UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE
ACT OF 1934

 

For the Month of May 2004

 

EDP- Electricidadé de Portugal

 

Praça Marquês de Pombal, 12
1250-162  Lisbon, Portugal

(Address of principal executive offices)

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.)

 

Form 20-F ý   Form 40-F o

 

(Indicate by check mark whether the registrant by
furnishing the information contained in this form
is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)

 

Yes o     No ý

 

 



 

 

 

Financial Results

1Q2004

 

 

Investor Relations Department

 

Pedro Pires, Head of IR

Gonçalo Santos

Elisabete Ferreira

Cristina Requicha

Rui Antunes

Tel:  +351 21 001 2834

Fax: +351 21 001 2899

Email: ir@edp.pt

Site:    www.edp.pt

 

Reuters:

EDPP.IN / EDP.N

Bloomberg:

EDP PL / EDP US

 

 

Lisbon, 29 April 2004

 

 

 

 

 

 

 

EDP - Electricidade de Portugal, S.A.

Headquarters: Praça Marquês de Pombal, 12

1250-162 Lisboa

Portugal

 



 

Table of Contents

 

 

 

1Q2004 Financial Results - Summary

 

 

 

EBITDA Overview

 

 

 

Capex

 

 

 

Cash Flow & Financial Debt

 

 

 

EDP Produção

 

 

 

Renewables

 

 

 

EDP Distribuição

 

 

 

Hidrocantábrico

 

 

 

Brazil

 

 

 

Telecoms

 

 

 

Information Technology

 

 

 

Consolidated Financial Results & Consolidated Extrordinary Results

 

 

 

Consolidated Income Statement

 

 

 

Consolidated Balance Sheet and Cash Flow Statement

 

 

 

Income Statement by Business Areas

 

 

 

Balance Sheet by Business Areas

 

 

 

Cash Flow by Business Areas

 

 



 

1Q2004 Financial Results - Summary

 

Financial Results Summary (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Operating Revenues

 

1,798.6

 

1,657.1

 

8.5

%

Operating Costs

 

1,263.9

 

1,196.1

 

5.7

%

EBITDA

 

534.7

 

461.0

 

16.0

%

Operating Results

 

323.9

 

234.7

 

38.0

%

Financial Results

 

(94.6

)

(71.5

)

-32.3

%

Extraordinary Results

 

(7.1

)

23.4

 

 

Net Profit

 

180.8

 

132.5

 

36.5

%

Earnings per share

 

0.060

 

0.044

 

36.5

%

 

 

 

 

 

 

 

 

Capex

 

143.3

 

178.9

 

-19.9

%

 

Financial Debt (€ m)

 

1Q2004

 

YE2003

 

Δ

 

 

 

 

 

 

 

 

 

Financial Debt

 

7,362.5

 

7,492.7

 

(130.3

)

Net Debt

 

7,097.3

 

7,205.2

 

(107.9

)

 

General Indicators

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Number of electricity clients

 

 

 

 

 

 

 

Portugal

 

5,751,552

 

5,671,651

 

1.4

%

Hidrocantábrico (1)

 

566,373

 

553,647

 

2.3

%

Brazil

 

2,966,307

 

2,873,004

 

3.2

%

 

 

 

 

 

 

 

 

Electricity sales (GWh)

 

 

 

 

 

 

 

Portugal

 

10,171

 

9,820

 

3.6

%

Hidrocantábrico (1)

 

3,071

 

2,900

 

5.9

%

Brazil

 

4,969

 

5,115

 

-2.8

%

 

 

 

 

 

 

 

 

No. of employees (core business)

 

 

 

 

 

 

 

Portugal

 

8,350

 

9,106

 

-8.3

%

Hidrocantábrico (1)

 

1,564

 

1,385

 

12.9

%

Brazil

 

3,763

 

3,868

 

-2.7

%

 

The EDP Group reported strong growth at the operating level in 1Q2004. EBITDA was up 16.0% while EBIT increased 38.0%.

 

Consolidated EBITDA went up thanks to:

(i) a €37.7 million contribution from EDP Produção, reflecting TER’s entry into industrial service and the transfer of the energy management activity to EDPP;

(ii) a 6.3% increase in consumption at EDP Distribuição which added €14.3 million; and

(iii) last year’s tariff revisions at Bandeirante and Enersul which led to a further €24.1 million improvement.

 

Cost control continued to bear fruits. “S&S” were down 5.6%(2), while personnel costs fell 3.8% following the introduction of the HR Restructuring Program.

 

EBIT was positive influenced by a change in the compensation of subsidised assets’ amortisation. Stripping this out, EBIT was up 30%.

 

Financial results are not comparable since dividends received are significantly lower, namely BCP (to be received in 2Q2004) and Iberdrola (divested in the 2H2003).

 

Net profit at €180.8 million was up 36.5% year-on-year. The main contributor was EDP Produção.

 

Cash-flow generation at the core business enabled EDP Group to reduce its financial debt in €130.3 million.

 


(1) Hidrocantábrico is proportionally consolidated in accordance with EDP’s stake in Hidrocantábrico (40%). Figures presented above correspond to Hidrocantábrico 100%.

(2) Adjusting for Oni’s direct costs which are accounted for as S&S at EDP’s consolidated accounts.

 

Note: The accounts presented in this document are non-audited.

 

1



 

EBITDA Overview

 

EBITDA (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

EDP Produção (1)

 

235.2

 

197.6

 

19.1

%

 

 

 

 

 

 

 

 

Renewables

 

4.9

 

2.4

 

103.3

%

 

 

 

 

 

 

 

 

EDP Distribuição

 

153.9

 

139.6

 

10.3

%

 

 

 

 

 

 

 

 

Hidrocantábrico

 

40.2

 

31.3

 

28.3

%

 

 

 

 

 

 

 

 

Brazil

 

64.0

 

39.9

 

60.3

%

 

 

 

 

 

 

 

 

Oni

 

8.6

 

(3.5

)

 

 

 

 

 

 

 

 

 

Information Technology

 

10.2

 

10.6

 

-3.9

%

 

 

 

 

 

 

 

 

Other & Adjustments

 

17.7

 

43.1

 

-58.9

%

 

 

 

 

 

 

 

 

Consolidated

 

534.7

 

461.0

 

16.0

%

 

 

 


(1) Excludes the Special Regime Producers (SRP) Enernova and EDP Bioeléctrica (Renewable Energy)

 

EDP Produção’s EBITDA was up 19.1% following the beginnig of TER’s operations and the transfer of the energy management activity to EDPP. In addition, EDPP also benefited from an efficient fuel procurement (+€4.4 million) and cost cutting (operating costs were down 3.9%).

