Strong growth in ordinary EBITDA and ordinary net profit and cash generation 3 billion higher than the historical maximum value. These are the data that summarize 2023 Is in the, a year in which, the company underlines, they have been achieved all objectives planned strategies.
Enel: driving ordinary ebitda and ordinary net profit
In 2023 ordinary ebitda rose by 11,6% to 21,97 billion, thanks to the positive result of the integrated businesses and distribution activities, while the ebitda marks 20,25 billion (+1,7%).
Lordinary net profit of the group stands at 6,5 billion euros, an increase of 20,7% compared to the previous year. “The increase is attributable to the positive performance of ordinary operational management and the lower incidence of minority interests which more than compensated for the increase in net financial charges due to the evolution of market interest rates compared to the previous year, as well as the greater tax burden attributable to the improvement in results", explains Enel further. L'Net income is equal to 3,43 billion euros, more than doubled (+104,4%) compared to 2022.
In 2023 Enel registered revenues for 95,56 billion euros, down 32% compared to 140,5 billion in 2022. “The change – highlights the group led by Flavio Cattaneo – is mainly attributable to lower average sales prices in a context characterized by progressive normalization of the energy sector compared to 2022, as well as to the different consolidation perimeter".
Enel: debt drops, cash generation at all-time high
Slightly decreasing net financial debt, fell by 0,8% to 60,163 billion, while the pro forma net debt stands at approximately 53,5 billion, a value that also takes into account the asset transfer transactions finalized after 31 December 2023 as well as those already announced and not yet finalised, the financial effects of which will only be produced following the completion of the usual authorization processes by the competent authorities. Therefore, the relationship pro-forma net financial debt/ordinary Ebitda is equal to approximately 2,4x.
Improved the generation of cash flows with an FFO (funds from operations) of approximately 14,8 billion (approximately +63%) which, Enel specifies, is 3 billion higher than the maximum value historically achieved by the group. Finally the investments they drop to 12,714 billion (-11,4%) with the different consolidation perimeter compared to 2022 as well as the focus of investments on the development of distribution networks and renewable capacity, mainly in Europe".
Enel: dividend rises by 7,5%
By virtue of the results achieved, the board of directors will propose to the assembly the distribution of a dividend for the entire 2023 financial year equal to € 0,43 per share, of which 0,215 euros per share already paid as an advance in January 2024, in growth of 7,5% compared to the overall dividend of 0,40 euros per share recognized for the entire 2022 financial year.
Cattaneo: “Having achieved all the 2023 objectives, we expect growth in shareholder remuneration”
"We have achieved all targets for 2023 which we had already revised upwards last November", said the CEO of the Enel group Flavio Cattaneo. The manager specified: “These solid results are a clear testimony to the effectiveness of the actions implemented by the new management during 2023, in line with our strategic priorities of optimizing the risk/return profile, efficiency and effectiveness as well as sustainability, both financial and environmental. We reiterate our commitment to achieving the ambitious objectives set at the presentation of the 2024-2026 Strategic Plan. In particular, in line with what was announced last November, we reasonably expect that shareholder remuneration for 2024 can increase further".
With regards to the 2023 objectives achieved, the company underlines in particular that ordinary ebitda and ordinary net profit are in line with the guidance, revised upwards to November 2023, while "the managerial actions carried out have made it possible to significantly improve the generation of flows of cash” and cash generation, which reached an all-time high. Finally, it is worth mentioning the "significant progress of the group's rationalization process with over 90% of the disposal target set for November 2023 already achieved, considering those already finalized and those announced so far".
