REG-International Endesa 3rd Quarter Results <Origin Href="QuoteRef">ELE.MC</Origin> - Part 2
13/11/2017 07:10
- Part 2: For the preceding part double click ID:nBwPxfPta
2017.
(2) At 31 December 2016.
(3) From the date control was taken, i.e. 27 July 2016.
2.3. Acquisition of the systems and telecommunications activity (ICT).
On 29 December 2016, ENDESA, S.A., acting through its fully owned subsidiary
ENDESA Medios y Sistemas, S.L.U. (formerly ENDESA Servicios, S.L.U.), and ENEL
Iberia, S.L.U. entered into an Assignment Contract for the Branch of the
Systems and Telecommunications Activity for the acquisition to the latter of
the systems and telecommunications activity (ICT) within the ENDESA sphere.
The transaction entailed the transfer of materials, human resources and
contracts with third parties affected in the implementation of these
activities.
The effective date of the transaction was 1 January 2017 and entailed a
reorganisation of systems and telecommunications support activities (ICT) at
ENDESA with a view to rendering them more adaptable to the needs of its
corporate perimeter, simplifying internal and administrative management
procedures.
The price stipulated for purchasing this activity branch was Euros 246 million
and payment thereof was settled on the date when the contract was formalised.
The transaction was recognised through the acquisition method, and
provisionally assigned to the following items in the consolidated financial
statements:
Millions of Euros
Fair value
Non-current assets 95
Property, plant and equipment 64
Intangible assets 31
TOTAL ASSETS 95
Non-current liabilities 8
Non-current provisions 8
Current Liabilities 2
Trade and other current liabilities 2
TOTAL LIABILITIES 10
Fair value of net assets acquired 85
The difference between the cost of combining the businesses and the fair value
of the recognised assets and liabilities indicated above generated a goodwill
of Euros 161 million because of the synergies to secure in transactions based
on aspects such as the prospects of greater autonomy for ENDESA in the future
management of systems and telecommunications activity (ICT), simplification
and improvement of operations and management and a reduction in expected
costs.
The fair value of the assets acquired and the liabilities assumed was
determined by discounting free cash flows according to the business plan and
the performance of the systems and telecommunications (ICT) sector.
2.4. Other information.
In January-September 2017 there were no one-off events of significant amounts
other than those referred to in the consolidated management report.
In this regard, during the first nine months of 2017 there were no new
material contingent liabilities other than those described in the consolidated
financial statements for the year ended 31 December 2016.
3. Regulatory framework.
From a regulatory perspective, the main highlights during the period were as
follows:
2017 electricity tariff
The Ministerial Order establishing access charges for 2017 Order
ETU/1976/2016, of 23 December was published in the Official State Gazette
(BOE) on 29 December 2016. Under this Order, access charges remain unchanged.
Natural gas tariff for 2017.
Under Order ETU/1977/2016 of 23 December access charges in force in 2016 were
largely maintained.
Energy efficiency.
Law 18/2014, of 15 October, approving urgent measures to boost growth,
competitiveness and efficiency, with regard to energy efficiency, created the
Energy Efficiency National Fund with the aim of achieving energy savings.
Order IET/258/2017 of 24 March entailed a contribution by ENDESA to the Energy
Efficiency National Fund of Euros 29.3 million, corresponding to its 2017
obligations.
Renewable energy auction.
The Ministry for Energy, Tourism and the Digital Agenda has rolled out a
series of requirements for auctions with regard to adherence to the specific
remuneration regime for new renewable energy generation plants.
Specifically, on 1 April 2017 the Official State Gazette (BOE) published Royal
Decree 359/2017 of 31 March, establishing a call for assigning the specific
remuneration system for new renewable energy production facilities through an
auction with a maximum installed power limit of 3,000 MW.
This Royal Decree was enacted by Order ETU/315/2017, of 6 April, regulating
the procedure for assigning the specific remuneration system in each auction,
in addition to the remuneration parameters for reference and standard
facilities and characteristics of the auction; and the Resolutions issued by
the Secretary of State for Energy on 10 April 2017, approving the call for an
auction, and the terms and conditions thereof.
As a result of this auction, which took place on 17 May 2017, ENDESA, through
ENEL Green Power España, S.L.U. (EGPE), was awarded 540 MW of wind power
capacity (see Note 4.3. Investments, of this Consolidated Management Report).
