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Futuren swings to H1 net loss on one-off costs

Magremont wind farm by Futuren. All rights reserved.

Sep 8 (Renewables Now) - French wind power producer Futuren SA (EPA:FTRN) today reported a net loss of EUR 3.1 million (USD 3.7m) for the first half of 2017 versus a EUR-2-million profit in the year-ago period.

The company, in which EDF Energies Nouvelles now owns 87.55% after acquiring an initial majority stake of 67.2% in June, saw its operating profit fall to EUR 2.9 million from EUR 6.5 million in the first half of 2016. The decline was attributed to one-off costs of EUR 3.6 million related to the EDF transactions, including bond conversions. Performance was also affected by unfavorable wind conditions, particularly in France, which was in part offset by newly added wind farms.

At EUR 17.3 million, earnings before interest, tax, depreciation and amortisation (EBITDA) were in line with the same period of 2016.

Revenue declined 5% to EUR 29.8 million, with revenue from electricity sales down 3% to EUR 27.3 million. In spite of recording a 20% revenue drop, the business focused on wind farm development and management improved its EBITDA.

During the period Futuren commissioned a 13.2-MW wind farm in France, bringing the capacity it operates for its own account to 372 MW.   

(EUR 1 = USD 1.205) 

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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