Futuren's net loss shrinks in 2018

French wind power producer Futuren SA (EPA:FTRN) today said its consolidated net loss narrowed to EUR 188,000 (USD 203,600) in 2018 from EUR 5.2 million a year ago as higher sales of electricity boosted revenues.

The improvement was mainly attributed to the favourable wind conditions, mostly in France, and the 5.3% year-on-year rise in electricity sales following the commissioning of new capacity. The company’s operating results, however, were impacted by non-recurring losses, depreciation of an old receivable, depreciation of goodwill and fixed assets of certain operating wind farms in France and Germany, as well as impairment losses. Additionally, 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.

The following table shows more details about Futuren’s 2018 performance.

With the commissioning of 41 MW of new wind parks in 2018, namely the 21-MW Courant-Nachamps and 19.8-MW Demange wind farms in France, Futuren lifted the gross installed capacity it operates to 428 MW, of which 200 MW is in France. Construction was launched on 58 MW of projects last year.

Total sales of electricity, which rely on long-term electricity contracts of 15-20 years, rose by 5.3% in annual terms to EUR 58.1 million as the higher capacity and increased generation from French wind parks offset the less favourable wind conditions in Germany. Earnings before interest, tax, depreciation and amortisation (EBITDA) from the sale of electricity were up 1.8% to EUR 41.2 million.

(EUR 1.0 = USD 1.131)

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