REG-International Endesa 1st Quarter Results <Origin Href="QuoteRef">ELE.MC</Origin> - Part 2
09/05/2017 09:40
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Trade and other accounts receivable 3,254 3,452 ((3))
Current financial assets 362 361
Current Liabilities ((2)) 5,640 6,377
Current provisions 565 567
Trade and other current liabilities 5,075 5,810((4))
(1) Excluding "Cash and Cash Equivalents" and Financial Derivative Assets
corresponding to financial debt.
(2) Excluding "Current Financial Debt" and Financial Derivative Liabilities
corresponding to financial debt.
(3) As of 31 December 2016, including the acquisition price of the ICT
activities branch, paid on 29 December 2016, i.e., €246 million.
(4) As of 31 December 2016, including the interim dividend of the 2016 result
of €741 million. This amount was paid on 2 January 2017.
Net cash flows in investment activities.
During the first quarter of 2017, the net cash flows applied to investment
activities were €356 million (compared with €405 million in the first
quarter of 2016) and mainly include net cash payments applied to the
acquisition of property, plant and equipment amounting to €321 million
(compared with €324 million in January-March 2016) (Refer to section 4.3
Investments in the present Consolidated Management Report).
Net cash flows in financing activities.
In the first quarter of 2017, the net cash flows applied to financing
activities amounted to €200 million (compared with €393 million in the
first quarter of 2016) and primarily include the payment of €741 million
corresponding to the interim dividend against 2016 (€424 million in
January-March 2016) (refer to Section 2.4 Dividends in the present
Consolidated Management Report).
4.3. Investments.
In the first quarter of 2017, ENDESA made gross investments of €261 million,
of which €241 million were related to property, plant and equipment and
intangible assets, and the remaining €20 million to financial investments,
as follows:
Millions of Euros
Gross investment
January-March January-March % chg
2017 ((1)) 2016
Generation and Supply 41 58 (29.3)
Distribution 90 105 (14.3)
Others 64 - N/A
TOTAL PROPERTY, PLANT AND EQUIPMENT 195 163 19.6
Generation and Supply 8 6 33.3
Distribution 4 5 (20.0)
Others 34 3 1,033.3
TOTAL INTANGIBLE ASSETS 46 14 228.6
FINANCIAL 20 58 (65.5)
TOTAL INVESTMENTS 261 235 11.1
(1) The first quarter 2017 includes investments made by ENEL Green Power
España, S.L.U. (EGPE) amounting to €3 million.
Property, plant and equipment
Gross investments in generation in the first quarter of 2017 mostly correspond
to investments made on plants that were already operating at 31 December 2016,
prominently including the €7 million investment in the Litoral power plant
to adapt it to European environmental legislation and also entailed extending
its useful service life.
Gross investments in distribution related to grid extensions and expenditure
aimed at optimising the grid to improve the efficiency and quality of service.
It also included investment for the widespread installation of remote
management smart meters and their operating systems.
Gross investments in supply correspond primarily to the development of the
activity concerning Value Added Products and Services (VAPS).
In the first quarter of 2017, there were also gross investments of €64
million corresponding to ICT activities.
Investment in Intangible Assets.
The gross investments in the first quarter of 2017 primarily correspond to
computer software and ongoing investments in ICT activities.
Financial investments.
The gross investments in the first quarter of 2017 include, primarily, the
contribution of €7 million to Nuclenor, S.A.
Appendix Statistics.
Industrial data.
GWh
Electricity Generation January-March January-March % chg
2017 2016
Mainland 14,922 12,411 20.2
Nuclear 7,184 6,461 11.2
Coal 5,135 3,321 54.6
Hydroelectric 1,483 2,333 (36.4)
Combined cycle (CCGT) 1,120 296 278.4
Non-Mainland Territories 3,064 2,952 3.8
Renewables and Cogeneration ((1)) 994 - N/A
TOTAL ((2)) 18,980 15,363 23.5
(1) Corresponding to the first quarter 2017 energy generated by ENEL Green
Power España, S.L.U. (EGPE).
(2) At busbar cost.
