2024 HALF-YEAR RESULTS
2024 HALF-YEAR RESULTS
EBITDA up +34% to 75 million euros
Confirmation of 2024 year-end capacity
targets
Half-year results 2024
- Turnover: +28% to 248.9 million euros, driven by +26% growth in
Energy Sales and +32% growth in Services for third-party
customers
- EBITDA: +34% to 75 million euros, driven by the full effect of
the power plants commissioned in 2023, combined with the
commissioning of new capacity in the first half of the year
- Net loss of 15.7 million euros, reflecting the seasonal nature
of the business, a +19% improvement on the seasonal loss compared
to the first half of 2023.
Operational capacity indicators as of June 30,
2024
- Capacity under operation and construction: +15% to
3.06 gigawatts (of which 2.45 gigawatts under operation
and 0.61 gigawatt under construction)
- Capacity operated for third-party customers: +15% to
6.4 gigawatts
- Portfolio of projects under development: +7% to
17.2 gigawatts
Outlook for 2024 impacted by production
curtailment1 imposed by the Brazilian grid operator and
the EUR/BRL exchange rate
- Before the impact of the curtailment in Brazil in the second
half of the year, the 2024 EBITDA target is around 255 million
euros, including around 230 million euros from Energy Sales
- If the scenario communicated by the network operator of several
months of curtailment were confirmed, if Voltalia were not
financially compensated and if the average EUR/BRL exchange rate in
the second half of the year were around 6, EBITDA 2024 would be
reduced by around 40 million euros
- This negative impact should be mitigated by the amicable and
contentious actions taken by Voltalia, directly and as part of a
collective of electricity producers, with the federal and local
authorities to obtain financial compensation and reduce the
duration of the current write-off
- Confirmation of the 2024 target of approximately
3.3 gigawatts of capacity in operation and under construction,
including approximately 2.5 gigawatts in operation
Ambitions 2027 reaffirmed
- More than 5 gigawatts of capacity in operation and under
construction, including approximately 4.2 gigawatts in
operation
- Capacity operated for third-party customers more than
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
reclaimed land
- 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, today
publishes its consolidated half-year results to June 30,
2024.
The limited review procedures are currently
being finalised by the statutory auditors. The interim financial
statements were examined by Voltalia's Audit Committee and approved
by the Board of Directors at its meeting on September 4, 2024.
“In the first half of 2024, Voltalia
continued its trajectory with electricity production up 13%,
turnover up 28% and EBITDA up 34%. As announced, the outlook for
the year is conditional on the normalisation of transmission
conditions on the Brazilian electricity grid and the receipt of the
financial compensation requested by Voltalia and other players in
the sector. We are confident of a favourable outcome to these
actions in the short to medium term. In the other countries, the
power plants are producing at full capacity, including those
recently commissioned in France, Portugal and Albania,” says
Sébastien Clerc, Chief Executive Officer of Voltalia.
***
Voltalia will comment on its half-year
results for 2024 and its outlook for the short and medium term at
an information meeting to be held today at 8.30am Paris
time.
The meeting will be webcast live. Full connection details are
available on our website:
https://www.voltalia.com/fr/investor-relations.
KEY FIGURES
|
In € million |
H1 2024 |
H1 2023 |
Var.
at current rates |
Var.
at constant rates3 |
|
Turnover |
248.9 |
195.0 |
+28% |
+28% |
|
EBITDA |
75.0 |
56.0 |
+34% |
+35% |
|
EBITDA margin |
30% |
29% |
+1pt |
+1pt |
|
Net income, Group share |
-15.7 |
-19.4 |
+19% |
+14% |
Turnover totals 248.9 million
euros, up +28% at current and constant exchange rates. It benefits
from the combined effect of +26% growth in Energy Sales,
representing 68% of turnover, and +32% growth in services for
third-party customers, representing 32% of turnover.
Geographically, 59% of turnover were generated in Europe, 35 %
in Latin America and 6% in Africa.
Consolidated EBITDA comes to 75
million euros, up +34%, representing an EBITDA margin of 30%,
compared with 29% in the first half of 2023.
The net loss (Group's share) is -15.7
million euros, reflecting the seasonal nature of Voltalia's
business, an improvement compared to the net loss (Group's share)
of -19.4 million euros in the first half of 2023.
