REVENUES INCREASED 6% TO 1.4 BILLION EUROS
In 2013, EDPR registered another year of record performance, with Revenues increasing to 1,356 million euros, mainly driven by the 8% increase in electricity generation. EDPR’s average selling price decreased 2% as the result of the lower average selling price in Europe; however, the decrease was partially offset by the higher average selling price in the US and Brazil along with a higher production mix towards Europe.
EBITDA OF 947 MILLION EUROS
EBITDA improved 1% to 947 million euros, representing a 70% EBITDA margin. EBITDA grew despite the negative cumulative impact of 71 million euros related to all 2013 Spanish regulatory changes, including a 17 million euros adjustment on sales, related to theframework (RDL 9/2013) that was announcedin July 2013 and pending approval.
NET PROFIT INCREASED 7% TO 135 MILLION EUROS
The positive year over year growth in Net Profit highlights EDPR’s ability to transform strong operational metrics into quality bottom-line metrics.
Operating Cash-Flow increased 5% to 700 million euros, which more than covered the Capex expenditure of the year.
In 2013, EDPR concluded the sale of a minority equity stake and shareholders’ loans in wind farms in Portugal to CTG, and executed a sale of a minority equity stake in the US with Fiera Axium, for a combined total of 402 million euros. In October 2013, EDPR structured an additional asset rotation transaction with Axpo Group for a portfolio of wind farms in France. The financial close occurred during the first quarter of 2014.
Capital expenditures (Capex) totalled 627 million euros reflecting the capacity additions and the capacity underconstruction. Moreover a cash grant for 120 million dollars was collected in the US. As a result of the robust cash flow, execution of the asset rotation strategy, and close monitoring of expenditures, Net Debt decreased by 23 million euros.
STRONG BALANCE SHEET
Execution of the asset rotation strategy primarily helped increase EDPR’s total equity by 340 million euros to reach 6.1 billion euros.
Total liabilities decreased 531 million euros to 7.0 billion euros. This decrease was mainly driven by lower financial debt and a decrease in accounts payables.
Total assets of 13.1 billion euros are 190 million euros lower versus last year, mainly due to the depreciation of the US Dollar.