VOLTALIA (EPA:VLTSA) Voltalia : Doubling of Q4 consolidated revenues and of FY2016 revenues.
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25/01/2017 17:56
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Press release
January 25, 2017
Q4 2016 financial information
Doubling of Q4 consolidated revenues and of FY2016 revenues
Strong growth in energy sales and first commercial successes in services
* * *
Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in
renewable energies, announces its Q4 2016 revenues and cumulative revenues for
the entire year.
"The excellent progression for this quarter bears witness to Voltalia's
operational performance in its historical business, the production of renewable
electricity. In this respect, the start-up of the Vila Pará plant in Brazil
illustrates the remarkable work performed by our teams. To these achievements
add the first successes coming from the relaunch of the services activity since
the acquisition of Martifer Solar", congratulates Sébastien Clerc, Chief
Executive Officer of Voltalia.
For a better appreciation of its business activity, Voltalia recalls that
following the acquisition of Martifer Solar in Q3 2016, the latter was
consolidated within the consolidated accounts from 1 August 2016.
Revenues growth(1) in Q4 and cumulatively over the year by business activity
Revenues(1)
(in million euros) Q4 2016 Q4 2015 Change 2016 2015 Change
Energy sales 30.4 19.1 +59.4% 101.9 57.4 +77.4%
Development, construction
and procurement 7.1 0.0 nm 17.0 0.1 nm
Operation and maintenance 3.9 0.3 x17.7 6.4 0.9 x7.1
Consolidated revenues 41.4 19.4 x2.1 125.3 58.5 x2.1
Consolidated revenues for Q4 2016 has doubled to EUR41.4 million in comparison
to EUR19.4 million in Q4 2015. Excluding Martifer Solar and at constant
exchange rates, Q4 consolidated revenues was EUR33.4 million in 2016. Over the
period, Martifer Solar contributed an amount of EUR9.5 million to the Group's
consolidated revenues.
(1) Revenues includes the Group's revenues (or revenues from ordinary
activities) and other revenues related to the business. Q4 2016 revenues
and cumulative revenues over 2016 include Martifer Solar revenues
beginning on 1 August 2016.
Energy sales (+59% in Q4) benefited from:
- the full effect of the revenues from the plants commissioned in year-end 2015
in Brazil: Vamcruz (93 MW) and Oiapoque (12 MW);
- the revenues from the Vila Pará plant (99 MW) in Brazil, commissioned during
Q3 2016. Benefiting from its head-start over its initial schedule(2),
Voltalia was able to sell the electricity generated on the free market with
higher sales prices than those secured in the 20-year sales contracts.
Revenues generated by the services activities recorded a strong growth thanks
to the acquisition of Martifer Solar(3):
- in development, construction and procurement, revenues mainly came from
achieved or on-going power plants construction contracts in Jordan, the
United Kingdom, Belgium and France; and
- in operation and maintenance: EUR3.5 million generated by long-standing
Martifer Solar contracts, mainly in Portugal, Spain and Italy.
Cumulatively over the year, Voltalia recorded a doubling of its consolidated
revenues, which totalled EUR125.3 million compared to EUR58.5 million in 2015.
Excluding Martifer Solar and at constant exchange rates, consolidated revenues
was EUR113.4 million in 2016. In total, since its consolidation on 1 August
2016, Martifer Solar has contributed EUR16.2 million to the Group's
consolidated revenues for 2016.
Highlights
Since the beginning of Q4, Voltalia further developed its electricity
production activity:
- launch of the construction of the 27 MW Vila Acre wind power plant in Brazil,
which commissioning is expected in Q3 2017, over one year before the 20-year
electricity sales contract takes effect(4);
- signing of a strategic partnership with Green of Africa, private Moroccan
operator, to co-develop projects proposed by both parties in Morocco and
throughout the rest of the African continent(5);
- begining of the construction of Voltalia's first solar plant in Brazil (4 MW)
on the Oiapoque site(6).
