VOLTALIA (EPA:VLTSA) Voltalia : Confirmed revenue growth in the first half of 2017: +74%
Transparency directive : regulatory news
19/07/2017 18:39
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Press release
2017 Q2 financial information
July 19, 2017
Confirmed revenue growth in the first half of 2017: +74%
Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in
renewable energies, announces its Q2 and H1 revenues for 2017.
Voltalia recalls that following the acquisition of Martifer Solar in Q3 2016,
the latter was consolidated within the consolidated accounts from 1 August
2016.
"I am pleased with this second quarter's good performance, achieved thanks to
the two pillars of our growth model. On the one hand, we benefited from
revenues from the early commissioning of our new production capacities at the
Vila Pará wind power plant (Brazil). On the other hand, the service activities
enable us to record new revenues over the semester", says Sébastien Clerc,
Chief Executive Officer of Voltalia.
Evolution of Q2 and H1 revenues1 by business activity
Revenues (1)
(in million euros) Q2 2017 Q2 2016 Change H1 2017 H1 2016 Change
Energy sales 31.2 25.9 +20.6% 60.6 44.2 +36.9%
Development,
construction and
procurement 6.7 - n/a 12.0 - n/a
Operation and
maintenance 5.6 0.3 nm 10.9 0.4 nm
Other* (3.9) - n/a (5.7) - n/a
Consolidated revenues 39.6 26.2 +51.4% 77.7 44.7 +73.8%
* Corporate elements and eliminations of intragroup revenues. Since January 1,
2017 and following the acquisition of Martifer Solar, Voltalia identifies the
revenues from internal services
(1) Revenues includes the Group's revenues (or revenues from ordinary
activities) and other revenues related to the business.
Q2 2017 consolidated revenues amount to EUR39.6 million, compared with EUR26.2
million in Q2 2016, a +51.4% increase in the activity over the period. At
constant exchange rates, consolidated revenues were up by +34.9% compared to Q2
2016.
> Energy sales grew by +20.6% compared to Q2 2016, mainly due to the revenues
generated by the Vila Pará power plant (99 MW) gradually commissioned
during Q3 2016 and by the progressive commissioning of the turbines at
the Vila Acre plant (27 MW) in Q2 2017;
> Over the period, Voltalia also recorded increased revenues from services
activities:
o The operation and maintenance business enjoyed revenues from previously
existing contracts, mainly in Italy and Portugal, as well as revenues
from more recent contracts in Jordan and Japan. The Jordanian contract
(57 MW) covers the power plant completed by Voltalia at the beginning of
the year. The Japanese contracts(2) (50.7 MW) were signed in Q1 2017
thanks to the synergies resulting from Voltalia's and Martifer Solar's
joint teams mobilization right after the acquisition;
o During the quarter, the development, construction and procurement
activity notably benefited from revenues generated by the 5 MW
construction contract for a solar power plant in Tanzania and
construction and procurement contracts executed in Brazil and in Italy.
Total revenues over the half-year increased by +73.8% compared to the first
half of 2016, totalling EUR77.7 million. At constant exchange rates,
consolidated revenues were up by +55.2% compared to the first half of the
previous year.
Recent developments
French Guiana: new biomass power plant project (5.1 MW)
On 21 April(3), Voltalia announced it has obtained a tariff for a 5.1 MW
biomass power plant in French Guiana. Located near the village of Cacao in the
municipality of Roura, the power plant will generate electricity by burning
wood from logging operations or from sawmills and will benefit from a private
contract with a guaranteed price over a 25 year-period. The plant could be
commissioned at the end of 2019.
Brazil: connection to the grid of the São Miguel do Gostoso wind farms (108
MW) and early commissioning of the Vila Acre wind power plant (27 MW)
Already achieved two years ago(4), the São Miguel do Gostoso power plant
("SMG", 108 MW) has benefited from compensation revenues since June 2015, due
to delay of the company in charge of reinforcing the regional electricity
grid(5). This reinforcement has been completed and the wind farms of the São
Miguel do Gostoso are now injecting electricity into the national grid and will
therefore no longer be considered in preservation period as from July 2017.
After winning the electricity sales contract during the November 2015 auctions,
Voltalia launched the construction works for the Vila Acre power plant (27 MW)
in Q4 2016, which was due to be completed during the third quarter of 2017. The
power plant was actually commissioned in June 2017(6). As the 20-year long-term
sales contract is only due to start in November 2018, this anticipation will
enable the Group to generate revenues more than a year ahead of schedule, in
accordance with the terms of the contract.
(2) See press release dated 25 January 2017
(3) See press release dated 21 April 2017
(4) See press release dated 8 June 2015
(5) As provided for by the terms of the 2011 auctions
(6) See press release dated 29 June 2017
Metropolitan France: launch of the construction of two new solar power plants
Won during the CRE III tender in December 2015(7), these power plants are
located in the sunniest region of France. The Canadel power plant will be
located in Brignoles and the second plant, Castellet II, will be right next to
the first solar plant of the same name and commissioned by Voltalia in July
2013 following the 2012 CRE I tender(8).
Detailed data
Breakdown of revenues by geographical area
Revenues by area
(in million euros) Q2 2017 Q2 2016 Change H1 2017 H1 2016 Change
Latin America 31.3 22.7 +37.9% 57.4 36.9 +55.5%
Europe 12.4 3.5 x3.6 21.6 7.8 x2.8
Asia/Africa/
Middle East 1.7 n/a nm 4.5 n/a nm
Other* (5.7) n/a nm (5.7) n/a nm
Consolidated revenues 39.6 26.2 +51.4% 77.7 44.7 +73.8%
* Corporate elements and eliminations of intragroup revenues. Since January 1,
2017 and following the acquisition of Martifer Solar, Voltalia identifies the
revenues from internal services.
Report on electricity production from 1 January 2017 to 30 June 2017
Cumulated power
production by area
and by energy
(in GWh) Wind Solar Biomass Hydro Hybrid Total
Brazil 774.2 - - - 18.6 792.8
Metropolitan France 46.4 3.7 - - - 50.2
French Guiana - 2.2 4.5 9.6 - 16.3
Greece - 3.6 - - - 3.6
United Kingdom - 3.7 - - - 3.7
Portugal - 0.7 - - - 0.7
Total 820.6 13.9 4.5 9.6 18.6 867.2
(7) Press release dated 7 December 2015
(8) Press release dated 7 July 2017
Breakdown of consolidated installed capacity by geographical area as of 30 June
2017
Consolidated installed
capacity In MW Wind Solar Biomass Hydro Hybrid Total
Brazil 417.3 - - - 12.0 429.3
Metropolitan France 42.2 4.5 - - - 46.7
French Guiana - 4.5 1.7 5.4 - 11.6
United Kingdom* - 7.3 - - - 7.3
Greece - 4.7 - - - 4.7
Portugal - 1.0 - - - 1.0
Total 459.5 21.9 1.7 5.4 12.0 500.5
*Solar plant to be sold
Figures in this press release are non-audited data.
Next on the agenda: H1 2017 results on September 25, 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 501 MW) and provides services to third party customers.
> Voltalia is established in 15 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) and has entered the Enternext Tech 40 index in
April 2017.
Actifin
Investor Relations: A. Commerot, acommerot@actifin.fr
Media Relations: J. Jullia
+33 (0)1 56 88 11 11
Voltalia
Chief Administrative Officer: Marie de Lauzon
invest@voltalia.com
+33 (0)1 44 63 14 40