EDP FY net falls 12.2 pct to 940.8 mln eur as tax rate surges UPDATE |
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Published
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Thu, 08 Mar 2007 20:00
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(Updates with detail on EBITDA, debt and capex)LISBON (AFX) - EDP Energia de Portugal said net profit fell 12.2 pct to 940.8 mln eur in the full year to December from 1.071 bln a year earlier, as the company's tax rate surged to 266 mln eur from 152 mln, but beat estimates for 850-869 mln.In a statement, EDP said EBITDA increased to 2.305 bln eur from 2.047 bln, at the bottom end of forecasts for 2.294-2.359 bln, while operating revenues increased 7 pct to 10.349 bln.EBITDA was boosted by a 123 pct surge at EDP's NEO renewable energy division to 146.9 mln eur thanks to its recent capex in windfarms and acquisitions in the sector.At EDP's Iberian distribution business EBITDA saw a 25 pct rise to 571.8 mln eur thanks to a 4.2 pct decline in operating costs and a 6 pct rise in gross profit.EBITDA at the group's core generation and supply business increased 2.1 pct to 1.070 bln eur as a 26 pct increase in gross profit at the group's liberalised business, thanks to better margins in electricity sales, was offset by lower gross profit from its Power Purchase Agreements with large clients.EDP's consolidated net debt fell to 9.285 bln eur at the end of 2006, from the 9.463 bln reported at the end of 2005, thanks to a 22 pct increase in operating cash flow to 2.017 bln.Debt at its Neo renewables unit soared to 2.107 bln eur from 1.357 bln, while capex in wind farms increased 71 pct to 386 mln eur.Total capex increased 2.1 pct to 1.456 bln eur, mostly due to a 20 pct increase at EDP's Iberian core business.jonathan.gleave@thomson.comjg/jfr/jg/twCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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