Enel overcomes a difficult 2014, still weighed down by the crisis and marked by the sharp drop in electricity demand. The Board, appointed at the end of May last year, approved the preliminary financial statements with revenues and Ebitda down on the previous year, a comparison that is also affected by the different financial statements criteria adopted (Ifrs 11, from 1 January last year ). The decrease in debt was positive, standing at 38 billion, higher than the 37 billion of the old business plan but below the target revised upwards by the new top management. Personnel decreased (68.961 units against 70.342 units at the end of 2013). There is anticipation for the novelties of the industrial plan that the CEO and general manager Francesco Starace will present in London on 19 March.
Revenue for 2014 amount to 75,8 billion euros, a decrease of 3,7% compared to 78,7 billion euros in 2013, "mainly due to the effect of lower revenues from the sale and transport of electricity connected to the lower quantities generated and sold in a economic context characterized by a persistent drop in demand, as well as by the variation in the average exchange rates of the various local currencies in which the Group operates (particularly in Latin America and Russia)," states the company's press release.
The EBITDA (gross operating margin), amounting to 15,7 billion euros, decreased by 6,0% compared to 16,7 billion euros in 2013. The company explains that the decline is the effect "essentially of the different contribution deriving from the results income statements relating to the sale of equity investments". Excluding them, Ebitda is equal to 15,5 billion euros (15,8 billion euros in 2013) and "records a reduction of 1,9% essentially attributable to the change in exchange rates", the effect of which is partially offset by the improvement in the margin on electricity sales on the Italian market.
Net financial debt at the end of 2014 it amounted to 38 billion euro, a decrease of 1,7 billion euro compared to the 39,7 billion euro recorded at the end of 2013. This reduction reflects the positive effects of current operations, particularly significant in the fourth quarter of year, as well as the cash flows deriving from extraordinary operations (among which we note the placement of 21,92% of the capital of Endesa. The number of personnel at the end of 2014 amounted to 68.961 units (70.342 units at the end of 2013).
“The solidity of these preliminary results – comments the CEO and general manager Francesco Starace – reflects the positive contribution of the actions undertaken in terms of reorganization of the Group, corporate restructuring in the Iberian peninsula and in Latin America as well as the success of the divestitures already carried out. The favorable effects of these actions allowed us to offset and partially counterbalance the persistence in 2014 of a still unfavorable macroeconomic context, especially in the mature economies of Italy and Spain”.
During 2014, the Enel Group produced a total of 283,1 billion kWh of electricity (281,8 in 2013), distributed 395,4 billion kWh (402,6) on its networks and sold 261 billion kWh (270,5).
