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Voltalia SA: Half-Year Results 2021: After a very strong

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After a very strong H1,

Voltalia confirms its short and medium-term objectives

Very strong growth in H1 2021

  • Growth in revenue (+72%) and EBITDA (+44%)
  • Capacity installed or under construction at 1.9 GW to date (+55% vs. June 2020)

2021 Targets and 2023 Ambitions reiterated

  • 2021 targets of normalised EBITDA1 of ~€170 million confirmed : strong EBITDA growth expected in H2 due to seasonality, new power plant commissioning and strong Services activity
  • 2023 ambitions2 reaffirmed for both capacity in operation and under construction and for normalised EBITDA, while continuing geographic diversification

Solid financial structure and strong development momentum

  • Cash position at €329 million, strengthened by the issuance of green bonds in January
  • Further increase in the portfolio of projects under development: +10% since end 2020 and +26% since June 2020, with a portfolio of 10.7 GW

Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energies, announces today its revenues for the first half of 2021.

The limited review of the half-yearly accounts is being finalized by the statutory auditors. The half-year accounts were reviewed by Voltalia’s Audit Committee and approved by the Board of Directors which met on September 22, 2021.

Voltalia will comment on its half-year results for 2021 and its short and medium term outlook during a live audio webcast starting at 8:30am Paris time on Thursday 23 September 2021. Full login details are available on our website https://www.voltalia.com/fr/investisseurs

“The  continued strong growth in our revenues and EBITDA is driven by the sustained momentum of all our activities. While our installed capacity is growing month on month, our third party services business more than doubled over the period despite the absence of project development sales, illustrating the expertise of our teams. On the strength of a good H1, and anticipating an even better H2 given the seasonality of our business, the commissioning of recent months in particular the power plants in Brazil (VSM2, VSM3 and VSM4) and in France (Sarry and Cacao) and the outlook for Services3activity, we confirm our EBITDA target for 2021. Finally, we reaffirm our 2023 capacity and EBITDA ambitions,” commented Sébastien Clerc, Voltalia’s CEO.  

KEY FIGURES: VERY STRONG BUSINESS GROWTH AND SUSTAINED INCREASE OF EBITDA

In € million H1 2021 H1 2020 Change at current rates Change at constant rates*
Revenues 152.1 88.4 +72% +85%
EBITDA 34.1 23.8 +44% +69%
EBITDA margin 22.5% 26.9% -4,4pts -2.2 pts
Net income, Group share (21.4) (15.8) +36% +31%

* *The average EUR/BRL exchange rate at which revenues for the first half of 2021 have been determined is 6.49. vs. 5,4 au 30 juin 2020.

H1 revenues amount to €152.1 million euros, up +72% (+85% at constant exchange rates). Over the period, the business benefited from the combined effect of accelerated commissioning of new power plants, increased power generation driven by improved resource levels and strong service sales.

EBITDA is up 44% to €34.1 million (+69% at constant exchange rates), reflecting growth in each of the Group’s businesses. The EBITDA margin fell by 4.4 percentage points to 22.5%, mainly due to the increase in Services for third-party customers, a low-capital-intensity activity which therefore generates a lower margin on revenues than electricity production. Furthermore, within Services, while H1 2020 had recognised significant sales of projects to be built (94 MW for a revenue of €7.3 million), the project sales signed in H1 2021 (187 MW, announced in May) will only be completed in H2 .

Normalised EBITDA, calculated with a EUR/BRL exchange rate of 6.3 and wind, solar and hydro resources in line with the long-term average, was EUR 36.3 million.

Due to the seasonal nature of the resources (wind, solar, hydro) of the power plants owned by Voltalia, the H1 net result (group share) is negative as in the past. The net loss is up 36% (31% at constant exchange rate) reflecting the growth of the activity.

REVIEW OF ACTIVITIES

Energy sales: record level of activity combined with solid profitability

Key financial figures      
In € million
Before elimination of internally provided services
H1 2021 H1 2020 Change at current rates Change at current rates
Revenues 92.9 62.1 +50% +68%
EBITDA 44.8 32.9 +36% +55%
EBITDA margin 48% 53% -4.7 pts -4.1 pts
           

Operational indicators

  H1 2021 H1 2020 Change.
Production (in GWh) 1 622 915 +77%
Installed capacity (in MW) 1 2734 820 +55%
Installed or under construction capacity  (in MW) 1 851 1232 +50%
Wind load factor in Brazil 42% 31% +11 pts
Wind load factor in France 25% 31% -6 pts
Solar load factor in France 17% 18% -1 pt
  • Strong revenue growth due to increased installed capacity and improved resource conditions

Revenues from energy sales reached a record level of €92.9 million, up +50% at current exchange rates. At constant exchange rates, growth was +68%, reflecting the fall in the Brazilian real in 2020, mainly between March and August 2020, at the start of the global health and economic crisis. The average EUR/BRL rate thus rose from 5.4 in H1 2020 to 6.49 in H1 2021.

Over the period, Voltalia benefited from :

  • a further increase in its installed capacity in operation: at the end of June 2021, it amounted to 1,273 MW, compared to 820 MW at the end of June 2020, an increase of +55%, mainly from new capacities in…



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2021-09-23 05:00:00

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