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Enel posts 2.5% YOY increase in FY'17 EBITDA

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Enel posts 2.5% YOY increase in FY'17 EBITDA

Enel SpA reported full-year 2017 EBITDA of €15.65 billion, a 2.5% increase from €15.28 billion a year earlier, thanks to investments, efficiency enhancements and favorable exchange rates.

The company booked €759 million in full-year EBITDA from its operations in North and Central America, a decrease of 8.9% from €833 million recorded in 2016, results released March 22 showed.

Net income for the year jumped to €3.78 billion, from €2.57 billion in 2016. The 47% year-over-year increase in net income was due to an improvement in EBIT, a decrease in debt-related financial expenses, to a gain on the disposal of Bayan Resources and to lower income taxes. EBIT for 2017 was €9.79 billion, compared with €8.92 billion in 2016.

"In 2017 the Enel Group posted an extremely positive performance with over 14% growth in net ordinary income and shareholder remuneration up 32%, both above guidance," said Francesco Starace, Enel CEO and general manager. "These results are testament to the effective implementation of the Group's strategy and the ongoing evolution of the business model, despite a challenging market context."

Enel recorded total revenues for 2017 of €74.64 billion, a 5.7% increase over €70.59 billion recorded in 2016. Revenues from the company's North and Central American operations totaled €1.19 billion in 2017, compared with €1.13 billion reported a year earlier.

The company added over 3 GW of new renewable energy capacity during 2017, mainly in South America and the United States.

In 2018, Enel is targeting full-year ordinary EBITDA of approximately €16.2 billion and ordinary net income of approximately €4.1 billion.