Enel presented a brilliant half-year with a profit of 2,2 billion, an increase of 20,3% and an increase of 1 billion in Ebitda, an increase of 13,4%. Investments and with them debts are on the rise to crown a management which, precisely in the second quarter, has achieved numerous records with the stock steadily above 6 euros, a generous dividend for shareholders (Treasury in primis) and themarket capitalization jumped for the first time above the 50 billion which have already become 62,6 on Thursday evening.
It is above all distribution activity that pushes revenues to almost 39 billion (+8,2% compared to the first half of 2018), especially in South America, thanks to Enel Distribuição São Paulo. Other positive factors were – explains the note from the group – the agreement between Edesur and the Argentine government for the resolution of pending regulatory issues in addition to renewables in North and South America and conventional generation in Italy and Chile (+77%).
THEOrdinary EBITDA rose by 13,4% to 8,9 billion, 1 billion more than the value achieved in the first half of 2018. The net result elordinary net income of the group exceed 2,2 billion, the latter up by 20,3% driven by the growth in investments (+33% to 4,16 billion), mostly concentrated on the distribution network in Italy and on the replacement of digital meters as well as on the growth in renewables in Spain, Mexico, Brazil and South Africa. Net financial debt thus rose to 45,4 billion, 10,5% more than in the first half of 2018, also as a result of the first-time application of IFRS 16 and the payment of dividends which reached the remarkable figure of 2,174 billion , a third of which ended up in the Treasury's pocket.
At this point, it was easy for CEO Francesco Starace to underline "the double-digit increase in Ebitda and net ordinary income, confirming the solidity of our business model". “To date – he continued – we are building and developing over 7 GW of renewable capacity which, once fully operational, is expected to contribute approximately one billion euros a year to the group's Ebitda” . The other driving force are the distribution networks and the progress of Enel X "in the installation of 63.000 recharging points for electric vehicles, with an increase of 70% on an annual basis". Management efficiencies have resulted in savings of 200 million.
Having confirmed the decarbonisation objectives for 2021 and 2050, Starace also maintains the guidance for 2019 and the medium-term objectives of the Plan.
Then speaking with analysts in a conference call, the CEO said that he considered "improbable that the protection regime will come out on 1 July 2010" and that he rather imagined a "gradual path that primarily interests small companies at first". in line with what was stated by the Energy Authority in theinterview with the president Stefano Besseghini at FIRSTonline.
