A very dynamic Q4 2020 with revenues up 65% at constant currency
Q4 2020 consolidated revenues up by 65% at constant currency, at €89.6 million
- Energy sales sustained growth driven by new wind and solar plants vs. continuous weakness of the Brazilian real
- Services strong growth in Q4, further Development sales and increased Construction activity
FY 2020 consolidated revenues up by 57% at constant currency, at €239.6 million
- Energy sales record contribution, overcoming COVID-related impacts and H1 2020 low wind and continuous weakness of the Brazilian real
- Increased share of third-party clients in Services: greater contribution to consolidated revenues
All ambitions confirmed
- Growth trajectory in line with EBITDA ambitions
- 1 GW installed capacity and additional power sales contracts won secure 2.6 GW1 target by 2023
“We are ending the year 2020 on our highest quarter ever, at almost €90 million, despite the impacts of the sanitary crisis. Many milestones were passed this year: our installed capacity now exceeds one gigawatt, our capacity under management stands at 3.4 GW. And further growth is secured with 1 gigawatt of new power purchase agreements won during the year. This very strong growth has been accompanied with a diversification of our activity both geographically and technologically. On the strength of these major achievements and bolstered fundamentals, we reiterate our confidence in the achievement of our short and medium term objectives”, states
Q4 and FY 2020 revenues
In € million | Q4 20202 | Q4 2019 | Change | Change at constant FX rates3 | FY 2020 | FY 2019 | Change | Change at constant FX rates |
Energy sales | 50.0 | 46.6 | +7% | +35% | 157.5 | 130.5 | +21% | +46% |
Services | 60.5 | 35.34 | +71% | +75% | 146.4 | 144.3 | +1% | +5% |
Total revenues (internal and external) | 110.5 | 82.0 | +35% | +52% | 303.9 | 274.8 | +11% | +25% |
Eliminations5 | (20.9) | (19.6) | +7% | +11% | (64.3) | (99.3) | -35% | -33% |
Consolidated revenues | 89.6 | 62.5 | +43% | +65% | 239.6 | 175.5 | +37% | +57% |
Other key figures
Production (in GWh) | 968 | 715 | +35% | +35% | 2,756 | 2,117 | +30% | +30% | |
Capacity | Installed (in MW, end of period6) | 1,015 | 678 | +50% | +50% | ||||
Managed (in MW, end of period) | 3,420 | 2,7507 | +24% | +24% |
Business review
Energy sales
FY 2020 revenues are €157.5 million, up by 46% at constant exchange rates, with growth in the portfolio of plants since H2 2019 (VSM1, Râ Solar, Helexia…) largely offsetting poor wind conditions in the first half of 2020, and delays in new commissionings attributable to the COVID-19 situation.
Growth at current exchange rates is +21%: the global sanitary and economic crisis is leading to a weakening of the Brazilian real against the euro. The average EUR/BRL rate was 5.9 in 2020 compared with 4.4 in 2019.
Q4 2020 revenues total €50.0 million. Growth on Q4 2019 reaches 35% at constant exchange rates, driven by increased power production, with volumes up by 35%. Reported growth stands at 7% after taking into account the 27% depreciation of the Brazilian real against the euro, compared with the same period last year.
By country
- in
Brazil , growth in production and revenues is chiefly due to the full contribution of the new VSM1 wind farm (163 MW) and partial contribution of the VSM2 wind farms (85 MW out of 128 MW), which progressive commissioning is ongoing. The usual seasonal catch-up experienced in Q3 2020 continued in Q4 2020, with older wind parcs’ production up by 94% on average in H2 2020 compared with H1 2020, which was well below long-term averages; - in
France , lower wind and hydroelectric resource is more than offset by new ground and rooftop solar power plants; - in the other countries (
United Kingdom ,Belgium ,Portugal ,Spain ,Italy ,Greece ,Jordan andEgypt ), production more than doubled, withVoltalia recording increased contribution from new solar power plants, including the contribution of the newly acquired Ma’an and Mafraq solar plants inJordan .
Services
FY 2020 revenues (internal and external) are €146.4 million, up 5% at constant exchange rates (1% at current exchange rates). While internal sales are down 35% over the year in the absence of strongly contributing projects, external sales to third-party clients are up 80% compared with FY 2019, driven by the strong commercial activity since late 2019.
Q4 2020 revenues (internal and external) total €60.5 million, increasing by 75% at constant exchange rate and +71% at current exchange rates compared with Q4 2019:
- total revenues from the Development and Construction business reach €54.1 million, up 77% at constant exchange rates compared with Q4 2019. The sale of a 35.2 MW portfolio8 drove Development sales higher compared with Q4 2019, which already included material Development sale.
