Revenues 75,658 million euros (75,791 million euros in 2014, -0.2%)
- Slight reduction due to a decline in electricity sales, partly offset by higher revenues from gas and fuel sales
EBITDA 15,297 million euros (15,757 million euros in 2014, -2.9%)
- Driven by overall negative trend of exchange rates variations, early retirement agreements in Italy and Spain, lower generation margin from conventional sources
Ordinary EBITDA 15,040 million euros (15,502 million euros in 2014, -3.0%)
EBIT 7,685 million euros (3,087 million euros in 2014, +148.9%)
- Significant increase driven by lower depreciation, amortisation and impairment losses
Group net income 2,196 million euros (517 million euros in 2014, +324.8%)
- Due to significant EBIT improvement and lower net financial charges, which were partially offset by higher income taxes.
Group net ordinary income 2,887 million euros (2,994 million euros in 2014, -3.6%), notwithstanding the negative effect of the Italian fiscal reform on deferred taxes (182 million euros).
Net financial debt 37,545 million euros (37,383 million euros in 2014, +0.4%) in line with 2014.
Proposed 2015 dividend at 0.16 euro/shar.
2015 results and Group strategic plan
Results in line with guidance, despite challenging macro-economic scenario.
- Major contribution from efficiencies achieved, mainly in Italy and Spain.
- Installed renewable capacity continues to grow.
- Slight improvement in results in Latin America.
In 2015, significant progress was made towards achieving the targets set for each of the five pillars of the strategic plan:
- Cash cost reduction of around 3%, with efficiencies totalling around 450 million euros.
- Early retirement agreements reached in Italy and Spain, with related provisions of 1.5 billion euros.
- Growth EBITDA of 400 million euros.
- 70% of growth EBITDA for 2017 already achievedы.
- Full integration of Enel Green Power into the Enel Group under completion; corporate restructuring in Latin America under way.
- Approximately 3.7 billion euros of asset sale agreements reached.
- Equal to more than 60% of the 6 billion euro asset rotation target that was set for 2015-2019.
- Implicit dividend payout equal to 55% , compared with 50% set by dividend payout policy.
Financial targets for 2016 confirmed.