Spanish utility Endesa has posted its financial results for Q1 2007, with a total net income of E633 million, down 40% compared to Q1 2006, when the company posted E484 million capital gains and other extraordinary income. However, net income on a like-for-like basis increased 11.4% during the quarter.
Endesa’s net income in Spain and Portugal rose 22.8% over Q1 2006, accounting for 69% of the company’s total income, and net income from the company’s Latin American business climbed 2.1% to E96 million, accounting for 15.2% of total net income.
Nevertheless, Endesa’s net income from Europe was E100 million, a decrease of 15.3% over Q1 2006, mainly due to the impact of weather conditions on market performance in Italy and France. Europe accounted for 15.8% of Endesa’s total net income in this period.
Endesa’s gross margin on a like-for-like basis was E2.8 billion in Q1 2007, 11.8% higher than Q1 2006, while EBITDA was E2 billion, up 15.3% on a like-for-like basis, and EBIT was E1.4 billion, up 12.8% on a like-for-like basis.
Endesa’s total electricity output was 47,295GWh in Q1 2007, 5.5% lower than Q1 2007, as sharp output increases in several Latin American countries were not enough to offset declines in Spain and the rest of Europe. Nevertheless, total electricity sales rose 0.2% from Q1 2006, to 56,841GWh.
The company also revealed that, in Spain, its renewable and combined heat and power plants generated 823GWh in Q1 2007, an increase of 33.8% over the same period in 2006.
In addition, the company’s Spanish natural gas activities were strong, with sales up 26.2% to 9,013GWh in the Spanish natural gas market in Q1 2007. Endesa’s natural gas business added E64 million to its gross margin in this period, an increase of 128.6% from the same period a year earlier.