Rome

ENEL 2012 net income down 79% at 865 million euros

Hit by write-downs, mostly Spain and Portugal

ENEL 2012 net income down 79% at 865 million euros

Rome, March 13 - Italian power company ENEL stock fell 4.54% to 2.65 euro on the Milan stock exchange on Wednesday after reporting 2012 results battered by write-downs for its Iberian operations. Whereas 2012 total revenues rose 6.8% over 2011 to 84.9 billion euros, group net income plummeted 79% in a year to 865 million euros for 2012. ENEL said the disappointing results were largely due to goodwill write-downs worth 2.6 billion euros, mainly on Endesa's activities in Spain and Portugal. While ENEL's 2012 gross operating margin (EBITDA) of 16.7 billion euros was down just 4.9% over 2011, its earnings after the write-downs but before taxes and interest (EBIT) sank 31.4% to 7.7 billion euros in 2012.

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