For the first quarter of 2008, EBITDA fell 3.2% to E1.63 billion due to the 67.5% increase in variable expenses as a result of lower hydro output and the increase in fuel prices and CO2 emission rights.
Endesa reported revenues of E5.45 billion for the first quarter of 2008, a 28.1% increase compared to the same period in 2007. This increase was due to higher sales prices arising from the higher generation costs and lower hydro output and also the increase in fuel prices and CO2 emission rights.
EBIT, however, rose 1.2% to E1.23 billion for the first quarter of 2008. The increase in EBIT was due to a E61 million provision included in the first quarter of 2007 depreciation charge, recognized to restate CO2 emission rights acquired by the group from third parties to cover its emissions deficit to fair value.
Cash flow from operating activities amounted to E1.23 billion in the first quarter of 2008, a 6.6% decrease, compared to cash flow from operating activities for the same period in 2007.
