REG-International Endesa Endesa 1H2017 Results <Origin Href="QuoteRef">ELE.MC</Origin> - Part 2
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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.
To enact this Royal Decree Law, the Ministry of Energy, Tourism and the
Digital Agenda has started work on a draft Royal Decree to regulate vulnerable
power users, the social bonus and loss of supply conditions for consumers
using 10 kW or less.
Among other aspects, three categories of 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.
4. Liquidity and Capital Resources.
4.1. Financial management.
Financial debt.
The reconciliation of ENDESA's gross and net financial debt at 30 June 2017
and 31 December 2016 is as follows:
Millions of Euros
30 June 31 December Difference % Change
2017 2016
Non-current financial debt ((1)) 4,748 4,223 525 12.4
Current financial debt ((1)) 1,326 1,144 182 15.9
Gross financial debt 6,074 5,367 707 13.2
Cash and cash equivalents ((2)) (451) (418) (33) 7.9
Derivatives recognised as financial assets ((3)) (9) (11) 2 (18.2)
Net financial debt 5,614 4,938 676 13.7
(1) See Note 13.1 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30 June 2017.
(2) See Note 10 to the explanatory notes of the Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017. (3) See Note
14.3.1 to the explanatory notes of the Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
At 30 June 2017, ENDESA had net financial debt of Euros 5,614 million, an
increase of Euros 676 million (+13.7%) compared to 31 December 2016.
When assessing net debt, it must be borne in mind that on 2 January 2017
ENDESA paid shareholders an Interim dividend against 2016 results of Euros 0.7
per share (gross), hence a payout of Euros 741 million.
The structure of ENDESA's gross financial debt at 30 June 2017 and 31 December
2016 is as follows:
Millions of Euros
30 June 31 December Difference % Change
2017 2016
Euro 6,074 5,367 707 13.2
TOTAL 6,074 5,367 707 13.2
Fixed rate 3,647 3,661 (14) (0.4)
Floating rate 2,427 1,706 721 42.3
TOTAL 6,074 5,367 707 13.2
Average life (years) ((1)) 6.2 6.5 - -
Average cost ((2)) 2.3 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 June 2017, gross financial debt bearing fixed interest rates accounted
for 60% of the total, while 40% was at floating rates.
As of this date, the entire gross financial debt is in euros.
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-June 2017, ENDESA in turn concluded agreements with different
financial institutions for the extension to three years with a possibility of
extending to five 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
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 first half of 2017, ENDESA maintained the Euro Commercial Paper (EPC)
emissions programme through International ENDESA, B.V., and the active balance
thereof as of 30 June 2017 is Euros 1,200 million, and its renewal is backed
by irrevocable bank credit lines.
Liquidity.
As of 30 June 2017, ENDESA had liquidity of Euros 3,260 million (Euros 3,620
million at 31 December 2016) as detailed below:
Millions of Euros
Liquidity ((3))
30 June 31 December Difference % Var.
2017 2016
Cash and cash equivalents 451 418 33 7.9
Available through unconditional credit facilities ((1)) 2,809 3,202 (393) (12.3)
TOTAL 3,260 3,620 (360) (9.9)
Coverage of debt maturities ((months)) ((2)) 32 17 15 88.2
(1) At 30 June 2017 and 31 December 2016, Euros 1,000 million
correspond to the credit line available with ENEL Finance
International, N.V.
(2) Coverage of maturities = maturity period (months) for vegetative
debt that could be covered with the liquidity available.
(3) See Note 13.2.1 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30 June 2017.
Treasury investments considered as “Cash and Cash Equivalents” are high
liquidity and entail no risk of changes in value, mature within three months
from their contract date and accrue interest at the market rates for such
instruments.
Restrictions that could affect the availability of funds for ENDESA are
described in Notes 10 and 13.2 to the explanatory notes of the Interim
Consolidated Financial Statements for the six-month period ended on 30 June
2017.
Leverage.
Consolidated leverage level at 30 June 2017 and 31 December 2016 was as
follows:
Millions of Euros
Leverage ((1))
30 June 31 December
2017 2016
Net financial debt: 5,614 4,938
Non-current financial debt ((2)) 4,748 4,223
Current financial debt ((2)) 1,326 1,144
Cash and cash equivalents ((3)) (451) (418)
Derivatives recognised as financial assets ((4)) (9) (11)
Equity: ((5)) 9,035 9,088
of the parent company 8,894 8,952
of non-controlling Interests 141 136
Leverage (%) 62.1 54.3
(1) Leverage = Net Financial Debt / Equity
(2) See Note 13.1 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30 June 2017.
