Investments of 24,6 billion euros over the next three years, 500 million more than in the previous plan, including around 3,4 billion for the BSO ('Build, Sell and Operate') model. This is what is foreseen in Enel's new industrial plan presented today in London by Francesco Starace and Alberto De Paoli, respectively CEO and financial director of the group.
The goal is to reach 3,3 billion in margins in 2020, of which 2,9 from the electricity and gas retail sector and 400 million from e-Solutions, the division headed by Francesco Venturini which will operate on the market in 2018 with the new Enel X brand
Enel will have a mix of 30%-70% between maintenance investments and growth investments in the period, an improvement on the previous plan. The objective is the reallocation of capital towards mature economies, mainly in the Networks and Renewables sectors, concentrating approximately 80% of investments for growth in Italy, the Iberian Peninsula and North and Central America.
Attention is also paid to digitization and customers: 5,3 billion in planned investments, 600 million more than in the last plan.
From a financial point of view, Enel confirmed its dividend policy with a pay-out of 70% of the Group's net ordinary income. Furthermore, for the 2018 financial year, a minimum dividend per share of €0,28 was introduced, an increase of 33% compared to the minimum guaranteed dividend with reference to 2017.
An Ebitda of 18,2 billion is expected at the end of the plan and a net ordinary income of around 5,4 billion. The plan provides for the sale of assets for a further 3,2 billion and purchases of minorities for 2,3 billion and reserves the possibility of a buyback of up to 2 billion.
“The improvement of the financial objectives, also with the introduction of a minimum dividend of 0,28 euro per share on the 2018 results, with an increase of 33% compared to the minimum target relating to 2017 presented last year, strengthens the confidence with which we are looking to the future and to the role of Enel, today and in the years to come”, commented Starace on the sidelines.
