Il title Eni chours in Piazza Affari (+2% to 12,41 euro) after the publication of the accounts for the third quarter, closed with a adjusted operating profit amounted to 2,49 billion, up 22% on the previous quarter. In the 9 months, the adjusted Ebit flies to 5,86 billion, with an increase of 4,4 billion euros compared to the first nine months of 2020, +315%.
In the three months from July to September, the operating cash flow it stands at 3,3 billion against a net capex of 1,1 billion, while in the nine months the figure is equal to 8,1 billion, with net capex of 4 billion and a free cash flow of over 4 billion. In the same period the net disbursements amount to approximately 2,2 billion, a figure that includes the acquired debt and is entirely dedicated to accelerating the growth of renewables and low-carbon businesses.
THEnet financial debt (before IFRS 16) amounted to €11,3 billion (-€0,3 billion since 31 December 2020). The Leverage is down to 0,28 from 0,31 at the end of 2020. Eni recalls that in September it paid the 2021 interim dividend of 0,43 euro per share, equal to 50% of the 2021 dividend, with an outlay of 1,5 billion. Relative to the buyback from 400 million launched at the end of August to October 22, 17,63 shares were purchased for an amount of 197 million.
“The excellent results of this quarter confirm the continuous growth trend of our economic-financial performance. Upstream production is recovering from previous maintenances and grew by 6%, to 1,69 million barrels of oil equivalent per day and in line with guidance”. he commented the managing director of Eni, Claudio Descalzi, underlining how “thanks to the performance of all our businesses, in the third quarter we generated 2,5 billion adj EBIT. and an adjusted net profit. of 1,4 billion, values at the highest levels in recent years. Furthermore, in the first nine months of the year, strong cash generation and careful cost management make available over 4 billion in free cash flow, more than enough to cover the entire 2021 dividend and buyback”.
As of September 30, 2021 installed capacity from renewable sources of Eni was equal to 834 MW, a figure almost three times higher than the 307 MW of 31 December 2020. At the end of the year, thanks to the completion of the announced ones, an installed/under construction renewable capacity of 2 GW is expected, in strong an increase compared to the previous forecast of around 1 GW, while the figure for installed capacity alone rose from an initial estimate of 0,7 GW to 1,2 GW at the end of 2021.
For the whole of 2021 operating cash flow before working capital is expected to grow to approximately 12 billion assuming 70 dollars/barrel of Brent and slightly negative SERM refining margin. Exploration discoveries in the year are revised upwards to 700 mmboe (from about 500 mmboe) thanks in particular to the discovery in the Ivory Coast. For Eni gas e luce & Renewables in 2021 the adjusted Ebit is confirmed at 350 million; pro-forma adjusted ebitda at 600 million, 2021 Leverage expected at around 0,28.
“In an increasingly solid Group context we are accelerating the transition plan: the listing of the company that includes Retail and Renewables it will allow us to exploit a single business model, essential for the decarbonisation of consumption by retail customers; moreover, we continue to invest to implement the CCS project in the UK at HyNet which is in the competition to receive funds from the British government. Our long-term optionality has also expanded with the success of the magnetic fusion test which could open up the prospect of a disruptive technological evolution in electricity generation". Highlight Descalzi. "Eni confirms its commitment to financial discipline to reduce cash neutrality, to the rapid development of technologies to speed up decarbonization plans, as well as to the drive to extract value from the portfolio and create new growth drivers through dedicated corporate vehicles with strategic value", concludes the manager.
