• 2023 FULL YEAR RESULTS

    المصدر: Nasdaq GlobeNewswire / 02 أبريل 2024 00:00:00   America/Chicago

    2023 FULL YEAR RESULTS

    Very strong growth in EBITDA (+76%) and net income (29.6 million euros)

    Normalised EBITDA objectives achieved, and capacity objectives exceeded

    Setting 2024 objectives, confirming and detailing 2027 objectives

    Strong growth in annual results for 2023, reaching or exceeding objectives

    • Exceeding target for capacity in operation and under construction, at 2.85 gigawatts
    • Reaching normalised1 EBITDA target, at 271 million euros
    • 76% growth in published EBITDA, at 241 million euros, driven by new power plants commissioning and sales of services to third-party customers
    • Net income, Group share, coming back to positive, at 29.6 million euros

    New records in 2023

    • Commissioning of 795 megawatts (+80%), including 662 megawatts in the second semester
    • Average residual duration of electricity sales contracts of 17.1 years (+7 months), representing future contracted sales of 8 billion euros
    • Secured portfolio of power plants2 at 4.1 gigawatts (+10%), reflecting the geographical diversification initiated in 2019, with 46% in Europe, 43% in Latin America and 11% in Africa
    • Portfolio of projects under development at 16.6 gigawatts, up +17%

    Setting 2024 objectives

    • Capacity in operation and under construction around 3.3 gigawatts, including around 2.5 gigawatts in operation
    • EBITDA of approximately 255 million euros, including around 230 million euros from Energy Sales

    Confirmation and specification of 2027 objectives

    • Capacity in operation and under construction above 5 gigawatts (confirmation), including around 4.2 gigawatts in operation (specification)
    • Capacity operated for third-party customers above 8 gigawatts (confirmation)
    • Nomalised EBITDA3 of around 475 million euros (confirmation), including around 430 million euros from Energy Sales (specification)
    • CO2 equivalent avoided over 4 million tonnes (confirmation) and new ESG objectives4 announcement

    Voltalia (Euronext Paris, code ISIN: FR0011995588), an international player in renewable energies, publishes today its consolidated annual results as of December 31, 2023. The accounts, for which audit procedures are underway, were approved by the Board of Directors at its meeting of March 28, 2024.

    « Voltalia reaches or even exceeds its 2023 targets. This is the result of four years of commitment by the teams who, despite the emergence of Covid shortly after 2023 objectives setting, have enabled us to multiply plant capacity by 2.7, turnover by 3.3, EBITDA by 3.7 and net income Group share by 6.4, between 2019 and 2023. I would like to thank them warmly. Progress since 2022 is also strong, with EBITDA up 76%. We are announcing our 2024 objectives for capacity and EBITDA. We confirm and specify our 2027 objectives. We are also announcing new ESG objectives for 2027 and 2030 to increase the positive impacts of our Mission », comments Sébastien Clerc, Voltalia’s CEO.

    ***

    Voltalia will comment on its annual results for 2023 and its short and medium-term plan at an information meeting to be held today at 8:30 a.m. Paris time.

    The meeting will be broadcast as a live video webcast. Full connection details are available on our website: https://www.voltalia.com/fr/investor-relations.

    KEY FIGURES

       
    In € millions 20232022Change at current exchange ratesChange at constant exchanges rates
    Turnover495.2465.9+6%+6%
    Normalised EBITDA 271.0142.0+91%+91%
    EBITDA241.1137.2+76%+76%
    EBITDA margin49%29%+20pts+20pts
    Net result, Group share29.6-7.2nana

    2023’s turnover amounts to 495.2 million euros, up +6% (at current and constant exchange rates). Energy Sales and Services account respectively for 60% and 40% of the 2023 turnover.

    • Turnover from Energy Sales amounts to 299.3 million euros, up +23% (at current and constant exchange rates).
    • Turnover from third-party customer Services amounts to 195.9 million euros, down -12% (at current and constant exchange rates).