BUSINESS REVIEW
ENERGY SALES: HIGHER EBITDA MARGIN IN A
CONTEXT OF GROWTH
Key financial figures
In € million
Before elimination of services provided internally |
H1 2024 |
H1 2023 |
Var.
at current rates |
Var.
at constant rates |
|
Turnover |
168.7 |
134.2 |
+26% |
+26% |
|
EBITDA |
101.2 |
75.6 |
+34% |
+34% |
|
EBITDA margin |
60% |
56% |
+4pts |
+4pts |
Operational indicators
|
|
H1 2024 |
H1 2023 |
Var. |
|
| |
|
Production (in GWh) |
2,084 |
1,842 |
+13% |
|
|
Capacity in operation (in MW) |
2,452 |
1,699 |
+44% |
|
|
Capacity in operation and under construction (in MW) |
3,057 |
2,661 |
+15% |
|
|
Wind load factor in France |
22% |
22% |
stable |
|
|
Wind load factor in Brazil |
27% |
35% |
-8pts |
|
|
Solar load factor in France |
14% |
17% |
-3pts |
|
|
Solar load factor in Brazil |
23% |
27% |
-4pts |
|
|
Solar load factor in Egypt and Jordan |
27% |
26% |
+1pt |
|
|
Load factor in the United Kingdom |
15% |
17% |
-2pts |
|
- Production and turnover up sharply, driven by new capacity
Turnover from Energy Sales totals
168.7 million euros, up +26% at current and constant exchange
rates. The average EUR/BRL exchange rate is 5.49 in the first half
of 2024, compared with 5.48 in the first half of 2023.
Production reaches 2,084 GWh, up +13%.
Production from plants commissioned since June 30, 2023 more than
offsets the effect of plant disposals and lower load factors in
France and Brazil. For the first time, solar production accounts
for more than half of total production.
- Strong EBITDA growth and improvement in the EBITDA margin
rate
The Energy Sales business generates strong
EBITDA growth of +34% (at current and constant exchange rates) to
101.2 million euros. The EBITDA margin comes to 60%, a 4-point
improvement on the first half of 2023.
Details by country:
- In Brazil, EBITDA slightly increases. It benefits from the
contribution of new capacity (Canudos and SSM3-6, which more than
offset (i) the plants sold at the end of 2023, (ii) a lower wind
resources and (iii) preventive maintenance work concentrated during
the season of lower wind resources.
- In France, EBITDA grows sharply. It benefits from the
commissioning during 2023 and 2024 of the Rives Charentaises, Sud
Vannier, Montclar and Logelbach power stations, which more than
compensated for the power stations sold at the end of 2023.
- EBITDA in other countries significantly increases (+79%) and
accounts for more than third of the Energy Sales’ EBITDA.
On average, these countries’ EBITDA benefits from higher resources
level than in 2023. It is also supported by the commissioning of
project mainly in Portugal and Albania, where the Karavasta power
plant is in its early generation phase4.
SERVICES: STRONG ACCELERATION IN
BUSINESS FOR THIRD-PARTY CUSTOMERS
Key financial figures
|
In € million |
H1 2024 |
H1 2023 |
Var.
at current rates |
Var.
at constant rates |
|
Turnover (after
eliminations) |
80.2 |
60.7 |
+32% |
+32% |
|
EBITDA (after eliminations) |
-10.1 |
-12.2 |
+17% |
+17% |
|
Turnover before eliminations |
202.1 |
271.0 |
-25% |
-25% |
|
Eliminations |
-121.9 |
-210,2 |
-42% |
-42% |
- Turnover from Services to third-party customers up sharply,
driven by growth in the construction activity
Turnover from Services reaches 80.2 million
euros, up +32% at current and constant exchange rates. The
Development, Construction and Equipment Procurement segment grows
by +38% to 68.0 million euros, and the Operation and
Maintenance segment by +7% to 12.1 million euros. Services for
own account (eliminated on consolidation) amounts to
121.9 million euros, down -42% compared with the first half of
2023, which saw a record level of in-house business.
EBITDA generated by third-party Services, which
is seasonal in nature, significantly improves by +17% to
-10.1 million euros.
The Development, Construction and Equipment
Procurement for Third-party Customers segment generates EBITDA of
-10.1 million euros, an improvement of 3.4 million euros.
- Development EBITDA is stable, with lower sales of project, as
well as lower expenses linked to the growth of the portfolio of
future projects (which rises by +7% to 17.2 GW).
