EDP Renewables announced that revenues for the first quarter amounted to €508 million (+22% on the same period last year). The increase in revenues benefitted mainly from the higher capacity in operation and the outstanding load factor.
EDPR reported net profit of €75 million in the first quarter of 2016, an increase of 32% on the first quarter of 2015.
EBITDA increased by +29% YoY to €379 million, representing an EBITDA margin of 75%, reflecting the positive impact from the top-line and the 2% decrease in operating costs per average MW in operation.
EDPR recognised EBIT of €232 million between January and March, representing a +35% YoY increase. This is the result of EBITDA performance (+29% YoY) and a 19% increase in depreciation and amortisation costs.Net financial expenses increased by €2 million between January and March 2016 (totalling €74 million).
In the first quarter, EDPR’s operating cash flow reached €281 million and net investments reached -€190 million, reflecting the cash-in of the proceeds from the execution of the asset rotation strategy signed in November 2015 (€279 million).
Net debt totalled €3.4bn at 31 March 2016 (-€0.3bn vs Dec-15).
Operating results
As of 31 March 2016, EDPR managed a global portfolio of 9,700 MW spread over 10 countries. Over the last twelve months, EDPR added 672 MW to its installed capacity, of which 398 MW were in the US.
Electricity production increased by 30% on the first quarter of 2015 to reach 7.5 TWh, thanks to the positive effect of new capacity addition and an excellent load factor which stood at 38%, compared to 34% in the first quarter of 2015.
The selling price (€61/MWh) fell 7% YoY, reflecting a different mix of wind farms in operation (higher productions vs prices).