    EBITDA comes to €241.1 million, up 76%. EBITDA margin rises sharply to 48.7%, from 29.4% in 2022, an increase of over 20 points. This increase is the result of concomitant improvements in EBITDA margin rates for Energy Sales and Services.

    Normalised EBITDA, calculated at an average annual EUR/BRL exchange rate of 6.3 and with wind, solar and hydro production in line with the long-term average, comes to 271 million euros.

    Net income, Group share, is at 29.6 million euros, compared with a loss of 7.2 million euros in 2022, benefiting from the sharp rise in EBITDA.

    REVIEW OF ACTIVITIES

    Energy Sales

        
    Financial indicators
    In € million    		20232022Change at current exchange ratesChange at constant exchange rates5
    Turnover299.3242.4+23%+23%
    EBITDA194.6143.3+36%+36%
    EBITDA margin 65%59%+6pts+6pts
           


    Operational indicators20232022ChangeLoad Factors6
    Long-term average (Voltalia)Long-term average (national)
    Production (in GWh)4,3363,680+18%  
    Capacity in operation (in MW)72,3701,571+51%  
    Capacity in operation and under construction (in MW)2,8512,592+10%  
    Wind load factor in Brazil41%42%-1pt53%39%
    Solar load factor in Brazil27%24%8+3pts34%25%
    Wind load factor in France26%22%+4pts24%26%
    Solar load factor in France16%18%-2pts17%14%
    Solar load factor in Egypt & Jordan24%25%-1pt23%na

    Production reaches 4.3 TWh, up +18%, representing the electricity consumption of 5.5 million people. The increase is mainly coming from higher capacity of power plants currently in operation. Operating capacity rises from 1.6 GW to 2.4 GW (+51%) thanks to the commissioning of SSM3-6 and Canudos in Brazil, Garrido in Portugal, Karavasta in Albania, Sud Vannier and Rives Charentaises in France, and numerous decentralized production units owned by Helexia in France, Belgium, Portugal, Spain, Italy, Romania, Hungary and Brazil. These commissioning reach a record volume of 795 MW, including 662 MW in the second half of the year. They make a significant contribution to 2023, without a full-year impact yet, especially for the 662 MW commissioned end of 2023.

    Turnover from Energy Sales amounts to 299.3 million euros, up sharply by +23% (at current and constant exchange rates) thanks to higher electricity production and the contractual indexation of sales prices to inflation. Turnover mainly comes from the long-term power sales contracts, to which 98% of power plants in operation are linked.

    • The weighted average residual term of all these contracts is 17.1 years (+7 months), representing 8 billion euros of future sales under contract.
    • 74% of 2023 turnover from long-term power sales contracts is contractually indexed to inflation.

    This data illustrates Voltalia's investment strategy. In a market where there are speculative opportunities for electricity sales contracts much shorter than 20 years, and/or whose selling prices are not indexed to inflation, Voltalia continues to retain, after developing them, projects that meet its criteria, while selling other projects to third parties and providing construction and maintenance services for them.

    EBITDA generated by Energy Sales rises sharply to 194.6 million euros (+36% at current and constant exchange rates). EBITDA margin stands at 65%, an improvement of 6 points, primarily driven by enhanced performance of the portfolio of power plants already in operation in 2022, by contributions from new plants, some of which benefit from high prices during the initial months of operation, and by the increasing relative weight of solar in the portfolio, which EBITDA margin is on average higher than wind’s.  In 2023, EBITDA would have been €34 million higher if solar, wind and hydro production had been at the long-term average.

    Services

    In € million920232022Change at current exchange ratesChange at constant exchange rates
    Turnover before eliminations601.9351.3+71%+72%
    Eliminations-406.4-127.6x3.2x3.2
    Turnover (after eliminations)195.5223.7-12%-12%
    EBITDA (after eliminations)62.19.1x6.8x6.9
    EBITDA margin 32%4%+28pts+28pts

    2023 turnover from Services (internal and external services) comes to 601.9 million euros, up +71% (+72% at constant exchange rates).

