VOLTALIA (EPA:VLTSA) Voltalia : Q4 2017 revenues.
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24/01/2018 18:14
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PRESS RELEASEQ4 2017 financial information
January 24, 2018
Q4 2017 revenues
A +50% increase in energy sales drives Group growth to +26% in the fourth
quarter of 2017
Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in
renewable energies, announces today its revenues for Q4 2017 and the 2017
fiscal year.
"Voltalia continued its growth in the fourth quarter of 2017, with a
significant performance of energy sales driven mostly by Brazil. Furthermore,
our services activities enjoyed strong growth which mostly derived, at this
stage, from the internalization of some services for the benefits of our own
projects. Lastly, thanks to our successes at year-end auctions, we now have a
good visibility on Voltalia's future growth", comments Sébastien Clerc, Chief
Executive Officer of Voltalia.
Q4 2017 and FY 2017 revenues(1) by business
In EUR million
Revenues Q4 2017 Q4 2016 Change 2017 2016(2) Change
Energy sales 46.0 30.4 +51.0% 145.2 102.1 +42.3%
Development,
construction and
procurement 19.0 10.8 +76.6% 38.9 22.3 +74.3%
Operation & maintenance 6.5 5.0 +28.5% 21.2 10.4 x2.0
Eliminations* and
corporate (16.9) (3.1) x5.4 (25.8) (7.8) x3.3
Consolidated revenues 54.6 43.1 +26.5% 179.6 127.0 +41.4%
*Eliminations: services provided by the service activities for Group-own
projects and power plants are eliminated during financial consolidation.
Consolidated revenues for the fourth quarter 2017 (Q4 2017) amounted to EUR54.6
million compared to EUR43.1 million for the fourth quarter 2016 (Q4 2016), a
+26.5% increase over the period.
Total cumulative revenues for 2017 recorded a +41.4%, increase reaching
EUR179.6 million. At constant exchange rates, consolidated revenues increased
by +35.4% compared to 2016.
(1) Revenues include the Group's revenue (or revenues from ordinary activities)
and other revenues related to the business.
(2) Includes Martifer Solar, integrated in the consolidated accounts from
August 1, 2016
Energy sales
In Q4 2017, revenues from energy sales grew by +51.0% compared to Q4 2016.
This growth is based on 3 factors:
* a positive price effect in Brazil, mainly due to (i) the Group's profitable
contract suspension strategy(3) on some of its power plants and (ii) very
high spot price levels;
* the contribution to revenues of the new Vila Acre I power plant, which
commissioning was anticipated at the end of June 2017; and
* higher overall production levels in France, Brazil and Greece in Q4 2017
compared to Q4 2016.
At the end of the quarter, Voltalia commissioned the solar power plants of
Castellet II (3.8 MW) in the Var department in France, and Oiapoque (4 MW) in
Brazil, bringing the Group's total installed capacity to 508 MW at the end of
the year. These plants will contribute to Q1 2018 revenues.
In October, the Group won its first project in Africa: a 32 MW solar power
plant project, named Râ Solar, in Egypt.
Lastly, Voltalia won a total of 155 MW during the December 2017 Brazilian
auctions. Voltalia plans to bring forward the commissioning of these power
plants during 2020 in order to sell production on the free market. The 20-year
contracts will then ensure cumulated secured revenues of over EUR400 million
for the Group.
Services
Development, construction and procurement
The development, construction and procurement business recorded revenues of
EUR19.0 million in Q4 2017, up by +76.6% compared to Q4 2016.
In Q4 2017, the development and construction revenues mainly came from the
French solar power plant projects: Castellet II, commissioned at year-end 2017
and the Carrière-des-Plaines and Canadel power plants currently under
construction, with commissioning expected in 2018.
Voltalia won several construction contracts for third parties in Q4, the most
significant being a 5 MW solar power plant in the United Kingdom.
Operation & maintenance
The operation & maintenance business recorded a +28.5% growth thanks to the
development of internal services related to the growth in installed capacity,
and to new contracts signed with third-party clients since Q4 2016.
The sales activity was particularly strong in Greece during the second
half-year 2017: the operated capacity in the country more than doubled over the
year, reaching 104 MW, including 99 MW for third parties.
As of the end of 2017, the Group operated a total capacity of 1.2 GW, including
0.7 GW on behalf of third parties.
(3) See press release on half-year results dated September 25, 2017
Detailed data
Total energy
production in 2017 by Total
area and by energy Wind Solar Biomass Hydro Hybrid 2017
in GWh
Brazil 1,937.6 40.4* 1,977.9
France 87.3 7.2 94.5
French Guiana 4.6 10.3 19.4 34.4
Greece 7.4 7.4
United Kingdom 8.0 8.0
Portugal 1.3 1.3
Total 2,024.8 28.5 10.3 19.4 40.4 2,123.5
*includes Oiapoque solar power production
Installed capacity
by area and by
energy Wind Solar Biomass Hydro Hybrid 12/31/2017
In MW
Brazil 417.3 16.0* 433.3
France 42.2 8.3 50.5
French Guiana 4.5 1.7 5.4 11.6
Greece 4.7 4.7
United Kingdom 7.3 7.3
Portugal 1.0 1.0
Total 459.5 25.8 1.7 5.4 16.0 508.4
*4 MW in solar power and 12 MW in thermal power
Figures in this press release are non-audited.
Next on the agenda: FY 2017 results on March 28, 2018
About Voltalia (www.voltalia.com)
* Voltalia is an international player in the renewable energy sector. The
Company produces and sells electricity generated from wind, solar, hydro and
biomass power plants; it owns a total installed capacity of 508 MW.
* Voltalia is also a service provider, assisting its investor clients active in
renewables at each project stages, from conception to operation &
maintenance.
* With more than 460 employees in 17 countries, over 4 continents, Voltalia is
able to act worldwide on behalf of its clients.
* Voltalia has been listed on the Euronext regulated market in Paris since July
2014 (FR0011995588 - VLTSA) and belongs to the Enternext Tech 40 index and
the CAC Mid&Small index.
Voltalia
Chief Administrative Officer: Marie de Lauzon
Investor relations: invest@voltalia.com
+33 (0)1 44 63 14 40
Actifin
A. Commerot, acommerot@actifin.fr
Press contact : J. Jullia
+33 (0)1 56 88 11 11
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