EDP Renewables Q1 2015 results
Madrid, 6th May 2015: EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer, today announced that in the Q1 ‘15, EDPR delivered 5.8 TWh of clean electricity vs. 6.1 TWh in the Q1 ‘14, mainly due to the lower wind resource in the period, which negative impact was more than offset by higher prices YoY (+15% vs. Q1 ’14) contributing to the positive evolution to the financial performance in the period.
As of March 2015, EDPR manages a global portfolio of 9.0 GW installed capacity spread over 10 countries, which increased by 456 MW in the last 12 months. Currently EDPR has 601 MW of wind onshore projects under construction: 399 MW in the US, 120 MW in Brazil and 82 MW in Europe.
In the period revenues totalled €418m (+10% vs. Q1 ‘14), mainly supported by the higher selling price (+€22m) and forex translation (+€30m, mostly US) that offset the negative impact from lower volumes (-€16m).
The average selling price in the period (€65/MWh) was 15% higher YoY, benefiting from an increase in the average selling price across all platforms. In Europe, the increase in the average selling price (+8%) was mainly explained by the increase in the Spanish pool price, while in North America the 10% (in USD) increase in price follows the evolution of PPA prices (+2% YoY) and benefits from the active management of sales from the output without long-term contracts with the realised price increasing 71% YoY.
EBITDA increased by 10% YoY to €319m (76% EBITDA margin), reflecting the positive impact from the top-line and stable Operating Costs per average MW in operation.
EBIT increased 9% YoY to €195m, as a result of the EBITDA performance and the 12% YoY increase in depreciation and amortisation costs.
All in all, Net Profit increased 7% YoY to €70m.
In the Q1 ‘15, the Operating Cash-Flow totalled €220m (+7% YoY), on the back of EDPR’s quality assets and operational excellence. Net investment reached €162m, reflecting the investments made in the period.
During Q1 ‘15, EDPR signed an asset rotation transaction for the sale of a minority stake in a 30MW solar PV power plant, while in April 2015, EDPR cashed-in $348m from the Fiera Axium asset rotation deal signed in Q3 ’14. EDPR has today executed more than 70% of its cumulative asset rotation target of €0.7bn for the 2014-17 period.
Check out the 1Q15 Results Handout.