Revenues are in sharp decline (-34%), but profits increase by 65%. They close like this Enel’s first nine months of 2023 which approves an interim dividend and raises the guidance for the entire financial year. The group, controlled by the State, closed the period from January to September with 69,534 million euros (-34.1% compared to the nine months of 2022) in revenues.
The decline is closely linked to the lower volumes of energy produced in a regime of decreasing average sales prices in a context characterized by greater price stability compared to the nine months of 2022, as well as to the different scope of consolidation in the two periods to comparison. L’Ordinary EBITDA was 16,386 million euros (+29.3%), with the increase attributable to the results of the integrated business, which benefited from the normalization of margins compared to the same period in 2022 and the improvement in the results of Enel Grids.
Il ordinary net result stood at 5,033 million euros (+65.2%), with the increase reflecting the positive trend of ordinary operating management and the lower incidence of minority interests on the ordinary net result, which more than offset the increase in net financial charges due to the evolution of interest rates and the increase in the average debt for the period, as well as the higher tax burden attributable to the better results.
FLAVIO CATTANEO
Debts increase by 5.4%
L’net financial debt is at 63,312 million euros (60,068 million euros at the end of 2022, +5.4%), with the change mainly attributable to the positive cash flows generated by operational management, the sale of some companies no longer considered strategic and the the issue of perpetual hybrid subordinated non-convertible bond loans, which only partially offset the needs generated by investments in the period and the payment of dividends, as well as the unfavorable trend in exchange rates.
“The achievement of the Net Financial Debt/EBITDA target of 2.4x-2.5x is confirmed, considering a pro-forma net financial debt to also take into account the financial impacts of the planned and unfinalised asset disposal operations, the financial effects will only be produced following the completion of the usual authorization processes by the competent authorities” reads the note from the group led by Flavio Cattaneo.
“Any differences compared to the net financial debt target for the 2023 financial year will, therefore, be attributable solely to the different completion times associated with the asset sales compared to the forecasts of the 2023-2025 Strategic Plan. The update of the target relating to net financial debt at the end of 2023 will be provided at the presentation of the new Strategic Plan scheduled for November 22nd” continues the note.
Estimates revised upwards for 2023
In light of the solid operational performance recorded in the nine months of 2023, the 2023 guidance has been revised upwards. In particular, it is expected: an ordinary EBITDA of between 21.5 and 22.5 billion euros, an increase compared to the previous target of between 20.4 and 21.0 billion euros; a Group ordinary net profit of between 6.4 and 6.7 billion euros, an increase compared to the previous target of between 6.1 and 6.3 billion euros.
Finally, the council resolved a interim dividend 2023 equal to 0.215 euros per share, payable from 24 January 2024, an increase of 7.5% compared to the interim dividend distributed in January 2023. Furthermore, the board has foreseen an overall dividend for the 2023 financial year of 0.43 euros per share.
(Teleborsa)