During the first quarter of the year, EDPR’s revenues reached 284 million Euros, showing an increase of 17% while EBITDA margin remained stable at 77% underpinning a 19% rise in EBITDA to 220 million Euros. Net income grew 16% to €49 million, reflecting the company’s strong operational efficiency.
Cash flow, registered at €173 million, represented a year-on-year increase of 18%, confirming the quality of the wind farm portfolio and permitting a €0.2 million reduction of debt.
This quarter was especially important for EDPR thanks to the acquisition in March of Caja Madrid’s 20% minority participation in GENESA for €231 million (to be paid in Q2 2011). Following this acquisition, EDP controls 100% of the company, strengthening its position in the Spanish market. At the end of 2010, Genesa had 1.7 GW in installed wind power capacity and 50 MW under construction. EDPR expects to close 2011 with a diversified portfolio of assets under management totaling 7.5 GW.