2024 third quarter turnover: 131.1 million euros
2024 third quarter turnover:
131.1 million euros
Q3 2024 turnover up +4% (and +8% at
constant exchange rates)
- Energy Sales: up +25% to 97.6 million euros. Strong growth
thanks to production from new power plants and higher average unit
selling prices (prices from early generation phase and contractual
tariff indexations). The increase in production would have been
greater without the current curtailment1 in Brazil,
which is in line with forecasts
- Services: -30% to 33.5 million euros (after eliminations).
Temporarily unfavourable base effect in the Development,
Construction and Procurement segment, partly offset by further
growth in the Operation and Maintenance segment
Operational capacity indicators as of
September 30, 2024
- Capacity in operation and under construction: +15% to 3.08
gigawatts (of which 2.48 gigawatts in operation and 0.61 gigawatt
under construction)
- Capacity operated for third-party clients: +55% to 6.7
gigawatts
2024 perspectives
- Before the impact of the curtailment in Brazil in the second
half, the 2024 EBITDA target is around 255 million euros,
including around 230 million euros from Energy Sales
- During the third quarter of 2024, production curtailment in
Brazil is in line with initial estimates. Since the beginning of
October, lower curtailment peaks have been observed, then on
October 16th, a new transmission line has been
commissioned allowing to reinforce the network. If the curtailment
scenario established in August continues, if despite the actions
underway, Voltalia is not financially compensated in 2024, and if
the average EUR/BRL exchange rate for the second half of the year
is around 6, EBITDA for 2024 would be reduced by around
40 million euros, as previously announced
- Amicable and contentious actions are being taken with the
authorities to obtain financial compensation and reduce curtailment
duration. Voltalia is confident in reaching a favourable outcome to
these actions in the short and medium term, given the first results
obtained in October
- Confirmation of the 2024 target of around 3.3 gigawatts of
capacity in operation and under construction, including around
2.5 gigawatts in operation
2027 ambitions reaffirmed
- Capacity in operation and under construction above 5 gigawatts,
including approximately 4.2 gigawatts in operation
- Capacity operated for third-party customers above 8
gigawatts
- Normalised EBITDA2 of around 475 million euros,
including around 430 million euros from Energy Sales
- More than 4 million tonnes of CO2 avoided
- 100% of capacity under construction with a stakeholder
engagement plan
- 50% of solar capacity in operation located on co-used or
upgraded soil
- 35% reduction in the carbon intensity of solar power plants
owned in 2030 compared with 2022
Voltalia (Euronext Paris, code ISIN:
FR0011995588), an international player in renewable energies,
publishes its turnover figures for the third quarter of
2024.
Sébastien Clerc, Chief Executive Officer of
Voltalia, comments:
“This quarter is the fourth consecutive one
with a double-digit growth in Energy Sales, reflecting the
robustness and momentum of this business despite the temporarily
negative situation on the Brazilian electricity grid. We are
continuing to communicate effectively with the grid operator and
the Brazilian authorities, with the aim of speeding up the payment
of financial compensation and returning production curtailment
volumes to normal. In addition, after a temporary downturn in
third-party Services this quarter, the construction contracts
announced since the beginning of the year and the uninterrupted
growth in the Operation and Maintenance segment over the past 24
months will boost our turnover over the coming quarters."
Turnover for the third
quarter (Q3) 2024 and for the first nine months (9M)
2024
|
In million euros3 |
Q3 2024 |
Q3 2023 |
Var. at current exchange rates |
Var. at constant exchange rates |
9M 2024 |
9M 2023 |
Var. at current exchange rates |
Var. at constant exchange rates |
|
Energy sales |
97.6 |
77.9 |
+25% |
+32% |
266.5 |
212.1 |
+26% |
+28% |
|
Services before eliminations |
96.7 |
136.0 |
-29% |
-28% |
307.1 |
406.8 |
-25% |
-24% |
|
Eliminations |
-63.1 |
-87.9 |
-28% |
-27% |
-193.4 |
-298.2 |
-35% |
-35% |
|
Services after eliminations |
33.5 |
48.1 |
-30% |
-30% |
113.7 |
108.6 |
+5% |
+5% |
|
Turnover |
131.1 |
126.0 |
+4% |
+8% |
380.1 |
320.7 |
+19% |
+20% |
BUSINESS REVIEW
Turnover for the first
nine months of 2024 totals 380.1 million euros, up by
+19% and +20% at constant exchange rates. It benefits from the
combined effect of +26% growth in Energy Sales, representing 70% of
turnover, and +5% growth in Services for third-party customers,
representing 30% of turnover. Geographically, Europe generates 58%
of the turnover, Latin America 36% and Africa the remaining 6%.
