VOLTALIA (EPA:VLTSA) Voltalia : Revenues up +51% in Q3 2017.
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18/10/2017 18:09
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Press releaseQ3 2017 financial information
18 October 2017
Revenues up +51% in Q3 2017
Acceleration in energy sales (+73%) driven by added value generated in Brazil
in a particularly favourable market environment
Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in
renewable energies, publishes its Q3 2017 revenues.
"In line with our expectations, Q3 energy sales have shown net acceleration
thanks to our performance in Brazil. In services activities, the teams are
mobilised to relaunch the activity" comments Sébastien Clerc, CEO of Voltalia.
Evolution in Q3(1) revenues
In EUR million Q3 2017 Q3 2016 Change 9M 2017 9M 2016 Change
Revenues (2) (2)
Energy sales 41.9 24.2 +73.2% 101.0 69.8 +44.7%
Development, construction
and procurement 5.6 8.2 -31.0% 18.9 10.6 +77.7%
Operation & maintenance 4.8 2.8 +68.6% 15.1 5.4 x2.8
Eliminations* and corporate (1.8) (1.7) +7.2% (8.4) (6.2) +35.3%
Consolidated revenues 50.5 33.5 +50.8% 126.6 79.6 +59.0%
*Eliminations: services provided by the services business lines for owned
power plants and projects are eliminated on financial consolidation.
Q3 2017 consolidated revenues amount to EUR50.5 million, compared with EUR33.5
million in Q3 2016, a +50.8% increase over the period.
Over nine months, revenues recorded a +59.0% increase to reach EUR126.6
million. At constant exchange rates, consolidated revenues were up by +47.8%
compared to the first nine months of 2016.
(1) Revenues includes the Group's revenues (or revenues from ordinary
activities) and other revenues related to the business.
(2) Voltalia recalls that following the acquisition of Martifer Solar in Q3
2016, the latter was consolidated within the consolidated accounts from 1
August 2016.
Energy sales
Energy sales revenues grew by +73.2% compared to Q3 2016. This growth is driven
by Brazil thanks to:
- the contribution of the Vila Pará (99 MW) and Vila Acre (27 MW) power
plants; and
- a positive price effect mainly related to (i) the Group's profitable
contract suspension strategy(3) on a part of its power plants that became
effective in Q3 and (ii) very high spot price levels.
During the quarter, Voltalia continued to develop its electricity production
activities and announced the launch of the construction of three new solar
power plants in the South of France. All these plants benefit from long-term
electricity sales contracts and will be commissioned between end of 2017 and Q2
2018 at the latest. In August, Voltalia also announced that two solar projects
with a total capacity of 8 MW were selected as part of the CRE IV tender: the
winning solar projects of Tresques (3 MW) and Parroc (5 MW) will benefit from
the new contract for difference(4) scheme for 20 years from the date of
commissioning, scheduled for no later than July 2019. After winning projects
within the framework of the previous calls for tenders CRE I(5), CRE II(6) and
CRE III(7) Voltalia thus confirms its competitiveness in the French market.
Services
Development, construction and procurement
Development, construction and procurement posted revenues of EUR5.6 million in
the third quarter, down -31.0% from Q3 2016.
In Q3 2017, development activities benefited from the sale of a 2.2 MW ready to
build solar power plant in Japan; in Q3 2016, Voltalia had sold a French solar
power plant in operation generating revenues of 5 million euros in the
period(8).
The new French construction sites did not yet generate any income during the
quarter; they will start contributing to the revenues from Q4 2017.
Revenues from procurement increased in the quarter, benefiting notably from
sales in Italy.
Operation & maintenance
Operation & maintenance (O&M) recorded a +68.6% growth in revenues, thanks to
the signing of new contracts since Q3 2016 as well as the full quarter
consolidation effect of Martifer Solar's historic contracts in Europe.
In Greece, where Voltalia has been present since 2007, the teams signed in
early September new solar O&M contracts for circa 32 MW, thus taking the
third-party operated capacity in the country to 81 MW (+65%). The new power
plants under management belong to a Greek client and include roof and
ground-based installations. The scope of the services includes preventive and
corrective maintenance as well as various other operations required by the
client.
(3) See half-yearly results press release dated 25 September 2017
(4) Introduced by the Energy Transition Law for Green Growth of 2016, the
additional remuneration is a premium allowing the producer to offset the
difference between the revenues from the direct sale of electricity on the
market and the reference fee level fixed in the tariff order or the
provisions of the call for tenders
(5) See press release dated 30 July 2012
(6) See press release dated 1 April 2014
(7) Press release dated 7 December 2015
(8) See press release dated 17 November 2016
Perspectives: acceleration in energy sales revenues confirmed in the second
half of 2017
In the second half of 2017, Voltalia anticipates higher revenues from energy
sales than in the first half.
First of all, revenues benefit from the seasonality effect, with a second
half-year statistically(9) greater by an average +12% than the first half-year.
Moreover, Q4 2017 electricity production in Brazil will continue to benefit
from particularly favourable conditions.
Detailed data
Report on electricity production from 1 January 2017 to 30 September 2017
Total energy production
by area and by energy
in GWh Wind Solar Biomass Hydro Hybrid Total
Brazil 1,339.0 - - - 29.7 1,368.6
Metro. France 61.6 5.9 - - - 67.6
French Guiana - 3.4 7.5 15.4 - 26.2
Greece - 6.0 - - - 6.0
United Kingdom* - 6.6 - - - 6.6
Portugal - 1.1 - - - 1.1
Total 1,400.6 22.9 7.5 15.4 29.7 1,476.1
*Solar plant to be sold
Breakdown of consolidated installed capacity by geographical area as of 30
September 2017
Consolidated installed
capacity In MW Wind Solar Biomass Hydro Hybrid Total
Brazil 417.3 - - - 12.0 429.3
Metro. 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.
(9) Change calculated on the basis of assets under production as of 1 January
2017 at current exchange rates
About Voltalia (www.voltalia.com)
- Voltalia is an international renewable energies company producing electricity
from many sources (wind and solar power, hydropower and biomass), with an
installed capacity of 501 MW. It also provides services to independent
customers.
- Voltalia operates in 17 countries over 4 continents and is able to act
worldwide on behalf of its customers.
- Voltalia has been listed on the Euronext regulated market in Paris since July
2014 (FR0011995588 - VLTSA) and entered the Enternext Tech 40 index in April
2017 and the CAC Mid&Small in September 2017.
Actifin
Investor relations: A. Commerot, acommerot@actifin.fr
Media relations: J. Jullia, jjullia@actifin.fr
+33 (0)1 56 88 11 11
Voltalia
General Secretary: Marie de Lauzon
invest@voltalia.com
+33 (0)1 44 63 14 40
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