Saeta Yield reports improved results for H1 2017

Spanish renewable energy plants owner Saeta Yield SA (BME:SAY) on Wednesday posted improved financial results for the first half of 2017, despite an 8% year-on-year decrease in generation during the period.

The company reported a first-half attributable net profit of EUR 13.7 million (USD 16.3m) compared to EUR 8.2 million a year back, as earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 23.6% to EUR 109.9 million. Total revenues climbed by 22.4% on the year to EUR 157.3 million.

Saeta Yield explained these increases with the acquisition of the Extresol 2 and Extresol 3 concentrating solar power (CSP) plants, each with a capacity of 49.9 MW, in Badajoz, Spain. Both facilities were consolidated in March 2016. The higher cost of electricity on the Spanish wholesale market in 2017 compared to the year-ago period also helped boost the company’s top line.

Thanks to the EBITDA improvement, the cash flow from the operating assets went up by 37.4% to EUR 31 million.

As at end-June 2017, Saeta Yield had 884 MW of installed capacity compared to 789 MW a year earlier. In addition to CSP plants, the company also operates wind farms.

(EUR 1.0 = USD 1.193)

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