In This Article:
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Revenue: EUR547 million, a 10% increase from the previous year.
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EBITDA: EUR215 million, in line with the last announcement of August.
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Net Loss: EUR21 million, impacted by curtailment and equipment supply business drop.
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Energy Sales Turnover: EUR359 million, a 20% increase.
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Operating Cash Flow: EUR258 million.
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Free Cash Flow from Operations: EUR106 million for plants commissioned before 2023.
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Energy Generation: 4.7 terawatt hours, a 9% increase.
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New PPAs Signed: 637 megawatts, a 42% increase from 2023.
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Capacity in Operation and Construction: 3.3 gigawatts, up from 2.8 gigawatts.
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Net Debt: EUR1.9 billion.
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Cash Position: EUR360 million at year-end.
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Cost of Debt: Increased to 6.1% from 5.9%.
Release Date: March 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Voltalia SA (VLTAF) achieved its target of 3.3 gigawatts in operation and construction, with 2.5 gigawatts already in operation, marking a 6% increase compared to 2023.
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The company reported a 20% increase in Energy Sales turnover, reaching EUR359 million, supported by the full-year effect of plants commissioned during 2023.
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Voltalia SA (VLTAF) signed 637 megawatts of new Power Purchase Agreements (PPAs), allowing the launch of 469 megawatts into construction, an 81% increase from 2023.
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The company achieved a competitive CapEx in 2024, with a 20% decrease in solar Levelized Cost of Energy (LCOE) and a 10% decrease in wind LCOE.
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Voltalia SA (VLTAF) has a strong cash position of EUR360 million and a robust operating cash flow of EUR258 million, supporting future growth.
Negative Points
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Voltalia SA (VLTAF) reported a net loss of EUR21 million, primarily due to curtailment impacts and a sharp drop in its equipment supply business.
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The company faced a competitive environment for signing new PPAs, which could pose challenges in securing future contracts.
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Curtailment issues in Brazil remain a concern, with a 10% curtailment expected in 2025, potentially impacting project returns and posing a risk of impairments.
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The EBITDA of EUR215 million was below the initial target of EUR255 million, affected by curtailment and foreign exchange impacts, particularly from the Brazilian real.
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The company's net debt increased to EUR1.943 billion, raising concerns about the sustainability of financing future investments primarily through debt.
Q & A Highlights
Q: Could you provide an update on the curtailment situation in Brazil and its potential impact on project returns? A: Robert Klein, CEO, explained that the high curtailment in Brazil was mainly due to technical issues with transmission lines. He is confident that solutions will be found with the government and regulator. The curtailment has slowed, and there is political pressure to find a resolution. Klein believes compensation for past curtailments is likely, and future curtailments should not be structural.