EDP Renewables 1H 2017: revenues increase to €988 million

edpr news

EDP Renewables 1H 2017: revenues increase to €988 million

Wednesday 26, July 2017

EDP Renewables 1H 2017: revenues increase to €988 million, while EBITDA reaches €719 million euros (both +11% YoY)

The operating portfolio, spread over 11 countries, now amounts to 10.4 GW.

Madrid, 26 July 2017: 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 that, as of 30 June, the company managed an operating portfolio totalling 10.4 GW spread over 11 countries, of which 10.1 GW were fully consolidated and 356 MW equity consolidated. Over the last year, EDPR added 707 MW to its installed capacity (428 MW in the US, 200 MW in Mexico and 79 MW in Europe).

Between January and June of 2017, EDPR has supplied 14.5 TWh of green electricity (+9% YoY), avoiding 12 mt of CO2 emissions. The increase in production benefitted mainly from the capacity additions (+8% YoY average capacity) along with an average wind resource. The achieved load factor in 1H17 was 34%.

Financial results

EDPR posted total revenue of €988 million in the first half of 2017 (+11% YoY). The average selling price in 1H17 reached €60/MWh (stable YoY), reflecting a higher selling price in Europe (+4% YoY), a stable price in North America and a lower average selling price in Brazil (-16%).

EBITDA was up 11% YoY to reach €719 million, thanks to higher YoY production and despite the increase in other operating costs (which includes levies). This was mainly as a consequence of the higher capacity now in operation. EBIT increased to €459m (+30% YoY), as a result of lower depreciation and amortization costs, including impairments and net of government grants.

Depreciation and amortization decreased 12% YoY, reflecting EDPR’s change in depreciation schedule from 25 to 30 years, which offsets the negative impact from the higher capacity in operation.

Net profit between January and June amounted to €134 million, while adjusted net profit was up 16% YoY to reach €122 million (non-recurring items: 1H16 -€47m; 1H17 +€12m, including impacts from the updated depreciation and amortization schedule).

Operating Cash-Flow totalled €535 million (+13% YoY) reflecting mainly EBITDA performance. In June 2017 net debt totalled €3,130 million (+€375 million vs December 2016) and while Institutional Partnership Liabilities decreased to €1,129m (-€391 million vs December 2016).

| About EDP Renewables (EDPR) | 
EDP Renewables (Euronext: EDPR) is a global leader in the renewable energy sector and the world’s fourth-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 12 markets (Belgium, Brazil, Canada, France, Italy, Mexico, Poland, Portugal, Romania, Spain, the UK and the US). Energias de Portugal, S.A. (“EDP”), the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation and sustainability. EDP has been a Dow Jones Sustainability Index for eight consecutive years.

For further information, please visit www.edpr.com