Saeta Yield boosts EBITDA by 39% to EUR 60 million
- The Board of Directors of Saeta Yield approved a dividend of EUR 0.1967 per share (equivalent to approximately EUR 16 million), payable on 29 May
- This new dividend is in addition to the amount paid to shareholders in the first quarter, also of EUR 16 million
- The Company increased cash flow from operating assets by 18% up to EUR 49 million
- The Company multiplied net profit six-fold, relative to the same period in 2017, to EUR 7.8 million
- The favourable results reflect the success of the strategy that the Company initiated last year to generate value and internationalise with purchases in Uruguay and Portugal
Yesterday, the Board of Directors of Saeta Yield, chaired by José Luis Martínez Dalmau, approved the results from the first quarter of 2018, which reflect the success of the strategy that the Company initiated in 2017 to generate value and internationalise with purchases in Uruguay and Portugal. Cash flow from operating assets grew 18% to EUR 49.4 million, relative to the same period last year, with which Saeta Yield continues to strengthen its commitment to a consistent and growing dividend policy. This increase is the result of higher EBITDA, which climbed 39% to EUR 60 million. Revenues rose 29% to EUR 90.8 million and net profit multiplied six-fold to EUR 7.8 million.
Yesterday, the Board of Directors approved a dividend of EUR 0.1967 per share (equivalent to approximately EUR 16 million), payable on 29 May. This new dividend is in addition to the amount already disbursed by the Company in the first quarter of the year, a total of EUR 16 million.
“After concluding 2017, which was an exceptional year given the activity figures and the launch of the company’s diversification with purchases in Uruguay and Portugal, the first quarter of 2018 has delivered results that demonstrate the strength of Saeta Yield as a platform that generates value and profitability for its shareholders,” said José Luis Martínez Dalmau.
Saeta Yield’s operating income grew 29% in the first quarter of 2018, to EUR 90.8 million. This increase is due primarily to the incorporation of international plants and the good wind production registered in Spain.
Wind assets in Spain account for 36.2% of revenues, solar thermal account for 44.5%, and international assets account for 19.2%.
Saeta Yield increased its EBITDA by 39% in the first quarter of the year, to EUR 60 million. Attributable profit also increased during the period by 495% to EUR 7.8 million.
Cash flow from operating assets reached EUR 49.4 million, 18% higher than the same period the previous year.
On 27 April, it was disclosed that the CNMV had approved the Brookfield takeover—through TERP Spanish Holdco—for 100% of Saeta Yield shares at a price of EUR 12.20 per share in cash. This offer places the value of the Company at more than EUR 995 million.
On 8 May the Board of Directors issued by unanimity a favourable opinion regarding the offer.
In accordance with the provisions of the takeover prospectus, the acceptance period of 30 calendar days began on 3 May 2018 and will close on 1 June.