Enel approves quarterly accounts with growing revenues and confirms 2017 targets. In terms of fiber optics, acceleration of Open Fiber with 2,4 million wired homes by the end of the year. Enel's board of directors approved the results for the 9 months which end with a 5,3% revenue growth to 54,188 billion (51,459 billion in the first nine months of 2016), an increase due to higher revenues from the sale of electricity to end customers and from electricity transport. Ebitda decreased to 11,450 billion (-4,7%) due to lower margins in Iberia, which more than offset the good results recorded in Italy.
Il net result of the group recorded a decrease of 4,9% to 2,621 billion (from 2,757 billion). Net ordinary income, according to a note, amounted to 2,583 billion, down by 4,3% from 2,7 billion in the first nine months of 2016 but excluding non-recurring items, it increased by 3% on a comparable basis. THE'financial debt net is 37,941 billion, up 1% from 37,553 billion at the end of 2016 due to acquisitions and investments in the period, as well as the payment of the interim dividend.
The Board has resolved to distribute a advance on the 2017 coupon of €0,105 per share, to be paid from 24 January 2018 with detachment on 22 January, up 16,7% compared to the advance distributed in January of this year. Taking into account the results achieved and the confirmation of the targets, a total dividend of €2017 per share is envisaged for the 0,23 financial year, equivalent to 65% of the Group's expected net ordinary result for 2017.
CEO Francesco Starace underlines the increase in revenues despite the reduction in hydroelectric and wind production and the permanent difficulties in Spain. “For the rest of 2017 – continues the top manager of Enel – the acceleration of investments in digitization will continue, where we have already installed over one million new generation smart meters in Italy and we will complete the installation of electronic meters in Spain. Growth in renewables will be further accelerated also through the consolidation of our BSO strategy, extended to new countries such as Mexico. In the light of the progress achieved for each of the Plan objectives, the results recorded in the first nine months of this year and the evolution expected in the last quarter, we can confirm the economic-financial targets for 2017”. And the financial director Alberto De Paoli, in the conference call, foresees an acceleration of the Ebitda in the last one
Quarter: “So far the group has moved with a growth in ebitda per quarter of 3,7-3,8 billion and to this in the last quarter will be added around 200 million from new renewable capacity and around 200 million from capital gains from Mexico”.
In terms of operating data, electricity sales in the first nine months amounted to 213,1 TWh and recorded an increase of 14,4 TWh (+7,2%) compared to the same period of the previous year. In particular, higher quantities sold were recorded in Italy (+7,1 TWh), in Latin America (+7,7 TWh, mainly due to the acquisition of Celg-D), in Spain (+1,8 TWh) and in Romania (+2,0 TWh) and lower sales in the Europe and North Africa business area, due to changes in scope.
Natural gas sales amounted to 7,9 billion cubic meters, with an increase of 0,5 billion compared to the same period of 2016. The net energy produced by the Group in the first nine months amounted to 184,5 TWh, with a decrease of 10,7 TWh compared to the value recorded in the first nine months of 2016.
The electricity transported on the distribution network in the first nine months of 2017 amounted to 333,3 TWh and the volumes of electricity distributed in Italy increased by 1,7 TWh (+1,0%) compared to the value recorded in the first nine months of 2016.
