Wind energy company EDPR expects its core recurring profits to rise 13% by 2025
EDP? EDP?
Portugal's EDP, the renewables division of EDP, announced earlier that it had a net loss for its first quarter of 52 million euros ($59.9 million) despite an increase in revenue. This was slightly lower than the average of 54.8 million euros forecast by LSEG's analysts.
EDPR reported that it had not booked any capital gains in the first quarter from the sale or wind and solar assets. This was part of a strategic plan to dispose of stakes in mature plant in order to finance new plants. It booked capital gains of 58 million euro a year ago.
The company said that the overall revenue increased by 21%, to 763 millions euros. This was due to a 10% rise in power production at 10.9 gigawatt hours (GWh). "Europe and North America represent more than 80%" of the total generation output.
The company's core profit (EBITDA) or earnings before interest taxes, depreciation, and amortization, rose by 5% on the year to 476 millions euros.
The core profit, excluding capital gains, increased by 20%.
The CEO Miguel Stilwell de Andrade described the results as "good, supported by expansion of capacity and operational efficiency". EDPR estimates a recurring EBITDA in 2025 of 1.9 billion euro.
The company expects to generate capital gains of up to 100 million euros from the sale of 2 billion euros worth of renewable parks by 2025.
The net debt is expected to fall from 8,9 billion euros in March to 8 billion euro in December.
The CEO denied reports in the media that the company was looking to sell a portion of its 50% stake Ocean Winds, a joint venture for offshore wind with France's Engie. He said that "this stake is strategic, and we love this joint venture."
(source: Reuters)
