Endesa : ELE 1H 2015 Financial Results

Total fixed assets

24.625

24.751

(126)

-0,5%

Utility plant

20.927

21.104

(177)

-0,8%

Investment property

22

22

Intangible asset

650

627

23

3,7%

Goodwill

n/a

Investments in associates

1.102

1.104

(2)

-0,2%

Long term financial investments

615

619

(4)

-0,6%

Deferred tax assets

1.309

1.275

34

2,7%

Total current assets

5.795

5.945

(150)

-2,5%

Inventories

988

1.008

(20)

-2,0%

Trade and other receivables

3.426

3.071

355

11,6%

Short term financial investments

717

1.210

(493)

-40,7%

Cash and cash equivalents

653

648

5

0,8%

Non current assets held for sale and from interrupted activities

11

8

3

37,5%

TOTAL ASSETS

30.420

30.696

(276)

-0,9%

Total equity

9.022

8.575

447

5,2%

Atributtable to equity holders of the parent company

9.021

8.576

445

5,2%

Minority interest

1

(1)

2

-200,0%

Non-current liabilities

15.350

15.715

(365)

-2,3%

Deferred revenues

4.641

4.612

29

0,6%

Long term provisions

3.472

3.591

(119)

-3,3%

Long term financial debt

5.658

6.083

(425)

-7,0%

Other non-current liabilities

595

556

39

7,0%

Deferred tax liabilities

984

873

111

12,7%

Current liabilities

6.048

6.406

(358)

-5,6%

Short term financial debt

1

(1)

-100,0%

Short term provisions

444

544

(100)

-18,4%

Trade and other payables

5.604

5.861

(257)

-4,4%

Liabilities related to non current assets held for sale and from interrupted activities

n/a

TOTAL EQUITY AND LIABILITIES

30.420

30.696

(276)

-0,9%

Euro Million

Unaudited

Restated

30.06.15

30.06.14

Variation

REVENUES

10.314

10.280

34

0,3%

Sales

9.783

9.636

147

1,5%

Other operating revenues

531

644

(113)

-17,5%

PURCHASES AND SERVICES

7.406

7.635

(229)

-3,0%

Energy purchases

2.533

2.344

189

8,1%

Fuel procurement costs

1.019

1.144

(125)

-10,9%

Transmission expenses

2.960

3.030

(70)

-2,3%

Other variable purchases and services

894

1.117

(223)

-20,0%

GROSS MARGIN

2.908

2.645

263

9,9%

Work performed by the entity and capitalized

50

68

(18)

-26,5%

Personnel expenses

458

439

19

4,3%

Other fixed operating expenses

566

611

(45)

-7,4%

GROSS OPERATING INCOME (EBITDA)

1.934

1.663

271

16,3%

Depreciation and amortization

672

729

(57)

-7,8%

OPERATING INCOME (EBIT)

1.262

934

328

35,1%

FINANCIAL INCOME

(94)

(67)

(27)

40,3%

Financial revenues

42

61

(19)

-31,1%

Financial expenses

(133)

(127)

(6)

4,7%

Foreign exchanges

(3)

(1)

(2)

200,0%

Share of profit of associates

(17)

(28)

11

-39,3%

Income from other investments

n/a

Income from asset sales

1

(18)

19

-105,6%

INCOME BEFORE TAXES

1.152

821

331

40,3%

Income tax

280

264

16

6,1%

ONGOING ACTIVITIES PROFIT

872

557

315

56,6%

INTERRUPTED ACTIVITIES PROFIT

508

(508)

-100,0%

PROFIT FOR THE PERIOD

872

1.065

(193)

-18,1%

Attributable to the holders of the parent company

870

743

127

17,1%

Minority interest

2

322

(320)

-99,4%

ENDESA S.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIOD 30 JUNE 2015 AND 2014

Euro Million

Unaudited

31.

03.15

Restated

31.03.14

Consolidated income before income taxes

1.152

1.507

Result adjustments:

543

1.364

Fixed assets amortization and impairment loss

672

1.054

Other result adjustments (net)

(129)

310

Changes in current assets

(246)

(127)

Other cash flows from operating activities:

(255)

(778)

Cash-in interests

29

183

Cash-in dividends

3

25

Interest payments

(97)

(295)

Tax income payment

7

(402)

Other cash-in/payments from operating activities

(197)

(289)

Net cash provided by operating activities

1.194

1.966

Acquisitions of fixed and intangible assets

(439)

(1.064)

Disposal of fixed and intangible assets

15

10

Investments in stakes of subsidiaries

(68)

Disposal in stakes of subsidiaries

Acquisitions of other investments

(32)

(638)

Disposal of other investments

39

1.889

Cash flow from changes in perimeter

Subsidies and other deferred income

46

55

Net cash used for investing activities

(371)

184

Cash Flows from Equity Instruments

(181)

New long-term debt

1.006

682

Repayment of long-term debt

(1.618)