    • Internal activity (eliminated when consolidated) grows strongly (x3.2). In 2023, a significant proportion of the workforce was dedicated to internal projects, enabling a record 795 MW commissioned. Growth is particularly strong in the Development, Construction and Equipment Procurement segment (x3.5), while the Operation and Maintenance segment continue its consistent grow, up by +18% in 2023.
    • With a smaller proportion of allocated resources, external business with third-party customers falls by -12% (at current and constant exchange rates). Turnover10 in the Development, Construction and Equipment Procurement segment falls by -16% to 172.6 million euros. Turnover in the Operation and Maintenance segment accelerate its grow, up +25% to 23.1 million euros.

    EBITDA generated by the Services business, after elimination of internal margins, is multiplied by x6.8 to reach €62.1 million, giving an EBITDA margin of 32%, an improvement of 28 points compared with 2022.

    • EBITDA for the Development, Construction and Equipment Procurement for third-party customers segment increases 8.1-fold to €59.6 million. It is driven by Development, with the sale of projects of over 800 MW, mostly projects in the final stages of development sold with construction and maintenance services. These mainly concerned sites in Brazil (420 MW to Newave Energia, 90 MW to Toda, 59 MW to XP Asset Management) and France (33 MW to MER). EBITDA is also supported by Construction and Equipment Procurement. Despite the decrease in solar panel prices that impacts certain margins, EBITDA continues to grow thanks to projects from sites developed and then divested and those not related to Development, mainly in Ireland (337 MW solar under contract for local developers Bord na Mona and Power Capital), Mauritania (42 MW solar and 18 MW / 9 MWh of battery storage for the Canadian miner Kinross) and France (9 MW solar with the Kourou Space Center) and, through Helexia, various contracts for clients such as SNCF, Guinot, or Vishay.
    • EBITDA for the Operation and Maintenance segment for third party rises by 48% to 2.4 million euros. This is driven by contracts for third-party customers, which include construction and maintenance, as well as by pure maintenance contracts, which reaches record levels in 2023, notably in Spain (including 347 MW for the construction company OHLA) and Brazil (including 212 MW for the oil company BP).

    OTHER ITEMS OF THE INCOME STATEMENT

    In € million20232022Change at current exchange ratesChange at constant exchange rates
    EBITDA before eliminations and corporate256.7152.5+68%+68% 
    Eliminations and corporate-15.6-15.3+2%+2% 
    EBITDA241.1137.2+76%+76%
    Depreciation, amortization, and provisions-103.7-73.9+40%+40%
    Other non-current income and expenses-18.2-7.6x2.4x2.4
    Operating revenue (EBIT) 119.355.7x2.1x2.1
    Financial result11-57.9-44.9+29%+32%
    Taxes and net income of equity affiliates-36.3-18.1x2.0x2.0
    Minority interests4.50.2nana
    Net result (Group share)29.6-7.2nana

    Corporate items are well under control (+2%) despite very strong business growth.

    EBITDA amounts to 241.1 million euros, up 76% (at current and constant exchange rates).

    Depreciation, amortization, and provisions amount to 103.7 million euros, up +40% (at current and constant exchange rates). The increase stems from: (i) 18 million euros from power plants commissioned and the full-year effect of power plants commissioned in 2022, and (ii) 9 million euros from depreciation and provisions mainly due to inventories of solar panels destroyed in a fire or depreciated with the fall in market prices.

    Other non-current income and expenses amount to -18.2 million euros. The increase (x2.4) mainly comes from (i) charges associated with the exceptional regulatory measures adopted in France (infra-marginal tax) and Portugal to limit and offset the rise in electricity prices following the invasion of Ukraine, and (ii) a base effect arising from the reversal of a provision in 2022 on the sale of a building in Portugal.

    The net financial result amounts to -57.9 million euros. The increase (+29% at current exchange rates and +32% at constant exchange rates) is mainly attributable to the debt of the power plants commissioned in 2023 and the full-year effect of those commissioned in 2022. Additionally, the Group's consolidated average overall interest rate on debt stands at 5.9% compared to 5.3% in 2022, primarily due to (i) increases in base rates on short-term drawdowns from revolving facilities and (ii) increases in swap rates on new project financings above historical averages. However, this latter increase is offset by the rise in unit selling prices for the corresponding assets. Credit margins, on the other hand, remain generally stable.

