Enel, net ordinary income up 9% in the first nine months of 2020, driven by solid operating and financial performance

·       Revenues: 48,050 million euros (59,332 million euros in the first nine months of 2019, -19.0%)

-         the change is primarily attributable to End-user markets as a result of a decline in the volume of gas and 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 due to a decrease in trading activities, and the effect of the application of IFRIC interpretations[1], on top of adverse exchange rate developments in Latin America

·       EBITDA: 12,705 million euros (13,209 million euros in the first nine months of 2019, -3.8%)

·       Ordinary EBITDA: 13,146 million euros (13,268 million euros in the first nine months of 2019, -0.9%)

-         slightly down on the same period of the previous year, owing to a reduction in Infrastructure and Networks, mainly reflecting exchange rate developments in Latin America, and End-user markets, partly offset by an improvement in the performance of Enel Green Power and Thermal Generation and Trading

·       EBIT: 6,975 million euros (4,199 million euros in the first nine months of 2019, +66.1%)

-         the increase mainly reflects the impact of the greater impairments recognized in the first nine months of 2019 on a number of coal-fired plants in Italy, Spain, Chile and Russia compared with the depreciation, amortization and impairment losses recognized in the first nine months of 2020, specifically attributable to the impairment of the Bocamina II plant in Chile following its early closure as part of the decarbonization process launched by the Group and an increase in depreciations on trade receivables

·       Group net income: 2,921 million euros (813 million euros in the first nine months of 2019, +259.3%)

-         mainly reflecting the greater impairments recognized in the first nine months of 2019

·       Group net ordinary income: 3,593 million euros (3,295 million euros in the first nine months of 2019, +9.0%)

-         the increase reflected the resilience of ordinary operating performance, the efficient financial management, which led to a decrease in financial expense, and a reduction in non-controlling interests

·       Net financial debt: 48,953 million euros (45,175 million euros in full year 2019, +8.4%)

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

·      Approval of interim dividend for 2020 of 0.175 euros per share, in payment from January 20th, 2021, an increase of 9.4% compared with the interim dividend distributed in January this year

-        the Enel Board of Directors continues the interim dividend policy for 2020, as provided for in the 2020-2022 Strategic Plan

-         the total dividend for 2020 will be the greater between 0.35 euros per share and 70% of the Enel Group’s net ordinary income

 

[1] International Financial Reporting Interpretations Committee.

 

Enel nine months 2020

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