In the first nine months of 2021, Enel increased its investments by 20,4% to accelerate growth. And it recorded revenues up to 57,9 billion euros (49,4 billion in the first nine months of 2020, +17,1%). The positive change is attributable to higher revenues from all business lines and, in particular, from thermoelectric generation and trading, Enel Green Power and end markets due to the higher quantities of energy sold, infrastructure and networks due to the higher quantities transported and Enel X. These effects more than offset the negative exchange rate trend in Latin America.
The ordinary gross operating margin it fell to 12,6 billion euros compared to 13,14 billion in the same period of 2020 (-3,9%). A decrease due to non-recurring events recognized in the first nine months of 2020, such as the change in the energy discount in Spain, mainly in Infrastructure and networks and in thermoelectric generation and trading and the income associated with the application of resolutions no. 50/2018 and no. 461/2020 of the Arera in Italy. In addition, the first nine months of 2021 were affected by an unfavorable exchange rate trend in Latin America and other adverse events related to business dynamics, the company said. These impacts were only partially offset by the operating growth in the period, driven by investments in Enel Green Power and by the improvement of the margin in the end markets and in Enel X, as well as by the recognition of an indemnity relating to CO emission rights2 awarded free of charge in Spain in thermoelectric generation and trading.
Also the Ebit is down: 6,2 billion euros (6,975 billion in the first nine months of 2020, -10,3%). The change mainly reflects the operating performance, partially offset by the lower value adjustments made in the first nine months of 2021 on both plants and receivables.
The net ordinary result of the group is 3,2 billion (3,593 billion in the first nine months of 2020, -8,5%). Decrease also attributable to the impacts of the tax reforms in Argentina and Colombia, only partially offset by the results of the companies valued using the equity method and by the lower incidence of minority interests. grew upfinancial debt netto to 54,3 billion euros (45,4 billion euros at the end of 2020, +19,8%). Up in the first nine months of 2021 mainly due to investments in the period, the acquisition of an additional stake in Enel Américas and the negative exchange rate effect, partially offset by the positive cash flows generated by operations. investments to 7,9 billion euros (6,5 billion euros in the first nine months of 2020, +20,4%). The increase is mainly attributable to the growth of investments in Infrastructure and networks, in Enel Green Power, in the end markets and in Enel X. Lastly, the company approved an interim dividend for 2021 of €0,19 per share, to be paid from 26 January 2022, an increase of 8,6% compared to the advance distributed in January of this year. Enel's board of directors confirmed the interim dividend policy for the 2021 financial year, envisaged in the 2021-2023 Strategic Plan. And a total dividend is expected on the results for the 2021 financial year of 0,38 euros per share.
«In the first nine of 2021 we continued our path of industrial growth, recording an improvement in operating performance in all our business lines. We have increased investments by over 20% compared to the same period of the previous year, investments that will allow us to support growth and seize the opportunities of the ongoing recovery. Based on these premises, we confirm for 2021 the financial targets of ordinary EBITDA and ordinary net income presented to the markets on the occasion of the latest Strategic Plan. We also confirm the dividend policy which sees an increase of around 9% in the interim dividend that will be distributed in January 2022», said Francesco Storace, CEO of the Enel group.
Some problems weigh on the quarterly results, such as Latin America and renewable energies which, for the moment, are not acting as a driving force.
