Enel closed 2013 with a net ordinary income of 3,119 billion euros (+10,3%) compared to 2.828 million euros in 2012. The board of directors of the group led by Fulvio Conti will propose to the shareholders' meeting on 22 May the distribution of a dividend of €0,13 per share, down on the €0,15 per share in 2012.
The net result is 3.235 million euros compared to the 238 million euros of the previous year. "The significant increase is essentially due to the capital gain connected with the sale of Arctic Russia - explains a note - to the effects deriving from the write-downs on goodwill recognized in the two years compared, to the adjustment made during the first application of the new IAS 19 (equal to 627 million euros net of the tax effects and minority shareholdings) and the improvement of financial management".
Net financial debt in 2013 amounted to 39,862 billion euro (42.948 million as at 31 December 2012) with a drop of -7,2%.
Specifically, over the period of the plan, a cumulative reduction in costs (compared to controllable fixed costs in 2012), amounting to around 5,8 billion euros, is expected in the various geographies and segments of the group, with a particular impact on the mature Italian and Spanish.
“Total cumulative net investments over the period of the plan are expected to amount to approximately 25,7 billion euros, of which approximately 9,1 billion euros intended to support organic growth. Of these total investments, approximately 57% will then be directed to growth countries”, he explains Enel.
The group is expected to benefit from cumulative free cash flow over the plan period of approximately €9,7 billion, after the payment of dividends of €11,6 billion.
“I am very satisfied with the results achieved in 2013 which confirm the effectiveness of the group's geographical and technological diversification strategy”. So the CEO of Enel, Fulvio Conti, commented on the 2013 results.
“The managerial actions implemented to improve cost efficiency and optimize investments – he added – made it possible to achieve the economic-financial objectives and exceed the objective of reducing net financial debt. These results were achieved despite the continuation of the negative economic cycle in Italy and Spain and the heavily penalizing regulatory measures adopted by the Spanish government in 2012 and 2013. The group continues to produce positive net cash flows”.
Conti explained how “for the next five years we will continue the strategy of reducing debt and generating cash flow. The process of simplifying the corporate structure and reorganizing the group will also continue. Thanks to the combined effect of these actions, we expect to improve the dividend policy starting from the 2015 results”.
In the 2014-2018 industrial plan Enel estimates an improvement in the dividend policy starting from the 2015 results with a pay-out equal to at least 50% of the group's net ordinary income, compared to the current 40%.
The positive results immediately push the title Enel in Piazza Affari, where at the opening of the session it gains more than 1% a 3,866 euro.
Attachments: ENEL results
