Revenues amounted to 80,535 million euros in 2013, down 4,414 million euros, or -5.2%, from 2012. The decrease was mainly due to lower revenues from the sale of electricity, which was essentially attributable to lower quantities sold, only partially offset by greater revenues from the transport of electricity and the sale of fuels. Revenues in 2013 include the recognition of the capital gain (equal to 964 million euros) on the sale of the company Arctic Russia (and, indirectly, of the stake the latter held in SeverEnergia, a company operating in the extraction of natural gas in Russia) in the fourth quarter of 2013.

EBITDA amounted to 17,011 million euros in 2013, up 1,202 million euros (+7.6%) on 2012. EBITDA for 2013 includes the capital gain on the disposal of Arctic Russia noted above, while EBITDA for 2012 reflected a restatement (equal to 929 million euros), carried out for comparative purposes only, in compliance with first-time adoption of the new version of IAS 19 accounting standard. The restatement is associated mainly with the recognition of the
expenses connected with the post-employment benefit plan granted to certain employees in Italy at the end of 2012. Excluding those items, the decline in EBITDA was mainly attributable to the expected contraction in earnings in Spain and in conventional generation in Italy, only partially offset by the good performance of the Sales Italy business area, the Renewable Energy Division and operations in Latin America (the latter despite unfavourable changes in the exchange rates of local currencies against the euro).
EBIT in 2013 amounted to 9,944 million euros, an increase of 3,138 million euros (+46.1%) compared with 2012, taking account of a decrease in depreciation, amortization and impairment losses of 1,936 million euros, as well as the above-mentioned restatement resulting from the initial application of the new IAS 19 accounting standard. The change in depreciation, amortization and impairment losses is attributable to the difference in the amount of impairment recognised during the two periods compared on the goodwill allocated to certain cash generating units (totalling 744 million euros in 2013 and 2,584 million euros in 2012). More specifically, the impairment recognized in 2013 relates entirely to the adjustment in the value of a portion of the goodwill recognized for the “Enel OGK-5” Cash Generating Unit (CGU) as a result of the further reduction in the estimated future cash flows due to continuing signs a slowdown in economic growth and the consequent decline in the projected increase in prices in the Russian market. In that respect, the first signs of a shift were seen in the sector beginning in 2012 as was a deterioration in the profitability associated with that CGU. As a result an impairment of 112 million euros was recognized in respect of its goodwill. The impairment recognized in 2012 included 2,392 million euros in respect of the writedown of a portion of the goodwill allocated to the Endesa-Iberia CGU.

Group net income in 2013 amounted to 3,235 million euros from the 238 million euros posted in 2012. This significant increase is essentially due to the gain on the sale of Arctic Russia, the effects of the writedowns in goodwill during the two periods compared, the adjustment as a result of the initial application of the new IAS 19 (equal to 627 million euros net of tax effects and the portion attributable to non-controlling interests) and the improvement in financial operations.

Group net ordinary income in 2013 came to 3,119 million euros, up 291 million euros (+10.3%) on the 2,828 million euros posted in 2012.

Net capital employed, including net assets held for sale of 221 million euros, amounted to 92,701 million euros as of December 31st, 2013, and was financed by shareholders’ equity attributable to shareholders of the Parent Company and non-controlling interests of 52,839 million euros and net financial debt of 39,862 million euros.

Net financial debt as of December 31st, 2013 amounted to 39,862 million euros, a decline of 3,086 million euros from the figure posted as of December 31st, 2012 (-7.2%). More specifically, the cash flows generated from ordinary business activities and extraordinary operations, including the disposal of certain non-strategic assets, finalized in 2013 were only partially offset by capital expenditure during the year as well as the payment of dividends,
interest and taxes. As of December 31st, 2013, the debt/equity ratio came to 0.75 compared with 0.82 at the end of 2012, while the debt/EBITDA ratio was 2.3 (2.7 as of December 31st, 2012).

Capital expenditure amounted to 5,959 million euros in 2013 (of which 5,346 million euros regarded property, plant and equipment), a decrease of 1,116 million euros from 2012, as a result of the Group’s selective investment policy.
As of December 31st, 2013 Enel Group employees numbered 71,394 (73,702 at the end of 2012). The workforce declined by 2,308 employees, essentially the net balance of new hires and terminations (-2,335). As of December 31st, 2013, the personnel of Group companies located outside Italy was 52% of the total workforce.

Data as of: December 31, 2013

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