Edp S.a. · EURONEXT:EDP
Edp — Energias de Portugal — Q1 2019 Earnings Presentation
23 slides from Edp's earnings presentation, May 17, 2019
Slide 1: 1Q19 Results Presentation
1Q19 RESULTS PRESENTATION Lisbon, May 17 2019
Slide 2: Recurring EBITDA: +1% YoY
Recurring EBITDA: +1% YoY Weak hydro resources in Iberia and low wind resources in key geographies Recurring +2% avg. installed capacity and +5% selling price in renewables EBITDA1 Growth in networks, with increasing activities in Brazil and OPEX reduction in Iberia Recurring Net Profit: -32% YoY Hi
Slide 3: Hydro Resources vs LT average in Portugal; EDP Wind Resources
Hydro Resources vs LT average in Portugal1 EDP Wind Resources 1Q19 Wind resources vs. Long-term average (%) 2018 5% 81% Weight in 2019 EDP’s wind portfolio2 53% Hydro generation in Iberia @2.6 TWh in 1Q19, vs. ~5.5 TWh for LT avg in 1Q -3% -7% -7% -8% 1Q18 1Q19 -9% -36% -48% 1Q 2Q 3Q 4Q Overall, win
Slide 4: Recurring EBITDA 1Q19
Recurring EBITDA 1Q191 € Mn; YoY growth,% ex-forex Wind & Solar: Lower load factor (-€64 Mn YoY) partially offset by higher prices (+€17 Mn YoY) and capacity 911 921 Renewables Hydro: Lower volumes in Iberia (-€85 Mn YoY), partially compensated by higher prices (+€56 Mn YoY) and suspension of genera
Slide 5: Operations: Opex Iberia and EDP Brasil
Weight on Opex Operations Indicator YoY Change Main drivers Iberia Inflation Portugal +0.8%2 Opex1 -4% avg. Headcount vs Mar-18 EDP Brasil Avg. Inflation: +4.1%3 Opex1 in BRL DisCos # Customers: +2% YoY EDPR Avg inflation in our geographies5: +1.6% Adj. Core Opex1/MW4 Avg MW +6% Opex ex-forex1 Gener
Slide 6: Reported Net Profit 1Q19
Reported Net Profit 1Q19 € Mn 166 YoY1 22 Net loss in Portugal: -€23 Mn in 1Q191 100 38 39 Stable results in Spain 78 EDPR net profit -35% YoY, impacted by lower wind resources 50 35 EDP Brasil net profit +26% YoY 28 -23 1Q18 1Q19 1 Includes full impact of CESE. Excludes EDPR, but still negative if
Slide 7: Capacity secured at May-19
Capacity secured at May-19 GW Lots Status 3.1 3.1 3.1 + 0.2 GW vs. Strategic Update (Mar-19) 1.0 2019 ES - Lot 24 In operation since Dec-18 1.7 MA - Lot 11 Under construction Wind onshore 2.6 0.9 2020 SC - Lot 21 Under construction 0.8 MA II - Lot 07 Preliminary license at end-Apr Wind offshore 1.1
Slide 8: Recent deal announced in April 23rd
Recent deal announced in April 23rd: Scope: disposal of Iberian assets and Proceeds merchant/thermal assets 71 Advisors already engaged and teams currently EV/MW €1.6 Mn/MW working on the analysis and preparation of the 348 different potential transactions Capital Gains €0.2 Bn (booked in EBITDA) ex
Slide 9: On track to deliver our Strategic Update 2019-22 targets
On track to deliver our Strategic Update 2019-22 targets edn OUR VISION Leading the energy transition to create superior value | |# Accelerated and focused growth => +6% wind & solar installed capacity I Continuous portfolio optimization —> €0.8 Bn asset rotation deal announced OUR STRATEGY 3) Solid
Slide 10: Results Analysis
Results Analysis
Slide 11: Installed capacity and electricity production breakdown by technology
1Q19 Wind Hydro Solar CCGT Coal Other(1) Installed capacity breakdown by technology Electricity production breakdown by technology GW TWh 1% 2% 11% 21% 14% 41% 47% 1% 7% 0% 32% 22% in renewables capacity in renewables production 1 Others include thermal special regime (cogeneration, biomass) and nuc
Slide 12: Reported EBITDA – Wind & Solar
