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    EDPR   ES0127797019

EDP RENOVÁVEIS, S.A.

(EDPR)
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EDP Renováveis S A : EDPR 1H21 Results Report

07/28/2021 | 03:23am EDT

Results Report

1H21

July 28th, 2021

Contents

Index

1H21 Highlights

3

Asset Base & Investment Activity

4

Operating Performance

5

Financial Performance

6

Cash-Flow

7

Net Debt and Institutional Partnership Liability

8

Business Platforms

9

Europe

10

North America (USD)

11

Latin America (BRL)

12

Balance Sheet & Income Statements

13

EDPR: Balance Sheet

14

EDPR: Income Statement by Region

15

EDPR Europe: Income Statement by Country

16

ESG Performance

17

ESG Ratings & Sustainable Development Goals

18

Environmental Performance

19

Social Performance

20

Governance Performance

21

Annex

22

Remuneration Frameworks

23

Share Performance & Shareholder Structure

24

Conference Call & Webcast Details

Date: Wednesday, 28thof July, 2021, 15:00 CET | 14:00 UK/Lisbon

Webcast: www.edpr.com

Phonedial-Innumber: UK: +44 (0) 33 0551 0200 | US: +1 212 999 6659

Access Password: EDPR

Investor Relations

André Fernandes, Head of IR

Pia Domecq

Celia de Cominges

Duarte Andrada

Email:ir@edpr.com

Site:www.edpr.com

Telefone:+34 902 830 700 | +34 914 238 429

EDP Renováveis, S.A.

Head office: Plaza del Fresno, 2 33007 Oviedo, Spain

LEI: 529900MUFAH07Q1TAX06

C.I.F. n. º A-74219304

Important Information

  • InJune-21, EDPR concluded an Asset Rotation deal regarding the 68% stake of a 405 MW wind portfolio in the US.

- 2 -

1H21 Highlights

Operational Results

EDPR had, by Jun-21, a portfolio of operating assets of 12.6 GW, with 9 years of avg. age, of which 11.7 GW fully consolidated and 841 MW equity consolidated (Spain, Portugal, US and Offshore). Since Dec20, EDPR added a total of 691 MW of wind and solar capacity out of which 648 MW fully consolidated, specifically 83 MW in Europe, 537 MW in North America, and 28 MW in APAC, namely in Vietnam. Equity consolidated increased by 43 MW on the back of the Seamade offshore project in Belgium, that entered in operation during the first quarter of the year.

Pursuing its Asset rotation strategy, EDPR successfully concluded the sale of a 68% equity stake in a 405 MW operational wind portfolio in the US (275 MW net). All in all, EDPR YoY consolidated portfolio net variation was +415 MW.

As of Jun21, EDPR had 2.9 GW of new capacity under construction, of which 2,195 MW of wind onshore, 421 MW of solar and 269 MW of equity participations in offshore projects.

In the period, EDPR produced 15.3 TWh of clean electricity (+5% YoY), avoiding 10mt of CO2emissions. The YoY evolution benefits from the capacity additions over the last 12 months along with a stable wind resource.

The average selling price declined -7% YoY driven by Spanish portfolio mix YoY average post Sell-down transactions, US hedging on the back of the one-off weather event in the 1Q and unfavourable forex translation.

Revenues to Net Profit

Revenues decreased to €856m (-6% YoY; -€57m), where the impact from Sell-down(-€69m YoY), lower average selling price (-€22m YoY; ex-Sell-down), mostly driven by Spain and US, unfavourable forex translation and others (-€38m YoY), were not offset by additional capacity MW (+€61m YoY) and wind resource (+€11m YoY)

Other operating income amounted to €141m (-€53m YoY). Operating Costs (Opex) totalled €331m (+7% YoY) given upfront costs to cope with expanded growth over the coming years. In comparable terms, Core Opex per avg. MW adjusted by Sell-down, offshore costs, service fees, one-offs and forex, was -3% YoY, given O&M strategy and cost control.