MW
Gross Installed Capacity 31 March: 31 December % chg
2017 2016
Hydroelectric 4,765 4,765 -
Conventional Thermal 8,094 8,130 (0.4)
Thermal Nuclear 3,443 3,443 -
Combined Cycle 5,678 5,678 -
Renewables and Cogeneration 1,675 1,675 -
TOTAL 23,655 23,691 (0.2)
MW
Net Installed Capacity 31 March: 31 December % chg
2017 2016
Hydroelectric 4,721 4,721 -
Conventional Thermal 7,585 7,585 -
Thermal Nuclear 3,318 3,318 -
Combined Cycle 5,445 5,445 -
Renewables and Cogeneration 1,675 1,675 -
TOTAL 22,744 22,744 -
GWh
Electricity sales January-March January-March % chg
2017 2016
Regulated price 3,561 3,842 (7.3)
Deregulated market 20,075 19,835 1.2
TOTAL 23,636 23,677 (0.2)
Thousands
Number of Customers (Electricity) ((1)) 31 March: 31 December % chg
2017 2016
Regulated Market Customers 5,484 5,593 (1.9)
Mainland Spain 4,601 4,692 (1.9)
Non-Mainland Territories 883 901 (2.0)
Deregulated Market Customers 5,440 5,423 0.3
Mainland Spain 4,503 4,505 -
Non-Mainland Territories 749 744 0.7
Outside Spain 188 174 8.1
TOTAL 10,924 11,016 (0.8)
(1) Supply points.
Percentage (%)
Electricity Demand Trend ((1)) January-March January-March
2017 2016
Mainland ((2)) 0.2 (1.3)
Non-Mainland Territories ((3)) 1.6 (1.0)
(1) Source: Red Eléctrica de España, S.A. (REE).
(2) Corrected for working days and temperature effects, the mainland demand
trend is +1.1% in the first quarter of 2017 and -0.6% in the first quarter of
2016
(3) Corrected for working days and temperature effects, the evolution of
global demand in the Non-Peninsular Territories (NPT) is +0.2% in the first
quarter of 2017 and +0.3% in the first quarter of 2016.
Percentage (%)
Market Share (Electricity) ((1)) 31 March 31 December
2017 2016
Ordinary Mainland Generation 35.6 35.1
Renewable Generation ((2)) 3.9 3.5
Distribution 43.3 43.7
Retail 35.3 35.3
(1) Source: Endesa data.
(2) Excluding hydroelectric.
GWh
Gas sales January-March January-March % chg
2017 2016
Deregulated market 15,001 14,859 1.0
Regulated Market 677 687 (1.5)
International Market 7,507 5,594 34.2
Wholesale 1,318 2,141 (38.4)
TOTAL ((1)) 24,503 23,281 5.2
(1) Excluding own generation consumption.
Thousands
Customers (Gas) ((1)) 31 March 31 December % chg
2017 2016
Regulated Market Customers 257 262 (1.9)
Mainland Spain 228 233 (2.1)
Non-Mainland Territories 29 29 -
Deregulated Market Customers 1,290 1,276 1.1
Mainland Spain 1,199 1,167 2.7
Non-Mainland Territories 60 86 (30.2)
Outside Spain 31 23 34.8
TOTAL 1,547 1,538 0.6
(1) Supply points.
Percentage (%)
Gas Demand Trend ((1)) January-March January-March
2017 2016
Domestic market 8.4 (4.3)
Domestic Conventional 7.2 (2.5)
Electricity sector 16.5 (5.1)
(1) Source: Enagás, S.A.
Percentage (%)
Market Share (Gas) ((1)) 31 March 31 December 2016
2017
Deregulated market 17.6 16.9
(1) Source: Endesa data.
GWh
Distributed Energy ((1)) January-March January-March % chg
2017 2016
Business in Spain and Portugal 29,119 28,602 1.8
TOTAL 29,119 28,602 1.8
(1) At busbar cost.
km
Distribution and Transmission Grids 31 March 31 December % chg
2017 2016
Business in Spain and Portugal 316,890 316,562 0.1
Percentage (%)
Energy losses January-March January-March
2017 2016
Business in Spain and Portugal 12.9 12.8
Workforce.
Number of employees
Period-end headcount
31 March 31 December
2017 2016
Men Women Total Men Women Total
Generation and Supply 4,087 982 5,069 4,140 989 5,129
Distribution 2,612 446 3,058 2,707 467 3,174
Structure and Other ((1)) 920 816 1,736 679 712 1,391
TOTAL EMPLOYEES 7,619 2,244 9,863 7,526 2,168 9,694
(1) Structure and Services.
