Revenue up +77% in 2021 to €412 million
Since the IPO in 2014, revenues have grown by an average of +47.1% per year
Q4 2021 revenues of €158 million: +90%
- Energy sales: +2%. Increase in installed capacity, but Q4 2020 benefited from a better level of resource and a collection of late penalties from suppliers
- Services to third party clients: x3.7. Record revenue for each segment
FY 2021 revenues of €412 million: +77%
- Energy sales: +33%. Increase in installed capacity and a better level of resource with a record annual production of 4.1 terawatthours, but weakness of the Brazilian real
- Services to third party clients: x2.8. Record revenue for each segment
- Since its IPO in 2014,
Voltalia has recorded a compound annual growth rate (CAGR) of its revenues of +47.1%
Capacity in operation and under construction: +34%
- 1.7 gigawatts at end of 2021, compared to 1.3 gigawatts at end of 2020
Short and medium term objective and ambitions confirmed
- 2021: Normalised EBITDA1 of around €170 million
- 2023: Normalised EBITDA1 in the range of €275 to 300 million and 2.6 gigawatts in operation or under construction
“The fourth quarter was marked by the sale of two recently commissioned wind farms in
Q4 and FY 2021 revenues
In € million | Q4 2021 | Q4 2020 | Change | Change at constant FX rates2 | 2021 | 2020 | Change | Change at constant FX rates2 |
Energy sales | 56.5 | 55.6 | +2% | +0% | 216.2 | 163.1 | +33% | +40% |
Services (internal and external)3 | 125.4 | 50.6 | x2.5 | x2.5 | 271.6 | 136.6 | +99% | +99% |
Eliminations4 | (23.6) | (23.0) | +3% | +7% | (76.0) | (66.3) | +14% | +18% |
Net revenues | 158.3 | 83.3 | +90% | +87% | 411.9 | 233.3 | +77% | +81% |
The average EUR/BRL exchange rate at which revenues were calculated at December 31, 2021 was 6.4 compared to 5.9 at December 31, 2021
BUSINESS OVERVIEW
FY 2021 net revenues are €411.9 million, up +77% compared to 2020 (+81% at constant exchange rates). They benefited from the growth in Energy sales (+33%) and Services (up 2.8 times after eliminating internal sales of Services).
Q4 2021 net revenues amounted to €158.3 million, up +90% compated to Q4 2020 (+87% at constant exchange rates). All quarters of 2021 have seen strong growth.
ENERGY SALES
Operational indicators: record production of 4.1 terawatthours and increase in installed capacity
Q4 2021 | Q4 2020 | Change | 2021 | 2020 | Change | |
Production (in GWh) | 1,233 | 956 | +29% | 4,143 | 2,750 | +51% |
Installed capacity (in MW)5 | 1,129 | 1,015 | +11% | |||
Installed capacity and under construction (in MW)5 | 1,709 | 1,280 | +34% | |||
Wind load factor in | 58% | 60% | -2pts | 50% | 45% | +5pts |
Wind load factor in | 27% | 32% | -5pts | 24% | 28% | -4pts |
Solar load factor in | 11% | 9% | +2pts | 17% | 16% | +1pt |
Solar load factor in | 21% | 20% | +1pt | 29% | 25% | +4pts |
FY 2021 revenues from Energy sales reached €216.2 million, up +33% at current exchange rates. Annual electricity production reached a record level of 4.1 terawatthours (+51%). The level of resource is slightly below the long-term average, but more favourable than in 2020 when the wind level in
Growth at constant exchange rates is +40%, reflecting a Brazilian real that is still weak against the euro, although gradually improving since the beginning of 2021. The average EUR/BRL exchange rate was 6.4 in 2021, compared to 5.9 in 2020.
Q4 2021 revenues reached €56.5 million, +2% (stable at constant exchange rates) compared to Q4 2020.
By country:
- In
Brazil , revenues benefit from the production of the new wind farms commissioned in 2021: VSM2, VSM3 and VSM4 (VSM2 and VSM4 having contributed until the end ofNovember 2021 , when they were sold). However, Q4 2021 is characterised by less favourable wind conditions than a year earlier and does not benefit, unlike Q4 2020, from the collection of late penalties from equipment and construction service providers;
- In
France , revenue growth was mainly driven by the commissioning of new solar (Laspeyres and Cabanon), wind (Sarry) and biomass (Cacao inFrench Guiana ) power plants, which largely offset the revenue from the Adriers wind farm sold at the end of 2020; - In the other countries (
United Kingdom ,Belgium ,Portugal ,Spain ,Italy ,Greece ,Jordan andEgypt ), the contribution of solar energy increased further, in particular thanks to the growth of Helexia.
SERVICES
FY 2021 revenues from Services (internal and external) reached €271.6 million, up +99% (idem at constant exchange rates) compared to 2020. Although internal revenues (eliminated on consolidation) were up over the period (+14%), it was revenues from third party clients (up 2.8 times to €195.6 million) that accounted for most of the growth in Services over the year.
Q4 2021 revenues (internal and external) reached €125.4 million, up 2.5 times (idem at constant exchange rates) compared to Q4 2020. Although internal revenues (eliminated on consolidation) were up over the period (+3%), it was revenues from third party clients (up 3.7 times to €101.8 million) that account for most of the growth. The analysis by segment shows a general progression of all Services activities:
- The Development, Construction and Equipment procurement segments posted revenues of €118.5 million, up 2.7 times (idem at constant exchange rates). Development recorded a very strong increase in revenues thanks to the disposal of several sites developed by
Voltalia , notably VSM2 and VSM4, as announced inMay 2021 . These two Brazilian sites had only recently become operational at the time of disposal. The revenue of this disposal recorded in Q4 2021 corresponds to the capital gain only. In parallel, Construction and Equipment procurement also recorded a very strong increase in revenues, with several plants completed in Q4 2021 and 314 MW under construction for third party customers at the end ofDecember 2021 , compared with 200 MW at the end ofDecember 2020 ; - The Operation & Maintenance segment posted revenues of €7.0 million, up +9% (+8% at constant exchange rates), highlighting the general rise of the capacity in operation and in particular the capacity managed on behalf of third party clients. In particular,
Voltalia won additional contracts for 492 MW during the period on behalf on third parties inBrazil . As at endDecember 2021 ,Voltalia operates a total of 3.4 GW for its own account and that of third party customers.
