FY 2011 Results - EDP Renováveis · 2019-11-11 · Investor Relations Department Rui Antunes, Head...

Investor Relations DepartmentInvestor Relations DepartmentInvestor Relations DepartmentInvestor Relations Department

Rui Antunes, Head of IRFrancisco BeirãoDiogo Cabral

Phone: +34 902 830 700Fax: +34 914 238 429Email: [email protected]: www.edpr.com

Conference call and webcastConference call and webcastConference call and webcastConference call and webcast

Date: Wednesday, February 29th, 2012, 14:00 GMT | 15:00 CETWebcast: www.edpr.comPhone dial-In number: +44 (0)20 7162 0177 | +1 334 323 6203Phone Replay dial-in number: +44 (0)20 7031 4064 | Access code: 912469 (until March 5th 2012)

EDP Renováveis, S.A. Head office: Plaza de la Gesta, 2 33007 Oviedo, Spain

February 29th, 2012February 29th, 2012February 29th, 2012February 29th, 2012

FY 2011 Results

EDP Renováveis, S.A. Head office: Plaza de la Gesta, 2 33007 Oviedo, Spain

Table of contents

- 2 -

- 3 -

Cash-Flow

Development of Capacity and Capex

- 4 -

- 5 -

Net Debt and Financial Expenses

Operating Overview

FY11 Highlights

- 7 -

- 6 -

Consolidated Financial Statements

Income Statements - 18 -

- 21 -


US - 13 -

Europe - 9 -

- 7 -

Business Platforms - 8 -

Quarterly Data - 16 -

Brazil - 15 -

Annex

FY11 Highlights

Operating Data

Installed Capacity (EBITDA MW + ENEOP)Load Factor (%)Output (GWh)Avg. Electricity Price (€/MWh)

Consolidated Income Statement (€m)

RevenuesOperating CostsEBITDAEBITDA / RevenuesNet Profit (Equity holders of EDPR)

Cash-Flow (€m)

Operating Cash-Flow

29%14,352

58.4 (1%)+17%

∆ 11/10

EBITDA Growth (€m) EBITDA BreakdownResults Highlights

FY10FY11

∆ 11/10FY10

+12%

80

643

75%

+806-

+13%948

57.7

6,67629%

7,483

16,800

89

801

567 +13%

713+14%235

(0 pp)

FY11

+10%

268

FY10 ∆ 11/10

FY11

1,069

75%

• In 2011, EDPR increased its electricity output by 17% YoY to 16.8 TWh, as a result of the capacity growth

over the last 12 months (+806 MW) along with the stability of the average load factor at 29% (with US and

Brazil compensating the lower wind resource in Europe during 2011).

801713

+78 -18+13

FY10 Europe US Brazil FY11

+17% -6% +12%

�YoY

66%

33%

2%

FY11

US

Europe

Brazil-

Operating Cash-FlowCapex

Balance Sheet (€m)

Net DebtInstitutional Partnership Liabilities

FY10

(41%)

∆ €

+15

829 1,401643

FY11

+616

567 +13%

3,387 2,7721,0091,024

Key Events




• Average selling price slightly declined (-1% YoY), due to a weaker US Dollar (on average vs. 2010) and a

higher weight of the US electricity output, which is sold at prices below the portfolio average. Europe and Brazil

delivered a sustained increase of its selling prices in 2011.

• Revenues increased 13% while EBITDA grew by 12% YoY, following the operating growth, although

negatively impacted by a weaker US Dollar and Zloty on average vs. 2010 (-€16m at EBITDA level).

• In 2011, several non-recurrent items impacted the company’s profit before taxes (-€16m): i) +€11m as a

result of a revaluation of some of EDPR's European Assets and Liabilities (+€52m in EBITDA; -€41m in

Depreciations and Amortizations); ii) -€15m of write-offs related to pipeline rationalisation (impact in EBITDA);

iii) -€22m of negative forex differences (impact in Financial Costs); and iv) +€10m of capital gains.

• Two accounting updates were introduced in 2011 impacting EDPR’s P&L: i) the extension of the useful life of

EDPR’s operating assets to 25 years, introduced in the 2Q11, had a c€55m net accumulated impact on the

bottom line in 2011, mainly as a result of lower depreciation charges; and ii) in the 4Q11, EDPR introduced the

deferred tax accounting in the US by starting to recognize net liabilities (against profits before taxes) vs.

previous null income taxes (of which current taxes are presently zero given the tax incentives schemes in place)

– this had a negative €6m accounting impact in 2011.

• All in all, Net Income in 2011 increased by 10% YoY. The Board of Directors will propose in the AGM for the

2011 results to be fully incorporated into reserves and strengthen the company’s balance sheet.

801713

+78 -18+13


+17% -6% +12%

• EDPR takes full control of Genesa (1.7 GW in Spain).

• EDPR sells its 16.67% financial stake in SEASA (12 MW Net).

• EDPR is awarded a long-term contract for 146 MW in the US.

• EDPR enters into a partnership with Repsol to jointly develop 2.4 GW of

offshore wind capacity in the UK.

• EDPR is awarded 127 MW in a tender in Aragón, Spain.

• EDPR establishes two new institutional partnership structures for 198

MW in the US.

• EDPR executes 298 MW of project finance in Romania and Brazil and 376

MW were executed by the ENEOP Consortium in Portugal.

• EDPR is awarded long term contracts for 120 MW at the Brazilian energy

�YoY

66%

33%

2%

FY11

US

Europe

Brazil-

- 2 -




• Average selling price slightly declined (-1% YoY), due to a weaker US Dollar (on average vs. 2010) and a

higher weight of the US electricity output, which is sold at prices below the portfolio average. Europe and Brazil

delivered a sustained increase of its selling prices in 2011.

• Revenues increased 13% while EBITDA grew by 12% YoY, following the operating growth, although

negatively impacted by a weaker US Dollar and Zloty on average vs. 2010 (-€16m at EBITDA level).

• In 2011, several non-recurrent items impacted the company’s profit before taxes (-€16m): i) +€11m as a

result of a revaluation of some of EDPR's European Assets and Liabilities (+€52m in EBITDA; -€41m in

Depreciations and Amortizations); ii) -€15m of write-offs related to pipeline rationalisation (impact in EBITDA);

iii) -€22m of negative forex differences (impact in Financial Costs); and iv) +€10m of capital gains.

• Two accounting updates were introduced in 2011 impacting EDPR’s P&L: i) the extension of the useful life of

EDPR’s operating assets to 25 years, introduced in the 2Q11, had a c€55m net accumulated impact on the

bottom line in 2011, mainly as a result of lower depreciation charges; and ii) in the 4Q11, EDPR introduced the

deferred tax accounting in the US by starting to recognize net liabilities (against profits before taxes) vs.

previous null income taxes (of which current taxes are presently zero given the tax incentives schemes in place)

– this had a negative €6m accounting impact in 2011.

• All in all, Net Income in 2011 increased by 10% YoY. The Board of Directors will propose in the AGM for the

2011 results to be fully incorporated into reserves and strengthen the company’s balance sheet.

• Net Debt by Dec-11 was up €0.6bn YoY to €3.4bn, given the capex (€0.8bn) and net financial investments

(€0.3bn) done in the period. For 2012, EDPR expects to reduce its capex levels and install 500 MW.

801713

+78 -18+13


+17% -6% +12%

• EDPR takes full control of Genesa (1.7 GW in Spain).

• EDPR sells its 16.67% financial stake in SEASA (12 MW Net).

• EDPR is awarded a long-term contract for 146 MW in the US.

• EDPR enters into a partnership with Repsol to jointly develop 2.4 GW of

offshore wind capacity in the UK.

• EDPR is awarded 127 MW in a tender in Aragón, Spain.

• EDPR establishes two new institutional partnership structures for 198

MW in the US.

• EDPR executes 298 MW of project finance in Romania and Brazil and 376

MW were executed by the ENEOP Consortium in Portugal.

• EDPR is awarded long term contracts for 120 MW at the Brazilian energy

auction.

�YoY

66%

33%

2%

FY11

US

Europe

Brazil-

Consolidated Financial Statements

Note: The financial statements presented in this document are non-audited.

Consolidated Income Statement (€m) Assets (€m)

Property, plant and equipment, netRevenues Intangible assets and goodwill, net

Financial investments, netSupplies and servicesPersonnel costs Deferred tax assetsOther operating costs / (income) InventoriesOperating Costs Accounts receivable - trade, net

Accounts receivable - other, netEBITDA Financial assets held for tradingEBITDA/Revenues Cash and cash equivalents

Total AssetsProvisionsDepreciation and amortizationCompensation of subsidized assets' depreciation Equity (€m)

EBIT Share capital + share premiumReserves and retained earnings

1,068.8

468.5

+15%196.2225.1

947.6

(16.2)

1,33464

763234.9

+8%

(17.8)+14%

0

56

FY10

9,9821,367

FY10

+11%

+13%

268.1 144(10%)

FY11∆ 11/10

10,455

FY11

60.8 54.8

1462439

24

61

220800.7

4,914

(0.3 pp)712.7 +12% 36

74.9% 75.2%

(71%)

(31%)

13,058 12,835

(15.0) (11.4)

(0.2)(0.3)

+20%

FY10

274

FY11

325

434.4

680

289.9

501

347.5 4,914Reserves and retained earnings

Capital gains/(losses) Consolidated net profit attrib. to equity holders of the parentFinancial income/(expense) Non-controlling interestsIncome/(losses) from group and associated companies Total Equity

Pre-Tax Profit Liabilities (€m)

Income taxes Financial debtInstitutional partnerships

Discontinued activities ProvisionsDeferred tax liabilities

Profit of the period Deferred revenues from institutional partnershipsAccounts payable - net

Equity Holders of EDPR Total LiabilitiesNon-controlling interests

Total Equity and Liabilities

(174.1)

-

2.8

-

FY10

(37.8)

89126

118.7

3,826

381

80.2 7,442

581,009

2.0

635

+10%

12,835(29%)

+9%90.6

Revenues: Mainly include electricity sales, other income related to revenues from

institutional partnerships and cost of consumed electricity.

