Second quarter turnover: +42%
Second quarter turnover: +42%
Turnover of 137.8 million euros in Q2 2024
- Energy Sales: +31%. Growth in production volume (+26%) thanks
to new plants and increase in average unit selling price thanks to
contractual indexation, taking sales to 93.8 million euros
- Services: +75% (after eliminations). Rapid growth in
construction of power plants for third parties and steady growth in
Operation and Maintenance for third parties, bringing sales to 44.0
million euros
Operational capacity indicators as of June
30, 2024
- Capacity in operation and under construction: +15% to 3.06
gigawatts (including 2.45 gigawatts in operation and 0.61 gigawatt
under construction)
- Capacity operated on behalf of third parties: +15% to 6.4
gigawatts
2024 objectives reaffirmed
- Capacity in operation and under construction of around 3.3
gigawatts, including around 2.5 gigawatts in operation
- EBITDA of around 255 million euros, including around 230
million euros from Energy Sales
Ambitions 2027 confirmed
- Capacity in operation and under construction exceeding 5
gigawatts, of which approximately 4.2 gigawatts in operation
- Capacity operated for third-party customers of more than 8
gigawatts
- Normalised EBITDA1 of approximately 475 million
euros, including approximately 430 million euros from Energy
Sales
- Over 4 million tons of avoided CO2
- 100% of capacity under construction with a stakeholder
engagement plan
- 50% of solar capacity in operation located on co-used or
upgraded soil
- -35% of carbon intensity for solar held capacity under
construction in kgCO2/MW (Scope 3) in 2030 compared with
2022
Voltalia (Euronext Paris, ISIN code:
FR0011995588), an international player in renewable energies,
publishes its 2024 second quarter turnover.
Sébastien Clerc, Chief Executive Officer of
Voltalia, comments: “The second quarter of 2024 consolidates and
accelerates the trajectory initiated at the beginning of the year,
driven by the sustained growth in both our Energy Sales and
Services to third-party customers. Following on our record year in
2023, this performance illustrates the unfailing commitment and
mobilisation of our teams.”
Second quarter (Q2) 2024 turnover
In € million |
Q2 2024 |
Q2 2023 |
Change at current exchange rates |
Change at constant exchange rates |
H1 2024 |
H1 2023 |
Change at current exchange rates |
Change at constant exchange rates |
Energy sales |
93.8 |
71.8 |
+31% |
+33% |
168.7 |
134.2 |
+26% |
+26% |
Services before eliminations |
122.0 |
169.5 |
-28% |
-28% |
202.1 |
271.0 |
-25% |
-25% |
Eliminations |
-78.0 |
-144.3 |
-46% |
-45% |
-121.9 |
-210.2 |
-42% |
-42% |
Services after eliminations |
44.0 |
25.2 |
+75% |
+69% |
80.2 |
60.7 |
+32% |
+32% |
Turnover |
137.8 |
97.0 |
+42% |
+42% |
248.9 |
195.0 |
+28% |
+28% |
ACTIVITY REVIEW
Turnover for the first half of
2024 amounts to 248.9 million euros, up +28% at current
and constant exchange rates. It benefits from the combined effect
of +26% growth in Energy Sales, representing 68% of turnover, and
+32% growth in services for third-party customers, representing 32%
of turnover. Geographically, 59% of the turnover is generated in
Europe, 35% in Latin America and 6% in Africa.
Turnover for the second quarter
of 2024 comes to 137.8 million euros, up +42% at current and
constant exchange rates, with a further +31% rise in Energy Sales
and very strong growth of +75% in Services to third-party
customers.
ENERGY SALES: GROWTH ACCELERATION
First-half 2024 turnover from
Energy Sales comes to 168.7 million euros, +26% at current and
constant exchange rates. The average EUR/BRL exchange rate is 5.49
in the first half of 2024, compared with 5.48 in the first half of
2023.
