Enel closed the first quarter of the year with revenues down to 17.107 billion euros (-14.4% from 19.985 billion in the first quarter of 2020). A change, explains the group, mainly attributable to the thermoelectric generation and trading activities in Italy and Spain, due to the lower trading activities, to the Infrastructures and Networks mainly in Latin America due to the negative exchange rate effect and to the Final Markets, for the smaller amount of electricity sold in Spain. EBITDA fell to 4.091 billion (-13.1%), EBIT to 2.525 billion (-18.8%). The net ordinary result of the group amounted to 1,214 billion (-5.2%) and the net result of the group to 1,176 billion (-5.7%). Net financial debt of 45.884 is up by 1% from 45.415 billion at the end of 2020. Investments, at 2.035 billion, are up by 8.8% thanks to Enel Green Power, Infrastructures and Networks and Final Markets.
«In the first quarter of 2021 we significantly increased our investments – commented the CEO Francesco Starace – mainly in renewables and networks, in order to further accelerate the group’s decarbonisation process and seize the opportunities that will emerge from the economic recovery. These investments will allow us to accelerate growth, in a context of ever greater decarbonisation, projecting us towards a new record in building renewable capacity at the end of the year ».
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The production of electricity from renewable sources, including also the volumes from managed capacity, was significantly higher than the thermoelectric one, reaching 30.07 TWh (28.0 TWh in the first quarter of 2020, + 7.6%), against a production from thermoelectric sources equal to 19.1 TWh (18.7 TWh in the first quarter of 2020, + 2.0%). Production with zero emissions reached 64.3% of the total generation of the Enel group considering only production from consolidated capacity, while it is equal to 66% also including generation from managed capacity. The long-term objective for Enel remains the “decarbonisation of the mix” by 2050.
In light of the financial and operating results achieved in the first quarter, Starace confirmed the growth objectives for 2021 “in terms of ordinary EBITDA and ordinary net profit, as announced in November last year on the occasion of the presentation of the Strategic Plan”.
The guidance provided to the financial markets on the occasion of the presentation of the 2021-2023 Strategic Plan provides for an ordinary EBITDA between 18.7 and 19.3 billion and an ordinary net profit between 5.4 and 5.6 billion.