Futuren swings to a loss in 2017

Magremont wind farm by Futuren. All rights reserved.

April 16 (Renewables Now) - French wind power producer Futuren SA (EPA:FTRN) closed 2017 with a net loss of EUR 5.4 million (USD 6.7m), compared with a profit of EUR 2.9 million a year earlier.

The company said the bottom-line result was "mainly impacted by a non-recurring cost of EUR 3.8 million related to capital transactions initiated by Futuren, as well as by a further depreciation of the turbines stored.

With the commissioning of two new wind farms in late 2016 and early 2017, Futuren's consolidated revenue increased by 9% to EUR 61.8 million and earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 23% to EUR 34.5 million in 2017.

The sales of electricity, accounting for 92% of the consolidated revenue in 2017, relies on long term electricity buyback contracts (15 to 20 years depending on the country) with guaranteed tariffs. It generated revenue of EUR 56.9 million while the development and management of wind farms activity contributed EUR 4.8 million.

Futuren's net financial debt reached EUR 103.3 million at December 31, 2017, marking a EUR-29.5-million decrease over the year.

The company confirmed its ambition to develop new wind farms in order to strengthen its activity of sales of electricity.

"Futuren confirms its growth plan with the commissioning of the 54 MW currently under construction and the completion of a second phase of Les Monts wind farm for approximately 35 MW, "said CEO Alexandre Morin.

(EUR 1 = USD 1.233)

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Mariyana is a founding member of the Renewables Now team. With nine years of professional experience in renewables she has built strong expertise in the wind industry and French-speaking markets.

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