5,394

1,542

372773

5.0

FY11

541,024

120.8

5,454

88.6 7,604

(40%)

(28.0) +26%

4.8

274

127

325

(5%)

3,534

83.0

(2%)

Note: In 2011, the Company made a change in presentation related to restricted

cash (€25m in 2011 and €77m in 2010) re-classified as "Cash and cash

equivalents" (previously as "Accounts receivable - other, net"). 2010 figures were

retrospectively re-classified accordingly.

-

0.0

13,058

80

-

1,839

(244.1)10.5

- 3 -

Operating Overview

Europe Europe Revenues

US US Operating Costs

Brazil Brazil EBITDA

Total Total EBITDA / Revenues

Total

€ k € k € k

35% +9 pp

+1 pp

26%84 14 +70

∆ 11/10

1,069 948

FY11

∆ 11/10

+720 29% 29%

FY11 FY10

-

EmployeesFY11 Achieved Load Factor vs Average

FY11

75%

27% (2 pp)

+12%

P&L Highlights (€m)

833 (4%)

32%

∆ 11/10

(0 pp)

235

FY11

713

Capacity Breakdown by Remuneration

FY10

7,157 6,437 75%

3,422 3,224 +198

GWh Price

Operating Costs (Net) /

Avg. MW in Operation

EBITDA/


∆ 11/10

+13%

∆ 11/10

33%

∆ 11/10

+14%268

FY10EBITDA MW

3,652 3,200 +452

FY11 FY10 Load Factor FY11 FY10

25%

FY10

801

796

Revenues/


172160

129 120

(1)

(7%)

(7%)

(2)

95% 98%

110%

96%

EDPR

53% 37% 10%FY11

Regulated PPA Spot

per MWh

Europe Europe

US US

Brazil Brazil

Total Total

$45.7 $47.7

R$254.4

∆ 11/10

31

+17%

FY11

€58.4

FY10FY11

(4%)

16,800

170

FY10GWh Price

7,301 6,632

9,330

∆ 11/10

+5%

+9%

(1%)€57.7

+10%

+451%

14,352

€88.0

R$278.4

€84.2

7,689 +21%

• EDPR added 720 MW to its EBITDA installed capacity in 2011, of which 452 MW in Europe,

198 MW in the US and 70 MW in Brazil. As of Dec-11, EDPR had 90% of its portfolio under

long-term contracts and visible regulatory frameworks, and only 10% exposed to US spot

electricity markets (although partly with short-term hedges).

• In 2011, the average load factor was stable YoY at 29%, keeping its position as one of the

highest in the wind sector, as the company continues to leverage on its competitive

advantages to maximize wind farms' output and on its diversified portfolio to mitigate the

wind volatility risk. In Europe, the load factor decreased to 25% in 2011, given a lower wind

resource in the period, particularly in the 4Q (27%, -3pp YoY). In the US, the 2011 load

factor improved by 1pp YoY to 33%. In Brazil, load factors increased 9pp YoY to 35%

following the commissioning of 70 MW with a higher load factor.

• Electricity production was up 17% in 2011, reaching 16.8 TWh and outpacing the capacity

growth. The US represented the main source of growth (+21%), while Europe’s growth

(+10%) continues to be supported by Central and Eastern European markets.

• Out of the total electricity output in 2011, 84% was sold under long-term remuneration

schemes while 16% was exposed to US spot electricity prices (spot exposure will decrease

further once all signed PPA contracts in the US start to contribute in 2012).

• Average selling price, excluding revenues associated with the Production Tax Credits in the

US, was lower YoY at €57.7/MWh due to: i) a weaker US Dollar (-€0.9/MWh impact); ii) a

different generation mix with a higher weight of the US (-€0.8/MWh impact), but partially

mitigated by a higher generation from Brazil; iii) a drop in the US average prices (-4% YoY),

following the low electricity spot prices and different structures in some of the new

PPAs/hedge contracts (-€0.8/MWh impact); but mitigated by iv) a positive contribution

(+€1.7/MWh impact) from all European geographies (+5% YoY) and Brazil (+9% YoY).

• All in all, Revenues increased by 13% YoY and EBITDA increased 12% YoY, as a result of

operating growth and positive non-recurrent items at the net operating costs line.

172160

FY10 FY11

43 40

FY10 FY11

129 120

FY10 FY11

(1)

(7%)

(6%)

(7%)

(2)

95% 98%

110%

96%

EDPR

53% 37% 10%FY11

Regulated PPA Spot

(1) Excludes TEI Revenues - 4 -

(2) Includes other revenues

• EDPR added 720 MW to its EBITDA installed capacity in 2011, of which 452 MW in Europe,

198 MW in the US and 70 MW in Brazil. As of Dec-11, EDPR had 90% of its portfolio under

long-term contracts and visible regulatory frameworks, and only 10% exposed to US spot

electricity markets (although partly with short-term hedges).

• In 2011, the average load factor was stable YoY at 29%, keeping its position as one of the

highest in the wind sector, as the company continues to leverage on its competitive

advantages to maximize wind farms' output and on its diversified portfolio to mitigate the

wind volatility risk. In Europe, the load factor decreased to 25% in 2011, given a lower wind

resource in the period, particularly in the 4Q (27%, -3pp YoY). In the US, the 2011 load

factor improved by 1pp YoY to 33%. In Brazil, load factors increased 9pp YoY to 35%

following the commissioning of 70 MW with a higher load factor.

• Electricity production was up 17% in 2011, reaching 16.8 TWh and outpacing the capacity

growth. The US represented the main source of growth (+21%), while Europe’s growth

(+10%) continues to be supported by Central and Eastern European markets.

• Out of the total electricity output in 2011, 84% was sold under long-term remuneration

schemes while 16% was exposed to US spot electricity prices (spot exposure will decrease

further once all signed PPA contracts in the US start to contribute in 2012).

• Average selling price, excluding revenues associated with the Production Tax Credits in the

US, was lower YoY at €57.7/MWh due to: i) a weaker US Dollar (-€0.9/MWh impact); ii) a

different generation mix with a higher weight of the US (-€0.8/MWh impact), but partially

mitigated by a higher generation from Brazil; iii) a drop in the US average prices (-4% YoY),

following the low electricity spot prices and different structures in some of the new

PPAs/hedge contracts (-€0.8/MWh impact); but mitigated by iv) a positive contribution

(+€1.7/MWh impact) from all European geographies (+5% YoY) and Brazil (+9% YoY).

• All in all, Revenues increased by 13% YoY and EBITDA increased 12% YoY, as a result of

operating growth and positive non-recurrent items at the net operating costs line.

172160

FY10 FY11

43 40

FY10 FY11

129 120

FY10 FY11

(1)

(7%)

(6%)

(7%)

(2)

95% 98%

110%

96%

EDPR

53% 37% 10%FY11

Regulated PPA Spot

Development of Capacity and Capex

Installed Capacity (MW)

SpainPortugalFranceBelgiumPolandRomania

Europe

US

Brazil

EBITDA MW Total

ENEOP - Eólicas de Portugal (equity consolidated)

EBITDA MW + Eólicas de Portugal

FY11

+198

6,437

+70

FY11

-

+198

+5

-+57

7,157 21,028

Under Construction (MW)

+99

84

306

3,224

285

3,652

+22-

+151

90

2,201

+22

∆ 11/10Tier 1 Tier 2

FY10Sub-Total

+70

Europe

+720

153

8,384 6,272

914

Total

369 917

1,264

+195

Tier 3

+452

5,745

+806

3,200

2849,121

+99

+87

6,6767,483

57 57

6132,050

120 1,614

Prospects

-

∆ 4Q11

4,458

14,7565,107

Pipeline (MW)

14 641

North America

3,377

Brazil 700

775 8,098 2,195 10,2934,038 3,285

120190

3,422

599

239326

+14+7

+14

+203• By Dec-11, EDPR managed a global portfolio of 7,483 MW in 8 different countries (including

its interest in the Eólicas de Portugal consortium, equity consolidated). During 2011, 720 MW

(EBITDA) plus 87 MW (equity consolidated) were added to the installed capacity, of which 538

MW in Europe, 198 MW in the US and 70 MW in Brazil. In the 4Q11, EDPR added 203 MW of

which 104 MW in Europe and 99 MW in the US.SpainPortugalPolandItaly

Europe

US

EBITDA MW

ENEOP - Eólicas de Portugal (equity consolidated)

EBITDA MW + Eólicas de Portugal

Capex (€m)

Europe

US

Brazil

Other

Total Capex

(13%) (10)

(180%)

(572)

72

368

1,401

(13)

375

2

62

(6)

829

-

405 783

160

215

FY11

(48%)

(171)

(41%)

FY11

58

(378)

539 (32%)

Under Construction (MW)

20

7

FY10

375

80

∆ €∆ %

• By Dec-11, EDPR managed a global portfolio of 7,483 MW in 8 different countries (including




which 104 MW in Europe and 99 MW in the US.

• As of Dec-11 EDPR had 375 MW under construction, of which 160 MW were in Europe and

215 MW in the US. In Europe, 80 MW were in construction in Poland, 58 MW in Spain and 2

MW in Portugal, while in Italy EDPR is building its first 20 MW. In the US, EDPR had 215 MW

under construction from the Marble River wind farm in the state of New York.

