EDP's EBITDA increased 84.7% to R$586.9 million in the 3rd quarter
Year-to-date R$2.2 billion, a growth of 92.1%
EDP, a company that operates in the areas of generation, distribution and commercialization of electric energy, registered EBITDA (profit before interest, taxes, depreciation and amortization) of R$586.9 million in the 3rd quarter of 2015. When compared to R$317.8 million during the same period last year, there was an increase of 84.7%, while in the first nine months of the year, the increase was even higher, to 92.1% or R$2.2 billion.
Net operating revenue reached R$2.3 billion in the 3rd quarter with an increase of 18.2% over the same period of 2014. From January to September, the cumulative amount reached R$7.0 billion, representing an increase of 19.0%.
Net income increased from R$143.0 million (3Q14) to R$55.3 million (3Q15), reflecting the impact of additional financial costs, among them non-manageable factors, such as the variation in the dollar. In the first nine months of this year profit rose from R$426.2 (9M14) to R$882.9 million (9M15) - a high of 107.1%.
"3Q15 consolidates results for the first nine months of the year, sustained by a consistent evolution of operating performance ", says Miguel Setas, president of EDP.
Pecém I reinforces results
The increase in EBITDA in the 3rd quarter of 2015 had strong generation contribution. This area presented a growth of 276.6% compared to the same period last year, reaching R$376.5 million. There was a decrease in expenses in GSF (Generation Scalling Factor), reflecting the fall in the Settlement Price of Differences (PLD), which is charged on the purchase of energy in the spot market, accounting for results of the Pecém I UTE in Ceará. It was the 1st quarter the thermoelectric power plant was totally incorporated into the EDP. The unit was responsible for an EBITDA of R$167.5 million. The amount accumulated over the year was R$309.4 million.
Regarding Distribution, the tariff increase had a positive effect on cash. On the other hand, EDP faced an increase of non-manageable costs, such as the purchase of energy in dollars of Itaipu. EBITDA reached R$226.5 3.7% more than in the previous year.
For commercialization, the lower volume of energy sold and the average trading price in the 3rd quarter contributed to the decline in EBITDA from R$19.9 million to R$7.9 million.
Operational efficiency
The distributors" quality operational indicators - DEC and FEC, which measure interruption of the electricity supply in hours and in number of times respectively - were kept within the limits established by Aneel.
The DEC in EDP Escelsa registered a reduction of 6.0% between the 2nd and 3rd quarters, to 8.71 hours. Regarding EDP Bandeirante, this indicator showed an increase of 1.9%, to 7.62 hours, due to the climate conditions which occurred in early September. The FEC has in the two units: from 8.8% in EDP Escelsa to 4.96 times, and 1.4% in EDP Bandeirante, also for 4.96 times.
Excellence in execution
In the 3rd quarter of 2015, EDP two main works evolved on schedule. As a model of excellence in the execution of projects, the Cachoeira Caldeirão Hydroelectric Plant, which will have installed capacity of 219 MW, achieved 92% of the planned work, ahead of deadlines. Likewise, the São Manoel Hydroelectric Power Plant, under construction between the states of Mato Grosso and Pará, continues at a good pace and reached the mark of 27% completion.
Issuance of debentures
The two UHE projects will have part of their resources coming from the 4th issue of debentures, closed on October 16. EDP has invested R$892.2 million in the first successful operation of the energy sector in 2015.
With competitive rates in the distribution and issuance of its shares, EDP divided the operation into three series. The first was used for the early and mandatory redemption of the 1st Issue of Promissory Notes, issued in March this year. The other two will benefit from the UHEs Cachoeira Caldeirão and São Manoel.