|
Q2 2024 |
Q2 2023 |
Variation |
H1 2024 |
H1 2023 |
Variation |
|
Production (in GWh) |
1,111 |
882 |
+26% |
2,084 |
1,842 |
+13% |
Capacity in operation (in MW) |
|
|
|
2,452 |
1,699 |
+44% |
Capacity in operation and under construction (in MW) |
|
|
|
3,057 |
2,661 |
+15% |
Wind load factor in France |
18% |
18% |
stable |
22% |
22% |
stable |
Wind load factor in Brazil |
27% |
30% |
-3pts |
27% |
35% |
-8pts |
Solar load factor in France |
18% |
22% |
-4pts |
14% |
17% |
-3pts |
Solar load factor in Brazil |
21% |
25% |
-4pts |
23% |
27% |
-4pts |
Solar load factor in Egypt and Jordan |
32% |
30% |
+2pts |
27% |
26% |
+1pt |
Load factor in the UK |
22% |
24% |
-2pts |
15% |
17% |
-2pts |
Quarterly production rises by
+26% to 1,111 GWh. Production from plants commissioned since June
30, 2023 is more than compensated the lower load factors in France
and Brazil and the effect of power plants disposals at the end of
2023. For the first time, solar production accounts for more than
half of Voltalia's production.
Analysis of production by country:
- In Brazil, generation is down by -2%, mostly due to the sale of
power plants2, the lower wind and solar resources and to
preventive maintenance operations done during the period with less
wind resource.
- In France, output rises by +6%, boosted by the commissioning of
Rives Charentaises, Sud Vannier and Montclar.
- In the rest of the world, production has more than doubled
(x2.1). Voltalia benefits from power plants commissioned, notably
in Albania and Portugal.
- Helexia's production continues to grow rapidly (+92%), in
Brazil and in Europe (France, Portugal, Spain, Romania and
Hungary).
Second-quarter turnover from
Energy Sales reaches 93.8 million euros. The +31% increase (+33% at
constant exchange rates) is driven by the increase in volume
produced (+26%) and by the rise of the average unit selling price
(+4.5%), mainly thanks to the inflation indexed selling prices in
the long-term electricity sales contracts.
SERVICES: VERY STRONG ACCELERATION
First-half 2024 turnover from
third-party Services totals 80.2 million euros, a +32% increase at
current and constant exchange rates. The Development, Construction
and Equipment Procurement segment grows by +38% to 68.0 million
euros, and the Operation-Maintenance segment by +7% to 12.1 million
euros. Internal Services (eliminated on consolidation) amounts to
121.9 million euros, down -42% on the first half of 2023, when it
reached a record level of activity.
Second-quarter 2024 turnover
from third-party Services (after eliminations) reaches 44.0 million
euros, up +75% (+69% at constant exchange rates). Services for own
account (eliminated on consolidation) falls by -46%, with teams now
more focused on third-party contracts..
- The Development, Construction and Equipment
Procurement to third-party customers segment grows by +91%
to 37.8 million euros. This segment benefits from the construction
contracts in Ireland with ESB and Power Capital (330
MW).
- The Operation and Maintenance segment for
third-party customers rises by +15% to 6.2 million euros in the
second quarter of 2024. Capacity operated on behalf of third-party
customers comes to 6.4 GW (+15% compared with the end of June
2023). This segment benefits particularly from new contracts in
Brazil.
RECENT DEVELOPMENTS
Voltalia today announces the sale of a new
wind project under development in Brazil
Voltalia has sold a 500 MW wind project to be
built in the Macururé complex in the Bahia region, once again
demonstrating investors' appetite for sites developed entirely by
the Group.
Voltalia operates 6.4 GW on behalf of third
parties3
Voltalia has announced the signing of a new
maintenance contract in Brazil, enabling it to pass the milestone
of 6 GW operated on behalf of third-party customers worldwide. The
new contract covers predictive, preventive and corrective
maintenance, inventory management and ancillary services for the
Arinos facilities, a complex developed and sold by Voltalia in the
state of Minas Gerais.
In Egypt, Voltalia continues to develop the
complex combining renewable energy production and green hydrogen
production4
With its partner TAQA Arabia, Voltalia has
signed a framework agreement with the Egyptian authorities,
following on from the Memorandum of Understanding (MoU) signed in
December 2022. The project will be implemented in two identical
phases, each comprising a 500 MW electrolyser powered by more than
1.3 GW of solar and wind energy.
In Uzbekistan, at the Sarimay complex,
construction begins on the 126 MW solar power
plant5
Construction of the Sarimay Solar plant has
begun, and it is scheduled to come on stream in the second half of
2025. The 25-year power sales contract was awarded in 2022.
Voltalia has mandated the EBRD and JICA to finance the project. The
solar power plant is part of a multi-energy complex in which wind
power and battery storage projects are also being developed.
Construction of the 50 MW / 100 MWh storage unit, which will be the
subject of a long-term sales contract to be signed by the end of
September, is due to start in early 2025.
