Cash-flow statement

In 2011, EDPR generated an Operating Cash-Flow of 643 million euros, delivering a 13% growth YoY, clearly demonstrating the recurrent cash generation capabilities of the operating assets.

Given the capacity expansion plan of the Company, capex remained above the cash-flow generation, leading to a Net Debt increase of 616 million euros in the period. It’s important to highlight that the Operating Cash-Flow already covers 77% of the period capex vs. 40% in 2010.

The key cash-flow items that explain the 2011 cash evolution are the following:

  • Funds from Operations resulting from EBITDA after net interest expenses, income from associates and current taxes increased 13% YoY;
  • Operating Cash-Flow, including non-cash items adjustments and net of changes in working capital, amounted to 643 million euros (+13% YoY);
  • Capital Expenditures totalled 829 million euros: 364 million euros related to the conclusion of new installed MW; while 466 million euros were assigned to capacity under construction and under development. The 2011 capex decreased by 41% YoY explained by the lower capacity additions in the period and lower unitary cost.

  • Other Investing activities amounted to 260 million euros, which encompasses: I) financial investments/divestments (237 million euros), including the acquisition of a 20% additional stake in Genesa for 231 million euros (2Q11) and the divestment of the financial stakes in two wind farms from which EDPR cashed-in a total 26 million euros; and II) other payments which total 23 million euros;
  • Monetization of tax credits (144 million euros) includes two Institutional Partnership agreements for 198MW in the US;
  • Forex & other (157 million euros) include the financing of newly installed capacity in the ENEOP consortium in Portugal through shareholder loans and the forex translation (-52 million euros) mostly related to EDPR’s debt in US Dollars.