EDP Renováveis increases profit to 342 million euros
In the first nine months of the year, wind power led by João Manso Neto recorded a net profit 197% higher than that achieved in the same period last year.
EDP Renováveis made 342.3 million euros between January and September. The increase in installed capacity, prices and exchange rates, together with the sale of the group’s assets, led wind power to threefold the net profit compared to 115 million euros recorded in the same period last year.
Because of higher capacity (by 3%), higher average selling price (by 5%), positive exchange rate impact (by 34 million), higher wind resources (by 11 million more than in the same period last year) and “the expected term of the ten-year PTCs of certain tax equity structures” (by 27 million), “revenues increased to 1,364 million euros”, or 10% more than in the same period last year, explains EDP Renováveis in a statement sent to the Portuguese Securities Market Commission (CMVM).
The company led by João Manso Neto also points to 276 million euros of “other operating gains,” with the “annual comparison reflecting the additional gains (plus 226 million euros; updated at the close of the transaction) related to the sale of the stake in a portfolio of 997 MW (491 MW net for EDPR)”. Operating costs decreased by 3% to 422 million.
“The net result was 342 million euros,” the company says. EBITDA – earnings before interest, taxes, depreciation and amortization – grew 40% to 1,218 million euros.
“Non-controllable interests in the period were 113 million euros, down by one million euros from the first nine months of 2018 because of the operational performance of such wind farms and the unconsolidated of the European portfolio sold in the third quarter of 2019,” the company adds.
EDP Renováveis’ net debt fell from December last year to 3,058 million euros at the end of September.
