· Revenues: 18,946 million euros (19,366 million euros in the first quarter of 2017, -2.2%)
- the decrease is mainly attributable to adverse exchange rate developments, particularly in South America
· EBITDA: 4,037 million euros (3,914 million euros in the first quarter of 2017, +3.1%)
- the increase is mainly due to the expansion of renewables and distribution, as well as the improvement in margins on end-user markets in Iberia, factors that more than offset the negative impact of exchange rate developments
· Ordinary EBITDA: 3,909 million euros (3,763 million euros in the first quarter of 2017, +3.9%)
· EBIT: 2,538 million euros (2,525 million euros in the first quarter of 2017, +0.5%)
- the slight improvement occurred despite the increase in depreciation and amortisation attributable to the application of IFRS 15 and writedowns of trade receivables
· Group net income: 1,169 million euros (983 million euros in the first quarter of 2017, +18.9%)
- the increase is attributable to the improvement in EBIT, a decline in net financial expenses from the efficient management of financial liabilities and lower taxes, especially in Italy
· Group net ordinary income: 1,041 million euros (943 million euros in the first quarter of 2017, +10.4%)
· Net financial debt: 37,871 million euros (37,410 million euros at the end of 2017, +1.2%)
- the growth reflects the payment of the interim dividend for 2017 and investment for the period, which more than offset operating cash flow
Francesco Starace, Enel CEO and General Manager, said “The Enel Group posted excellent results in the first quarter of 2018, with a double-digit increase in net income driven mainly by renewables and networks, the two key areas of focus for industrial growth in our Strategic Plan. During this quarter, we have continued to work hard on further improving our operational efficiency, which allowed us to achieve flat cash costs in nominal terms and a 2.6% reduction in operational expenses. In the first three months of the year, we also achieved a significant milestone in Group Simplification, successfully completing the reorganisation of our assets in Chile, where we now have a cleaner corporate structure covering the entire value chain, from renewable and conventional generation to distribution and retail. The results achieved and progress delivered so far in the implementation of our 2018-2020 Strategic Plan allow us to confirm our financial targets for 2018.”
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