Enel closes 2016 with 3,2 billion in profit, up by 45,7% and is the most renewable electricity group in Europe. Word of Francesco Starace, managing director and general manager of the multinational electricity group, heard in a hearing on Thursday afternoon at the Senate's Industry Commission. The green primacy concerns the capacity of plants that use renewable sources (water, sun, wind, biomass) and not the total installed capacity in which the French Edf retains first place but serves to make people understand the turning point that has been given to the group in last three years, with a real boom in new renewable megawatt hours installed this year by the Enel green power division (over 2.000) while for the next three-year period 2017-19 the strategic plan that will be presented to shareholders on May 3 pushes the accelerator on integrated sustainability, the electric car and decarbonisation. The Ad himself explained, in one FIRST interviewonline, acceleration on electric mobility.
Francesco Starace presented the results obtained by the group in the three-year period to the senators (the mandate expires in the spring with the approval of the 2016 financial statements) as did Matteo Del Fante, CEO of Terna, also due on Wednesday. The manager confirmed the preliminary 2016 accounts already announced last February and the objectives presented with the latest 2017-19 business plan in November.
“Enel – he underlined – closed 2016 with a profit of 3,2 billion euros, against a turnover of 70,6 billion euros and an EBITDA of 15,2 billion. In comparison with 2013 data, turnover decreased by 12% (in 2013 it had been 80,5 billion euros) and Ebitda decreased, in the same period, by 4% (from 15,8 to 15,2 .3,1 billion)” mainly due to the decrease in electricity sales and the simultaneous sharp reduction in prices. In this context, however, the CEO highlighted the growth in profit "from 3,2 to 3 billion, equal to a +8% achieved also thanks to an 15% reduction in costs". A defense of corporate profitability that has managed to maintain an Ebitda above XNUMX billion while i dividends guaranteed to shareholders went from 1,2 to 1,8 billion from 2013 to 2016, up 50%. This allowed the Italian State to collect a total of 1,1 billion over the three-year period. At the same time, net debt decreased by 2,1 billion and shareholders' equity rose by 0,6 billion to 53,4 billion. Again the CEO underlined these are “results obtained in the face of an absolutely adverse scenario, with Italian electricity demand down by 3% and by 1% in Spain, and a price in Italy down by 30%”.
The objectives of the new 2017-19 business plan have all been confirmed: profit growth to 3,6 billion this year, investments in Italy for 6,7 billion euros equal to 32% of the Group's total investments. Of these 6,7 billion, just over a third (2,5 billion) will benefit from digitalisation.
Starace was asked for explanations for the plan to repurchase treasury shares for 2,5 billion, which will be submitted to the shareholders' meeting. According to some, the plan would serve to allow the "owner" state to return above 25 percent of the capital. According to Starace, however, "the plan is not an end in itself, but as an option that can be activated if we fail to successfully complete the repurchase of minorities in Latin America" as part of the reorganization plan of the subsidiaries." For the repurchase of quotas from third parties – in fact – there is room for negotiation, but not exaggerated” concluded the manager.
