 |
Brazil |
732.3 |
347.5 |
|
|
12.0 |
1,091.8 |
766.3 |
Egypt |
|
32.0 |
|
|
|
32.0 |
32.0 |
France |
88.9 |
146.6 |
|
4.5 |
|
240.0 |
164.3 |
French Guiana |
|
8.3 |
6.8 |
5.4 |
13.1 |
33.6 |
29.3 |
Greece |
|
16.7 |
|
|
|
16.7 |
16.7 |
Hungaria |
|
0.9 |
|
|
|
0.9 |
- |
Italy |
|
15.3 |
|
|
|
15.3 |
13.0 |
Jordan |
|
57.0 |
|
|
|
57.0 |
57.0 |
Portugal |
|
36.1 |
|
|
|
36.1 |
20.0 |
Spain |
|
10.6 |
|
|
|
10.6 |
8.0 |
United Kingdom |
|
57.3 |
|
|
32.0 |
89.3 |
39.3 |
Total |
821.2 |
741.7 |
6.8 |
9.9 |
57.1 |
1,636.7 |
1,160.9 |
Capacity
under construction as of
March 31,
2023
Name of the project |
Capacity |
Techno. |
Country |
Canudos 1 |
99.4 |
Wind |
Brazil |
Rives Charentaises |
37.4 |
Wind |
France |
Cafesoca |
7.5 |
Hydro |
Brazil |
Bolebedu |
148.0 |
Solar |
South Africa |
Karavasta |
140.0 |
Solar |
Albania |
SSM 3-6 |
260.0 |
Solar |
Brazil |
Logelbach |
12.1 |
Solar |
France |
Montclar |
3.7 |
Solar |
France |
Sable Blanc |
5.0 |
Solar |
French Guiana |
Garrido |
36.4 |
Solar |
Portugal |
Clifton |
45.0 |
Solar |
Great Britain |
Higher Stockbridge |
45.0 |
Solar |
Great Britain |
Sinamary |
11.0 |
Hydro /storage |
French Guiana |
Lercara Friddi |
3.4 |
Solar |
Italy |
Helexia |
0.4 |
Solar |
Belgium |
Helexia |
66.4 |
Solar |
Brazil |
Helexia |
9.1 |
Solar |
Spain |
Helexia |
22.4 |
Solar |
France |
Helexia |
22.8 |
Solar |
Hungary |
Helexia |
1.5 |
Solar |
Italy |
Helexia |
3.9 |
Solar |
Portugal |
Total (in
MW) |
980.4 |
|
|
Power production as of
March 31,
2023
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
Q1 2023 |
Q1 2022 |
Belgium |
|
1.5 |
|
|
|
1.5 |
2.1 |
Brazil |
633.80 |
149.8 |
|
|
10.1 |
793.7 |
546.4 |
Egypt |
|
17.4 |
|
|
|
17.4 |
17.2 |
Spain |
|
2.8 |
|
|
|
2.8 |
1.8 |
France |
39.5 |
31.5 |
|
0.1 |
|
71.1 |
61.5 |
French Guiana |
|
2.1 |
9.8 |
|
|
11.9 |
12.0 |
Greece |
|
5.6 |
|
|
|
5.6 |
1.8 |
Italy |
|
4.9 |
|
|
|
4.9 |
4.2 |
Jordan |
|
25.4 |
|
|
|
25.4 |
25.6 |
Portugal |
|
5.4 |
|
|
|
5.4 |
4.4 |
United Kingdom |
|
10.5 |
|
|
|
10.5 |
1.5 |
Total |
673.3 |
256.9 |
9.8 |
0.1 |
10.1 |
950.2 |
678.5 |
Next on the agenda :
Q2
2023 turnover on
July 26, 2023 (after market close)
About Voltalia
(www.voltalia.com) |
Voltalia is an international player in the renewable energy sector.
The Group produces and sells electricity from its wind, solar,
hydraulic, biomass and storage facilities. It has 2,6 GW of
capacity in operation and under construction and a portfolio of
projects under development with a total capacity of 14,2 GW.
Voltalia is also a service provider and supports its renewable
energy custommers at every stage of their projects, from design to
operation and maintenance. As a pioneer in the corporate market,
Voltalia offers a comprehensive range of services to businesses,
from the supply of green electricity and energy efficiency services
to the local production of its own electricity. With more than
1,550 employees in 20 countries on 3 continents, Voltalia has the
capacity to act globally for its customers.Voltalia is listed on
the regulated market of Euronext Paris, compartment A (FR0011995588
– VLTSA). The Group is also included in the Gaïa-Index, the index
of responsible midcaps. |
VoltaliaInvestor relations : invest@voltalia.comT. +33 (0)1 81 70
37 00 |
ActifinPress relations : Jennifer Julliajjullia@actifin.fr - T. +33
(0)1 56 88 11 19 |
1 Estimated "normalised EBITDA" at December 31
2023, calculated with an average annual EUR/BRL exchange rate of
6.3 and a wind, solar and hydraulic resource corresponding to the
long-term average.2 Estimated "normalised EBITDA" at December 31
2027, calculated with an average annual EUR/BRL exchange rate of
5.5 and a wind, solar and hydraulic resource corresponding to the
long-term average.3 The above amounts are the sum of the
consolidated data, rounded to the first decimal place.4 Calculated
on a constant exchange rate basis with an average EUR/BRL exchange
rate of 5.6 in Q1 2023 versus 5.9 in Q1 2022.5 As of March 31.6
Press release of April 18, 20237 Press release of April 24, 20238
Corporate Power Purchase Agreement : a long-term contract for the
sale of renewable electricity that links the producer directly to
the company that consumes the electricity.9 Press release of April
19, 202310 Press release of January 4, 202311 Estimated "normalised
EBITDA" at December 31 2023, calculated with an average annual
EUR/BRL exchange rate of 6.3 and a wind, solar and hydraulic
resource corresponding to the long-term average.12 Estimated
"normalised EBITDA" at December 31 2027, calculated with an average
annual EUR/BRL exchange rate of 5.5 and a wind, solar and hydraulic
resource corresponding to the long-term average.
- 042623_Voltalia_Q1 2023 turnover VDEF
Voltalia (EU:VLTSA)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Voltalia (EU:VLTSA)
Historical Stock Chart
Von Jul 2023 bis Jul 2024