Saeta Yield boosts revenue by 19% to EUR 333 Million, and EBITDA by 22% to EUR 242 Million
- José Luis Martínez Dalmau, Chairman of Saeta Yield: “We have concluded an exceptional year with outstanding results and we have demonstrated the strength of a platform and a team capable of generating profitability and value for our shareholders in a distinctive way”
- The Company increased cash flow from operating assets by 84%, to EUR 79 million, a key component of its dividend policy
- In 2017, the dividend paid by Saeta Yield totalled EUR 62 million, an increase of 4% from the previous year
- Net profit reached EUR 36.5 million, up 22% from 2016
- In 2017, Saeta Yield successfully completed its first international purchases in Uruguay and Portugal; international assets now will account for 23% of the overall portfolio
Yesterday, the Board of Directors of Saeta Yield, chaired by José Luis Martínez Dalmau, approved the 2017 results that reflect an increase in cash flow from operating assets of 84% relative to 2016, to EUR 79 million. Saeta Yield thus strengthens its commitment to a consistent and growing dividend policy. This increase is the result of a higher EBITDA, which climbed 22% to EUR 242 million, as well as thanks to an improvement in the working capital. Revenues rose 19%, to EUR 333 million, and net profit grew 22%, to EUR 36.5 million. These results enabled Saeta Yield to increase dividend payments in 2017 with a total disbursement of EUR 62 million, up 4% from the previous year, positioning it among the leading companies listed on the Spanish Stock Exchange by dividend yield.
“We have concluded an exceptional year with outstanding results. We have conducted the refinancing of one of our main assets, Manchasol 2, as well as two acquisitions abroad, in Uruguay and Portugal, which strengthen our strategy of profitable growth. Saeta Yield has demonstrated the strength of a platform and a team capable of generating profitability and value for our shareholders in a distinctive way,” said José Luis Martínez Dalmau.
Growth in activity, revenue, and EBITDA
FY 2017 was particularly positive, given both activity figures and the figures of all items on the income statement, in addition to the start of international diversification with the purchase of assets in Uruguay and Portugal.
Saeta Yield’s operating income grew 19% in 2017, to EUR 332.6 million. Assets in Spain accounted for 33% in the case of wind farms, and 60% in solar thermal; international assets contributed 8%.
Wind assets in Spain produced 932 GWh, while solar thermal assets produced 654 GWh. International assets, for their part, produced 337 GWh.
In 2017, Saeta Yield increased its EBITDA by 22%, to EUR 242 million, as well as its attributable profit to EUR 36.5 million, up by 22% compared to 2016.
As a result of higher EBITDA and working capital during the period, cash flow from operating assets in 2017 reached EUR 79 million, up 84% from the same period one year earlier.