EDP Renewables (EDPR) has announced that revenues for the 1Q19 amounted to €521 million (-1% YoY) as a result of lower wind resource, versus an outstanding wind resource in the 1Q18, and 10-year PTC expected discontinuity, with both effects being mitigated by higher capacity in operation, higher average selling price and positive forex translation.
Other operating income amounted to €25m (+€13m YoY), with YoY evolution reflecting mainly the additional gains (+€10m) from the Dec-18 sale of 80% stake, in a 499-MW portfolio in North America, and materialised in the 1Q19.
Reported EBITDA for 1Q19 totalled €385m (+1% YoY), and EBIT reached €233m (vs €252m in 1Q18). Net Financial Expenses increased to €96m (vs €53m in 1Q18) with YoY comparison impacted by the €15m gain accounted in 1Q18 from the sell-down of a stake in a UK offshore project and by €7m from the treatment of new leases under IFRS16 in the 1Q19, along with higher average debt and interest rate given the different currency mix. Non-controlling interests in the period totalled €40m, decreasing by €23m YoY as a result of top-line performance of wind farms. At the bottom line, Net Profit came to €61m (vs €94m in the 1Q18).
As of 31 March 2019, EDPR managed a global portfolio of 11.7 GW spread over 11 countries, 11.3 GW of which were fully consolidated and 371 MW were equity consolidated (equity stakes in Spain and the US). Over the last twelve months, EDPR’s portfolio increased by 703 MW, namely 318 MW in North America, 249 MW in Europe and 137 MW in Brazil. In the 1Q19, EDPR built 62 MW, all in Europe, namely 47 MW in Portugal and 15 MW in France, and initiated the dismantling and repowering of a 24 MW wind farm in the north of Spain, resulting in +38 MW YTD. As of March 2019, EDPR had 684 MW of new capacity under construction.
