EDP Renewables announces 2010 EBITDA up by 31% to ? 713 million

EDP Renewables (EDP Renováveis), the world’s third-largest wind energy producer, announced that an additional 1.1 GW of capacity had been installed during 2010, a 20% growth reaching a total of 6.7 GW worldwide.

The company’s electricity output rose by 32%, reaching 14.4 TWh. EDPR was able to maintain system-wide load factors of 29%, one of the highest in the industry, underlining the quality and diversification of its operational portfolio. Gross profit rose by 31% to € 948 million in 2010, in line with electricity output and price stability.

The EBITDA margin, stable at 75%, reflecting operational efficiency, supported a 31% growth in EBITDA to € 713 million. Financial expenses totalling € 174 million, on the back of debt increase to fund capacity growth and controlled funding costs at 5.2% fixed rate, on debt denominated in Euros, US Dollars, Polish Zloty and Brazilian Reals. Net profit for the full year 2010 ended at € 80 million.

Cash from operations rose 45% to € 567 million, reflecting the cash generating capabilities of the existing assets. Operational cash flow, combined with tax credit monetisation in the US of € 398 million, totalled approximately 70% of the € 1.4 billion capex programme in 2010.

At present, EDPR already has a further 649MW under construction, of which 480 MW are in Europe, 99 MW in the USA and 70 MW in Brazil. In the course of 2011, EDPR expects to be adding 800-900 MW in total to installed capacity.