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Shareholders’ Meeting 2019: Starace’s Speech

The speech made by Francesco Starace at the 2019 Enel Shareholders’ Meeting

Enel closed 2018 with “Solid results, which offer good prospects for the future.” This was how the Group’s CEO and General Manager Francesco Starace opened the Ordinary Shareholders’ Meeting on May 16th. The Meeting, which was chaired by Enel president Patrizia Grieco, was held in order to approve the Group’s 2018 financial statements.

Net profit amounted to 4,789 million euro (+ 26.7% with respect to 2017), while ordinary net income was 4,060 million (+ 9.5%), ordinary EBITDA 16,158 million euros (+ 3.9%), with revenues at 75.6 billion euro (+ 1.3%). For shareholders remuneration was 18% higher than in 2017. Starace also told shareholders that “We confirm the 2019 guidance and we expect both the earning per share and the dividend to grow by a further 18%.”

He then explained that in 2019 the prime focus will be on “Organic growth, efficiency and simplification of the structure in order to make the Group more profitable and to eliminate risk profiles.” Furthermore, over the next two years a progressive reduction of debt is expected. Starace reminded the Meeting that the Strategic Plan presented in November provides for “an evolution of the net debit ratio on EBITDA from 2.5 in 2018 to 2.2 in 2021.”  In addition to the approval of the 2018 financial results, the Shareholders’ Meeting also approved a total dividend of 0.28 euro per share, on the proposal of the Board of Directors, of which 0.14 euro had already been paid as an interim dividend in January, while the remaining 0.14 will be paid in July. Moreover, the new board of auditors was appointed for the period 2019-2021.

Enel editorial staff