ELEQ: International Endesa: Endesa 1H2013 Results

  ELEQ: International Endesa: Endesa 1H2013 Results

UK Regulatory Announcement


        ENDESA, S.A. and Subsidiaries: Consolidated Management Report

                 For the six-month period ended 30 June 2013

                             Madrid, 29 July 2013

                             Consolidated results

ENDESA reported net income of Euro 1,114 million in 1H13.

ENDESA reported net income of Euros 1,114 million in the first half of 2013,
2.8% less than in the same period the previous year, mainly due to a Euros 170
million reduction in net income at the Spain and Portugal business unit
following the introduction on 1 January 2013 of the energy sustainability tax
measures stipulated in Law 15/2012 of 27 December which triggered an increase
in costs of Euros 310 million, with a negative impact on net income of €217
million in the first half. Additionally, net income was also affected by the
annual recurring impact on ENDESA of approximately Euros 400 million arising
from the regulatory measures introduced in 2012. This impact does not include
the new reform measures to eliminate remaining imbalances in the energy sector
adopted by the Council of Ministers on 12 July 2013.

The poor performance of net income in the business in Spain and Portugal was
partially offset by the Euros 138 million increase in net income at the
business in Latin America. This was largely due to the effects of Resolution
250/2013 approved on 7 May 2013 by Argentina's Energy Secretary, which
recognised the payment to Empresa Distribuidora Sur, S.A. of Euros 344 million
as compensation for the cost increases which had not been passed on to the end
user from 2007 to February 2013 in relation to the amounts to be applied under
the Cost Monitoring Mechanism (MMC) adjustment, which impacted net income to
the sum of Euros 97 million.

The table below shows the breakdown of ENDESA's net income between its two
business lines and the year-on-year change:

ENDESA net income, January-June 2013
                         Millions       % change
                                             % of total net income
                         of Euros       1H2013
Spain and Portugal    723         (19.0)      64.9
Latin America         391         54.5        35.1
TOTAL                 1,114       (2.8)       100.0

                 For additional information please refer to: 


International Endesa
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