Additionally, on 17 June 2017, Royal Decree 650/2017 of 16 June was published
in the Official State Gazette (BOE), establishing a new installed capacity
quota of 3,000 MW for new plants that generate power using renewable energy
sources, enacted by Order ETU/615/2017, of 27 June, that establishes the
assignment procedure and remuneration parameters for the auction, and the
Resolution issued by the Secretary of State for Energy on 30 June 2017, which
calls for an auction to assign the specific remuneration for new plants that
generate power using renewable energy sources, in accordance with Royal Decree
650/2017, of 16 June.
As a result of this auction, which took place on 26 July 2017, ENDESA, through
ENEL Green Power España, S.L.U. (EGPE), was awarded 339 MW of photovoltaic
power capacity (see Note 4.3. Investments, of this Consolidated Management
Report).
Fee for the use of continental waters to produce electric power.
On 10 June 2017, Royal Decree Law 10/2017 of 9 June was published in the
Official State Gazette (BOE), establishing specific urgent measures to
mitigate the effects of drought in certain river basins, amending the current
Water Law.
Among other aspects, this Royal Decree Law modifies the tax on the fee for
using continental waters to produce electric power from 22% to 25.5%, with a
reduction for plants with capacity of up to 50 MW to offset the tax increase.
Social bonus.
Royal Decree Law 7/2016 of 23 December was published on 24 December 2016,
regulating the mechanism for financing the cost of the social bonus and other
measures designed to protect vulnerable power users. In accordance with this
Royal Decree Law, the Social Bonus will be assumed by the Parents of groups of
companies that supply electricity, or by the companies that do this themselves
but do not belong to any group of companies, according to their percentage of
customer share. This percentage will be calculated annually by the Spanish
Markets and Competition Commission (Comisión Nacional de los Mercados y la
Competencia or CNMC).
The sole Transitional Provision of the Royal Decree Law establishes the
percentage of the Social Bonus to be applied when it comes into force; the
share corresponding to ENDESA is 37.7%.
On 9 October 2017, Royal Decree 897/2017, of 6 October was published,
regulating the figure of the vulnerable consumer, the Social Bonus and other
protection measures for domestic electricity consumers, in addition to Order
ETU/943/2017, of 6 October, enacting Royal Decree 897/2017, of 6 October.
Among other aspects, three categories of vulnerable customers are identified
according to income level, measured using the Public Indicator of Income with
Multiple Effects (IPREM) to establish different discounts for each category.
The three categories defined are as follows:
* Vulnerable customers, who receive a 25% discount.
* Severely vulnerable customers, who receive a 40% discount.
* Severely vulnerable customers at risk of social exclusion (100% discount),
customers accredited by the social services as paying at least 50% of their
bills.
This Royal Decree also regulates aspects relating to supply, and among others,
raises from two to four months the period within which vulnerable customers
may be cut off it they fail to pay their bills (the power supply of severely
vulnerable customers at risk of social exclusion may not be cut off, as it is
considered an essential supply).
4. Liquidity and capital resources.
4.1. Financial management.
Financial debt.
At 30 September 2017, ENDESA had net financial debt of Euros 5,753 million, an
increase of Euros 815 million (+16.5%) compared to 31 December 2016.
The conciliation of ENDESA's gross and net financial debt at 30 September 2017
and 31 December 2016 is as follows:
Millions of Euros
Reconciliation of financial debt
30 September 31 December Difference % Var.
2017 2016
Non-current financial debt 4,481 4,223 258 6.1
Current financial debt 1,707 1,144 563 49.2
Gross financial debt ((1)) 6,188 5,367 821 15.3
Cash and cash equivalents (427) (418) (9) 2.2
Financial derivatives recognised as financial assets (8) (11) 3 (27.3)
Net financial debt 5,753 4,938 815 16.5
(1) At 30 September 2017 includes Euros 13 million corresponding to financial
derivatives (Euros 17 million at 31 December 2016).
When assessing net debt, it must be borne in mind that during the period
ENDESA paid shareholders Euros 1.333 per share (gross), with a pay-out of
Euros 1,411 million (see Section 4.4. Dividends, of this Consolidated
Management Report).