• Capex in 2011 was €829m, reflecting the ongoing capacity expansion plan. The 2011 capex

decreased by 41% YoY explained by the lower capacity additions in the period and a lower

unitary cost. Out of the €829m capex for 2011, €364m were related to the conclusion of new

installed MW, while €466m were assigned to capacity under construction and under

development.

• EDPR has today a pipeline of projects in excess of 21 GW in 11 different countries, which

enables the company to develop the best growth options through the execution of high quality

projects located in the most profitable markets. During the 4Q11, EDPR performed a

rationalisation of the long-term pipeline in the US, leading to a reduction in the volume of

capacity under development in the country.

(1)

(1) Operating capital expenditures excluding cash reimbursement in the US

- 5 -

• By Dec-11, EDPR managed a global portfolio of 7,483 MW in 8 different countries (including




which 104 MW in Europe and 99 MW in the US.

• As of Dec-11 EDPR had 375 MW under construction, of which 160 MW were in Europe and

215 MW in the US. In Europe, 80 MW were in construction in Poland, 58 MW in Spain and 2

MW in Portugal, while in Italy EDPR is building its first 20 MW. In the US, EDPR had 215 MW

under construction from the Marble River wind farm in the state of New York.

• Capex in 2011 was €829m, reflecting the ongoing capacity expansion plan. The 2011 capex

decreased by 41% YoY explained by the lower capacity additions in the period and a lower

unitary cost. Out of the €829m capex for 2011, €364m were related to the conclusion of new

installed MW, while €466m were assigned to capacity under construction and under

development.

• EDPR has today a pipeline of projects in excess of 21 GW in 11 different countries, which

enables the company to develop the best growth options through the execution of high quality

projects located in the most profitable markets. During the 4Q11, EDPR performed a

rationalisation of the long-term pipeline in the US, leading to a reduction in the volume of

capacity under development in the country.

(1)

Cash-Flow

Cash-Flow (€m)

EBITDA

Current income taxNet interest costsIncome from group and associated companies

FFO (Funds From Operations)

Net interest costsIncome from group and associated companiesNon-cash items adjustmentsChanges in working capital

Operating Cash-Flow

CapexFinancial investments (divestments)Changes in working capital related to PP&E suppliersCash grant

Net Operating Cash-Flow

∆ 11/10

643

+199%

29

FY11

522

FY10

5

(29)

(23)

+14%

(12%)

+8%

(98%)

+9%

(764)

+13%

+12%

(5)

(1,401)

567

713

(41%)

(143)

(20)

(189)

(5)167

(444)

169

+1%

(79)

801

26(11%)

+42%

(237)

3

189

(167)

+13%

(829)

(158)

(29)

FY11 Cash-Flow (€m)

+14%+8%

588

5

643-829

-260+144 -156

-157

-616

Net Operating Cash-Flow

Proceeds (payments) related to institutional partnershipsNet interest costs paidForex & other

Decrease / (Increase) in Net Debt

(35)

141

(157)

(737)

228

+16%

(352%)

(764)

+7%

(444)

(156)

(616)

+42%

(38%)(167)

In 2011 EDPR generated an Operating Cash-Flow of €643m, delivering a 13% growth YoY,

clearly demonstrating the recurrent cash generation capabilities of the operating assets.

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, adjusted by net interest costs, non-cash items (namely revenues

from institutional partnerships) and net of changes in working capital, amounted to €643m

(+13% YoY);

• Capital Expenditures with capacity installed and with projects under construction totalled

€829m;

643-829

-260+144 -156

-157

-616

Operating

Cash-Flow

Capex Other

Investing

Activities

Tax Equity

& Grants

Net Interest

Costs

Other Decrease /

(Increase) in

Net Debt

• Other Investing activities amounted to €260m, which encompasses: i) financial

investments/divestments (€237m), including the acquisition of a 20% additional stake in

Genesa for €231m (2Q11) and the divestment of the financial stakes in two wind farms

from which EDPR cashed-in a total €26m; and ii) other payments which total €23m;

• The monetization of tax credits (€144m) includes two Institutional Partnership agreements

established in the US for the 198 MW installed in 2011;

• Funding breakdown of investment activities: i) Operating Cash-Flow covered 77% of the

2011 capex (€829m); while ii) the remaining investment expenditures were covered by cash

and equivalents and new debt;

• Forex & other (-€157m) include the financing of newly installed capacity in the ENEOP

consortium in Portugal through shareholder loans and the forex translation (-€52m) mostly

related to EDPR’s debt in US Dollars.

- 6 -

In 2011 EDPR generated an Operating Cash-Flow of €643m, delivering a 13% growth YoY,

clearly demonstrating the recurrent cash generation capabilities of the operating assets.

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, adjusted by net interest costs, non-cash items (namely revenues

from institutional partnerships) and net of changes in working capital, amounted to €643m

(+13% YoY);

• Capital Expenditures with capacity installed and with projects under construction totalled

€829m;

643-829

-260+144 -156

-157

-616

Operating

Cash-Flow

Capex Other

Investing

Activities

Tax Equity

& Grants

Net Interest

Costs

Other Decrease /

(Increase) in

Net Debt

• Other Investing activities amounted to €260m, which encompasses: i) financial

investments/divestments (€237m), including the acquisition of a 20% additional stake in

Genesa for €231m (2Q11) and the divestment of the financial stakes in two wind farms

from which EDPR cashed-in a total €26m; and ii) other payments which total €23m;

• The monetization of tax credits (€144m) includes two Institutional Partnership agreements

established in the US for the 198 MW installed in 2011;

• Funding breakdown of investment activities: i) Operating Cash-Flow covered 77% of the

2011 capex (€829m); while ii) the remaining investment expenditures were covered by cash

and equivalents and new debt;

• Forex & other (-€157m) include the financing of newly installed capacity in the ENEOP

consortium in Portugal through shareholder loans and the forex translation (-€52m) mostly

related to EDPR’s debt in US Dollars.


Net Debt (€m)

Bank loans and otherLoans with EDP Group related companiesFinancial Debt

Cash and cash equivalentsLoans to EDP Group related companies and cash poolingFinancial assets held for tradingCash & Equivalents

Net Debt

Net Debt Breakdown by Assets (€m)

Net debt related to assets in operationNet debt related to assets under construction & develop.

Institutional Partnership (€m) (1)

Net Financial Expenses (€m) FY10

1,009

2,358

FY11

(7)

439

∆ €

762

+15

(195)

2,772

(323)(36)

21936

FY11 Financial Debt by Currency

Average Interest Rate Cost at December

∆ %

FY11

733

+293

FY11

1,024

∆ €

3,534

0

837

3,826

+811

501226

+188

3,387 +616

220

+1042,800

∆ €

Institutional Partnership Liability

4133,169

FY10

(281)

Enterprise Value (31 December 2011)

FY11 Financial Debt by Type

FY11

218

FY10

2,989

FY10

EURUSD

Other

Fixed

5.2% 5.4%

40%

53%

8%

92%

7%

4.1 48%

€bn %

Market Cap.

TEI

0.1 1%Minorities

Variable

Net Financial Expenses (€m)

Net interest costsInstitutional partnership costs (non cash)Capitalised costsForex differencesOtherNet Financial Expenses (40%)

(4.5)

FY10

33.9(21.7)

(9.5)(174.1)

FY11

-(1.4)

+4%

∆ %

(50%)(64.8)

68.4

(166.9)(189.5)(62.4)

(244.1)+53%

(14%)

Romanian Leu and US Dollar. In Poland, the Zloty registered a 12.2% devaluation vs. the

Euro in 2011, in Romania, the Leu devaluated 1.4%, while the US Dollar appreciated

3.3%.

• As of Dec-11, 53% of EDPR's financial debt was Euro denominated, while 40% was

funded in US Dollar given the investments in the US. The remaining 7% is related to a

project finance in Zloty for 120 MW in Poland and to a project finance in Brazilian Real

for 70 MW in Brazil, closed in July (R$228m).

• 92% of EDPR's financial debt is at a fixed rate and most of it has a post-2018 maturity.

EDPR continues to follow a long-term fixed rate funding strategy to match the Operating

Cash-Flow profile with its financing costs, therefore mitigating its interest rate risk.

• As of Dec-11, the average interest rate was 5.4%, a 20bps increase vs. Dec-10, but

20bps lower than in Jun-11, reflecting the attractive rates closed in the latest project

finances.

• EDPR's Gross Financial Debt increased to €3.8bn (+€0.3bn vs. Dec-10), while Net Debt

amounted to €3.4bn (+€0.6bn vs. Dec-10) reflecting the investments done in the period,

which were partially offset by cash-flow generation. Average Gross Debt increased 15% in

the period (€3.5bn in 2011 vs. €3.1bn in 2010). 78% of EDPR’s debt corresponds to loans

with EDP Group, while debt with financial institutions is mostly related to project finance. In

2011, EDPR closed €290m through project finance in Romania and Brazil. Additionally, the

ENEOP – Eólicas de Portugal consortium executed a project finance of €260m for the

second group of wind farms developed in Portugal, to be funded in 2012.

• Liabilities referred to as institutional partnerships in the US stood at €1.0bn. In 2011, EDPR

established new institutional partnership structures in the Timber Road II wind farm

($116m) and in Blue Canyon VI wind farm ($124m, of which $97m realized upfront).

• The net interest costs increased at a slower pace than the average financial debt evolution

(14% vs. 15%) but total net financial expenses increased 40% to €244m impacted by the

negative €22m forex differences (non-cash), related to assets and liabilities in Polish Zloty,

EURUSD

Other

Fixed

5.2% 5.4%

Dec-10 Dec-11

40%

53%

8%

92%

7%

4.1 48%

1.0

3.4

8.7 100%

12%

39%

€bn %

Market Cap.

