DP Renewables (EDP Renováveis, Euronext: EDPR), a global leader in the renewable energy sector and the world’s third-largest wind energy producer, announced that in the first nine months of 2012 electricity output increased by 11% YoY to 13.3 TWh, as a result of the capacity growth over the last 12 months ( 458 MW),an average load factor of 29% and a technical availability of 97.3%,all of which reflect the company’s balanced, high performing asset portfolio.
9M 2012 revenues increased 22% to €936million, outpacing volume growth thanks to the 11% average increase in selling prices in the period. EBITDA grew 23% YoY to €675 million, which resulted in a 72% EBITDA margin. EBIT increased 44% YoY as a result of the solid operating growth and the extension of the useful life of EDPR’s operating assets to 25 years (introduced in 2Q 2011). Profitability per MW in operation rose by 14% to €95.1 thousand (EBITDA/avg MW).
Net debt as at 30 Septemberwas €3.5 billion, only €120 million above 2011 levels, while cost of debt was kept under control having been reduced by 30 bps to 5.3%. The operating cash flow of €532 million, up 8%, clearly exceeded the €504 million of investments in the period (Capex and working capital related with PP&E suppliers).
Reported net profit in the period increased 48% to €92.6 million. On alike-for-like basis, net profit rose 31% when adjusted forthe change in the operating assets’ useful life to 25 years, introduction of deferred tax accounting in the US, forex differences, capital gains, excess of provisions and write-offs/impairments. Such solid performance mainly reflects the higher profitability achieved in the period and the controlled cost of debt.
[mappress]
Press release, November 07, 2012