(3) See Note 10 to the explanatory notes of the Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
(4) See Note 14.3.1 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30 June 2017.
(5) See Note 11 to the explanatory notes of the Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
Credit rating.
ENDESA's credit ratings are as follows:
30 June 2016 ((1) (2)) 31 December 2016 ((1) (2))
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
(1) On the respective approval dates of the Consolidated Financial
Statements.
(2) See Note 11 to the explanatory notes of the Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
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 June 2017,
has been classified as “investment grade” by all the rating agencies.
4.2. Cash Flows.
At 30 June 2017, cash and cash equivalents stood at Euros 451 million (Euros
674 million at 30 June 2016).
ENDESA's net cash flows in the first half of 2017 and 2016, classified by
activities (operation, investment and financing) were:
Millions of Euros
Statement of cash flows ((2))
January - June January - June
2017 ((1)) 2016
Net cash flows from/(used in) operating activities 675 1,470
Net cash flows from/(used in) investment activities (608) (475)
Net cash flows from/(used in) financing activities (34) (667)
(1) Includes net cash flows from the operation, investment and
financing activities of ENEL Green Power, S.L.U. (EGPE) amounting to
Euros 92 million, Euros 59 million (negative) and Euros 25 million
(negative), respectively.
(2) See the consolidated cash flow statements for the six-month periods ended
30 June 2017.
In the first half of 2017, net investments necessary for developing ENDESA
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.
Net cash flows from/(used in) operating activities
Net cash flow from operating activities in January-June 2017 totalled Euros
675 million, Euros 795 million (-54.1%) lower than in the same period in 2016
due to:
* The decline in gross earnings before tax and minority interests during the
period (Euros 193 million)
* The trend in working capital (Euros 618 million), mainly as a result of the
reduction in compensation for extra-costs in non-mainland territories
generation (Euros 827 million).
As of 30 June 2017 and 31 December 2016, working capital comprised the
following items:
Millions of Euros
30 June 31 December
2017 2016
Current assets ((1)) 4,987 5,015
Inventories ((2)) 1,118 1,202
Trade and other accounts receivable ((3)) 3,240 3,452 ((4))
Current financial assets 629 ((5)) 361((6))
Current liabilities ((7)) 5,839 6,377
Current provisions ((8)) 315 567
Trade and other current liabilities ((9)) 5,524 ((10)) 5,810 ((11))
(1) Excluding "Cash and cash equivalents" and Financial derivative
assets corresponding to financial debt.
(2) See Note 8 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30
June 2017.
(3) See Note 9 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30
June 2017.
(4) Including the acquisition price of the systmes and
telecommunicatios activity (ICT), paid on 29 December 2016 for the
amount of Euros 246 million.
(5) Including Euros 502 million relating to collection rights for financing
for the revenue shortfall from regulated activities and compensations for
extra-costs in non-mainland territories generation.
(6) Including Euros 258 million relating to collection rights for
financing the revenue shortfall from regulated activities.
(7) Excluding "Current financial debt" and financial derivative
liabilities corresponding to financial debt.
(8) See Note 12.1 to the explanatory notes of the Interim
consolidated financial statements for the six-month period ended 30
June 2017.
(9) See Note 16 to the explanatory notes of the Interim consolidated
financial statements for the six-month period ended 30 June 2017.
(10) Including the final dividend for 2016 amounting to Euros 670
million paid on 3 July 2017.
(11) Including the Interim dividend paid against 2016 profits, for the amount
of Euros 741 million paid on 2 January 2017 and Euros 296 million related to
compensations for extra-costs in non-mainland territories generation.
Net cash flows from/(used in) investment activities
During the first half of 2017, the net cash flows applied to investment
activities were Euros 608 million (compared with Euros 475 million in the
first half of 2016) and mainly include net cash payments applied to the
acquisition of property, plant and equipment amounting to Euros 559 million
(compared with Euros 486 million in January-June 2016) (see Section 4.3
Investments of this Consolidated Management Report).
Net cash flows from/(used in) financing activities
In the first half of 2017, the net cash flows applied to financing activities
amounted to Euros 34 million (Euros 667 million in the first half of 2016) and
primarily include the payment of Euros 741 million corresponding to the
Interim dividend paid against 2016 profits (Euros 424 million in January-June
2016) (see Section 4.4. Dividends, of this Consolidated Management Report).
