1Q24 Results
Presentation
May 9th, 2024
15:00 CET | 14:00 UK / Lisbon
www.edpr.com | Central Fotovoltaica da Cerca |
Portugal
Agenda
1
2
3
4
1Q24 results
Update on Strategy Execution
Closing Remarks
Annex
2
1Q24 Results
1Q24 marked by a recovery of capacity installations and generation volumes, impacted by lower electricity prices in Europe
1Q24 Main Highlights | Financial Performance |
- Capacity additions: +0.5 GW following the normalization in solar supply chain in US, with 100% of solar panels for 2024 already delivered on site
- Generation volumes: 9.9 TWh, with gradual ramp up from the most recent installed capacity occurring during 2024
- Avg selling price: -3% to €61/ MWh mainly driven by Europe
- Asset rotation: 0.5 net GW rotated in 1Q24 at an Enterprise Value of €0.9bn.
On track to deliver >€1.7bn proceeds in 2024 with more transactions launched - Core OPEX/ avg. MW in operation -7% YoY backed by cost efficiency actions
1Q24
+0.5 GW
Capacity Additions
9.9 TWh
Generation
€454m
EBITDA
€68m
Net Profit
4
EBITDA +1% YoY impacted by lower electricity prices in Europe and lower generation, offset by lower costs and Asset Rotation Gains
EBITDA per region
(€m)
+1%
448454
228
255
-11%
173 +28% 223
34 | -21% | 27 |
(15) | (24) | |
1Q23 | 1Q24 |
1Q23 | 1Q24 | YoY | |||
YoY | Installed Capacity(1) GW | 14.8 | 16.5 | +12% | |
Electricity Generation TWh | 10.2 | 9.9 | -3% | ||
Europe TWh | 3.5 | 3.6 | +3% | ||
North America TWh | 5.2 | 5.4 | +4% | ||
Europe | South America TWh | 1.3 | 0.6 | -54% | |
Avg. Selling price €/MWh | 62.5 | 60.6 | -3% | ||
North America | Europe €/MWh | 105.1 | 89.4 | -15% | |
North America $/MWh | 44.2 | 44.7 | +1% | ||
South America, | |||||
& APAC | Core OPEX/ Avg. MW €m | 13.4 | 12.5 | -7% | |
Other | |||||
Asset Rotation Gains €m | - | 58 | - | ||
(1) Includes EBITDA + Equity MW | 5 |
Financial Results -14% YoY driven by $/€ rebalancing and efficient capitalizations despite higher gross debt
Financial Results
(€m)
-14%
126
108
1Q23 | 1Q24 | |
Cost of | 4.65% | 4.66% |
Debt (%) | ||
EDPR's financial debt per currency
(%)
21% | 30% | |
59% | 51% | |
Other | ||
20% | 18% | |
FY23 | 1Q24 |
Financial results -14% YoY impacted by $/€ rebalancing and efficient capitalizations despite higher gross debt (+€0.3bn)
Cost of debt flat YoY with lower cost of debt from new debt refinanced
75% of total debt maturing post-2026
Debt by maturity & counterparty
(%)
EDP Group 3rd Parties
75%
13% | 5% | 8% | |
2024 | 2025 | 2026 | >2026 |
6
Net Debt at €6.7bn driven by Net Expansion Investments of €0.9bn
Net Debt Chg. Dec-23 to Mar-24
(€bn)
5.8
€1.2bn Expansion Capex offset by | +€0.9bn |
€0.3bn AR Proceeds net of gains | |
YTD | |
0.05
0.9
0.5 | 0.1 | 0.2 | ||||
0.1 | ||||||
6.7
Net Debt Dec-23
EBITDA | Non-Cash Items | Interest Cost | Change in WC & |
Others (1) |
Net Expansion | Forex & Others | Net Debt |
Investments | Mar-24 |
Organic Cash Flow
Asset Rotation and Tax Equity proceeds expected to be higher in the last part of the year,
compensating investments evolution with >€1.5bn AR proceeds to be cashed-in
(1) Change in Working Capital, Income Tax Paid and Minorities/Partnerships distributions | 7 |
Net Profit of €68m strongly impacted by top line, compensated by improved financials and lower minorities
1Q24 EBITDA to Net Profit
(€m)
EBITDA
D&A(1)
EBIT
Financial
results
Taxes
Minorities
YoY
454 | +€6m |
(195)(€13m)
259 | (€7m) |
+€18m | |
(108) |
(37) | -€14m | |
(46) | +€6m | |
Lower prices in Europe offset by Asset rotation gains of €58m in 1Q24
On the back of capacity additions
Driven by $/€ rebalancing, lower cost of new debt
refinanced and efficient capitalizations
Tax rate of 24.4% impacted by asset rotation gains tax treatment
Driven by top line evolution
Net Profit | 68 | +€3m |
Impacted by lower top line, compensated by improved financials and lower minorities
(1) D&A includes Provisions, Depreciation and amortisation and Amortisation of deferred income (government grants) | 8 |
Update on Strategy Execution
High quality 100% renewables portfolio mostly wind onshore, well diversified primarily across Europe & North America and LT contracted
Diversified portfolio with a solid generation profile
Capacity by geography | Generation by technology |
50%8%
16.5 | 6% | 9.9 | 7% | |
GW | 91% | TWh | 2% | |
36% | ||||
87% | 91% |
Contracted/Merchant(1)
LT Contracted 70% 40-42 20% Hedged
TWh
10%
Merchant
90%
Focus on low risk markets: 87% of asset base in
Europe & North America
91% of the renewable generation coming from wind onshore, growth in solar focused on pay-as-producecontracts and solar DG
High weight of long term contracted generation volumes: ~90% of volumes LT contracted & hedged for 2024, LT contracts with an avg. maturity of 12 years
Very competitive renewables generation with an avg.
selling price expected at €53-€54/MWh in 2024
(1) Forecast generation for 2024 in the range of 40-42 TWh | 10 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
EDP Renovaveis SA published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 15:35:06 UTC.