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EDP ​​to close 2018 with profit between 500 and 600 million

EDP’s chief executive said today that the group is expected to close 2018 with a profit between 500 and 600 million euros, penalized by measures that have so far cost 319 million euros.

“We have maintained the 500 to 600 million euro target,” said António Mexia, referring to the review announced at the end of September, when the electricity company informed the market that it could not reach the 800 million euros of previously estimated profits.

In the first nine months of the year, EDP posted a profit of 297 million euros, a result 74% lower than the one obtained in 2017.

In comments to the results obtained until September, António Mexia stated that “the measures announced penalized the net result by 319 million euros”, and reduced Portugal’s contribution to 6%, while international activity already represents 84% ​​of the net result.

On September 27, EDP has revised its expectation of net profit in 2018 to between 500 and 600 million euros, below the previously estimated 800 million euros, as a result of “adverse measures” taken by the Portuguese State.

In a statement to the market, EDP explained that the receipt of a notification, which determines the payment of 285 million euros for alleged overcompensation due to the availability of the exchanges, changes “EDP Group’s expectation of consolidated net profit in 2018”, but maintains the policy of dividends to shareholders.

“This change, fully explained by non-recurring effects, will not have any impact on EDP’s dividend policy,” he added.

Also according to the company, “this expectation of net result translates, for the first time, since the beginning of the reprivatization of EDP, a loss in its activity in Portugal.”

EDP ​​to close 2018 with profit between 500 and 600 million

EDP’s chief executive said today that the group is expected to close 2018 with a profit between 500 and 600 million euros, penalized by measures that have so far cost 319 million euros.

“We have maintained the 500 to 600 million euro target,” said António Mexia, referring to the review announced at the end of September, when the electricity company informed the market that it could not reach the 800 million euros of previously estimated profits.

In the first nine months of the year, EDP posted a profit of 297 million euros, a result 74% lower than the one obtained in 2017.

In comments to the results obtained until September, António Mexia stated that “the measures announced penalized the net result by 319 million euros”, and reduced Portugal’s contribution to 6%, while international activity already represents 84% ​​of the net result.

On September 27, EDP has revised its expectation of net profit in 2018 to between 500 and 600 million euros, below the previously estimated 800 million euros, as a result of “adverse measures” taken by the Portuguese State.

In a statement to the market, EDP explained that the receipt of a notification, which determines the payment of 285 million euros for alleged overcompensation due to the availability of the exchanges, changes “EDP Group’s expectation of consolidated net profit in 2018”, but maintains the policy of dividends to shareholders.

“This change, fully explained by non-recurring effects, will not have any impact on EDP’s dividend policy,” he added.

Also according to the company, “this expectation of net result translates, for the first time, since the beginning of the reprivatization of EDP, a loss in its activity in Portugal.”

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