EDP Renewables 9M 2010 results show EBITDA growth of 28% to € 473m
Madrid, 3 November 2010: 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 gross profit increased 34% between January and September 2010 to €662 million and that EBITDA grew 28% to €473 million, with an operational cash flow growth of 26% to €391million. The business seasonality profile in the 3Q associated with new costs driven by the capacity commissioned in the 3Q10 and the fixed cost structure related to depreciation charges and debt interest costs, led to a net profit of €22m.
Electricity output increased by 35% to a total of 9.8TWh in the nine months, of which 47% came from Europe and 53% from the USA. Quarterly production was up 41% to 2.9 TWh.
CapEx for 9M 2010 reached 1.12bn Euros, 25% less than for the same period in 2009, with net debt increasing to 2.9bn Euros.
EDPR installed capacity has risen by 0.7GW since January, reaching 6.2 GW at the end of September 2010, representing a year-on-year increase of 1.3 GW or 27%. At present, EDPR has a further 0.9 GW under construction, of which 703 MW are in Europe, 122 MW in the US and 70 MW in Brazil.
For the full year of 2010, EDPR expects to install 1.1 GW, while for 2011/12, EDPR is adjusting the overall annual additions to 0.8-0.9 GW per year in order to focus on investments that will improve its portfolio risk profile.