    Income tax expense amounts to 36.312 million euros, this increase (x2 at current and constant exchange rates)  is mainly explained by (i) the growth of the power plant portfolio and its improved profitability, accounting for 8 million euros, and (ii) the taxation related to projects sold during the fiscal year, amounting to 6 million euros

    Net result, Group share, is at 29.6 million euros, compared with -7.2 million euros in 2022, boosted by strong EBITDA growth.

    SIMPLIFIED CONSOLIDATED BALANCE SHEET

    The balance sheet at the end of 2023 reaches 3.8 billion euros, an increase of +26%.

    In € million20232022
    Goodwill  7987
    Tangible and intangible fixed assets2,7712,074
    Cash and cash equivalents319384
    Other current and non-current assets649491
    Total assets3,8183,035
    Equity, Group share1,2651,232
    Minorities118107
    Financial debt1,9091,313
    Provisions3426
    Other current and non-current liabilities492357
    Total liabilities3,8183,035

    Tangible and intangible fixed assets amounts to 2,771 million euros. The increase of +697 million euros (+33%) mainly reflects the growth in the portfolio of power plants in operation and under construction, with a capacity of 2,370 MW of power plants in operation by the end of 2023 (up 51%) and 480 MW of power plants under construction (down -53%).

    Other current and non-current assets increase by +158 million euros, close to the increase in other current and non-current liabilities (+135 million euros). The growth in other current and non-current assets is mainly explained by the increase in Services’ activity, in particular Development and Construction.

    The cash has a strong position at 319 million euros. It decreases, down -17%, mainly due to the temporary consumption of cash from some power plant projects whose construction was accelerated before the finalization of their long-term loans, in order to take advantage of attractive electricity sales prices in Europe.

    The equity, group share amounts to almost 1.3 billion euros, with an increase over the period mainly corresponding to the result of the year.

    Financial debt amounts to 1,909 million euros as of end of 2023, up +45% reflecting the growth of the power plant portfolio. The increase in financial debt in 2023 (up by +596 million euros) is lower than the fixed assets ones’ (by 697 million euros), the balance being financed by the cash flows generated, and by part of the available cash, resulting in a 53% debt ratio13. 74% of its outstanding financial debt is fixed rates, hedged or indexed to inflation. It is 67% denominated in euros and 27% in Brazilian real.

    Other current and non-current liabilities amounts to 492 million euros, up +38%. This increase is mainly due to (i) an increase in trade payables from power plant construction and operation activities and (ii) changes in the value of financial instruments (derivative instruments).

    NEW ANNOUNCEMENTS

    Residual duration of electricity sales contracts 17.1 years

    Voltalia announces today that its long-term visibility has further improved. The average residual term of its power sales contracts has increased to 17.1 years at the end of 2023 (compared to 16.5 years as of end of 2022), with 8 billion euros of future revenues under contract.

    New record for the portfolio of projects under development at 16.6 GW

    Voltalia announces today that its portfolio of projects under development, intended to be retained or sold with construction and maintenance services, amounted to 16.6 GW at the end of December 2023, up 17%. This includes 1.2 GW of projects secured by long-term power sales contracts.

    Update on the Brazilian power grid: favourable legal decision

    As announced in September 2023, the grid operator capped production at certain power plants following the blackout on August 15. This reduced Voltalia's 2023 output by around 350 GWh, according to the regulator. Since the beginning of 2024, curtailment has been low.

    Wind and solar associations, including Voltalia and others such as AES, Enel, EDPR and Neoenergia, filed a lawsuit seeking financial compensation from the grid operator. The plaintiffs were awarded almost full reimbursement of their production losses, but the grid has requested a review of this decision, and the rest of the proceedings could drag on for a long time. In this context, and even though Voltalia considers it likely, the recovery of its damages has not been entered in its 2023 accounts.

