Greenvolt results down 65%
The financial results of renewables company Greenvolt led by João Manso Neto, tumbled by 65% to €5.9 million to September.
The group’s revenues stood at €268 million, 46% up on the like-for-like period in 2022, while the EBITDA fell 3% to €77 million.
On the increased revenues, the company highlighted “strong growth Utility Scale and Distributed Generation segments, which more than compensated the fall posted in its biomass business, mostly down to the fall in the sale price of electricity in the UK.”
In relation to EBITDA, it pointed out that it had benefited from a sharp X5.7 growth in the Utility Scale segment driven by asset transactions in Poland, and the recognition of the margin associated with operational assets, which compensated the level of electricity prices in the UK and which had weighed heavily on the EBITDA in the biomass segment.
However, the company’s financial result deteriorated overall from €-11 million to €-30 million because of an increase in debt stock (debt securities) driven by current investments and by an increase in the average cost of the same to 4.6% (71% of the stock was negotiated at a fixed rate).
Greenvolt’s net financial debt at the end of September, 2023 stood at €536.2 million, while the value of its cash stock was €483.7 million.