Spain's Greenalia grows EBITDA by 41% y/y in 2019

Spanish forestry and energy group Greenalia SA (BME:GRN) recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 3.33 million (USD 3.63m) in 2019, up by 40.6% year-on-year.

According to its financial results presented on Wednesday, the company ended the year in the red by EUR 53,605, compared to a net profit to the parent company of EUR 394,213 in 2018. Revenues were up by 13.7% to EUR 40.29 million.

Greenalia said that none of its main business lines will be affected by the COVID-19 pandemic. The 24-MW Minon wind farm in the Spanish region of Galicia was commissioned in December 2019, while the company’s flagship project, the EUR-135-million Curtis-Teixeiro biomass-fired power plant with 50 MW of capacity commenced commercial operation on March 1 before the pandemic was declared by the World Health Organisation.

Local daily newspaper La Voz de Galicia reported yesterday, citing Greenalia CFO Antonio Fernandez, that the Curtis-Teixeiro plant has not been operating due to the global COVID-19 crisis. The plant was undergoing final operational tests at the time of its commissioning, a process that required supervision from technicians from abroad. But, once the borders were closed, the technicians were not able to visit the plant.

Fernandez acknowledged at the financial results presentation that the temporary production halt at Curtis-Teixeiro was the only Greenalia business that ended up being caught up in the coronavirus crisis, La Voz de Galicia wrote. However, sources within the Greenalia group told the newspaper that the plant is operating at minimum.

Greenalia’s forestry, logistics and other activities have continue to operate normally, the company said. It is currently building the Ourol wind farm, which it plans to bring online before summer.

(EUR 1.0 = USD 1.089)

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