Enel Group announced revenues worth 20,891 million euro (as opposed to 18,946 million euro in the first quarter of 2018, marking an increase of 10.3%) and a group net ordinary income of 1,159 million euro (1,041 million euros in the first quarter of 2018, +11.3%).
The increase mainly reflects the growth in revenues posted by Enel Green Power, those from electricity trading in Italy, Chile and Romania and fuel sales in Italy and from the change in the scope of consolidation, notably the acquisition of Eletropaulo (now Enel Distribuição São Paulo), the company said.
At the same time, profit before tax EBITDA was worth 4,548 million euros (4,037 million euros in the first quarter of 2018,) marking a 12.7% growth. “In the first quarter of 2019, we registered excellent results confirming the growth path that we are pursuing so far as well as the outstanding performance posted by all business lines. Enel’s ordinary EBITDA grew by 13.9% and net ordinary income by 11.3% over the same period of 2018, backed by the continued delivery on our 2019-2021 Strategic Plan pillars. Renewables, whose installed capacity increased by 800 MW this quarter, and distribution networks, which benefitted from the integration of Enel Distribuição São Paulo, confirm their role as driving forces of our performance and in the first quarter of this year accounted for 70% of the Group’s ordinary EBITDA. Overall investments increased by 36% in the period and were mainly allocated to asset development, which stood at 1.2 billion euros and focused on renewables in the Americas and Spain as well as on networks in Italy,” said Francesco Starace, Chief Executive Officer and General Manager of Enel.
”In line with our strategic pillar on Group simplification, we increased our stake in Enel Américas to 56.42% and further strengthened our positioning in renewable generation in North America through the reconsolidation of 650 MW of assets from one of our joint ventures. Again with regards to Enel Américas, we expect the recently approved 3 billion US dollar capital increase, due to be finalised in the coming months, to unlock additional growth opportunities in South America, strengthening our footprint in the region.
In 2019, we envisage an acceleration in capex with a particular focus on renewables in North America, as well as continuing our strong investment in networks, mainly in Italy and South America, whereas cash flow generation is expected to remain solid throughout the period. This good start to the year enables us to confirm the guidance for full year 2019.”