The structure of ENDESA's gross financial debt at 30 September 2017 and 31
December 2016 is as follows:
Millions of Euros
Structure of gross financial debt
30 September 31 December Difference % Var.
2017 2016
Euro 6,188 5,367 821 15.3
TOTAL 6,188 5,367 821 15.3
Fixed rate 3,635 3,661 (26) (0.7)
Floating rate 2,553 1,706 847 49.6
TOTAL 6,188 5,367 821 15.3
Average life (years) ((1)) 5.7 6.5 - -
Average Cost (%) ((2)) 2.2 2.5 - -
(1) Average life (years) = (Principal * Number of valid days) /
(Valid principal at the close of the period * Number of days in the
period).
(2) Average cost (%) = (Cost of gross financial debt) / Average
gross financial debt.
At 30 September 2017, gross financial debt bearing fixed interest rates
accounted for 59% of the total, while 41% was at floating rates. As of this
date, the entire gross financial debt is in euros.
The breakdown of ENDESA's gross financial debt ex derivatives at 30 September
2017 is as follows:
Millions of Euros
Maturity of gross financial debt (ex derivatives)
Book value at 30 September 2017 ((1)) Current Non-current Maturities
2017 2018 2019 2020 Subsequent years
Bonds and other marketable securities 1,255 1,200 55 1,200 - 16 - 39
Loans and borrowings 943 16 927 6 24 64 105 744
Other borrowings 3,977 491 3,486 432 65 24 24 3,432
TOTAL 6,175 1,707 4,468 1,638 89 104 129 4,215
(1) Excluding Euros 13 million relating to financial derivatives.
At 30 September 2017 ENDESA still had collection rights amounting to Euros 588
million related to several items provided for under Spanish electricity
regulation: Euros 254 million correspond to the revenue shortfall from
regulated activities and Euros 334 million in compensations for the
non-mainland territories generation. (see Section 4.3. Cash Flows, of this
Consolidated Management Report).
Main financial transactions.
Within the framework of the financial transaction (ENDESA Network
Modernisation) concluded with the European Investment Bank (EIB) in 2014,
Tranches B and C (each one of Euros 150 million) were available on 18 January
2017 and 20 February 2017, thus completing the provision of the transaction
for a total amount of Euros 600 million. Both provisions are at floating rate,
with a 12-year maturity which may be repaid from 2021.
In January-September 2017, ENDESA concluded agreements with different
financial institutions for the extension to 3 years with a possibility of
extending to 5 years of most of its credit lines for Euros 1,985 million.
At 30 June 2017 ENDESA, S.A. had renegotiated the terms and conditions of the
committed and irrevocable inter-company credit line arranged with ENEL Finance
International N.V., extending its maturity to 30 June 2020 and reducing the
margin and applicable non-drawdown fee to 55 basis points and 18 basis points,
respectively.
In the nine months of 2017, ENDESA maintained the Euro Commercial Paper (ECP)
emissions programme through International ENDESA, B.V., and the outstanding
balance as of 30 September 2017 is Euros 1,200 million, and its renewal is
backed by irrevocable credit lines.
Liquidity.
As of 30 September 2017, ENDESA had liquidity of Euros 3,503 million (Euros
3,620 million at 31 December 2016) as detailed below:
Millions of Euros
Liquidity
30 September 31 December Difference % Var.
2017 2016
Cash and cash equivalents 427 418 9 2.2
Available through unconditional credit facilities ((1)) 3,076 3,202 (126) (3.9)
TOTAL 3,503 3,620 (117) (3.2)
Coverage of debt maturities ((months)) ((2)) 29 17 - -
(1) At 30 September 2017 and 31 December 2016, Euros 1,000 million
correspond to the credit line available with ENEL Finance
International, N.V.
(2) Coverage of debt maturities (months) = Maturity period (months)
for vegetative debt that could be covered with the liquidity
available.
Cash investments considered as “Cash and Cash Equivalents” are high
liquidity and entail no risk of changes in value, mature within 3 months from
their acquisition date and accrue interest at the market rates for such
instruments.
At 30 September 2017 and 31 December 2016 there were no placements of
sovereign debt.
At 30 September 2017 the balance of Cash and Cash Equivalents includes Euros
11 million corresponding to the debt service reserve account arranged by some
of ENDESA's renewables subsidiaries for loans taken out to fund projects
(Euros 13 million at 31 December 2016).
Leverage.