EBITDA summed €654m (-13% YoY adjusted by forex) and EBIT €364m (-€137m YoY) given top line performance mainly affected by the US weather one-off event in the 1Q, lower capital gains YoY and forex. Net Financial Expenses decreased to €111m (-€52m vs 1H20) with YoY comparison affected by lower avg. cost of debt in the period (-0.6pp YoY).

At the bottom line, Net Profit summed €142m (-44% YoY) partially offset by lower financials and D&A. Non-controlling interests in the period totalled €64m, decreasing by €12m YoY as a result of top line performance.

Cash Flow & Net Debt

As of Jun-21, Net Debt totalled €3,563m (+€120m vs Dec-20) reflecting the investment strategy offset by the Capital increase received in April.

Institutional Partnership Liabilities summed €858m (-€285m vs Dec-20), reflecting benefits captured by the projects and the deconsolidation of asset sold in the period.

Operational Results

1H21

1H20

∆ YoY

EBITDA MW

10,889

+855

11,743

Other equity consolidated

841

550

+291

EBITDA MW + Equity Consolidated

12,584

11,439

+1,145

EBITDA MW metrics

32%

(0.5pp)

Load Factor (%)

31%

Output (GWh)

15,338

14,664

+5%

Avg. Electricity Price (€/MWh)

51.4

55.0

(7%)

Financial Results (€m)

1H21

1H20

∆ YoY

Revenues

913

(6%)

856

Other operating income/(cost)

(190)

(115)

+65%

Share of profit of associates

(12)

(5)

-

EBITDA

654

793

(18%)

EBITDA/Revenues

76%

87%

(10pp)

EBIT

364

501

(27%)

Net Financial Expenses

(111)

(164)

(32%)

Non-controlling interests

(64)

(76)

(16%)

Net Profit (Equity holders of EDPR)

142

(44%)

255

Cash-flow and Net debt (€m)

1H21

1H20

∆ YoY

FFO (Funds From Operations)

685

(79)

605

Operating Cash-Flow

293

526

(233)

Capex & Financial Investments

(1,179)

(675)

(504)

Changes in PP&E working capital

(644)

(77)

(567)

Government grants

-

-

-

Net Operating Cash-Flow

(1,530)

(225)

(1,304)

Proceeds from Asset rotation

239

122

+117

Proceeds from institutional partnerships

(0)

132

(133)

Payments to institutional partnerships

(37)

(18)

(19)

Net interest costs (post capitalisation)

(41)

(86)

+45

Dividends net & other distributions

1,350

(142)

+1,491

Forex & others

(102)

(8)

(94)

Decrease / (Increase) in Net Debt

(120)

(224)

+104

Net Debt & Tax Equity (€m)

Jun-21

Dec-20

∆ %

Net Debt

3,443

+3%

3,563

Institutional Partnership Liabilities

858

1,143

(25%)

Rents due from lease contracts (IFRS 16)

716

689

+4%

- 3 -

Asset Base & Investment Activity

Installed Capacity

Jun-21

∆ YoY

2021

Under

(MW)

Additions

AR

∆ MW

Constr.

EBITDA MW

Spain

2,137

+163

-

-

-

101

Portugal

1,238

+74

+10

-

+10

125

France & Belgium

165

+99

+30

-

+30

26

Poland

476

+58

-

-

-

371

Romania

521

-

-

-

-

-

Italy

314

+44

+44

-

+44

229

Greece

-

-

-

-

-

59

Europe

4,852

+437

+83

-

+83

911

United States

5,898

-16

+475

(405)

+70

671

Canada

130

+100

+62

-

+62

-

Mexico

400

+200

-

-

-

96

North America

6,428

+284

+537

(405)

+132

767

Brazil

436

+105

-

-

-

939

Latin America

436

+105

-

-

-

939

Vietnam

28

+28

+28

-

+28

-

APAC

28

+28

+28

-

+28

-

Total EBITDA MW

11,743

+855

+648

(405)

+243

2,616

Equity Consolidated (MW)

