Enel, in first quarter 2021 investments up 8.8% and yearly targets confirmed

·       Revenues: 17,107 million euros (19,985 million euros in the first quarter of 2020, -14.4%)

-         the change is mainly attributable to Thermal Generation and Trading activities in Italy and Spain, due to lower trading activities, to Infrastructure and Networks activities, mainly in Latin America due to adverse exchange rate effects, and to End-User Markets due to decreasing volumes of electricity sold in Spain

·       Ordinary EBITDA: 4,159 million euros (4,741 million euros in the first quarter of 2020, -12.3%)

-         decrease mainly due to the impacts recognized in Spain in the first quarter of 2020, following the change in the energy discount benefit, mainly in Thermal Generation and Trading and Infrastructure and Networks, as well as due to the adverse exchange rate effects in Latin America

·       EBITDA: 4,091 million euros (4,708 million euros in the first quarter of 2020, -13.1%)

·       EBIT: 2,525 million euros (3,109 million euros in the first quarter of 2020, -18.8%)

-         the change mainly reflects the operating performance, partially offset by lower depreciation and amortization recorded in the first quarter of 2021 as a result of write-downs of certain coal-fired plants carried out during 2019 and 2020 as part of the decarbonization process

·       Group net ordinary income: 1,214 million euros (1,281 million euros in the first quarter of 2020, -5.2%)

-         the change in ordinary operating income was partially offset by lower net financial expenses and by a reduction in non-controlling interests

·       Group net income: 1,176 million euros (1,247 million euros in the first quarter of 2020, -5.7%)

·       Net financial debt: 45,884 million euros (45,415 million euros at the end of 2020, +1.0%)

-      increasing mainly due to the investments carried out during the period and adverse exchange rate effects, partly offset by positive cash flow generated by operations

·       Capital expenditure: 2,035 million euros (1,870 million euros in the first quarter of 2020, +8.8%)

-         the increase is mainly attributable to growth in capital expenditure in Enel Green Power, in Infrastructure and Networks and in End-User Markets

 

Francesco Starace, Enel Group CEO, commented: "In the first quarter of 2021, we significantly increased our investments, mainly in renewables and grids, in order to further accelerate the Group's decarbonization process and seize the opportunities that will emerge from the economic recovery. These investments will allow us to accelerate growth, in a context of ever increasing decarbonization, projecting us towards a new record in renewable capacity construction at year-end. In light of the financial and operating results achieved in the first quarter, we confirm our growth targets for 2021 in terms of ordinary EBITDA and net ordinary income, as announced in November last year during the presentation of the Strategic Plan."

 

Enel results 1Q 2021

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