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Starace: Enel results as of 30 September 2020

Enel withstands the impact of the pandemic, the Group’s strategic plan is confirmed
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Resilience and solidity: For Enel, the first nine months of 2020 can be summarised by these two keywords. Despite an “exceptional” scenario, which has been unavoidably characterized by the pandemic, the results as of 30 September enable the Group headed by Francesco Starace to confirm the targets for 2020 and guarantee the payment of dividends. Net income was up by 259.3% to €2.92 billion, and ordinary net income rose by 9% to €3.593 billion. The drop in revenues (€48.05 billion, -19.0%) is primarily attributable to a decline in the volume of gas and electricity sold in Italy and Spain, as a result of the Covid-19 outbreak. EBIT stood at €6,975 million (+66,1%) and ordinary EBITDA at €13,146 million (-0.9%).

 

The pandemic has therefore impacted the Group’s performance only partially and without affecting its consolidated income. Enel has been able to mitigate the effects of the Covid-19 outbreak thanks to the adoption of efficient financial measures which led to a decrease in financial expense. The Group can therefore confirm the targets indicated in the 2020-2022 Strategic Plan, as announced by CEO Francesco Starace and updated in July 2020: EBITDA at €18 billion and net income at €5-5.2 billion. These results enabled the Group to take no risk as regards the payment of dividends: as was pointed out in a statement, Enel approved the payment of an interim dividend of 0.175 euro per share for 2020, to be paid from 20 January 2021. It is an increase of 9.4% compared with the interim dividend distributed in January 2020.

 

In the context of “a volatile macroeconomic environment that was strongly impacted by the Covid-19 epidemic,” these numbers show the “significant resilience” displayed by Enel. This is the result of an effective strategy based on “solid financial structures,” “geographical diversification” and “a business model integrated along the value.” It also confirms Enel’s commitment to sustainability, as emphasised by CEO and General Manager Francesco Starace on several occasions: as for the production mix, indeed, the generation from renewable sources far exceeded that from thermal generation. In addition, zero-emissions generation now accounts for 64% of Enel’s total generation.

 

Enel editorial staff