Lima, February 26th, 2018 - The Board of Directors of Enel Distribución Perú S.A.A., chaired by Carlos Temboury, approved today the financial and operational results for 2017.
“We closed last year with investments above 400 million Peruvian soles, which are aimed at guaranteeing the quality and reliability of our distribution service. We will respond to the challenging market scenario characterised by overcapacity and reduction of prices in the free market, carrying out our strategy based on operational efficiency and the improvement of service quality while continuing to post solid results as well as increasing the number of our clients,” stated Carlos Temboury, Enel’s Country Manager in Peru.
MAIN FINANCIAL RESULTS
(in millions of Soles)
|
2017 |
2016 |
Change |
REVENUES |
2,862 |
2,901 |
-1.3% |
EBITDA |
736 |
705 |
+4.3% |
NET INCOME |
343 |
309 |
+11.0% |
NET DEBT |
1,260 |
1,287 |
-2.0% |
CAPEX |
405 |
416 |
-2.5% |
- REVENUES: decreased slightly mainly due to commercial and industrial medium voltage (MV) regulated customers moving to the free market, where the average prices registered in the period decreased due to oversupply. This impact more than offset the positive effect resulting from the 40.9% growth of the company’s free customers and the 2.2% increase of its low voltage (LV) regulated clients.
- EBITDA: increased as a result of Enel Distribución Perú’s effective commercial management and the 0.6% reduction of the company’s fixed costs. These factors offset the negative 50 million PEN impact resulting from the payment of originally contracted energy, which was not required by regulated MV customers. This situation was due to the fact that the lower average prices registered in the current period have attracted those customers to the free market.
- NET INCOME: increased due to: (i) EBITDA growth, (ii) the positive impact of increasing interest rates received by the company combined with lower financial expenses resulting from lower contingencies due to the cancellation of a penalty fee in 2016 (both contributing by +4%); and (iii) the 8% decrease of taxes due to the 2016 income tax adjustment following legislative decree n. 1261. The positive impact of these items more than offset the 13% increase of amortisations related to the implementation of investments in the period.
- NET DEBT: decreased due to a higher cash balance resulting from better management of the company’s working capital, due to the sale of some receivable accounts valued at 150 million PEN.
- CAPEX: investments were roughly in line with last year, and focused mainly on meeting customer demand by broadening and reinforcing the company's networks, with the aim to ensure quality and safety of service.
MAIN OPERATIONAL RESULTS
|
2017 |
2016 |
Variation |
ENERGY DISTRIBUTION (GWH) |
7,973 |
7,777 |
2.1% |
CUSTOMERS (THOUSANDS) |
1,397 |
1,367 |
2.2% |
- ENERGY DISTRIBUTION: grew following the increase of electricity supplied to household customers.
- CLIENTS: increased due to new connections.
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