Total assets in 2012 totaled 13.3 billion euros, of which c. 79% are related to net property, plant and equipment (PP&E) reflecting the cumulative net invested capital in renewable energy generation.

Total net PP&E increased to 10.5 billion euros (+82 million euros), mainly following the new additions in the period, and negatively impacted by the annual depreciation charges relating to the operating assets, the weaker US Dollar, and disposals and write-offs.

11.3 billion euros invest ed in 7,597 MW

Total gross invested capital related to renewable energy assets in operation, work in progress related to assets under construction, pipeline and excluding investment grants received amounted to 11,318 million euros.

Net intangible assets mainly includes the goodwill registered in EDPR’s books in the US and Spain while accounts receivable are mainly related to loans to related parties trade receivables, guarantees and tax receivables.

Equity increases by 285 million euros

Total equity at year-end of 5.7 billion euros increased by 295 million euros during the year, essentially from the sale of non-controlling interests of 179 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% of financial debt (3.9 billion euros) and c. 12% from liabilities related to institutional partnerships (0.9 billion eruos).

The institutional partnership stood at 942 million euros. Deferred revenues from institutional partnerships represent the noneconomic liability related to the tax credits already benefited by the institutional investor and to be recognized in the P&L through the useful life of the wind farms.

Deferred Tax liabilities to the amount of 381 million euros reflects mainly tax effects arising from temporary differences between assets and liabilities on an accounting basis and on tax basis. On the other hand, accounts payable include PP&E suppliers, deferred revenues related to cash grants received and derivative financial instruments.