Edp S.a. · EURONEXT:EDP
Edp — Energias de Portugal — FY2020 Earnings Presentation
18 slides from Edp's earnings presentation, Feb 24, 2021
Slide 1: 2020 Results Presentation
edp 2020 Results Presentation Lisbon, February 24*", 2021
Slide 2: Disclaimer
This document has been prepared by EDP - Energias de Portugal, S.A. (the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed
Slide 3: Main targets delivered
Main targets delivered Targets 2020 2020 YE Figures Recurring 4Q20 Highlights ~€3.7Bn €3.7Bn EBITDA (ex-forex +3% YoY) Closing of all key pending transactions Recurring +0.8GW renewables (+1.6GW in 2020) ~€0.9Bn(1) €901Mn(1) Net Profit Two asset rotation deals (Spain & US) (+6% YoY) Power Prices rec
Slide 4: Electricity demand 2020 YoY
Electricity demand 2020: YoY (1) % YoY Despite slight recovery in 2H20, 2% overall decline in electricity demand 0% 0% across our markets during 2020 Secured results and resilient business model -3% -3% -3% -3% -3% ~75% LT contracted / regulated -5% EBITDA in 2020 1Q 3Q -11% -12% 2Q 4Q -13% (1) Data
Slide 5: Recurring EBITDA
Recurring EBITDA €m; YoY growth, % (1) +3%) ∆ YoY Hydro production in Iberia +33% (-3% vs. hist avg. in 2019) +€34m Hydro Weaker wind resources (-8% vs. LT avg. in 2020) Renewables +€3m Wind & Solar Asset rotation gains €434m (+38% YoY) De-consolidation of assets sold (-€102m YoY) 25% Average BRL de
Slide 6: Electricity generation mix, coal revenues and specific emissions
Electricity generation mix Revenues from coal Specific Emissions(2) % % gCO2/kWh Gas(1) 18% 17% 9% Coal 16% Renewables 66% Sines accounted for 2% in 2020 2019 2020 2019 2020 2019 2020 (1) Includes residual contribution from other technologies (Nuclear, Cogeneration and Waste) | (2) Scope 1 +2 | (3)
Slide 7: Strategy delivery: asset rotation and growth
additions for 2019-22 already secured IRR/WACC on projects’ approval with COD up to 2023, avg. contracted NPV > 70% RAB , through Viesgo acquisition and organic growth in Brazil /year in Asset Rotation in 2019-20 asset rotation with premiums ~50% above targets , swapping Iberian portfolio of merchan
Slide 8: Deleverage, opex reduction and dividend floor
ND/EBITDA 2020 in 2020 (vs. 4.0x in 2018): delivery of frontloaded deleverage target Opex reduction 20201 achieved in 2020 Dividend floor per share of dividend policy commitment , ~30 pp above EURO STOXX Utilities (1) Like-for-Like comparison ex. growth (2) For the year of 2020. Source: Bloomberg. 2
Slide 9: Financial Overview
Financial Overview
Slide 10: Recurring EBITDA - Wind & Solar
Recurring EBITDA - Wind & Solar €m; YoY growth, % 2019 2020 YoY Built Capacity, GW (1) Europe Avg. Installed Capacity, GW Electricity Production, TWh Asset rotation gains, €m North America Brazil & Other 2019 2020 (1) 2020 includes +1.1GW Built and + 0.5GW Acquired (Viesgo) 2020 RESULTS PRESENTATION
Slide 11: Recurring EBITDA - Hydro
Recurring EBITDA - Hydro €m; YoY growth, % 2019 2020 YoY Hydro production(1), TWh Hydro resources vs. LT Avg(3), % Avg selling price(2), €/MWh Iberia 2019 2020 YoY GSF Brazil 2019 2020 PLD, R$/MWh (1) Excludes small hydro plants | (2) Including hedging | (3) Source: REN. Hydro resources reference fr
Slide 12: Recurring EBITDA - Networks
Recurring EBITDA - Networks €m; YoY growth, % 2019 2020 YoY Return on RAB Portugal(1), % Return on RAB Spain, % Recurring Opex Iberia, €m Portugal 2019 2020 YoY Recurring Transmission EBITDA, R$m Spain Recurring Distribution EBITDA, R$m Brazil Electricity distributed, TWh 2019 2020 (1) RoRAB of HV/M
Slide 13: Recurring EBITDA - Client Solutions & Energy Management
Recurring EBITDA – Client Solutions & Energy Management €m; YoY growth, % ∆ YoY Positive impact from hedging strategy Lower thermal production with Coal -41% YoY Resilient B2C demand and increased services penetration EM & Thermal Iberia despite Covid impact Supply Iberia1 Positive impact of mark-to
Slide 14: Operations: Opex Iberia, EDP Brasil, EDPR
Weight on Opex Operations Indicator YoY Change Main drivers Iberia Opex(1) -1% avg. headcount YoY EDP Brasil Opex(1) excl. growth and forex Avg. inflation: ~4.5%(2) EDPR Growth of renewables development Adj. Core Opex/MW(3) activity (1) Opex ex-forex Opex like-for-like (excl. growth) (1) Operating C
Slide 15: Reported Financial Costs and Bonds Issued
Reported Financial Costs Bonds issued Green bonds €m Amount Coupon Maturity Jan-20 (hybrid) €750m 1.70% 2080 Apr-20 €750m 1.63% 2027 Sep-20 USD850m 1.71% 2028 2020 bond maturities Amount Coupon Jan-20 USD 583m 4.13% 1Q20 (hybrid) (3) €750m 5.38% Jun-20 €233m 4.13% 2019 Non- 2019 adj. Interest 2020 a
Slide 16: Change in Net Debt: Dec-20 vs. Dec-19
Change in Net Debt: Dec-20 vs. Dec-19 € bn -11% Transactions closed in 4Q20: €0.6Bn FX +27% YoY +€1.5Bn Net Expansion impact -€0.6Bn Net Disposals & Acquisitions Net Debt Recurring Dividends Net Rights Issue Other & Net Debt Dec-19 Organic Expansion One-off Dec-20 Cash Flow Investment (1) Based on n
Slide 17: Recurring Net Profit 2020
Recurring Net Profit 2020 Recurring Net Profit €m €m Δ YoY EBITDA D&A and Provisions +45 EBIT Net Financial Costs +101 Income Taxes -56 2019 2020 Non-controlling interest +34 Non-recurring items Net Profit Reported Net Profit (1) Non-recurring items for 2020 of -€101m in 2020, including the net gain
Slide 18: IR Contacts and Next Events
IR Contacts E-mail: ir@edp.com Phone +351 210 012 834 Site: www.edp.com Next Events Feb 25th: EDP Strategic Update May 13th: 1Q21 Release 18
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