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Voltalia SA: Full year 2020 results: profitability improves sharply, 2021 objectives achieved and 2023 ambitions confirmed, long-term visibility reinforced
Full year 2020 results: profitability improves sharply, 2021 objectives achieved
and 2023 ambitions confirmed, long-term visibility reinforced
Strong increase of 2020 results despite the context of sanitary crisis
Growth of revenues (+33%), of the EBITDA (+50%) and of the net profit, Group share (+71%)
2020 targets achieved
Installed capacity of 1.015 gigawatt (+50%)
2.4 gigawatt-capacity serviced for third party clients (x5 compared with end 2019)
Normalised1 EBITDA of €101.1 million
2021 target and 2023 ambitions confirmed
Normalised2 2021 EBITDA target of €170 million
2023 capacity ambitions in operation and under construction, already fully secured of 2.6 gigawatts, and a Normalised2 EBITDA of €275-300 million
Robust financial structure and long-term visibility reinforced
Contained gearing ratio (55%) and substantial cash flows at the end of 2020 (€220 million), reinforced by the Green Bond issued in January 2021
€6.5 billion of contracted future revenues (representing x28 the 2020 revenues)
Pipeline of 9.7 GW at the end of 2020 (up by 24% compared with 2019)
Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energies, announces today its full year 2020 results. Voltalia’s Board of Directors, which met on March 24, 2021, approved the consolidated financial statements for the 2020 fiscal year.
Voltalia will comment on its full year 2020 results and short to mid-term outlook during a live webcast starting at 8:30 AM Paris time on March 25, 2021. Connection details are available on Voltalia’s website: https://www.voltalia.com/uk/investors.
« While 2020 was marked by a global sanitary and economic crisis presenting multiple challenges, it has been a very successful year for Voltalia. Our profitability improved substantially, and we continued to secure future growth by signing a record-high level of new power sales and services agreements. Benefiting from the proven soundness of our fundamentals, a project pipeline of 9.7 gigawatts and a robust financial structure, we are all set to pursue on our strong profitable growth path », commented Sébastien Clerc, Voltalia’s CEO.
KEY FIGURES: GROWTH OF THE ACTIVITY, INCREASE IN PROFITABILITY, EBITDA TARGET ACHIEVED
In € million | 2020 | 2019 | Change | Change |
Revenues | 233.5 | 175.5 | +33% | +55% |
EBITDA | 97.5 | 65.1 | +50% | +88% |
EBITDA margin | 41.7% | 37.1% | +4.6 pts | +8 pts |
Net profit, Group share | 7.9 | 4.6 | +71% | x3,7 |
* Average EUR/BRL exchange rate of 5.89 in 2020 vs 4.4 in 2019.
2020 revenues amount to €233.5 million, an increase of +55% at constant exchange rates and of +33% at current exchange rates. As announced previously, activity was driven by an acceleration of new commissioning and the excellent momentum of Services with third-party clients. The share of revenues outside Brazil increased from 42% in 2019 to 52% in 2020.
Consolidated EBITDA stands at €97.5 million, a +88% increase at constant exchange rates and +50% at current exchange rates, thanks to the combined increase in profitability of the Energy sales and of Services for third-party client businesses. Fixed costs were also better amortised as a result of the Group’s growth. This resulted in profitability increasing substantially: the EBITDA margin amounts to 41.7% of revenues compared to 37.1% in 2019 (+4.6 points).
As in the first half of 2020, the second half of the year was impacted by a negative resource effect, mainly related to a below long-term average wind level in Brazil (-€3.6 million at the group’s level in H2 2020). The 2020 normalised EBITDA stands at €101.1 million, in line with the target set by the Group.
Net profit, Group share is €7.9 million, multiplied by 3.7 at constant exchange rates and a +71% increase at current exchange rates compared with the end of 2019.