New storage complex in Uzbekistan:
partnership signed for a very large-scale project (1
GWh)6
At the Tashkent International Investment Forum,
held on 2 and 3 May 2024, Voltalia signed a protocol with the Uzbek
authorities for the development, financing, construction and
maintenance of a battery storage complex with a capacity of 500 MW
/ 1000 MWh.
In Tunisia, a solar power project won for 130
MW7
Located in the Gafsa region, the future power
station will produce enough electricity to supply 700,000
inhabitants. Revenues will come from a 30-year electricity sales
contract. Construction will begin in 2025 and commissioning is
scheduled for 2026.
Voltalia wins a 266 MW maintenance contract
in Brazil8
Relying on dedicated teams at its nearby plants,
Voltalia will manage maintenance services for a 266 MW solar power
plant in Lajes, Rio Grande do Norte. The new contract includes
predictive, preventive and corrective maintenance, two-hour on-call
services, module cleaning, waste management, warehousing and spare
parts, as well as documentation and control.
2024 OPERATIONAL AND FINANCIAL OBJECTIVES
REAFFIRMED
Voltalia reiterates its 2024 targets:
- Capacity in operation and under construction of around 3.3 GW,
representing growth of +16% compared to 2023, of which around 2.5
GW in operation
- EBITDA of around 255 million euros, representing growth of +6%
compared with 2023, of which around 230 million euros from Energy
Sales.
OPERATING AND FINANCIAL TARGETS FOR 2027
CONFIRMED
Voltalia confirms its operational and financial
targets for 2027:
- Own capacity in excess of 5 GW, with approximately 4.2 GW in
operation.
- Capacity operated on behalf of third-party customers in excess
of 8 GW.
- Normalised EBITDA9 of around 475 million euros, of
which around 430 million euros from Energy Sales.
MISSION OBJECTIVES 2027 and 2030
CONFIRMED
Finally, as a Mission-driven company, Voltalia
is pursuing its ambitions to strengthen its commitment to
sustainable development with the following objectives:
- By 2027: CO2 avoided of over 4 million tons.
- By 2027: 100% of owned capacity under construction with a
Stakeholder Engagement Plan (SEP) aligned with IFC (World Bank
Group) standards.
- By 2027: 50% of solar MW held capacity in operation located on
co-used or upgraded soil, i.e. land combining solar with another
human activity (such as buildings, parking lots, agriculture, and
grazing) or located on land with low biodiversity, agricultural or
economic potential (such as deserts, industrial wastelands, and
disused quarries).
- By 2030: -35% carbon intensity in kgCO2/MW (Scope 3)
of solar power plants owned compared with 2022, notably by
prioritizing the acquisition of low-carbon solar panels.
Next meeting: Half-year results
2024, September 5, 2024 (before market opens)
PROSPECTIVE
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, and statements regarding future
performance. These forward-looking statements may often be
identified by the words "expect", "anticipate", "believe",
"intend", "estimate" or "plan", as well as by other similar words.
Although Voltalia's management believes that these forward-looking
statements are reasonable, investors 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, among others, the uncertainties
inherent in the evolution of the selling price of electricity
produced by Voltalia, the evolution of the regulatory environment
in which Voltalia operates as well as the competitiveness of
renewable energies and other factors that may affect the production
capacity or profitability of Voltalia's production sites as well as
those developed or identified in Voltalia's public filings with the
Autorité des marchés financiers including those listed in section
2. 2 "Risk Factors" of Voltalia's 2023 Universal Registration
Document filed with the Autorité des marchés financiers on April
12, 2024. Voltalia undertakes no obligation to update any
forward-looking information or statements, except as required by
law.
