Enel, net ordinary income up 14.1% in the first nine months of 2019, ordinary EBITDA target for the year revised upward to 17.8 billion euros

·       Revenues: 57,124 million euros (55,246 million euros in the first nine months of 2018, +3.4%)

-         the increase was mainly attributable to the activities of Infrastructure and Networks, especially in Latin America thanks to the contribution of Enel Distribuição São Paulo in Brazil and the settlement of pending regulatory issues in Argentina, as well as to Thermal Generation and Trading activities, mainly in Italy

·       EBITDA: 13,209 million euros (12,134 million euros in the first nine months of 2018, +8.9%)

·       Ordinary EBITDA: 13,268 million euros (12,006 million euros in the first nine months of 2018, +10.5%) net of extraordinary items in the two periods

-         the increase was driven by the performance of Infrastructure and Networks in Latin America, which benefitted from the results posted by Enel Distribuição São Paulo and regulatory changes in Brazil and Argentina, by the increase in margins in nuclear generation, and by the expansion of the free market

·       EBIT: 4,199 million euros (7,438 million euros in the first nine months of 2018, -43.5%)

-      the decrease reflected the impairment recognised on a number of coal-fired plants in Italy, Spain, Chile and Russia, which more than offset the EBITDA increase

·       Group net income: 813 million euros (3,016 million euros in the first nine months of 2018, -73.0%), mainly due to the impairment recognised on a number of coal-fired plants

·       Group net ordinary income: 3,295 million euros (2,888 million euros in the first nine months of 2018, +14.1%) net of extraordinary items in the two periods

-      the change reflects the improvement of ordinary operating results, partially offset by higher financial expenses not directly attributable to debt, as well as by a decrease in the net income of equity investments accounted for using the equity method

·       Net financial debt: 46,505 million euros (41,089 million euros at the end of 2018, +13.2%)

-      increase mainly in line with capital expenditure for the period, the payment of dividends, adverse exchange rate developments and the initial application of IFRS 16.

·    Approval of interim dividend for 2019 of 0.16 euros per share, in distribution as from January 22nd, 2020, an increase of 14.3% on the interim dividend distributed in January this year

-      The Enel Board of Directors confirms the interim dividend policy for 2019, as provided for in the 2019-2021 Strategic Plan

-      The total dividend for 2019 is expected to be the highest between 0.32 euros per share and 70% of the Enel Group’s net ordinary income

Francesco Starace, Enel CEO and General Manager, said: “The positive performance recorded in the first nine months of 2019 demonstrates the solidity of Enel's integrated business model, which made it possible to increase the Group's net ordinary income by 14% and ordinary EBITDA by 11%.

During the period, the Group also accelerated its investments to over 6 billion euros, 84% of which dedicated to renewables and grids, fuelled by a strong cash generation that will continue to support our medium and long-term growth ambitions. Furthermore, in these nine months the Group expanded by 24% its investments in asset development, which are fully addressed for 2019 and 2020, offering full visibility on the achievement of our industrial objectives.

Actions to fully integrate sustainability into the Group's business strategy have been increasingly effective. Our path towards decarbonisation continues, in which a key step was the commitment undertaken by Enel last September to reduce direct greenhouse gas emissions per kWh by 70% by 2030 compared with 2017 values. This goal has been certified by the Science Based Targets initiative.

In addition, the Group launched the first corporate bonds in the world linked to the achievement of the United Nations Sustainable Development Goals, first on the US market and then in Europe. The issues raised about 4 billion euros and were four times oversubscribed, underscoring market confidence in this innovative sustainable finance tool.

In renewables, we installed 600 MW in these nine months and we are expecting the entry into service of a further 2,400 MW by the end of the year. This allows us to confirm the target of 3 GW of new renewable capacity installed by the end of 2019. We are also working to increase our annual target of additional renewable capacity to 4 GW, starting in 2020.

Looking ahead, operational growth, the continuous effort going into efficiency enhancement and the simplification of the corporate structure place us in the best position to exceed our full-year consolidated ordinary EBITDA target, raising it to around 17.8 billion euros, and to generate a consolidated net ordinary income of about 4.8 billion euros at the end of 2019. These actions are being pursued within a strategic approach that views sustainability as a key factor in the creation of value for the Group and its stakeholders.”


Novemestrale 2019 ENG

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