- EBITDA for Construction and Equipment Procurement rises sharply
thanks to the construction contracts in Ireland with ESB and Power
Capital (330 MW), which more than offset the fall in solar panel
prices, which continues to weigh on supply contracts as in
2023.
The Operation and Maintenance segment for
third-party customers generates break-even EBITDA, down by
1.3 million euros, due to a temporary drop in the volume of
additional services provided under long-term contracts.
OTHER INCOME STATEMENT
ITEMS
|
In € million |
H1 2024 |
H1 2023 |
Var.
at current rates |
Var.
at constant rates |
|
EBITDA before eliminations and corporate |
102.2 |
90.8 |
+12% |
+11% |
|
Eliminations |
-11.1 |
-27.4 |
-59% |
-59% |
|
Corporate |
-16.1 |
-7.4 |
x2.2 |
x2.2 |
|
EBITDA |
75.0 |
56.0 |
+34% |
+35% |
|
Depreciation, amortization, and provisions |
-48.0 |
-44.6 |
+7% |
+8% |
|
Other non-current income and expenses |
-4.8 |
-3.1 |
+54% |
+54% |
|
Operating revenue (EBIT) |
22.2 |
8.2 |
x2,7 |
x2,7 |
|
Financial result |
-36.7 |
-24.8 |
+48% |
+53% |
|
Taxes and net income of equity affiliates |
-1.9 |
-6.3 |
-70% |
-70% |
|
Minority interests |
0.7 |
3.5 |
-79% |
-79% |
|
Net result (Group share) |
-15.7 |
-19.4 |
+19% |
+14% |
EBITDA before eliminations and corporate
items is up by +12%, reflecting a lower volume of internal
activity (eliminated on consolidation) after the record level in
2023, which is more than offset by strong growth in external
activities in 2024.
Eliminations are down to -11.1
million euros (-59%) due to lower internal activity.
Consolidated EBITDA comes to
75.0 million euros, up +34%, representing an EBITDA margin of 30%,
compared with 29% in the first half of 2023.
Depreciation, amortization and
provisions rises by +7% (+8% at constant exchange rates)
to 48.0 million euros. The recent commissioning of power plants and
the full-year effect of power plants commissioned during the first
half of 2023, are partially offset by the decrease in provisions.
In 2023, the provisions were mainly related to depreciated
inventories of solar panels, due to the decrease in market prices
and charges associated with the exceptional regulatory measures
adopted in France to limit the rise in electricity prices following
the invasion of Ukraine.
The financial result, an
expense, increases by +48% (+53% at constant exchange rates). The
net charge of 36.7 million euros consists of (i) a cost of
financial debt of 28.9 million euros, an increase of 10.7 million
euros mainly due to the growth of the portfolio of operating power
plants (+753 MW), and (ii) other financial income and expenses of
7.8 million euros, an increase of 1.2 million euros. The overall
average interest rate on consolidated debt is 6.0% compared to 5.9%
at the end of 2023.
The tax charge fells by -70% to
1.9 million euros thanks to the recognition by the Jordanian tax
authorities of deferred tax assets generated by accelerated
depreciation, which more than offset the increase in taxes inherent
in business growth.
After considering minority interests and tax,
the net loss (Group
share) improves by 3.7 million
euros compared to the first half of 2023. It stands at -15.7
million euros, reflecting the seasonal nature of the business.
SIMPLIFIED CONSOLIDATED BALANCE
SHEET
The balance sheet at the end of June 2024
reaches 3.9 billion euros, up +3% compared to the end of December
2023.
|
In € million |
June 2024 |
Dec 2023 |
|
Goodwill |
79 |
79 |
|
Tangible and intangible fixed assets |
2,896 |
2,771 |
|
Cash and cash equivalents |
329 |
319 |
|
Other current and non-current assets |
603 |
649 |
|
Total assets |
3,908 |
3,818 |
|
Equity, Group share |
1,184 |
1,265 |
|
Minorities |
107 |
118 |
|
Financial debt |
2,181 |
1,909 |
|
Provisions |
32 |
35 |
|
Other current and non-current liabilities |
404 |
491 |
|
Total liabilities |
3,908 |
3,818 |
Tangible and intangible fixed
assets rise by 125 million euros to 2.9 billion euros,
mainly as a result of power plants under construction such as
Sinnamary, Clifton, Paddock, Bolobedu, Sarimay Solar and Helexia's
solar roofs.
Cash and cash equivalents
amount to 329 million euros, an increase of 10 million euros.
