The quarterly Enel closes the accounts for the first nine months of 2020 with Revenues and Ebitda down, but with a growing group net result by 259,3% to 2,921 billion and one increasing ordinary profit by 9% to 3,59 billion. Remuneration policy for shareholders confirmed: the BoD has resolved an interim dividend for 2020 of €0,175 per share, to be paid from 20 January 2021, up by 9,4% of the down payment distributed in January of this year. The total dividend for the entire year will be equal to “the highest amount between 0,35 euro per share and 70% of the Enel Group's net ordinary result”.
The Covid-19 pandemic has its effects on the nine-month accounts, explains the statement released by the group, due to the decline in gas and electricity sales in Italy and Spain as well as due to lower trading activities and the exchange rate effect negative in Latin America. And so, the'Ebitda stands at 12,705 billion (-3,8%) while Ebit rose to 6,975 billion (+66,1%), the note specifies, "due to the higher value adjustments made in the first nine months of 2019 on certain coal-fired plants in Italy, Spain, Chile and Russia". But as seen, the soundness of management is confirmed and able to sustain debts up to 48,9 billion (€45,175 billion at the end of 2019, +8,4%) “due to the investments in the period and the purchase of additional interests in the share capital of Enel Americas and Enel Chile”.
“Because of the visibility we have, we can confirm the 2020 targets even with currency weakness and despite the worsening Covid-19 situation in some parts of the world. It is clear that we monitor the evolution of the second wave of Covid-19 in the countries in which we operate and continue to safeguard the operations and safety of our people", replied Enel CFO Alberto De Paoli to analysts during the conference call following the board meeting on Monday evening. Is in the "confirms guidance for the whole of 2020 which forecasts Ebitda at around 18 billion and net profit between 5 and 5,2 billion”. The projections for 2021-22 are postponed to November 24, the day on which the new business plan will be presented.
Nothing to report on Open Fiber. “There are no particular updates – De Paoli glossed over – we are still focused on the development of the company and we are still evaluating the offer received from Macquarie”.