TEI

Net Debt

EV

0.1 1%Minorities

Variable

(1) Net of tax credits already benefited by the institutional investors and yet due to be recognised in the P&L- 7 -

Romanian Leu and US Dollar. In Poland, the Zloty registered a 12.2% devaluation vs. the

Euro in 2011, in Romania, the Leu devaluated 1.4%, while the US Dollar appreciated

3.3%.

• As of Dec-11, 53% of EDPR's financial debt was Euro denominated, while 40% was

funded in US Dollar given the investments in the US. The remaining 7% is related to a

project finance in Zloty for 120 MW in Poland and to a project finance in Brazilian Real

for 70 MW in Brazil, closed in July (R$228m).

• 92% of EDPR's financial debt is at a fixed rate and most of it has a post-2018 maturity.

EDPR continues to follow a long-term fixed rate funding strategy to match the Operating

Cash-Flow profile with its financing costs, therefore mitigating its interest rate risk.

• As of Dec-11, the average interest rate was 5.4%, a 20bps increase vs. Dec-10, but

20bps lower than in Jun-11, reflecting the attractive rates closed in the latest project

finances.

• EDPR's Gross Financial Debt increased to €3.8bn (+€0.3bn vs. Dec-10), while Net Debt

amounted to €3.4bn (+€0.6bn vs. Dec-10) reflecting the investments done in the period,

which were partially offset by cash-flow generation. Average Gross Debt increased 15% in

the period (€3.5bn in 2011 vs. €3.1bn in 2010). 78% of EDPR’s debt corresponds to loans

with EDP Group, while debt with financial institutions is mostly related to project finance. In

2011, EDPR closed €290m through project finance in Romania and Brazil. Additionally, the

ENEOP – Eólicas de Portugal consortium executed a project finance of €260m for the

second group of wind farms developed in Portugal, to be funded in 2012.

• Liabilities referred to as institutional partnerships in the US stood at €1.0bn. In 2011, EDPR

established new institutional partnership structures in the Timber Road II wind farm

($116m) and in Blue Canyon VI wind farm ($124m, of which $97m realized upfront).

• The net interest costs increased at a slower pace than the average financial debt evolution

(14% vs. 15%) but total net financial expenses increased 40% to €244m impacted by the

negative €22m forex differences (non-cash), related to assets and liabilities in Polish Zloty,

EURUSD

Other

Fixed

5.2% 5.4%

Dec-10 Dec-11

40%

53%

8%

92%

7%

4.1 48%

1.0

3.4

8.7 100%

12%

39%

€bn %

Market Cap.

TEI

Net Debt

EV

0.1 1%Minorities

Variable

Business Platforms

- 8 -

Europe

Income Statement (€m)MW %

Revenues

Supplies and servicesPersonnel costsOther operating costs / (income)

Operating Costs

EBITDAEBITDA / Revenues

ProvisionsDepreciation and amortizationComp. of subsidized assets' depreciation

EBITGWh €/MWh

Opex ratios - excluding other revenues

Electricity Output

FY10

252.2

254.2

(1.3)

461.7

+21%(0.2)

95.6

288.6

84.9%

(33.9)

Load Factor

∆ 11/10

209.2

562.2

Installed Capacity

539.3

100.6

(1.5)

(5%)

+17%

(0.3)

FY10FY11

+3 pp

+14%

106.7

82.1%

FY11 ∆ 11/10

(71%)

+13%

20.122.8

634.9

(387%)

87.4

(7.0)

+22%+13%

Average Selling Price

+16%

6,6327,301

FY10 FY11

3,652

3,200

+452

27%25%

FY10 FY11

84.2 88.0

+10%+5%

-2 pp

Opex / Average MW in operation (€ th)Opex / MWh (€)

Employees

Total Europe

+11%

FY10

393

FY11 ∆ 11/10

(1%)

19.2+2%

21.245.6

398

46.4

6,6327,301

FY10 FY11

• In 2011, EDPR increased its installed capacity by 452 MW reaching 3.7 GW by Dec-11.

Central and Eastern Europe played a major role in the 2011 growth having installed 265

MW: 195 MW in Romania and 70 MW in Poland. In Spain, France and Portugal, EDPR added

151 MW, 22 MW and 14 MW, respectively. Additionally, 87 MW attributable to EDPR were

installed through the Eólicas de Portugal consortium (equity consolidated).

• In the period, EDPR was able to deliver once again above-market average load factors

reinforcing the premium status of its assets. The lower wind resource in Iberia throughout

the year and the ramp-up period in Romania explains EDPR’s lower load factor in 2011

(25% in 2011 vs. 27% in 2010).

• The electricity output increased by 10% YoY to 7.3 TWh, following the new capacity

brought into service but hampered by the load factor evolution.

• The 2011 European average selling price improved by 5% YoY to €88/MWh, with all

countries posting positive evolution YoY. Poland was the only exception in Euro terms due

capacity) and the higher pool prices observed (+36% YoY); ii) better prices in Portugal (+5%

YoY) reflecting the CPI indexation and positively impacted by a lower price in 2010

(influenced by the working hours adjustment factor), and; iii) higher prices in the Rest of

Europe (+2% YoY) combined with its higher relative contribution for the total output (18%

in 2011 vs. 12% in 2010), with strong evidence on Polish and Romanian operations.

• Revenues in Europe increased by 13% YoY to €635m, due to: i) new capacity placed into

operation (+€93m); ii) higher average selling price (+€23m), more than offsetting; iii) the

lower wind resource (-€31m). Total operating costs decreased 5% YoY, positively impacted

by the revaluation of EDPR Italy's assets and liabilities, resulting in a €52m gain related to

the reduction of expected value to be paid to the minority shareholder of EDPR Italy (put

option and success fees).

• Excluding this effect, the unitary operating costs still deliver sound efficiency ratios: +2%

YoY per average MW (the +11% YoY per MWh is distorted by the lower wind resource in

2011 vs. 2010).

FY10 FY11

3,652

3,200

+452

27%25%

FY10 FY11

84.2 88.0

FY10 FY11

+10%+5%

-2 pp

- 9 -

6,6327,301

FY10 FY11

• In 2011, EDPR increased its installed capacity by 452 MW reaching 3.7 GW by Dec-11.

Central and Eastern Europe played a major role in the 2011 growth having installed 265

MW: 195 MW in Romania and 70 MW in Poland. In Spain, France and Portugal, EDPR added

151 MW, 22 MW and 14 MW, respectively. Additionally, 87 MW attributable to EDPR were

installed through the Eólicas de Portugal consortium (equity consolidated).

• In the period, EDPR was able to deliver once again above-market average load factors

reinforcing the premium status of its assets. The lower wind resource in Iberia throughout

the year and the ramp-up period in Romania explains EDPR’s lower load factor in 2011

(25% in 2011 vs. 27% in 2010).

• The electricity output increased by 10% YoY to 7.3 TWh, following the new capacity

brought into service but hampered by the load factor evolution.

• The 2011 European average selling price improved by 5% YoY to €88/MWh, with all

countries posting positive evolution YoY. Poland was the only exception in Euro terms due

to the Zloty devaluation. The European platform price evolution followed: i) higher prices in

Spain (+4% YoY) due to the strategic option of electing the fixed tariff (on RD 661/2007

capacity) and the higher pool prices observed (+36% YoY); ii) better prices in Portugal (+5%

YoY) reflecting the CPI indexation and positively impacted by a lower price in 2010

(influenced by the working hours adjustment factor), and; iii) higher prices in the Rest of

Europe (+2% YoY) combined with its higher relative contribution for the total output (18%

in 2011 vs. 12% in 2010), with strong evidence on Polish and Romanian operations.

• Revenues in Europe increased by 13% YoY to €635m, due to: i) new capacity placed into

operation (+€93m); ii) higher average selling price (+€23m), more than offsetting; iii) the

lower wind resource (-€31m). Total operating costs decreased 5% YoY, positively impacted

by the revaluation of EDPR Italy's assets and liabilities, resulting in a €52m gain related to

the reduction of expected value to be paid to the minority shareholder of EDPR Italy (put

option and success fees).

• Excluding this effect, the unitary operating costs still deliver sound efficiency ratios: +2%

YoY per average MW (the +11% YoY per MWh is distorted by the lower wind resource in

2011 vs. 2010).

• EBITDA in 2011 reached €539m improving by +17% YoY, with an EBITDA margin of 85%.

FY10 FY11

3,652

3,200

+452

27%25%

FY10 FY11

84.2 88.0

FY10 FY11

+10%+5%

-2 pp

Europe: Spain


MW under Transitory RegimeMW under RD 661/2007

Total MW

Avg. Load Factors (%)

Load Factor

Electricity Output (GWh)

Total GWh

Average Selling Price (€/MWh)

Avg. realized price in the pool

897

+36%46.8 34.5

FY11

27%25% (2 pp)

1,153 1,153

2,050

FY10Remuneration Framework

+151MW

4,355

FY10

∆ 11/10

2,201 +151MW

FY10

+5%

∆ 11/10

1,048-

FY11 ∆ 11/10

FY11

FY10

4,584

∆ 11/10FY11

Transitory Regime Assets RD 661/2007 Assets

Applicability: Only applicable to wind farms

that started operation before 2008. Wind

farms had to decide before 2009 if they

maintain this remuneration scheme or join

the new one. Wind farms that decided to

remain in this system may only remain until

December 2012.

Variable tariff - market indexed revenues

equals achieved pool price plus a

premium+incentive with no explicit cap or

floor (premium+incentive was set at

€38.3/MWh).

Applicability: Compulsory for all wind farmsthat start operation after 2008.

Two Options:1. Fixed tariff (€79.1/MWh) with annualupdate according to CPI-x.