 

EDP Distribuição benefited from a 6.3% increase in electricity consumption, which despite a fall in the UDGr tariffs resulted in a €8.4 million increase in allowed revenues from the UDGr activity. Additionally, the HR Restructuring Program, which started last year, meant a reduction of 500 employees at EDP Distribuição in 2003, already contributing to a 6.4% decrease in personnel costs.

 

The acquisition of the Basque gas distribution Naturcorp (middle 2003) contributed €24 million or 24% to Hidrocantábrico’s EBITDA.

 

Tariff revisions in Brazil, Bandeirante (+18.0% in October) and Enersul (+42.26% in April), were instrumental, allowing for a more adequate Return on Invested Capital. Bandeirante and Enersul’s EBITDA increased 122% and 121% year-on-year in local currency, respectively.

 

ONI’s EBITDA increased by €12.1 million year-on-year, following a 26.2% reduction in operating costs.

 

All in all, the EDP Group EBITDA posted a 16.0% increase to €534.7 million in the 1Q2004 as a result of increased demand and a tight cost control. The core business was once again the main contributor to this improvement.

 

2



 

Capex

 

CAPEX (€ m)

 

1Q2004

 

2003

 

1Q2003

 

 

 

 

 

 

 

 

 

EDP Produção (1)

 

8.3

 

236.1

 

39.7

 

 

 

 

 

 

 

 

 

Renewables

 

10.8

 

39.7

 

3.1

 

 

 

 

 

 

 

 

 

EDP Distribuição

 

63.4

 

343.6

 

59.0

 

(-) Edinfor asset transfer

 

 

12.0

 

 

(-) Subsidies in cash

 

16.0

 

59.7

 

14.6

 

(=) EDPD cash investments

 

47.4

 

271.9

 

44.5

 

 

 

 

 

 

 

 

 

Hidrocantábrico (40%)

 

25.8

 

71.0

 

19.5

 

 

 

 

 

 

 

 

 

Brazil

 

38.5

 

125.8

 

48.0

 

 

 

 

 

 

 

 

 

Telecoms

 

6.3

 

46.2

 

9.1

 

 

 

 

 

 

 

 

 

Information Technology

 

2.9

 

55.5

 

12.7

 

 

 

 

 

 

 

 

 

Other

 

3.3

 

14.1

 

2.3

 

 

 

 

 

 

 

 

 

Total

 

143.3

 

860.4

 

178.9

 

 

Return on Invested Capital (ROIC)

 

Return on Assets (ROA)

 

 

Return on Equity (ROE)

 

 

Capex/Depreciation

 

 

The EDP Group’s capital expenditure totalled €143.3 million in the 1Q2004, down 20% year-on-year. Note that the figures presented correspond to the EDP Group’s cash out flow on operating investments, considering the consolidation method of each subsidiary.

 

EDPP’s investment fell 79% year-on-year, following a sharp decrease in the TER investment. However, there is still a further €130 million to be invested in the second group of TER until the end of this year. The first TER unit started industrial service on the 14th February 2004 and the second unit is forecasted to start operations in October 2004.  EDP will build a third 400 MW unit in TER for an extra €197.0 million until 2006 when it should start operations. The investment in this third unit should start by the 2H2004.

 

Enernova plans to invest €196.0 million in an extra 262 MW by 2006 and a further 300 MW between 2006 and 2008 in wind farms.

 

Investment at HC increased 32.1% due to €34.1 million of investments made at the Albacete wind farm (124 MW), which is forecasted to start industrial service in the 4Q2004. Total investment in the project is estimated at €125 million, of which €60.3 million were already invested.

 

The bulk of investment at EDPD was in the distribution network. These investments, aimed at improving the quality of service, enabled a drop in the equivalent interruption time, from 92 min in 1Q2003 to 50 min in the 1Q2004. These investments are remunerated by the regulator at a 9% nominal rate.

 

Capex in Brazil decreased 19.8% due to lower investments at Fafen and Peixe Angical power plants in the 1Q2004.

 

ONI’s operating investment fell 29.7% year-on-year, following a decrease in ONI’s investment needs as the major investments required for the expansion of the network have been completed.

 


* Annualised for the 1Q2003 and 1Q2004.

 

3



 

Cash Flow and Financial Debt

 

Cash Flow (€ m)

 

1Q2004

 

 

 

 

 

Net Income

 

180.8

 

Operating Cash Flow Before Working Capital and Capex

 

523.2

 

Change in Working Capital and Capex

 

(191.4

)

Net Operating Cash Flow

 

331.8

 

Non-Operating Cash Flow

 

(201.5

)

Decrease / (Increase) in Financial Debt

 

130.3

 

 

See page 22 for a detailed cash flow statement

 

Financial Debt (€ m)

 

1Q2004

 

YE2003

 

1Q2003

 

 

 

 

 

 

 

 

 

Holding and EDP Finance BV

 

5,195.4

 

5,356.2

 

5,650.2

 

 

 

 

 

 

 

 

 

EDP Produção (1)

 

38.0

 

38.8

 

52.8

 

Renewables

 

18.4

 

18.7

 

16.9

 

 

 

 

 

 

 

 

 

EDP Distribuição

 

 

 

 

 

 

 

 

 

 

 

 

Hidrocantábrico (40%)

 

764.1

 

786.1

 

813.8

 

 

 

 

 

 

 

 

 

Brazil (2)

 

592.4

 

547.3

 

574.0

 

 

 

 

 

 

 

 

 

Telecoms

 

699.8

 

685.5

 

673.3

 

 

 

 

 

 

 

 

