MAIN FINANCIAL HIGHLIGHTS
(Millions of Argentine Pesos, ARS) |
|
Jan / Dec 2016 |
|
Jan / Dec 2015 |
|
Change |
Revenues |
|
1,966 |
|
1,417 |
|
38.7% |
EBITDA * |
|
893 |
|
744 |
|
19.6% |
EBIT |
|
493 |
|
414 |
|
19.0% |
Net income |
|
116 |
|
(91) |
|
- |
Net debt |
|
264 |
|
291 |
(9.3%) |
|
Capex |
|
1,142 |
|
772 |
|
47.9% |
*EBIT before depreciation and amortization. |
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Maurizio Bezzeccheri, Country Manager of Enel in Argentina, said: "Costanera reported an improvement in operating results due to the revenues received as a result of the progress of the maintenance works in the steam turbo plants since 2013. On the other hand, on February 2nd, 2017 the national authorities unveiled the new regulatory framework for energy generation. Although the Company is still assessing the impacts of this measure, we remain confident that it will help the sector to overcome the current delicate situation, and to ensure the economic and financial sustainability of the company".
Buenos Aires, February 9th, 2017 - The Board of Directors of Central Costanera SA ("Costanera") approved its annual financial statements for the fiscal year ended on December 31, 2016.[1]
· Revenues increased due to higher revenues obtained from the equipment availability contracts of combined cycles and steam turbo units, as well as the remuneration adjustments of generators set forth by Resolution ENRE [Argentina’s National Electricity Regulator] N° 22/2016, effective as of February 2016).
- Such increase was partially offset by lower volume of energy generated.
· EBITDA increased due to higher revenues, which exceeded the higher costs for materials and supplies, insurance and salaries.
· EBIT increased in line with the improvement in EBITDA, while depreciation recorded an increase of 21% over 2016 due to the increase in the assets base due to the commissioning of investments.
· Net income improved mainly due to lower financial charges as a result of a lower currency devaluation of the ARS against the US dollar on debt denominated in that currency.
· Net Debt decreased, in general terms, due to the increase in free cash flow, mainly as a result of increased revenues and improved collections.
· Capex focused on the maintenance of power generation units, with the purpose of optimizing plant availability and reliability.
MAIN OPERATING HIGHLIGHTS
· The energy generated by Costanera in 2016 decreased to 5,713 GWh from 8,167 GWh in 2015 (-30%), due to lower plant availability. This was mainly due to major maintenance works carried out on both combined cycles, in addition to the works of the maintenance plan in the steam turbo units.
[1]On October 6, 2016, the Extraordinary Shareholder´s Meeting of the Company approved the amendment of Section 1 of the Bylaws, changing the name of the company from "Sociedad Central Costanera S.A." to "ENEL GENERACION COSTANERA S.A.". - Amendment pending registration.
Enel S.p.A. provides for the dissemination to the public of regulated information by using SDIR NIS, managed by BIt Market Services, a London Stock Exchange Group's company, with registered office at Milan, Piazza degli Affari, 6. For the storage of regulated information made available to the public, Enel S.p.A. has adhered, as from July 1st, 2015 to the authorized mechanism denominated “NIS-Storage”, available at the address www.emarketstorage.com, managed by the above mentioned BIt Market Services S.p.A. and authorized by CONSOB with the resolution No. 19067 of November 19th, 2014. From May 19th 2014 to June 30th 2015 Enel S.p.A. used the authorized mechanism for the storage of regulated information denominated “1Info”, available at the address www.1info.it, managed by Computershare S.p.A. with registered office in Milan and authorized by CONSOB with resolution No. 18852 of April 9th, 2014