BUSINESS REVIEW
Energy sales: EBITDA increases sharply despite a lower wind resource in Brazil
Financial key figures | |||||
In € million | 2020 | 2019 | Change | Change | |
Revenues | 163.1 | 130.6 | +25% | +51% | |
EBITDA | 100.9 | 76.1 | +33% | +62% | |
EBITDA margin | 61.9% | 58.3% | +3.6 pts | +4 pts | |
Operational indicators
2020 | 2019 | Change | Load | Factors3 | |
Production (in GWh) | 2,756 | 2,117 | +30% | ||
Installed capacity (in MW, closing date) | 1,015 | 678 | +50% | ||
Wind load factor in Brazil | 44% | 49% | -5% | 51% | 43%4 |
Wind load factor in France | 28% | 27% | +1% | 25% | 25%5 |
Solar load factor in France | 17% | 19% | -2% | 20% | 15%6 |
§ Strong revenue growth as a result of the increase in installed capacity
Energy sales revenues amount to €163.1 million, a +51% growth at constant exchange rates and +25% at current exchange rates.
This increase primarily results from the growth in installed capacity: at the end of 2020, it stands at 1,015 MW, slightly above the target of 1 GW that the Group had set, thanks to the addition of 337 MW of new projects compared with 154 MW in 2019. This strong growth, achieved in a complex sanitary context, is even more remarkable as some significant delays were recorded on the construction and commissioning of several projects.
The revenue growth also results from the full-year effect of plants commissioned in the course of 2019, the full-year consolidation of Helexia (acquired in the middle of 2019) and from the consolidation of the solar plants acquired in Jordan (four months in 2020).
With a 51% average in the long-term, the load factor of Voltalia’s Brazilian wind turbines is higher than the sector’s national average. This positive difference is also found in the other countries where Voltalia operates and results from the Group’s rigorous selectivity in choosing the sites to develop and from the expertise of the maintenance teams, recognized by the trust third-party clients place in Voltalia. However, the 2020 revenues growth was slowed down by the lower wind resource recorded in Brazil which was below the long-term average as well as at the 2019 level.
§ EBITDA grows faster than revenues
EBITDA from Energy sales is up close to €47 million in 2020 compared with the end of 2019 at constant exchange rates and +€24.8 million at current exchange rates.
In both cases, the increase is faster than that of revenues. As a consequence, the EBITDA margin increases by 3.6 points.
This improvement results from the quality of the new plants commissioned, the receipt of liquidated damages following delays in the commissioning of certain projects (€7.2 million) and efficient cost management particularly within Helexia which recently integrated the Group. The 3.6-point increase in EBITDA margin would have been significantly higher if the resource (wind, solar, hydro) had been in line with the long-term average: the resource deficit in 2020 compared with this average had a negative impact of €11.1 million on the EBITDA of which €7.5 million in the first half of 2020 and €3.6 million in the second half.
Services: continued increase in the contribution to the Group’s EBITDA
In € million | FY 2020 | FY 2019 | Change | Change |
Revenues | 136.5 | 144.2 | -5% | -1% |
Of which internal revenues | 66.1 | 98.5 | -33% | -31% |
Of which external revenues | 70.4 | 45.7 | +54% | +62% |
EBITDA | 11.6 | 11.7 | -1% | +20% |
EBITDA margin | 8.5% | 8.1% | +0.4 pt | +1.9 pts |
§ A +54% increase in external Services revenues
2020 Services revenues, internal and external, amount to a total of €136.5 million7. In the absence of new high-contributing internal projects, intra-Group revenues (eliminated in the consolidation) are down -33 % in 2020.
In contrast, revenues from Services to third-party clients total €70,4 million, up +62% at constant exchange rates and +54% at current exchange rates, highlighting the excellent commercial momentum despite the economic and sanitary crisis. The Services activity also contributed to the launch of Voltalia as an independent power producer in two new countries in 2020, Albania and Jordan, where Voltalia’s teams were already performing services for third-party clients.
Confirming the rise in external revenues, the backlog for external clients at the end of 2020 is robust and amounted to €157.8 million (i.e. 2.2 times the level of external revenues in 2020).
.
§ Development, Construction and Equipment Procurement
Development, Construction and Equipment Procurement revenues total €114.2 million (-5% at constant exchange rates and -9% at current exchange rates). They highlight a slowdown of the internal activity and the rise of activity for third-party clients, on each of the three activities of this business line. The Group sold 180 MW of ready-to-build projects in Brazil and France to emblematic partners such as the French Total-Eren and Siloé Infrastructures or the Japanese Toda, while supplying construction services for third-party clients mainly in Portugal, Burundi and in Brazil (175 MW under construction as of today). This significant level of activity generated a double-digit EBITDA margin, in line with the Group’s expectations.
