The title of Enel Green Power flies to Piazza Affari, which at the end of the morning gains more than 4 points, clearly leading the Ftse Mib. Yesterday the company published weak accounts, but in line with market expectations. Today Kepler has upgraded the stock's rating from "hold" to "buy".
In the first quarter of 2012 Enel Green Power recorded a net income of 97 million euros, down by 28,1% compared to 135 million in the same period of 2011.
Net of non-recurring effects recognized in the first quarter of 2011 (27 million), specifies a statement released by the energy company, the net result shows a reduction of 11 million (-10,2%). The change in the period mainly reflects, in addition to the increase in Ebit, the reduction in income from investments accounted for using the equity method (8 million) and the increase in financial expenses (another 8 million), effects partly offset by the reduction of taxes (2 million).
Total revenues amounted to 599 million euros (611 million as at 31 March 2011, -2%); Ebitda at 379 million (393 in 2011, -3,6%); Ebit at 230 million (-12,5%). Net financial debt grew to 4,329 billion euro (4,075 as at 31 December 2011, +6,2%).
The group, concludes the note, execution of the Strategic Plan will continue in 2012, accelerating the growth of installed power and pursuing balanced development in all the main technologies and in the countries of presence. This objective will also leverage the economic advantages that can be achieved through economies of scale, mainly in the area of procurement and in the management and maintenance of plants, and the international presence.
With the aim of preserving the geographical diversification of its portfolio, the group's focus will be on markets with abundant renewable resources, high economic and population growth.