 

Information Technology

 

25.8

 

23.6

 

23.7

 

 

 

 

 

 

 

 

 

Other

 

28.6

 

36.5

 

16.3

 

 

 

 

 

 

 

 

 

Total Financial Debt

 

7,362.5

 

7,492.7

 

7,821.0

 

Cash and cash equivalents

 

265.1

 

287.5

 

208.1

 

Net Debt

 

7,097.3

 

7,205.2

 

7,612.9

 

 

Debt Ratings

 

S&P

 

 

 

Rating

 

A

 

 

 

Outlook

 

Negative

 

Moody’s

 

 

 

Rating

 

A3

 

 

 

Outlook

 

Stable

 

EBITDA financial interest coverage

 

 

Financial Debt / Total Capital

 

 

Financial Debt / EBITDA

 

 

•     At the end of 1Q2004, the EDP Group’s total financial debt amounted to €7,362.5 million. Vis-à-vis the YE2003, the EDP Group’s financial debt decreased €130.3 million following a reduction of €160.8 million at the holding level thanks to the cash flow generated at the operating companies.

 

      EDP Produção generated €223.2 million of operating cash flow following the start-up of the first group of TER while the 6.3% increase in consumption at EDP Distribuição, resulted in €75.2 million of operating cash flow (see page 27). However, the postponed investment in the second group of TER had a positive impact on quarterly cash flow.

 

      In the 1Q2004, Oni and the Brazilian subsidiaries, accounted for 18% or €1,292.3 million of the EDP Group’s consolidated debt. In Brazil it is worth mentioning that the electricity utilities are financing regulatory receivables through special loans contracted with BNDES to compensate for the rationing losses and “Parcela A” costs (R$506.4 million). The increase of the Brazilian subsidiaries’ financial debt vis-à-vis YE2003 is partly related to the slight appreciation of the Real against the Euro (3.3% from YE2003 to March 2004) and the start of the financing by BNDES on the investment in the Peixe Angical hydropower plant (R$60.0 million).

 

             Overall, as a result of a good operating performance credit ratios improved at all levels.

 


(1) Excludes the Special Regime Producers (SRP) Enernova and EDP Bioeléctrica (Renewable Energy)

(2) netted against €297 million of Escelsa’s Senior Notes in 1Q2004

* Annualised for the 1Q2003 and 1Q2004.

 

4



 

EDP Produção (1)

 

Energy emission (GWh)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Hydroelectric (PES)

 

3,427

 

5,598

 

-38.8

%

Thermoelectric (PES)

 

2,678

 

2,172

 

23.3

%

Binding Generation

 

6,106

 

7,770

 

-21.4

%

Hydroelectric (NBES)

 

171

 

291

 

-41.3

%

CCGT (NBES)

 

596

 

 

 

Non-Binding Generation

 

767

 

291

 

163.7

%

Biomass

 

15

 

11

 

30.1

%

Wind Farms

 

47

 

32

 

46.2

%

Cogeneration

 

196

 

164

 

19.1

%

Small Hydro (2)

 

58

 

87

 

-33.1

%

Special Regime Producers

 

315

 

294

 

7.2

%

Total EDP emission

 

7,188

 

8,355

 

-14.0

%

 

 

 

 

 

 

 

 

Pego thermal power station (PES)

 

931

 

874

 

6.5

%

Tapada thermal power station (PES)

 

1,449

 

892

 

62.4

%

Auto-producers (IES)

 

1,035

 

909

 

13.9

%

Import / (Export) net

 

1,372

 

311

 

341.5

%

Direct sales to Ind. Clients (incl. in Cogeneration)

 

(141

)

(123

)

-14.1

%

Pumping

 

(75

)

(89

)

15.7

%

Gross demand

 

11,759

 

11,129

 

5.7

%

 

 

 

 

 

 

 

 

Synchronous compensation

 

(10

)

(8

)

-37.3

%

Own consumption - generation

 

(3

)

(1

)

-259.4

%

Own consumption - transmission grid

 

(3

)

(3

)

-1.5

%

Losses

 

(173

)

(316

)

45.1

%

Energy delivered to distribution

 

11,569

 

10,802

 

7.1

%

 

 

 

 

 

 

 

 

Hydrolicity Coeficient

 

0.81

 

1.36

 

 

 

Electricity revenues (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

PPA Capacity Charge

 

220.4

 

219.3

 

0.5

%

PPA Energy Charge

 

56.3

 

39.9

 

41.2

%

Total CPPE

 

276.7

 

259.2

 

6.8

%

 

 

 

 

 

 

 

 

TER / Trading (NBES)

 

41.8

 

 

 

Cogeneration (Soporgen & Energin)

 

9.7

 

9.9

 

-1.5

%

Small Hydro (2)

 

4.5

 

15.9

 

-71.8

%

 

 

 

 

 

 

 

 

Total EDP Produção

 

332.7

 

284.9

 

16.8

%

 

Fuel costs (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Coal

 

36.1

 

27.1

 

33.1

%

Fuel-oil

 

9.2

 

8.0

 

14.8

%

Natural Gas

 

4.1

 

2.3

 

77.8

%

Diesel

 

0.2

 

0.2

 

29.9

%

CPPE (PES)

 

49.6

 

37.6

 

31.9

%

 

 

 

 

 

 

 

 

Natural Gas (TER, Soporgen & Energin)

 

25.9

 

8.8

 

194.7

%

 

 

 

 

 

 

 

 

Total EDP Produção

 

75.5

 

46.4

 

62.8

%

 

Electricity Purchases (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Trading, Autoconsumption & Cogeneration

 

6.7

 

5.0

 

34.5

%

 

In the 1Q2004, EDP’s total emission reached 7,188 GWh, of which 51% was hydro generation (down from 71.5% in the 1Q2003). The first TER CCGT unit, which started industrial service on the 14th February 2004, contributed with 596 GWh to total emissions to the network, of which 367 GWh were test emissions.

 

EDP’s lower emission was due to lower rainfall in the 1Q2004 (hydro coefficient of 0.81 vs. 1.36 in the 1Q2004).  Given that EDP owns nearly all the hydro capacity in Portugal, its contribution to the total energy delivered to the system fell from 75% in the 1Q2003 to 61% in the 1Q2004.