2. Variable tariff - market indexed revenuesequals pool price plus a premium with a capand a floor. Premium in 2011 was set at€20.1/MWh, while the cap and floor at€91.7/MWh and €76.9/MWh, respectively.All values, with the exception of the poolprice, are fixed for 20 years and indexed toCPI-x.

Regulatory Update RD 1614/2010:

• Temporary 35% reduction of premium until

Avg. realized price in the pool

Avg. Final Selling Price (incl. Hedging)

P&L Highlights - including hedging (€m)

RevenuesOperating costsEBITDAEBITDA / Revenues

∆ 11/10

285.8

+36%

84.4

46.8 34.5

FY11

79.1

342.9

79.9%77.2%

69.0+8%

273.9

370.3

+4%

FY10

82.5

(3 pp)

+22%

+4%








December 2012.





€38.3/MWh).


• No impact.





• Temporary 35% reduction of premium until31/12/2012.

• Future revisions to the premium can onlybe applied to the post-2012 capacity.

• Cap of 2,589 annual equivalent hours toreceive the premium, if the average for theSpanish wind sector surpasses 2,350 hours ineach year.

• In Spain, EDPR installed 151 MW in 2011, reaching a total installed capacity of 2,201 MW.

As of Dec-11, EDPR had 58 MW under construction in Spain and an additional 52 MW in the

pre-registry to start construction and to be installed in 2012. In Jan-12, the Spanish

Government introduced a moratorium on the payment of the renewable premium to all

the projects that were not pre-registered, while keeping unchanged the long-term

remuneration scheme to the already installed capacity and projects already pre-registered

(and due to be installed until the end of 2012).

• In 2011, EDPR achieved once again load factors above the market average, reinforcing the

premium status of its assets, despite the lower wind resource in the period. EDPR reached a

load factor of 25%, c200bps above the market average, but below EDPR's ten year average

of 27%. As a result, the electricity output increased by 5% to 4,584 GWh.

• EDPR continued its strategy of reducing exposure to market prices volatility. Accordingly,

total 4.6 TWh produced, 82% (3.7 TWh) were sold without exposure to market prices

through hedges (1,599 MWh), fixed tariffs (1,499 MWh) or fixed floor mechanism (642

MWh), while only 18% (844 MWh) were sold at market prices plus €38.3/MWh premium.

For 2012, EDPR already sold forward 1.8 TWh at €52/MWh for the capacity under the

Transitory Regime resulting in an expected 82% of the production to be sold through fixed

tariffs, floors and hedges.

• EDPR’s average selling price in Spain increased by 4% YoY to €83/MWh due to the higher

capacity being remunerated according with the fixed tariff (+774 MW YoY) of the

RD661/2007, the inflation update to all the regulated prices under the RD661/2007 and to

the recovery of the realized price in the Spanish pool (+36% YoY).

• Revenues in 2011 increased 8% YoY to €370m benefiting from: i) the capacity additions

(+€48m), and; ii) the improvement in the average selling price (+€14m) more than offsetting;

- 10 -








December 2012.





€38.3/MWh).


• No impact.





• Temporary 35% reduction of premium until31/12/2012.

• Future revisions to the premium can onlybe applied to the post-2012 capacity.

• Cap of 2,589 annual equivalent hours toreceive the premium, if the average for theSpanish wind sector surpasses 2,350 hours ineach year.

• In Spain, EDPR installed 151 MW in 2011, reaching a total installed capacity of 2,201 MW.

As of Dec-11, EDPR had 58 MW under construction in Spain and an additional 52 MW in the

pre-registry to start construction and to be installed in 2012. In Jan-12, the Spanish

Government introduced a moratorium on the payment of the renewable premium to all

the projects that were not pre-registered, while keeping unchanged the long-term

remuneration scheme to the already installed capacity and projects already pre-registered

(and due to be installed until the end of 2012).

• In 2011, EDPR achieved once again load factors above the market average, reinforcing the

premium status of its assets, despite the lower wind resource in the period. EDPR reached a

load factor of 25%, c200bps above the market average, but below EDPR's ten year average

of 27%. As a result, the electricity output increased by 5% to 4,584 GWh.

• EDPR continued its strategy of reducing exposure to market prices volatility. Accordingly,

in 2011 1.6 TWh were sold forward (for the capacity under the transitory regime) and as of

Dec-11 960 MW were already under the fixed tariff option of the RD661/2007. Out of the

total 4.6 TWh produced, 82% (3.7 TWh) were sold without exposure to market prices

through hedges (1,599 MWh), fixed tariffs (1,499 MWh) or fixed floor mechanism (642

MWh), while only 18% (844 MWh) were sold at market prices plus €38.3/MWh premium.

For 2012, EDPR already sold forward 1.8 TWh at €52/MWh for the capacity under the

Transitory Regime resulting in an expected 82% of the production to be sold through fixed

tariffs, floors and hedges.

• EDPR’s average selling price in Spain increased by 4% YoY to €83/MWh due to the higher

capacity being remunerated according with the fixed tariff (+774 MW YoY) of the

RD661/2007, the inflation update to all the regulated prices under the RD661/2007 and to

the recovery of the realized price in the Spanish pool (+36% YoY).

• Revenues in 2011 increased 8% YoY to €370m benefiting from: i) the capacity additions

(+€48m), and; ii) the improvement in the average selling price (+€14m) more than offsetting;

iii) the lower wind resource (-€29m). All in all, EDPR’s EBITDA in Spain increased 4% YoY to

€286m, with an EBITDA margin of 77%.

Europe: Portugal


EBITDA MWENEOP - Eólicas de Portugal (equity consolidated)

Avg. Load Factors (%)

Load Factor


GWh

Average Selling Price (€/MWh)

Avg. Final Selling Price

27%

∆ 11/10

FY11

1,391

326

FY11

∆ 11/10

FY10

599

Remuneration Framework

FY10

29%

FY11

+5%

1,472

(2 pp)

93.8

FY10

98.7

∆ 11/10

∆ 11/10

613

FY11

+14MW

FY10

+87MW

(6%)

239

Before DL 33A/2005 After DL 33A/2005

Portugal has one single system with two sets of parameters which apply depending on the

entry date of the wind farm. Remuneration formula has different components to account for: i)

avoided investments in alternative production systems; ii) O&M costs of alternative production

methods; iii) valuation of avoided CO2 emissions; and iv) CPI indexation

Applicability: Wind farms licensed until

February 2006 (before the 2006 competitive

tender).

Evolution: CPI; remuneration is updated since

the publication of the law.

Duration: 15 years since the publication of DL

33A/2005, pool + green certificates thereafter

if applicable.

Indexation to operating hours: yes.

Applicability: Wind farms licensed after

February 2006 (applies only to the 2006

competitive tender).

Evolution: CPI; remuneration is constant in

nominal terms until the 1st year of

operation.

Duration: 33 GWh of production up to 15

years limit, pool + green certificates

thereafter if applicable.

P&L Highlights (€m)

RevenuesOperating costsEBITDAEBITDA / Revenues

140.3

115.7

138.6

(3 pp)(4%)

79.9%

∆ 11/10

110.7+13%

82.5%

24.627.8

FY11 FY10

(1%)








tender).





if applicable.







operation.




• In Portugal, EDPR’s installed capacity as of Dec-2011 totalled 613 MW (+14 MW YoY), plus

326 MW equity consolidated through its interest in the Eólicas de Portugal consortium. The

613 MW are under the old tariff regime, while the capacity under the Eólicas de Portugal

consortium is remunerated according to the new tariff regime, which was defined through a

competitive tender.

• The load factor in 2011 was in line with the long-term expected average reaching 27% (-2pp

vs. 2010). In the period, the electricity output reached 1.4 TWh (-6% YoY, given the

outstanding wind resource in 2010).

• The average selling price in Portugal increased 5% YoY to €99/MWh, reflecting the CPI

indexation, while the YoY analysis is positively impacted by the lower price received in 2010

due to the working hour’s adjustment factor given the above average production achieved.

• Revenues in 2011 were €139m (vs €140m in 2010), reflecting the sustainability and

stability of the remuneration framework in place: volumes decreased 6%; prices increased

5%. In 2011, EBITDA amounted to €111m reflecting an 80% EBITDA margin.

• EDPR Portugal accounts for 13% of the Company’s total installed capacity and 14% of the

2011 EBITDA.

All the wind farms that contribute to Portugal's EBITDA are

under the old remuneration scheme

Eólicas de Portugal is under the new remuneration sheme

- 11 -








tender).





if applicable.







operation.




• In Portugal, EDPR’s installed capacity as of Dec-2011 totalled 613 MW (+14 MW YoY), plus

326 MW equity consolidated through its interest in the Eólicas de Portugal consortium. The

613 MW are under the old tariff regime, while the capacity under the Eólicas de Portugal

consortium is remunerated according to the new tariff regime, which was defined through a

competitive tender.

• The load factor in 2011 was in line with the long-term expected average reaching 27% (-2pp

vs. 2010). In the period, the electricity output reached 1.4 TWh (-6% YoY, given the

outstanding wind resource in 2010).

• The average selling price in Portugal increased 5% YoY to €99/MWh, reflecting the CPI

indexation, while the YoY analysis is positively impacted by the lower price received in 2010

due to the working hour’s adjustment factor given the above average production achieved.

• Revenues in 2011 were €139m (vs €140m in 2010), reflecting the sustainability and

stability of the remuneration framework in place: volumes decreased 6%; prices increased

5%. In 2011, EBITDA amounted to €111m reflecting an 80% EBITDA margin.

