Tuesday 26 April 2016

Enel annual report 2015

Enel, annual, 2015, front page

Nooo! Yet another ball dropper because the annual report from Enel arrived in the end of March. The problem with Enel is that they arrive with the reports from all their daughter companies before they then at some point publish the report for the group. This seems to confuse me each time and is the reason for this ball dropper. Share price has slowly climbed up, also for Enel, since the mad-cow hysteric February drop.

For the report in full please click here and for the previous summary then visit Enel report Q3 2015 and to get a better feeling for Enel then please take a look at analysis of Enel 2015 (a new one will arrive shortly).

The financial statement below is looking pretty ok. Yes, the revenue is flat which on one hand is not so good but they have tighten up their costs which comes from decreased depreciation and impairment costs... always a dangerous thing... However they have around 73 billion in assets, they depreciated 6 billion, and invested 7 billion. Last year they had also 73 billion in assets, they depreciated over 10 billion and invested 6 billion. What I try to say is that I find the depreciation for 2015 to be more normal and in 2014 it was not.
In the end Enel ended up with a very nice profit for 2015 and could contribute with a nice tax payment to the Italian government. They need it! The fourth quarter which should have been one of the better ones did not bring in that much money as one would have hoped.

Enel, 2015, financial statement

Conclusion: Enel is doing better and better for each year and I keep regretting that I did not buy more of it. I will remain as a shareholder in Enel.

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