Enel, it grows net income (+11,8%) and rises to 14 cents ainterim dividend (+33%). The group closed the first nine months of 2018 with marked growth driven by the advance of investments in renewables and by acquisitions which, such as that of Eletropaulo in Brazil and EnelNoc in the USA, lead to an increase in the group perimeter. On Tuesday evening, the board of directors approved the accounts which close on 30 September with revenues up by 2% to 55,2 billion, a Ordinary Ebitda of 12 billion (+6,2%), a net result of 3 billion (+15%) and debts growing to 43 billion (from 37 in September 2017) mainly to finance acquisitions, 2017 dividends and investments for the period. With these figures in hand, Enel confirms its targets for 2018 and the distribution of a dividend at the highest value between 28 cents and 70% of the group's net ordinary income. The detachment coupon of the advance payment is set for 21 January 2019.
It is enough to make theTo Francesco Starace that Enel, in the first nine months, “continued to record solid results, with a double-digit increase in net profit compared to the same period of the previous year. Renewables were once again the basis of the Group's positive performance, while geographical diversification was crucial in dealing with the negative evolution of some exchange rates”. In particular, the exchange rate effect was felt in South America and Russia and had an impact of 425 million on Ebitda, which in any case increased by 684 million.
Looking at the performance of management in the individual business areas, Italy recorded a 6% increase in Ebitda against a reduction in revenues of 0,8; investments increased by 42,5% to 1,6 billion overall, above all to push on the digitization of the network and on the new digital meters. Iberia also performed well, where the margin rose by 6,9% and investments by 43,5%. In particular, in Italy and Spain the decline in generation and trading margins was more than offset by the increase in distribution margins and the reduction in operating costs.
Overall Ebitda was positively affected by the better margins on renewables (626 million) due to the improvement in sales in Brazil, Mexico, Italy and Spain as well as the aforementioned acquisitions in Brazil and North America and the sale of 80% of eight project companies in Mexico of which the group has maintained the management.
Finally, electricity production increased overall by 3,3 Twh e the share of green energy has now reached 40% in the production mix of the group which expects to reach 50% in 2050.
Looking to the near future, however, the CFO Alberto De Paoli clarified in a conference call that for the acquisition of the Electricaribe distribution company in Colombia “we only asked to see the cards. It's too early, many things still need to be clarified”. Among these, the Antitrust ceiling on the distribution business could play a role since Enel is already present in the area through Codensa.
