Enel to the test of accounts. The energy giant has archived the first ones nine months of 2023 with Useful net growth of 65,2% equal to 5 million euros, as well as the marginality which rises to 16,4 billion (+29,3%) and theebit which is close to 9,9 billion euros (+62,1%). Instead, they slow down revenues (-34,1%), stuck at around 70 billion in line with the greater stability of energy prices and the decrease in volumes produced. Debt also rises with an increase of 5,4%. The custom of the interim dividend at the beginning of the year has been confirmed. Highly awaited results even if they still live on the legacy of the previous management (Francesco Starace), but which are starting to be emblematic of the route taken by the CEO Flavio Cattaneo, who took office last April. The real test, however, will be next November 22nd, when the new industrial plan will be presented.
Jump in profits and margins
The energy multinational explains that theincrease in profit “reflects the positive trend of ordinary operational management and the lower incidence of minority interests on the ordinary net result, which more than compensated for the increase in net financial charges due to the evolution of interest rates and the increase in average debt of the period, as well as the greater tax burden attributable to the better results".
La growth ofebitda, however, is due to the greater production of renewable energy (+10,5 TWh), especially from hydroelectric sources, and the positive performance of the free market, following the different trend in commodity sales prices. At the individual business level, the performance of Enel Grids stands out (+56% to 3.558 million), the Cattaneo networks business has been headed by Gianni Vittorio Armani (former CEO of Iren). While Thermoelectric Generation and Trading (-46,4% to 1.891 million) and Enel
Estimates revised upwards
The general improvement of Enel's operating framework pushes the CEO to review the upward guidance. “In light of the solid operating performance recorded in the nine months of 2023”, explains a note from the group led by CEO Flavio Cattaneo, “the guidance relating to the 2023 financial year, provided to the financial markets on the occasion of the presentation of the 2023-2025 Strategic Plan , has been revised upwards." In particular, a EBITDA between 21,5 and 22,5 billion euros, increasing compared to the previous target of between 20,4 and 21,0 billion euros; a Useful Group ordinary net between 6,4 and 6,7 billion euros, increasing compared to the previous target of between 6,1 and 6,3 billion euros.
The debt at 63 billion
THEnet financial debt, which has always been particularly observed, rises to 63.312 million euros (+5,4% compared to the 60.068 million at the end of 2022) with the change "mainly attributable to the positive cash flows generated by operational management, by the sale of some companies no longer considered strategies and by the issue of perpetual hybrid subordinated non-convertible bond loans, which only partially offset the needs generated by the investments of the period and the payment of dividends, as well as the unfavorable trend in exchange rates". The debt however it is destined to decline with the takings of the disposal plan. “The agreements concluded and announced have an impact of approximately 6,5 billion on the reduction of net debt,” announced the chief financial officer Stephen DeAngelis during the conference call. The CFO recalled the sale of generation in Argentina, the exit from Romania, the sale of the 50% stake in Australia and the sale of assets in Chile and among those announced, awaiting closing, the sale of distribution in Peru, the sale of 50% of EGP Hellas.
The dividend
The group decided on a interim dividend 2023 equal to 0,215 euros per share, payable from 24 January 2024, an increase of 7,5% compared to the interim dividend distributed in January 2023. Furthermore, the board has foreseen an overall dividend for the 2023 financial year of 0,43 euros per share.
Investments down
Investments down: to 8.759 million from 9.309 million in the nine months of 2022 (-5,9%). The decline is due "essentially to the different scope of assets classified as "available for sale" compared to the nine months of 2022; net of these effects, the value of the investments is substantially unchanged. The focus of investments on the development of distribution networks and renewable capacity is confirmed."
