Economia
2024 third quarter turnover: 131.1 million euros
2024 third quarter turnover:
131.1 million euros
Q3 2024 turnover up +4% (and +8% at constant exchange rates)
Operational capacity indicators as of September 30, 2024
2024 perspectives
2027 ambitions reaffirmed
Sébastien Clerc, Chief Executive Officer of Voltalia, comments:
Turnover for the third quarter (Q3) 2024 and for the first nine months (9M) 2024
Turnover for the first nine months of 2024 totals 380.1 million euros, up by +19% and +20% at constant exchange rates. It benefits from the combined effect of +26% growth in Energy Sales, representing 70% of turnover, and +5% growth in Services for third-party customers, representing 30% of turnover. Geographically, Europe generates 58% of the turnover, Latin America 36% and Africa the remaining 6%.
Turnover for the third quarter of 2024 amounts to 131.1 million euros, up +4%, and +8% at constant exchange rates, with a +25% increase in Energy Sales and a -30% decrease in Services to third-party customers.
Turnover for the first nine months of 2024 from Energy Sales amounts to 266.5 million euros, up +26% at current exchange rates and +28% at constant exchange rates, compared with the same period in 2023. The average EUR/BRL exchange rate is 5.69, compared with 5.42 for the same period in 2023.
Production for the first nine months of 2024 reaches 3.3 TWh, increasing despite the curtailment effect in Brazil: +10% compared with the same period in 2023, reflecting the rapid geographical diversification carried out since 2019. Production benefits from the commissioning of new power plants, mainly in France, Portugal, Albania and Brazil, resulting in a +21% increase in the capacity in operation between the end of September 2023 and the end of September 2024.
from Energy Sales reaches 97.6 million euros, up +25% at current exchange rates and +32% at constant exchange rates, compared with the third quarter of 2023. This is the fourth consecutive quarter with a double-digit growth. In addition to the volume effect, the turnover is driven by the price effect. In the third quarter, as since the start of the year, the average unit selling prices of electricity benefits from the high prices of early generation , mainly in Albania, and from the annual indexation of electricity prices in the vast majority of long-term electricity sales contracts.
Production in the third quarter rises by +3% to 1,206 GWh despite a very sharp, but temporary, curtailment in Brazil and the sale of power plants in France and Brazil at the end of 2023, which affects the comparable basis :
Turnover for the first nine months of 2024 from third-party Services, totals 113.7 million euros, up +5% at current and constant exchange rates. The Development, Construction and Equipment Procurement segment grows by +2% to 94.1 million euros, and the Operation and Maintenance segment by +18% to 19.5 million euros. Services for own account (eliminated on consolidation) amounts to 193.4 million euros, down -35% compared with the first nine months of 2023, which had seen a record level of activity, boosted by the numerous constructions of our own power plants.
Turnover for the third quarter of 2024 from third-party Services (after eliminations) comes to 33.5 million euros, down -30% at current and constant exchange rates, mainly because the progress of projects under construction does not offset the peak in activity in August 2023. This quarterly lag does not affect growth in the Development, Construction and Equipment Procurement segment over the full year, as construction milestones are expected in the final quarter. Services for own account (eliminated on consolidation) falls by -28% to 63.1 million euros.
An innovative agrivoltaic demonstrator goes into service in France
Voltalia aims to increase its environmental and social impact by increasing to 50% by 2027 the proportion of its solar power plants on co-used or upgraded land. The development of agrivoltaics, combining agricultural production and energy, is contributing to this objective, and the commissioning of the Poisy demonstrator, a 250 kW pilot project, is helping to achieve it. It aims to explore the integration of solar panels with cattle farming. This project, carried out in collaboration with scientific institutes, measures the impact of the installations on animal welfare and agricultural production.
New solar rooftops commissioned by Helexia in Romania
Solar rooftops have been installed on 16 Auchan Retail shops and 12 Leroy Merlin shops, with a capacity of 12.8 MW spread over 63,000 m². These installations will produce more than 14 GWh per year, covering 20 to 30% of the shops' energy consumption and avoiding more than 8,000 tonnes of CO annually.
In France, acquisition of solar rooftops on agricultural buildings
Helexia has acquired 202 solar rooftops, with a total capacity of 28 MW, located on agricultural buildings. They are all in the operational phase and benefit from 20-year electricity sales contracts. Together, Voltalia and its subsidiaries Helexia and Terravene (which specialises in the purchase of agricultural land) are rolling out a joint offering to farmers: 1,2,3 Soleil . This offer provides practical solutions to the issues of sustaining and developing farms and the challenges of generational renewal, while enabling the production of renewable electricity.
Before the impact of the curtailment in Brazil, the EBITDA target for 2024 is around 255 million euros, including around 230 million euros from Energy Sales.
As communicated in August , this amount could be reduced by around 40 million euros if: the curtailment scenario communicated by the network operator is confirmed; the 2024 accounts do not record any financial compensation otherwise claimed to the network operator; and if the EUR/BRL exchange rate average is around 6 in the second half of the year.
During the third quarter of 2024, the curtailment of the Brazilian production reached 510 GWh, in line with the scenario established in August.
In October, the Brazilian grid operator implemented a number of measures that could have a positive impact on Voltalia, including:
The levels of curtailment and exchange rates observed since August and the various changes observed in October confirm the potential impact of around 40 million euros on 2024 EBITDA.
Discussions with the Brazilian grid operator and the local authorities are continuing, both directly and as part of a collective of electricity producers, to obtain financial compensation and reduce the duration of production curtailment. At the same time, legal actions are being taken, again by groups of electricity producers. Voltalia is confident in reaching a favourable outcome in the short and medium term.
Finally, Voltalia confirms its 2024 target of approximately 3.3 GW of capacity in operation and under construction, of which approximately 2.5 GW in operation.
Voltalia confirms its operational and financial targets for 2027:
As a Mission-driven company, Voltalia confirms its mission objectives:
Next meeting: Q4 2024 turnover , January 29, 2025 (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 September 30, 2024
Capacity under construction as of September 30, 2024
Electricity production as of September 30, 2024
Quarterly electricity production (Q3) 2024
August 19, 2024 press release. For a transmission system operator, load shedding consists in limiting the transmission, for a given period, of all or part of a power plant's electricity generation potential, in order to maintain the stability of the transmission system.
"Normalised EBITDA" of 2027 calculated with an average annual EUR/BRL exchange rate of 5.5 and wind, solar and hydro production corresponding to the long-term average.
Among the changes in presentation mentioned in the 2023 Universal Registration Document (Note 2.1), income from the 2023 financial year of €4.3 million that had been included in the consolidated turnover figure has been reclassified within 'Other current operating income and expenses' in the income statement for the comparable period (damages and interest received).
4 Electricity sales from plants commissioned before the start of the long-term electricity sales contract. By speeding up certain projects, Voltalia can benefit from high sales prices in the initial contracts.
Announced in December 2023 and listed in the January 2, 2024 press release.
August 19, 2024 press release.
September 19, 2024, press release.
October 3, 2024 press release.
October 15, 2024 press release.
August 19, 2024, press release.
“Normalised EBITDA” estimated at December 31, 2027 calculated with an average annual EUR/BRL exchange rate of 5.5 and wind, solar and hydro production corresponding to the long-term average.
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