EDP Renewables FY 2011: Ebitda up by 12% to 801 million Euros on revenues of 1,069 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 2011 electricity output increased by 17% to 16.8 TWh. Over the last 12 months, the company increased its installed capacity by 806 MW ( 12%) to a total of 7.5 GW, with a strong focus on new markets (Brazil, Poland and Romania) which represented over 40% of the newly installed capacity. For 2011, EDPR was able to maintain system-wide load factors of 29%, one of the highest in the industry, underlining the portfolio’s superior profitability. By geographical markets, load factors reached 25% in Europe, 33% in the USA and 35% in Brazil.
FY 2011 revenues rose 13% to €1,069 million, based on a strong electricity output increase (17% YoY), leading to higher electricity sales ( 16% YoY), a slower pace of Institutional Partnership Revenues (YoY 4%) and an unfavourable forex evolution.
EBITDA grew 12%, reaching 801 million Euros for 2011, in line with strong operating growth, with a constant EBITDA margin of 75%. EBIT figures show a high growth of 20% to reach 247 million Euros, reflecting top-line performance, non-recurrent revaluations and write-offs and the extension of assets’ useful life. Net profit for the FY 2011 was €89 million, up 10% on 2010.
Operational cash flow grew 13% YoY to €643 million in FY 2011, representing 80% of 2011 EBITDA, which showcases EDPR’s capability to convert financial results into cash generation and its ability to fund growth from cash, which now covers around 80% of annual capex.
At end 2011 EDPR’s debt structure was 92% fixed, with almost 80% of debt maturing after 2018, matching the company’s business model with its cash flow profile.
EDPR will continue to focus on projects with top-line visibility, above-average prices and high wind resources, applying a selective growth strategy to improve portfolio metrics in 2012 and 2013. EDPR targets to add 500MW of generating power in 2012 in top quality projects.