4.3. Investments.
In the first half of 2017 ENDESA made gross investments of Euros 392 million,
as follows:
Millions of Euros
January - June January - June % Var.
2017 ((1)) 2016
Generation and supply 88 140 (37.1)
Distribution 221 230 (3.9)
Structure and other - - -
TOTAL PROPERTY, PLANT AND EQUIPMENT ((2)) 309 370 (16.5)
Generation and supply 15 18 (16.7)
Distribution 15 11 36.4
Structure and other 11 8 37.5
TOTAL INTANGIBLE ASSETS ((3)) 41 37 10.8
FINANCIAL INVESTMENTS 42 77 (45.5)
TOTAL INVESTMENT 392 484 (19.0)
(1) Includes investments in property, plant and equipment of ENEL
Green Power España, S.L.U. (EGPE) amounting to Euros 9 million. Does
not include the acquisition of the systems and telecommunications
activity (ICT) or the controlling stake taken in Eléctrica de Jafre,
S.L. (see Section 2.1. Scope of Consolidation, and Section 2.2.
Acquisition of the systems and telecommunications activity (ICT) of
this Consolidated Management Report).
(2) See Note 5.1 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30 June 2017.
(3) See Note 6.1 to the explanatory notes of the Interim condensed
consolidated financial statements for the six-month period ended 30 June 2017.
Investments in Property, Plant and Equipment.
Gross investments in generation in the first half of 2017 mostly correspond to
investments made on plants that were already operating at 31 December 2016,
prominently including the Euros 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 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 included 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 in the auction held by the Ministry of Energy,
Tourism and the Digital Agenda on 17 May 2017 (see Section 3. Regulatory
Framework of this Consolidated Management Report) and expects to invest
approximately Euros 600 million in building the wind energy capacity awarded.
Investment in Intangible Assets.
Gross investments in the first half 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
E4E SAP system.
Financial investments.
Gross investments in the first half of 2017 include, primarily, the
contribution of Euros 21 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 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 ended 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 supplementary dividend
(final dividend) charged against 2016 results is Euros 0.633 per share (Euros
670 million) and paid out on 3 July 2017.
5. Major risks and uncertainties in the second half of 2017.
Information relating to the main risks and uncertainties relating to ENDESA's
activities is provided in Note 7 of the Consolidated Management Report for the
year ended 31 December 2016.
The major risks and uncertainties facing ENDESA in the second half of 2017
relate mainly to the following issues:
* ENDESA's sales in the second half of 2017 will largely depend on electricity
and gas demand in Spain during the period, which will be shaped by the Spanish
economy and primarily by GDP growth.
* Rainfall and wind conditions will impact electricity production costs and
market prices, and hence margins in the second half of the year.
* Wholesale electricity and fuel prices, fundamentally coal and gas prices, will
impact business costs and sale prices. Although ENDESA has fuel price hedges
in place and has signed agreements for power sold to customers for the next
few months, variations in the market price for both fuel and electricity will
affect the group’s costs and income, and consequently, its margins.
* Interest rates will also have an impact on ENDESA's results in the second half
of the year because of the part of the group’s net financial debt that bears
a floating rate. To mitigate this impact, ENDESA has arranged an interest rate
hedge via derivatives.
* The earnings and fair value of ENDESA investees in which the company does not
have control and which are recognised in the consolidated financial statements
using the equity method, could impact results in the second half of 2017.
Specifically, developments in the status of Nuclenor, S.A. could have a
significant effect on the results of these companies.
* ENDESA is involved in certain legal proceedings, the resolution of which could
have an impact on the consolidated financial statements. Information
concerning lawsuits and arbitrage is included in Note 12.2 to the the
explanatory notes of the Interim Consolidated Financial Statements for the
six-month period ended 30 June 2017.
6. Information on related-party transactions.
Information concerning related-party transactions is included in Note 18 to
the the explanatory notes of the Interim Consolidated Financial Statements for
the six-month period ended 30 June 2017.
7. Other information.
There were no one-off events involving significant amounts during the first
half of 2017 other than those referred to in the Consolidated Management
Report.
Therefore, no new significant contingent liabilities arose during the period
ended 30 June 2017 other than those described in the consolidated financial
statements for the year ended 31 December 2016.
Information concerning lawsuits, arbitrage and contingent assets is included
in Note 12.2 to the explanatory notes of the Interim Consolidated Financial
Statements for the six-month period ended 30 June 2017.
