EDP Renováveis, S.A. aa 31 December 2008 EDP Renováveis, S.A. aa aa Notes 2008 2007 a a Revenue 5 532,429 14,363 Cost of consumed electricity 5 -993 -158 aaaaa aa 5 -11,251 -501 520,185 13,704 a a 6 89,524 1,749 a 7 -106,947 -2,927 Personnel costs 8 -37,011 -999 Employee benefits expenses 8 -1,090 -23 a 9 -26,784 -792 -82,308 -2,992 437,877 10,712 Provisions 806 - aaaa 10 -207,764 -6,885 aa 10 696 468 231,615 4,295 aa aaa 11 2,363 888 aa 12 270,901 955 aa 12 -348,120 -4,924 aaa 4,438 203 a 161,197 1,417 a 13 -48,979 -47 aa 112,218 1,370 Profit for the period 112,218 1,370 a Equity holders of EDP Renováveis 27 104,364 1,093 Minority interest 29 7,854 277 Profit for the period 112,218 1,370 aaaa 27 0.16 0.61 aaaaaaa 2 EDP Renováveis, S.A. aaaaaa Notes 2008 2007 a a Assets aa 14 7,052,783 4,926,300 aa 15 22,408 22,958 Goodwill 16 1,372,388 1,201,170 aa 18 40,782 32,360 aaa 19 12,501 7,951 aa 20 21,834 16,719 aa 23 141,540 100,462 a 8,664,236 6,307,920 Inventories 21 12,377 39,024 aa 22 82,598 60,885 aa 23 195,813 99,251 aa 24 175,093 96,835 aaaaaa 25 35,774 44,839 aaaa 26 229,680 388,492 a 42 985 2,641 a 732,320 731,967 a 9,396,556 7,039,887 Equity aaa 27 4,361,541 18,873 a 27 552,035 1,882,338 aaa 28 89,419 129,844 aaaa 104,364 1,093 aaaa 5,107,359 2,032,148 Minority interest 29 82,751 213,573 a 5,190,110 2,245,721 a aa 30 1,376,108 2,364,629 Employee benefits 31 1,162 1,211 Provisions 32 49,698 22,597 aa 20 303,331 293,394 aaaa 33 1,695,387 1,183,053 aa 3,425,686 3,864,884 aa 30 86,165 517,444 aaaa 33 648,334 398,193 aaa 34 46,261 13,645 aa 780,760 929,282 aa 4,206,446 4,794,166 aaa 9,396,556 7,039,887 aaaaaaa 3 EDP Renováveis, S.A. aaa aaa a Equity aa Reserves to equity a a a aa Hedging aa holders of EDP Minority Equity aa Premium a reserve reserve Renováveis Interests aaaa ---- -- ---------- a aaaa 13,354 - - - 11,566 - 11,566 1,788 aaa -819 - - -819 - - -819 - Profit for the period 1,370 - - 1,093 - - 1,093 277 aa 13,905 - - 274 11,566 - 11,840 2,065 a 15 15 - - - - 15 - aaaa 1,901,196 18,858 1,882,338 - - - 1,901,196 - a 119,097 - - 119,097 - - 119,097 - a 183,522 183,522 a aa 27,986 - - - - - - 27,986 aaaa 2,245,721 18,873 1,882,338 119,371 11,566 --- 2,032,148 213,573 a aaa 1,998 - - 1,998 - - 1,998 - aaaa 6,117 - - - - 7,103 7,103 -986 aaaaaaaaa a 7,747 - - - 7,747 - 7,747 - Profit for the period 112,218 - - 104,364 - - 104,364 7,854 aa 128,080 - - 106,362 7,747 7,103 121,212 6,868 aaaa 180,208 4,718 175,490 - - - 180,208 - aaaaaa - 2,057,828 -2,057,828 - - - - - aaaaaa 1,300,000 1,300,000 - - - - 1,300,000 - aaaa 1,566,726 980,122 586,604 - - - 1,566,726 - Expenses incurred with the IPO -49,385 - -49,385 - - - -49,385 - a 14,816 - 14,816 - - - 14,816 - aa -2,740 - - - - - - -2,740 aa a -205,109 - - -58,431 - - -58,431 -146,678 aaaaa 11,320 - - - - - - 11,320 aa 3,489 - - - - - - 3,489 aa aaaaaa a -2,479 - - - - - - -2,479 Other -537 - - 65 - - 65 -602 aaaa 5,190,110 4,361,541 552,035 167,367 19,313 7,103 5,107,359 82,751 aaaaaaa 4 EDP Renováveis, S.A. aaa aa a Group 2008 2007 aaa a 506,740 11,576 aa -114,662 -9,643 aa -30,582 -1,152 a -5,692 - aaaa -25,388 -23,449 330,416 -22,668 aa -36,573 22 aaa 293,843 -22,646 a 293,843 -22,646 aa a aaaa 16,922 1,853 aaa 4,512 2,075 a 6,803 -39 Interest received 44,492 562 Dividends received 2,651 - 75,380 4,451 aa aaa -90,299 -499 aa -1,919,762 -142,483 -2,010,061 -142,982 aa -1,934,681 -138,531 a -1,934,681 -138,531 aaa aa -315,854 48,910 aa -77,625 -13,924 aaaaa 