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EDP Renewables 1H 2012: EBITDAup by 23% (YoY) to 504 million Euros

EDP Renewables 1H 2012: EBITDAup by 23% (YoY) to 504 million Euros

EDP Renewables (EDP Renováveis, Euronext: EDPR), a global leader in the renewable energy sector and the world’s third-largest wind energy producer, today announced that in 1H 2012 electricity output increased by 13%YoY to 9.9TWh, as a result of the capacity growth over the last 12 months ( 339 MW),an average load factor of 32% and a technical availability of 98%,all of which reflect the company’s balanced, high performing asset portfolio.

1H 2012 revenues increased 23% to €673million, outpacing volume growth thanks to the 10% average increase in selling prices in the period. EBITDA grew 23% YoY to €504 million, which resulted in a 75% EBITDA margin. EBIT increased 42% YoY as a result of the solid operating growth and the extension of the useful life of EDPR’s operating assets to 25 years (introduced in 2Q 2011).Profitability per MW in operation rose by 13% to €71,400 (EBITDA/avg MW).

Net debt as at Jun-12 was €3.5 billion, slightly above Dec-11 levels, while cost of debt was kept under control having been reduced by 30 bps to 5.3%. The operating cash flow generated by EDPR is already the main source of funds, with the €361 million generated in the period having more than covered the Capexof €113 million.

Reported net profit in the period increased 12% to €100 million. On alike-for-like basis net profit rose 33% when adjusted forthe change in theoperating assets’ useful life to 25 years, introduction of deferred taxaccounting in the US, forex differences, capital gains, excess ofprovisions and write-offs/impairments. Suchsolid performance mainlyreflects the higher profitability achieved in the period and the controlledcost of debt.

These solidresults show EDP Renewables to be fully on track with its 2015 strategy,defined in May 2012, and reflectongoing improvement in the company’s portfolio metrics.