edpr news

EDP Renewables 9M19: EBITDA reaches €1,218 million euros (+40% YoY)

Wednesday 30, October 2019

Revenues grew to €1,364 million (+10% YoY), while net profit reached €342 million (+197%);
EDPR delivered 21.9 TWh of clean electricity, +10% YoY and avoiding 15 mt of CO2 emissions. 

Madrid, 30 October 2019: EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and one of the largest wind energy producers in the world, announced today its results for the first nine months of 2019.

At 30 September, the company managed an operating portfolio totalling 10.8 GW, of which 10.4 GW are fully consolidated and 411 MW equity consolidated (Spain and US). In the 9M19 period, EDPR built 344 MW, of which 145 MW are located in Europe and 199 MW in the US, and initiated the repowering of 24 MW in Spain.

By the end of the third quarter of the year, EDPR had 1.2 GW of capacity under construction, of which 834 MW related to onshore wind and 330 MW to equity participations in offshore projects.

In the 9M19 period, EDPR produced 21.9 TWh of clean electricity (+6% YoY), avoiding 15 mt of CO2 emissions being released. The YoY performance has benefited from the capacity additions over the last 12 months, along with a stable wind resource (30% in 9M19), which has offset the de‐consolidation of the European sell‐down transaction in July 2019.

The company’s operating performance is in line with the forecasts contained in its strategic plan and the company continues to post robust growth and to deliver on its sell-down strategy.

Financial results

EDPR posted total revenues of €1,364 million in the first nine months of 2019 (+10% YoY) as a result of a higher average EBITDA/MW (+3% YoY; +€46m YoY), a higher average selling price (+5% YoY; +€49m YoY), the positive impact from forex translation (+€34m YoY) along with the 10‐year life PTCs scheduled for expiration (‐€27m YoY).

Other operating income amounted to €276m (+€211m YoY), with the YoY figure reflecting the gains (+€226m; updated at closing) from the sell‐down of a 997 MW portfolio (491 MW net for EDPR), announced in April 2019 and closed in July 2019.

EBITDA was up 40% YoY to €1,218m, reflecting top-line growth and higher efficiency. EBIT increased to €784m (+€312m YoY) as a result of the lower depreciation and amortisation costs. Net profit between January and September stood at €342 million.

Net Profit amounted to €342m (vs €115m in the 9M18). Non‐controlling interests in the period totalled €113m, down by €1m YoY as a result of the top‐line performance of wind farms and from the deconsolidation of the European portfolio sell‐down in 3Q19.

As of September 2019, Net Debt totalled €3,058m (‐€2m vs Dec‐18) which reflects cash generated from assets, the closing of a sell‐down transaction in Europe and the establishment of a Tax Equity deal in December 2018 related to US assets.

2019 is turning out to be a record year for EDPR in terms of making new investments, as it has already secured 70% of the 7GW target capacity  laid out in its 2019-2022 Business Plan.