(666)

Net cash from financial debt with short term maturity

196

(1.264)

Dividends paid by the controlling company

(402)

(1.588)

Dividends paid to minority shareholders

(466)

Net cash used for financing activities

(818)

(3.483)

Total net cash

5

(1.333)

Effects of exchange rate changes on cash and cash equivalents

(21)

Net increase in cash and cash equivalents

5

(1.354)

Cash and cash equivalents at beginning of period

648

4.145

Cash and cash equivalents at end of period

653

2.791

Arising from utility plant and intangible assets revaluation / (revaluation reversal)

Arising from financial instruments valuation

Financial Assets Available for Sale

Other revenues/(Expenses)

Arising from cash flow hedge

Translation differences

Companies accounted using the equity method

Remaining incomes and expenses recognised directly in equity

Tax effect

TRANSFERS TO PROFIT AND LOSS ACCOUNT AND/OR INVESTMENTS

Arising from financial instruments valuation

Financial Assets Available for Sale

Other revenues/(Expenses)

Arising from cash flow hedge

Translation differences

Companies accounted using the equity method

Remaining revenues and costs recognised directly in equity

Tax effect

BALANCE AT 1 JANUARY 2015

1.271 4.042

3.337

(74)

(1)

8.575

Adjustments due to changes in accounting policies

Correction of errors

ADJUSTED BALANCE AT 1 JANUARY 2015

1.271

4.042

3.337

(74)

(1)

8.575

TOTAL COMPREHENSIVE INCOME

870

(23)

2

849

TRANSACTIONS WITH EQUITY HOLDERS OR OWNERS

(402)

(402)

Capital increases (reductions)

Conversion of liabilities into equity

Dividends paid

(402)

(402)

Transactions with treasury shares or own equity instruments (net)

Increases/(reductions) due to business combinations

Other transactions with shareholders and owners

OTHER CHANGES IN EQUITY

3.337

(3.337)

Share-based payments

Transfers between equity items

3.337

(3.337)

Other changes

BALANCE AT 30 JUNE 2015

1.271

6.977

870

(97)

1

9.022

BALANCE AT 1 JANUARY 2014

1.271

17.665

1.879

(294)

6.241

26.762

Adjustments due to changes in accounting policies

Correction of errors

ADJUSTED BALANCE AT 1 JANUARY 2014

1.271

17.665

1.879

(294)

6.241

26.762

TOTAL COMPREHENSIVE INCOME

743

(68)

408

1.083

TRANSACTIONS WITH EQUITY HOLDERS OR OWNERS

(63)

1

(585)

(647)

Capital increases (reductions)

Conversion of liabilities into equity

Dividends paid

(473)

(473)

Transactions with treasury shares or own equity instruments (net)

Increases/(reductions) due to business combinations

1

1

2

Other transactions with shareholders and owners

(63)

(113)

(176)

OTHER CHANGES IN EQUITY

1.879

(1.879)

Share-based payments

Transfers between equity items

1.879

(1.879)

Other changes

BALANCE AT 30 JUNE 2014

1.271

19.481

743

(361)

6.064

27.198

Total fixed assets

11.700

Utility plant

9.165

Investment property

Intagible asset

427

Goodwill

Long term financial investments

981

Investments in associates

454

Deferred tax assets

673

Total current assets

4.374

Inventories

910

Trade and other receivables

2.822

Short term financial investments

474

Cash and cash equivalents

167

Non current assets held for sale and from interrupted activities

1

TOTAL ASSETS

16.074

Total equity

4.819

Atributtable to equity holders of the parent company

4.819

Minority interest

Non-current liabilities

7.234

Deferred revenues

46

Long term provisions

2.055

Long term financial debt

4.435

Other non-current liabilities

161

Deferred tax liabilities

537

Current liabilities

4.021

Short term financial debt

234

Short term provisions

298

Trade and other payables

3.489

Liabilities related to non current assets held for sale and from interrupted activities

TOTAL EQUITY AND LIABILITIES

16.074

Total fixed assets

11.628

Utility plant

9.315

Investment property

Intagible asset

397

Goodwill

Long term financial investments

979

Investments in associates

337

Deferred tax assets

600

Total current assets

4.403

Inventories

953

Trade and other receivables

2.509

Short term financial investments

756

Cash and cash equivalents

177

Non current assets held for sale and from interrupted activities

8

TOTAL ASSETS

16.031

Total equity

4.539

Atributtable to equity holders of the parent company

4.539

Minority interest

Non-current liabilities

7.225

Deferred revenues

55

Long term provisions

2.084

Long term financial debt

4.535

Other non-current liabilities

133

Deferred tax liabilities

418

Current liabilities

4.267

Short term financial debt

247

Short term provisions

392

Trade and other payables

3.628

Liabilities related to non current assets held for sale and from interrupted activities

TOTAL EQUITY AND LIABILITIES

16.031