EDP Renewables 1Q 2013: Adjusted Net Profit up by 39% to € 89m, EBITDA rose 24% to € 327m
Revenues increased by 20% to 415 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 1Q 2013 electricity output increased by 10% YoY to 5.8 TWh, as a result of the capacity growth over the last 12 months (+579 MW) along with the increase in the average load factor to 36%, one of the highest in the industry. EDPR reached 8.1 GW of installed capacity during the first quarter of the year due to the increase of 76 MW during the period. The results show an outstanding operating performance.
1Q 2013 revenues increased 20% to €415 million, outpacing volume growth thanks to both increased capacity and a 10% progression in average selling prices. EBITDA grew 24% YoY to € 327 million, which resulted in a 79% EBITDA margin, up by 3 percentage points. EBIT increased 40% YoY to €209 million as a result of the EBITDA performance and the 3% increase in assets’ net depreciation and amortization.
Adjusted net profit in the period increased 39% YoY to € 89 million, reflecting the solid performance at the operating level.
Operational cash flow grew 12% YoY to €227 million in 1Q 2013, which more than covered €38 million of Capex.
During 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.