• EDPR Portugal accounts for 13% of the Company’s total installed capacity and 14% of the

2011 EBITDA.

All the wind farms that contribute to Portugal's EBITDA are

under the old remuneration scheme

Eólicas de Portugal is under the new remuneration sheme

Europe: Rest of Europe


FranceBelgiumPolandRomaniaTotal MW

Load Factors (%)

FranceBelgiumPolandRomaniaAverage Load Factor


FranceBelgiumPoland

∆ 11/10

27%+2 pp

23%

+20%

57

28%

∆ 11/10

+70MW

FY11

489

16%

∆ 11/10

+94%

(0 pp)

589+9%

285

57

23% 21%

376

-

190

FY10

+287MW

FY11

+195MW551

90

23% 24% (1 pp)

838

FY10

FY11

306-

117

120

24%

Remuneration Framework

(0 pp)

+22MW284

194

-

107

FY10

System: Feed-in tariff, stable for 15 years. First 10 years: receive €82/MWh; inflation typeindexation and with an x factor only until the start of operation. Years 11-15: depending onload factor receive €82/MWh @2,400 hours decreasing to €28/MWh @3,600 hours.

France

Romania

System: Market price plus green certificate (GC) system. Separate GC prices with cap andfloor for Wallonia (€65/MWh-100/MWh) and Flanders (€80/MWh-125/MWh). Option tonegotiate long-term PPAs.

System: Electricity market price plus GC. Option to choose a regulated electricity price(PLN195.3/MWh for 2011) every 12 months. DisCos have a substitute fee for non compliancewith GC obligation, which in 2011 is PLN274.9/MWh. Option to negotiate long-term PPAs.

System: Market price plus GC system. Wind generators receive 2 GC for each 1MWhproduced until 2017 (not yet enforced by regulation). The trading value of GCs has a floor of€27.6 and a cap of €56.2. Option to negotiate long-term PPAs.

Poland

Belgium

PolandRomaniaTotal GWh

Average Selling Price (€/MWh)P&L Highlights (€m)

FranceRevenues BelgiumOperating costs PolandEBITDA RomaniaEBITDA / Revenues Avg. Final Selling Price

-804

71.47.1

126.2

+94%

94.1

∆ 11/10

1,326245

78.5

FY10

15.0

FY11

83.9

95.7 93.8-

FY10

86.8

74.6%

376

108.8

FY11

+65%

(16 pp)

32.1

91.0%

∆ 11/10

+3%

+32%

+0%

+2%59.3

194

+61%(2%)+353%

89.1

112.0 112.0111.5


• The weight increase of Poland and Romania in the 2011’s Rest of Europe output was the

main driver for the average selling price to reach €96/MWh (+2% YoY). In France, the wind

tariff improved 3% YoY to €87/MWh, while EDPR Polish assets received €109/MWh under

attractive long term contracts (YoY evolution was driven by the Zloty devaluation). The

Belgium selling price was stable at €112/MWh due to the long-term PPA in place and in

Romania the price reached €89/MWh, reflecting the wind farms trial period and the

receivable of only one green certificate per MWh (the full implementation of the second

green certificate scheme, approved by law in July 2011, only happened in late 2011).

• In 2011, revenues increased by 61% YoY to €126m, as a result of a strong increase in the

electricity generation along with a 2% average price increase.

• The Rest of Europe’s EBITDA grew by 32% YoY to €94m with a 75% EBITDA margin.

France

Romania




• In the Rest of Europe, EDPR registered in 2011 an outstanding 52% YoY capacity growth by

installing 287 MW, reaching a total capacity of 838 MW (11% of EDPR's total installed

capacity). In the year, 195 MW were installed in Romania, 70 MW in Poland and 22 MW in

France. The installed capacity is now spread as follows: France 306 MW, Romania 285 MW,

Poland 190 MW and Belgium 57 MW. Currently EDPR has 122 MW under construction: 80

MW in Poland, 22 MW in France and 20 MW in Italy.

• The new capacity and the 2011 load factor of 23% were the main drivers behind the 65%

YoY growth in the electricity output to 1,326 GWh. Poland and Romania substantially

increased its weight in the Rest of Europe generation from c25% to c50% as a result of the

recent capacity additions.

Poland

Belgium

- 12 -


• The weight increase of Poland and Romania in the 2011’s Rest of Europe output was the

main driver for the average selling price to reach €96/MWh (+2% YoY). In France, the wind

tariff improved 3% YoY to €87/MWh, while EDPR Polish assets received €109/MWh under

attractive long term contracts (YoY evolution was driven by the Zloty devaluation). The

Belgium selling price was stable at €112/MWh due to the long-term PPA in place and in

Romania the price reached €89/MWh, reflecting the wind farms trial period and the

receivable of only one green certificate per MWh (the full implementation of the second

green certificate scheme, approved by law in July 2011, only happened in late 2011).

• In 2011, revenues increased by 61% YoY to €126m, as a result of a strong increase in the

electricity generation along with a 2% average price increase.

• The Rest of Europe’s EBITDA grew by 32% YoY to €94m with a 75% EBITDA margin.

France

Romania




• In the Rest of Europe, EDPR registered in 2011 an outstanding 52% YoY capacity growth by

installing 287 MW, reaching a total capacity of 838 MW (11% of EDPR's total installed

capacity). In the year, 195 MW were installed in Romania, 70 MW in Poland and 22 MW in

France. The installed capacity is now spread as follows: France 306 MW, Romania 285 MW,

Poland 190 MW and Belgium 57 MW. Currently EDPR has 122 MW under construction: 80

MW in Poland, 22 MW in France and 20 MW in Italy.

• The new capacity and the 2011 load factor of 23% were the main drivers behind the 65%

YoY growth in the electricity output to 1,326 GWh. Poland and Romania substantially

increased its weight in the Rest of Europe generation from c25% to c50% as a result of the

recent capacity additions.

Poland

Belgium

US

Income Statement (US$m)MW %

Revenues


Operating Costs


ProvisionsDepreciation and amortizationCompensation of subsidized assets' depreciation

EBITGWh $/MWh


Installed Capacity

65.2%376.1

141.0

(31.4)

123.3

+62%

-

577.0

+14%

(1%)

(2%)(10 pp)

-

200.9 124.1

Average Selling Price 103.3

36.1

FY11 FY10

100.7

75.5%

506.4

294.7

∆ 11/10FY11

(46%)

-

(19.1)

+14%

+12%

∆ 11/10

23.8

Electricity Output

32.3

382.2

+3%

FY10Load Factor

(13.1)291.8

-

FY10 FY11

3,4223,224

+198

32% 33%

FY10 FY11

47.7 45.77,6899,330

(4%)

+1 pp

+21%

(1)

(2)

Opex / Average MW in operation ($ th)Opex / MWh ($)

Employees

Total US 260

58.222.1

61.921.9 +1%

(6%)

∆ 11/10FY11 FY10

332 (22%)

• In the US, EDPR’s wind installed capacity as of Dec-11 totalled 3.4 GW, representing a 198

MW increase YoY: 99 MW were added in the PJM market and 99 MW in the SPP market.

• The average load factor in 2011 was 33%, improving 1 pp vs. 2010, given the positive wind

resource evolution in the majority of EDPR’s markets.

• Following the full contribution of the capacity installed in 2010, the new capacity installed

in 2011 and a positive load factor performance, the electricity output increased 21% in

2011, reaching a total of 9,330 GWh.

• The average selling price in 2011, excluding revenues associated with the Production Tax

Credits (PTC), dropped 4% YoY. This performance reflects i) the lower electricity spot prices

affecting the merchant output sales; and ii) lower average PPA/hedge contracts’ final prices

as a result of different pricing structures in some of the new contracts (with a lower starting

point and higher escalators) and lower curtailment revenues (as a result of lower

curtailment but mitigated by higher generation).

• Revenues grew 14% YoY to $577m in 2011, benefiting from i) the capacity installed in the

last 12 months, the improved load factor and the continued monetization of tax credits

through institutional partnership transactions; but hampered ii) by low merchant prices and

different long-term contract’s pricing structures.

• Operating costs increased 62% YoY, mainly reflecting the evolution in the “other operating

costs / (income)”, which was impacted by two non-recurrent items: i) in 2011 as a result of

a write-off related to pipeline rationalization (-$16m); and ii) in 2010 following a

transaction closed in the 4Q10 to shorten a PPA maturity (+$21m cashed-in). It is important

to highlight that the Opex on a per MW basis decreased by 6% (excluding other revenues

and non-recurrent items), as a result of a strong cost control and improved efficiency.

• All in all, the 2011 EBITDA in the US fell 2% to $376m, given the higher operating costs

(impacted by higher "other operating costs / (income)"), which more than offset the higher

capacity in operation along with a better load factor.

FY10 FY11

3,4223,224

+198

32% 33%

FY10 FY11

47.7 45.7

FY10 FY11

7,6899,330

FY10 FY11

(4%)

+1 pp

+21%

(1)

(2)

(1) Excluding Institutional partnership revenues (2) Excluding $15.6m from pipeline write-offsNote: Average exchange for the FY11 was 1.39 USD/EUR. Exchange rate at Dec-2011 was 1.29 USD/EUR - 13 -

• In the US, EDPR’s wind installed capacity as of Dec-11 totalled 3.4 GW, representing a 198

MW increase YoY: 99 MW were added in the PJM market and 99 MW in the SPP market.

• The average load factor in 2011 was 33%, improving 1 pp vs. 2010, given the positive wind

resource evolution in the majority of EDPR’s markets.

• Following the full contribution of the capacity installed in 2010, the new capacity installed

in 2011 and a positive load factor performance, the electricity output increased 21% in

2011, reaching a total of 9,330 GWh.

• The average selling price in 2011, excluding revenues associated with the Production Tax

Credits (PTC), dropped 4% YoY. This performance reflects i) the lower electricity spot prices

affecting the merchant output sales; and ii) lower average PPA/hedge contracts’ final prices

as a result of different pricing structures in some of the new contracts (with a lower starting

point and higher escalators) and lower curtailment revenues (as a result of lower

curtailment but mitigated by higher generation).