    2023 TARGETS MET OR EXCEEDED

    Capacity in operation and under construction stands at 2.85 GW at the end of 2023, 11% higher than the target of 2.6 GW announced in July 2019.

    Normalised EBITDA14 stands at 271 million euros in 2023, reaching the target announced in September 2023. The difference between 241 million euros in reported EBITDA and 271 million euros in normalised EBITDA is due to: neutralization of the difference between actual electricity production and wind, solar and hydro the long-term average production for +34 million euros; and neutralization of the gap between actual and normalised 2023 exchange rates for -4 million euros.

    In four years, capacity in operation and under construction has increased by a x2.7 factor (+28% p.a. CAGR15), Turnover by a x3.3 factor (+35% p.a.), EBITDA by a x3.7 factor (+44% p.a.) and net income, Group share, by a x6.4 factor (+59% p.a.).

    These increases performed while the Group, in line with its ambition set in 2019, diversified geographically, with a secured capacity16 of 4.1 GW distributed as follows: 46% in Europe, 43% in Latin America and 11% in Africa.

    NEW 2024 OBJECTIVES

    Voltalia announces today new 2024 targets which anticipate a further increase in its capacity and EBITDA.

    • Capacity in operation and under construction of around 3.3 GW, up +16% on 2023, including around 2.5 GW in operation.
    • EBITDA of approximately 255 million euros, up +6% on 2023, including around €230 million from Energy Sales.

    CONFIRMED AND SPECIFIED 2027 OPERATIONAL AND FINANCIAL OBJECTIVES

    Voltalia confirms and specifies its operational and financial objectives for 2027, i.e.:

    • Capacity in operation and under construction: over 5 GW (confirmation), with approximately 4.2 GW in operation (specification).
    • Capacity operated on behalf of third parties: over 8 GW (confirmation).
    • Normalised EBITDA17: approximately 475 million euros (confirmation), including Energy Sales EBITDA of around 430 million euros (specification).

    Voltalia would like to detail the sensitivity of the EUR/BRL exchange rate and the level of production:

    • With an assumption that would shift the EUR/BRL exchange rate by plus or minus 1.0, the impact on the EBITDA reported in 2027 would be approximately +35 million euros (rate of 4.5 compared to a normative rate of 5.5) or -25 million euros (rate of 6.5 compared to a normalised rate of 5.5).
    • With an assumption that would shift the electricity production of solar, wind, and hydroelectric power plants, with each of the three technologies the 2023 magnitude, the impact on the EBITDA reported in 2027 would be approximately plus or minus 48 million euros. A global deviation in 2027 of the same magnitude as that of 2023 is made much less likely due to diversification coming from the portfolio growth.

    CONFIRMED AND NEW ESG OBJECTIVES FOR 2027 AND 2030

    Voltalia confirms its ESG objective for 2027, i.e.:

    • CO2 equivalent avoided: over 4 million tonnes (confirmation).

    As a Mission-driven company, Voltalia continually strives to strengthen its commitments and positive impact on the environment and society. Today, the Company takes a new step by setting new ESG objectives to be achieved by 2027 and 2030:

    • By 2027: 100% of solar held capacity under construction with a Stakeholder Engagement Plan (SEP) aligned with IFC standards (World Bank Group), compared to 44% at the end of 2023.
    • By 2027: 50% of solar held capacity in operation located on co-used or upgraded soil, compared to 37% at the end of 2023, meaning land combining solar and another human activity (such as buildings, parking lots, agriculture, and grazing) or located on lands with low biodiversity, agricultural, or economic potential (such as deserts, industrial wastelands, and abandoned quarries).
    • By 2030: -35% of carbon intensity for solar held capacity under construction in kgCO2/MW (Scope 3) vs 2022 (-4% in 2023), prioritizing the acquisition of low-carbon solar panels.

    UPCOMING EVENTS:

        • First-quarter 2024 turnover, April 24, 2024 (after close of trading)
        • Annual General Meeting, May 16, 2024

    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 2021 Universal Registration Document filed with the Autorité des marchés financiers on May 2, 2022. Voltalia undertakes no obligation to update any forward-looking information or statements, except as required by law.