Capacity in operation as of June 30,
2024
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
Q2 2024 |
Q2 2023 |
Albania |
|
140 |
|
|
|
140 |
|
Belgium |
|
21 |
|
|
|
21 |
17 |
Brazil |
773 |
721 |
|
|
|
1,494 |
1,112 |
Egypt |
|
32 |
|
|
|
32 |
32 |
France |
93 |
244 |
|
5 |
|
341 |
245 |
French Guiana |
|
14 |
7 |
5 |
24 |
49 |
44 |
Greece |
|
17 |
|
|
|
17 |
17 |
Hungary |
|
22 |
|
|
|
22 |
4 |
Italy |
|
17 |
|
|
|
17 |
15 |
Jordan |
|
57 |
|
|
|
57 |
57 |
Netherlands |
|
60 |
|
|
|
60 |
|
Portugal |
|
77 |
|
|
|
77 |
48 |
Romania |
|
8 |
|
|
|
8 |
|
Spain |
|
27 |
|
|
|
27 |
20 |
United Kingdom |
|
57 |
|
|
32 |
89 |
89 |
Total |
866 |
1,513 |
7 |
10 |
56 |
2,452 |
1,699 |
Capacity under construction as of June
30, 2024
10
Name of the projet |
Capacity |
Technology |
Country |
Bolobedu |
148 |
Solar |
South Africa |
Cafesoca |
8 |
Hydro |
Brazil |
Clifton |
45 |
Solar |
United Kingdom |
East gate |
34 |
Solar |
United Kingdom |
Helexia |
2 |
Solar |
United-Kingdom |
Helexia |
92 |
Solar |
French Guiana |
Helexia |
31 |
Solar |
Italy |
Helexia |
0 |
Solar |
Belgium |
Helexia |
1 |
Solar |
Brazil |
Helexia |
1 |
Solar |
Spain |
Helexia |
6 |
Solar |
France |
Helexia |
2 |
Solar |
Italy |
Helexia |
1 |
Solar |
Portugal |
Higher Stockbridge |
45 |
Solar |
United Kingdom |
Lercara Friddi |
3 |
Solar |
Italy |
Paddock |
50 |
Solar |
United Kingdom |
Sarimay solar |
126 |
Solar |
Uzbekistan |
Sinnamary |
10 |
Biomass |
French Guiana |
Sinnamary |
1 |
Storage |
French Guiana |
Total (in MW) |
605 |
|
|
Power production as of June 30,
2024
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
H1 2024 |
H1 2023 |
Albania |
|
136 |
|
|
|
136 |
0 |
Brazil |
918 |
456 |
|
|
24 |
1,398 |
1,427 |
Egypt |
|
38 |
|
|
|
38 |
38 |
France |
95 |
42 |
|
3 |
|
140 |
133 |
Greece |
|
15 |
|
|
|
15 |
14 |
French Guiana |
|
7 |
18 |
|
|
25 |
23 |
Helexia brazil |
|
44 |
|
|
|
44 |
5 |
Helexia Europe |
|
147 |
|
|
|
147 |
94 |
Jordan |
|
65 |
|
|
|
65 |
64 |
Portugal |
|
45 |
|
|
|
45 |
11 |
United Kingdom |
|
30 |
|
|
|
30 |
33 |
Grand Total |
1,013 |
1,026 |
18 |
3 |
24 |
2,084 |
1,842 |
About Voltalia
(www.voltalia.com) |
Voltalia is an international player in renewable energies. The
Group produces and sells electricity from its wind, solar, hydro,
biomass and storage facilities. It has 3.1 GW of capacity in
operation and under construction, and a portfolio of projects under
development with a total capacity of 16.6 GW.
Voltalia is also a service provider, supporting its renewable
energy customers at every stage of their projects, from design to
operation and maintenance.
A pioneer in the business market, Voltalia offers a comprehensive
range of services to businesses, from the supply of green
electricity to energy efficiency services and the local production
of its own electricity.
With more than 1,850 employees in 20 countries on 3 continents,
Voltalia has the capacity to act globally on behalf of its
customers.
Voltalia is listed on the Euronext regulated market in Paris
(FR0011995588 - VLTSA) and is included in the Enternext Tech 40 and
CAC Mid&Small indices. The company is also included in the
Gaïa-Index, the responsible mid-cap index. |
Voltalia
Email: invest@voltalia.com
T. +33 (0)1 81 70 37 00 |
Press Relations Seitosei.Actifin - Jennifer Jullia
jennifer.jullia@seitosei-actifin.com
T. +33 (0)1 56 88 11 19 |
1 "Normalised EBITDA" of 2027 calculated with an
average annual EUR/BRL exchange rate of 5.5 and wind, solar and
hydro production corresponding to the long-term average.
2 January 9, 2024 press release.
3 July 22, 2024 press release.
4 July 1, 2024 press release.
5 May 15, 2024 press release.
6 May 15, 2024 press release.
7 May 8, 2024 press release.
8 April 29, 2024 press release.
9 "Normalised EBITDA" of 2027 calculated with an
average annual EUR/BRL exchange rate of 5.5 and wind, solar and
hydro production corresponding to the long-term average.
10 April 8, 2024 press release.
- Second quarter turnover: +42%
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