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EDP Renewables 9M 2015 results: revenues totalled €1.1bn (+16% YoY); EBITDA increased to €782m

EDP Renewables 9M 2015 results: revenues totalled €1.1bn (+16% YoY); EBITDA increased to €782m

Revenues totalled €1.1bn (+16% YoY); EBITDA increased by 22% YoY to €782m with an EBITDA margin of 72%. The company’s installed capacity has reached 9.2 GW spread over 10 markets.

Madrid, 28 October 2015: EDP Renewables, a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer, today announced that, as of 30 September 2015, EDPR managed a global installed capacity portfolio of 9.2 GW spread over 10 countries. Over the last 12 months, EDPR added 616 MW to its installed capacity, of which 70% is located in the US.

In the 9M’15, EDPR delivered 15.0 TWh of clean electricity vs. 14.4 TWh in the 9M’14, with the positive effect from capacity additions (+1.1 TWh) more than offsetting the lower wind resource vs. 9M’14.

Revenues totalled €1.1bn in the period (+16% YoY), increasing by +16% YoY, of which +4% YoY is explained by the higher volumes (+€37m YoY), +3% YoY by higher selling prices (+€31m YoY) and the remaining +9% YoY on the back of forex translation (+€80m YoY, mostly USD).

The average selling price in 9M’15 increased 10% YoY to €65/MWh, benefitting from an increase in the average selling price across all platforms.

EBITDA increased by +22% YoY to €782m with an EBITDA margin of 72%. The 9M’15 EBITDA had a positive impact of c.€40m from non-recurring events (vs. +€1m in the 9M’14) mainly driven by the gain (€102m) subsequent to the control acquisition of certain assets from ENEOP and €65m of write-offs following a strict focus of development efforts in regions with sound business fundamentals. EBIT in the 9M’15 totalled €374m (+22% YoY), as a result of the EBITDA evolution and the €76m increase in depreciation and amortisation costs.

In the period January-September 2015, EDPR reported Net Profit of €100m (vs. €53m in the 9M’14), while Adjusted Net Profit increased 19% YoY to €62m.

Operating Cash-Flow reached €536m (vs. €549m in 9M’14), higher than the net investments in the period (€323m) and the change in accounts payable to PP&E suppliers (€127m). In the 9M’15, EDPR cashed-in $160m from institutional tax equity financing structures and signed, in Oct-15, an additional institutional partnership for $240m.