ENDESA’s electricity output in this period totalled 105,369GWh, 6.2% down on the same period in 2008. Electricity sales fell 3% to 126,905GWh due to lower electricity demand, mostly in Spain.
Despite the lower output levels, revenue and costs both rose. Revenues were EUR18,486m in 9M 09, an increase of 5.9%. Variable costs were up 5.5%, while overheads rose 4.3%. Revenue grew at a faster rate than either, driving up EBITDA by 6.8% to EUR5,804m. EBIT was EUR4,301m or 2.4% higher than in the same period last year.
Investments amounted to EUR2,608m in the first nine months of 2009. EUR1,998m was capex and investment in intangible assets. The remaining EUR610m related to financial investments.
Net income from business in Spain and Portugal for the period was EUR2,599m, 28.7% higher than in the same period in 2008, contributing 85.3% of the company’s total net income. The results of this business in the first nine months of both 2008 and 2009 were shaped by capital gains from the sale of assets to Acciona and E.On, respectively.
In Latin America, 9M 09 net income rose 29.2% year-on-year to EUR438m. EBITDA rose 10.1% to EUR2,379m, while EBIT increased by 12.8% compared to January-September 2008, to EUR1,952m.
The economic environment in ENDESA’s Latin American operating markets led to slower growth in demand. Demand weakened by 2.8% in Brazil, 0.9% in Argentina, and 0.1% in Peru; it advanced by 1.1% in Colombia and 0.5% in Chile.
Despite only moderate demand growth, ENDESA generation output increased by 4.6% to 47,319 GWh, mainly due to higher hydro generation. Output increased in Argentina (+16.9%), Colombia (+3.3%), and Chile (+2.6%), and fell in Brazil (-9.3%) and Peru (-2.6%).
