Voltalia SA: Turnover growth of +20% in Q4 2023
Turnover growth of +20% in Q4
2023
Record volume of new capacity commissioning
and confirmation of normalised EBITDA
target1 for
2023
Fourth quarter with strong growth of +20%
- Energy sales: +16%
driven by an increase in production compared to 2022 (+11% to 1.3
TWh)
- Services: up +24%
(after eliminations) mainly driven by construction contracts for
third-party clients in Ireland, in parallel with a particularly
dynamic internal activity (eliminated in consolidation) at +50% due
to the peak in own-account construction sites
Exceeding 2023 capacity targets
- Record level of
commissioning during the second half: 662 megawatts, including 316
megawatts in Q4 alone
- Capacity in
operation up +51% to 2.37 gigawatts, exceeding the target of 2.3
gigawatts announced in October 2023
- Total capacity at
the end of 2023 at 2.85 gigawatts, well above the target initially
set in 2019 at 2.6 gigawatts
- A major
contribution to the energy transition with production equivalent to
the electricity consumption of 5.5 million people
Confirmation of the 2023 normalised EBITDA
target of around €275 million
- A doubling compared
to 2022 and a fourfold increase compared to June 2019
- Major achievements
in the second half of the year, including projects sales in France
and Brazil
Voltalia (Euronext Paris, ISIN code:
FR0011995588), an international player in renewable energies,
publishes its fourth quarter 2023 turnover.
"The year 2023 will mark the history of our
company through the remarkable performances we have achieved thanks
to the unwavering mobilization of the teams, whom I sincerely thank
for their commitment. We reached a significant milestone by
commissioning 795 MW, far exceeding the targets we set for
ourselves in 2019. Our teams are already fully mobilized to achieve
the group's ambitions by 2027. Beyond the financial successes, I
would like to highlight the significant progress in the Group's
non-financial performance, with ratings constantly improving, thus
demonstrating our position as a major contributor to a sustainable
energy future", comments Sébastien Clerc, CEO of Voltalia.
Fourth Quarter (Q4) and 2023
Turnover
In € million2 |
2023 |
2022 |
Change at current exchange rates |
Change at constant exchange rates |
Q4 2023 |
Q4 2022 |
Change at current exchange rates |
Change at constant exchange rates |
Energy sales |
299.3 |
242.4 |
+23% |
+23% |
82.9 |
71.6 |
+16% |
+16% |
Services before eliminations |
595.9 |
351.3 |
+70% |
+70% |
189.0 |
138.4 |
+37% |
+37% |
Eliminations |
-400.0 |
-127.6 |
x3.1 |
x3.1 |
-101.9 |
-68.0 |
+50% |
+50% |
Services after eliminations |
195.9 |
223.7 |
-12% |
-12% |
87.1 |
70.4 |
+24% |
+24% |
Turnover |
495.2 |
466.1 |
+6% |
+6% |
170.0 |
142.0 |
+20% |
+20% |
ACTIVITY REVIEW
2023 turnover stands at €495.2
million, +6% compared to 2022 (at current and constant exchange
rates). Energy sales and Services (after elimination) contributed
60% and 40% of 2023 turnover, respectively.
Q4 2023 turnover stands at
€170.0 million, +20% compared to the fourth quarter of 2022 (at
current and constant exchange rates). Energy sales and Services
(after elimination) contributed 49% and 51% of the quarter's
turnover, respectively.
