EDPR posts 2% profit growth in Q1 2020 unaffected by COVID-19

EDP Renovaveis SA (ELI:EDPR) closed the first quarter of 2020 with a net profit growth of 2% on the year, booking EUR 62 million (USD 66.9m), the renewables company said today.

EDPR CEO Joao Manso Neto commented that the crisis caused by the COVID-19 pandemic had no impact on the company’s results for the first trimester.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were down by 12% to EUR 340 million, while earnings before interest and taxes (EBIT) dropped by 17% to EUR 195 million.

Revenues slipped to EUR 487 million, down 7% as higher selling prices, favourable impact of foreign exchange rates and other earnings could not offset the negative effects of lower installed capacity and wind resource.

Net financial expenses amounted to EUR 80 million, compared to EUR 96 million in the first quarter a year earlier, as a result of lower debt and lower average cost of debt.

EDPR generated 7,761 GWh of electricity, down by 8% year-on-year, in January through March. During this period, the company closed the sale of the 137-MW Babilonia wind farm in Brazil.

EDPR concluded the first quarter with a portfolio of 11,226 MW of operating assets, of which 10,676 MW were fully consolidated with 550 MW being equity stakes in Spain and the US.

Since March last year, EDPR built 827 MW of capacity, including a 278-MW solar portfolio in the US in which it owns a 50% stake. At the same time, it sold 1.3 GW of assets and decommissioned an 18-MW wind farm in Spain for repowering, making the total portfolio slimmer by 484 MW in annual terms.

As of March 2020, the company had around 1.3 GW of capacity under construction, split between 964 MW of onshore wind projects and 330 MW of offshore wind in which EDPR has equity interest.

(EUR 1.0 = USD 1.079)

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