EDP Renovaveis net profit rises 7% in 2013

Feb 26, 2014 - EDP Renovaveis (ELI:EDPR), the green energy arm of Portuguese power utility EDP (ELI:EDP), reported today a net profit of EUR 135 million (USD 185.5m) for 2013, up 7% year-on-year.

The figure exceeded the projections of analysts with CaixaBI and MillenniumBI.

EDP Renovaveis' revenues rose by 6% in annual terms to EUR 1.356 billion last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 947 million, up 1%. The EBITDA margin fell to 70% in 2013 from 73% in 2012.

Operating costs widened by 18% to EUR 409 million.

Capital expenditures (capex) went up by 2% to EUR 627 million.

EDP Renovaveis had a net debt of EUR 3.283 billion at the end of 2013, down from EUR 3.305 billion a year earlier.

The company's installed capacity hit 8,489 MW at end-2013 with a load factor of 30%. The electricity output totalled 19,903 GWh.

(EUR 1 = USD 1.374)

Choose your newsletter by Renewables Now. Join for free!