ENERGY SALES
Operational indicators
|
2023 |
2022 |
Variation |
Voltalia’s long term average |
Q4 2023 |
Q4 2022 |
Variation |
Production (in GWh) |
4,336 |
3,680 |
+18% |
|
1,340 |
1,203 |
+11% |
Installed capacity (in MW) |
2,3703 |
1,571 |
+51% |
|
|
|
|
Installed capacity and under construction (in MW) |
2,851 |
2,592 |
+10% |
|
|
|
|
Wind load factor in Brazil |
41% |
42% |
-1pt |
53% |
48% |
54% |
-6pts |
Solar load factor in Brazil |
27% |
13% |
+14pts |
34% |
29% |
15% |
+15pts |
Wind load factor in France |
26% |
22% |
+4pts |
24% |
34% |
30% |
+5pts |
Solar load factor in France |
16% |
18% |
-2pts |
17% |
9% |
9% |
- |
Solar load factor in Egypt |
24% |
25% |
-1pt |
23% |
19% |
19% |
- |
Solar load factor in Jordan |
25% |
26% |
-1pt |
25% |
18% |
18% |
- |
2023 turnover from Energy sales
reached €299.3 million, up +23% compared to 2022 (at current and
constant exchange rates). The average EUR/BRL rate is 5.40 in 2023,
compared to 5.44 in 2022.
For 2023, the production reached 4.3 TWh,
compared to 3.7 TWh in 2022, up +18%. The production of 4.3 TWh
corresponds to the electricity consumption of an equivalent of 5.5
million people (+12% compared to 2022).
The increase in production reflects the increase
in operating capacity, which has increased by +51% since 2022, from
1.6 GW to 2.4 GW. At the end of 2023, total capacity (in operation
and under construction) in Latin America represents 57% of the
Group's total capacity, Europe 35% and Africa 8%. Solar capacity
accounts for 66% of the total, wind capacity for 30% and hydro,
biomass and storage capacity for 3%.
Q4 2023 turnover from Energy
sales reached €82.9 million, up +16% at current and constant
exchange rates, compared to the fourth quarter of
2022.
Analysis by country:
- In Brazil,
production is up +3%. The contribution of new plants such as SSM3-6
and Canudos have had a positive effect. On the other hand, as
announced4, the grid operator has capped the production
of some power plants following the blackout on August
15th. This reduced Q4 production by around 180 GWh, in
line with the Group's forecast. The curtailment effect has
decreased over the months. Since the beginning of 2024, it has been
negligible;
- In France,
production is up 92%, benefiting from better wind and solar
conditions and the production of power plants commissioned in 2022
and 2023 (Helexia, Sable blanc, Sud Vannier);
- In the other
countries, production was up sharply overall, at +30%, with the
full-year effect of the South Farm power plant (50 MW) in the
United Kingdom and the commissioning of the Garrido complex (51 MW)
in Portugal and Helexia's solar rooftops in Spain and Hungary (9
MW). The Karavasta power plant in Albania (140 MW), commissioned at
the end of December, generates negligible turnover. Production
remains broadly stable in Egypt and Jordan.
SERVICES
2023 turnover from Services for
third-party clients (after eliminations) reached €195.9 million,
down -12% (at constant and current exchange rates), while internal
services (eliminated in consolidation) increased by x3.1 compared
to 2022.
- The Development,
Construction and Equipment Procurement segment for third-party
clients was down -16% to €172.8 million, not including proceeds
from projects sales5. The internal activity of this
segment was up x3.4 compared to 2022;
- The Operations
& Maintenance segment for third-party clients grows by 26% to
€23.1 million, in parallel with internal activity which increased
by +8%.
Q4 2023 turnover from Services
for third-party clients reached €87.1 million, +24% (at current and
constant exchange rates). Internal Services activity grows by +50%
to reach €101.9 million.
The analysis by segment shows a strong growth in
the Development, Construction and Equipment Procurement
segment:
- The Development,
Construction and Equipment Procurement for third-party clients
segment posts an €80.6 million turnover, up +24%, reflecting the
ramp-up of major construction contracts for third-party clients,
particularly in Ireland. Internal turnover in this segment
increases by +52% to €96.9 million, reflecting active construction
sites;
- The Operations
& Maintenance segment records a turnover of €6.5 million for
third-party clients, up +20%. The capacity operated on behalf of
internal and external clients amounts to 6.9 GW, up +58% compared
to 2022, including 4.6 GW for external clients, up +63%.