    Capacity in operation as of December 31, 2023

    In MWWindSolarBiomassHydroHybrid20232022
    Albania 140   1400
    Belgium 17   1715
    Brazil773711   1,4841,068
    Egypt 32   3232
    France93196 5 294216
    French Guiana 1375244934
    Greece 17   1717
    Hungary 14   140
    Italiy 18   1814
    Jordan 57   5757
    Netherland18 60   600
    Portugal 74   7421
    Romania 3   30
    Spain 23   238
    United Kingdom 57  328989
    Total8661,432710562,3701,571

    Capacity under construction as of December 31, 2023

    Name of the projectCapacityTechnologyCountry
    Bolobedu148SolarSouth Africa
    Cafesoca8HydroBrazil
    Clifton45SolarUnited-Kingdom
    East gate34SolarUnited-Kingdom
    Helexia134SolarBrazil
    Helexia5SolarBelgium
    Helexia15SolarFrance
    Helexia0,2SolarFrench Guiana
    Helexia10SolarHungary
    Helexia1SolarItaly
    Helexia6SolarPortugal
    Helexia1SolarRomania
    Helexia4SolarSpain
    Higher Stockbridge45SolarUnited-Kingdom
    Lercara Friddi3SolarItaly
    Logelbach12SolarFrance
    Sinnamary10BiomassFrench Guiana
    Sinnamary1HybridFrench Guiana
    Total (in MW)480  


    Power production as of December 31, 2023

    In GWhWindSolarBiomassHydroHybrid20232022
    Albania 1   10
    Belgium 11   1114 
    Brazil2,672734  473,4523,036
    Egypt 74   7476
    France228182 8 418291
    French Guiana 1640  5545 
    Greece 25   2523
    Hungary 5   50 
    Italy 22   2222
    Jordan 122   122129
    Portugal 68   6826
    Romania 1   10 
    Spain 21   2110 
    United Kingdom 60   609
    Total2,9001,342408474 ,3363,680

    Consolidated income statement (unaudited)

    In € million20232022
    Turnover495466
    Purchases and sub-contracting(71)(174)
    Other operating expenses(218)(139)
    Payroll expenses(66)(49)
    Other operating income and expenses10033
    Share of net income of associates1(0)
    EBITDA241137
    Depreciation, amortization, provisions and write-offs(104)(74)
    Current operating profit13863
    Other non-current income and expenses(18)(8)
    Operating revenue (EBIT)11956
    Net cost of financial debt(82)(51)
    Other financial income and expenses256
    Income tax and similar taxes(36)(18)
    Share of results of companies accounted for using the equity method(1)-
    Net profit25(7)
    Non-controlling interests50
    Group Share30(7)

    Consolidated balance sheet (unaudited)

    In € million 20232022
    Goodwill 8087
    Right of use 6441
    Intangible assets  435308
    Tangible assets 2,2721,725
    Equity affiliates 202
    Financial non-current assets 259
    Deferred tax assets 52
    Other non-current assets 40-
    Non-current assets 2,9402,173
    Inventories 6567
    Trade and other receivables 237206
    Other current assets 180124
    Other current financial assets 7626
    Current derivatives assets 155
    Cash and cash equivalents 319384
    Current assets 878862
    Total Assets 3,8183,035
    Equity, Group share 1,2651,232
    Non-controlling interests 118107
    Equity 1,3831,339
    Non-current provisions 2818
    Deferred tax liabilities 2818
    Non-current financing  1,5791,025
    Other non-current financial liabilities 4123
    Non-current derivatives liabilities 31-
    Non-current liabilities 1,7081,092
    Current provision 79
    Short-term borrowings 330288
    Due to customers 285233
    Trade payables and other payables 83
    Current derivatives liabilities 35
    Other current liabilities 9566
    Current liabilities 727604
    Total liabilities 3,8183,035


