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Eni is back in profit, at pre-Covid levels. The group announced the results for the second quarter and the half year benefiting from a strengthening of all commodities. Group adjusted EBIT recovered sharply to € 2 billion in the second quarter compared to the loss of € 0.4 billion in the same period of 2020 and to € 3.4 billion in the first half of the year with an increase of € 2.5 billion.
Adjusted net profit returns to pre-Covid levels: 0.93 billion in the quarter and 1.20 billion in the half year, a clear improvement on the 2020 loss, with a change of +1.6 and +1.9 billion respectively, due to improved operating performance and the normalization of the tax rate.
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Operating cash flow (before working capital at replacement cost) stood at € 2.80 billion in the second quarter against net capex of € 1.52 billion. In the first half of the year, it achieved a cash flow of 4.76 billion which financed net capex of 2.91 billion. Net financial debt before IFRS 16 is down sharply: 10 billion, -1.5 billion from 31 December 2020.
The coupon and the buy-back
“The results achieved so far, the progress in the implementation of our strategy and the management forecasts allow us, with the Brent reference scenario of 65 dollars / bbl, to bring the 2021 dividend back to the pre-Covid level of 0.86 per share, and start a 400 million buy-back program for the next six months. As announced to the market, 50% of the dividend will be distributed in September »says CEO Claudio Descalzi in a note.
Renewables
«In renewables – continues the CEO – we have largely exceeded our target by 2021, reaching 2 GW of installed power and under construction. Chemistry has achieved the best results ever, with an EBIT of around 200 million, up by 270 million. The performance of the business and the selectivity in investments allowed us to generate in the first half of 2021 a significant free cash flow of 1.82 billion after the financing of organic investments ».