Futuren's 2018 revenues grow 4% on higher power sales

French wind power producer Futuren SA (EPA:FTRN) today said its consolidated revenues rose by 4% year-on-year in 2018 to EUR 67.5 million (USD 76.3m), mainly thanks to increased electricity sales.

Revenue from electricity sales in the past year was 5% higher than in 2017, coming at EUR 58.1 million, due to the improved wind conditions at home and the completion of the 21-MW Courant-Nachamps wind farm in France’s Charente-Maritime department in May 2018 and the 19.8-MW Demange wind wind park in Meuse department in August. Wind conditions in Germany, meanwhile, were less favourable, the company noted.

Futuren saw revenue from the development and management of wind farms drop by 14% on the year to EUR 4.2 million following the termination of some contracts of management for third parties in Germany.

The year-over-year comparisons reflect a restatement of results for 2017 to take into account the reintegration of Ecoval 30, a company active in the treatment of solid waste, which in the year-ago period was classified as an asset held for sale. In 2018, Ecoval 30 booked revenues of EUR 5.3 million, up 2% from a year before, which Futuren registered as revenue from other activities. The financial results reflect the application of the new IFRS 15 standard as of January 1, 2018, as well.

In order to strengthen its business, Futuren said it will work on the completion of its portfolio of wind projects, particularly in France, where it is building four wind parks totalling 71 MW with scheduled commissioning in 2019. It has also secured all needed authorisations for another wind project in the Charente-Maritime department, it added.

(EUR 1.0 = USD 1.131)

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