I revenues 2019 of Enel are up by 6,1% to 80,3 billion euros compared to 75,7 in 2018. TheOrdinary EBITDA reached 17,9 billion, up 10,5% (against 16,2 billion last year) and theEbitda, which includes the effects of extraordinary transactions, is in any case equal to 17,7 billion (+8,6%). Also debts go up: at the end of 2019, net financial debt reached 45,2 billion (+10%). A threshold linked to the investments to be financed, the first application of the IFRS 16 accounting standard as well as the unfavorable trend of exchange rates and the payment of dividends. Enel explains this in the press release announcing that the board of directors has approved the preliminary balance sheet for 2019. To offset the increase in investment expenses, the note continues, "the positive cash flows generated by operating as well as the sale of certain Enel Green Power companies in the United States and Brazil and of thermoelectric generation in Italy and Russia (Reftinskaya). Thus ends a golden year for Enel which has repeatedly exceeded the market capitalization record to exceed 82 billion in the session on Friday when the shares are quoted at 8,17 euros up 0,5%.
In particular, the ordinary EBITDA at almost 18 billion exceeds the "target already revised upwards" observes the CEO Francesco Starace in commenting on the results. In November, the group had lifted up the annual consolidated ordinary Ebitda target bringing it to around 17,8 billion euros, to reach a consolidated net ordinary income of approximately 4,8 billion at the end of 2019. The growth achieved last year was “mainly driven by the distribution networks, above all thanks to Enel Distribuiçao Sao Paulo in Brazil, and by sales on final markets in Italy and Brazil". At the same time,” in line with the Group's decarbonisation objective, we continue to strengthen our global leadership in renewables – continues Starace – with over 3 GW of capacity built in the year worldwide, again beating our own record 'last year". The Enel top management therefore expects to achieve not only the objectives of the 2020-2022 plan but also to continue along the path of the UN Sustainable Development objectives, to which the group is committed also from a financial point of view.
In addition to the growth of Infrastructure and networks in Latin America, there was the positive change in Thermoelectric Generation and Trading in Spain, Latin America and Italy. The change on the Final Markets was also positive which, as mentioned, benefited from the purchase of Enel Distribuçao of Sao Paulo and the development of the free market in Italy only partially offset by the reduction on the restricted market.
