Enel archive the first quarter with a Net income up 18,9%, to 1,169 billion euros. Net ordinary income +10,4%, to 1,041 billion. The improvement of operating results (Ebitda to 4,037 billion +3,1%), driven by the growth of renewables and networks, made it possible to compensate for the negative evolution of cultural, , especially in South America.
“The Enel Group achieved excellent results in the first quarter of 2018, with a double-digit increase in the net result, mainly due to renewables and networks, two key areas for industrial growth, in line with the Strategic Plan,” he commented. Francesco Starace, CEO of Enel – The results achieved and the progress made in the execution of the 2018-2020 Strategic Plan allow us to confirm the financial targets for 2018”.
The exchange rate effect determined a contraction of turnover equal to 2,2%, to 18,946 billion. Revenues for the first quarter, Enel specifies, include, as extraordinary items, the consideration of 128 million euros, envisaged by the agreement that e-distribuzione reached with F2i and 2i Rete Gas for the early and all-in payment of the earnings out connected to the sale in 2009 of the stake held by the same e-distribuzione in Enel Rete Gas. Revenues for the first quarter of 2017 instead included, as extraordinary items, the capital gain relating to the sale of the equity investment in the Chilean company Electrogas for 151 million.
As for the debt, grew by 1,2% to 37,871 billion, from 37,41 billion at the end of 2017, due to the payment of the interim dividend and investments in the period.
In the first quarter, Starace continued, “we worked hard to further improve operating efficiency, managing to keep cash generation costs unchanged in nominal terms and to reduce operating expenses by 2,6%. During the first three months of the year, we also achieved an important milestone in group simplification, successfully completing the reorganization of the activities in Chile, where we can now count on a more linear corporate structure along the entire value chain: from renewable and conventional generation to distribution, up to retail”.
SECURITY UPDATE TRAINING
Despite the positive results obtained in the first three months of the year, in Piazza Affari the Enel share opened trading down 2,7%. Just over an hour after the opening of the stock exchange, the shares dropped 1,6% to 5,156 euros.