Number of employees
Average headcount
January-March January-March
2017 ((1)) 2016
Men Women Total Men Women Total
Generation and Supply 4,105 979 5,084 4,127 965 5,092
Distribution 2,632 449 3,081 2,962 481 3,443
Structure and Other ((2)) 915 818 1,733 697 696 1,393
TOTAL EMPLOYEES 7,652 2,246 9,898 7,786 2,142 9,928
(1) The first quarter 2017 includes the average workforce of ENEL Green Power
España, S.L.U. (EGPE) (169 employees) and Eléctrica del Ebro, S.A. (20
employees).
(2) Structure and Services.
Financial Data.
Millions of Euros
Consolidated Income Statement
January-March January-March % chg
2017 2016
Revenue 5,120 4,636 10.4
Contribution Margin ((1)) 1,236 1,310 (5.6)
EBITDA ((2)) 702 801 (12.4)
EBIT ((3)) 340 468 (27.4)
Net Income ((4)) 253 342 (26.0)
(1) Contribution Margin = Income - Procurements and Services.
(2) EBITDA = Income - Procurements and Services + Self-constructed assets -
Personnel Expenses - Other Fixed Operating Expenses.
(3) EBIT = EBITDA - Depreciation and amortisation, and impairment losses.
(4) Net Income: Parent Company Period Result.
Euros
Assessment Parameters January-March January-March % chg
2017 2016
Earnings per Share ((1)) 0.24 0.32 (26.0)
Cash Flow per Share ((2)) 0.51 0.63 (19.4)
Book value of equity per share ((3)) 8.69 8.46 ((4)) 2.7
(1) Earnings per Share = Parent Company Period Result / No. Shares.
(2) Cash Flow per Share = Net Cash Flow of the Operating Activities / No.
Shares.
(3) Equity attributable to shareholders of the Parent Company/ No. shares.
(4) As of 31 December 2016.
Millions of Euros
Consolidated Statement of Financial Position
31 March 31 December % chg
2017 2016
Total assets 30,899 30,964 (0.2)
Equity 9,337 9,088 2.7
Net financial debt ((1)) 5,495 4,938 11.3
(1) Net financial debt = Non-current financial liabilities + Current financial
liabilities – Cash and cash equivalents – Financial derivatives recognised
as financial assets.
Millions of Euros
Leverage
31 March 31 December
2017 2016
Net Financial Debt: 5,495 4,938
Non-current Financial Debt: 4,524 4,223
Current Financial Debt 1,378 1,144
Cash and cash equivalents (398) (418)
Fianncial Derivatives recognised as financial assets (9) (11)
Equity: 9,337 9,088
Of the Parent Company 9,198 8,952
Of non-controlling interests 139 136
Leverage (%) ((*)) 58.9 54.3
(*) Leverage = Net Financial Debt / Equity
Financial Indicators 31 March 31 December
2017 2016
Liquidity Ratio ((1)) 0.76 0.72
Solvency Ratio ((2)) 0.93 0.92
Debt Ratio ((3)) 37.05 35.21
Debt Coverage Ratio ((4)) 1.96 1.44
(1) Liquidity = Current Assets / Current Liabilities.
(2) Solvency = (Equity + Non-current Liabilities) / Non-current Assets.
(3) Debt = Net Financial Debt / (Equity + Net Financial Debt) (%).
(4) Debt Coverage = Net Financial Debt / EBITDA.
Rating.
31 March 2017 ((*)) 31 December 2016 ((*))
Long term Short term Outlook Long term Short term Outlook
Standard & Poor’s BBB A-2 Positive BBB A-2 Stable
Moody’s Baa2 P-2 Stable Baa2 P-2 Stable
Fitch Ratings BBB+ F2 Stable BBB+ F2 Stable
(*) On the respective presentation dates of the Consolidated
Management Report.
Stock market information.
Percentage (%)
Listing price trend compared to the previous period January-March January-March
2017 2016
ENDESA, S.A. 9.5 (8.9)
IBEX-35 11.9 (8.6)
Euro Stoxx 50 6.4 (8.0)
Euro Stoxx Utilities 7.9 (5.5)
Stock market data 31 March 31 December % chg
2017 2016
Market cap ((Millions of Euros) (1)) 23,324 21,307 9.5
Number of Outstanding Shares 1,058,752.117 1,058,752.117 -
Nominal share value ((Euros)) 1.2 1.2 -
Cash ((Thousands of Euros) (2)) 2,226,766 10,783,803 (79.4)
Continuous Market ((shares))
Trading volume ((3)) 111,215,914 596,186,291 (81.3)
Average daily trading volume ((4)) 1,711,014 2,319,791 (26.2)
PER ((5)) 23.1 15.1 -
Price / Book value ((6)) 2.5 2.3 -
(1) Market Cap = Number of Shares at the Close of the Period * Listing Price
at the Close of the Period.