Other current and non-current
assets amount to 603 million euros, down 46 million euros.
The decrease is mainly due to the receipt of receivables from sales
of projects finalized at the end of 2023 by the Development
activity, as well as by the decrease in inventories.
Shareholders' equity amounts to
1.2 billion euros, down 81 million euros, mainly due to the
reduction in translation reserves, and also to the allocation of
net profit, Group share.
Financial debt stands at 2.2
billion euros. The increase of 272 million euros is due for 254
million euros to the raising of financing for projects, with the
balance resulting from the growth in corporate bank debt, which
notably enables to pre-finance the construction of power plants and
to finance the change in working capital requirements, which is
usually unfavourable in the first half of the year.
85% of financial debt is at fixed rates, hedged
or indexed to inflation. Of this, 65% is denominated in euros, 28%
in Brazilian reals and 7% in US dollars and British pounds. With
net debt of 1.8 billion euros, the gearing ratio5 is
59%.
Other current and non-current
liabilities amount to 404 million euros. Their decrease of
87 million euros is mainly due to the decrease in supplier debt, in
particular equipment and service suppliers involved in the
construction of the plants commissioned in 2023.
NEW ANNOUNCEMENTS
Voltalia announces the growth of its
portfolio of projects in development
The portfolio of projects under development,
intended to be kept or sold with construction and maintenance
services, amounts to 17.2 GW as of June 30, 2024, representing a
+7% increase compared to June 30, 2023. Illustrating the growing
importance of our strategy of geographical diversification, 40% of
our portfolio is in Europe, 39% in Latin America and 21% in Africa.
In terms of technology, solar energy accounts for 63% of the
portfolio, followed by wind power (27%) and other technologies
(10%).
RECENT ANNOUNCEMENTS
In Ireland, Voltalia wins new contract
to build 128-megawatt solar power plant6
Ørsted, one of the world leaders in our sector,
has chosen Voltalia for the engineering, procurement and
construction of its first solar power plant in Ireland, located in
County Carlow in the east of the country.
In Brazil, production curtailment
imposed by the Brazilian network operator7
The Brazilian transmission network operator is
currently imposing heavy production capping in certain parts of the
network. The volume of curtailment of Voltalia's production in the
north-east of the grid could be high for a period that could last
several months, mainly due to delays in the construction of new
transmission lines to reinforce the grid in the north-east of the
country.
Voltalia expects that in the second half of the
year, the impact of curtailment will be accentuated by the
seasonal nature of production, which is traditionally higher in the
second half of the year than in the first, and by wind and solar
resources which should be higher than the long-term average in the
second half of 2024, given the levels observed since the beginning
of July and forecast until the end of December by weather
forecasting institutes.
Voltalia, directly, as part of a group of
electricity producers and professional associations, is continuing
constructive discussions with the Brazilian grid operator and the
public authorities in order to accelerate at least part of the
financial compensation and reduce the duration of the current peak
load reductions.
New syndicated bank loan ensuring the
refinancing of its bank lines and convertible bonds (Oceane) until
20268
Voltalia has announced the signature of a new
294 million euros corporate loan with a consortium of 15 banks. It
highlights the renewed confidence of partner banks. The 5-year
syndicated loan, which can be extended to 7 years, comprises a
176.4 million euros revolving credit facility and a 117.6 million
euros term loan.
The new financing consolidates financial
flexibility, enabling it, for example, to accelerate the start-up
of new power stations without waiting for the finalisation of
financing for very long-term projects.
Moreover, it will also redeem the convertible
bonds issued in 2021 and 2022 when they mature in 2025, for a total
of 250 million euros.
OUTLOOK FOR 2024 AFFECTED BY THE
PRODUCTION CURTAILMENT AND THE EUR/BRL EXCHANGE RATE
Before this impact, the full-year EBITDA target
for 2024 stays at around 255 million euros, including around 230
million euros from Energy Sales.
The forecast EBITDA for the second half of 2024,
still before this impact, is 180 million euros. This breaks down as
follows:
- EBITDA from Energy Sales of around 155 million euros
This includes the contribution of power plants
in operation at the end of 2023 (around 135 million euros) and new
power stations commissioned in 2024 (around 10 million euros), plus
the positive impact of higher prices ahead of the start of
long-term contracts (around 10 million euros). It should be noted
that in Brazil, the months of July and August benefited from wind
and solar resources that were higher than last year and the
long-term average.
