EDP with EBITDA of R$760.2 million in 4Q14 and R$1.9 billion in 2014
The company's net profit increased by almost 100% compared to the results of the previous year
In 2014, EDP - a company engaged in electricity generation, trading and distribution - reached an EBITDA (earnings before interest, taxes, depreciation, and amortization of R$1.9 billion, which means a 15.6% increase compared to the previous year (R$1.65 billion). The 4Q14 EBITDA also increased compared 4Q13: from R$234.8 million to R$760.2 million (223.8% increase).
These figures are mainly due to the positive effects of the recognition of the distributing companies" regulatory assets. On the other hand, costs with energy purchased from generating companies due to the GSF increased by 87.7%. The divestment of a 50% stake in the Santo Antônio do Jari and Cachoeira Caldeirão Power Plants had a positive impact on 2Q14 results.
The company consolidated net income hiked from R$375.7 million in 2013 to R$743.5 million in 2014, a 97.9% increase. In 4Q14 there was a 664.6% increase compared to 4Q13, from R$41.5 million to R$317.3 million. These results also reflect the minority share reduction of R$38.3 million in 4Q14 and of R$83.5 million in the 2014 consolidated balance sheet, both compared to the same period of the previous year.
The net operating income increased by 62.1% between October and December 2014 compared to the fourth quarter of 2013, from R$1.7 billion to R$2.7 billion. The 2014 consolidated balance sheet shows a 27.1% increase from R$6.7 billion (2013) to R$8.6 billion. These figures reflect the results of EDP Energy Trading, Distribution and Generation areas.
Excludes construction revenues
The 5.1% drop in manageable expenses in 4Q14 compared to 4Q13, from R$482.1 million to R$457.5 million, as well as the overall 0.9% drop in 2014, have contributed to the company positive performance and reflect the cost control commitment assumed by EDP throughout 2014. Investments in 2014 totaled R$372.9 million, 10.5% less than the R$416.9 million allocated in 2013. The overall amount covers distribution investments (74%), generation investments (22%) and other investments (4%).
Santo Antônio do Jari Power Plant
The Santo Antônio do Jari Power Plant operation, which was carried out three and a half months before the initial schedule, was an extremely relevant factor for the 2014 results, strengthening the group operational and financial capacity to implement projects of this kind.
With an overall investment of R$1.2 billion, the plant is located along the Jari river, in the municipalities of Laranjal do Jari (AP) and Almeirim (PA), and has an installed capacity of 373.4 MW. 38 socio-environmental programs have been implemented in the areas impacted by the plant, including the relocation of the Vila de Iratapuru community.
Quality Indicators
Operational quality indicators of the distributing companies within the EDP Group fell short of the regulatory goals set by the National Electric Power Agency (Aneel). For EDP Bandeirante, the equivalent interruption time per customer was 7.62 hours in 4Q14, a 0.45h decrease (-5.6%) compared to 4Q13. The equivalent interruption frequency per customer between October and December 2014 was 5.34, a 2.9% decrease (-0.16) compared to the same period of the previous year. As for EDP Escelsa, the equivalent interruption time per customer was 10.37 hours in 4Q14, a 7.2% increase (0.7 hours) compared to 4Q13. The equivalent interruption frequency per customer in the fourth quarter was 6.45, an 11.6% increase (0.67 interruptions) compared to 4Q13. The increase is due to two external events: strong atypical winds in September and October.
