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EDP Renewables 1H 2013: Reported net profit up by 29% to €129 million

EDP Renewables 1H 2013: Reported net profit up by 29% to €129 million

Ebitda increase 11% to 560 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 2013 electricity output increased by 8% YoY to 10.7 TWh, as a result of the capacity growth over the last 12 months (+648 MW) to 8.1GW along with the increase in the average load factor to 33%, an industry leading figure.

1H 2013 revenues increased 12% to €756 million, outpacing volume growth following a 5% higher average selling price. EBITDA grew 11% YoY to €560 million, while EBIT increased 16% YoY to €327 million.

Reported net profit in the period increased 29% YoY to €129 million, while adjusted net profit rose 17% to €121 million, reflecting the solid performance at the operating level.

Operational cash flow grew 31% YoY to €472 million in 1H 2013, which more than covered €104 million of Capex.

Some of the key highlights of the first semester included: EDPR secured 20-year PPAs for 550 MW in the USA and was granted a 20-year tariff for 40 MW to be developed in Italy. The company distributed a gross dividend of €0.04 per share.

During 2H 2013 the company plans to continue to excel in operations of current portfolio and focus on regulatory management. Selective growth will focus into valuable opportunities and the most attractive countries. 

 

About EDP Renewables (EDPR)

EDP Renewables (Euronext: EDPR), headquartered in Madrid, Spain, is a global leader in the renewable energy sector and the world’s third-largest wind energy producer. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 11 markets (Belgium, Brazil, Canada, Spain,  the US, France, Italy, Poland, Portugal, the UK and Romania). Energias de Portugal, S.A. (“EDP”), the majority shareholder of EDPR, is a global energy company and a leader in value creation, innovation and sustainability.EDP is Portugal’s largest industrial group and the only Portuguese company to form part of the Dow Jones Sustainability Indexes (World and STOXX).