Enel's FY2005 revenues amounted to E34 billion, an increase of 9.7% over the E31 billion seen in 2004. The growth was largely due to sales of electricity by the group's generation companies and Enel SpA to the power exchange and the single buyer.
Enel said that until March 2004, such electricity was sold directly to group distribution companies, and the related revenues and costs were eliminated from the consolidated accounts.
EBITDA came to over E7.7 billion, an increase of 10% compared with E7 billion achieved in 2004 net of stranded costs reimbursement recorded the same year.
Net financial debt stood at E12.3 billion at the end of 2005 (E24.5 billion at the end of 2004). The significant reduction is mainly attributable to the sale of Enel’s controlling stakes in Wind and Terna, and the resulting deconsolidation of the related debt, the utility said.
In 2005, Enel generated 112TWh of electricity in Italy (126TWh in 2004), distributed 251TWh over its own network (as in 2004) and sold 148TWh (158TWh in 2004). At the end of 2005, Enel had 2,143,000 gas customers (177,000 more than at year-end 2004).
In 2005, Enel generated 13.6TWh of electricity abroad (12.3TWh in 2004) and distribution companies sold 8.1TWh (4.5TWh in 2004).
Commenting on the figures, Enel’s CEO Fulvio Conti said, I am highly satisfied with our excellent 2005 results, which showed growth in profitability compared with 2004 partly thanks to the contribution of our international operations. The efficiency plans and cost-containment measures undertaken will continue to have a positive impact in 2006, for which we expect even stronger results.