After a very strong H1,
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
The limited review of the half-yearly accounts is being finalized by the statutory auditors. The half-year accounts were reviewed by
"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
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
Due to the seasonal nature of the resources (wind, solar, hydro) of the power plants owned by
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 | 42% | 31% | +11 pts |
Wind load factor in | 25% | 31% | -6 pts |
Solar load factor in | 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
Over the period,
- 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 ofJune 2020 , an increase of +55%, mainly from new capacities inBrazil (VSM2, VSM3 and VSM4),France (includingGuyana ) andJordan ; - a better resource level compared to the same period in 2020 with wind levels in
Brazil quite close to the long-term average (load factor of 42% in H1 2021), whereas they were well below this average in H1 2020.
- Sustained EBITDA growth
The Energy Sales business generated EBITDA for the period €44.8 million, up +36% compared to H1 2020 (+55% at constant exchange rates) representing an EBITDA margin of 48% (-4.7 points). The lower EBITDA margin rate is mainly due to the recently commissioned plants whose gradual ramp-up did not allow them to reach their full potential over the whole of H1 2021, as well as by the ramp- up costs of Helexia, in particular with the establishment of the operational structures in
Detail by country :
- In
Brazil , 54% of energy sales (same as in H1 2020), EBITDA benefits from new power stations. In addition, the wind resource was much better than in the same period in 2020, returning to a level close to the long-term average; - In
France , 25% of energy sales (vs. 29% in H1 2020), EBITDA benefited from new wind and solar plants (including Helexia's solar roofs) and the good performance of other existing stations, despite a lower wind resource than in H1 2020, that is returning to the long-term average; - In other countries (
UK ,Belgium ,Portugal ,Spain ,Italy ,Greece ,Egypt andJordan ), 22% of energy sales (vs. 17% in H1 2020), EBITDA is significantly higher, mainly due to the good performance of the Ra Solar plant inEgypt and at the integration of Jordanian stations.
Services: sales momentum and EBITDA improve
In € million Before elimination of internally provided services | H1 2021 | H1 2020 | Change at current rates | Change at current rates |
Revenues | 95.0 | 49.9 | +90% | +93% |
Of which internal revenues | 35.8 | 23.4 | +53% | +57% |
Of which external revenues | 59.1 | 26.3 | +124% | +125% |
EBITDA | (0.5) | (1.9) | +73% | +76% |
Revenue from Services (internal and external) amounted to 95.0 million, up +90% (+93% at constant exchange rates). This high level reflects both the strong momentum of sales of services to third party clients, which increased by +124% to €59.1 million, and the increase in internal revenues (eliminated on consolidation), which rose by +53% to €35.8 million over the period, reflecting the acceleration of construction starts in the first six months of the year.
EBITDA increased slightly, but remained negative due to the weight of new project development (reflected in a pipeline that increased from 8.5 GW in
- Development, Equipment Procurement and Construction
The Development, Equipment Procurement and Construction segment posted revenues of €82.1 million, up 110% (+112% at constant exchange rates).
In this segment, the Group recorded an increase in Construction, illustrating in particular the dynamic construction activity for third party clients during the period in
However, H1 2021 does not recognise any external sales revenue from the Development activity. Indeed, as announced5, the sale of the VSM2 and VSM4 projects (187 MW in total) will have an impact on the financial statements in H2 2021 7.4 million from the sale of 94 MW of ready-to-build sites.
- Operations & Maintenance
The Operations & Maintenance segment recorded revenues of €12.8 million, up +19% (+24% at constant exchange rates). The segment achieved a slightly positive EBITDA in the first half of the year, mainly driven by internal business growth.