Turnover for the third quarter of
2024 amounts to 131.1 million euros, up +4%, and +8%
at constant exchange rates, with a +25% increase in Energy Sales
and a -30% decrease in Services to third-party
customers.
ENERGY SALES: CONTINUED DOUBLE-DIGIT
GROWTH
|
|
Q3 2024 |
Q3 2023 |
Var. |
Q3 long term average |
9M 2024 |
9M 2023 |
Var. |
|
|
|
Production (in GWh) |
1,206 |
1,166 |
+3% |
|
3,291 |
2,997 |
+10% |
|
Production curtailment (GWh) |
510 |
160 |
|
|
|
|
|
|
Capacity in operation (in MW) |
|
|
|
|
2,475 |
2,046 |
+21% |
|
Capacity in operation and under construction (in MW) |
|
|
|
|
3,084 |
2,688 |
+15% |
|
Wind load factor in Brazil |
34% |
45% |
-11pts |
58% |
30% |
55% |
-25pts |
| Wind
load factor in Brazil without curtailment |
58% |
45% |
+13pts |
58% |
|
|
|
| Solar
load factor in Brazil |
20% |
24% |
-4pts |
29% |
22% |
33% |
-11pts |
| Solar
load factor in Brazil without curtailment |
32% |
24% |
+8pts |
29% |
|
|
|
|
Wind load factor in France |
17% |
15% |
+2pts |
15% |
22% |
25% |
-3pts |
| Solar
load factor in France |
19% |
22% |
-3pts |
22% |
16% |
17% |
-1pt |
| Solar
load factor in Egypt and Jordan |
30% |
28% |
+2pts |
26% |
27% |
22% |
+5pts |
|
Solar load factor in the United Kingdom |
20% |
20% |
stable |
21% |
17% |
16% |
+1pt |
Turnover for the first
nine months of 2024 from Energy Sales amounts to
266.5 million euros, up +26% at current exchange rates and
+28% at constant exchange rates, compared with the same period in
2023. The average EUR/BRL exchange rate is 5.69, compared with 5.42
for the same period in 2023.
Production for the first nine months of
2024 reaches 3.3 TWh, increasing despite the curtailment
effect in Brazil: +10% compared with the same period in 2023,
reflecting the rapid geographical diversification carried out since
2019. Production benefits from the commissioning of new power
plants, mainly in France, Portugal, Albania and Brazil, resulting
in a +21% increase in the capacity in operation between the end of
September 2023 and the end of September 2024.
Turnover for the third-quarter of 2024
from Energy Sales reaches 97.6 million euros, up +25% at
current exchange rates and +32% at constant exchange rates,
compared with the third quarter of 2023. This is the fourth
consecutive quarter with a double-digit growth. In addition to the
volume effect, the turnover is driven by the price effect. In the
third quarter, as since the start of the year, the average unit
selling prices of electricity benefits from the high prices of
early generation4, mainly in Albania, and from the
annual indexation of electricity prices in the vast majority of
long-term electricity sales contracts.
Production in the third quarter
rises by +3% to 1,206 GWh despite a very sharp, but temporary,
curtailment in Brazil and the sale of power plants in France and
Brazil at the end of 2023, which affects the comparable
basis5:
- In Brazil, production is down -13% due to the high level of
curtailment announced in August6. The curtailment
reduces quarterly production by 510 GWh, or 39% of Brazilian
production, approximately the level anticipated in August. Wind and
solar resources are well up on the third quarter of 2023, a year
below the long-term average, unlike the third quarter of 2024.
