1Q 2012 revenues increased 22% to €346 million, outpacing volume growth given the sustained increase of the average selling price in the period. EBITDA grew 20% YoY to € 263 million, which resulted in a 76% EBITDA margin. EBIT increased 47% YoY as a result of the solid operating growth and the extension of the useful life of EDPR’s operating assets to 25 years (introduced in the 2Q 2011).
Net profit in the period increased 26%YoY to €62 million, mainly reflecting the recurring performance at the operating level. In comparison with 1Q 2011, the bottom-line benefited from the extension of the projects’ useful life, but was partially offset by the introduction of deferred tax accounting in the US.
Operational cash flow grew 17% YoY to €202million in 1Q 2012, which covered€55 million of Capex. This growth represents 77% of 1Q 2012 EBITDA, proving company’s capability to convert financial results into cash generation.
In 2012, the company plans to add 500 MW of high quality projects with above-average selling prices and premium load factors, to close the year with total installed capacity of 8 GW.EDPR will continue to focus on efficient operations through high technical availability and low operating & maintenance costs, and on reinforcing its presence in current growth platforms: Central/Eastern Europe and Brazil.
