EDP Renováveis lowers profit by 26% to 255 million euros

EDP Renováveis made 26% less profit in the first half of this year, marked by the pandemic crisis, recording a net profit of 255 million euros. In the same period last year, the company had generated profits of 343 million euros.

“At the bottom line, net profit summed €255m (-26% YoY) mainly driven by lower EBITDA,” the company reveals in a statement sent this Thursday morning to the Securities Market Commission (CMVM).

The company’s EBITDA – earnings before interest and taxes – fell 18% to 793 million euros.

EDP Renováveis’s revenues fell 9% to 913 million euros, “where impact from capacity MW (-€79m YoY; including Sell-down transactions) and wind resource (-€52m YoY) were not offset by higher avg. selling prices (+€22m YoY) along with positive impact from forex translation and others (+€16m YoY),” explains the company led by Rui Teixeira.

Operating costs rose by 4% to 309 million euros.

EDP Renováveis had at the end of the first half of this year a portfolio of operating assets of 11.4 GW, with an average life of 9 years, “of which 10.9 GW are fully consolidated and 550 MW are consolidated by equity (minority interests in Spain and the US)”. The company says it produced 14.7 TWh of clean energy, a drop of 9% compared to the first half of 2019.

The company’s net debt increased by 224 million euros to 3,027 million euros. This evolution reflects “on the one hand, cash generated by assets and, on the other hand, investments made in the period and foreign exchange transactions.”