2023 eliminations and Q4 2023
eliminations amount to -€400.0 million (multiplied by x3.1
at current and constant exchange rates) and -€101.9 million (+50%
at current and constant exchange rates), respectively, reflecting
the strong increase in internal services.
RECENT DEVELOPMENTS
- First
megawatt-hours for the Karavasta solar power plant in southern
Albania6
With a total capacity of 140 MW, all of the
plant’s capacity is secured by long-term electricity sales
contracts with public and private players.
-
Commissioning of Logelbach solar power plant in
France7
With a capacity of 12.1 megawatts, the
Logelbach solar farm covers 12 hectares and has
21,384 solar panels. Annual production is equivalent to the
electricity consumption of around 6,000 people.
-
Commissioning of the Montclar solar farm in
France8
The 3.7-MW Montclar power station, installed
over an area of 4.2 hectares, comprises around 8,400 solar
panels. Construction was a challenge, as the site is located
in a mountainous landscape with steep slopes at an altitude of
1,350 meters.
- New
progress in future clusters combining solar, wind and storage in
Uzbekistan9
Voltalia has signed two agreements consolidating
the development of its projects in the country: a protocol covering
the next stages in the development of the Shurkul hybrid project
(400 to 500 MW); and a protocol for the extension of the Sarimay
project, providing for the hybridisation of the solar project with
the addition of a further 100 MW of wind power, combined with
battery storage solutions.
- United
Kingdom for the supply of sustainable green
electricity10
Co-op and Voltalia have jointly signed a 15-year
power sales agreement for the entire output of the 34 MW Eastgate
solar farm in North Yorkshire. Under the agreement, Co-op will
source electricity for its premises, including food shops,
distribution centres and funeral homes across the UK.
- Voltalia
wins three wind farm projects in France with a total capacity of 73
megawatts11
The first winning project will be located in
Côte d'Or (Bourgogne-Franche-Comté region), with ten wind turbines
and a total output of 33.6 MW. The second will be located in
Deux-Sèvres (Nouvelle-Aquitaine region), with seven wind turbines
and a total output of 26.1 MW. Finally, the third winner will be
located in Indre (Centre-Val de Loire region), with five wind
turbines and a total capacity of 13.5 MW.
- Acquisition
of a 55% stake in the 60-MW Mosselbanken solar plant in the
Netherlands12
Located in Zeeland, the most southwestern
province of the Netherlands, the Mosselbanken solar plant is
located in the industrial port of Terneuzen. The plant revenues
benefit from a Power purchase agreement (PPA) of 15 years.
- Sale of a
90 MW ready-to- build project to TODA in
Brazil13
Voltalia sells a wind site to TODA, a Japanese
conglomerate. This marks a continuation of a fruitful partnership,
following a 28-MW wind project developed and built by Voltalia for
TODA three years ago. The 90-MW project, called Casqueira, will
include 15 wind turbines supplied by Nordex Acciona.
Construction is expected to begin in the first half of 2024
and to be completed in the first quarter of 2025. The project
will benefit from interconnection infrastructures already developed
and built by Voltalia.
- Ethifinance
awards Voltalia a gold medal for its extra-financial
performance14
Voltalia, which has improved steadily in the
Gaïa index since it was first included six years ago, has been
awarded a gold medal for its ESG (Environmental, Social and
Governance) performance, with a score of 73 out of 100 for 2022, up
six points on last year.
2023 OBJECTIVES
At the end of 2023, Voltalia exceeded the total
capacity (in operation and under construction) and operating
capacity targets.
Initially set at 2.6 GW in June 2019, the total
capacity target was revised upwards to 2.8 GW in October 2023. At
the end of 2023 at 2.85 GW, total capacity has increased by a x2.8
since June 2019.
As for the capacity in operation, whose initial
target was set at 2.3 GW in October 2023, it reached 2.37 GW at the
end of 2023. Since June 2019, installed capacity has increased by
x4.4, thanks in particular to a growth of +51% in 2023 alone.