OTHER INCOME STATEMENT ITEMS
In € million | H1 2021 | H1 2020 | Change at current rates | Change at current rates |
EBITDA before eliminations and corporate items | 44.3 | 31.0 | +43% | +63% |
Eliminations and corporate items | (10.1) | (7.2) | +41% | +41% |
EBITDA | 34.1 | 23.8 | +44% | +69% |
Depreciation, amortization and provisions | (34.3) | (22.6) | +52% | +66% |
Operating profit (EBIT) | (0.2) | 1.2 | -116% | +194% |
Financial result | (18.1) | (14.9) | +21% | +36% |
Taxes and results of companies accounted for using the equity method | (4.1) | (4.3) | -6% | +7% |
Minority interests | 0.9 | 2.3 | -62% | -59% |
Net profit (Group share) | (21.4) | (15.8) | +36% | +31% |
Eliminations increased due to an increase in internal activity linked to the growth in business. After eliminations, consolidated EBITDA amounted to €34.1 million, up 44% on H1 2020.
Depreciation and provisions were up 68% at €34.3 million, reflecting:
- The depreciation of the plants commissioned in H1 2021 and the full year effect of the plants commissioned in 2020
- The provisions related to our increased construction activity higher than in 2020, which had instead seen provisions write-back.
At €18.1 million, financial expenses are up by +21%, including in particular the costs related to the January issue of green convertible bonds (
At €4.1 million, taxes were slightly down (-6%).
The profitability of power plants owned jointly with minority partners increased but remained negative.
In H1 2021,
SIMPLIFIED CONSOLIDATED BALANCE SHEET PASSES THE €2 BILLION LEVEL
In € million | ||
77.8 | 80.2 | |
Tangible & intangible assets | 1 452.3 | 1 273.5 |
Cash and cash equivalents | 329.4 | 220.1 |
Others assets | 210.0 | 203.6 |
Total assets | 2 069.4 | 1 777.3 |
Shareholders' equity | 722.7 | 696.2 |
Financial debt | 1 095.1 | 839.3 |
Provisions | 10.6 | 11 |
Other current and non-current liabilities | 240.9 | 230.8 |
Total liabilities | 2 069.4 | 1 777.3 |
The increase in the Group's assets is mainly due to the increase in the portfolio of power plants in operation and under construction, with fixed assets up by 14%. This growth would have been higher without the effect of the fall of the Brazilian real against the euro.
The Group's cash position at the end of
Given its very healthy financial position as at
RECENTS DEVELOPMENTS SINCE
France : winner of the call for tenders launched by the
Helexia, a subsidiary of
As part of the Telefonica contract won at the end of 2020, Helexia, a subsidiary of
Construction begins on SSM1&2,
Further acceleration of the portfolio of projects under development: 10.7 GW, + 10 % since
The portfolio of projects under development, intended to be retained or sold with construction and maintenance services, amounted to 10.7 GW as of
2021 OBJECTIFS AND 2023 AMBITIONS 2023 REITERATED
On the strength of the contribution of the 1.3 GW portfolio of power plants currently in operation, the commissioning of numerous new power plants in 2021 and the continued growth of Services for third-party customers, and anticipating the contribution in H2 2021 of the sale of the VSM2 (128 MW) and VSM4 (59 MW) wind farms,
The ambition of 2.6 GW in operation or under construction by 2023 is reaffirmed and fully covered by the 1.9 GW already in operation or under construction at the end of
In 2023, thanks to the planned increase in installed capacity, the normalised EBITDA should reach the range of
2021 | 2023 | |
