Consolidated financial highlights
Revenues: 70,592 million euros (75,658 million euros in 2015, -6.7%)
down due to negative exchange rate developments, a decline in electricity trading, the
deconsolidation of Slovenské elektrárne, a reduction in electricity sale prices in mature
markets and lower electricity production
EBITDA: 15,276 million euros (15,297 million euros in 2015, -0.1%)
roughly in line with 2015 due to more extraordinary items reported that year
Ordinary EBITDA: 15,174 million euros (15,040 million euros in 2015, +0.9%)
growth in Iberian Peninsula and Americas more than offset lower margins in Europe and
North Africa that were mainly due to the deconsolidation of Slovenské elektrárne
EBIT: 8,921 million euros (7,685 million euros in 2015, +16.1%)
increase due to the growth of ordinary EBITDA and lower impairment losses
Group net income: 2,570 million euros (2,196 million euros in 2015, +17.0%)
reflecting the increase in EBIT, which more than offset the impact of higher net financial
charges not linked to debt, the adjustment to fair value of a number of items connected with
the disposal of Slovenské elektrárne and an increase in income taxes
Group net ordinary income: 3,243 million euros (2,887 million euros in 2015, +12.3%)
in line with Group net income, with the impact from extraordinary items largely unchanged
from 2015
Net financial debt: 37,553 million euros (37,545 million euros at the end of 2015), in line with the
previous year
Proposed dividend for 2016: 0.18 euros per share, of which 0.09 euro per share paid as interim
dividend in January 2017
2016 results and objectives of the Group Strategic Plan
Results outperform guidance:
Significant contribution from efficiencies achieved, especially in Italy and Spain
2
Installed renewables capacity continues to expand
Sales to end users in Italy and Spain rise
Performance improves in Latin America notwithstanding depreciation of all currencies
Ordinary EBITDA growing for the first time since 2013
Major progress achieved in 2016 towards reaching the targets set for each of the five pillars of
the strategic plan
1. Reduction in cash costs of around 8%, with savings of about 1 billion euros
2. Growth EBITDA of 800 million euros
90% of growth EBITDA for 2017 already allocated
3. Integration of Enel Green Power into the Enel Group and first phase of corporate restructuring in
Latin America completed; simplification by individual country in Latin America continues
4. Competed asset disposals worth about 3.1 billion euros, with around 0.9 billion euros in
acquisitions completed during the period
5. Implicit pay-out about 57%, an increase on the 55% specified in 2016 dividend policy
Financial targets for 2017 confirmed
Significant progress also made on commitments made relating to the United Nations’ Sustainable
Development Goals (SDGs), an integral part of Enel’s strategic plan:
- SDG 4 (quality education): 300,000 beneficiaries
- SDG 7 (affordable and clean energy): 1.2 million beneficiaries
- SDG 8 (decent work and economic growth): 1.1 million beneficiaries
- SDG 13 (climate action): ~395gCO2/KWheq
For 2017, we plan to start our investments in digitisation and we foresee early contributions from our
customer focus strategy on a global scale. Digitisation will enable us to achieve significant progress in
operational efficiency and we will continue our industrial growth, focusing on networks and renewables,
with a growth EBITDA target of 1.4 billion euros for the year. Our aim is to become a leaner and more
efficient Group and to this end we are focused on the second phase of the corporate simplification at the
individual country level in Latin America, while continuing with the active management of our asset portfolio.