§ Operation and Maintenance
Operation & Maintenance revenues amount to €22.4 million (+23.1% at constant exchange rates and +17.2% at current exchange rates). They highlight the activity’s growth internally and for third-party clients, including the contribution of Greensolver which was acquired in 2020. Although improving compared with 2019, the business line’s EBITDA margin remains below breakeven, therefore slightly reducing the Services’ overall profitability.
OTHER ITEMS OF THE INCOME STATEMENT: +71 % INCREASE IN NET PROFIT, GROUP SHARE
Change | ||||
In € million | FY 2020 | FY 2019 | At actual | At constant rates |
EBITDA before eliminations and corporate | 112.6 | 87.9 | +28% | +56% |
Eliminations and corporate | -15.1 | -22.8 | -33% | -33% |
EBITDA | 97.5 | 65.1 | +50% | +88% |
Depreciation, amortisation, and provisions | -53.6 | -29.5 | +82% | +105% |
Operating revenue (EBIT) | 43.7 | 35.6 | +23% | +73% |
Financial result | -32.7 | -27.8 | +18% | +44% |
Taxes and net income of equity affiliates | -3.8 | -5.0 | -25% | +9% |
Minority interests | 0.7 | 1.8 | -62% | -48% |
Net profit (Group share) | 7.9 | 4.6 | +71% | x3.7 |
Eliminations are down with internal activity declining in favour of increased sales to external customers. The contribution of Services to the consolidated EBITDA is up. Moreover, thanks to efficient cost management, corporate costs are down even though the activity increases.
The consolidated EBITDA amounts to €97.5 million, up +50% compared with 2019.The increase in EBITDA, which is faster than that of revenues, translates into a significant improvement in profitability, with the EBITDA margin representing 41.7% of revenues compared with 37.1% in 2019 (+4.6 points).
Depreciation, amortisation, and provisions stand at €53.6 million, up +82%, as a result of the amortisation of plants commissioned in 2020, the full year impact of plants commissioned in 2019 and the full year consolidation of Helexia.
The financial result stands at €32.7 million, with financial costs up +18%. They highlight the rise of project financing (projects in operation) and the full-year consolidation of Helexia. However, this rise is limited by i) the parallel depreciation of the Brazilian real against the euro and the decrease of Brazilian interest rates ii) an optimization of Helexia’s financial charges thanks to its integration into the Group.
Minority interests and taxes are down, and the net profit, Group share, stands at €7.9 million. It was multiplied by 3.7 at constant exchange rates and is up +71% at current exchange rates.
SIMPLIFIED CONSOLIDATED BALANCE SHEET
Voltalia’s balance sheet at the end of 2020 totals €1.8 billion, a +34% growth at constant exchange rates and +13% after taking into account the depreciation of the Brazilian Real which stood at 6.37 BRL/EUR at the end of 2020 compared with 4.51 BRL/EUR as of December 31, 2019.
In € million | 31/12/2020 | 31/12/2019 |
Goodwill | 80.2 | 86.5 |
Tangible and intangible fixed assets | 1 273.5 | 1 066.6 |
Cash and cash equivalents | 220.1 | 269.7 |
Other assets | 205.1 | 155.0 |
Total assets | 1 778.9 | 1 577.8 |
Equity, Group share | 696.2 | 783.2 |
Financial debt | 839.3 | 656.2 |
Other current and non-current liabilities | 243.4 | 138.4 |
Total liabilities | 1 778.9 | 1 577.8 |
The increase in the Group’s assets is essentially related to the growth of the portfolio of plants in operation and under construction, with assets up +19.4%. This growth would have been significantly higher without the depreciation of the Brazilian real against the euro.
The Group’s cash position at the end of 2020 stands at €220 million. This high level is to be compared with a total financial debt of €839 million at the end of 2020, a limited increase of +28% as a result of the Fx translation impact, the debt of Voltalia’s Brazilian plants being denominated in Brazilian Real. The gearing ratio8 remains low, at 55%.
With a very healthy financial position as of December 31, 2020 and taking into account the €200 million green bond issuance achieved at very attractive conditions in January 2021, the Group is in a strong position to pursue on its profitable and high growth journey.
RECENT DEVELOPMENTS SINCE END OF JANUARY 2021
Green financing
Early January, Voltalia successfully launched its new green and sustainability-linked financing framework, with an inaugural green convertible bond issuance of €200 million. Largely oversubscribed, this issuance was made at very favourable conditions both for Voltalia and its existing shareholders9. The proceeds will be used for the financing or refinancing of Voltalia projects, including potential acquisitions.
