EDP Renewables 9M 2013: Reported net profit up 10% to €102 million
Revenues grew 7% YoY to €1,003 million
EBITDA increased 5% to €708 million
EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and the world’s third-largest wind energy producer, today announced that in 9M 2013, electricity output increased by 7% YoY to 14.2 TWh, thanks to installed capacity growth over the past 12 months (+428 MW) and an increase in the average load factor to 29%, an industry leading figure.
9M13 revenues increased 7% YoY to €1,003 million, driven by higher electricity output and a better average selling price. EBITDA improved 5% YoY to €708 million, and EBIT climbed by the same amount, given the 5% growth in assets’ net depreciation and amortisation.
Reported net profit in the period increased 10% YoY to €102 million, while adjusted net profit rose 5% to €98 million (adjusted for non-recurrent events, Forex differences and capital gains).
Operational cash flow in the first nine months of 2013 grew 7% YoY to €570 million. Net debt decreased by €112 million vs. December 2012.
Some of the key highlights for the period included the completion of the sale of a minority stake and shareholders’ loans in wind farms in Portugal (generating €368 million) and the structuring of two additional asset rotation transactions with Fiera Axium and Axpo Group, not yet accounted. EDPR’s asset rotation program already yields a total of €620 million (4 deals signed).
As part of the company’s solid strategic agenda, it has secured 1,000 MW of new PPAs year to date in the US.
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 principal 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).