Enel: Board of Directors Approves 2014 Results

Published on Thursday, 19 March 2015

  • Revenues: 75,791 million euros (78,663 million euros in 2013, -3.7%);
  • EBITDA: 15,757 million euros (16,691 million euros in 2013, -5.6%);
  • EBIT: 3,087 million euros (9,740 million euros in 2013, -68.3%) taking into account impairment losses for 6,427 million euros;
  • Group net income: 517 million euros (3,235 million euros in 2013, -84.0%) the decrease is mainly attributable to the impairment losses as well as an increase in net financial expense;
  • Group net ordinary income: 2,994 million euros (3,119 million euros in 2013, -4.0%);
  • Net financial debt: 37,383 million euros (39,706 million euros as of December 31st, 2013, -5.9%);
  • Proposed dividend for 2014: 0.14 euros per share.

 

London, March 19th, 2015– The Board of Directors of Enel S.p.A. (“Enel”), chaired by Patrizia Grieco, late yesterday evening approved the results for 2014.

Consolidated financial hirhlights (million of euros)


2014
2013 Change
Revenues 75 791 78 663
EBITDA 15 757 16 691
EBIT 3 087 9 740
Group net income 517 3 235
Group net ordinary income 2 994 3 119
Net financial debt at December 31st 37 383 39 706

“We reached our 2014 financial targets despite the past year’s difficult macro-economic environment impacting on our earnings, while a review of the carrying value of our assets has led to a number of substantial write-downs, most notably in Italy and Slovakia. These write-downs are also related to the ongoing challenging operating environment. That said, the actions taken between May 2014 and the end of the year – mainly under the banner of organisational restructuring – have helped to partially offset these external factors, and so we are able to report a steady operational performance for the full year 2014”

– Francesco Starace, Enel CEO and General Manager

An Enel Group subsidiary, PJSC Enel Russia operates the following power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Sredneuralskaya GRES and Reftinskaya GRES. The company’s total gross installed electrical capacity is 9,428.7 MW (equivalent to 8,878.4 MW net installed capacity) and thermal capacity is 2.382 Gcal/h. PJSC Enel Russia’s authorised capital is 35,371,898,370 roubles, which is divided into ordinary shares with a par value of 1 rouble. The Enel Investment Holding B.V. share in the company’s authorised capital is 56.43%, PFR Partners Fund I Limited’s share is 19.03%, Prosperity Capital Management Limited’s share is 8.23%, VTB Bank’s share is 3.87% and other minority shareholders’ share is 12.44%. PJSC Enel Russia shares are listed in Level 1 MICEX quotation list. The company was established in Yekaterinburg on October 27th, 2004 as OJSC OGK-5. On July 7th, 2009 by the resolution of Annual General Shareholders’ Meeting the company was renamed OJSC Enel OGK-5 and on August 8th, 2014 the Federal Tax Service registered the new version of the company’s charter with the name OJSC Enel Russia. On June 25th, 2015 the company changed its legal type and was renamed PJSC Enel Russia.