Enel Group’s Net Income Up And Net Financial Debt Down in First Quarter Of 2016

Published on Monday, 9 May 2016

“Results in the first quarter of 2016 reflect very good progress against our strategic plan. Our flexibility and increased operational efficiency enabled us to further improve our competitiveness, in spite of a persistently challenging macroeconomic environment. We added further renewables capacity during the quarter, and achieved the full integration of Enel Green Power into the group. We continue to make progress with the simplification process in LatAm, which we expect to complete during the second half of the year. Having split the Chilean operations from those in the rest of Latin America, the new companies started trading on the Santiago and New York stock exchanges in April”

– Francesco Starace, Chief Executive Officer and General Manager of Enel

  • Revenues: 17,872 million euros (19,970 million euros in the first quarter of 2015, −10.5%)
    decrease attributable to a reduction in revenues from sales of electricity in the mature markets, a decline in trading activities and negative exchange rate effects
  • EBITDA: 4,017 million euros (4,023 million euros in the first quarter of 2015, −0.1%)
    Substantially unchanged versus the overall adverse developments in exchange rates, the decline in the margin of generation and trading posted in Italy and in the Iberian Peninsula as well as the Renewable Energy Division, mainly due to price decline. These effects were mainly offset by operational efficiency, the contribution of additional renewable capacity, the improvement in performance in mature end-user markets and the generation margin in Chile
  • Ordinary EBITDA 3,871 million euros (4,023 million euros in the first quarter of 2015, −3.8%)
    net of non-recurring items, ordinary EBITDA would increase by 2% on a like-for-like basis, in spite of the negative exchange rate effect
  • EBIT: 2,670 million euros (2,625 million euros in the first quarter of 2015, +1.7%)
    a slight increase due to a reduction in depreciation, amortisation and impairment losses
  • Group net income: 939 million euros (810 million euros in the first quarter of 2015, +15.9%)
    Ups due to improvement in operating performance and a reduction in the tax liability, which offset the increase in net financial charges
  • Group net ordinary income: 795 million euros (810 million euros in the first quarter of 2015, -1.9%)
  • Net financial debt: 36,644 million euros (37,545 million euros as of December 31st, 2015, −2.4%)
    the decline is attributable to an improvement in operating cash flow and the positive impact of exchange rate developments, with part of the debt being denominated in foreign currency.