Finally, the new plants (Canudos and SSM3-6) are fully contributing
and more than offset the production of the plants sold in
2023.
- In France, production is down by -5%. The commissioning of
solar power plants (Logelbach and Montclar) and wind power plant
(Rives charentaises) only partly offset the disposal of power
plants at the end of 2023. Wind resources are up and solar
resources are down compared with the third quarter of 2023.
- In the rest of the world, production doubles (+96%), mainly
thanks to the contributions of the large power plants of Karavasta
(Albania) and Garrido (Portugal), commissioned in 2023.
- Helexia's production continues to grow very rapidly (+86%) in
Europe (France, Hungary, Romania and Spain) and in Brazil.
Helexia's Brazilian capacity has never been curtailed.
SERVICES: TEMPORARY DECLINE OVER THE QUARTER
DESPITE A FURTHER SHARP RISE IN OPERATION AND MAINTENANCE
Turnover for the first nine months of
2024 from third-party Services, totals 113.7 million
euros, up +5% at current and constant exchange rates. The
Development, Construction and Equipment Procurement segment grows
by +2% to 94.1 million euros, and the Operation and
Maintenance segment by +18% to 19.5 million euros. Services
for own account (eliminated on consolidation) amounts to
193.4 million euros, down -35% compared with the first nine
months of 2023, which had seen a record level of activity, boosted
by the numerous constructions of our own power plants.
Turnover for the third quarter of
2024 from third-party Services (after eliminations) comes
to 33.5 million euros, down -30% at current and constant
exchange rates, mainly because the progress of projects under
construction does not offset the peak in activity in August 2023.
This quarterly lag does not affect growth in the Development,
Construction and Equipment Procurement segment over the full year,
as construction milestones are expected in the final quarter.
Services for own account (eliminated on consolidation) falls by
-28% to 63.1 million euros.
- The Development, Construction and Equipment Procurement
segment, for third-party falls by - 39% to 26.1 million
euros, reflecting an unfavourable base effect, this segment having
benefited in the third quarter of 2023 from the achievement of
major milestones, in particular on the construction of an Irish
project for Power Capital;
- The Operation and Maintenance segment for third-party rises by
+42% to 7.4 million euros, benefiting from new contracts
mainly in France, Portugal, Italy, Greece and Brazil. This further
increase enables Voltalia to post, over the last eight quarters, an
uninterrupted growth in the Operation and Maintenance segment for
third-party customers, confirming the business' long-term dynamic.
Capacity operated on behalf of third-party customers amounts to
6.7 GW, a strong increase of +55% compared with the end of
September 2023.
RECENT DEVELOPMENTS
An innovative agrivoltaic demonstrator
goes into service in France7
Voltalia aims to increase its environmental and
social impact by increasing to 50% by 2027 the proportion of its
solar power plants on co-used or upgraded land. The development of
agrivoltaics, combining agricultural production and energy, is
contributing to this objective, and the commissioning of the Poisy
demonstrator, a 250 kW pilot project, is helping to achieve
it. It aims to explore the integration of solar panels with cattle
farming. This project, carried out in collaboration with scientific
institutes, measures the impact of the installations on animal
welfare and agricultural production.
New solar rooftops commissioned by
Helexia in Romania8
Solar rooftops have been installed on 16 Auchan
Retail shops and 12 Leroy Merlin shops, with a capacity of
12.8 MW spread over 63,000 m². These installations will
produce more than 14 GWh per year, covering 20 to 30% of the shops'
energy consumption and avoiding more than 8,000 tonnes of
CO2 annually.
In France, acquisition of solar rooftops
on agricultural buildings9
Helexia has acquired 202 solar rooftops,
with a total capacity of 28 MW, located on agricultural
buildings. They are all in the operational phase and benefit from
20-year electricity sales contracts. Together, Voltalia and its
subsidiaries Helexia and Terravene (which specialises in the
purchase of agricultural land) are rolling out a joint offering to
farmers: 1,2,3 Soleil. This offer provides practical
solutions to the issues of sustaining and developing farms and the
challenges of generational renewal, while enabling the production
of renewable electricity.