Capacity | - | 2.6 GW installed or under construction capacity |
Normalised EBITDA | ~ €170 million | €275-300 million |
"Normalised": with a wind/solar/hydro resource equal to the very long-term average and a EUR/BRL rate of 6.3 |
Next meeting: Q3 2021 revenues,
About | |
As a pioneer in the corporate market, The Group has more than 1,130 employees and is present in 20 countries on 3 continents and is able to act worldwide on behalf of its clients. | |
Investor Relations: invest@voltalia.com T. +33 (0)1 81 70 37 00 | Actifin Press Contact: Jennifer Jullia jjullia@actifin.fr . T. +33 (0)1 56 88 11 11 |
Installed capacity at
In MW | Wind | Solar | Biomass | Hydro | Hybrid* | 30th June of 2021 | 30th june of 2020 |
920.3 | 16.0 | 936.3 | 596.3 | ||||
32.0 | 32.0 | 32.0 | |||||
57.0 | 57.0 | - | |||||
64.2 | 87.3 | 4.5 | 156.0 | 130.4 | |||
French | 17.1** | 7.2 | 5.4 | 29.7 | 13.3 | ||
4.7 | 4.7 | 4.7 | |||||
7.3 | 7.3 | 7.3 | |||||
17.5 | 17.5 | 9.3 | |||||
12.6 | 12.6 | 10.2 | |||||
15.0 | 15.0 | 11.6 | |||||
5.1 | 5.1 | 4.5 | |||||
Total | 984.5 | 255.6 | 7.2 | 9.9 | 16.0 | 1 273.3*** | 819.6 |
*4 MW of solar and 12 MW of thermal
** Including the Toco storage complex
*** The increase of 8 MW compared to the Q2 2021 revenue press release of
Under construction capacity at
Project’s name | Capacity | Techno. | Country |
Canudos 1 | 99.4 | Eolien | |
South Farm Solar | 49.9 | Solaire | |
Hallen SSEB | 32.0 | Storage | |
Helexia | 8.3 | Solaire | |
Helexia | 60.0 | Solaire | |
Carrière des Plaines | 8.0 | Solaire | |
SSM1&2 | 320.0 | Solaire | |
Total (in MW) | 577.6 |
Electricity generation at
(En GWh) | Wind | Solar | Biomass | Hydro | Hybrid* | H1 2021 | H1 2020 |
1 303,9 | 20.6 | 1 324.5 | 706.0 | ||||
39.9 | 39.9 | 38.5 | |||||
68.1 | 68.1 | - | |||||
76,2 | 56.1 | 1.6 | 133.9 | 126.2 | |||
French | 4.2 | 13.7 | 7.4 | 25.3 | 14.7 | ||
3.5 | 3.5 | 3.6 | |||||
4.2 | 4.2 | 4.7 | |||||
8.2 | 8.2 | 3.1 | |||||
6.3 | 6.3 | 6.4 | |||||
5.9 | 5.9 | 7.0 | |||||
2.8 | 2.8 | 2.1 | |||||
Total | 1 380.1 | 199.1 | 13.7 | 8.9 | 20.6 | 1 622.5 | 915.2 |
*Including solar production from Oiapoque
Consolidated income statement (unaudited) | ||||
In € thousand | At | At | Change % | |
Revenues | 152 055 | 88 439 | 63 616 | 72% |
Purchases and sub-contracting | -51 134 | -12 414 | -38 720 | 312% |
External expenses | -44 838 | -31343 | -13 495 | 43% |
Payroll expenses | -23 300 | -19 739 | -3 561 | 18% |
Other operating income and expenses | 1360 | -1160 | 2 520 | -217% |
Total operating expenses | -117 912 | -64 656 | -53 256 | 82% |
EBITDA | 34 143 | 23 783 | 10 360 | 44% |
% EBITDA | 22,5% | 26,9% | -4,4% | |
Other financial income and expenses | -1 297 | -2960 | 1 663 | -56% |
Allocations and reversals of depreciation, amortisation and provisions | -33 033 | -19 662 | -13 371 | 68% |
Operating revenue (EBIT) | -187 | 1 161 | -1 348 | -116% |
% EBIT | -0,1% | 1,3% | -1,4% | |
Borrowing costs | -20 865 | -15 325 | -5 540 | 36% |
Other financial income and expenses | 2 806 | 415 | 2 391 | 576% |
Income tax and other taxes | -4 051 | -4 286 | 235 | -5% |
Income from companies at equity | -7 | -44 | 37 | -84% |
Net profit (loss) | -22 304 | -18 079 | -4 225 | 23% |
% Net profit (loss) | -15% | -20% | 6% | -28% |
Group Share | -21 424 | -15 781 | -5 643 | 36% |
Minority interests | 880 | 2 298 | -1 418 | -62% |
Earnings per share, Group share (in euros): | ||||
Before dilution | 0,0834 | 0.0669 | 0,0165 | 25% |
After dilution | 0,083 | 0.0664 | 0,0166 | 25% |
