The Board of Directors approves the draft financial statements and consolidated financial statements at December 31, 2020
RESULTS EXCEED EXPECTATIONS AND DEBT DECLINES
FURTHER BOOST FOR GROWTH IN THE PIPELINE OF PROJECTS UNDER DEVELOPMENT TO SUPPORT FUTURE GROUP GROWTH
WITH PIPELINE TARGET OF 15 GW BY 2025
DIVIDEND PROPOSED OF 6.7 EURO CENTS PER SHARE
- Revenue totals Euro 384.4 million, compared to Euro 374.5 million in 2019;
- EBITDA totals Euro 197.2 million, compared to Euro 204.0 million in 2019;
- Profit/(loss) for the period Euro 59.8 million compared to Euro 63.2 million for 2019;
- Profit/(loss) attributable to owners of the parent stands at 45.6 as compared with Euro 48.4 million for 2019;
- Capex including plants acquisition amounts to Euro 188.0 million, versus Euro 197.2 million in 2019;
- Net financial debt, including the fair value of derivatives, comes to Euro 705.5 million compared to Euro 720.8 million at December 31, 2019
- Strong boost to development activities with significant growth in the pipeline, which stands at 2.8 GW at December 31, 2020, of which 175 MW under construction, 1 GW in advanced development (authorization and subsequent stages) and 1.6 GW in mid-early stage, plus approximately 2.8 GW of additional projects in the scouting phase. The capital allocated to development activities at December 31, 2020 amounted to Euro 18.8 million, up on the same period of the previous year (Euro 13.6 million);
- Breakthrough year for new long-term contracts for energy sales, with 175 MW of new contracts signed in 5 different countries (Italy, Sweden, Norway, Spain and the United States).
- Reduction in average energy market prices in Italy (-26%) and the UK (-18%) in 2020. Considering the volumes covered by the active Energy Management policy and the incentive systems, the reduction for the Group was limited as follows: in Italy for wind plants by 3%, for solar plants by 4%, for WtE plants by 10%; in Spain for wind plants by 18% and in the United Kingdom for wind plants by 7%. In Italy, on the other hand, there was an increase in electricity prices for biomass plants of 4%, due to the incentive component, and in prices relating to waste disposal and treatment services of 6%, whilst in France and the USA the Feed-in Tariff mechanism neutralized price fluctuations (+1%);
- Significant increase in generation volumes in 2020 that reach 2,712 GWh (+13% compared to 2019), as a result of increase in perimeter (+107.7 MW in Sweden, Norway, Italy and Spain) and improved wind levels in the UK (+9%) and in France, offset by low generation in Italy compared to 2019 (-11%), due to below-average wind levels;
- Positive performance of the Energy Management business: dispatched 1,331 GWh showing significant growth compared to 964 GWh in 2019. Activities also started in the UK. A total of 851 GWh of energy produced by the Group in Italy and the United Kingdom was dispatched, in addition to production managed on behalf of third parties, amounting to 480 GWh. Sustained commercial activity in Energy Solutions, despite the current COVID emergency, growth of Cloe platform customers;
- Strengthening of the sustainability action, both in terms of further ESG integration in the strategic decision-making process and in terms of the volume of the activity program implemented. Main achievements of the sustainability program: Euro 170.2 million the added value distributed to all stakeholders; 45% the number of plants with a significant community engagement program; 74% of local supplies; avoided the emission of 569.8 thousand tonnes of CO2 equivalent into the atmosphere; 30.3 individual average hours of training provided during the year. Adopted new sustainable construction guidelines for plant construction activities. Adopted in Italy an integrated agrivoltaic project development. The results achieved are in line with the progression to 2025 communicated in March 2020.
NEW TARGET FOR 2025
To reach at least 15 GW of pipeline through continuous growth in current markets and technologies and expansion into new geographies and new technologies (ongoing initiatives on green hydrogen and offshore floating).
Milan, March 11, 2021 - The Board of Directors of Falck Renewables SpA met today and approved the draft financial statements and consolidated financial statements as at and for the year ended December 31, 2020.
Chief Executive Officer Toni Volpe commented as follows: “In 2020, thanks to a resilient and innovative business model, we were able to face the difficulties raised by the difficult moment in time. We continue to grow beyond expectations and operate in an excellent manner. We gave further impetus to development activities, with a significant increase in the pipeline of new projects, a new target of 15 GW of pipeline by 2025, and we have continued to invest, with determination, in digital. The favorable market environment for renewables and the dynamism of the company allow us to look forward to future challenges with confidence, with the overarching goal of generating more and more shared and sustainable value for all our stakeholders”.