New construction and commissioning
In February 2021, Voltalia launched the construction of Canudos 1, a 99.4 megawatts wind project located in Brazil in Voltalia’s Canudos cluster which has a total estimated potential of 1 gigawatt. A long-term power sales agreement, for a duration of 20 years, was signed with Brazilian utilities CEMIG. The wind plant will be equipped with 28 turbines G132 – 3.55MW supplied by Siemens-Gamesa. The wind farm is expected to be fully commissioned in the first half of 2022.
On March 17, 2021, Voltalia announced the commissioning of Cabanon, its first agrivoltaic plant. Located in the South of France Region the 3-megawatt plant which construction started at the end of the second quarter of 2020, combines agriculture and the production of electricity from solar photovoltaics on the same land of 4.5 hectares. The vegetable crops are planted under the solar panels which lay on specific structures. The project benefited from a participatory funding and €700,000 were collected.
Growing contracted future revenues: +31% at €6.5 billion
The Group’s long-term visibility improved again with future revenues secured by contracts amounting to €6.5 billion, i.e. 28 times the 2020 revenues. This particularly high-level results from Voltalia’s strategy which is focused on signing very long-term contracts covering the entire production of the Group’s portfolio of plants.
An expanding portfolio of project under development: +24% at 9.7 gigawatts
Voltalia’s portfolio of projects under development, to be kept or sold with construction and maintenance services amounted to 9.7 gigawatts at the end of 2020, i.e. adding close to 2 gigawatts compared with the end of 2019. Highlighting the technological and geographic diversification conducted by the Group, the portfolio of projects is broken down respectively as follows: 54.7% in Latin America, 34.1% in Europe and 11.2% in Africa. Representing 61% of projects under development, solar is dominant, followed by wind (36.1%) and other technologies (2.9%).
2021 TARGET AND 2023 AMBITIONS CONFIRMED
In 2021, thanks to the contribution of the 1 GW portfolio of operating plants, the commissioning of new power plants and the continued increase in Services for third-party clients, Voltalia confirms its normalised EBITDA is expected to reach around €170 million.
Voltalia also confirms its 2.6 GW capacity ambition in operation and under construction by the end of 2023 which is secured by the GW of installed capacity at the end of 2020 and the power sales agreements signed in 2020 for an additional 1 GW. In 2023, the normalised EBITDA is expected to reach €275-300 million.
2021 | 2023 | |
Capacity | - | 2.6 GW in operation or construction |
Normalised EBITDA | ~€170 million | €275-300 million |
” Normalised”: with an average wind, solar and hydraulic resource equals to the very long-term average and an average annual EUR/BRL exchange rate of 6.3 | ||
ANNUAL GENERAL MEETING
The Board of Directors approved the draft resolutions that will be submitted for Voltalia’s Annual Shareholders’ Meeting which will take place on May 19, 2021.
Forward-Looking Statements
This press release contains certain forward-looking statements relating to the business of Voltalia, which shall not be considered per se as historical facts, including the ability to manufacture, market, commercialize and achieve market acceptance for specific projects developed by Voltalia, estimates for future performance and estimates regarding anticipated operating losses, future revenues, capital requirements, needs for additional financing. In addition, even if the actual results or development of Voltalia are consistent with the forward-looking statements contained in this press release, those results or developments of Voltalia may not be indicative of their in the future.
