Voltalia's revenue jumps but profit falls by 59% in 2016

Molinons wind farm, located in Yonne.

French renewable power plants operator Voltalia SA (EPA:VLTSA) on Monday posted a net profit of EUR 1.6 million (USD 1.7m) for 2016, down from EUR 3.9 million a year ago.

In August the company bought Martifer Solar, which helped grow its revenues, but the newly acquired business also brought a loss of EUR 4.2 million for the five months of ownership. This was due to a slowdown in business due to the difficulties faced by the former parent company in the 2014-2016 period.

Voltalia’s revenue more than doubled to EUR 127 million and its installed capacity increased by 28% to 481 MW, mostly wind farms in Brazil. It expects to surpass 500 MW this year thanks to wind and solar projects in Brazil.

The table contains financial results for 2016 with (+M) and without (-M) Martifer Solar’s 5-mo contribution.

(All in EUR million)	2016+M	2016-M	2015
Net result	1.6	5.9	3.9
Operating result	34.2	36.9	22.3
EBITDA	50	56.1	30
Revenue	127	109.2	58.5
Energy sales	102.1	101.9	57.4

At the end of December 2016 Voltalia had a EUR-101.4-million cash balance and EUR 62.5 million of unused corporate bank lines.

The company affirmed its targets for 2019, previously announced in September 2016, which include having over 1 GW of own capacity and reaching earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 180 million.

Voltalia has 2.7 GW of projects in development, including for third parties. It intends to intensify its commercial efforts to get new customers in its different business activities in 2017.

(EUR 1 = USD 1.07)

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