FY and Q4 2021 revenue eliminations amount to respectively €76.0 million (+14% at current exchange rates and +18% at constant exchange rates) and €23.6 million (+3% at current exchange rates and +7% at constant exchange rates), reflecting internal Services sales for power plants under construction and operations owned by
RECENT DEVELOPMENTS (selected)
- Progression in the Gaïa index of the best-performing French stocks on ESG criteria6
For the fourth consecutive year
- The first multi-buyer Green CPPA in Europe7
The 10 companies involved in alphabetical order: Air France, Bonduelle, Daco Bello,
- Start of the construction of the mixed photovoltaic production and battery storage plant in French Guiana8
- CNES asks
Voltalia to build a photovoltaic park on the Kourou space base in French Guiana9
- In the
UK , the first kilowatthours stored and released byVoltalia at the Hallen Battery Energy Storage Scheme10
- Helexia, a subsidiary of
Voltalia , signs a new contract to supply Telefonica with solar electricity inBrazil 11
Following the
2021 OBJECTIVE AND 2023 AMBITIONS CONFIRMED
In view of the revenues reported in 2021,
Furthermore, the ambition to reach 2.6 GW in operation or under construction by the end of 2023 is reaffirmed and secured by the 1.7 GW already in operation or under construction at the end of
Finally, the planned ramp-up of installed capacity should enable the Group to achieve a normalised EBITDA in the range of €275 to 300 million by 2023.
2021 | 2023 | |
Capacity | - | 2.6 GW in operation or under construction |
EBITDA normalised | ~€170 million | €275-300 million |
Normalised: very long-term average wind/solar/hydro resource and a EUR/BRL exchange rate of 6.3 |
Forward-Looking Statements
This press release contains certain forward-looking statements relating to the business of
In some cases, you can identify forward-looking statements by words such as "could," "should," "may," "expects," "anticipates," "believes," "intends," "estimates," "aims," "targets," or similar words. Although the management of
Installed capacity as of December 31, 2021
In MW | Wind | Biomass | Hydro | Hybrid* | 31 Dec 2021 | 31 Dec 2020 | |
732.3 | 4.0 | 12.0 | 748.3 | 681.5 | |||
32.0 | 32.0 | 32.0 | |||||
57.0 | 57.0 | 57.0 | |||||
64.2 | 95.6 | 4.5 | 164.3 | 162.4 | |||
17.1** | 6.8 | 5.4 | 29.3 | 29.3 | |||
4.7 | 4.7 | 4.7 | |||||
39.3*** | 39.3 | 7.3 | |||||
20.0 | 20.0 | 12.8 | |||||
12.6 | 12.6 | 10.2 | |||||
15.0 | 15.0 | 11.6 | |||||
6.4 | 6.4 | 6.4 | |||||
Total | 796.5 | 303.7 | 6.8 | 9.9 | 12.0 | 1128.9 | 1 015.2 |
*4 MW of solar and 12 MW thermal
** Including theToco storage complex
*** Including the Hallen storage complex
Capacity under construction as of December 31, 2021
Name of the project | Capacity | Techno. | Country |
Canudos 1 | 99.4 | Wind | |
South Farm Solar | 49.9 | Solar | |
Helexia | 11.0 | Solar | |
Helexia | 87.0 | Solar | |
Carrière des Plaines | 8.0 | Solar | |
SSM1&2 | 320.0 | Solar | |
5 | Solar | ||
Total (in MW) | 580.3 |
Power production as of December 31, 2021
(In GWh) | Wind | Solar | Biomass | Hydro | Hybrid | Total 2021 | Total 2020 |
3 518.3 | 4.0 | 44.1 | 3,566.4 | 2,317.5 | |||
75.3 | 75.3 | 76.5 | |||||
130.4 | 130.4 | 33.8 | |||||
131.9 | 112.2 | 4.6 | 248.7 | 238.4 | |||
5.2 | 34.7 | 18.0 | 57.9 | 32.8 | |||
6.8 | 6.8 | 7.2 | |||||
7.8 | 7.8 | 8.7 | |||||
19.9 | 19.9 | 7.7 | |||||
12.4 | 12.4 | 12.0 | |||||
10.6 | 10.6 | 11.0 | |||||
6.6 | 6.6 | 4.5 | |||||
Total | 3 650.2 | 391.2 | 34.7 | 22.6 | 44.1 | 4,142.8 | 2,750.1 |
Next publication: 2021 Full Year results,
About | |
As a pioneer in the corporate market, The Group has more than 1,280 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 |
1 "Normalised" means calculated with an average annual EUR/BRL exchange rate of 6.3 and a wind, solar and hydro resource corresponding to the long term average
2 2021 revenues calculated at 2020 exchange rates
3 Q4 2021 benefited in particular from income from the disposal, completed on
4 Eliminations: services provided by the Services business for Group-owned power plants are eliminated upon financial consolidation
5 At the end of the period
6 Press Release of
7 Press Release of
8 Press Release of
9 Press Release of December22, 2021
10 Press Release of
11 Press Release of
Attachment
- 220126
Voltalia Q4 2021 revenues_VDEF
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