![]() ![]() ![]() At constant foreign exchange rates the turnover has grown (+18%) thanks to the inflation of selling prices. The Rodeio Bonito plant generation was historically low, 40% below the 2019 generation, as a result of the severe draught in the south of Brazil which led to an increase of the payments to the MRE system 1. This additional provision was already accounted for in the 2020 half yearly results published in October 2020. This brought the total provision to Eur 7.1 million (50%), considering the previously booked provisions. The uncertainties and deadlocks of the Indian hydropower market remained, as in 2019, and prevented progress of the projects, leading to an additional provision or Eur 2.8 million (20%) for FY 2020 on the intangible value of the Indian projects. Shareholder’s equity decreased by 4% mainly due to the share buyback programs executed in 2020 (492 k shares bought back in 2020, for a total price of EUR 3.1m).ĭuring 2020, the Velcan Holdings Group continued developing its hydropower concessions located in India (571 MW), and operated its Rodeio Bonito hydropower plant (15 MW) in Brazil. Net financial gains, which amounted to EUR 7.7m, were almost stable compared to EUR 8.1m in 2019, mostly because of the reallocation of the portfolio from corporate bonds to equity and commodities. The EBITDA is also down by 45% (EUR -2.0m in 2020 vs EUR -1.4 m in 2019). ![]() This decline essentially stems from, on one hand a drop of the Brazilian operational result due to a very low generation coupled with a massive depreciation of the Brazilian currency and on the other hand an increase of the impairment of the Indian projects, leading to an overall decline of the result. Velcan Holdings Group closed 2020 with a net result, Group share, of EUR 2.1m compared to EUR 3.6m in 2019. ![]()
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