8. Subsequent Events.
Information concerning events after the reporting period is included in Note
21 to the explanatory notes of the Interim Consolidated Financial Statements
for the six-month period ended 30 June 2017.
Appendix I: Statistical information.
Industrial data.
GWh
Electricity generation ((2)) January - June January - June % Var.
2017 2016
Mainland 29,601 24,512 20.8
Nuclear 13,096 12,843 2.0
Coal 10,362 5,687 82.2
Hydroelectric 3,091 4,992 (38.1)
Combined-cycle (CCGT) 3,052 990 208.3
Non-mainland territories 6,263 5,938 5.5
Renewables and cogeneration 1,814 - N/A
TOTAL ((1)) 37,678 30,450 23.7
(1) Corresponding to the first half 2017 energy generated by ENEL
Green Power España, S.L.U. (EGPE).
(2) At busbar cost.
MW
Gross installed capacity 30 June 31 December % Var.
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 30 June 31 December % Var.
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 - June January - June % Var.
2017 2016
Regulated Price 6,515 6,859 (5.0)
Deregulated Market 40,641 38,825 4.7
TOTAL 47,156 45,684 3.2
Thousands
Number of customers (Electricity) ((1)) 30 June 31 December % Var.
2017 2016
Regulated market customers 5,391 5,593 (3.6)
Mainland Spain 4,526 4,692 (3.5)
Non-mainland territories 865 901 (4.0)
Deregulated market customers 5,551 5,423 2.4
Mainland Spain 4,581 4,505 1.7
Non-mainland territories 773 744 3.9
Outside Spain 197 174 13.2
TOTAL 10,942 11,016 (0.7)
(1) Supply points.
Percentage (%)
Electricity demand trends ((1)) January - June January - June
2017 2016
Mainland ((2)) 1.1 (0.2)
Non-mainland territories ((3)) 2.4 0.8
(1) Source: Red Eléctrica de España, S.A. (REE).
(2) Corrected for working days and temperature effects, the mainland
demand trend is +1.5% in the first half of 2017 and -0.1% in the
first half of 2016.
(3) Corrected for working days and temperature effects, the non-mainland
territories demand trend is +1.7% in the first half of 2017 and +1.6% in the
first half of 2016.
Percentage (%)
Market Share (Electricity) ((1)) 30 June 31 December
2017 2016
Ordinary Mainland Generation 38.0 35.1
Renewable Generation ((2)) 3.7 3.5
Distribution 43.6 43.7
Deregulated Market 35.3 35.3
(1) Source: Endesa data.
(2) Excluding hydroelectric.
GWh
Gas Sales January - June January - June % Var.
2017 2016
Deregulated Market 24,938 25,347 (1.6)
Regulated Market 810 876 (7.5)
International Market 12,854 10,013 28.4
Wholesale 3,750 3,166 18.4
TOTAL ((1)) 42,352 39,402 7.5
(1) Excluding own generation consumption.
Thousands
Customers (Gas) ((1)) 30 June 31 December % Var.
2017 2016
Regulated Market 252 262 (3.8)
Mainland Spain 224 233 (3.9)
Non-Mainland Territories 28 29 (3.4)
Deregulated Market 1,335 1,276 4.6
Mainland Spain 1,235 1,167 5.8
Non-Mainland Territories 62 86 (27.9)
Outside Spain 38 23 65.2
TOTAL 1,587 1,538 3.2
(1) Supply points.
Percentage (%)
Gas Demand Trend ((1)) January - June January - June
2017 2016
Domestic Market 6.5 (1.4)
Domestic Conventional 4.2 1.2
Electricity Sector 19.7 (14.5)
(1) Source: Enagás, S.A.
Percentage (%)
Market Share (Gas) ((1)) 30 June 31 December
2017 2016
Deregulated Market 17.2 16.9
(1) Source: Endesa data.
GWh
Distributed Energy ((1)) January - June January - June % Var.
2017 2016
Spain and Portugal 57,654 55,959 3.0
(1) At busbar cost.
km
Distribution and Transmission Grids 30 June 31 December % Var.
2017 2016
Spain and Portugal 317,244 316,562 0.2
Percentage (%)
Energy losses ((1)) January - June January - June
2017 2016
Spain and Portugal 10.9 10.6
Workforce.
Number of employees
Period-end headcount ((2))
30 June 31 December % Var.
2017 2016
Men Women Total Men Women Total
Generation and Supply 4,082 982 5,064 4,140 989 5,129 (1.3)
Distribution 2,555 434 2,989 2,707 467 3,174 (5.8)
Structure and Other( (1)) 924 820 1,744 679 712 1,391 25.4
TOTAL 7,561 2,236 9,797 7,526 2,168 9,694 1.1
(1) Structure and Services.