In some cases, you can identify forward-looking statements by words such as "could," "should," "may," "expects," "anticipates," "believes," "intends," "estimates," "aims," "targets," or similar words. Although the management of Voltalia believes that these forward-looking statements are reasonably made, they are based largely on the current expectations of Voltalia as of the date of this press release and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the expectations of Voltalia could be affected by, among other things, uncertainties involved in Voltalia’s produced electricity selling price, the evolution of the regulatory context in which Voltalia operates and the competitiveness of renewable energies or any other risk and uncertainties that may affect Voltalia’s production sites’ capacity or profitability of as well as those developed or identified in any public documents filed by Voltalia with the AMF, included those listed in section 2.2 “Risk factors” of the 2018 document de référence filed with the French financial market authority (the Autorité des marchés financiers – the “AMF”) on March 29, 2019 under number D.19-0222. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made in this press release will in fact be realized. Notwithstanding the compliance with article 223-1 of the General Regulation of the AMF (the information disclosed must be “accurate, precise and fairly presented“), Voltalia is providing the information in these materials as of this press release, and disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Installed capacity at 31 December 2020
In MW | Wind | Solar | Biomass | Hydro | Hybrid* | 31 December 2020 | 31 December 2019 |
Brazil | 665.5 | 16.0 | 681.5 | 464.3 | |||
Egypt | 32.0 | 32.0 | 32.0 | ||||
Jordan | 57.0 | 57.0 | |||||
France | 74.2** | 87.6 | 4.5 | 166.3 | 129.4 | ||
French Guiana | 17.1 | 7.2 | 5.4 | 29.7 | 13.3 | ||
Greece | 4.7 | 4.7 | 4.7 | ||||
United Kingdom | 7.3 | 7.3 | 7.3 | ||||
Portugal | 8.8 | 8.8 | 4.7 | ||||
Italy | 10.2 | 10.2 | 8.1 | ||||
Belgium | 11.6 | 11.6 | 11.3 | ||||
Spain | 6.4 | 6.4 | 2.7 | ||||
Total | 739.7 | 242.7 | 7.2 | 9.9 | 16.0 | 1 015.5 | 677.8 |
*4 MW of solar and 12 MW thermal
**Including Adriers (10 MW) sold on 31.12.2020
Electricity production report
(in GWh) | Wind | Solar | Biomass | Hydro | Hybrid* | Total 2020 | Total 2019 | |
Brazil | 2,272.4 | 45.1 | 2,317.5 | 1,833.1 | ||||
Egypt | 76.5 | 76.5 | 12.7 | |||||
Jordan | 33.8 | |||||||
France | 134.1 | 101.2 | 6.4 | 241.6 | 199.2 | |||
French Guiana | 4.3 | 8.9 | 19.6 | 32.8 | 32.5 | |||
Greece | 7.2 | 7.2 | 7.1 | |||||
United Kingdom | 8.7 | 8.7 | 7.8 | |||||
Portugal | 7.3 | 7.3 | 6.2 | |||||
Italy | 14.0 | 14.0 | 8.8 | |||||
Belgium | 12.0 | 12.0 | 10.1 | |||||
Spain | 5.0 | 5.0 | ||||||
Total | 2,406.5 | 249.8 | 8.9 | 25.9 | 45.1 | 2,756.4 | 2,117.4 |
*Includes the production of Oiapoque solar
Consolidated income statement (unaudited)
In € thousand | At 31 December 2020 | At 31 December 2019 | Change % | |
Revenues | 233 457 | 175 479 | 57 988 | 33% |
Purchases and sub-contracting | (31 749) | (9 574) | (22 175) | 232% |
External expenses | (70 759) | (67404) | (3 355) | 5% |
Payroll expenses | (33 828) | (30 665) | (3 163) | 10% |
Other operating income and expenses | 343 | (2732) | 3 075 | (113)% |
Total operating expenses | (135 993) | (110 375) | (25 618) | 23% |
EBITDA | 97 464 | 65 094 | 32 370 | 50% |
% EBITDA | 42% | 37% | 5% | 13% |
Other financial income and expenses | (7 116) | (472) | (6 644) | 1 408% |
Allocations and reversals of depreciation, amortisation and provisions | (46 602) | (28 986) | (17 616) | 61% |
Operating revenue (EBIT) | 43 746 | 35 636 | 8 110 | 23% |
% EBIT | 19% | 20% | (2)% | (8)% |
Borrowing costs | (31 408) | (33 837) | 2 429 | (7)% |
Other financial income and expenses | (1 336) | 6 019 | (7 355) | (122)% |
Income tax and other taxes | (3 603) | (4 971) | 1 368 | (28)% |
Income from companies at equity | (162) | (51) | (111) | 218% |
