Enel's 2013 Results Beat Expectations

Published on Thursday, 6 February 2014

The preliminary consolidated results for 2013 announced by Enel's Board of Directors offer a positive beginning to 2014 for the Group, with EBITDA rising by 7.6 percent and debt dropping by €3billion. The sound management of working capital and deleveraging that brought debt below €40billion go alongside with growth in emerging countries and the continuing development of renewable energy.

The issue of hybrid bonds in 2013, which was made possible by less tumultuous time for the market than in previous years, gained the interest of investors, as did the issue multi-tranche bonds at the beginning of January, confirming the positive reaction to the strengthening of Group's asset and financial structure through the issuing of bonds.

Besides the deleverage of debt, 2014 will see the purchase of minority shareholdings in Group companies, in particular in Latin America, where the recapitalisation of Enersis allowed Enel to make the development of its business simpler and more efficient, and where it operates in every area of energy industry.

With 1.3 million shareholders and a liquidity that in times of greatest financial crisis, when a global financial meltdown was feared, guaranteed the Group a two-year survival period, Enel has started 2014 in the best way as it looks reduce its net debt to €37billion by the end of the year. It has also continued a trend growth and development in the most important markets, as part of the 2013-17 Business Plan. The company is planning on hiring 1,500 young people in Italy and began the new year with a renewable energy global production record, suggesting that the Group will have success on a number of different fronts in 2014.