 

The PPA energy charge rose 41.2 % due to a higher utilisation of CPPE’s thermal power plants. CPPE was once again able to buy coal and fuel at a lower price than what it receives through the PPA energy charge (€49.6 million vs. €56.3 million), which is based on the EU coal price index and the Platts index.  EDPP’s coal purchases benefited from long-term coal contracts that were negotiated before the rise in coal prices, as well as from the use of coal stocks at lower prices.

 

The energy management activity, which was transferred from EDP Energia to EDPP, broadened its activity to the dispatch, management of energy sales and fuel procurement of EDPP’s non-binding generators. Electricity sales from the “TER / Trading (NBES)” item mentioned above relate mostly to TER (including test emissions) and EDPP’s hydro power plants in the NBES. This activity also manages the energy supply to the electricity system.

 


(1) The Special Regime Producers (SRP) Enernova and EDP Bioeléctrica (Renewable Energy) were excluded from the EDPP consolidation perimeter from July 2003. For analysis purposes these two companies were excluded from EDPP in both periods.

 

(2) In the 1Q2003 the sales of the Hydro power plants with an installed capacity >10 MW were accounted in this item. In the 1Q2004 only the power plants <10 MW were accounted in this item (>10 MW are dispatch by the trading department).

 

5



 

Operating Income Statement (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Electricity Sales

 

332.7

 

284.9

 

16.8

%

Services Provided

 

16.2

 

(2.5

)

 

Other Sales

 

5.3

 

4.8

 

10.8

%

Operating Revenues

 

354.3

 

287.3

 

23.3

%

 

 

 

 

 

 

 

 

Electricity

 

6.7

 

5.0

 

34.5

%

Fuel for electricity generation

 

75.5

 

46.4

 

62.8

%

Direct Activity Costs

 

82.2

 

51.4

 

60.0

%

 

 

 

 

 

 

 

 

Gross Profit

 

272.0

 

235.9

 

15.3

%

Gross Profit/Revenues

 

76.8

%

82.1

%

-5.3

p.p.

 

 

 

 

 

 

 

 

Sundry materials and goods for resale

 

0.6

 

1.4

 

-56.0

%

Supplies and services - Group

 

4.7

 

1.7

 

171.8

%

Supplies and services - Non-Group

 

7.3

 

9.8

 

-25.5

%

Personnel costs

 

29.8

 

29.6

 

0.8

%

Generation centre rentals

 

0.2

 

0.9

 

-78.9

%

Other operating costs (or revenues)

 

(2.0

)

(1.1

)

-72.7

%

Own work capitalised

 

(3.7

)

(3.8

)

2.4

%

Operating Costs

 

36.8

 

38.3

 

-3.9

%

 

 

 

 

 

 

 

 

EBITDA

 

235.2

 

197.6

 

19.1

%

EBITDA / Revenues

 

66.4

%

68.8

%

-2.4

p.p.

 

 

 

 

 

 

 

 

Depreciation and amortisation

 

55.9

 

57.7

 

-3.0

%

Compensation of subsidised assets’ deprec.

 

(1.0

)

 

 

 

Provisions

 

2.8

 

2.4

 

18.8

%

 

 

 

 

 

 

 

 

EBIT

 

176.5

 

137.5

 

28.3

%

EBIT / Revenues

 

49.8

%

47.9

%

1.9

p.p.

 

Personnel costs (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Total Personnel Costs

 

29.8

 

29.6

 

0.8

%

Pension Premiums

 

2.6

 

2.7

 

-2.2

%

Early Retirement Correction

 

3.3

 

3.3

 

1.6

%

Social benefits with early retirees

 

0.3

 

0.3

 

1.6

%

Medical care with inactives

 

0.8

 

0.5

 

60.0

%

Adjusted Personnel Costs

 

22.7

 

22.8

 

-0.3

%

 

 

 

 

 

 

 

 

Number of employees

 

1,975

 

2,098

 

-5.9

%

MW/Employee

 

3.92

 

3.63

 

7.9

%

 

Operating investment (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Binding Generation

 

2.2

 

6.2

 

-65.3

%

Non-Binding Generation

 

1.8

 

30.8

 

-94.1

%

Other investments

 

0.7

 

1.4

 

-51.2

%

Financial costs (capitalised)

 

3.7

 

1.3

 

187.4

%

Total operating investment

 

8.3

 

39.7

 

-79.0

%

 

 

The “services provided” line, includes mostly intra-group transactions with EDP Energia related with the supply of electricity to non-binding customers. (The negative value in the 1Q2003 is related to an accounting adjustment)

 

The implementation of the Human Resources restructuring program at EDPP reflected into a reduction of 109 employees (mostly towards the end of 2003).

 

Personnel costs increased 0.8% year on year, reflecting the 2004 salary increase of 2.8%. When corrected for all early retirement costs, pension premiums and other costs associated with non-active workers, personnel costs decreased 0.3%.

 

Supplies & services are not comparable with the same period last year: (i) non-group S&S, namely insurance premiums and maintenance costs, in 1Q2004 were lower due to late invoicing; (ii) the same is true in group S&S in the 1Q2003.

 

The transfer of the energy management into EDPP, following TER’s operational start-up, in conjunction with an efficient fuel procurement and cost cutting, resulted in a 19.1% improvement in EDPP’s EBITDA to €235.2 million in the 1Q2004.

 

EDPP’s investment fell 79% year-on-year, following a sharp decrease in the TER investment. However, the remaining investment in the second group of 400 MW of TER is expected to total approximately €130 million until the end of this year (the 2nd group will start operating in October 2004).

 


(1) The Special Regime Producers (SRP) Enernova and EDP Bioeléctrica (Renewable Energy) were excluded from the EDPP consolidation perimeter as from June. For analysis purposes these two companies were excluded from EDPP in the 1Q2003.

