Revenues up despite poor wind conditions, financial stability confirmed
Significant pipeline growth: 3.5 GW reached (+25%)
2021 guidance reaffirmed
ECONOMIC AND FINANCIAL RESULTS
Revenues reached €128.7 million, compared to €121.0 million in Q1 2020;
Profit before tax at €31.4 million compared to €39.0 million in Q1 2020;
Net financial debt, including fair value of derivatives, dropped to €699.7 million from €705.5 million as at 31 December 2020;
Capex of €13.7 million compared to €37.6 million in Q1 2020.
MAIN INDUSTRIAL RESULTS
- Lower than expected wind and solar production (-5.3% in Q1 2021, compared to +14% in Q1 2020), resulting in lower production volumes than in Q1 2020 for a total of 821 GWh (-10%). Installed capacity increased in the United States by +62 MW (producing 37 GWh in Q1 2021);
- Increase in energy prices in Italy (+11% year-on-year), Spain (+18%), Sweden and Norway (+21%);
- Business Development: project pipeline reached a volume of 3.5 GW (+25% compared to end-December 2020), of which 1.1 GW has permitting underway. Projects in phase II + III of development: +150 MW compared to end of December 2020;
- First authorisation obtained for an agri-voltaic plant in Sicily (10 MW) for with development started only 18 months ago;
- Energy Management: significant growth with 512 GWh dispatched in Italy and the UK (+34% year-on-year), of which 333 GWh derived from our own assets and 179 GWh from third-party assets.
CEO Toni Volpe commented:
“We continue to successfully implement our growth strategy, developing new projects and further strengthening our industrial expertise in asset and energy management. For 2021, despite the poor wind conditions in the first quarter, we are confident that we will meet our targets.”