EDP Renewables operational cash flow up 25% YoY to €491 million
Madrid, 26 October 2011: 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 the first nine months of 2011, electricity output increased by 22% YoY to 12.0 TWh. Over the last 12 months, the company increased its installed capacity by 953 MW, of which 604 MW were added between January and September 2011 (around 75% of expected additions for FY 2011). Year on year, EDPR was able to maintain system-wide load factors of 28%, one of the highest in the industry, underlining the quality and diversification of its operational portfolio. By geographical markets, load factors reached 25% in Europe, 31% in the USA and 34% in Brazil.
9M 2011 revenues and EBITDA both grew 16% in line with strong operating growth, with an EBITDA margin of 71%. Revenues totalled €769 million on strong electricity output increases in the USA ( 28% YoY) and Europe ( 14% YoY) and a stable top-notch load factor of 28%.
Net profit for the first nine months of 2011 was €63 million, 2.8 times higher the €22 million registered for the same period last year. The bottom-line benefited from strong operating growth and higher asset useful life. Operational cash flow grew 25% YoY to €491 million in 9M11 and covered 95% of 9M capex.
Over the last 12 months, EPDR’s portfolio saw a turnaround with improved portfolio risk and continued commitment to high quality projects. The company’s consistent funding strategy has enabled it to keep cost of capital under control, with low refinancing risk and multiple sources of funding. Operating cash-flow is expected to continue to rise on the back of the capital invested in projects with strong remuneration visibility, above average prices and good load factors.