 

6



 

Renewables

 

Installed Capacity - MW

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Wind

 

65

 

41

 

59.1

%

Biomass

 

9

 

9

 

 

Renewables

 

74

 

50

 

48.4

%

 

Generation - GWh

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

EDP Bioeléctrica

 

47

 

32

 

46.2

%

Enernova

 

15

 

11

 

30.1

%

Renewables

 

62

 

43

 

42.0

%

 

Operating Income Statement (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

EDP Bioeléctrica

 

1.1

 

0.8

 

36.4

%

Enernova

 

4.6

 

2.8

 

62.3

%

Electricity Sales

 

5.7

 

3.6

 

56.7

%

 

 

 

 

 

 

 

 

Direct Activity Costs

 

0.4

 

0.6

 

-25.2

%

 

 

 

 

 

 

 

 

Gross Profit

 

5.2

 

3.0

 

72.7

%

Gross Profit/Revenues

 

92.2

%

83.7

%

8.5

p.p.

 

 

 

 

 

 

 

 

Supplies and services

 

0.3

 

0.4

 

-35.8

%

Personnel costs

 

0.2

 

0.3

 

-20.0

%

Generation centre rentals

 

0.1

 

0.1

 

35.7

%

Other operating costs (or revenues)

 

0.0

 

0.1

 

-34.4

%

Own work capitalised

 

(0.3

)

(0.2

)

-48.9

%

Operating Costs

 

0.3

 

0.6

 

-48.1

%

 

 

 

 

 

 

 

 

EBITDA

 

4.9

 

2.4

 

103.3

%

EBITDA / Revenues

 

86.6

%

66.8

%

19.9

p.p.

 

 

 

 

 

 

 

 

Depreciation and amortisation

 

1.0

 

1.0

 

6.8

%

Compensation of subsidised assets’ deprec.

 

(0.0

)

 

 

Provisions

 

0.0

 

0.0

 

29.6

%

 

 

 

 

 

 

 

 

EBIT

 

3.9

 

1.4

 

167.5

%

EBIT / Revenues

 

68.4

%

40.1

%

28.3

p.p.

 

Number of Employees

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Number of Employees

 

13

 

14

 

-7.1

%

 

Operating Investment(€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Operating Investment

 

10.8

 

3.1

 

250.2

%

 

 

As from July 2003, Special Regime Producers Enernova and EDP Bioeléctrica were excluded from EDP Produção’s consolidation perimeter.

 

Installed capacity at Enernova increased by 24 MW year-on-year, following: (i) the beginning of operations, in June 2003, of the Serra do Barroso wind farm (18 MW) and (ii) a capacity increase that was made at the Cabeço da Rainha wind farm (6 MW). As a result renewables’ emission rose 42% year-on-year to 62 GWh in the 1Q2004.

 

Enernova and EDP Bioeléctrica contributed €4.9 million to the EDP Group’s EBITDA, up from €2.4 million in the 1Q2003.

 

During the 1Q2004, the bulk of Enernova’s investment was in 3 new wind farms (Alto do Talefe; Fonte da Quelha and Padrela) with a total installed capacity of 31.5 MW. The EDP Group is expecting to invest in 2004 approximately €196 million in an additional 262 MW of wind capacity which will start operating by 2006.

 

7



 

EDP Distribuição

 

Energy Sales (GWh)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Energy delivered to Distribution

 

11,569

 

10,802

 

7.1

%

Own consumption - distribution

 

(7

)

(7

)

0.1

%

Distribution losses

 

(889

)

(751

)

-18.3

%

 

 

 

 

 

 

 

 

Total electricity sales (1)

 

10,673

 

10,043

 

6.3

%

 

 

 

 

 

 

 

 

Electricity sales - BES (2)

 

9,208

 

9,380

 

-1.8

%

VHV (Very high voltage)

 

327

 

234

 

39.7

%

HV (High voltage)

 

980

 

836

 

17.2

%

MV (Medium voltage)

 

1,688

 

2,414

 

-30.1

%

SLV (Special low voltage)

 

781

 

768

 

1.7

%

LV (Low voltage)

 

5,092

 

4,782

 

6.5

%

PL (Public lighting)

 

341

 

345

 

-1.3

%

 

 

 

 

 

 

 

 

Electricity sales - NBES (3)

 

1,465

 

663

 

120.8

%

EDP

 

963

 

441

 

118.5

%

HV (High voltage)

 

7

 

13

 

-49.0

%

MV (Medium voltage)

 

956

 

427

 

123.8

%

Non-EDP

 

502

 

223

 

125.5

%

HV (High voltage)

 

9

 

26

 

-65.5

%

MV (Medium voltage)

 

493

 

197

 

150.7

%

 

Regulated Revenues

 

1Q2004

 

1Q2003

 

 

 

 

 

 

 

Unit revenue for the UDGr: HV and MV (€ / MWh)

 

9.48

 

9.84

 

Electricity delivered to PES/NBES consumers: HV and MV (GWh)

 

10,762

 

10,132

 

Unit revenue for the UDGr: LV (€ / MWh)

 

23.87

 

24.55

 

Electricity delivered to binding/non-binding consumers: LV (GWh)

 

6,214

 

5,789

 

t-2 tariff adjustment (€ m)

 

(1.8

)

(3.5

)

URD total allowed revenues (€ m)

 

248.5

 

238.4

 

 

 

 

 

 

 

Allowed revenues for the NS activity: VHV; HV and MV (€ m)

 

5.4

 

5.8

 

Allowed revenues for the NS activity: SLV (€ m)

 

2.5

 

2.3

 

Allowed revenues for the NS activity: LV (€ m)

 

32.4

 

31.6

 

t-2 tariff adjustment (€ m)

 

0.2

 

 

CRedes total allowed revenues (€ m)

 

40.5

 

39.7

 

 

 

 

 

 

 

Allowed revenues for the SPS activity: VHV; HV and MV (€ m)

 

3.9

 

2.1

 

Allowed revenues for the SPS activity: SLV (€ m)

 

1.2

 

0.6

 

Allowed revenues for the SPS activity: LV (€ m)

 

19.6

 

19.7

 

t-2 tariff adjustment (€ m)

 

0.1

 

5.7

 

CSEP total allowed revenues (€ m)

 

24.8

 

28.1

 