• Revenues grew 14% YoY to $577m in 2011, benefiting from i) the capacity installed in the

last 12 months, the improved load factor and the continued monetization of tax credits

through institutional partnership transactions; but hampered ii) by low merchant prices and

different long-term contract’s pricing structures.

• Operating costs increased 62% YoY, mainly reflecting the evolution in the “other operating

costs / (income)”, which was impacted by two non-recurrent items: i) in 2011 as a result of

a write-off related to pipeline rationalization (-$16m); and ii) in 2010 following a

transaction closed in the 4Q10 to shorten a PPA maturity (+$21m cashed-in). It is important

to highlight that the Opex on a per MW basis decreased by 6% (excluding other revenues

and non-recurrent items), as a result of a strong cost control and improved efficiency.

• All in all, the 2011 EBITDA in the US fell 2% to $376m, given the higher operating costs

(impacted by higher "other operating costs / (income)"), which more than offset the higher

capacity in operation along with a better load factor.

FY10 FY11

3,4223,224

+198

32% 33%

FY10 FY11

47.7 45.7

FY10 FY11

7,6899,330

FY10 FY11

(4%)

+1 pp

+21%

(1)

(2)

US Market Breakdown

Load Factors (%)

PJMMISOSPPERCOTNYISOWECC

Average Load Factor


PJMMISOSPPERCOTNYISOWECC

Total GWh

Average Selling Price (US$/MWh)

30%

+41%

26%

∆ 11/10

+2 pp

33%

+2 pp

(1 pp)

+2 pp

27%

1,282

1,754

33%

2,3523,320

FY11

31%

1,057

+6 pp30%

726

FY11

FY10

34%

32%

1,439

∆ 11/10

+21%

∆ 11/10

9,330 7,689

37%

FY10

29%

+40%

24%

FY11

388 3621,014

EDPR US: FY11 Installed Capacity Breakdown by Market (MW)

1,778

FY10

+1 pp

+7%

1,549

39% 36%

+8%+21%

+1%

+0 pp

Remuneration Scheme

SPP

WECC

MISO

ERCOT

PJM

NYISO

CAISO

Southwest

Southeast

ISO NE

138

35

502

101300

101

400

-

451

99

868

428

2,659

763

PPA/Hedge

Merchant

(1)

Average Selling Price (US$/MWh)

Avg. PPA/Hedge priceAvg. Merchant priceAvg. Final Selling Price

Tax Incentives

MW under PTC (Tax Equity Structure)MW under cash grant flip (Tax Equity Structure)MW under cash grant

Income from institutional partnerships (US$m)

+99MW

+10%

2,123

53.9

401

FY11

50.8

∆ 11/10

799

141.9

FY11

47.7

2,024

45.7

FY10

(4%)

799

∆ 11/10

+99MW

(3%)31.1(6%)

30.1

FY10

-

155.4

500

• By Dec-11, EDPR had 3.4 GW in the US spread throughout 6 markets and 12 states.

Currently, EDPR has 215 MW under construction from the Marble River wind farm in the

State of New York, already under long term contract to sell the RECs.

• Regarding the current fleet performance during 2011, EDPR registered a positive YoY load

factor evolution in the majority of EDPR’s markets, with the main highlight being the

capacity in ERCOT which improved 6 pp to 37% (due to change in market structure which

reduce curtailment, as shown in the top-right tables). The higher load factors along with

capacity growth led to a strong output increase in the PJM, WECC and ERCOT markets.

• In 2011, the output under PPA contracts was 6,716 GWh (72% of total output vs. 70% in

2010), while the output exposed to merchant prices totalled 2,614 GWh (28% vs. 30% in

2010).

• Average selling price at the wind farms under PPAs dropped 6% YoY explained by: i) a

different pricing structure on a 200 MW 5 year PPA/hedge contract signed late 2010, with a

lower starting price (vs. portfolio average) but with a double digit escalator; and ii) lower

curtailed production, leading to lower revenues from curtailment (which are paid by the off

taker and included in the final selling price) but resulting in a higher actual output (i.e.,

lower final price but higher volumes with approximately neutral impact on revenues).

Selling prices at merchant wind farms continue to be under pressure given the low gas

prices, weak electricity demand, and more recently due to the mild winter in the 4Q11.

• Income from institutional partnerships increased 10% YoY to $155m, explained by i)

higher load factors from projects generating PTCs; and ii) additional revenue tax equity

deals related to 2010/11 projects. The projects that opted for the cash reimbursement

benefited from lower depreciation charges, booked in the P&L as compensation of

subsidised assets’ depreciation ($19m in 2011 vs. $13m in 2010).

Electricity + Green Price Tax Incentives+

or and

Long term PPA

Power Price + REC

PTC, ITC (30% of investment) or Cash

Grant in lieu of ITC

MACRS (depreciation of 95% of the asset

over the first 5 years)

Remuneration Scheme

SPP

WECC

MISO

ERCOT

PJM

NYISO

CAISO

Southwest

Southeast

ISO NE

138

35

502

101300

101

400

-

451

99

868

428

2,659

763

PPA/Hedge

Merchant

(1)

(1) PPA and Long-term hedges. Includes PPA for 184 MW starting in Jan-2012 and 175 MW starting in Jun-2012.

- 14 -

• By Dec-11, EDPR had 3.4 GW in the US spread throughout 6 markets and 12 states.

Currently, EDPR has 215 MW under construction from the Marble River wind farm in the

State of New York, already under long term contract to sell the RECs.

• Regarding the current fleet performance during 2011, EDPR registered a positive YoY load

factor evolution in the majority of EDPR’s markets, with the main highlight being the

capacity in ERCOT which improved 6 pp to 37% (due to change in market structure which

reduce curtailment, as shown in the top-right tables). The higher load factors along with

capacity growth led to a strong output increase in the PJM, WECC and ERCOT markets.

• In 2011, the output under PPA contracts was 6,716 GWh (72% of total output vs. 70% in

2010), while the output exposed to merchant prices totalled 2,614 GWh (28% vs. 30% in

2010).

• Average selling price at the wind farms under PPAs dropped 6% YoY explained by: i) a

different pricing structure on a 200 MW 5 year PPA/hedge contract signed late 2010, with a

lower starting price (vs. portfolio average) but with a double digit escalator; and ii) lower

curtailed production, leading to lower revenues from curtailment (which are paid by the off

taker and included in the final selling price) but resulting in a higher actual output (i.e.,

lower final price but higher volumes with approximately neutral impact on revenues).

Selling prices at merchant wind farms continue to be under pressure given the low gas

prices, weak electricity demand, and more recently due to the mild winter in the 4Q11.

• Income from institutional partnerships increased 10% YoY to $155m, explained by i)

higher load factors from projects generating PTCs; and ii) additional revenue tax equity

deals related to 2010/11 projects. The projects that opted for the cash reimbursement

benefited from lower depreciation charges, booked in the P&L as compensation of

subsidised assets’ depreciation ($19m in 2011 vs. $13m in 2010).

Electricity + Green Price Tax Incentives+

or and

Long term PPA

Power Price + REC

PTC, ITC (30% of investment) or Cash

Grant in lieu of ITC

MACRS (depreciation of 95% of the asset

over the first 5 years)

Remuneration Scheme

SPP

WECC

MISO

ERCOT

PJM

NYISO

CAISO

Southwest

Southeast

ISO NE

138

35

502

101300

101

400

-

451

99

868

428

2,659

763

PPA/Hedge

Merchant

(1)

Brazil

Income Statement (R$m)MW %

Revenues

Supplies and servicesPersonnel costsOther operating costs / (income)Operating Costs


ProvisionsDepreciation and amortizationComp. of subsidized assets' depreciation

EBITGWh R$/MWh


30.5 -67.3% -

∆ 11/10

n/a

FY10

-

- -

19.9 (4.2) -

0.5 2.0 (75%)14.8 8.6 +73%

(1.0)

FY11

-10.6 3.1 +239%

-

Electricity Output Average Selling Price

FY11 FY10 ∆ 11/10

45.3 7.5 +501%

11.4 4.5 +152%2.9 2.0 +45%

-

Installed Capacity Load Factor

FY10 FY11

84

14

+70

26%

35%

FY10 FY11

254.4 278.4170

+9%

+9 pp

x6

Opex / Average MW in operation (R$ th)Opex / MWh (R$)

Employees

Total Brazil

(58%)(69%)

259.3 611.587.3 278.1

FY11 FY10 ∆ 11/10

16 17 (6%)

FY10 FY11

84

14

+70

26%

35%

FY10 FY11

254.4 278.4

FY10 FY11

31

170

FY10 FY11

+9%

+9 pp

x6

• EDPR’s wind installed capacity in Brazil totalled 84 MW by Dec-11, having increased by 70

MW YoY. EDPR installed the Tramandaí wind farm in May-11 (70 MW), being located in Rio

Grande do Sul, an area with a strong wind resource. The company’s installed capacity in

Brazil is fully under the PROINFA program, with long-term contracts to sell the electricity

produced for 20 years, which translates into a stable and visible cash-flow generation

throughout the life of the projects.

• In 2011, EDPR’s average load factor in Brazil increased by an impressive 9pp YoY to 35%

given the positive contribution from the 70 MW added in May and the strong wind resource

throughout 2011.

• Electricity generation in Brazil increased an impressive six-fold YoY to 170 GWh in 2011

following the capacity brought into operation throughout the last 12 months, and the

strong wind resource.

• In 2011, the average selling price of electricity of EDPR in Brazil increased 9% to

$R278.4/MWh following the inflation yearly update and the higher selling price from the 70

MW installed in May.

• EDPR reached Revenues of R$45m in 2011 in Brazil, representing a six-fold YoY increase,

following the electricity generation performance and the selling price positive evolution.