    Cash flow statement

    In € million20232022
    EBIT119.355.7
    Neutralization of depreciation, amortization and impairment charges103.773.9
    Neutralization of other income and expenses not affecting operating cash flows(55.2)20.0
    Change in operating working capital requirement(25.6)(98.4)
    Income tax expense paid(26.7)(16.5)
    Net cash flow from operating activities115.534.7
    Net flow of financial investments11.5(28.0)
    Net cash flow of tangible investments(576.5)(459.7)
    Net cash flow from intangible investments(117.7)(81.8)
    Other impacts of investing activities0.60.4
    Net cash flows from investing activities(682.1)(569.1)
    Capital increase subscribed by Voltalia shareholders-484.9
    Capital increases subscribed by minority shareholders of controlled companies15.035.0
    Interest paid to banks and bondholders(72.8)(49.0)
    Repayment of rent debts and associated interest payments(12.7)(14.1)
    Cash receipts related to borrowings and bonds688.8729.1
    Repayments of loans and bonds(125.4)(571.9)
    Other Impacts of Financing Activities2.70.2
    Net cash flows from financing operations495.6614.2
       
    Change in net cash(71.0)79.8
    Opening cash and cash equivalents383.6291.4
    Impact of foreign exchange and other movements5.912.4
    Closing cash and cash equivalents318.5383.6


    About Voltalia (www.voltalia.com)

     

     
    Voltalia is an international player in renewable energies. The Group generates and sells electricity from its wind, solar, hydro, biomass and storage facilities. It has 2.9 GW of capacity in operation and under construction, and a portfolio of projects under development with a total capacity of 16.6 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 corporate market, Voltalia also 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 over 1,850 employees in more than 20 countries on 3 continents, Voltalia has the capacity to act globally on behalf of its customers.

    Voltalia is listed in compartment A of the Euronext regulated market in Paris (FR0011995588 - VLTSA) and is included in the EnterNext Tech 40, CAC Small and Euronext Tech Leaders indices. The company is also included in the Gaïa-Index, the index for responsible mid-cap companies.
    Voltalia
    Investor Relations: invest@voltalia.com
    T. +33 (0)1 81 70 37 00    		SEITOSEI.ACTIFIN
    Press Relations: Jennifer Jullia
    jennifer.jullia@seitosei-actifin.com – T. +33 (0)1 56 88 11 19




    1 "Normalised EBITDA" of 2023 calculated with an average annual EUR/BRL exchange rate of 6.3 and wind, solar and hydro production corresponding to the long-term average.

    2 Includes capacity of power plants in operation and under construction, and capacity of power plants under development already secured by a long-term power sales contract.

    3 "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.

    4 Specified below in the 2027 and 2030 ESG objectives.

    5 The average EUR/BRL exchange rate at which the 2023 accounts are close dis 5.40 versus 5.44 in 2022.

    6 (Energy actually produced) / (energy that would be produced if power plants produced 100% of the time at 100% of their power).

    7 Details in the appendices.

    8 The load factors include the full power of SSM1 and 2 from the 2022 second half of year.

    9 The above amounts are the sum of consolidated data, rounded to the first decimal place.

    10 From 2022 onwards, the Group will publish a turnover no longer including proceeds from the disposal of tangible or intangible assets, which will be recorded under "Other current income and expenses".

    11 In 2023, the Group updated its IFRS method for incorporating borrowing costs into the value of assets under construction. The necessary broadening of its scope has been treated as an error correction, without restatement of the comparable period.

    12 Including the net income of equity affiliates of non-core activities

    13 Net debt / (net debt + Equity)

    14 "Normalised EBITDA" in 2023 calculated with an average annual EUR/BRL exchange rate of 6.3 and wind, solar and hydro generation corresponding to the long-term average.

    15 Average annual growth rate.

    16 Includes the capacity of plants in operation and under construction and the capacity of plants under development already secured by a long-term power purchase contract.

    17 "Normalised EBITDA" estimated as of December 31, 2027 calculated with an annual average EUR/BRL exchange rate of 5.5 and wind, solar and hydro production corresponding to the long-term average.

    18 Including the acquisition of a majority stake in Mosselbanken (55%).


    Attachment


شارك على،