ENDESA Leads European Electric Utilities on the Cash Management Scorecard for the Second Year in a Row
25 October 2005 - 11:37PM
Business Wire
ENDESA (NYSE:ELE): -- The study was carried out by renowned
consultancy firm REL, which specialises in working capital
management analysis. -- The scorecard rates 1,000 companies
operating in different industries across the euro zone. -- ENDESA
has managed to cut annual operating costs by more than Euro 100
million by implementing a central, integrated treasury management
system five years ago. For the second year in a row ENDESA
(NYSE:ELE) was the number one ranked electric utility in Spain and
Europe by cash management according to a study carried out by
renowned consultancy firm REL, which specialises in the analysis of
working capital management. The study rates the performance of
1,000 companies from a range of industries in the euro zone, of
which 40 are from Spain. Among electric utilities, ENDESA was
considered one of the most efficient, having reduced the gap
between receipts and payments and inventory turnover to below the
European average. This limits the impact on debt. Working capital
is precisely the difference between current assets and current
liabilities; i.e., the difference between short-term receivables
that are readily and more or less immediately cashable, and
short-term accounts payable. Following the start-up of the
Integrated Treasury Centres in Madrid, which provide financial and
operational services to ENDESA's Spanish subsidiaries, the company
has managed to lower annual operating costs by more than Euro 100
million compared to its decentralised approach. This has improved
internal control and significantly enhanced the quality of the
services offered by the different businesses. ENDESA was the first
company in Spain to set up Integrated Shared Treasury Services
Centres, considered by the markets the most advanced in Europe in
term of efficiency, integration, and service quality. * This
document may contain certain forward-looking statements regarding
anticipated financial and operating results and statistics that are
subject to risks and uncertainties as well as to material risks,
changes and other factors which may be difficult to predict,
including, without limitation, those factors described in the
Documento de Registro de Acciones of Endesa filed within the
Comision Nacional del Mercado de Valores and in the Form 20-F of
Endesa filed within the Securities and Exchange Commission, both
for the fiscal year ended December 31, 2004. For all of these
forward-looking statements, we claim the protection of the safe
harbour for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
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