Voltalia confirms the 2023 normalised EBITDA
target15 of approximately €275 million. This performance
represents a 2-fold increase compared to 2022 and a 4-fold increase
compared to June 2019, when the target was set.
2027 AMBITIONS
Reaffirmation of the following ambitions:
- Owned operating and
construction capacity: over 5 GW;
- Capacity operated
on behalf of third parties: over 8 GW;
- Normalised
EBITDA16 : around €475 million;
-
CO2-equivalent avoided: more than 4 million tons.
Forward-Looking Statements
This press release contains forward-looking statements about
Voltalia and its subsidiaries. These statements include financial
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.
Forward-looking statements are generally identified by the words
"expects," "anticipates," "believes," "intends," "estimates,"
"forecasts," "projects," "seeks," "strives," "aims," "hopes,"
"plans," "may," "goal," "objective," "projection," "outlook," and
other similar expressions. Although Voltalia's management believes
that these forward-looking statements are reasonable, investors and
shareholders of the Group are cautioned that forward-looking
statements are subject to numerous risks and uncertainties, many of
which are difficult to predict and generally beyond Voltalia's
control, that could cause actual results and events to differ
materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the public
filings made by Voltalia with the Autorité des marchés financiers,
including those listed in Chapter 2 "Risk Factors and Risk
Management" of Voltalia's 2022 Universal Registration Document
filed with the Autorité des marchés financiers on April 14, 2023
under number D.23-0267 and in Chapter 5 "Principal Risks and
Trends" of the 2022 interim financial report. These forward-looking
statements are made only as of the date of this press release and
Voltalia undertakes no obligation to update any forward-looking
information or statements included in this press release to reflect
any change in expectations or events, conditions or circumstances
on which any such forward-looking statement is based. Any
information regarding past performance contained in this press
release should not be construed as a guarantee of future
performance. Nothing in this press release should be construed as
an investment recommendation or legal, tax, investment or
accounting advice.
Installed capacity as of December
31st 2023
En MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
2023 |
2022 |
Albania |
|
140 |
|
|
|
140 |
0 |
Belgium |
|
17 |
|
|
|
17 |
15 |
Brazil |
773 |
711 |
|
|
|
1,484 |
1,068 |
Egypt |
|
32 |
|
|
|
32 |
32 |
France |
93 |
196 |
|
5 |
|
294 |
216 |
French Guiana |
|
13 |
7 |
5 |
24 |
49 |
34 |
Greece |
|
17 |
|
|
|
17 |
17 |
Hungary |
|
14 |
|
|
|
14 |
0 |
Italy |
|
18 |
|
|
|
18 |
14 |
Jordan |
|
57 |
|
|
|
57 |
57 |
Portugal |
|
74 |
|
|
|
74 |
21 |
Romania |
|
3 |
|
|
|
3 |
0 |
Spain |
|
23 |
|
|
|
23 |
8 |
United Kingdom |
|
57 |
|
|
32 |
89 |
89 |
Netherlands17 |
|
60 |
|
|
|
60 |
0 |
Total |
866 |
1,432 |
7 |
10 |
56 |
2,370 |
1,571 |
Capacity under construction as of December
31st 2023
Project name |
Technology |
Country |
Capacity |
Cafesoca |
Hydro |
Brazil |
8 |
Clifton |
Solar |
United Kingdom |
45 |
East gate |
Solar |
United Kingdom |
34 |
Higher Stockbridge |
Solar |
United Kingdom |
45 |
Lercara Friddi |
Solar |
Italy |
3 |
Logelbach |
Solar |
France |
12 |
Sinnamary |
Biomass |
French Guiana |
10 |
Sinnamary |
Storage |
French Guiana |
1 |
Bolobedu |
Solar |
