Consolidated management report
September 30, 2021
November 15, 2021
CONSOLIDATED MANAGEMENT REPORT AS AT SEPTEMBER 30, 2021
Contents | ||
3. | Financial information ........................................................................................................................................ | 5 |
3.1. Consolidated income statement ................................................................................................................ | 5 | |
3.2. Consolidated balance sheet ....................................................................................................................... | 7 | |
4. | Sustainability ..................................................................................................................................................... | 9 |
5. | Share price performance................................................................................................................................. | 11 |
6. | Relevant information disclosed in the period ................................................................................................. | 11 |
7. | Disclaimer........................................................................................................................................................ | 11 |
8. Appendix I: APM……..………………….………………………………………………………………………………………………………………12
CONSOLIDATED MANAGEMENT REPORT AS AT SEPTEMBER 30, 2021
1. Key financial indicators
The Solaria Group reported total revenue of 70,753 thousand euros (+73%), EBITDA of 70,017 thousand euros (+86%), EBIT of 55,874 thousand euros (+115%), profit before tax of 44,465 thousand euros (+168%) and profit after tax of 37,573 thousand euros (+50%) for the first nine months of the year.
70.753 | 70.017 | 9M 2020 | 9M 2021 | ||||||
55.874 | |||||||||
40.957 | 37.643 | 25.986 | 16.613 | 44.465 | 25.129 | 37.573 | |||
R E V E N U E ( + 7 3 % ) | E B I T D A ( + 8 6 % ) | E B I T ( + 1 1 5 % ) | P B T ( + 1 6 8 % ) | N E T P R O F I T ( + 5 0 % ) |
Driving the improvement in all these income statement items was the sharp increase in energy production compared to the same period of 2020 and the Group's cost streamlining policy.
The comparison between 2021 and 2020 in adjusted net profit (excluding the impact of the recognition of deferred taxes) is as follows:
Adjusted Net Profit
(+198%)
37.157
12.460
9M 2020 | 9M 2021 |
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CONSOLIDATED MANAGEMENT REPORT AS AT SEPTEMBER 30, 2021
2. Key highlights
2.1. Financing arrangements
Type of arrangement | Entity | MW financed | Amount | ||||
Commercial paper issue | MARF | - | €48.8M | ||||
Financing | Natixis | 261 | US$115M | ||||
Financing | La Banque Postale | 63 | €23M |
Commercial paper issue on the MARF
On March 18, 2021, the Group announced that it had successfully placed 48.8 million euros of notes with 12-18 months tenor as part of its commercial paper program registered in the Spanish Alternative Fixed-income Market, or MARF.
Financing agreement with Natixis
On March 26, 2021, the Group announced the completion of its financing agreement with Natixis S.A., S.E. (Spain) for 261 MW associated with the 10-year power purchase agreement (PPA) signed with Statkraft in December 2019.
Financing agreement with La Banque Postale
On August 9, 2021, the Group concluded a financing agreement with La Banque Postale for 63MW associated with the Portuguese auction held in July 2019.
2.2. Power purchase agreements
Company | Contracted capacity | Duration (years) | |||
Shell Energy Europe B.V. | 300MW | 10 | |||
Power company (P. Ibérica) | 80MW | 10 | |||
Subasta REER España | 180MW | 12 |
PPA with Shell
On January 14, 2021, the Group signed a 10-year PPA with Shell Energy Europe B.V. with total contracted capacity of 300 MW.
PPA
On January 26, 2021, the Group signed a 10-year financial PPA with one of the Iberian Peninsula's leading electric utilities with total contracted capacity of 80 MW.
Auction to be granted the REER
On January 26, 2021, Solaria announced that it had been awarded 180MW of capacity in the first auction to be granted the Renewable Energy Economic Regime (REER) promoted by the Spanish State and held by the electricity market operator, OMEL, on the same date.
This is a 12-year power purchase agreement at an average fixed price of €27.972/MWh, with supply commencing in 2023.
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CONSOLIDATED MANAGEMENT REPORT AS AT SEPTEMBER 30, 2021
2.3. Other key developments
Capital Markets Day
On February 08, 2021, the Group unveiled its new Strategic Plan, revising up its installed capacity forecast for year-end 2030 to 18 GW.
Next Generation funds
On February 24, 2021, the Group submitted 29 projects to the Spanish Ministry of Ecological Transition and Demographic Challenge for access to the Next Generation EU fund.
Total investment in the projects amounts to 3,940 million euros, of which applications for European funds totaling 1,625 million euros have been made.
All the investments entail renewable energy projects, mainly power storage, smart grids and digital communication systems.
Inauguration of Portuguese plants
On May 17, 2021, the Group inaugurated, in a ceremony with representatives of the Portuguese government, its four photovoltaic plants of 63 MW in Portugal.
Collaboration agreement with Enagás
On November 4, 2021, Solaria and Enagás signed a collaboration agreement to study the potential joint development of a green hydrogen plant, for which up to 200 MWp of photovoltaic solar energy would be earmarked.
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Solaria Energia y Medio Ambiente SA published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 16:54:13 UTC.