 

 

 

 

 

 

t-2 tariff adjustment for Energy Acquisition activity (€ m)

 

16.5

 

 

t-1 tariff adjustment for Energy Acquisition activity (€ m)

 

5.3

 

2.6

 

Total allowed revenues after tariff adjustment (€ m)

 

335.6

 

308.7

 

 

Electricity Sales & Gross Profit (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

VHV (Very High Voltage)

 

13.3

 

11.1

 

19.1

%

HV (High Voltage)

 

47.0

 

40.2

 

17.1

%

MV (Medium Voltage)

 

124.6

 

175.1

 

-28.9

%

SLV (Special Low Voltage)

 

77.2

 

74.5

 

3.5

%

LV (Low Voltage)

 

611.6

 

586.3

 

4.3

%

Public lighting

 

28.5

 

28.2

 

0.9

%

Interruptibility discounts

 

(6.7

)

(6.1

)

-10.0

%

Tariff correction discounts

 

(0.1

)

(0.4

)

71.7

%

Invoiced Sales - BES

 

895.3

 

909.0

 

-1.5

%

Invoiced Sales - NBES

 

26.8

 

11.1

 

140.8

%

Distribution 1Q01 Reposition

 

 

(1.7

)

 

Distribution 1Q02 Reposition

 

(14.4

)

 

 

Distribution 1Q03

 

(5.3

)

(21.2

)

 

Distribution 1Q04

 

(21.4

)

 

 

Tariff Adjustments

 

(41.1

)

(22.8

)

 

 

 

 

 

 

 

 

 

Electricity Revenues

 

880.9

 

897.2

 

-1.8

%

Tariff adjustments’ reposition

 

(19.7

)

(1.7

)

 

Sales to customers before reposition

 

900.7

 

898.9

 

0.2

%

Electricity purchases

 

565.1

 

590.1

 

-4.2

%

Electricity Gross Profit

 

335.6

 

308.8

 

8.7

%

 

Total electricity distributed reached 10,673 GWh in the 1Q2004, which represents an annual growth of 6.3%. In the BES, the continued transfer of MV clients to the NBES translated into a 1.8% decrease in energy sales. Between the 1Q2003 and the 1Q2004, EDPD gained 4 industrial clients and 20 HV clients that explain the 39.7% and 17.2% growth in VHV and HV energy sales, respectively.

 

EDPD’s number of clients in the BES increased 1.4% to 5,749,919. In the NBES, EDP Energia achieved a 65.7% market share selling 963 GWh to 1,633 clients. Since February 2004, the eligibility threshold for the NBES was extended to the SLV clients. By the end of the 1Q2004, the number of clients with non-binding status totalled 2,935, out of which 2,250 were acquiring energy in the NBES.

 

“Allowed Revenues for Energy Acquisition Activity” relate mostly to the recovery of: (i) the 2002 differences between estimated and real EDPD’s costs with energy acquisition in the non-binding system (€12.5 million); (ii) the 2003 differences between estimated and real fuel costs for the LV segments (€5.0 million) and (iii) costs with the tariff convergence mechanism.

 

Electricity purchases reflect a decrease in both the energy sales to the binding system and the estimates for fuel costs used by ERSE when calculating 2004 tariffs.

 


(1) Figures presented include Sales to EDP Group.

(2) BES - Binding Electricity System.

(3) NBES - Non-Binding Electricity System.

 

8



 

Operating Income Statement (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Electricity sales - Group

 

18.7

 

1.5

 

 

Electricity sales - Non-Group

 

862.2

 

895.8

 

-3.7

%

Services provided

 

5.9

 

5.3

 

10.9

%

Other sales

 

0.6

 

0.4

 

46.1

%

Operating Revenues

 

887.5

 

903.0

 

-1.7

%

 

 

 

 

 

 

 

 

Direct Activity Costs

 

565.1

 

590.1

 

-4.2

%

 

 

 

 

 

 

 

 

Gross Profit

 

322.3

 

312.9

 

3.0

%

Gross Profit/Revenues

 

36.3

%

34.7

%

1.7

p.p.

 

 

 

 

 

 

 

 

Sundry materials and goods for resale

 

23.6

 

24.6

 

-4.1

%

Supplies and services - Group

 

22.9

 

24.4

 

-6.1

%

Supplies and services - Non-group

 

25.0

 

25.4

 

-1.6

%

Personnel costs

 

92.9

 

99.3

 

-6.4

%

Concession fees

 

46.4

 

42.8

 

8.4

%

Other operating costs (or revenues)

 

(2.9

)

(2.2

)

-32.5

%

Own work capitalised

 

(39.4

)

(40.9

)

3.7

%

Operating Costs

 

168.4

 

173.3

 

-2.8

%

 

 

 

 

 

 

 

 

EBITDA

 

153.9

 

139.6

 

10.3

%

EBITDA / Revenues

 

17.3

%

15.5

%

1.9

p.p.

 

 

 

 

 

 

 

 

Depreciation and amortisation

 

86.6

 

85.4

 

1.4

%

Compensation of subsidised assets’ deprec.

 

(16.7

)

 

 

Provisions

 

12.5

 

17.4

 

-28.1

%

 

 

 

 

 

 

 

 

EBIT

 

71.6

 

36.7

 

94.7

%

EBIT/ Revenues

 

8.1

%

4.1

%

4.0

p.p.

 

Personnel costs (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Total Personnel Costs

 

92.9

 

99.3

 

-6.4

%

Pension premiums

 

11.5

 

13.1

 

-11.7

%

Early retirement correction

 

15.9

 

18.8

 

15.3

%

Social benefits with early retirees

 

2.5

 

2.4

 

3.7

%

Medical care with inactives

 

3.5

 

3.4

 

4.9

%

Adjusted Personnel Costs

 

59.4

 

61.7

 

-3.6

%

 

 

 

 

 

 

 

 

Number of employees

 

6,296

 

6,930

 

-9.1

%

 

Investment (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

Distribution grid

 

49.9

 

47.1

 

6.0

%

Other investments

 

10.9

 

9.6

 

12.8

%

Operating investment (1)

 

60.8

 

56.8

 

7.2

%

 

 

 

 

 

 

 

 

Operating Invest. Excl. Subsidies

 

47.4

 

44.5

 

6.6

%

 


(1) Includes Cash Subsidies.

