Financial performance

 

1.3 billion euros net Revenues

In 2012, EDPR recorded yet another strong performance, having reached 1,285 million euros in Revenues. This 20% year-on-year increase was driven by rising output and higher selling prices. Output increased 10% as a result of the capacity brought into operation along with the recurrent top-quality load factor. The company’s average selling price grew 10%, reflecting the ongoing positive price performance in all of EDPR’s regions and a stronger US Dollar.

EBITDA up to 938 million euros

EBITDA totalled 938 million euros, registering a 17% increase year-on-year, with a 73% EBITDA margin. Excluding non-recurring events in 2012 and 2011 EBITDA would have grown by 23%.

+43% gro wth in Net Prof it

Net Profit in 2012 increased 43%, to 126 million euros while Adjusted Net Profit increases by 32% to 134 million euros (adjusted by the 2012 and 2011 non-recurring events, forex and capital gains). These figures highlight EDPR’s strong ability to transform the high operational efficiency of its fleet of wind farms into quality bottom-line metrics.

EDPR Free Cash-Flow positive

By the year, Operating Cash-Flow increased 4% to 666 million euros, and for the first time exceeded all the capital expenditures of the period. Additionally, EDPR completed two minority stake transactions (with Borealis – already cashed-in – and China Three Gorges), executing one of the pillars of the strategic plan. As a consequence, Net Debt decreased 33 million euros to 3.4 billion euros and the company was for the first year free cash- flow positive.

Capex in 2012 totalled 612 million euros reflecting the 440 MW added in 2012 and the works done in the period for the capacity under construction. As a result of the lower capacity additions in the period, capex decreased 26% from 2011.

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Robust balance sheet

Total assets increased 257 million euros in 2012, to a total of 13.3 billion euros. This change is mainly driven by an increase in noncurrent loans granted to related parties (99 million euros) and an increase in PP&E (82 million euros), given the capex incurred in the period.

Total equity at year-end of 5.7 billion euros increased by 295 million euros during the year, essentially as a result of the sale of non-controlling interests of 177 million euros and the net profit of the period of 126 million euros.

Total liabilities of 7.5 billion euros at year-end 2012, lower versus prior year-end, include c. 51% from financial debt (3.9 billion euros) and c. 12% from liabilities related to institutional partnerships (0.9 billion euros).

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