Besides, the successful operational integration of Martifer Solar, whose teams
are now merged with Voltalia's long-standing teams, bore fruit during this
fourth quarter. Having experienced a strong decline in 2015 and 2016 up until
its acquisition by Voltalia, business activities are recovering and recorded
initial successes in the fourth quarter, among which:
- new construction and procurement contracts signed in Belgium (1.2 MW of solar
rooftop and a 0.3 MW canopy) and in Tanzania (5 MW solar plant with
trackers);
(2) See press release dated 11 October 2016
(3) See press release dated 19 August 2016
(4) See press release dated 11 October 2016
(5) See press release dated 18 November 2016
(6)See press release dated 23 January 2017
- new operation and maintenance contracts, mainly in Japan where the Group
signed 14 new contracts for the operation and maintenance of solar plants
with a total capacity of 50.7 MW for a Japanese client;
- renewal of expiring O&M contracts, particularly in Italy, where Voltalia
renewed a 10-year operation and maintenance contract for nearly 50 MW, thus
demonstrating the quality of the services provided by the Voltalia and
Martifer Solar teams.
First revenues from these new contracts are expected in the first half of 2017.
Detailed data
Breakdown of revenues by geographical area
Revenues by area* Q4 2016 Q4 2015 Change 2016 2015 Change
(in million euros)
Latin America 28.2 15.8 x1.8 89.8 43.9 x2.0
Europe 9.6 3.7 x2.7 30.2 14.6 x2.1
Asia/Africa/Middle East 3.6 0.0 nm 5.4 0.0 nm
Consolidated revenues 41.4 19.4 x2.1 125.3 58.5 x2.1
*revenues by project destination area
Report on electricity production from 1 January 2016 to 31 December 2016
Total energy production
by area(7) and by energy
in GWh Wind Solar Biomass Hydro Hybrid Total
Brazil* 1,056 - - - 39 1,095
Metropolitan France 101 10 - - - 112
French Guiana - 5 12 21 - 38
Greece - 7 - - - 7
United Kingdom - 2 - - - 2
Portugal - 1 - - - 1
Total 1,157 26 12 21 39 1,255
* No production was recorded for the São Miguel do Gostoso plant (108 MW).
Pending its connection to the Brazilian national grid, Voltalia has received
compensatory revenues from ANEEL since the end of June 2015.
(7) Historical scope of Voltalia excluding the production of the two solar
plants: 7.3 MW in the United Kingdom (held for sale) and 0.6 MW in
Portugal.
Distribution of the installed capacity by geographical area
Installed capacity
in MW Wind Solar Biomass Hydro Hybrid Total
Brazil 390 - - - 12 402
Metropolitan France 42.2 4.5 7.3 - - 54
French Guiana - 4.3 1.9 5.4 - 11.6
United Kingdom* - 7.3 - - - 7.3
Greece - 4.7 - - - 4.7
Portugal - 1.0 - - - 1.0
Total 432.2 21.8 9.2 5.4 12 480.6
*solar plant held for sale
Figures in this press release are unaudited and are likely to change due to the
consolidation of Martifer Solar in the 2016 financial statements.
Next on the agenda: FY 2016 results on April 3, 2017 (post trading).
About Voltalia (www.voltalia.com)
* Voltalia is an international player in renewable energies, and a multi-source
electricity producer (wind, solar, hydropower and biomass with an installed
capacity of 481 MW) and provides services to third party customers.
* Voltalia is established in 17 countries on 4 continents and has a global
capacity that is at the service of its clients.
* Voltalia has been listed on the Euronext regulated market in Paris since
July 2014 (FR0011995588 - VLTSA).
Actifin
Investor Relations: A. Commerot, acommerot@actifin.fr
Media Relations: J. Jullia, jjullia@actifin.fr
Tel: +33 (0)1 56 88 11 11
Voltalia
General Secretary: Marie de Lauzon
E-mail: invest@voltalia.com
Tel: +33 (0)1 44 63 14 40