• Overall, the 2011 EBITDA in Brazil increased to R$30m, while the EBITDA margin reached

67% given the rump-up phase of the Brazilian operations throughout 2011.

• In December 2011, the company has secured in the energy A-5 auction 20-year PPAs for

120 MW, which has clearly reinforced EDPR’s presence in a market with a low risk profile,

attractive wind resource and strong growth prospects. EDPR will continue to reinforce its

presence in the Brazilian market through the development of projects to be ready to

participate in the forthcoming energy auctions.

- 15 -

FY10 FY11

84

14

+70

26%

35%

FY10 FY11

254.4 278.4

FY10 FY11

31

170

FY10 FY11

+9%

+9 pp

x6

• EDPR’s wind installed capacity in Brazil totalled 84 MW by Dec-11, having increased by 70

MW YoY. EDPR installed the Tramandaí wind farm in May-11 (70 MW), being located in Rio

Grande do Sul, an area with a strong wind resource. The company’s installed capacity in

Brazil is fully under the PROINFA program, with long-term contracts to sell the electricity

produced for 20 years, which translates into a stable and visible cash-flow generation

throughout the life of the projects.

• In 2011, EDPR’s average load factor in Brazil increased by an impressive 9pp YoY to 35%

given the positive contribution from the 70 MW added in May and the strong wind resource

throughout 2011.

• Electricity generation in Brazil increased an impressive six-fold YoY to 170 GWh in 2011

following the capacity brought into operation throughout the last 12 months, and the

strong wind resource.

• In 2011, the average selling price of electricity of EDPR in Brazil increased 9% to

$R278.4/MWh following the inflation yearly update and the higher selling price from the 70

MW installed in May.

• EDPR reached Revenues of R$45m in 2011 in Brazil, representing a six-fold YoY increase,

following the electricity generation performance and the selling price positive evolution.

• Overall, the 2011 EBITDA in Brazil increased to R$30m, while the EBITDA margin reached

67% given the rump-up phase of the Brazilian operations throughout 2011.

• In December 2011, the company has secured in the energy A-5 auction 20-year PPAs for

120 MW, which has clearly reinforced EDPR’s presence in a market with a low risk profile,

attractive wind resource and strong growth prospects. EDPR will continue to reinforce its

presence in the Brazilian market through the development of projects to be ready to

participate in the forthcoming energy auctions.

Quarterly Data

- 16 -

Quarterly Data

EBITDA MWEuropeUSBrazilEDPR

Load FactorEuropeUSBrazilEDPR

GWhEuropeUSBrazilEDPR

Tariff/Selling PriceEurope (€/MWh)

+52%

3,224

(4%)

6,8876,625

+10 pp

84

27%

3,6523,422

+16 pp

6,437

2,698

Quarterly Data

84

4Q11

14

23%35%

31%

7,157

4Q10

66

37%

3,224

3Q11

26%

3,388

4,825

2Q11

30%

36%

1,583

3,185

14

1,5276

34%

+4%

(4 pp)

+3%

+5 pp

+30%

21%21%

2,017

33%

1,672

32%

1,985

+3%

∆ QoQ

+0 pp21%

1Q11

3,278

+3%

(2 pp)

+6%

86

+14%

+77%-

21%

3,553

-

3,526

4,421

+7%

+11%

+2%

4,370 +6%

83

2,511

19%

29%38%

2,430

90

6

84

88

23

89

(11%)

(4 pp)

-

3,200

4,534

2,675

∆ YoY

+15 pp

3,323

37%

6,959

2,061

40%

75

Europe (€/MWh)US ($/MWh) (1)

Brazil (R$/MWh)Average Porfolio Price (€/MWh) (1)

Revenues (€m)EuropeUSBrazilEDPR

EBITDA (€m)EuropeUSBrazilEDPR

EBITDA MarginEuropeUSBrazilEDPR

Net Profit EDPR (€m)

Capex (€m)EuropeUSBrazilEDPR

Net Debt (€m)

+144%

+6 pp

(197%)

+11%

26

+18%

(0%)

+79%

+35%

(4%)(4%)

2525

284

73

31

53

108

285

46

80

111

58

- 64%

279

113 701

72%

77%

(0)

81%

(27)

+5%

148

+4%44

+36 pp

(10%)

86

141

+4%

+8%

+83%

(2%)

2 +288%+98%

102

(55%)

48

55

46263

2,772 3,447

80182

300

83

170

(1)139

58

278

9

90

173

115

111

2

276

8844

263

262

144

89

+82%+5%

+2%

+0 pp84%

222

62

(32%)

+22 pp

49

78%

72%

54

171155

155

281

84%

59%

+22%

5764+6%

+94%

72%90%

-

+57%

69%95%

123(1%)

8+75%

171

71%

+5%

149

40

313

100

(2)49

152169

3,076 3,387

191

2785

6

70%

-

3,285

1

(36 pp)

102

63%

240 220

-

108

189

-

+17 pp54%

107%

38

(1 pp)

-

- -

+18%

62

Net Debt (€m)Institutional Partnership Liability (€m)

(1) Excludes institutional partnership revenues

(2%)2,772 3,447 +22%1,0248651,009 887 965

3,076 3,3873,285+1%

- 17 -

+6%

Income Statements

- 18 -

EDPR: Income Statement by Region

Revenues


Operating Costs

EBITDAEBITDA/Revenues


EBIT

6.4

(0.3)

268.1

468.5

74.9%800.7

252.2(13.7)(1.3)

25.9

65.2%

US

539.3

4.6

n.a.

-

8.5

-(0.3)209.7

19.5 0.0

106.7 4.9 225.1

634.9

Europe

414.5

288.6

84.9%

0.1

13.1

2.0

(21.8)

74.2

(0.0) (15.0)

(23.9) 347.5

FY11 (€m)

144.3 21.8

270.2

(33.9)22.8

101.31.4

(1.2)17.160.810.7

12.3

Other/Adj.

1,068.8

Consolidated

(17.8)

Brazil

-

67.3%

-

95.6

Revenues


Operating Costs



EBIT

Brazil

712.775.2%

(16.2)54.8

234.9

75.5%461.7

n/a82.1%

(23.7)

Consolidated

87.4 1.9

3.2

254.2 (1.7)

100.6

(0.3)

1.6(0.2)

(38.5)

(7.0)

209.2

93.0

-

93.6

(36.9)

382.0 947.6562.2

9.5

(1.5)

(0.2)

- (0.0)

13.8

222.3

288.3n.a.

-

13.820.1

-

24.3

FY10 (€m) Europe

75.9

196.2

(11.4)

Other/Adj.

0.9

3.5 37.1

1.3

0.7

434.4(9.9)

289.9

0.2

US

- 19 -

EDPR Europe: Income Statement by Country

Revenues


Operating Costs



EBIT

(0.3)252.2

n.a.

6.9

295.1

21.5

126.2

11.0

133.7

110.7

5.0

74.6%

5.3

39.3

(0.3)

83.0

28.6(0.0)(0.1)

161.9

(0.9)

Portugal

32.1

9.0

77.8%

0.0 -

23.1

539.3

(4.6)

RoE

(9.5)

106.7

Total Europe

379.5

84.4

22.8(33.9)

9.8

84.9%

138.6 634.9

3.0

(1.3)

3.427.8

Other/Adj.(1)

84.6

FY11 (€m)

66.6

(48.8)

Spain (1)

34.0

(53.2)

94.179.9%

288.6

(0.0)

3.9

(0.2)

95.6

Revenues


Operating Costs



EBIT

FY10 (€m)

(0.1)

RoE

12.4

(0.0)

n.a.

35.0(0.1)

5.2

(1) Important Note on Spain and Other: EDPR is actively hedging its exposure to the Spanish pool price. Although entirely related to the Spanish assets, the hedging loss of €9m in FY11 (gain of

€12m in FY10) is being accounted at the European platform level (Other/Adj.). On page 10, the hedging gain was included in the Spanish division only for analytical purposes.

40.9

(0.2) (1.1)

69.0 24.60.6(13.9)

331.2

124.3

(0.0)

2.7

12.3

7.1

71.4

3.1

(0.2)

(7.0)100.6

(1.5)

461.791.0%82.5% 82.1%

(0.2)

0.0

7.1

262.2

87.4

209.2

254.2

2.7

79.2%

Other/Adj.(1)

8.7

30.7

3.6

115.7

Portugal

-

17.95.6

140.3

20.160.7 18.2

Spain (1)

81.8

138.3

(9.4)

78.5

Total Europe

562.2

- 20 -

Annex

- 21 -

Portfolio of Projects

200

Subtotal

3,850

390

4,881

160 10 190

1,636

Pipeline (MW)

3,246

Tier 1 Tier 2

1,541

-

- Italy

76

50 78

398

13

Spain 233 1,942

26 23

186

579

830586- 58 244

556

270- France

Portugal (1)

674 2,496

- Poland

- Romania

Rest of Europe

- Belgium

221

314

43

653 1,051

348

-

-

30

2,309

- 530

Tier 3 Prospects Total

20

618

43

1,365

134

North America

US

775

Brazil

Canada

- Italy

- UK

120

Europe

775

-

1,005

369

- -

8,098

-

5,107 8,384 14,756

700

4,458

4,038

186 830

1,448

586

443

3,377 9,121

100

3,285

-

-

917

4,038

1,005

58 244

21,028

1,614

10,293

914641153

8,098

EDPR

5,745

3,285

100

10,193

-

2,195

6,272

2,095

1,264

(1) Including 154 MW of Tier 1 projects related to the capacity attributable to EDPR on the Eólicas de Portugal consortium

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FY 2011 Results - EDP Renováveis · 2019-11-11 · Investor Relations Department Rui Antunes, Head...

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