EDP Renewables (EDPR) has announced that its electricity output increased by 18% year over year to 5.2 TWh in the first quarter (Q1) as a result of capacity growth (619 MW) over the last 12 months and an increase in the average load factor to 34%.
The company's Q1 revenues increased 22% to 346 million euros, and earnings before interest, taxes, depreciation and amortization (EBITDA) grew 20% year over year to 263 million euros, resulting in a 76% EBITDA margin. Earnings before interest and taxes (EBIT) increased 47% year over year.
EDPR's profit in the period increased by 26% year over year to 62 million euros, which the company says mainly reflects the recurring performance at the operating level. Compared to the first quarter of 2011, EDPR's bottom line benefited from the extension of projects' useful life but was partially offset by the introduction of deferred tax accounting in the U.S., the company explains.
EDPR's operational cashflow grew 17% year over year to 202 million euros, which covered 55 million euros of capital expenditures. This growth represents 77% of the first quarter's EBITDA.
This year, EDPR plans to add 500 MW of projects with above-average selling prices and premium load factors, to close the year with a total installed capacity of 8 GW. EDPR says it will continue to focus on efficient operations through high technical availability and low operating and maintenance costs, and on reinforcing its presence in current growth platforms in central and eastern Europe, and Brazil.