DJ Voltalia SA: Q3 2020 consolidated revenues up 33% at constant currency
Voltalia SA
Voltalia SA: Q3 2020 consolidated revenues up 33% at constant currency
21-Oct-2020 / 18:17 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Q3 2020 consolidated revenues up 33% at constant currency
Revenues are up in Q3 2020 at &euro61.6 million
· Energy sales strong growth with normal seasonal catch-up and new wind
and solar plants
· Services moderate growth compared to a record high Q3 in 2019
H2 2020 expected profitability improvement confirmed by Q3 2020 activity
trends
Since January 1st, 922 MW of new long-term power sales contracts won
***
Voltalia (Euronext Paris ISIN code: FR0011995588), international player in
renewable energies, announces today its Q3 2020 revenues.
"The Q3 2020 performance is the consequence of Energy sales growth driven by
the increase of our installed capacity which will positively impact our
revenues and profitability for the next 20 years. Services revenues slightly
beat Q3 2019's record high level. With 922 megawatts of new long-term power
sales contracts won since January 1st we have already secured-despite the
covid-19 situation- 2.4 times more capacity versus 2019's full year, which
was our all-time high" comments Sébastien Clerc, CEO of Voltalia.
Q3 and 9M 2020 revenues
In &euro Q3 Q3 Change Change 9M 9M Change Change
million at 20 20191 at
consta 20 consta
nt FX nt FX
2020[1] 2019[2] rates[ rates
3]
Energy sales 45.4 37.8 +20% +51% 10 83.9 +28% +52%
7.
5
Services 36.1 35.6 +1% +7% 85 108.9 -21% -17%
.9
Total revenues 81.5 73.4 +11% +30% 19 192.8 +0% +13%
(internal and 3.
external) 4
Eliminations[4] (19.9) (17.2) +15% +20% (4 (79.7) -46% -44%
3.
4)
Consolidated 61.6 56.2 +10% +33% 15 113.0 +33% +53%
revenues 0.
1
Other key figures
Production (in GWh) 873 646 +35% +35% 1 788 1 403 +28% +28%
Installed capacity (in 860 586 +47% +47%
MW, end of period)
Business review
Q3 2020 consolidated revenues are &euro61.6 million, up 33% at constant
exchange rates. Consolidated revenues for the first nine months of 2020 (9M
2020) were &euro150.1 million, up 53% at constant exchange rates.
Energy sales
9M 2020 revenues are &euro107.5 million, up by 52% at constant exchange
rates, driven by the increase in installed capacity in operation across
geographies, reaching 860 MW at the end of September 2020. Growth at current
exchange rates is +28%: the global health and economic crisis is leading to
a weakening of the Brazilian real against the euro. The average EUR/BRL rate
was 5.7 in 9M 2020 compared with 4.4 in 9M 2019.
Q3 2020 revenues total &euro45.4 million. Growth on Q3 2019 reaches 51% at
constant exchange rates, driven by increased power production, up by 35% in
Q3 2020 compared with Q3 2019, and by 68% compared with Q2 2020 reflecting
the usual seasonality. Reported growth stands at 20% after taking into
account the 30% depreciation of the Brazilian real against the euro,
compared with the same period last year.
By country:
· in Brazil, the growth in production is chiefly due to the new VSM1 wind
farm, with older wind farms performing broadly in line with long-term
averages and Q3 2019;
· in France, slightly lower wind resource is largely more than offset by
new solar and hydroelectric power plants installed since Q3 2019;
· in the other countries (United Kingdom, Belgium, Portugal, Spain, Italy,
Greece and Egypt), Voltalia records increased contribution from new solar
power plants.
Services
9M 2020 revenues (internal and external) are &euro85.9 million, down 17% at
constant exchange rates (-21% at current exchange rates). While internal
sales are down in the absence of strongly contributing projects, sales to
third-party clients are up 46% compared with 9M 2019, driven by the strong
commercial activity since late 2019.
