Enel income increases 10,5% in the first quarter

Enel Group net income was 1,247 million euros (1,256 million euros in the first quarter of 2019, -0.7%). Group net ordinary income was 1,281 million euros (1,159 million euros in the first quarter of 2019, +10.5%) net of extraordinary items in the two periods under review.

Enel revenues were 19,985 million euros (22,755 million euros in the first quarter of 2019, -12.2%).

The change is mainly attributable to lower volumes of electricity sales in Italy and Spain as well as gas in Spain, to Thermal Generation and Trading in Italy, reflecting a decline in trading activities and the effects connected with the application of IFRIC interpretations, on top of adverse exchange rate developments, especially in Brazil, Chile and Colombia

Net financial debt was 47,097 million euros (45,175 million euros at the end of 2019, +4.3%).

Electricity and gas sales

Electricity sales in the first quarter of 2020 amounted to 77.7 TWh, a4.6 TWh decrease (-5.6%) on the same period of 2019. This change mainly reflects:

  • a decrease in quantities sold in Latin America (-1.7 TWh), mainly in Chile (-0.9 TWh);
  • a decrease in quantities sold in Italy (-2.7 TWh) and Spain (-0.7 TWh), partly offset by an increase in sales in Romania (+0.5 TWh).

Natural gas sales amounted to 3.7 billion cubic meters, down 0.3 billion cubic meters on the same period of the previous year.

The Enel Group workforce at March 31st, 2020 numbered 67,921 (68,253at December 31st, 2019). The change in the first three months of 2020 (-332) reflects the impact of the balance between new hires and terminations (-278), the change in the scope of consolidation (-54), mainly due to the disposal of hydro plants in the United States.