Spain

167

+15

-

-

-

-

Portugal

20

+20

-

-

-

-

United States

601

+202

-

+130

+130

-

Wind Onshore & Solar

787

+237

-

+130

+130

-

Wind Offshore

53

+53

+43

-

+43

269

Total Eq. Cons. MW

841

+291

+43

+130

+172

269

Total EBITDA + Eq. MW

12,584

+1,145

+691

(275)

+415

2,885

Investments (€m)

1H21

1H20

∆ %

∆ €

Europe

+105%

+177

346

169

North America

483

377

+28%

+106

Brazil

135

41

-

+95

Other

3

2

+62%

+1

Total Capex

968

589

+64%

+379

Financial investments

211

86

-

+125

Government grant

-

-

-

-

Sell-down strategy & divestments

-496

-122

-

(374)

Net Investments

683

553

+130

-

Assets' Average Age & Useful Life by Country

EBITDA MW

Spain13

Portugal12

Fran. & Belg. 2

Poland8

Romania9

Italy 4

US8

Canada 2

Mexico 2

Brazil 5

Vietnam 0.1

EDPR9

0

5

10

15

20

25

30

35

Property, Plant & Equipment - PP&E (€m)

1H21

1H20

∆ €

PP&E (net)

13,747

13,256

+492

(-)

PP&E assets under construction

2,952

1,833

+1,119

(=)

PP&E existing assets (net)

10,796

11,423

(627)

(+)

Accumulated Depreciation

5,995

5,782

+213

(-)

Government Grants

509

528

(19)

(=) Invested capital on existing assets

16,282

16,677

(395)

- 4 -

Operating Performance

Load Factor

1H21

1H20

∆ YoY

Europe

+1pp

28%

26%

North America

34%

36%

(2pp)

Brazil

34%

27%

+8pp

Total

31%

32%

(0.5pp)

1H21

1H20

∆ YoY

Electricity Generation (GWh)

Europe

+14%

5,766

5,063

North America

9,079

9,213

(1%)

Brazil

494

388

+27%

Total

15,338

14,664

+5%

Electricity Sales and Other (€m)

1H21

1H20

∆ YoY

Europe

+7%

453

425

North America

298

371

(20%)

Brazil

17

16

+5%

Total

769

808

(5%)

Income from Institutional Partnerships (€m)

1H21

1H20

∆ YoY

Total

(17%)

87

105

Revenues

1H21

1H20

∆ YoY

Revenues (€m)

(6%)

856

913

Revenues per avg. MW in operation (€k)

74

86

(14%)

Note: Operational Performance considers only capacity consolidated at EBITDA level.

Renewables Index (vs expected LT avg. GCF)

1H21

1H20

∆ YoY

Europe

97%

94%

+3pp

North America

94%

95%

(2pp)

Brazil

105%

83%

+22pp

EDPR

95%

94%

+1pp

Selling Prices (per MWh)

1H21

1H20

∆ YoY

Europe

€77.2

€82.2

(6%)

North America

$43.1

$44.6

(3%)

Brazil

R$246.4

R$243.5

+1%

Average Selling Price

€51.4

€55.0

(7%)

Electricity Output

Average Selling Price €/MW

Revenues

GWh

€/MWh

€m

+5%

(7%)

(6%)

14,664

15,338

€55.0

€51.4

913

856

1H20

1H21

1H20

1H21

1H20

1H21

- 5 -

Disclaimer

EDP Renovaveis SA published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 07:22:06 UTC.


© Publicnow 2021
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Technical analysis trends EDP RENOVÁVEIS, S.A.
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 22,64 €
Average target price 22,57 €
Spread / Average Target -0,32%
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Managers and Directors
Miguel Stilwell de Andrade Vice Chairman & Chief Executive Officer
Rui Manuel Rodrigues Lopes Teixeira Chief Financial Officer & Director
António Sarmento Gomes Mota Independent Chairman
António do Pranto Nogueira Leite Lead Independent Non-Executive Director
Acácio Jaime Liberado Mota Piloto Independent Non-Executive Director