ELEZY Endesa SA (PK)

Italian utility Enel SpA (ENEL.MI) said Tuesday its 2011 preliminary earnings before interest, tax, depreciation and amortization, or Ebitda, rose 1.1% on the year, slightly better than expectations, on higher revenue and contribution from renewable energy operations.

The Italian utility also said its key net debt figure at the end of December slipped to EUR44.6 billion from EUR47.77 billion posted three months earlier.

Enel said Ebitda was EUR17.7 billion, up from EUR17.5 billion in 2010. Revenue increased to EUR79.5 billion, up 8.3% on the year.

A Dow Jones Newswires poll of seven analysts estimated an average 2011 Ebitda of EUR17.40 billion on revenue of EUR74.87 billion. Average net debt was forecast at EUR44.39 billion for the end of December.

Enel became Europe's most-indebted utility after acquiring control of Spain's Endesa SA (ELE.MC), allowing it to expand in Spain and Latin America. Cutting the debt pile has been a priority to maintain its single-A credit rating.

Earlier this month, Standard & Poor's kept Enel's credit rating at "A-", while it downgraded the credit rating of Italy by two notches to BBB+. The Italian government controls Enel.

The Rome-based company is slated to release full year 2011 and dividend proposal in March.

Tuesday, Enel shares closed up 0.3% at EUR3.13, roughly in line with the 0.5% gain in Italy's FTSE Mib Index.

-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

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