Financial performance

Record 1 billion euros Revenues

In 2011, EDPR revenues surpassed 1 billion euros for the first time, having increased 13% in comparison with 2010. This performance is explained by a 17% electricity output growth, on the back of higher capacity in operation and stable net capacity factors, and by a pricing stability as a result of a low risk portfolio with 90% of the capacity under long-term contracts and stable regulatory frameworks.

+12% EBITDA in 2011

EBITDA increased by 12% year-on-year, following the operating growth, although negatively impacted by a weaker US Dollar and Zloty throughout the year (-16 million euros at EBITDA level).

Net Profit up to 89 million euros

Net Income in 2011 increased by 10% year-on-year to 89 million euros, reflecting the operating performance in the period, the extension of the projects’ useful life and non-recurrent items.

Solid Cash-Flow conversion

Cash-flow from operations continues to deliver a strong growth of 13% year-on-year, clearly demonstrating an increased cash-flow generation capability of the existing assets.

“Solid Operating Cash-Flow generation reflects EDPR’s wind farms high quality”

Rui Teixeira, Chief Financial Officer (CFO)

Capex in 2011 was 829 million euros, reflecting the execution of the ongoing capacity expansion plan. The 2011 capex decreased by 41% year-on-year explained by the lower capacity additions in the period and a lower unitary cost.

Robust Balance Sheet

Total assets increased to 13.1 billion euros following the increase in PP&E given the capex incurred in the period.

Liabilities evolution reflects the 2011 operating and financial investments, mostly funded through Cash-Flow from operations, project finance and institutional partnerships in the US.