Consolidated balance sheet (unaudited) | |||||||||||||||||
In € thousand | At | At | Change | % | |||||||||||||
77 768 | 80 155 | -2 387 | -3% | ||||||||||||||
Right of use | 48 952 | 45 316 | 3 636 | 8% | |||||||||||||
Intangible assets in progress | 200 684 | 154 889 | 45 795 | 30% | |||||||||||||
Property, plant and equipment | 1 202 625 | 1 073 263 | 129 362 | 12% | |||||||||||||
Equity affiliates | 2 215 | 2 196 | 19 | 1% | |||||||||||||
Financial assets | 18 857 | 16 156 | 2 701 | 17% | |||||||||||||
Deferred tax assets | 1 624 | 3 899 | -2 275 | -58% | |||||||||||||
4 301 | 149 | 4 152 | 2787% | ||||||||||||||
Non-current assets | 1 557 026 | 1 376 023 | 181 003 | 13% | |||||||||||||
Inventories and work in progress | 55 011 | 41 252 | 13759 | 33% | |||||||||||||
Due from customers | 8 828 | 7 696 | 1 132 | 15% | |||||||||||||
Trade receivables | 82 780 | 95 552 | -12 772 | -13% | |||||||||||||
Financial assets | 5 226 | 6 283 | -1 057 | -17% | |||||||||||||
Other current assets | 31 160 | 31 924 | -764 | -2% | |||||||||||||
Cash and net cash equivalents | 329 414 | 220 121 | 109 293 | 50% | |||||||||||||
Current assets | 512 419 | 402 828 | 109 591 | 27% | |||||||||||||
Total Assets | 2 069 445 | 1 778 851 | 290 594 | 16% | |||||||||||||
Equity, Group share | 660 923 | 640 375 | 20 548 | 3% | |||||||||||||
Non-controlling interests | 61 818 | 55 820 | 5 998 | 11% | |||||||||||||
Equity | 722 741 | 696 195 | 26 546 | 4% | |||||||||||||
Non-current provisions | 4 635 | 4 827 | -192 | -4% | |||||||||||||
Provisions for post-employment benefits | 1 369 | 1 378 | -9 | -1% | |||||||||||||
Deferred tax liabilities | 16 689 | 16 015 | 674 | 4% | |||||||||||||
Long-term borrowings | 946 973 | 703 974 | 242 999 | 35% | |||||||||||||
Financial liabilities | 16 103 | 14 614 | 1 489 | 10% | |||||||||||||
Non-current liabilities | 985 769 | 740 808 | 244 961 | 33% | |||||||||||||
Current provision | 5 966 | 6 163 | -197 | -3% | |||||||||||||
Short-term borrowings | 148 172 | 135 311 | 12 861 | 10% | |||||||||||||
Due to customers | 6 913 | 13 443 | -6 530 | -49% | |||||||||||||
Trade payables and other payables | 147 172 | 127 007 | 20 165 | 16% | |||||||||||||
Financial liabilities | 19 586 | 26 138 | -6 552 | -25% | |||||||||||||
Other current liabilities | 33 129 | 33 786 | -657 | -2% | |||||||||||||
Current liabilities | 360 938 | 341 848 | 19 090 | 6% | |||||||||||||
Total Liabilities | 2 069 445 | 1 778 851 | 290 594 | 16% | |||||||||||||
Forward-looking statements
This press release contains forward-looking statements. These statements are not historical facts. These statements include 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. These forward-looking statements can often be identified by the words "expects", "anticipates", "believes", "intends", "estimates" or "plans" and similar expressions. Although
1 "Normalised" means calculated with an average EUR/BRL exchange rate of 6.3 and a wind, solar and hydro resource at its long-term average.
2Ambitions 2023 of 2.6 gigawatts of capacity in operation and under construction, already fully backed by power sales contracts won in 2020, for a total normalised EBITDA of 275 to
3 VSM2 and VSM4 project sales press release, issued in
4The 8 MW increase compared to the Q2 2021 revenue press release of
5 See press release
[6] Press Release
7 Press Release
8 Press Release of
Attachment
- Half Year 2021 results
Voltalia
© OMX, source