Cash Flow Statement
STRONG OPERATING CASH FLOW
In 2015, EDPR generated Operating Cash-Flow of 701 million euros. EDPR continues to benefit from the strong cash-flow generation capabilities of its assets in operation.
The key items that explain 2015 cash-flow evolution are the following:
- Funds from operations, resulting from EBITDA after net interest expenses, share of profits of associates and current taxes, increased to 901 million euros;
- Operating Cash-Flow, which is the EBITDA net of income tax and adjusted by non-cash items (namely income from US institutional partnerships and write-offs) and net of changes in working capital, totalled €701m.
- Capital expenditures with capacity additions, ongoing construction and development works totalled 903 million euros. In Europe capex totalled 184 million euros, mainly in Rest of Europe, while 646 million euros were invested in North America, the core growth of EDPR 2014-17 business plan. Other net investing activities amounted to +129 million euros, mainly reflecting ENEOP asset split settlement, the investment done in Brazil following the 45% acquisition of EDPR Brasil, the acquisition of minority stakes in already controlled SPVs in Spain and equipment suppliers invoices already booked but not yet paid.
- On the back of its asset rotation strategy, in the period, was completed the settlement of Fiera Axium transaction and the financial closing of the sale of a minority interest in an operating solar PV power plant in the US. In 2015, also occurred the financial closing of the sale of Brazilian minority interests assets to CTG, in the context of the partnership with EDP.
- Net proceeds from Institutional Partnerships reached 68 million euros. In 2015, EDPR received the last tranche of a structure signed in the 4Q 2014, and the proceeds from the 99 MW Rising Tree South and the 100 MW Arbuckle wind farm institutional partnerships.
- Total net dividends and other capital distributions paid to minorities amounted to 115 million euros, including 35 million euros of dividends paid to EDPR shareholders. Forex & Other had a negative impact increasing Net Debt by 277 million euros, also explained by ENEOP consolidation and the impact of US dollar appreciation and other forex translation (+130 million euros in 2015). All in all, Net Debt increased by 425 million euros, to 3,707 million euros by year end.