EDP Renewables SA · EURONEXT:EDPR
EDP Renewables SA — EDP Renováveis — Q1 2017 Earnings Presentation
21 slides from EDP Renewables SA's earnings presentation, May 3, 2017
Slide 1: EDP Renováveis 1Q17 Results
& renovaveis EDP Renovaveis 1Q17 Results "py May 3rd, 2017 15:00 CET | 14:00 UI</Li www.edpr.com => .
Slide 2: Disclaimer
This presentation has been prepared by EDP Renováveis, S.A. (the "Company“; LEI 529900MUFAH07Q1TAX06) solely for use at the presentation to be made on May 3th, 2017. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound
Slide 3: Agenda
Agenda & renovaveis Highlights of the period i 1Q17 Results Conclusions
Slide 4: Highlights of the period
Se renovaveis Highlights of the period
Slide 5: Quality assets, selective and profitable growth, self-funding business
Quality Selective and Self-funding assets profitable growth business 97.8% availability +702 MW installed YoY €0.3bn Net Debt & TEI increase vs 97.7% in 1Q16; benefitting from annual target of 0.7 GW; +€0.4bn of investments predictive maintenance and O&M strategy 423 MW already under construction +€
Slide 6: 1Q17 Results
Se renovaveis 1Q17 Results
Slide 7: Installed Capacity
Installed Capacity1 YoY Under (EBITDA MW + Equity Consolidated) Additions Construction Rest of +429 MW +278 MW Europe Portugal 15% Brazil 12% 2% +74 MW +18 MW Spain 10.4 GW 23% - +127 MW North America 48% +200 MW - Average Installed Capacity increased +8% YoY +702 MW +423 MW 702 MW added YoY and 423
Slide 8: Load Factor and Technical Availability
Load Factor and Technical Availability EDPR Quarterly Load Factor vs. long-term average (%) 1Q16 1Q17 +7% 1Q17 D% YoY 1Q17 vs. Average (P50) 32% -3.7pp 99% +1% 41% +0.7pp 102% -3% 33% +3.6pp 117% -7% 36% -1.5pp 101% -11% 1Q 2Q 3Q 4Q EDPR Availability1 97.8% +0.1pp Load factor at 36% (vs 38% in 1Q16)
Slide 9: Electricity Production
Electricity Production TWh (TWh) r% YoY Impacted by outstanding wind resource +2% -11% in the 1Q16 (P50 at 113%) vs a normal resource in 1Q17 7.7 7.5 +0.6 (0.4) Impact from capacity additions with +13% above average load factors Reflecting mainly the capacity +170% additions with stronger wind resou
Slide 10: EDPR Price Evolution
EDPR Price Evolution (€/MWh) 1Q17 r% YoY1 •Performance: +2% • Propelled by higher realized price in •Mix: -4% Spain (+14% YoY) -0.5% •Forex: +1% €80.4 +4% • Poland: lower pricing (-12% YoY) due to GC price evolution €60.8 €60.5 • PPA (-1%): different mix profile $47.5 -1% • Non-PPA (-12%): lower REC
Slide 11: Revenues
Revenues Main drivers for Revenues performance (€ million) +4% Quality assets: +8% Avg. MW YoY 528 508 High availability: 97.8% Capacity additions: +€31m YoY Higher output: +2% YoY Despite lower load factor (-€25m YoY) -11% EU, +13% NA and +170% Brazil Lower average selling price: -1% YoY Additions
Slide 12: Opex
Opex (excludes Other Operating Income) (€ million) +14% Core Opex/Avg. MW (€k) (Supplies & Services and Personnel Costs) 160 -% 140 -2% ex-fx Levies & +€13m YoY: 10.0 10.0 Non-recurrent +MWs & property taxes timing Core +8% Opex(1) 1Q16 1Q17 1Q16 1Q17 Core Opex per average MW ex-forex decreased 2% Y
Slide 13: EBITDA
EBITDA EBITDA per Region(1) (€ million) (%) -2% Rest of Europe Portugal 17% 379 373 Brazil 18% 2% €373m Spain 17% North America 46% 1Q16 1Q17 In the 1Q17, EBITDA decreased -2% YoY to €373m (71% EBITDA margin) and unitary EBITDA per MW in operation totaled €38k (1) Includes hedges gains in Spain, Res
Slide 14: 1Q17 EBITDA to Net Profit
1Q17 EBITDA to Net Profit (€ million) r€m YoY EBITDA Lower YoY wind resource and impacted by the 373 -€6m increase in other operating costs Change in depreciation schedule from 25 to 30 D&A 131 +€16m years despite high capacity YoY EBIT 242 +€11m As a result of lower D&A costs (1) Financial Lower co
Slide 15: Adjusted Net Profit
Adjusted Net Profit (€ million) 1Q16 1Q17 (€ million) Reported 74.9 67.9 (9%) -20% Net Profit Adj. from 25 83 16.0 - to 30 years 67 Write-offs & +0.2 +1.3 Impairments Forex losses (gains) & (1.3) (1.9) Forex derivatives Provisions & other (6.5) (0.6) Adjust. Adjusted 83.2 66.7 (20%) Net Profit 1Q16
Slide 16: 1Q17: Retained Cash Flow (RCF)
1Q17: Retained Cash Flow (RCF) (€ million) Quality assets delivering cash-flow generation mostly from PPA and Feed-in Tariffs (27) +3% (17) (72) 242 (14) Lower interests costs from €2.4bn restructured/prepaid since 1Q16 with 373 cost of debt at 3.9% (vs 4.5% in Mar-16) RCF of €242m: net cash-flow ge
Slide 17: 1Q17 from RCF to Debt and TEI variance
1Q17 from RCF to Debt and TEI variance 1Q17 Debt and TEI Breakdown (%) (€ million) +3% - Includes forex (+€32m) and consolidation of Mexico TEI 242 wind farm (-€215m) €1.4bn Other (368) 60% & TEI 48% - Gross Debt Loans (197) (322) €3.6bn with 33% EDP 52% RCF Asset Cash Dividends to Forex r Net Debt
Slide 18: Conclusions
Se renovaveis Conclusions
Slide 19: Solid quarter in line with expectations
Solid quarter in line with expectations, while YoY comparison impacted by strong 1Q16 Normalized wind resource in 1Q17 achieving 101% of P50 and stable selling prices at €60/MWh (vs. €58/MWh FY17 guidance) O&M initiatives and cost control continue to drive higher efficiency, with Core Opex/MW -2% Yo
Slide 20: IR Contacts
IR Contacts Rui Antunes, Head of IR, P&C and Sustainability Maria Fontes Pia Domecq Paloma Bastos-Mendes E-mail: [email protected] Phone: +34 914 238 402 Fax: +34 914 238 429 Serrano Galvache 56, Edificio Olmo, 7th Floor 28033, Madrid - Spain EDP Renováveis online Site: www.edpr.com Link Results & Present
Slide 21: Powered by nature
renovaveis powered by nature