Full Year 2023 Voltalia SA Earnings Call Transcript
Key Points
- Voltalia SA (VLTAF) achieved a rapid growth of key performance indicators since 2019, with a 28% annual growth rate in capacity, reaching 2.85 gigawatts.
- The company reported a significant annual growth rate of 35% for turnover and an even higher 44% annual growth rate for normalized EBITDA, reaching EUR 271 million.
- Voltalia SA (VLTAF) has a strong strategic position with 98% of its capacity backed by long-term PPAs, averaging 17.1 years, providing EUR 8 billion of future revenues and protection from energy price volatility.
- The company's secured portfolio grew by 10% compared to the previous year, showing strong diversification with the largest part now in Europe at 46%.
- Voltalia SA (VLTAF) has an integrated business model, capturing margins across the value chain and maintaining high portfolio quality by selling 50% of developed projects and keeping the best for themselves.
- The services segment of Voltalia SA (VLTAF) showed less consistency in revenue generation compared to energy sales, due to the nature of the services provided.
- The company faced challenges in 2023, including an inflationary environment, a Brazil blackout, and the El Nino effect, which impacted financial results.
- Voltalia SA (VLTAF) experienced a decrease in development and construction turnover by EUR 33 million, indicating a temporary lower volume in activity to third-party clients.
- The company's cash and equivalents decreased by 17%, as they used cash to accelerate the construction of their own plants before finalizing long-term loans.
- Voltalia SA (VLTAF) is involved in litigation to be compensated for unfair and illegal curtailment following a blackout, which may take time to resolve and has an uncertain outcome.
Good morning to all of you who are present here and all of those who are on the video. Very happy to be with you again this morning to talk about our final annuals of 2023. Today, we will go through a series of subjects.
First, I'll start with the 2019 to 2023 strategic plan. Then Loan will present some of our strong strategic pillars with more information that what we provide usually to give you more granularity on our business model. Then Sylvine will continue with the financial results of 2023 and Yoni will continue with the financing strategy with more detailed information on cash and debt.
And finally, I'll conclude about the outlook for the short term -- a new short term outlook for 2024 and also more information on 2027.
So let me begin by mentioning that we have delivered on our 2023 ambitions. You already know it, regarding our capacity, which is now at 2.85 gigawatts, and it is also true for our normalised EBITDA, where we published this morning that we are at EUR271 million. So
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