Enel closes the first quarter with a Net income of 895 million, achieving a growth of 43 million (+5%) compared to the same period of 2013. A result higher than the expectations of the analysts consulted by Bloomberg, still at 753 million euros, "which substantially reflects the growth of the result operating". The company communicates this after the board of directors which approved the quarterly results.
THENet income ordinary was 782 million, a decrease of 70 million (-8,2%) compared to the same period last year. L'EBIT (operating result) amounted to 2,608 billion, down by 89 million (+3,5%) compared to the first three months of 2013, "taking into account the lower depreciation, amortization and impairment losses of 67 million".
Furthermore, between January and March, i revenues amounted to 18,182 billion, with a decrease of 2,263 billion (-11,1%) on an annual basis. L'Ebitda (gross operating margin) was instead 4,036 billion, up by 22 million (+0,5%) compared to the first quarter of 2013.
THEnet financial debt it rose to 41,539 billion, an increase of 4,6% compared to 39,706 billion as at 31 December 2013. A physiological growth at the beginning of the year, "because there are receivables that will be collected in the following quarters".
For this year, underlines the company, "the progressive exit from the crisis of mature European markets, expected in 2014, has not yet found a response in the first quarter of the year in the trend of energy demand, which has continued to show in Italy a negative trend (seasonally adjusted figure -3,5%) and a moderate decrease in Spain (-0,6%). Emerging economies, on the other hand, show still significant growth rates in demand, despite a deterioration in the economic scenario”.
In this context, Enel "confirms the guidelines of the group strategy communicated to the financial markets, which is based on a well-balanced portfolio in geographical and technological terms, as well as on a balanced mix of regulated and non-regulated activities, and is focused on increasingly important role of emerging markets and the business of renewable energies”.
The "positive results" of the first quarter "confirm the validity of the group's geographical and technological diversification strategy, as well as the managerial actions implemented mainly in terms of efficiency and cost reduction", claims the managing director, Fulvio Conti, underlining which "continues the strategy of simplifying the corporate structure of the group, achieved through operations for the purchase of minority shareholdings in some subsidiaries in Latin America".
The priority objective of reducing financial debt "is actually being pursued - adds the company - both through the operating cost efficiency plan, which after the significant results achieved in 2013 continues to show a trend in the first quarter of 2014 as well in line with forecasts, both through an investment plan aimed at consolidating the market position and simplifying the corporate structure, in relation to which – he concludes – we note the execution already in the first quarter of the year of important operations for the purchase of shareholdings minority interest in some subsidiaries in Latin America”.
In the wake of these communications, Enel's share on the Stock Exchange gains 1,75%, to 4,08 euros, half an hour after the start of trading.