Reported EBITDA – Wind & Solar € Mn; YoY growth,% 381 385 1Q18 1Q19 YoY Avg. Installed Capacity1, GW Europe 230 233 Production vs. LT Avg. (P50), % Electricity Production, TWh Avg. selling price, €/MWh North America 146 146 Brazil & Other PTC revenues, € Mn 5 5 1Q18 1Q19 1 Considers capacity at EBIT
Slide 13: Reported EBITDA – Hydro
Reported EBITDA – Hydro € Mn; YoY growth,% 1Q18 1Q19 YoY 205 Hydro Production1, TWh 171 Hydro coefficient - PT Portugal 126 Change in reservoirs PT, TWh 101 Avg selling price, €/MWh Spain 16 11 1Q18 1Q19 YoY Brazil 62 59 GSF 1Q18 1Q19 1 Including pumping, but excluding small hydro Source: REN RESULT
Slide 14: Reported EBITDA – Networks
Reported EBITDA – Networks € Mn; YoY growth,% 1Q18 1Q19 YoY 243 Return on RAB PT1, % 219 OPEX Iberia, € Mn 131 Portugal 126 1Q18 1Q19 YoY 34 Distribution losses, % Spain 34 78 Electricity distributed, TWh Brazil 60 Transmission EBITDA, € Mn 1Q18 1Q19 1 RoRAB of HV/MV RESULTS PRESENTATION 14
Slide 15: Reported EBITDA – Client Solutions & Energy Management
Reported EBITDA – Client Solutions & Energy Management € Mn; YoY growth,% 1Q18 1Q19 YoY 116 Thermal generation, TWh 85 28 Regulatory costs1, € Mn Thermal Brazil 32 3 Supply & EM Brazil 9 Normalization of supply unit margins in Iberia 76 Thermal & EM Iberia 65 1Q18 1Q19 YoY Pecém availability, % 8 Su
Slide 16: Change in Net Debt: Mar-19 vs. Dec-18
Change in Net Debt: Mar-19 vs. Dec-18, € Bn System debt in Portugal -€62 Mn in 1Q19 0.2 -0.3 13.7 13.5 0.9 0.5 Reg. Receiv 0.3 -0.5 Hybrid +€0.5 Bn FX -€68 Mn 13.2 Contrib. to pension 13.2 excl. RR Strongly impacted by fund +€65 Mn working capital from fixed assets suppliers Net Debt Recurring Organ
Slide 17: Financial liquidity and debt maturity profile as of Mar-19
Financial liquidity as of Mar-19 EDP consolidated debt maturity profile as of Mar-19 € Bn € Bn EDP Brasil EDP SA & EDP Finance BV and Other 2.6 2.5 Cash & Equivalents: 2.3 1.8 1.7 1.7 1.6 1.4 Available Credit Lines: 0.8 Total Liquidity 2019 2020 2021 2022 2023 2024 2025 2026 > 2026 2019 Jan 23rd: €1
Slide 18: Net Financial Costs and nominal debt by currency
Net Financial Costs: 1Q19 vs. 1Q18 Nominal debt by currency: 1Q19 vs. 1Q18 € Mn 183 186 3 15 31 58% Euro 67% 127 10 USD 29% 20% BRL Other 9% 10% 4% 3% 1Q18 IFRS 16 MtM Asset 1Q18 adj. Other 1Q19 1Q18 1Q19 financial rotation interest hedges gain related 1 Avg cost of debt 1 Includes +€7 Mn of net fin
Slide 19: 1Q19 Reported and Recurring Net Profit
1Q19 Reported and Recurring Net Profit, € Mn Reported YoY Recurring1 YoY1 +1% recurring EBITDA, with contribution from networks Brazil and EBITDA 921 29 921 10 supply Iberia offsetting weak renewable resources Amort., Impair. -377 -33 -377 -33 Adoption of IFRS16; +2% capacity increase & Provis
Slide 20: IR Contacts and Next Events
IR Contacts Miguel Viana, Head of IR E-mail: ir@edp.pt Sónia Pimpão Phone +351 210 012 834 Carolina Teixeira Site: www.edp.com Andreia Severiano Pedro Gonçalves Santos Next Events May 20th: London RS (Goldman Sachs) June 5-6th : London (Credit Suisse July 25th: 1H19 results release May 23rd: New Yor
Slide 21: Annex
Annex RESULTS PRESENTATION 21
Slide 22: IFRS16 impact: Mar-19 and 1Q19
Mar-19 1Q19 Supplies & Services +€17 Mn Of which EDPR +€11 Mn Assets +€768 Mn Other liabilities +€760 Mn Of which EDPR +€536 Mn Of which EDPR +€541 Mn Depreciation -€15 Mn Of which EDPR -€8 Mn Financial results -€10 Mn Of which EDPR -€7 Mn Net profit -€3 Mn Of which EDPR -€2 Mn RESULTS PRESENTATION
Slide 23: 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. By attending the meeting where this presentation is made, o
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