Q3 2020 revenues (internal and external) total &euro36.1 million, increasing
by 7% at constant exchange rate (+1% at current exchange rates) compared
with Q3 2019:
· total revenues from the Development and Construction business reach
&euro30.8 million, up 5 % at constant exchange rates compared with Q3
2020. Voltalia records high construction activity for external projects in
Africa and Europe. Development sales are robust although lower than in Q3
2019 which included the sale of the redeveloped and repowered solar plant
of Coco-Banane in French Guiana (4.3 megawatts) generating &euro12 million
of revenues;
· total revenues from Operation & Maintenance services stand at &euro5.2
million, up by 15% at constant exchange rates thanks to the successful
integration of Greensolver.
9M 2020 revenues eliminations stand at &euro43.4 million and are down by 44%
at constant exchange rate (-46% at current exchange rates) compared with 9M
2019. This reflects changes in the activity mix, with an increased share of
external sales to third-party clients, notably in Construction. The 20%
increase at constant exchange rate (15% at current exchange rates) in Q3
2020 revenues eliminations versus Q3 2019 is driven by higher internal
Development sales during this quarter.
Recent developments (Since H1 2020 results communication on September 24)
A new investor onboards the 152 megawatts VSM 3 wind plant in Brazil
In Q3 2020, Voltalia onboarded STOA, a new investor in the VSM 3 wind plant
in Brazil. STOA is a top-tier French investment player specialized in
infrastructure projects in developing and emerging countries. The plant is
now 57% owned by Voltalia, 33% by STOA, and the remaining 10% by a local
partner. This partnership is a good illustration of Voltalia's strategy
which aims at developing a large volume of competitive projects with the
idea of onboarding third-party investors, through long-term partnerships or
sales.
Voltalia's commercial momentum remains strong in various geographies
Energy sales
In France, Voltalia and LCL, a leading French bank for small and
medium-sized businesses part of the Crédit Agricole Group, launched a unique
service which will enable some fifteen of the companies most involved in the
energy transition to benefit from contracts that will secure their supply of
green electricity over a long period of time, at guaranteed prices. The
electricity will come from a 55-megawatt photovoltaic plant located in the
South of France which Voltalia will develop and operate.
Services
Voltalia continues to develop its activities in Africa and is currently in
the design phase for a 12 megawatts solar plant in Zimbabwe. Subject to the
conclusion of an Engineering, Procurement and Construction (EPC) contract,
procurement and construction are expected to begin with current indicated
commissioning in the last quarter of 2021.
Voltalia is currently building around 60 megawatts for third-party clients,
mainly in Portugal, where the total backlog of construction contracts for
third-party clients amounts to 300 megawatts.
Confirmed short and mid-term ambitions
The progression of revenues in Q3 2020 and the commercial momentum are
expected to impact positively H2 2020 profitability compared with H1 which
enables Voltalia to confirm that it expects its 2020 EBITDA to reach around
&euro100 million (assuming average wind/solar/hydro resource), a 50%+ growth
compared with 2019.
Capacity and profitability ambitions for 2020, 2021 and 2023 are confirmed.
2020 2021 2023
Capacity 1 GW in operation - 2.6 GW in
operation or
construction
EBITDA &euro100 million &euro170 million &euro275-300
million
Assumptions average wind/solar/hydro resource and a EUR/BRL
rate of 6.3 from H2 2020
About Voltalia ( www.voltalia.com [1])
Voltalia is an international player in the renewable energy sector. The
Group produces and sells electricity generated from wind, solar, hydraulic,
biomass and storage facilities that it owns and operates. Voltalia has
generating capacity in operation and under construction of more than 1.3?GW
and a portfolio of projects under development representing total capacity of
8.5?GW.
Voltalia is also a service provider and supports its investor clients in
renewable energy projects during all phases, from design to operation and
maintenance.
As a pioneer in the corporate market, Voltalia provides a global offer to
private companies, ranging from the supply of green electricity and energy
efficiency services to the local production of their own electricity.
The Group has 994 employees and is present in 20 countries on 4 continents
(MORE TO FOLLOW) Dow Jones Newswires
October 21, 2020 12:17 ET (16:17 GMT)
DJ Voltalia SA: Q3 2020 consolidated revenues up 33% -2-
and is able to act worldwide on behalf of its clients.
Voltalia is listed on the regulated market of Euronext Paris, compartment B
(FR0011995588 - VLTSA) and is part of the Enternext Tech 40 and CAC Mid &
Small indices. The Group is also included in the Gaïa-Index, an index for
socially responsible midcaps.
