Enel, operating resilience and financial strength highlighted by 5.6% increase in net ordinary income in first half 2020

·       Revenues: 33,375 million euros (40,967 million euros in the first half of 2019, -18.5%)

-      the change is primarily attributable to End-user markets as a result of lower volumes of electricity sold in Italy and Spain mainly reflecting the impact of the COVID-19 outbreak, to the activities of Thermal Generation and Trading in Italy reflecting a decline in trading activities, and the effect connected with the application of IFRIC interpretations[1], on top of adverse exchange rate developments in Latin America

·       EBITDA: 8,645 million euros (8,907 million euros in the first half of 2019, -2.9%)

·       Ordinary EBITDA: 8,794 million euros (8,763 million euros in the first half of 2019, +0.4%)

-         increase driven by the improvement in the performance of Enel Green Power as well as Thermal Generation and Trading, which more than offset the lower performance of Infrastructure and Networks and of End-user markets

·       EBIT: 4,543 million euros (5,213 million euros in the first half of 2019, -12.9%)

-         the decrease is mainly attributable to the impairment recognized on the Bocamina II plant in Chile as a result of its early closure as part of the decarbonization process launched by the Group as well as to higher depreciations on trade receivables, primarily in Italy and Spain

·       Group net income: 1,947 million euros (2,215 million euros in the first half of 2019, -12.1%)

·       Group net ordinary income: 2,405 million euros (2,277 million euros in the first half of 2019, +5.6%)

-         increase driven by the improvement in ordinary operating performance, by the decrease in financial expense and by lower non-controlling interests

·       Net financial debt: 50,411 million euros (45,175 million euros in full year 2019, +11.6%)

 

-      the increase reflected investments during the period, and the acquisition of additional equity interests in Enel Américas and Enel Chile

 

 

 

 

 

 

[1] International Financial Reporting Interpretations Committee.

Enel 1H 2020 ENG

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