South Africa |
148 |
Helexia |
Solar |
Brazil |
134 |
Helexia |
Solar |
Belgium |
5 |
Helexia |
Solar |
France |
15 |
Helexia |
Solar |
French Guiana |
0 |
Helexia |
Solar |
Hungary |
10 |
Helexia |
Solar |
Italy |
1 |
Helexia |
Solar |
Portugal |
6 |
Helexia |
Solar |
Romania |
1 |
Helexia |
Solar |
Spain |
4 |
Total (in MW) |
|
|
480 |
Power production as of December 31,
2023
En GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid18 |
2023 |
2022 |
Albania |
|
1 |
|
|
|
1 |
0 |
Belgium |
|
11 |
|
|
|
11 |
14 |
Brazil |
2,672 |
734 |
|
|
47 |
3,452 |
3,036 |
Egypt |
|
74 |
|
|
|
74 |
76 |
France |
228 |
182 |
|
8 |
|
418 |
285 |
French Guiana |
|
16 |
40 |
|
|
55 |
45 |
Greece |
|
25 |
|
|
|
25 |
22 |
Hungary |
|
5 |
|
|
|
5 |
0 |
Italy |
|
22 |
|
|
|
22 |
22 |
Jordan |
|
122 |
|
|
|
122 |
129 |
Portugal |
|
68 |
|
|
|
68 |
26 |
Romania |
|
1 |
|
|
|
1 |
0 |
Spain |
|
21 |
|
|
|
21 |
10 |
United-Kingdom |
|
60 |
|
|
|
60 |
9 |
Grand Total |
2,900 |
1,342 |
40 |
8 |
47 |
4,336 |
3,680 |
Next on the agenda: 2023
results, April 2nd, 2024 (before market
opens)
About Voltalia (www.voltalia.com) |
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 2.8 GW and a portfolio of projects under
development representing total capacity of 16.1 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.
With more than 1,850 employees in 20 countries on 3 continents,
Voltalia has capacity to act globally for its customers.
Voltalia is listed on the regulated market of Euronext Paris,
compartment B (FR0011995588 – VLTSA) and is part of the SBF 120,
Enternext Tech 40 and CAC Mid & Small indices. The Group is
also included in the Gaïa-Index, an index for socially responsible
midcaps |
VOLTALIA
Investors Relations
Email: invest@voltalia.com
T. +33 (0)1 81 70 37 00 |
SEITOSEI.ACTIFIN
Press contact: Jennifer Jullia
Email : jennifer.jullia@seitosei-actifin.com
T. +33 (0)1 56 88 11 19 |
1 "Normalised EBITDA" estimated as of December 31,
2023, calculated with an annual average EUR/BRL exchange rate of
6.3 and wind, solar and hydropower production corresponding to the
long-term average
2 The above amounts are the sum of the consolidated data, rounded
to the first decimal place
3 The installed capacity includes the Mosselbanken solar power
plant in the Netherlands, 55% owned by Voltalia but not
consolidated (not included in either turnover or production)
4 Press release of September 27th, 2023
5 From 2022, the Group publishes its turnover. Income from the
disposal of tangible or intangible assets is recorded under "Other
current income and expenses".
6 Press Release of December 18th,2023
7 Press Release of January 25th, 2024
8 Press Release of November 8th, 2023
9 Press Release of November 3rd, 2023
10 Press Release of November 23rd, 2023
11 Press Release of November 29th, 2023
12 Press Release of December 6th, 2023
13 Press Release of December 12th, 2023
14 Press Release of December 26th, 2023
15 "Normalised EBITDA" estimated as of December 31, 2023,
calculated with an annual average EUR/BRL exchange rate of 6.3 and
wind, solar and hydropower production corresponding to the
long-term average
16 "Normalised EBITDA" estimated at 31 December 2027 calculated
with an annual average EUR/BRL exchange rate of 5.5 and wind, solar
and hydro production corresponding to the long-term average
17 Including the acquisition of a majority stake in Mosselbanken
(55%)
18 Including Oiapoque solar production
- 240131 - Voltalia Turnover Q4 2023_VDEF
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