EDP Renewables 1H 2016: revenue up to €889 million

EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and one of the largest wind energy producers in the world, announced today that at 30 June the company managed an operating portfolio totalling 9.7 GW spread across 10 different countries. Over the last six months, it has successfully added 84 MW to its existing installed capacity. At the close of June, the company had 656 MW under construction, distributed as follows: United States, 429 MW; Mexico, 200 MW; and Europe, 28 MW.

Between January and June of 2016, EDPR has supplied 13.3 TWh of green electricity, up 23% on the 10.8 TWh reported in the same period of 2015.

Financial results

EDPR posted total revenue of €889 million in the first half of 2016 (+15% YoY) on the back of the increase in installed capacity and a higher load factor, both offsetting the drop (-7%) in average selling price during the first six months.

EBITDA was up 18% YoY to reach €648 million in response to solid revenue performance and the drive to control costs, while EBIT gained €61 million (reflecting revenue growth) to reach €354 million.

Net profit between January and June reduced to €59 million (-15% YoY), while adjusted net profit was up 9% YoY to reach €78 million. In like for like terms and excluding these one-off events, net profit shows positive year-on-year performance that will be further strengthened by the reduction in the cost of debt.

Retained cash flow totalled €385 million in the first half of 2016 (+34% on the same period of 2015), while net debt fell to €3,300 billion (shedding €400 million in the year to date).

According to João Manso Neto, EDP Renewables CEO: “We have had an excellent start to the year, giving us a clear view of what lies ahead in ensuring the successful implementation of our 2016-2020 business plan. Once again, we can show the market that our vision and model are on target”.

“Our decisions are based on three main pillars: asset quality, selective and profitable growth and self-funding; the three keys to EDPR’s ongoing success”.