(2) See Note 19 to the explanatory notes of the Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
Number of employees
Average headcount ((3)) % Var.
January - June January - June
2017 2016
Men Women Total ((1)) Men Women Total
Generation and Supply 4,099 982 5,081 4,096 962 5,058 0.5
Distribution 2,612 445 3,057 2,928 481 3,409 (10.3)
Structure and Other( (2)) 921 819 1,740 696 697 1,393 24.9
TOTAL 7,632 2,246 9,878 7,720 2,140 9,860 0.2
(1) Including the average workforce of ENEL Green Power España,
S.L.U. (170 employees), Eléctrica del Ebro, S.A. (20 employees) and
the ICT activity ENDESA Medios y Sistemas, S.L.U. (327 employees).
(2) Structure and Services.
(3) See Note 19 to the explanatory notes of the Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
Financial Data.
Millions of Euros
Consolidated Income Statement ((5))
January - June January - June % Var.
2017 2016
Sales 9,792 8,837 10.8
Contribution margin ((1)) 2,624 2,836 (7.5)
EBITDA ((2)) 1,605 1,866 (14.0)
EBIT ((3)) 901 1,190 (24.3)
Net Income ((4)) 653 796 (18.0)
(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
Operating Expenses.
(3) EBIT = EBITDA - Depreciation and amortisation, and impairment
losses.
(4) Net Income: Parent company.
(5) See the consolidated income statement for the six-month periods ended 30
June 2017 and 2016.
Euros
Key valuation figures January - June January - June % Var.
2017 2016
Net earnings per share ((1)) 0.62 0.75 (18.0)
Cash flow per share ((2)) 0.64 1.39 (54.1)
Book value per share ((3)) 8.40 ((4)) 8.46 ((5)) (0.6)
(1) Net earnings per share = Parent company’s profit in the period /
Shares.
(2) Cash flow per share = Net cash flow of operating activities /
Shares.
(3) Equity of the Parent / No. shares.
(4) At 30 June 2017.
(5) At 31 December 2016.
Millions of Euros
Consolidated Balance Sheet ((2))
30 June 31 December % Var.
2017 2016
Total Assets 30,897 30,964 (0.2)
Equity 9,035 9,088 (0.6)
Net financial debt ((1)) 5,614 4,938 13.7
(1) Net financial debt = Non-current financial debt + Current
financial debt – Cash and cash equivalents – Financial derivatives
recognised under financial assets.
(2) See the Consolidated statements of financial position at 30 June 2017 and
31 December 2016.
Millions of Euros
Leverage ((1)) % Var.
30 June 31 December
2017 2016
Net Financial Debt: 5,614 4,938 13.7
Non-current financial debt ((2)) 4,748 4,223 12.4
Current financial debt ((2)) 1,326 1,144 15.9
Cash and cash equivalents ((3)) (451) (418) 7.9
Derivatives recognised as financial assets ((4)) (9) (11) (18.2)
Equity: ((5)) 9,035 9,088 (0.6)
of the Parent company 8,894 8,952 (0.6)
of Non-controlling interests 141 136 3.7
Leverage (%) 62.1 54.3 -
(1) Leverage = Net financial debt / Equity (2) See Note 13.1 to the
explanatory notes of the Interim condensed consolidated financial statements
for the six-month period ended 30 June 2017. (3) See Note 10 to the
explanatory notes of the Interim condensed consolidated financial statements
for the six-month period ended 30 June 2017. (4) See Note 14.3.1 to the
explanatory notes of the Interim condensed consolidated financial statements
for the six-month period ended 30 June 2017. (5) See Note 11 to the
explanatory notes of the Interim condensed consolidated financial statements
for the six-month period ended 30 June 2017.
Financial Indicators 30 June 31 December
2017 2016
Liquidity ratio ((1)) 0.76 0.72
Solvency ratio ((2)) 0.93 0.92
Debt ratio ((3)) 38.32 35.21
Debt coverage ratio ((4)) 1.75 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.
30 June 31 December
2017 ((1)(2)) 2016 ((1)(2))
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
(1) On the respective approval dates of the Consolidated financial
statements.
(2) See Note 11 to the explanatory notes of Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
Stock market information.
Percentage (%)
- More to follow, for following part double click ID:nBw8QTMrCcRecent 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