Enel accelerates growth in first half 2021, capex up 16.3% and annual targets confirmed

·       Revenues: 29,853 million euros (33,375 million euros in the first half of 2020, -10.6%)

-         the change is mainly attributable to Thermal Generation and Trading activities, due to lower trading activities in Italy and to the negative exchange rate effect in Latin America. These reductions were only partially offset by the increase of revenues recorded for Enel Green Power, End-User Markets driven by higher volumes of energy sold, and Enel X activities.

·       Ordinary EBITDA: 8,360 million euros (8,794 million euros in the first half of 2020, -4.9%)

-         the decrease is essentially  due to the impacts recognized in the first half of 2020 following the change in the energy discount benefit in Spain , mainly in Infrastructure and Networks as well as in Thermal Generation and Trading, in addition to the adverse exchange rate effect in Latin America. These effects are only partially offset by better margins in the End-User Markets, in Enel X and, in Thermal Generation and Trading, from the recognition of the indemnification related to the CO2emission rights , assigned for free in Spain by the PNA[1].

·       EBITDA: 7,719 million euros (8,645 million euros in the first half of 2020, -10.7%)

·       EBIT: 4,371 million euros (4,543 million euros in the first half of 2020, -3.8%)

-         the change mainly reflects the performance of operations, partially offset by lower depreciation, amortization and impairment recorded in the first half of 2021, which were impacted by write-downs, made in previous financial years, of certain coal-fired plants as part of the decarbonization process undertaken by the Group and by lower provisions for bad debts.

·       Group net ordinary income: 2,299 million euros (2,405 million euros in the first half of 2020, -4.4%)

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

·       Group net income: 1,778 million euros (1,947 million euros in the first half of 2020, -8.7%)

·       Net financial debt: 50,418 million euros (45,415 million euros at year-end 2020, +11.0%)

 

-         an increase in the first half of 2021, mainly due to investments for the period, the acquisition of an additional stake in Enel Américas and the adverse exchange rate effect, partially offset by the positive cash flows generated by operating activities

·       Capital expenditure: 4,813 million euros (4,137 million euros in the first half of 2020, +16.3%)

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

*****

Francesco Starace, Enel Group CEO, commented: “In the first half of 2021, we continued our significant industrial growth based on sustainability and technological innovation, recording a 16.3% increase in investments and an acceleration in installed renewable capacity in the period, which will allow us to set another record at the end of the year, bringing  new installed capacity to 5.8 GW. In the second quarter of the year, the Group's performance accelerated solidly and visibly, returning the main operating figures to pre-COVID levels. In light of the trend recorded in the first half of 2021, we confirm the year-end targets of Ordinary EBITDA and Net Ordinary Income, as well as the guaranteed dividend per share of 0.38 euros, up 6% year-on-year.

 

[1] Plan Nacional de Asignación de Derechos de Emisión (in English, National Emission Allowance Allocation Plan).

Enel 1H 2021 results

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