The consolidated leverage level at 30 September 2017 and 31 December 2016 is:
Millions of Euros
Leverage ((1))
30 September 31 December
2017 2016
Net Financial Debt: 5,753 4,938
Non-current financial debt 4,481 4,223
Current financial debt 1,707 1,144
Cash and cash equivalents (427) (418)
Financial derivatives recognised as financial assets (8) (11)
Equity: 9,459 9,088
Of the Parent Company 9,327 8,952
Of non-controlling interests 132 136
Leverage (%) 60.8 54.3
(1) Leverage = Net financial debt / Equity.
Credit rating.
ENDESA's credit ratings are as follows:
Credit rating
30 September 2017 ((1)) 31 December 2016 ((1))
Long term Short Outlook Long term Short term Outlook
Term
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
(1) On the respective approval dates of the consolidated financial
statements.
ENDESA's credit rating is restricted to the rating of its parent company ENEL
according to the methods employed by rating agencies and, as of 30 September
2017, has been classified as “investment grade” by all the rating
agencies.
4.2. Cash Flows.
ENDESA's net cash flows in the first nine months of 2017 and 2016, classified
by activities (operation, investment and financing) were:
Millions of Euros
Statement of Cash Flows ((1))
January-September January-September Difference % Var.
2017 2016
Net cash flows from/(used in) operating activities 1,375 2,554 (1,179) (46.2)
Net cash flows from/(used in) investment activities (792) (1,898) 1,106 (58.3)
Net cash flows from/(used in) financing activities (574) (339) (235) 69.3
(1) The first nine months of 2017 the net cash flows of ENEL Green Power España,
S.L.U. (EGPE) from/used in operating, investment and financingactivities
totalled Euros 123 million, Euros -94 million and Euros 18 million,
respectively (Euros 9 million, Euros 29 million and Euros -2
million,respectively, in the same period of the previous year since the date
that control was taken, 27 July 2016) (see Section 2.2. Scope of
Consolidation,of this Consolidated Management Report).
In the first nine months of 2017, the net investments necessary for developing
ENDESA's businesses and the payment of dividends to shareholders were covered
with the net cash flows from operating activities and an increase in the net
financial debt.
At 30 September 2017, cash and cash equivalents stood at Euros 427 million
(Euros 663 million at 30 September 2016).
Net cash flows from/(used in) operating activities.
In January-September 2017, net cash flows from operating activities totalled
Euros 1,375 million, a decrease of 46.2% compared to the same period in 2016
(Euros 2,554 million) mainly due to:
* Lower gross earnings before tax and minority interests during the period
(Euros 208 million).
* The performance of working capital (Euros 881 million) resulting mainly from
the reduction in the net collections of compensations for the extra-costs in
non-mainland territories generation (Euros 868 million).
As of 30 September 2017 and 31 December 2016, working capital comprised the
following items:
Millions of Euros
Breakdown of working capital
30 September 31 December
2017 2016
Current Assets ((1)) 5,246 5,017
Inventories 1,203 1,202
Trade and other accounts receivable 3,204 3,452 ((2))
Current financial assets 839 ((3)) 363 ((4))
Current Liabilities ((5)) 5,503 6,377
Current provisions 362 567
Trade and other current liabilities 5,141 5,810 ((6))
(1) Excluding "Cash and Cash Equivalents" and Financial Derivative
Assets corresponding to debt.
(2) Including the acquisition price of the systems and telecommunications
activity (ICT) paid on 29 December 2016 (Euros 246 million) (seeSection 2.3
Acquisition of the systems and telecommunications activity (ICT), of this
Consolidated Management Report).
(3) Including Euros 588 million relating to collection rights for financing
for the revenue shortfall from regulated activities and in compensations
forextra-costs in non-mainland territories generation and Euros 130 million
relating to collection rights associated with the Social Bonus in 2015and
2016.
(4) Including Euros 258 million relating to collection rights for financing
the revenue shortfall from regulated activities.
(5) Excluding "Current Financial Debt" and Financial Derivative Liabilities
corresponding to financial debt.
(6) Including the interim dividend against 2016 results amounting to Euros 741
million paid on 2 January 2017 (see Section 4.4 Dividends, of thisConsolidated
Management Report) and Euros 296 million relating to compensations for
extra-costs in non-mainland territories generation.
Net cash flows from/(used in) investment activities.
During the first nine months of 2017, the net cash flows applied to investment
activities were Euros 792 million (compared with Euros 1,898 million in the
first nine months of 2016) and mainly include net cash payments applied to the
acquisition of real estate amounting to Euros 730 million (compared with Euros
686 million in January-September 2016) (see Section 4.3. Investments, of this
Consolidated Management Report).