Net profit (loss) | 7 237 | 2 796 | 4 441 | 159% |
% Net profit (loss) | 3% | 2% | 2% | 95% |
Group Share | 7 924 | 4 624 | 3 300 | 71% |
Minority interests | (687) | (1 828) | 1 141 | (62)% |
Earnings per share, Group share (in euros): | ||||
Before dilution | 0,0834 | 0.0669 | 0,0165 | 25% |
After dilution | 0,0830 | 0.0664 | 0,0166 | 25% |
Consolidated balance sheet 10(unaudited)
In € thousand | At 31 December 2020 | At 31 December 2019 | Change | % |
Goodwill | 80 155 | 86 472 | (6 317) | (7)% |
Right of use | 45 316 | 40 400 | 4 916 | 12% |
Intangible assets in progress | 154 889 | 128 559 | 26 330 | 20% |
Property, plant and equipment | 1 073 263 | 897 638 | 175 625 | 20% |
Equity affiliates | 2 196 | 3 048 | (852) | (28)% |
Financial assets | 16 156 | 21 593 | (5 437) | (25)% |
Deferred tax assets | 3 899 | 2 360 | 1 539 | 65% |
Non-current assets | 1 376 023 | 1 180 070 | 195 953 | 17% |
Inventories and work in progress | 41 252 | 40 951 | 301 | 1% |
Due from customers | 7 696 | 1 343 | 6 353 | 473% |
Trade receivables | 95 552 | 58 669 | 36 883 | 63% |
Financial assets | 6 283 | 5 079 | 1 204 | 24% |
Other current assets | 31 924 | 21 975 | 9 949 | 45% |
Cash and net cash equivalents | 220 121 | 269 744 | (49 623) | (18)% |
Current assets | 402 828 | 397 761 | 5 067 | 1% |
Total Assets | 1 778 851 | 1 577 831 | 201 020 | 13% |
Equity, Group share | 640 375 | 731 913 | (91 538) | (13)% |
Non-controlling interests | 55 820 | 51 310 | 4 510 | 9% |
Equity | 696 195 | 783 223 | (87 028) | (11)% |
Non-current provisions | 4 827 | 3 431 | 1 396 | 41% |
Provisions for post-employment benefits | 1 378 | 1 172 | 206 | 18% |
Deferred tax liabilities | 16 015 | 2 687 | 13 328 | 496% |
Long-term borrowings | 703 974 | 592 561 | 111 413 | 19% |
Financial liabilities | 14 614 | 9 239 | 5 375 | 58% |
Non-current liabilities | 740 808 | 609 090 | 131 718 | 22% |
Current provision | 6 163 | 6 374 | (211) | (3)% |
Short-term borrowings | 135 311 | 63 675 | 71 636 | 113% |
Due to customers | 13 443 | 1 439 | 12 004 | 834% |
Trade payables and other payables | 127 007 | 75 962 | 51 045 | 67% |
Financial liabilities | 26 138 | 15 866 | 10 272 | 65% |
Other current liabilities | 33 786 | 22 202 | 11 584 | 52% |
Current liabilities | 341 848 | 185 518 | 156 330 | 84% |
Total Liabilities | 1 778 851 | 1 577 831 | 201 020 | 13% |
Next on the agenda: 2021 Q1 revenues on April 21, 2021 (after market close)
About Voltalia (www.voltalia.com) | |
Voltalia is an international player in the renewable energy sector. The Group produces and sells electricity generated from wind, solar, hydraulic, biomass and storage facilities that it owns and operates. Voltalia has generating capacity in operation and under construction of more than 1.4 GW and a portfolio of projects under development representing total capacity of 9.7 GW. | |
Voltalia | Actifin |
1 In September 2020, Voltalia announced a revised 2020 EBITDA target of around €100 million on a normalised basis: i.e., an average wind/solar/hydro resource in the second half of 2020 and a EUR/BRL rate of 6.3 as from September 24, 2020 (and an average annual EUR/BRL rate of 5.9).
2 “Normalised” means calculated with an average annual EUR/BRL exchange rate of 6.3 and a long-term average wind, solar and hydraulic resource.
3 Power actually generated / power that would be generated if the plants produced 100% of the time and 100% of their capacity
4 Source: Global Wind Energy Council 2019
5 Source: RTE 2019
6 Source: RTE 2020
7 This figure which is a revision of the figure published on January 26, 2021, integrates a €10.7 million reclassification in deduction of operating expenses (with no impact on EBITDA and cash)
8 Financial Debt / (Equity + Financial Debt)
9 See press release dated January 6, 2021
10 As of December 31, 2019, "Goodwill" and "Equity - Group share" were re-estimated by €23,015 thousand in order to best reflect the fair value paid in connection with the acquisition of Helexia.
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