GreenVolt posts €11.9 million net profit for FY21

  • ECO News
  • 16 March 2022

The company's total revenues increased 57%, to a total of €141.5 million. The residual biomass segment was the largest contributor to the results.

GreenVolt closed 2021 with profits of €11.9 million, which represents a growth of 2.8% compared to the previous year. Total revenues increased 57%, reaching €141.5 million, with the residual biomass segment, structure costs and the Tilbury power plant making the greatest contribution to these results.

In the fourth quarter alone, the company’s total revenues amounted to €58.1 million, up 177% year-on-year, while adjusted net income attributable to GreenVolt reached €3.6 million (up 172% year-on-year).

As for EBITDA, excluding transaction costs, it increased to around €61.6 million in 2021, up 87% compared to 2020. “Performing a theoretical exercise in which all acquisitions would have taken place on January 1, 2021, considering unaudited management data from the months before the acquisition of subsidiaries, and not considering potential effects of asset valuation on the date of acquisition, the pro forma EBITDA for the full year 2021 would amount to €75 million,” the Portuguese company stresses in a statement sent to CMVM. 

At the end of December, GreenVolt’s net financial debt amounted to €146.2 million, while Cash and cash equivalents stood at €258.8 million.

During last year, in terms of total electricity production, GreenVolt injected 873.3 GWh into the grid, up 19.2% compared to the energy injected in the same period of 2020. The company’s current pipeline is about 5.8 GW, “which represents an increase of 1.6x when compared to the pipeline of projects existing at the time of the IPO.”

The residual biomass and structure segment accounted for €131.4 million of total revenues in 2021, representing a growth of 46%, whereas EBITDA, excluding transaction costs, amounted to €64.5 million, which reflects an increase of 95% when compared to 2020.

Last year was marked by GreenVolt’s entry in the Lisbon stock exchange and by the acquisitions of Tilbury Green Power, in the residual biomass segment, but also of V-Ridium, in the solar photovoltaic and wind power business, along with co-development agreements in Italy and Greece. In the decentralised energy generation segment, Altri’s subsidiary also acquired Profit Energy and Perfecta Energia.