In the European platform, EDPR delivered a solid 22% year-onyear growth in Revenues to 778 million euros. Revenues from the Rest of Europe division, namely France, Belgium, Poland and Romania already accounts for 24% of total revenues. Spain and Portugal reduced its relative contribution to 57% and 19% respectively.


Revenues performance was driven by higher electricity output and better realised prices. Electricity output increased following the new capacity brought into service in the period (+62 million euros) and a stronger wind resource (+35 million euros), whilst the increase in realized prices (+40 million euros) was driven by price increase in Spain, Portugal and Rest of Europe.


Selling Price

The 2012 average selling price improved by 7% to €94.2/ MWh, as a result of increase in the Rest of Europe, Spain and Portugal. Rest of Europe contributed to this increase with a 12% increase in selling price to €107/MWh, combined with its higher relative contribution of the platform’s output (21% in 2012 vs. 18% in 2011). In Iberia, Spain registered a higher selling price (+6% year-on-year) due to higher hedging prices and higher production sold under the current Feed-in Tariff (RD 661/2007), while Portugal saw prices increase (+3% year-on-year) mostly reflecting the CPI indexation.


Net operating costs increased 51% year-on-year to 144 million euros given the decrease in other operating income (-26% YoY) and the increase in other operating costs (+46% YoY). Other operating cost performance was driven by higher taxes, leases and rents reflecting the solid top-line performance and the payment of the €0.50/MWh grid access fee in Spain, and was also impacted by non-recurrent events (5 million euros) mostly related to write-offs. Other operating income performance was mainly impacted by 32 million euros of asset revaluations in 2012 vs. 52 million in 2011. Supplies and services and personnel costs increased 17% and 7% YoY, respectively, considerable below the top-line evolution (+22% YoY).



EBITDA in 2012 reached 633 million euros improving by +17% year-on-year, on the back of the Revenues performance. The EBITDA margin decreased to 81% impacted by non-recurrent events and the decrease in other income. EBIT increased by 30% YoY to 374 million euros, following the EBITDA growth and the change in the assets’ useful life.