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Guidance upgraded after outstanding adjusted first-half performance

  • 29 Jul 16

EDP published half year results which were in line with expectations, with EBITDA decreasing 3% yoy to €2,067m and operating profit reaching €1,327m, down 8% yoy due mainly to €744m of impairment charges. Moreover, higher financial expenses (+12% yoy) and a higher effective tax rate (at 27% vs 18% previously) have plunged the attributable net profit of the group to a 20% yoy decrease to reach €472m, below the €482m expected by the market, which has been partially offset by lower minority interests (specially on the Brazilian side of the business as this decreased 59% yoy). On the other hand, operating cash flows increased by 15% yoy to €2,208m mainly driven by a positive contribution in regulatory receivables, where a 2% decrease in capex, a 7% increase in dividend payment added to a 57% decrease from financing activities have allowed the group to maintain a positive free cash flow during the period, reaching €175m. The positive cash flow results added to lower regulatory receivables have allowed the company to reach a 5% yoy decrease in net debt to €16.48bn. Following the results and just before the conference call, EDP has decided to raise its FY guidance, with EBITDA expected at €3.75bn (vs €3.6bn), net profit of €950m (vs €900m) and a net debt of €16bn (vs €16.5bn). Moreover, it expects a moderate improvement in the 2017 outlook following recent moves on energy prices and credit/forex markets.