· Revenues at 57,914 million euros (49,465 million euros in the first nine months of 2020, +17.1%)
- the positive change is attributable to higher revenues from all business lines and, in particular, from Thermal Generation and Trading, Enel Green Power and End-User Markets, due to higher volumes of energy sold, from Infrastructure and Networks, due to higher volumes of energy transported, as well as from Enel X. These effects more than offset the negative exchange rate impact in Latin America
· Ordinary EBITDA at 12,631 million euros (13,146 million euros in the first nine months of 2020, -3.9%)
- the decrease is due to non-recurring items booked in the first nine months of 2020, such as the change in the energy discount benefit in Spain, mainly in Infrastructure and Networks and in Thermal Generation and Trading, as well as the compensation associated with the resolutions of ARERA n. 50/2018 and n. 461/2020 in Italy. In addition, the first nine months of the year were affected by the adverse exchange rate effect in Latin America and several headwinds associated with business dynamics. These impacts were only partially offset by operating growth in the period, driven by investment in Enel Green Power and improved margin in End-User Markets and in Enel X, as well as by the recognition of the indemnification related to the CO2 emission rights assigned for free in Spain in Thermal Generation and Trading
· EBITDA at 11,278 million euros (12,705 million euros in the first nine months of 2020, -11.2%)
· EBIT at 6,254 million euros (6,975 million euros in the first nine months of 2020, -10.3%)
- the change mainly reflects the performance of operations, partially offset by lower depreciation, amortization and impairment recorded in the first nine months of 2021, both on plants and on receivables
· Group net ordinary income at 3,289 million euros (3,593 million euros in the first nine months of 2020, -8.5%)
- the decrease is due to the items commented under ordinary EBITDA as well as the effects resulting from the tax reforms in Argentina and Colombia, only partially offset by the results of companies accounted for using the equity method and by a reduction in non-controlling interests
· Group net income at 2,505 million euros (2,921 million euros in the first nine months of 2020, -14.2%)
· Net financial debt at 54,389 million euros (45,415 million euros at year-end 2020, +19.8%)
- an increase in the first nine months 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 at 7,901 million euros (6,563 million euros in the first nine months of 2020, +20.4%)
- the increase is mainly attributable to growth in capital expenditure in Infrastructure and Networks, in Enel Green Power, in End-User Markets and in Enel X
· Approval of interim dividend for 2021 of 0.19 euros per share, in payment from January 26th, 2022, an increase of 8.6% compared with the interim dividend distributed in January this year
- the Enel Board of Directors confirms the interim dividend policy for 2021, as provided for in the 2021-2023 Strategic Plan
- envisaged a total dividend of 0.38 euros per share on 2021 results
Francesco Starace, Enel Group CEO, stated: “In the first nine months of 2021, we continued our industrial growth path, recording an improved operating performance across all our business lines. We increased investments by more than 20% compared to the same period last year, investments that will allow us to support growth and seize opportunities in the current recovery. On this basis, for 2021 we are confirming the financial targets for ordinary EBITDA and net ordinary income presented to the markets in the last Strategic Plan. We also confirm our dividend policy, which sees an increase of around 9% in the interim dividend to be distributed in January 2022.”
 The figures for the first nine months of 2020 have been adjusted, for comparative purposes only, in order to take account of the effects of the different classification deriving from the fair value measurement of outstanding contracts at the end of the period for the sale of commodities with physical delivery. This different classification did not have any effects on the margins.
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