- EBITDA from external services and corporate items of around 25
million euros
This includes the contribution from Services of
around 35 million euros, less the charge for corporate items of
around 10 million euros.
However, if the scenario communicated by the
grid operator of a curtailment of several months were confirmed, if
Voltalia were not financially compensated and if the average
EUR/BRL exchange rate in the second half of the year were around 6,
EBITDA 2024 would be reduced by around 40 million euros (including
around 30 million euros of curtailment impact and around 10 million
euros of exchange rate impact).
The amicable and contentious actions taken by
Voltalia, directly and as part of a collective of electricity
producers, with the federal and local authorities to obtain
financial compensation and reduce the duration of the current
curtailment, should mitigate the negative impact.
Finally, Voltalia confirms its 2024 target of
approximately 3.3 GW of capacity in operation and construction, of
which approximately 2.5 GW in operation.
CONFIRMATION OF OPERATIONAL AND
FINANCIAL TARGETS FOR 2027
Voltalia confirms its operational and financial
targets for 2027, i.e.:
- Capacity in operation and under construction exceeding 5 GW,
with approximately 4.2 GW in operation.
- Capacity operated on behalf of third-party customers in excess
of 8 GW.
- Normalised EBITDA9 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 ESG objectives for 2027 and 2030:
- In 2027: CO2 avoided of more than 4 million
tonnes.
- In 2027: 100% of owned capacity under construction with a
Stakeholder Engagement Plan (SEP) aligned with IFC (World Bank
Group) standards.
- By 2027: 50% of owned solar MW in operation located on co-used
or reclaimed land, 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, brownfield sites and disused
quarries).
- By 2030: -35% carbon intensity in kgCO2/MW (Scope 3)
of solar power plants owned compared with 2022, in particular by
prioritizing the acquisition of low-carbon solar panels.
Next meeting: Q3 2024 Turnover,
October 23, 2024 (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 June 30,
2024
|
In MW |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
H1 2024 |
H1 2023 |
|
Albania |
|
140 |
|
|
|
140 |
|
|
Belgium |
|
21 |
|
|
|
21 |
17 |
|
Brazil |
773 |
721 |
|
|
|
1,494 |
1,112 |
|
Egypt |
|
32 |
|
|
|
32 |
32 |
|
France |
93 |
244 |
|
5 |
|
341 |
245 |
|
French Guiana |
|
14 |
7 |
5 |
24 |
49 |
44 |
|
Greece |
|
17 |
|
|
|
17 |
17 |
|
Hungary |
|
22 |
|
|
|
22 |
4 |
|
Italy |
|
17 |
|
|
|
17 |
15 |
|
Jordan |
|
57 |
|
|
|
57 |
57 |
|
Netherlands |
|
60 |
|
|
|
60 |
|
|
Portugal |
|
77 |
|
|
|
77 |
48 |
|
Romania |
|
8 |
|
|
|
8 |
|
|
Spain |
|
27 |
|
|
|
27 |
20 |
|
United Kingdom |
|
57 |
|
|
32 |
89 |
89 |
|
Total |
866 |
1,513 |
7 |
10 |
56 |
2,452 |
1,699 |
Capacity under construction as of June 30,
2024
|
Name of the projet |
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 |
92 |
Solar |
Brazil |
|
Helexia |
1 |
Solar |
Spain |
|
Helexia |
31 |
Solar |
France |
|
Helexia |
1 |
Solar |
Hungary |
|
Helexia |
1 |
Solar |
Italy |
|
Helexia |
6 |
Solar |
Portugal |
|
Helexia |
2 |
Solar |
Romania |
|
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) |
605 |
|
|
Power production as of June 30,
2024
|
In GWh |
Wind |
Solar |
Biomass |
Hydro |
Hybrid |
H1 2024 |
H1 2023 |
|
Albania |
|
136 |
|
|
|
136 |
0 |
|
Brazil |
918 |
456 |
|
|
24 |
1,398 |
1,427 |
|
Egypt |
|
38 |
|
|
|
38 |
38 |
|
France |
95 |
42 |
|
3 |
|
140 |
133 |
|
Greece |
|
15 |
|
|
|
15 |
14 |
|
French Guiana |
|
7 |
18 |
|
|
25 |
23 |
|
Helexia brazil |
|
44 |
|
|
|
44 |
5 |
|
Helexia Europe |
|
147 |
|
|
|
147 |
94 |
|
Jordan |
|
65 |
|
