Q1 YoY profits at EDP Renováveis tumble almost 40% to €38M
The Portuguese company informs the market that net income totalled €38 million, "partially neutralised" by lower financial costs and positive tax effects.
EDP Renováveis recorded a profit of €38 million in the first quarter of 2021, a fall of 39% compared to the same period of 2020, according to information sent on Thursday to the Securities and Exchange Commission (CMVM) in Lisbon.
The company headquartered in Madrid and listed on the Lisbon stock exchange informs the market that net income totalled €38 million, “partially neutralised” by lower financial costs and positive tax effects.
Revenues totalled €448 million in the first three months of the year, down 8% from a year earlier.
Earnings before tax, interest, depreciation and amortisation (EBITDA) totalled €269 million, down 21% from the first quarter of 2020.
The company, which had 1,866 employees on 31 March, 21% more than a year earlier, reveals that (net) debt totalled €4.648 billion at the end of March, a 35% increase from the 3.443 billion it had at the end of 2020.
The electric company had at the end of the last quarter a ‘portfolio’ of operating assets of 12.5 GW (gigawatts), with an average life of nine years, of which 11.7 GW fully consolidated and 711 MW consolidated by ‘equity’ (Spain, Portugal, USA, and Offshore).
EDPR (EDP Renováveis) has added a total of 1,870 MW (megawatts) of wind and solar capacity since one year ago, of which 1,782 MW fully consolidated, including the acquisition of Viesgo’s renewable business, 1,025 MW in North America and 105 MW in Brazil.
The company had 2.9 GW of new capacity under construction at the end of the first quarter of the year, of which 2,226 MW of onshore wind, 404 MW of solar capacity and 269 MW of stakes in offshore wind projects.
During the first quarter, EDPR produced 8.1 TWh (terawatts) of clean energy, 5% more than in the same period of 2020, avoiding the production of five megatonnes of CO2 (carbon dioxide) emissions.
EDPR is a subsidiary and 74.98% owned by the EDP Group (Energias de Portugal), operating in the field of renewable energy.
At the end of 2020, the company had reported profits of €556 million, an increase of 17% compared to 2019.
