Enel Green Power grows in view of the merger with Enel. Both production and installed capacity increased, turnover stable, EBITDA down, debts up slightly. These are the preliminary data of the 2015 draft budget.
The company led by Francesco Venturini, and destined to be integrated into the parent company Enel by the end of March, has approved the preliminary results for 2015 which show revenues stationary at 3 billion, against a growth of 7,6 per cent recorded at the end of the third quarter, and a 'Ebitda down slightly by 5,3 per cent, equal to 1,8 billion. Margins were affected, in particular, by the smaller scope of consolidation due to disposals but also by lower capital gains from the sale of equity investments compared to the end of 2014. In December two years ago, the company had sold the assets in El Salvador for a value of over 200 million dollars and a capital gain of 120 million euros which had a positive impact on margins. And again: the finalization, in the fourth quarter of 2015, of an agreement for the early redundancy of personnel weighed on the same item. At the end of the year, there were 3.609 employees against 4.309 at the end of 2014.
Also in 2015 the resignation process continued and in effect net debt benefited, which at the end of September had reached 7,3 billion. Net debt at the end of the year amounted to 6,9 billion: the decrease can be attributed to the sale of Portuguese assets last October for a total value of 900 million. The capital gain, however, in that case was 30 million. Compared to the end of 2014, the debt increased by almost one billion, due to the physiological increase in installed capacity.
“2015 was a year of further expansion for Enel Green Power which confirmed its position as leader in the renewable energy market – explained CEO Francesco Vetturini -. We have demonstrated our ability to accelerate growth, with 1,5 gigawatts of additional capacity, and our flexibility to adjust our portfolio quickly to changing landscapes, as demonstrated by the sale of Portuguese assets and the creation of a joint venture in the photovoltaic sector in Italy. In addition, in 2015 we made significant strides in expanding into new markets such as the Asian continent, with entry into India, and the African continent, with an additional 500 megawatts of solar to be developed in South Africa, positioning us as a major player in these areas with strong growth potential. Finally, we have also launched new businesses and technological experiments including the construction of off-grid plants and the use of storage to improve the flexibility and performance of our plants".
The net installed capacity was equal to 10,5 gigawatts, with an increase of 9,4% compared to the end of 2014. Energy production was equal to 33,6 terawatt hours, up by 1,8 terawatt hours (+5,7, XNUMX per cent) due to the greater installed wind capacity.