|
|
65 |
64 |
|
Portugal |
|
45 |
|
|
|
45 |
11 |
|
United Kingdom |
|
30 |
|
|
|
30 |
33 |
|
Grand Total |
1,013 |
1,026 |
18 |
3 |
24 |
2,084 |
1,842 |
Consolidated income statement
(unaudited)
|
In € million |
H1 2024 |
H1 2023 |
|
Turnover |
249.0 |
195.0 |
|
Purchases and sub-contracting |
-26.9 |
-22.8 |
| Other
operating expenses |
-120.5 |
-92.7 |
|
Payroll expenses |
-34.1 |
-34.0 |
| Other
operating income and expenses |
7.3 |
9.6 |
|
Share of net income of associates |
0.2 |
0.9 |
|
EBITDA |
75.0 |
56.0 |
|
Depreciation, amortization, provisions and write-offs |
-48.0 |
-44.6 |
|
Current operating profit |
27.0 |
11.3 |
|
Other non-current income and expenses |
-4.8 |
-3.1 |
|
Operating revenue (EBIT) |
22.2 |
8.2 |
| Net
cost of financial debt |
-52.4 |
-34.3 |
| Other
financial income and expenses |
15.7 |
9.6 |
| Income
tax and similar taxes |
-0.9 |
-6.3 |
|
Share of results of companies accounted for using the equity
method |
-1.0 |
0.0 |
|
Net profit |
-16.4 |
-22.9 |
|
Non-controlling interests |
0.7 |
3.5 |
|
Group Share |
-15.7 |
-19.4 |
Consolidated balance sheet
(unaudited)
|
In € million |
H1 2024 |
H1 2023 |
|
Goodwill |
79 |
79 |
|
Right of use |
76 |
64 |
|
Intangible assets |
473 |
435 |
|
Tangible assets |
2,347 |
2,272 |
|
Equity affiliates |
18 |
20 |
|
Financial non-current assets |
35 |
25 |
|
Deferred tax assets |
42 |
40 |
|
Other non-current assets |
10 |
5 |
|
Non-current assets |
3,070 |
2,940 |
|
Inventories |
55 |
65 |
|
Trade and other receivables |
231 |
237 |
|
Other current assets |
173 |
180 |
|
Other current financial assets |
37 |
76 |
|
Current derivatives assets |
3 |
1 |
|
Cash and cash equivalents |
329 |
319 |
|
Current assets |
838 |
878 |
|
Total Assets |
3,908 |
3,818 |
|
Equity, Group share |
1,184 |
1,265 |
|
Non-controlling interests |
107 |
118 |
|
Equity |
1,291 |
1,383 |
|
Non-current provisions |
31 |
28 |
|
Deferred tax liabilities |
28 |
28 |
|
Non-current financing |
1,597 |
1,579 |
|
Other non-current financial liabilities |
31 |
41 |
|
Non-current derivatives liabilities |
11 |
31 |
|
Non-current liabilities |
1,698 |
1,707 |
|
Current provision |
1 |
7 |
|
Short-term borrowings |
585 |
330 |
|
Due to customers |
225 |
285 |
|
Trade payables and other payables |
22 |
8 |
|
Current derivatives liabilities |
1 |
3 |
|
Other current liabilities |
85 |
95 |
|
Current liabilities |
920 |
727 |
|
Total liabilities |
3,908 |
3,818 |
|
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 in the
Gaïa-Index, the responsible mid-cap index. |
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, curtailment consists in limiting
the transmission, for a given period, of all or part of a power
plant's electricity generation potential, to maintain the stability
of the transmission system.
2 “Normalised EBITDA” 2027
calculated with an average annual EUR/BRL exchange rate of 5.5 and
wind, solar and hydro generation corresponding to the long-term
average.
3 The average EUR/BRL exchange rate at
which the accounts were closed was 5.49 in the first half of
2024.
4 Early generation: sales of
electricity under a short-term contract that precedes the beginning
of the long-term contract. The short-term contract for the
Karavasta plant, which takes advantage of the opportunity of higher
short-term prices than long-term ones, runs until August 2025.
5 Net debt / (net debt + equity).
6 September 2, 2024 press release.
7 August 19, 2024 press release.
8 July 29, 2024 press release.
9 “Normalised EBITDA” 2027 calculated
with an average annual EUR/BRL exchange rate of 5.5 and wind, solar
and hydro generation corresponding to the long-term average.
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