Turnover and profits on the rise for Enel Green Power in the first half of 2013. The group has filed revenues for 1.461 million euros (+22,3%) and profits for 269 million (+21,7%). Net installed capacity also rose by 14,5% to 8,7 GW and net generation by 20,6% to 15,2 TWh. The stock rises after the accounts by 0,42% to 1,68 euro (-0,17% the All share index)
Turnover rose thanks to the 229 million increase in revenues from the sale of energy which, including incentives (amounting to 461 million euros), derive mainly from the growth in production in Italy and Europe (125 million euros), in Iberia and Latin America (71 million euros) and North America (33 million euros). In particular, the company points out that revenues relating to incentives increased by 145 million euros due to the higher incentivized production and the trend of the decreasing stock market price in Italy and Spain which led to a consequent increase in the incentive. Ebitda improves by 21% to 972 million euros and was mainly achieved in Italy and Europe. Ebit rose by 22,9% to 617 million. Net financial debt amounted to 5.668 million (+22,8%).
“We are very satisfied with the operating and economic results achieved in the first half of 2013 – said Francesco Starace, CEO and general manager of Enel Green Power – which demonstrate the validity of our growth strategy and solid operating performance. During the half-year we increased our installed capacity by over 700 MW, covering more than 70% of the target set for 2013. Together with the other projects already underway, this translates into coverage of approximately 60% of the additional capacity expected within the current plan to 2017. These results lead us to forecast the full achievement of the targets announced to the market for the current year”.
In 2013, the company expects "to continue executing the strategic plan, confirming the growth of installed power and focusing its efforts mainly on emerging countries, through balanced development in all the main technologies". The focus will be on markets with abundant renewable resources, stable regulatory systems and high economic growth. At the same time, the company aims to rationalize operating costs, “through increasingly direct management of the plant fleet and their efficient operation. The pursuit of economies of scale is also confirmed, mainly in the area of procurement”.
