Enel Green Power SpA (EGPW.MI), one of the world's biggest renewables
companies, Tuesday said its 2011 net profit fell 9.7% from a year earlier due
to a higher tax on energy firms, adding it expects strong growth in coming
years.
In a statement, Enel Green Power said it plans a 2011 dividend per share of
EUR0.0248.
Net profit was EUR408 million last year, down from EUR452 million in 2010, it
said. The cash-strapped Italian government raised the "Robin Hood"
tax hitting energy companies to 10.5% for the 2011-2013 period from 6.5%
previously. Revenue rose 11% to EUR2.53 billion in 2011.
Earnings before interest, tax, depreciation and amortization, or Ebitda,
climbed 21% to EUR1.58 billion in 2011 on higher revenue and better cost
management, it said.
The company "has confirmed today all its growth targets announced to the
market last March," said Chief Executive Francesco Starace in a statement.
It "has laid the foundations for a robust growth also in the coming
years."
The Rome-based company is controlled by Italian utility Enel SpA (ENEL.MI),
which will announce its 2011 results and present the 2012-2016 strategy Thursday.
At 1352 GMT, Enel Green Power shares fell 1.4% to EUR1.49, slightly less than
Italy
's
benchmark FTSE Mib's 1.8% drop. The company's market capitalization is around EUR7.55 billion.