REG-International Endesa 3rd Quarter Results <Origin Href="QuoteRef">ELE.MC</Origin> - Part 3
13/11/2017 07:05
- Part 3: For the preceding part double click ID:nBwPxfPtb
Net Financial Debt ((1)) 5,753 4,938 16.5
(1) Net financial debt = Non-current Financial Debt + Current Financial Debt
– Cash and Cash Equivalents – Financial Derivatives Recognisedunder
Financial Assets.
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.
Financial Indicators 30 September 31 December
2017 2016
Liquidity Ratio ((1)) 0.79 0.72
Solvency Ratio ((2)) 0.94 0.92
Debt Ratio ((3)) 37.82 35.21
Debt Coverage Ratio ((4)) 1.69 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.
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.
Dividends.
2016 2015 % Var.
Share Capital (Millions of Euros) 1,271 1,271 -
Number of Shares 1,058,752,117 1,058,752,117 -
Consolidated Net Profit (Millions of Euros) 1,411 1,086 29.9
Individual Net Profit (Millions of Euros) 1,419 1,135 25.0
Earnings Per Share (Euros (1)) 1.333 1.026 29.9
Gross Dividend per Share (Euros) 1.333 ((2)) 1.026 ((3)) 29.9
Consolidated Pay-out ((%) (4)) 100.0 100.0 -
Individual Pay-out ((%) (5)) 99.4 95.7 -
(1) Earnings per share (Euros) = Parent Company Profit for the Period / No. of
Shares at the Close of the Period.
(2) Gross interim dividend of Euros 0.7 per share, paid out on 2 January 2017
plus the gross complementary dividend of Euros 0.633 per sharepaid out on 3
July 2017.
(3) Gross interim dividend of Euros 0.4 per share, paid out on 4 January 2016
plus the gross complementary dividend of Euros 0.626 per sharepaid out on 1
July 2016.
(4) Consolidated pay-out (%) = (Gross Dividend per Share * No. of Shares at
the Close of the Period) / Parent Company Profit in the Period.
(5) Individual pay-out (%) = (Gross Dividend per Share * No. of Shares at the
Close of the Period) / ENDESA, S.A. Profit in the Period.
Stock market information.
Percentage (%)
Share Price Performance ((1)) January-September January-September
2017 2016
ENDESA, S.A. (5.2) 3.0
IBEX-35 11.0 (8.0)
Eurostoxx 50 9.2 (8.1)
Eurostoxx Utilities 16.8 (5.1)
(1) Source: Madrid Stock Exchange and Infobolsa.
Euros
ENDESA Share Price ((1)) January-September 2017 January-December 2016 % Var.
High 22.760 20.975 8.5
Low 18.950 15.735 20.4
Period Average 20.665 18.151 13.9
Period Close 19.075 20.125 (5.2)
(1) Source: Madrid Stock Exchange.
Stock Market Data 30 September 31 December % Var.
2017 2016
Market cap. (Millions of Euros (1)) 20,196 21,307 (5.2)
Number of Outstanding Shares 1,058,752,117 1,058,752,117 -
Nominal Share Value (Euros) 1.2 1.2 -
Cash (Millions of Euros (2)) 7,958 10,784 (26.2)
Continuous Market (Shares)
Trading Volume ((3)) 382,550,197 596,186,291 (35.8)
Average Daily Trading Volume ((4)) 1,992,449 2,319,791 (14.1)
PER ((5)) 13.96 15.10 -
Price / Book Value ((6)) 2.17 2.38 -
(1) Market Cap = No. of Shares at the Close of the Period * Share
Price at the Close of the Period.
(2) Cash = Sum of all the transactions made on the security in the reference
period (Source: Madrid Stock Exchange).
(3) Trading volume = Total volume of ENDESA, S.A. stock traded in the period
(Source: Madrid Stock Exchange).
(4) Average Daily Trading Volume = Arithmetic mean of ENDESA, S.A. stock
traded per session during the period (Source: Madrid Stock Exchange).
(5) Price-earnings ratio (PER) = Share Price at the Close of the Period / Net
Earnings per Share.
(6) Price / Book value = Market Cap. / Total Equity of the Parent.
Appendix II: Alternative Performance Measures.
Alternative Performance Measures (APMs) Unit Definition Conciliation of Alternative Performance Measures (APMs) at 30 Relevance of Use
September 2017
EBITDA Millions of Euros Income - Procurements and Services + Work Carried out by the Group Euros 2,548 million = Euros 14,824 million - Euros 10,818 million + Measure of operating performance excluding interest, taxes,
for its assets - Staff costs - Other Fixed Operating Expenses. Euros 148 million - Euros 673 million - Euros 933 million provisions and depreciation and amortisation.
EBIT Millions of Euros EBITDA - Depreciation and Amortisation, and Impairment Losses. Euros 1,476 million = Euros 2,548 million - Euros 1,072 million Measure of operating performance excluding interest and taxes.
