ENEL GREEN POWER ANNOUNCES PRELIMINARY CONSOLIDATED RESULTS FOR 2011
Total revenues: 2.5 billion euros (2.3 billion euros in 2010, +8.7%)
EBITDA: 1.6 billion euros (1.3 billion euros in 2010,+23.1%)
Net financial debt: 4.1 billion euros (3.1 billion euros in 2010, +32.3%)
Rome, January 27th, 2012 The Board of Directors of Enel Green Power SpA (Enel Green Power), chaired by Luigi Ferraris, met today to review the preliminary consolidated results for 2011.
Total revenues for the Enel Green Power Group were 2.5 billion euros, up 8.7% compared with the 2.3 billion euros posted in 2010. As was the case at June 30th, 2011, revenues for the full year include extraordinary income, equal to 0.2 billion euros.
EBITDA came to 1.6 billion euros, up 0.3 billion euros (+23.1%) over the 1.3 billion euros reported for 2010. Net of the extraordinary income items noted above, ordinary EBITDA amounted to 1.4 billion euros, up 0.1 billion euros (+7.7%).
Net financial debt at the end of 2011 came to 4.1 billion euros, an increase of about 1 billion euros from the 3.1 billion euros posted at the end of 2010. This is attributable for 0.5 billion euros to the increase in planned investments not covered by cash flow from current operations, with the remainder due to the change in the scope of consolidation.
Employees at the end of 2011 numbered 3,288 (2,955 at the end of 2010).
Commenting on the results, Francesco Starace, Chief Executive Officer and General Manager of Enel Green Power, remarked: We achieved all the targets announced in March 2011. With over 880 MW installed, we fully met our objective for additional generation capacity, while also achieving our EBITDA target. Careful cash flow management also enabled us to comply with our debt guidance. All of this was made possible by our strong project implementation skills in the field and our solid discipline in leveraging on Enel Green Powers technological and geographical diversification during a particularly turbulent year".
Net installed capacity
Net installed capacity of the Group at the end of 2011 amounted to 7,079 MW, of which 2,539 MW (36%) hydro, 3,541 MW (50%) windy, 769 MW (11%) geothermal, 102 MW (1%) solar and 128 MW (2%) of other renewable resource power (biomass and cogeneration).
Compared with December 31st, 2010, the net installed capacity of the Group increased by 9772 MW (+16%), mainly in the wind segment.
Net electricity generated by the Group in 2011 amounted to 22.5 TWh, of which 10.1 TWh (45%) hydro, 6.1 TWh (27%) wind, 5.6 TWh (25%) geothermal and 0.7 TWh (3%) from other renewable energy resources (solar, biomass and cogeneration).
Power generation increased by 0.7 TWh (3%) compared with 2010, mainly attributable to the expansion in installed wind capacity and the greater capacity and availability of geothermal plants, offset by a decrease in hydro generation.
ALTERNATIVE PERFORMANCE INDICATORS
The following section describes a number of alternative performance indicators, not envisaged under the IFRS-EU accounting standards, which are used in this press release in order to facilitate the assessment of the Groups performance and financial position.
Total revenues: calculated as the sum of "Revenues" and "Net income/(charges) from commodity risk management".
EBITDA: an indicator of Enel Green Powers operating performance, calculated as Operating income plus Depreciation, amortization and impairment losses.
Net financial debt: an indicator of Enel Green Powers financial structure, calculated as the sum of Long-term loans, Short-term loans and current portion of long-term loans", net of Cash and cash equivalents and Current financial assets and Non-current financial assets" (financial receivables and securities other than equity investments).
Pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Financial Intermediation, the officer responsible for the preparation of the corporate financial reports, Alberto de Paoli, certifies that the accounting information contained in this press release corresponds with that contained in the accounting documentation, books and records.