Net cash flows from/(used in) financing activities.
In the first nine months of 2017, the net cash flows applied to financing
activities amounted to Euros 574 million (compared with Euros 339 million in
the first nine months of 2016) and primarily include the payment of Euros
1,411 million corresponding to the ENDESA, S.A. dividend paid against 2016
profits (Euros 1,086 million in January-September 2016) (see Section 4.4.
Dividends, of this Consolidated Management Report).
4.3. Investments.
In the first nine months of 2017, ENDESA made gross investments of Euros 632
million, of which Euros 587 million were related to tangible and intangible
assets, and the remaining Euros 45 million to financial investments, as
follows:
Millions of Euros
Investments
January-September January-September % Var.
2017 ((1)) 2016 ((2))
Generation and supply 146 213 (31.5)
Distribution 350 353 (0.8)
Others 4 - N/A
TOTAL PROPERTY, PLANT AND EQUIPMENT 500 566 (11.7)
Generation and supply 28 32 (12.5)
Distribution 39 20 95.0
Others 20 15 33.3
TOTAL INTANGIBLE ASSETS 87 67 29.9
Financial investments 45 102 (55.9)
TOTAL GROSS INVESTMENT 632 735 (14.0)
TOTAL NET INVESTMENT ((3)) 517 617 (16.2)
(1) Includes the gross investment of ENEL Green Power España, S.L.U. (EGPE)
amounting to Euros 14 million. Does not include the acquisition ofthe systems
and telecommunications activity (ICT) or the controlling stake taken in
Eléctrica Jafre, S.L. (see Sections 2.2. Scope of Consolidationand 2.3
Acquisition of the systems and telecommunications activity (ICT), of this
Consolidated Management Report).
(2) Includes the gross investment of ENEL Green Power España, S.L.U. (EGPE) from
the date control was taken (27 July 2016) for the amount ofEuros 3 million.
Does not include business combinations made in January-September 2016.
(3) Net investment = Gross investment - Capital grants and installations
transferred.
Investments in property, plant and equipment.
Gross investments in generation in the first nine months of 2017 mostly
correspond to investments made in plants that were already operating at 31
December 2016, prominently including the Euros 9 million investment in the
Litoral power plant to adapt it to European environmental legislation, which
also entailed extending its useful service life.
Gross investments in supply correspond primarily to the development of the
activity concerning Value Added Products and Services (VAPS).
Gross investments in distribution related to network extensions and
expenditure aimed at optimising the network in order to improve the efficiency
and quality of the service provided. It also includes investment for the
widespread installation of remote management smart meters and their operating
systems.
ENDESA, through ENEL Green Power España, S.L.U. (EGPE), was awarded wind
plant capacity of 540 MW and photovoltaic capacity of 339 MW in the auctions
held by the Ministry of Energy, Tourism and the Digital Agenda on 17 May 2017
and 26 July 2017 respectively (see Section 3. Regulatory Framework of this
Consolidated Management Report) and expects to invest approximately Euros 870
million in building the wind energy capacity awarded, of which Euros 3 million
had already been invested at 30 September 2017.
Investments in intangible assets.
Gross investments in intangible assets in the first nine months of 2017
primarily correspond to computer software and ongoing investments in the
systems and telecommunications activity (ICT), including the change from the
ERP accounting system to the new Evolution for Energy (E4E) SAP system.
Financial investments.
Financial investments in the first nine months of 2017 corresponds mainly to
the contribution of funds of Euros 26 million to Nuclenor, S.A.
4.4. Dividends.
At its meeting of 22 November 2016, ENDESA, S.A.'s Board of Directors approved
the following shareholder remuneration policy for 2016-2019:
* 2016: the ordinary dividend per share distributed against the year will be the
equivalent to 100% of net profit attributable to the parent company set down
in the consolidated annual financial statements provided that this amount is
higher than the result of applying a minimum 5% increase to the ordinary
dividend paid with a charge to the prior year.
* 2017 to 2019: the ordinary dividend per share to be distributed in these years
will be the equivalent to 100% of ordinary net profit attributable to the
parent company set down in the consolidated annual financial statements of the
Group headed by this company. Specifically, for 2017, this ordinary dividend
will be at least the same as Euros 1.32 gross per share.
The General Shareholders' Meeting of ENDESA, S.A. held on 26 April 2017
approved the distribution of a total dividend to its shareholders charged
against the 2016 profit of a gross figure of Euros 1.333 per share (Euros
1,411 million), which is equal to the consolidated net profit of ENDESA for
the year ending on 31 December 2016.