 

 

Concession fees, calculated based on the previous year LV sales, reflect a 0.25 p.p. increase in the average rate paid to municipalities to 7.5%, and a 7.4% increase in LV Sales between 2002 and 2003.

 

Personnel costs decreased 6.4% during the period, reflecting the HR restructuring program started last year. The decrease in Pension Premiums that followed the 2004 actuarial study reflects: (i) the creation of a Regulatory Asset that covers early retirement responsibilities contemplated in the HR Restructuring Program at EDPD; (ii) the anticipation of the legal retirement age of early retirees(1). During the 1Q2004, 208 early retirees at EDPD opted to bring forward their retirement age, which should enable EDPD to capture savings of €5.4 million (NPV). This measure also has a positive impact on the early retirement correction.

 

Remunerations paid to early retirees within the scope of the HR Restructuring Program amounted to €3.2 million in the 1Q2004. Nevertheless, this cost was compensated with the amortisation of the Deferred Income created in 2003 for this purpose.

 

During the 1Q2004, EDPD reduced 39 employees, of which 6 were part of the restructuring program (negotiated dismissals). Negotiated dismissals implied an extraordinary cost of €1.3 million and a matching extraordinary gain accounting for the increase of the Regulatory Asset.

 

The compensation of the amortisation of subsidised assets, which had been considered an extraordinary gain, was accounted for as an operating item.

 


(1) Anticipation of legal retirement age – Early retirees can bring forward their legal retirement age waiving 4.5% of their retirement pension for each year of anticipation. Impact at EDP: (i) The Portuguese social security funds around 80% of early retiree’s pension cost, thus dramatically reducing EDP’s pension fund’s responsibility; (ii) EDP compensates those early retirees through a one-off payment for the 4.5% per annum they gave up and the 20% the company complements to the social security pension until the legal retirement age, in a lump sum.

 

9



 

Hidrocantábrico (100%) - Generation & Supply

 

Spain Energy Balance (GWh)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Generation

 

49,231

 

46,566

 

5.7

%

Special Regime

 

11,755

 

10,348

 

13.6

%

Imports

 

1,884

 

1,916

 

-1.7

%

 

 

 

 

 

 

 

 

System Demand - Coverage

 

62,870

 

58,830

 

6.9

%

 

 

 

 

 

 

 

 

Regulated Distribution

 

41,907

 

41,844

 

0.2

%

Supply

 

18,171

 

15,350

 

18.4

%

Exports

 

2,792

 

1,635

 

70.8

%

 

Source: OMEL

 

Generation - Selling Price & Fuel Costs

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Average HC Selling Price to the Pool (1) (€/MWh)

 

31.0

 

30.5

 

1.4

%

Average HC Fuel Cost (€/MWh) (2)

 

20.6

 

15.1

 

36.2

%

 

Supply - Electricity Sales to Clients

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Electricity Supplied (GWh)

 

1,068

 

1,004

 

6.3

%

Sales of the Electricity Supplied (€ m)

 

61.5

 

55.4

 

10.9

%

Number of Clients

 

3,799

 

2,431

 

56.3

%

 

Gross Profit (Generation + Supply)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Revenues

 

201.1

 

190.3

 

5.7

%

Direct Activity Costs

 

131.0

 

113.6

 

15.4

%

Gross Profit

 

70.1

 

76.7

 

-8.7

%

 

HC’s Net Electricity Generation (GWh)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Hydroelectric

 

341

 

387

 

-11.9

%

Nuclear

 

330

 

335

 

-1.5

%

Aboño

 

1,706

 

1,424

 

19.8

%

Soto de Ribera

 

837

 

866

 

-3.4

%

Coal

 

2,543

 

2,290

 

11.1

%

Castejón CCGT

 

436

 

165

 

163.7

%

Total Generation

 

3,650

 

3,177

 

14.9

%

Pumping

 

(17

)

(34

)

-49.2

%

 

 

 

 

 

 

 

 

Energy delivered to the Pool

 

3,633

 

3,143

 

15.6

%

HC’s market share in wholesale market

 

7.4

%

6.8

%

6.8

p.p.

 

 

Demand in the Spanish electricity market grew 4.1% versus 1Q2003, or 3.6% adjusted for working days and temperature effects. Due to a dry first quarter the hydrological coefficient dropped from 1.23 in the 1Q2003 to 0.76.

Hidrocantábrico was able to increase its net emission by 14.9% in the 1Q2004 not only because of a lower hydrological coefficient, but also due to: i) a higher net emission at the Aboño power plant because of higher availability (in the 1Q2003 Aboño I stopped for maintenance works); and ii) a higher net emission at CCGT Castejón as a result of a lower variable cost in the 1Q2004 vis-à-vis 1Q2003.

 

To compensate for the low prices, Hidrocantábrico was able to account as a receivable €11.8 million of CTCs.

The increase of the average fuel costs due to a hike in the imported coal prices following an increase in shipping costs, put pressure on Hidrocantábrico’s generation margins.

As for the supply activity, Hidrocantábrico was able to increase its average selling price 4.3% to €57.6/MWh in 1Q2004, offsetting the modest increase in the pool price.

 

Overall, Gross Profit of the Generation and Supply activities decreased 8.7% mostly explained by the increase of the average fuel costs, which had a negative impact of €19.0 million. Nonetheless, this negative impact was partly offset by the increase in net emission (+€8.7 million) and a higher selling price in the generation activity (+€1.6 million).

 


(1) Includes wholesale market, ancillary services and capacity payment.

(2) Excluding hydroelectric emission.

