Enel closed 2011 with net profits down 5,5% compared to 2010, from 4,390 to 4,148 billion euros. However, the BoD proposed a dividend in line with the previous management: the coupon will be 0,26 euro per share. The decrease in the net result is essentially due to last year's higher tax burden, linked to the newly created Robin Hood Tax, "which more than compensated for the improvement in operational and financial management", reads a note from the energy group. The numbers published today bring down the share of Enel, which at the opening in Piazza Affari sinks by more than 7%.
The group's net ordinary income amounted to 4,097 billion euros, a decrease of 308 million euros (-7,0%) compared to the 4,405 billion euros of 2010. Revenues for 2011 amounted to 79,514 billion euros, with an increase of 6.137 billion euros (+8,4%) compared to 2010. Ebitda is equal to 17,717 billion euros (+1,4%), Ebit at 11,366 billion (+1 %). Net financial debt at 31 December 2011 stood at 44,629 billion euro (-0,7%).
“During 2011 our group achieved very satisfactory results – commented the CEO of Enel, Fulvio Conti – and once again in line with the previously indicated objectives, despite operating in a general unfavorable economic situation, which became even more difficult in the last quarter of the year, particularly in Italy and Spain”.
As for the business plan, total investments by the Enel group for the period 2012-2016 amount to approximately 27 billion euros, down by approximately 4 billion euro compared to the previous 2011-2015 plan. A revision of the dividend policy is also envisaged for the next few years, "which will be based starting from the results for the 2012 financial year on a pay-out equal to at least 40% (no longer 60%, ed) of the ordinary net profit group. Over the course of the plan itself, it is envisaged that the dividends will be distributed once a year, therefore without resorting to the payment of interim dividends”.
The group aims at a debt reduction of 14,5 billion euros to 2016, with a cut from the current 44,629 billion to 30 billion. Debt will amount to 43 billion euros in 2012, 39 billion in 2014 and 30 billion in 2016. Enel is also targeting a group net ordinary income of 3,4 billion euros in 2012, 3,8 billion in 2014 and 5 billion in 2016.
