EDP Renováveis Results, 9M 2017

Page created: Tuesday, 31 October 2017 14:42GMT

Report:  31 October 2017 - 28 Page(s)
EDP Renováveis   PSI 20   Results 2016  Results Q3

•EDPR managed, by Sep‐17, a global portfolio of 10.7 GW spread over 11 countries, of which 10.3 GW fully
consolidated and 331 MW equity consolidated (equity stakes in Spain and US). Over the last year, EDPR portfolio
increased by 917 MW, of which 90 MW in Europe and 827 MW in North America.
•EDPR produced 19.8 TWh of clean electricity (+10% YoY), avoiding 16 mt of CO2 emissions. The increase in
production benefitted mainly from the capacity additions (+8% YoY average capacity) with higher expected load
factor. The achieved load factor in the 9M17 was 30% (vs 29% in the 9M16), representing 99% of the long‐term
average (P50). In the period, EDPR maintained high level of technical availability (97.8% vs 97.7% in the 9M16),
denoting its distinctive core competences.
•The average selling price in the 9M17 totalled €61/MWh (+1% YoY), reflecting a higher selling price in Europe
(+4% YoY) and Brazil (+19% YoY) along with a stable price in North America. Revenues totalled €1,346m (+11%;
+€135m YoY) and Core Opex per average MW in operation was €31k (‐2% YoY), as a consequence of EDPR’s
control over costs and O&M programs in place.
•In the 9M17 reported EBITDA totalled €991m (+17% YoY; +€144m YoY), benefitting from the positive evolution of
the top line and higher Operating income, which includes a gain (€29m) subsequent to the sale of a stake and loss
of control of UK offshore project. EBIT increase to €606m (+50% YoY; +€202m YoY), also as a result of lower
depreciation and amortization costs, including impairments and net of government grants. Depreciation and
amortization decreased 13% YoY reflecting EDPR change in depreciation schedule from 25 to 30 years, which
offsets the negative impact from higher capacity in operation