 

10



 

Hidrocantábrico (100%) - Electricity Distribution & Gas Activity

 

Elect. Distribution (GWh)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Low Voltage

 

676

 

584

 

15.7

%

Medium Voltage

 

256

 

238

 

7.6

%

High Voltage

 

1,416

 

1,356

 

4.4

%

Electricity Distributed

 

2,348

 

2,178

 

7.8

%

of which: access clients

 

345

 

282

 

22.3

%

 

Elect. Distribution (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Transmission

 

1.9

 

1.5

 

24.2

%

Distribution

 

23.4

 

22.7

 

2.7

%

Commercialisation

 

1.8

 

1.9

 

-6.1

%

 

 

 

 

 

 

 

 

Elect. Regulated Revenues

 

27.1

 

26.2

 

3.3

%

 

Clients in Elect. Distribution

 

 

Electricity Distribution

 

According to the Decree Law (Real Decreto 1802/2003) that sets the revenues for the Spanish regulated electricity activities for 2004, out of the €2,823.4 million attributed to the Spanish electricity distribution activity, €90.1 million or 3.2% were allocated to Hidrocantábrico.

The rise in the transmission revenue is related with new transmission grid that was put in service.

 

Gas Distribution (GWh)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Gas Distributed to direct clients

 

2,556

 

572

 

 

Gas Distributed to access clients

 

3,789

 

118

 

 

 

 

 

 

 

 

 

 

Total Gas Distributed

 

6,345

 

690

 

 

 

Gas Supply (GWh)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Asturias & Basque Country

 

2,308

 

104

 

 

Rest of Spain

 

336

 

648

 

 

 

 

 

 

 

 

 

 

Gas Supplied

 

2,644

 

752

 

 

 

Gas Distribution (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Transmission

 

2.5

 

0.5

 

 

Distribution

 

24.9

 

7.9

 

 

Commercialisation

 

2.8

 

1.2

 

 

 

 

 

 

 

 

 

 

Gas Regulated Revenues

 

30.2

 

9.5

 

 

 

Gas Supply (€ m)

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

Asturias & Basque Country

 

30.9

 

1.6

 

 

Rest of Spain

 

4.8

 

10.0

 

 

 

 

 

 

 

 

 

 

Gas Sales

 

35.7

 

11.7

 

 

 

Clients in Gas Distribution

 

 

Clients in Gas Supply

 

 

Gas Distribution

The inclusion of Naturcorp in Hidrocantábrico since the 1st August 2003 had an impact of 5,466 GWh of gas distributed in the 1Q2004. In this period Hidrocantábrico reached a 7.3% market share of gas distributed in Spain.

According to the Law (Orden Eco/31/2004) that sets the revenues for the Spanish regulated gas activities for 2004, of the €1,091.6 million attributed to the Spanish gas distribution companies, €107.8 or 10% were allocated to Naturcorp and its subsidiaries. In terms of gas transport regulated revenues, €8.9 million were allocated to Naturcorp and its subsidiaries.

 

Gas Supply

Gas supplied had a strong increase as a result of the inclusion of Naturcorp since the 1st August 2003. In the 1Q2004 Hidrocantábrico was able to achieve a 5.7% share of the liberalised market (excluding supply to the electricity sector). In the total Spanish gas market, both regulated and non-regulated, Hidrocantábrico sold 5,200 GWh of gas, corresponding to a 7.0% market share (excluding supply to the electricity sector).

 

In the 1Q2004 the consumption in the Spanish gas sector increased 16%, explained mostly by the liberalised segment as a result of the increase of the generation of electricity based on CCGT technology. In addition, the low temperatures and the increase of the number of clients, particularly in the liberalised segment, also contributed to this growth.

 


(1) Operating data considers 100% of Naturcorp’s gas distribution subsidiaries’ figures, while all financial data considers the consolidation method.

 

11



 

Hidrocantábrico (100%)

 

Business Areas

 

Generation & Supply

 

Electricity Distribution

 

Gas

 

Special Regime

 

Breakdown

 

1Q2004

 

1Q2003

 

Δ%

 

1Q2004

 

1Q2003

 

Δ%

 

1Q2004

 

1Q2003

 

Δ%

 

1Q2004

 

1Q2003

 

Δ%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

201.1

 

190.3

 

5.7

%

103.8

 

97.0

 

7.1

%

135.3

 

19.3

 

602.6

%

8.6

 

8.9

 

-2.8

%

Direct Costs

 

131.0

 

113.6

 

15.4

%

75.4

 

70.1

 

7.6

%

92.7

 

9.8

 

849.0

%

2.7

 

5.5

 

-50.3

%

Gross Profit

 

70.1

 

76.7

 

-8.7

%

28.4

 

26.8

 

5.9

%

42.6

 

9.5

 

349.0

%

5.9

 

3.4

 

73.2

%

Gross Profit/Revenues

 

34.8

%

40.3

%

-5.5

p.p.

27.4

%

27.7

%

-0.3

p.p.

31.5

%

49.3

%

-17.8

p.p.

68.6

%

38.5

%

30.1

p.p.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Costs

 

9.6

 

8.4

 

14.0

%

5.0

 

5.4

 

-8.9

%

3.8

 

0.8

 

402.7

%

1.3

 

1.0

 

22.8

%

Other Operating Costs (net)

 

7.1

 

9.0

 

-21.4

%

4.5

 

5.5

 

-18.5

%

6.8

 

1.3

 

419.1

%

1.1

 

(0.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

53.4

 

59.4

 

-10.0

%

19.0

 

15.9

 

19.4

%

32.1

 

7.4

 

331.2

%

3.5

 

3.0

 

19.3

%

EBITDA/Revenues

 

26.6

%

31.2

%

-4.6

p.p.

18.3

%

16.4

%

1.9

p.p.

23.7

%

38.6

%

-14.9

p.p.

40.8

%

33.2

%

7.6

p.p.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

23.2

 

23.2

 

0.0

%

7.5

 

7.0

 

6.0

%

7.3

 

2.5

 

188.9

%

2.3

 

1.3

 

73.6

%

Provision

 

0.4

 

0.5

 

-31.8

%

0.1

 

0.4

 

-77.4

%

0.0

 

0.0

 

-53.2

%

(0.3

)

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBIT

 

29.9

 

35.6

 

-16.2

%

11.4

 

8.4

 

35.4

%

24.8

 

4.9

 

408.2

%

1.6

 

1.5

 

7.4

%

EBIT/Revenues

 

14.9