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Voltalia's net profit down by 45.7% y/y in 2019

The Castellet solar park. Photo by: Voltalia (www.voltalia.com).

March 23 (Renewables Now) - French renewable power plants operator Voltalia SA (EPA:VLTSA) on Monday reported its 2019 group net profit of EUR 4.6 million (USD 4.97m), down by 45.7% year-on-year.

The company noted that last year's results were boosted by non-recurring price hikes that occurred in Brazil. It is satisfied with the performance in 2019, highlighting a dynamic second half.

"Good operational and financial performances during the second half allowed another year of positive net profit," commented CEO Sebastien Clerc.

Key figures are presented in the table below:

In EUR million FY 2019 Y/Y change: Change at constant rates:
Revenues 175.5 -2.9% -1.5%
EBITDA 65.1 -14.6% -12.3%
EBIT 35.6 -24.6% -22.3%
Group share net profit 4.6 -45.7% -40.5%
Production (in GWh) 2,117 2% --

Voltalia owns 717 MW of installed capacity and has 508 MW currently under construction. The company expects the construction of 357 MW to finalise this year in line with the target to have 1 GW of installed capacity by the end of 2020.

Voltalia does not expect the global COVID-19 outbreak to affect its current 717-MW portfolio since these assets generate power under long-term agreements. However, the pandemic could adversely affect the company's supply chain and delay construction of projects planned to be completed this year.

The company is also not ruling out that some of its services clients could request the execution of development or construction contracts to be postponed due to the COVID-19 situation.

(EUR 1.0 = USD 1.08)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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