Enel closed 2017 with Ebitda up and debt down, exceeding the targets for the year. In detail, ordinary EBITDA amounted to 15,6 billion, up 2,6% compared to 15,2 billion and EBITDA, which includes the effects of extraordinary operations, amounted to 15,7 billion (+2,6, 2017%). Net financial debt fell at the end of 37,4 to 0,5 billion (-37,6% from 2016 billion at the end of XNUMX).
Revenues reached 74,7 billion, up 5,8% compared to 70,6 billion in 2016, with higher electricity sales that offset the change in scope.
"We are particularly satisfied with the preliminary results of 2017, achieved in a context that remained challenging throughout the year - commented the group's CEO, Francesco Starace - This shows that geographical diversification and the correct implementation of a sustainable strategy and long-term have made us a resilient organization. In particular, ordinary EBITDA and the level of net debt show an improvement compared to the targets announced last November, despite the reduced availability of water and wind resources during the year”.
According to Starace, “the growth in renewables, efficient cost management, the positive evolution of the retail sector in Italy and of distribution in South America have made it possible to counteract this reduced availability of hydro and wind resources in the main markets. The solid results of the 2017 financial year allow us to confirm the plan targets for 2018, continuing with the implementation of our strategy for the years 2018-2020," he added".
Enel specifies that the positive trend in revenues is substantially reflected in the higher revenues from the sale of electricity to end customers, from the transport of electricity and from electricity trading and the sale of fuel which more than offset the effects of lower wholesale sales and the changes in scope that occurred in the two periods under comparison. The latter concern the deconsolidation of Slovenske Elektrarne, Egpna Renewables Energy Partners and Marcinelle Energie, the effects of which were only partially offset by the higher revenues achieved by the companies acquired in 2017 (mainly Celg Distribuicao in Brazil and EnerNoc in the United States) .
The increase in EBITDA, according to the note, derives from the higher margin recorded mainly in Italy and South America, which more than offset the negative effects of the change in scope mainly referable to the deconsolidation of the Slovakian assets. For the decrease in debt, the group indicates how cash flows from operations and the positive exchange rate effect, which led to a reduction in debt of 1,5 billion euro, were almost entirely offset by cash flows outgoings relating to investments, extraordinary transactions and dividends paid, the latter amounting to 2,9 billion euro.
At the beginning of the afternoon, Enel's share on the Stock Exchange gained 0,4%, to 4,673 euros.
