REG-International Endesa Endesa 1H2017 Results <Origin Href="QuoteRef">ELE.MC</Origin> - Part 3
26/07/2017 15:31
- Part 3: For the preceding part double click ID:nBw8QTMrCb
Share price performance January - June January - June
2017 2016
ENDESA, S.A. 0.2 (2.7)
Ibex-35 11.7 (14.5)
Eurostoxx 50 4.6 (12.3)
Eurostoxx Utilities 11.0 (3.2)
Euros
ENDESA share price January - June January - December % Var.
2017 2016
High 22.760 20.975 8.5
Low 18.950 15.735 20.4
Period Average 20.917 18.151 15.2
Period Close 20.170 20.125 0.2
Stock market data 30 June 31 December % Var.
2017 2016
Market cap ((Millions of Euros) (1)) 21,355 21,307 0.2
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)) 5,431 10,784 (49.6)
Continuous market ((Shares))
Trading volume ((3)) 257,389,964 596,186,291 (56.8)
Average daily trading volume ((4)) 2,026,693 2,319,791 (12.6)
PER ((5)) 16.35 15.10 -
Price / Book value ((6)) 2.40 2.38 -
(1) Market Cap = Number of Shares at the Close of the Period * Share
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 stock in ENDESA, S.A. traded in
the period (Source: Madrid Stock Exchange).
(4) Average daily trading volume = Arithmetic mean of stock in
ENDESA, S.A. traded per session during the period (Source: Madrid
Stock Exchange).
(5) Price to Earnings ratio (PER) = Share price at the close of the
period / Earnings per share.
(6) Price to Book value = Market cap / Equity of the Parent
Dividends.
2016 2015 % Var.
Share capital ((Millions of Euros) (1)) 1,271 1,271 -
Number of shares ((1)) 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
Net earnings per share ((Euros) (2) (3)) 1.333 1.026 29.9
Gross dividend per share ((Euros) (4)) 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) See Note 11.1 to the the explanatory notes of Interim condensed
consolidated financial statements for the six-month period ended 30
June 2017.
(2) Corresponding to the Consolidated financial statements.
(3) Net earnings per share = Parent company’s profit in the period / Number
of shares at the close of the period.
(4) See Note 11.2 to the explanatory notes of Interim condensed consolidated
financial statements for the six-month period ended 30 June 2017.
(5) Gross Interim dividend of Euros 0.7 per share, paid out on 2 January 2017
plus the gross supplementary dividend of Euros 0.633 per share paid out on 3
July 2017.
(6) Gross Interim dividend of Euros 0.4 per share, paid out on 4 January 2016
plus the gross supplementary dividend of Euros 0.626 per share paid out on 1
July 2016.
(7) Consolidated pay-out = (Gross dividend per share * Number of shares at the
close of the period) / Parent company‘s profit in the period.
(8) Individual pay-out = (Gross dividend per share * Number of shares at the
close of the period) / ENDESA, S.A’s profit in the period.
Appendix II: Alternative Performance Measures.
Alternative Performance Measures Unit Definition Reconciliation of Alternative Performance Measures (APMs) at 30 Relevance of Use
June 2017
EBITDA ((1)) Millions of Euros Income - Procurements and services + Work carried out by the Group Euros 1,605 million = Euros 10,004 million - Euros 7,380 million + Measure of operating performance excluding interest, taxes,
for its assets – Personnel expenses - Other fixed operating expenses. Euros 79 million - Euros 451 million - Euros 647 million provisions and depreciation and amortisation.
EBIT ((1)) Millions of Euros EBITDA - Depreciation and amortisation, and impairment losses. Euros 901 million = Euros 1,605 million - Euros 704 million Measure of operating performance excluding interest and taxes.
Contribution margin ((1)) Millions of Euros Income - Procurements and services Euros 2,624 million = Euros 10,004 million - Euros 7,380 million Measure of operating performance including direct variable
production costs.
Procurements and services ((1)) Millions of Euros Energy purchases + Fuel consumption + Transmission expenses + Other Euros 7,380 million = Euros 2,566 million + Euros 1,056 million + Goods and services for production.
variable procurements and services. Euros 2,832 million + Euros 926 million
Net financial debt ((2)) Millions of Euros Non-current financial debt + Current financial debt – Cash and cash Euros 5,614 million = Euros 4,748 million + Euros 1,326 million - Short and long-term financial debt, less cash and cash equivalents.
equivalents – Financial derivatives recognised under assets Euros 451 million - Euros 9 million
Leverage ((2)) % Net financial debt / Equity 62.1% = Euros 5,614 million / Euros 9,035 million Measure to assess the weighting of funds used to finance the
company's activities.
Debt ((2)) % Net financial debt / (Equity + Net financial debt) 38.32% = Euros 5,614 million / (Euros 9,035 million + Euros 5,614 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 6.2 years = 37,279/6,053 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 2.3% = (Euros 69 million * 2) / Euros 5,910 million Measure of effective rate on financial debt.
Liquidity ((2)) N/A Current assets / Current liabilities 0.76 = Euros 5,439 million / Euros 7,165 million Measure of capacity to meet short term commitments.
Solvency ((2)) N/A (Equity + Non-current liabilities) / Non-current assets. 0.93 = (Euros 9,035 million + Euros 14,697 million) / Euros 25,458 Measure of capacity to meet obligations.
million)
Debt coverage ((1)(2)) N/A Net financial debt / EBITDA 1.75 = Euros 5,614 million / (Euros 1,605 million * 2) Measure of the amount of cashflow available to cover principal
payments on financial debt.
Net earnings per share ((1)) Euros Parent company’s profit for the period / No. shares. Euros 0.62 = Euros 653 million( )/ 1,058,752,117 shares Measure of the amount of net profit corresponding to each of the
shares outstanding.
Cash flow per share ((3)) Euros Cash flow from operating activities / Number of shares Euros 0.64 = Euros 675 million / 1,058,752,117 shares Measure of the amount of funds generated corresponding to each of
the shares outstanding.
BVPS ((2)) Euros Equity of the parent / No. shares. Euros 8.40 = Euros 8,894 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 21,355 million = 1,058,752,117 shares * Euros 20.170 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 16.35 = Euros 20.170 / (Euros 0.62 * 2) 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 2.40 = Euros 21,355 million / Euros 8,894 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.’s profit for the period. through the payment of dividends (individual company).
(1) See the Consolidated income statement for the six-month period ended 30
June 2017. (2) See the Consolidated statement of financial position at 30 June
2017. (3) See the Consolidated statement of cash flow for the six-month period
ended 30 June 2017.
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 1H 2017 Results on our website
www.endesa.com
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