EPC Services grew sharply, driven by newVoltalia plants commissioning inFrance in the final quarter of 2020 and ongoing constructions carried out for third-party clients inPortugal . - total revenues from Operation & Maintenance services stand at €6.4 million, up by 59% at constant exchange rates driven internally by the decennial maintenance work at the Voltalia Kourou biomass plant in
French Guiana and externally the successful integration of Greensolver.
The strong commissioning activity for
Recent developments
Selling a 35.2 MW onshore wind portfolio with Services to an infrastructure fund in
In
Buying a controlling stake in a 57 MW portfolio of solar plants in
Signature of new Corporate PPAs
In Q4 2020
- In
France , LCL, a leading French bank for small and medium-sized businesses part of the CréditAgricole Group , andVoltalia 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 56 MW photovoltaic plant located in the South ofFrance whichVoltalia will develop and operate. - In
France ,Voltalia signed 15-year minimum Corporate PPA with Decathlon and will build a 16 MW new solar energy plant in the South East ofFrance to supply the retailers’ French sites. The plant will be operational by 2023 and will supply around 15% of Decathlon’s annual electricity consumption inFrance . - In the
UK ,Voltalia won the first Corporate PPA to be signed directly between a renewables producer and a governing authority and will supply green electricity toLondon's prestigious business district, theCity of London under a 15-year contract. The electricity will be produced by a new solar plant with a total capacity of 49.9 MW built byVoltalia inDorset . - In
Brazil , Helexia, Voltalia’s subsidiary specializing in solar rooftops and energy efficiency solutions signed a 20-year contract under which it will supply Telefonica’sVivo mobile phone networks with green electricity. 16 new solar plants located in five states will be built for a total capacity of 60 MW, a major contract for Helexia whose portfolio now reaches 165 MW, or 3.2 times its installed capacity when it was acquired in 2019.
Commissioning of new
In
At the end of Q4 2020,
At the end of Q4 2020, Voltalia’s new biomass power plant Cacao in
Green financing
Early January,
Outlook: confirmed short and mid-term ambitions
Capacity and profitability ambitions for 2020, 2021 and 2023 are all confirmed by Voltalia’s growth trajectory and commercial activity.
2020 | 2021 | 2023 | |
Capacity | 1 GW in operation | - | 2.6 GW in operation or construction |
EBITDA | ~€100 million | ~€170 million | €275-300 million |
Assumptions | average wind/solar/hydro resource and a EUR/BRL rate of 6.3 from H2 2020 |
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 at
In MW | Wind | Solar | Biomass | Hydro | Hybrid* | ||
665.5 | 16.0 | 681.5 | 464.3 | ||||
32.0 | 32.0 | 32.0 | |||||
57.0 | 57.0 | ||||||
74.2** | 83.7 | 4.5 | 162.4 | 129.4 | |||
22.2 | 1.7 | 5.4 | 29.3 | 13.3 | |||
4.7 | 4.7 | 4.7 | |||||
7.3 | 7.3 | 7.3 | |||||
12.8 | 12.8 | 4.7 | |||||
10.2 | 10.2 | 8.1 | |||||
11.6 | 11.6 | 11.3 | |||||
6.4 | 6.4 | 2.7 | |||||
Total | 739.7 | 247.9 | 1.7 | 9.9 | 16.0 | 1 015.2 | 677.8 |
*4 MW of solar and 12 MW thermal
**Including Adriers (10 MW) sold on
Electricity production report
(in GWh) | Wind | Solar | Biomass | Hydro | Hybrid* | Total 2020 | Total 2019 |
2,272.4 | 45.1 | 2,317.5 | 1,833.1 | ||||
76.5 | 76.5 | 12.7 | |||||
33.8 | |||||||
134.1 | 101.2 | 6.4 | 241.6 | 199.2 | |||
4.3 | 8.9 | 19.6 | 32.8 | 32.5 | |||
7.2 | 7.2 | 7.1 | |||||
8.7 | 8.7 | 7.8 | |||||
7.3 | 7.3 | 6.2 | |||||
14.0 | 14.0 | 8.8 | |||||
12.0 | 12.0 | 10.1 | |||||
5.0 | 5.0 | ||||||
Total | 2,406.5 | 249.8 | 8.9 | 25.9 | 45.1 | 2,756.4 | 2,117.4 |
*Includes the production of Oiapoque solar
Next on the agenda: 2020 Full-year results on
About | |
As a pioneer in the corporate market, The Group has more than 1,000 employees and is present in 20 countries on 4 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 In operation and construction
2 Quarterly figures calculated by difference between FY and 9M
3 2020 revenues calculated at 2019 exchange rates
4 A
5 Eliminations: services provided by the Services business for Group-owned power plants are eliminated upon financial consolidation
6 Including Adriers (10 MW): see Recent development
7 As of
8 See Recent developments
9 Corporate Power Purchase Agreement: a long-term power sales contract linking directly the power generator,
10 See press release dated
Attachment
- 210126-
Voltalia Q4 and FY revenues-VENG-Vdef
© OMX, source