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EDP Renewables 2013 Annual Report

Cash-Flow Statement

IMPROVED RECURRENT CASH-FLOW

EDPR generated Operating Cash-Flow of 700 million euros, a 5% increase from the prior year. EDPR continues to benefit from the strong cash-flow generation capabilities of its assets in operation.

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The key items that explain 2013 cash-flow evolution are the following:

  • Funds from operations (FFO), resulting from EBITDA after net interest expenses, income from associates and current taxes, increased to 671 million euros;
  • Operating Cash-Flow, this is FFO before net interest costs, adjusted by non-cash items (namely write-offs and income from US institutional partnerships) and net of changes in working capital, amounted to 700 million euros.
  • Capex related to the on-going construction and development works totalled 627 million euros. In Europe Capex reached 387 million euros, almost entirely dedicated to projects in Poland and Romania, while 212 million euros were in North America. A large part of the Capex in the US occurred during the fourth quarter in order to qualify projects for the PTC program. Other net investing activities amounted to 136 million euros, mostly reflecting the settlements to equipment suppliers related to Capex from previous periods and net of the 120 million US Dollars cash grant collected from the US Treasury related with the Marble River wind farm added in 2012.
  • As part of the asset rotation program, EDPR concluded the sale of noncontrolling interests and shareholders’ loans amounting to 402 million euros.
  • Total dividends and capital distributions paid amounted to 76 million euros, which includes the 35 million euros paid to EDPR shareholders.
  • Forex & Others had a negative effect, increasing Net Debt by 20 million euros.

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NET DEBT DECREASES BY 23 MILLION EUROS

All in all, Net Debt decreased versus last year and stood at 3,283 million euros by year end. In line with the self-funded business model and focus on operational excellence, EDPR will continue to benefit from the solid free cash-flow generation capabilities of its assets.

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