Voltalia Actifin
Investor Relations: Press Contact: Jennifer Jullia
invest@voltalia.com
jjullia@actifin.fr
+33 (0)1 81 70 37 00
+33 (0)1 56 88 11 11
Forward-Looking Statements
This press release contains certain forward-looking statements relating to
the business of Voltalia, which shall not be considered per se as historical
facts, including the ability to manufacture, market, commercialize and
achieve market acceptance for specific projects developed by Voltalia,
estimates for future performance and estimates regarding anticipated
operating losses, future revenues, capital requirements, needs for
additional financing. In addition, even if the actual results or development
of Voltalia are consistent with the forward-looking statements contained in
this press release, those results or developments of Voltalia may not be
indicative of their in the future.
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
Voltalia believes that these forward-looking statements are reasonably made,
they are based largely on the current expectations of Voltalia as of the
date of this press release and are subject to a number of known and unknown
risks and uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any future
results, performance or achievement expressed or implied by these
forward-looking statements. In particular, the expectations of Voltalia
could be affected by, among other things, uncertainties involved in
Voltalia's produced electricity selling price, the evolution of the
regulatory context in which Voltalia operates and the competitiveness of
renewable energies or any other risk and uncertainties that may affect
Voltalia's production sites' capacity or profitability of as well as those
developed or identified in any public documents filed by Voltalia with the
AMF, included those listed in section 2.2 "Risk factors" of the 2018
document de référence filed with the French financial market authority (the
Autorité des marchés financiers - the "AMF") on March 29, 2019 under number
D.19-0222. In light of these risks and uncertainties, there can be no
assurance that the forward-looking statements made in this press release
will in fact be realized. Notwithstanding the compliance with article 223-1
of the General Regulation of the AMF (the information disclosed must be
"accurate, precise and fairly presented"), Voltalia is providing the
information in these materials as of this press release, and disclaims any
intention or obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
Installed capacity at 30 September 2020
In MW Wind Solar Biomass Hydro Hybrid* 30 30
Septemb September
er 2020 2019
Brazil 615.0 16.0 631.0 433.3
Egypt 32.0 32.0 -
France 52.2 77.7 4.5 134.4 109.8
French 6.6 1.7 5.4 13.7 7.3
Guiana
Greece 4.7 4.7 4.7
United 7.3 7.3 7.3
Kingdom
Portugal 8.8 8.8 4.7
Italy 10.2 10.2 8.1
Belgium 11.6 11.6 11.3
Spain 6.4 6.4 -
Total 667.2 165.3 1.7 9.9 16.0 860.0 586.4
*4 MW of solar and 12 MW thermal
Electricity production report
(in GWh) Wind Solar Biomass Hydro Hybrid* Total Total 9M
9M 2019
2020
Brazil 1 440.5 32.8 1 1229.7
473.3
Egypt 59.9 59.9 -
France 95.9 84.5 6.2 186.5 126.1
French 2.9 7.2 14.6 24.8 24.7
Guiana
Greece 5.8 5.8 5.9
United 7.5 7.5 6.5
Kingdom
Portugal 6.2 6.2 2.8
Italy 10.6 10.6 3.3
Belgium 9.5 9.5 3.6
Spain 4.4 4.4 -
Total 1 536.3 191.2 7.2 20.8 32.8 1 1402.7
788.3
*Includes the production of Oiapoque solar
=---------------------------------------------------------------------------
[1] Quarterly figures calculated by difference between 9M and H1
[2] Including revenues reallocation between Energy sales and Services for
&euro0.4 million
[3] 2020 revenues calculated at 2019 exchange rates
[4] Eliminations: services provided by the Services business for Group-owned
power plants are eliminated upon financial consolidation
Regulatory filing PDF file
File: PDF version [2]
Language: English
Company: Voltalia SA
84 boulevard de Sébastopol
75003 Paris
France
E-mail: invest@voltalia.com
Internet: www.voltalia.com
ISIN: FR0011995588
Euronext Ticker: VLTSA
AMF Category: Additional regulated information to be pubicly disclosed
under the legislation of a Member State / Third quarter
financial report
EQS News ID: 1142327
End of Announcement EQS News Service
1142327 21-Oct-2020 CET/CEST
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(END) Dow Jones Newswires
October 21, 2020 12:17 ET (16:17 GMT)
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