Enel announced a net ordinary income growth of 3.8% in H1, according to a release received by energynomics.ro.
Therefore, revenues stood at 36,315 million euros (34,150 million euros in 1H 2016, +6.3%), due to a generalised growth in all countries more than offset the change in the scope of consolidation (Slovenské elektrárne, EGPNA-REP, net of Brazilian distribution company CELG). The EBITDA was of 7,678 million euros (8,053 million euros in 1H 2016, -4.7%), due to the negative impact of changes in the scope of consolidation and the decline in margins in Iberia was partly offset by exchange rate gains and the strong performance of Italy, especially in retail. The ordinary EBITDA was of 7,532 million euros (7,929 million euros in 1H 2016, -5.0%) net of extraordinary items involving disposals, earmarking that net of non-recurring items, ordinary EBITDA declined by 3.3% on a like-for-like basis, largely reflecting the effect of the change in the scope of consolidation.
Group’s net income was of 1,847 million euros (1,834 million euros in 1H 2016, +0.7%), as it increased due to lower net financial expense, the reduction in taxes and the decrease in the impact of minorities more than offsetting EBIT decline. The net ordinary income was of 1,809 million euros (1,742 million euros in 1H 2016, +3.8%), while net of non-recurring items, Group net ordinary income increased by 7.9% on a like-for-like basis.
And the net financial debt stood at 38,826 million euros (37,553 million euros at the end of 2016, +3.4%), as it increased due to acquisitions in the period (including CELG) and payment of the interim dividend for 2016, whose effects were partially offset by the growth of cash flow from operations.
“The geographical and technological diversification of our asset and customer portfolio, the robust growth trajectory as well as the corporate simplification and operational efficiency actions we have carried out enabled us to deliver a solid performance across our main financial indicators in the first half of 2017. Indeed, we posted a 3.8% increase in net ordinary income in spite of the challenges posed by poor global generation resource availability, as well as the exceptional situation in the Iberian Peninsula during the period,” said Francesco Starace, Enel CEO and general manager.
”At the same time, we have made further significant progress against each of the objectives set out in the Group Strategic Plan presented last November. Our digitisation plan is accelerating improvements in many areas of the business, with a particular focus on operational efficiency where we are on the right track to achieve our year-end target,” he added.
”Looking at industrial growth, our focus on networks and renewables is providing a resilient contribution to the overall results, and in renewables in particular, where we plan to bring an additional 2GW of capacity online in the second part of the year, making 2017 another record year in terms of installed capacity.
In light of the results and operational performance posted in the first half of the year, we can confirm our 2017 financial targets.”