CONFIRMATION OF THE 2024 OUTLOOK BASED ON
OBSERVATIONS MADE BETWEEN AUGUST AND TODAY
Before the impact of the curtailment in Brazil,
the EBITDA target for 2024 is around 255 million euros,
including around 230 million euros from Energy Sales.
As communicated in August10, this
amount could be reduced by around 40 million euros if: the
curtailment scenario communicated by the network operator is
confirmed; the 2024 accounts do not record any financial
compensation otherwise claimed to the network operator; and if the
EUR/BRL exchange rate average is around 6 in the second half of the
year.
During the third quarter of 2024, the
curtailment of the Brazilian production reached 510 GWh, in
line with the scenario established in August.
In October, the Brazilian grid operator
implemented a number of measures that could have a positive impact
on Voltalia, including:
- Curtailment redistribution between substations in the
north-east of the country, resulting in reduced curtailment at some
Voltalia power plants during the first three weeks of October;
- A new transmission line capable of carrying up to 800 MW
began operating on October 16. Located in the north-east of the
country, it will allow to fluidify the transmission of electricity
from this region to the region of high demand (south-east).
The levels of curtailment and exchange rates
observed since August and the various changes observed in October
confirm the potential impact of around 40 million euros on
2024 EBITDA.
Discussions with the Brazilian grid operator and
the local authorities are continuing, both directly and as part of
a collective of electricity producers, to obtain financial
compensation and reduce the duration of production curtailment. At
the same time, legal actions are being taken, again by groups of
electricity producers. Voltalia is confident in reaching a
favourable outcome in the short and medium term.
Finally, Voltalia confirms its 2024 target of
approximately 3.3 GW of capacity in operation and under
construction, of which approximately 2.5 GW in operation.
OPERATING AND FINANCIAL TARGETS FOR 2027
CONFIRMED
Voltalia confirms its operational and financial
targets for 2027:
- Capacity in operation and under construction exceeding
5 GW, with approximately 4.2 GW in operation.
- Capacity operated on behalf of third-party customers above
8 GW.
- Normalised EBITDA11 of around 475 million
euros, including around 430 million euros from Energy
Sales.
2027 AND 2030 MISSION OBJECTIVES
CONFIRMED
As a Mission-driven company, Voltalia confirms
its mission objectives:
- In 2027: CO2 avoided of more than 4 million
tonnes.
- 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 capacity in operation located on co-used
or upgraded soil, i.e. land combining solar with another human
activity (such as buildings, car parks, agriculture and grazing) or
located on land with low biodiversity, agricultural or economic
potential (such as deserts, industrial wastelands, and abandoned
quarries).
- By 2030: -35% carbon intensity in kgCO2/MW (Scope 3)
of solar power plants owned compared with 2022, by prioritising the
acquisition of low-carbon solar panels.
