Commenting on the Group's results approved by the Board of Directors and presented to the analysts on 8 May, Enel CFO Luigi Ferraris said that they were 'a solid set of results that go above our expectations' and that show that 'we are well on track to reaching our 2014 targets'.
In its first quarter of 2014 the Group's net profit rose to €895 million, an increase of €43 million and a five percent rise compared to the same period of 2013, similar to the growth in operating profit. EBIT rose to €2.61 billion, up 3.5 percent compared to first quarter figures from last year, while EBITDA increased by 0.5 percent, from €4.014 billion (restated value) in 2013 to €4.036 billion.
Analysts appreciated the results and since the presentation of the results the Group's share price have risen considerably, with a 5.19 percent on the Milan stock exchange on 8 May. Enel Green Power is going through a similarly positive period, and on same day its own share price increased by 4.31 percent, with the price rising to €2.176 after having reached its highest ever value of €2.178.
'These results are in line with our full-year targets,'saidFerraris, who stressed that cutting costs had had a positive effect and confirmed the Group's commitment to reduce its debts, which by the end of 2013 had already dropped to €39.9 billion, way beyond forecasts, thanks to better management of operating capital and the ongoing deleveraging process.
The €1,083 million of investments made in the first quarter of 2014 represent an increase of €44 million compared to the same period of 2013, and a sign that this year will be a positive one for the Group. The results confirm the success of the strategy announced to the financial markets, which counts on a well-balanced and diversified portfolio, as well as on sound regulated and non-regulated market activities that focus in particular on emerging markets and the renewable energy business.