1,538,958 15 aaaa 13,412 -6,952 a -2,759 - aa 319,985 242,809 aaa 1,476,117 270,858 a 1,476,117 270,858 aaaaaa -164,721 109,681 aaaa 738 -269 aaa 5,171 279,080 aaaaa 388,492 - aaaaa 229,680 388,492 aaaaaaaaaa aaaaaaa 5 EDP Renováveis, S.A. aaaa a EDP Renováveis, a a a referred to a “EDP Renováveis”) a a on 4 December 2007. Its a a objective is to a in a a to the electricity sector, a the a construction, a a aa of electricity a power a a hydroelectric, mini-hydroelectric, wind, a a a a a a a a a others. The registered offices of the a a a in Oviedo, aaaaaaaaa aaaaaa As a 31 December 2008 the a aa is held 62.02% by EDP S.A. through its a in a 15.51% by a a 22.47% of the a aa is a in the Euronext Lisbon. As a 31 December, 2008, EDP Renováveis holds a 100% a in the a aa of a a de Occidente (“NEO”) a a 100% a in the a aa of Horizon Wind Energy, LLC (“Horizon”). These holdings were a to EDP Renováveis through a a aa a in kind subscribed by EDP a de a S.A. a en aa (EDP a a a del a S.A. The holding in Horizon a a by EDP a on 2 July 2007, from aaaaa NEO a through its a a in a a a Belgium, a a aa NEO's a a a a (wind a in a a a resources electricity a in a a a (wind a in a a a Greenwind (wind a in Belgium - aaaaaaa Horizon's a a consist on the development, aa a a of wind a in the United a of a Horizon holds a portfolio of projects in aaaaaaaaaa On 26 a 2008, EDP Renováveis a the a of a new aa a 55% owned by EDP Renováveis a 45% owned by a do a (the EDP Group aa holding a which a a a a to a a a distribution of electricity in a The purpose of this new EDP aaaaaaaaa On 8 April 2008, EDP Renováveis through its a NEO, a to EOLE76 a a in a (i) 3 a wind a in aa with a gross a aaaaaaaaaaaaaaa On 11 June 2008, EDP Renováveis through the new a a in a a to a 100% of a aa de a a S.A. ("CENAEEL"). aaaaaaaa On 27 June 2008, EDP Renováveis through its a Horizon, a a in its biggest wind a in the USA ("Lone a a in a with a a aa On 2 October 2008, EDP Renováveis through its a Horizon, a a in aa a wind a a in Oregon, with a a aa of 103 MW. On 3 October 2008, the Congress of the United a of a (“USA”) a a a extension of the a energy Production a Credit (“PTC”) a a included a a of the economic recovery a a in the USA. The extension of the PTC reinforces the positive moment for the development of a energy in the USA where EDP Renováveis is present through Horizon Wind Energy LLC. On 17 October 2008, EDP Renováveis through its a NEO, a 85% of a Power SRL a aa Power SRL in aa which own a wind aaaaaaaa On 29 December 2008, EDP Renováveis through its a Horizon, a to enter into a aa with a consortium of a equity investors composed of JPM aa a New York Life a a a New York Life a a Annuity a for the investment in a portfolio of wind a projects a a a in 2008. The a contribution of this consortium for the aa a to 264,000 a of USD, of which 214,000 a of USD aaaa As a 31 December 2008, EDP Renováveis a its a ("the Group" or the "EDP Renováveis Group") a a a gross a aa of 5,052 MW, a in aaaaa aaaa aaaaaaa a Decree 436 of 12 a 2004 a published on 24 a 2004 a sets out the methodology to be used for a a a the a a economic regime a to a power production under the a regime, which includes the a of electricity using a sources of energy, a a a a This a Decree a the former a Decree 2818/1998 a unifies a aa to a regime energies. The a Decree a defines a system whereby the owners of the a aa a entitled to sell the production or surplus a power to distributors.