In consideration of the gross interim dividend of Euros 0.70 per share (Euros
741 million) paid out on 2 January 2017, the gross complementary dividend
(final dividend) charged against 2016 results is Euros 0.633 per share (Euros
670 million) and paid out on 3 July 2017 (see section 4.2 Cash Flows in this
Consolidated Management Report).
Appendix I: Statistical information.
Industrial Data.
GWh
Electricity Generation ((1)) January-September 2017 January-September 2016 % Var.
Mainland 45,887 40,451 13.4
Nuclear 19,967 19,983 (0.1)
Coal 15,870 11,800 34.5
Hydroelectric 4,198 6,223 (32.5)
Combined Cycle (CCGT) 5,852 2,445 139.3
Non-mainland Territories 9,821 9,449 3.9
Renewables and Cogeneration 2,533 506 ((2)) 400.6
TOTAL 58,241 50,406 15.5
(1) At busbar cost.
(2) Includes the energy generated by ENEL Green Power España, S.L.U.
(EGPE) from the date control was taken (27 July 2016).
MW
Gross Installed Capacity 30 September 2017 31 December 2016 % Var.
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 30 September 2017 31 December 2016 % Var.
Hydroelectric 4,701 4,721 (0.4)
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 22,724 22,744 (0.1)
GWh
Gross Electricity Sales ((1)) January-September 2017 January-September 2016 % Var.
Regulated Price 11,489 12,319 (6.7)
Deregulated market 66,418 63,685 4.3
TOTAL 77,907 76,004 2.5
(1) At busbar cost.
GWh
Net Electricity Sales ((1)) January-September 2017 January-September 2016 % Var.
Regulated Price 9,686 10,500 (7.8)
Deregulated Market 62,774 60,204 4.3
TOTAL 72,460 70,704 2.5
(1) Sales to end customers.
Thousands
Number of Customers (Electricity) ((1)) 30 September 2017 31 December 2016 % Var.
Regulated Market 5,330 5,593 (4.7)
Mainland Spain 4,478 4,692 (4.6)
Non-mainland Territories 852 901 (5.4)
Deregulated Market 5,578 5,423 2.9
Mainland Spain 4,599 4,505 2.1
Non-mainland Territories 780 744 4.8
Outside Spain 199 174 14.4
TOTAL 10,908 11,016 (1.0)
(1) Supply points.
Percentage (%)
Electricity Demand Trend ((1)) January-September 2017 January-September 2016
Mainland ((2)) 0.5 0.2
Non-mainland territories ((3)) 1.9 (1.7)
(1) Source: Red Eléctrica de España, S.A. (REE).
(2) Corrected for working days and temperature effects, the mainland demand trend
is +1.0% in the first nine months of 2017 and 0.0% in the firstnine months of
2016.
(3) Corrected for working days and temperature effects, the non-mainland demand
trend is +2.3% in the first nine months of 2017 and +0.9% in thefirst nine
months of 2016.
Percentage (%)
Market Share (Electricity) ((1)) 30 September 2017 31 December 2016
Ordinary Mainland Generation 38.6 35.1
Renewable Generation ((2)) 3.5 3.5
Distribution 44.3 43.7
Deregulated Market 35.5 35.3
(1) Source: Endesa data.
(2) Excluding hydroelectric.
GWh
Gas Sales January-September 2017 January-September 2016 % Var.
Deregulated Market 33,816 35,272 (4.1)
Regulated Market 878 1,034 (15.1)
International Market 17,803 13,833 28.7
Wholesale 6,460 6,175 4.6
TOTAL ((1)) 58,957 56,314 4.7
(1) Excluding own generation consumption.
Thousands
Customers (Gas) ((1)) 30 September 2017 31 December 2016 % Var.
Regulated Market 249 262 (5.0)
Mainland Spain 221 233 (5.2)
Non-mainland Territories 28 29 (3.4)
Deregulated Market 1,303 1,276 2.1
Mainland Spain 1,200 1,167 2.8
Non-mainland Territories 62 86 (27.9)
Outside Spain 41 23 78.3
TOTAL 1,552 1,538 0.9
(1) Supply points.