(2) Cash = Sum of all the operations made over the value in the reference
period. (Source: Madrid Stock Exchange).
(3) Trading Volume = Total volume of shares of ENDESA, S.A. traded in the
period (Source: Madrid Stock Exchange).
(4) Average Daily Trading Volume = Arithmetic mean of shares of ENDESA, S.A.
traded per session during the period (Source: Madrid Stock Exchange).
(5) Price to Earning Ratio (PER) = Listing Price at the Close of the Period /
Earnings per Share.
(6) Market Cap / Equity
Euros
Listing price for ENDESA January-March January-December % Var.
2017 2016
High 22.030 20.975 5.0
Low 18.950 15.735 20.4
Period Average 20.035 18.151 10.4
Period Close 22.030 20.125 9.5
Dividends.
2016 2015 % Var.
Share capital ((1)) 1,270.50 1,270.50 -
Number of shares 1,058,752,117 1,058,752,117 -
Consolidated Net Profit ((1)) 1,411 1,086 29.9
Individual Net Profit ((1)) 1,419 1,135 25.0
Earnings per Share ((2)(3)(4)) 1.333 1.026 29.9
Gross Dividend per Share ((2)) 1.333 ((5)) 1.026 ((6)) 29.9
Consolidated Pay-Out ((%)(7)) 100.0 100.0 -
Individual Pay-Out ((%)(8)) 99.4 95.7 -
(1) Millions of euros.
(2) Data in euros
(3) Corresponding to the Consolidated Financial Statements.
(4) Earnings per Share = Profit for the year of the Parent Company / No.
Shares.
(5) Gross interim dividend of €0.7 per share, paid out on 2 January 2017
plus the gross supplementary dividend of €0.633 per share, which will paid
out on 3 July 2017.
(6) Gross interim dividend of €0.4 per share, paid out on 4 January 2016
plus the gross supplementary dividend of €0.626 per share paid out on 1 July
2016.
(7) Consolidated Payout = (Gross Dividend per Share * No. Shares) / profit for
the year of the Parent Company
(8) Individual Payout = (Gross Dividend per Share * No. Shares) / profit for
the year of ENDESA, S.A.
Disclaimer.
This document contains certain "forward-looking" statements regarding
anticipated financial and operating results and statistics and other future
events. These statements constitute no guarantee on any future performance and
are subject to material risks, uncertainties, changes and other factors that
may be beyond ENDESA’s control or difficult to predict.
Forward-looking statements include yet are not limited to information
regarding: estimated future earnings; electricity production variations of the
different technologies; market share; expected variations in the gas demand
and supply; management strategy and objectives; estimated cost reductions;
tariffs and pricing structure; expected investments; estimated asset
disposals; expected variations in generation capacity and changes in capacity
mix; repowering of capacity and macroeconomic conditions. The outlooks and
objectives included in this document are based on assumptions drawn from an
examination of the regulatory environment, exchange rates, commodities,
divestments, increases in production and installed capacity in markets where
ENDESA operates, increased demand in these markets, assignment of production
across different technologies, increased costs associated with higher activity
yet not exceeding certain limits, electricity prices no less than certain
levels, costs of combined cycle plants, availability and cost of raw materials
and emission rights necessary to run our business at the desired levels.
In these statements, ENDESA is availed of the protection provided by the
Private Securities Litigation Reform Act of 1995 of the United States of
America with respect to forward-looking statements.
The following factors, in addition to those discussed elsewhere herein, could
cause actual financial and operating results and statistics to differ
materially from those expressed in our forward-looking statements: economic
and industry conditions; liquidity and finance-related factors; operational
factors; strategic, regulatory, legal, taxation, environmental, governmental
and political factors; reputational factors; commercial or transactional
factors.
Further details on the factors that may cause actual results and other
developments to differ significantly from the expectations implied or
explicitly contained herein are given in the Risk Factors chapter of ENDESA's
regulated information filed with the Spanish Securities Exchange Commission
(CNMV).
ENDESA cannot guarantee that the forward-looking statements herein will be
fulfilled. Except as may be required by applicable law, neither ENDESA nor any
of its subsidiaries intends to update these forward-looking statements.
You will find additional information on our 1Q 2017 Results on our website
www.endesa.com
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