Next meeting: Q4 2024 turnover,
January 29, 2025 (after close of trading)
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 September 30, 2024
|
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
Q3 2024 |
Q3 2023 |
|
Albania |
|
140 |
|
|
|
140 |
0 |
|
Belgium |
|
21 |
|
|
|
21 |
17 |
|
Brazil |
773 |
719 |
|
|
12 |
1,504 |
1,379 |
|
Egypt |
|
32 |
|
|
|
32 |
32 |
|
France |
93 |
248 |
|
5 |
|
346 |
286 |
| French
Guiana |
|
13 |
7 |
5 |
24 |
49 |
44 |
|
Greece |
|
17 |
|
|
|
17 |
17 |
|
Hungary |
|
22 |
|
|
|
22 |
12 |
|
Italy |
|
18 |
|
|
|
18 |
16 |
|
Jordan |
|
57 |
|
|
|
57 |
57 |
|
Netherlands |
|
60 |
|
|
|
60 |
0 |
|
Portugal |
|
80 |
|
|
|
80 |
74 |
|
Romania |
|
13 |
|
|
|
13 |
2 |
|
Spain |
|
27 |
|
|
|
27 |
21 |
| United
Kingdom |
|
57 |
|
|
32 |
89 |
89 |
|
Total |
866 |
1,524 |
7 |
10 |
68 |
2,475 |
2,046 |
Capacity under construction
as of September 30, 2024
|
Name of the project |
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 |
Belgium |
|
Helexia |
97 |
Solar |
Brazil |
|
Helexia |
30 |
Solar |
France |
|
Helexia |
3 |
Solar |
Hungary |
|
Helexia |
1 |
Solar |
Italy |
|
Helexia |
3 |
Solar |
Poland |
|
Helexia |
3 |
Solar |
Portugal |
|
Helexia |
1 |
Solar |
Spain |
| 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) |
609 |
|
|
Electricity production as of September
30, 2024
|
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
September 30th, 2024 |
September 30th, 2023 |
|
Albania |
|
218 |
|
|
|
218 |
0 |
|
Brazil |
1,501 |
655 |
|
|
38 |
2,194 |
2,326 |
|
Egypt |
|
59 |
|
|
|
59 |
59 |
|
France |
128 |
72 |
|
6 |
|
205 |
201 |
| French
Guiana |
|
12 |
25 |
0 |
|
37 |
38 |
|
Greece |
|
24 |
|
|
|
24 |
20 |
|
Helexia Brazil |
|
86 |
|
|
|
86 |
13 |
|
Helexia Europe |
|
245 |
|
|
|
245 |
161 |
|
Jordan |
|
105 |
|
|
|
105 |
101 |
|
Portugal |
|
68 |
|
|
|
68 |
25 |
| United
Kingdom |
|
50 |
|
|
|
50 |
53 |
|
Grand Total |
1,629 |
1,593 |
25 |
6 |
38 |
3,291 |
2,997 |
Quarterly electricity production (Q3)
2024
|
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
Q3 2024 |
Q3 2023 |
|
Albania |
|
82 |
|
|
|
82 |
0 |
|
Brazil |
583 |
199 |
|
|
14 |
796 |
911 |
|
Egypt |
|
20 |
|
|
|
20 |
21 |
|
France |
33 |
30 |
|
3 |
|
65 |
67 |
| French
Guiana |
|
6 |
7 |
0 |
|
12 |
15 |
|
Greece |
|
9 |
|
|
|
9 |
8 |
|
Helexia Brazil |
|
41 |
|
|
|
41 |
8 |
|
Helexia Europe |
|
98 |
|
|
|
98 |
67 |
|
Jordan |
|
40 |
|
|
|
40 |
37 |
|
Portugal |
|
23 |
|
|
|
23 |
13 |
| United
Kingdom |
|
20 |
|
|
|
20 |
20 |
|
Grand Total |
616 |
567 |
7 |
3 |
14 |
1,206 |
1,166 |
|
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 17.2 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 2,000 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, amongst
others, in the MSCI ESG ratings and the Sustainalytics
ratings. |
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 August 19, 2024 press release. For a
transmission system operator, load shedding consists in limiting
the transmission, for a given period, of all or part of a power
plant's electricity generation potential, in order to maintain the
stability of the transmission system.
2 "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.
3 Among the changes in presentation mentioned in the
2023 Universal Registration Document (Note 2.1), income from the
2023 financial year of €4.3 million that had been included in the
consolidated turnover figure has been reclassified within ‘Other
current operating income and expenses’ in the income statement for
the comparable period (damages and interest received).
4 Electricity sales from plants commissioned before the start
of the long-term electricity sales contract. By speeding up certain
projects, Voltalia can benefit from high sales prices in the
initial contracts.
5 Announced in December 2023 and listed in the January
2, 2024 press release.
6 August 19, 2024 press release.
7 September 19, 2024, press release.
8 October 3, 2024 press release.
9 October 15, 2024 press release.
10 August 19, 2024, press release.
11 “Normalised EBITDA” estimated at December 31, 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.
- 2024 third quarter turnover: 131.1 million euros
Voltalia (EU:VLTSA)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Voltalia (EU:VLTSA)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