Percentage (%)
Gas Demand Trend ((1)) January-September 2017 January-September 2016
Domestic Market 9.3 (1.7)
Domestic Conventional 4.5 1.6
Electricity Sector 33.2 (15.4)
(1) Source: Enagás, S.A.
Percentage (%)
Market Share (Gas) ((1)) 30 September 2017 31 December 2016
Deregulated Market 17.1 16.9
(1) Source: Endesa data.
GWh
Distributed Energy ((1)) January-September 2017 January-September 2016 % Var.
Spain and Portugal 88,864 87.276 1,8
(1) At busbar cost.
km
Distribution and Transmission Grids 30 September 2017 31 December % Var.
2016
Spain and Portugal 317,476 316,562 0.3
Percentage (%)
Energy losses January-September 2017 January-September 2016
Spain and Portugal 10.6 11.0
Workforce.
Number of employees
Period-end Headcount 30 September 2017 31 December 2016 % Var.
Men Women Total Men Women Total
Generation and Supply 4,069 992 5,061 4,140 989 5,129 (1.3)
Distribution 2,552 435 2,987 2,707 467 3,174 (5.9)
Structure and Other ((1)) 918 811 1,729((2)) 679 712 1,391 24.3
TOTAL 7,539 2,238 9,777 7,526 2,168 9,694 0.9
(1) Structure and services.
(2 Includes the total headcount of the systems and telecommunications activity
(ICT) of ENDESA Medios y Sistemas, S.L.U. (332 employees).
Number of employees
Average Headcount January - September 2017 ((1)) January - September 2016 ((2)) % Var.
Men Women Total Men Women Total
Generation and Supply 4,092 984 5,076 4,111 976 5,087 (0.2)
Distribution 2,593 442 3,035 2,876 477 3,353 (9.5)
Structure and Other ((3)) 921 818 1,739 693 699 1,392 24.9
TOTAL 7,606 2,244 9,850 7,680 2,152 9,832 0.2
(1 Includes the average headcount of the systems and
telecommunications activity (ICT) of ENDESA Medios y Sistemas,
S.L.U. (328 employees), ENEL Green Power España, S.L.U. (EGPE) (171
employees) and Eléctrica del Ebro, S.A. (20 employees).
(2) Includes the average headcount of ENEL Green Power España, S.L.U. (EGPE)
(49 employees) and Eléctrica del Ebro, S.A. (4 employees) from the respective
date control was taken.
(3) Structure and services.
Financial Data.
Millions of Euros
Consolidated Income Statement
January-September2017 January-September2016 % Var.
Sales 14,449 13,601 6.2
Contribution Margin ((1)) 4,006 4,338 (7.7)
EBITDA ((2)) 2,548 2,869 (11.2)
EBIT ((3)) 1,476 1,811 (18.5)
Net Income ((4)) 1,085 1,305 (16.9)
(1) Contribution Margin = Revenues - Procurements and Services.
(2) EBITDA = Income - Procurements and Services + Work carried out by the
Group for its Assets - Personnel Expenses - Other fixed OperatingExpenses.
(3) EBIT = EBITDA - Depreciation and Amortisation, and Impairment
Losses.
(4) Net Income: Parent Company.
Euros
Valuation parameters January-September January-September % Var.
2017 2016
Net Earnings per Share ((1)) 1.02 1.23 (16.9)
Cash Flow per Share ((2)) 1.30 2.41 (46.2)
Book Value per Share ((3)) 8.81 ((4)) 8.46 ((5)) (4.2)
(1) Net Earnings per Share = Parent Company Profit in the Period /
No. of Shares at the Close of the Period.
(2) Cash Flow per Share = Net Cash Flow of Operating Activities /
No. of Shares at the Close of the Period.
(3) Equity of the Parent / No. of Shares at the Close of the Period.
(4) At 30 September 2017.
(5) As of 31 December 2016.
Millions of Euros
Consolidated Balance Sheet
30 September 31 December % Var.
2017 2016
Total Assets 31,040 30,960 0.3
Equity 9,459 9,088 4.1
- More to follow, for following part double click ID:nBwPxfPtcRecent news on Endesa SA
See all newsREG-Endesa, S.A. Transaction in Own Shares
AnnouncementREG-Endesa, S.A. AGM Statement
AnnouncementREG-Endesa, S.A. Transaction in Own Shares
AnnouncementREG-Endesa, S.A. Notice of AGM
AnnouncementRCS - Abu Dhabi Future Eng - Masdar to Expand Endesa Partnership
Announcement