SHARE PAGE

X

EDP Renewables FY 2013: revenues are up 6% YoY to €1,356 million; net profit increased 7% YoY to €135 million

EDP Renewables FY 2013: revenues are up 6% YoY to €1,356 million; net profit increased 7% YoY to €135 million

The company proposes a dividend distribution of €0.04 per share (26% pay-out)

EDP Renewables (EDP Renováveis, Euronext: EDPR), a global leader in the renewable energy sector and the world’s third-largest wind energy producer, announced today that its electricity output increased by 8% to 19.9 TWh in 2013. Over the last 12 months, the company raised its installed capacity by 502 MW to a total of 8.5 GW. In 2013 EDPR was able to maintain a record system-wide load factor of 30%, one of the highest in the industry, which, together with the portfolio’s 97.7% technical availability confirms the quality of the assets and better profitability. By geographical market, load factors reached 28% in Europe, 32% in the US and 31% in Brazil.

FY 2013 revenues increased 6% to €1,356 million, based on: the asset quality with the highest load factors in the market, a strong electricity output increase (8% YoY) and lower average selling prices (-2% YoY).

Despite the impact of regulatory changes in Spain, the company registered very resilient EBITDA, seeing growth of 1% to €947 million for 2013. By platform, the main contributor to EBITDA was the United States, followed by Spain and Portugal, which is evidence of the geographical diversification of the portfolio.

Net profit for FY 2013 was €135 million, up 7% on 2012, and EDPR proposes a dividend pay-out of 26%, i.e. €0.04 per share. Operational cash flow rose 5% YoY to €700 million in FY 2013, which is once again proof of EDPR’s ability to convert financial results into cash flow generation, all the more relevant in terms of a portfolio which is only 4.7 years old. Operational cash flow exceeds annual Capex for the second year running (€627 million for 2013).

At 2013 year end, EDPR’s net debt had been reduced by €23 million, as had the interest costs which fell 3%.

In 2014 EDPR will focus on selective growth based on the execution of PPA projects in the US, the cornerstone of the company’s future performance and in which it has already secured +980 MW of profitable PPAs for the 2014-16 period. EDPR will also start its first wind and solar power projects in California in 2014.

Europe will continue to offer low risk growth opportunities in Portugal (ENEOP program), Italy, France and Poland.

EDPR’s overall growth strategy will be based on three pillars: quality assets delivering increased profitability, selective and profitable growth and a self-funding business model.

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 majority 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).