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EDP Renewables 2013 Annual Report

Brazil

REVENUES

In Brazil, EDPR reached revenues of 70 million reais, representing a 12% increase versus the prior year primarily based on the higher average selling price.

The average selling price in Brazil increased 8% to R$309/MWh, basically reflecting the inflation indexed adjustments in the PPA.

EDPR installed capacity in Brazil is fully under incentive programs for renewable energy development. These programs provide long-term visibility, setting longterm contracts to sell the electricity produced for 20 years, which translates into a stable and visible cash-flow generation throughout the projects’ life.

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OPERATING COSTS AND INCOME

Net Operating Costs increased during the year mainly driven by several non-recurring events in Supplies and Services. All in all, EBITDA was stable at 41 million reais, leading to an EBITDA margin of 59%.

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