Contribution Margin Millions of Euros Income - Procurements and Services Euros 4,006 million = Euros 14,824 million - Euros 10,818 million Measure of operating performance including direct variable
production costs.
Procurements and Services Millions of Euros Energy Purchases + Fuel Consumption + Transmission Expenses + Other Euros 10,818 million = Euros 3,680 million + Euros 1,653 million + Goods and services for production.
Variable Procurements and Services. Euros 4,193 million + Euros 1,292 million
Net Financial Result Millions of Euros Financial Income – Financial Expense + Net Exchange Differences Euros 94 million = Euros 39 million - Euros 135 million + Euros 2 Measure of financial cost.
million
Net Investment Millions of Euros Gross Investment - Capital Grants and Installations Transferred. Euros 517 million = Euros 632 million - Euros 115 million Measure of investment activities.
Net financial debt Millions of Euros Non-Current Financial Debt + Current Financial Debt – Cash and Cash Euros 5,753 million = Euros 4,481 million + Euros 1,707 million + Short and long-term financial debt, less cash and cash equivalents.
Equivalents – Financial Derivatives Recognised under Assets. Euros 427 million + Euros 8 million
Leverage % Net Financial Debt / Equity 60.8% = Euros 5,753 million / Euros 9,459 million Measure to assess the weighting of funds used to finance the
company's activities.
Debt % Net Financial Debt / (Equity + Net Financial Debt) 37.82% = Euros 5,753 million / (Euros 9,459 million + Euros 5,753 Measure to assess the weighting of funds used to finance the
million) company's activities.
Average Life of Gross Financial Debt Number of years (Principal * Number Of Valid Days) / (Valid Principal at the Close 5.7 years = Euros 35,351 million / Euros 6,169 million Measure of the duration of financial debt to maturity.
Of The Period * Number of Days in the Period).
Average Cost of Gross Financial Debt % (Cost of Gross Financial Debt) / Average Gross Financial Debt 2.2% = (Euros 99 million * (365/273)) / Euros 6,088 million Measure of effective rate of financial debt.
Coverage of Debt Maturities Number of months Maturity Period (Months) for Vegetative Debt that Could be Covered 29 months Measure of capacity to meet debt maturities.
with the Liquidity Available.
Liquidity N/A Current Assets / Current Liabilities 0.79 = Euros 5,673 million / Euros 7,210 million Measure of capacity to meet short term commitments.
Solvency N/A (Equity + Non-current Liabilities) / Non-current Assets. 0.94 = Euros 9,459 million / (Euros 14,371 million + Euros 25,367 Measure of capacity to meet obligations.
million)
Debt Coverage N/A Net Financial Debt / EBITDA 1.69 = Euros 5,753 million / Euros 2,548 million * 12/9 Measure of the amount of cash flow available to cover principal
payments on financial debt.
Net Earnings per Share Euros Parent Company’s Profit for the Period / No. of Shares at the Close Euros 1.02 = Euros 1,085 million / 1,058,752,117 shares Measure of the amount of net profit corresponding to each of the
of the Period. shares outstanding.
Cash Flow per Share Euros Net Cash Flow from Operating Activities / No. of Shares at the Close Euros 1.30 = Euros 1,375 million / 1,058,752,117 shares Measure of the amount of funds generated corresponding to each of
of the Period. the shares outstanding.
Book Value per Share Euros Equity of the Parent / No. of Shares at the Close of the Period. Euros 8.81 = Euros 9,327 million / 1,058,752,117 shares Measure of the amount of own funds generated corresponding to each
of the shares outstanding.
Market Cap. Millions of Euros Number of Shares at the Close of the Period * Share Price at the Euros 20,196 million = 1,058,752,117 shares * Euros 19.075 Measure of the total value of the company according to the price of
Close of the Period. its shares.
Price to Earnings Ratio (PER) N/A Share Price at the Close of the Period / Net Earnings per Share. 13.96 = Euros 19.075 / (Euros 1.02 * 12/9) Measure of the number of times earnings per share can be contained
in the market price.
Price / Book Value N/A Market Cap. / Total Equity of the Parent 2.17 = Euros 20,196 million / Euros 9,327 million Measure that compares the total value of the company according to
the price of its shares with its book value.
Consolidated Pay-out % (Gross Dividend per Share * Number of Shares at the Close of the 100% = (Euros 1.333 * 1,058,752,117 shares) / Euros 1,411 million Measure of the portion of earnings used to remunerate shareholders
Period) / Parent Company's Profit for the Period. through the payment of dividends (consolidated group).
Individual Pay-out % (Gross Dividend per Share * Number of Shares at the Close of the 99.4% = (Euros 1.333 * 1,058,752,117 shares) / Euros 1,419 million Measure of the portion of earnings used to remunerate shareholders
Period) / ENDESA, S.A. Profit for the Period through the payment of dividends (individual company).
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 9M 2017 Results on our website
www.endesa.com
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