Enel investments of over EUR 10 billion in 2020

Aurel Constantin 22/03/2021 | 09:17

Enel recorded EUR 64.9 billion in 2020, down 19 percent from 2019 and an ordinary EBITDA of EUR 17.9 billion. The value of investments over the year reached EUR 10 billion. 

Main consolidated economic and financial data 

  • Revenues: 64,985 million euros (80,327 million euros in 2019, -19.1%)
    • the change is primarily attributable to the End-user Markets as a result of the decline of gas and electricity sales in Italy and Spain, mainly reflecting the impact of the COVID-19 outbreak, to the activities of Thermal Generation and Trading in Italy due to a decrease in trading activities and to the adverse exchange rate developments in Latin America 
  • Ordinary EBITDA: 17,940 million euros (17,905 million euros in 2019, +0.2%)
    • a slight increase compared to 2019 thanks to the positive change in Generation, mainly Enel Green Power, which more than offset the negative changes in Infrastructure and Networks and End-user markets 
  • EBITDA: 16,816 million euros (17,704 million euros in 2019, -5.0%) 
  • EBIT: 8,368 million euros (6,878 million euros in 2019, +21.7%)
    • the increase is mainly attributable to higher value adjustments carried out in 2019 compared to 2020, whose effects were partially offset by higher writedowns on trade receivables in 2020 
  • Group net ordinary income: 5,197 million euros (4,767 million euros in 2019, +9.0%)
    • the change reflects the improvement in ordinary operating income including lower depreciation and amortization for the period, the efficient financial management, which entailed a decrease in financial expenses, and the lower non-controlling interests 
  • Group net income: 2,610 million euros (2,174 million euros in 2019, +20.1%)
    • Mainly due to higher value adjustments made in 2019 due to an improvement in financial management and to lower non-controlling interests
  • Net financial debt: 45,415 million euros (45,175 million euros at the end of 2019, +0.5%)
    • a slight increase due to investments in the period and the acquisition of additional interests in the share capital of Enel Américas and Enel Chile 
  • Capital expenditure: 10,197 million euros (9,947 million euros in 2019, +2.5%)
    • the increase is mainly attributable to growth in capital expenditure in Enel Green Power, in Infrastructure and Networks and in Enel X 
  • The total dividend proposed for the entire 2020 financial year is equal to 0.358 euros per share (of which 0.175 euros per share already paid as an interim payment in January 2021) up 9.1% on the total dividend of 0.328 euros per share recognized for the full 2019 financial year

2020 strategic objectives achieved despite the unfavorable environment resulting from the COVID-19 outbreak

– Ordinary EBITDA in line with target and net ordinary income up 9%, reaching the higher end of the Group’s guidance range

– Progress on decarbonization, with new renewable capacity built in 2020 reaching 3.1 GW, and coal-fired capacity down by 2.8 GW. As a consequence, direct CO2 emissions are down to 214 gCO2eq/kWh in December 2020.

– Progress made in Group simplification through the acquisition of additional stakes in the share capital of Enel Américas and Enel Chile

– Proposed total dividend for 2020 of 0.358 euros per share, 9.1% higher than the dividend paid in 2019

“Enel’s 2020 results underscore the Group’s strong commitment to sustainable growth, as demonstrated by the more than 10 billion euros invested during the year,” said Francesco Starace, CEO of the Enel Group.Our investments are directed towards a sustainable and integrated business model, which is based on renewables, distribution and advanced energy services, leveraging on the primary role of digitalization and platforms. This approach is aimed at accelerating growth both through the ‘Ownership’ model, which is focused on direct investments, and through the ‘Stewardship’ model, which envisages the involvement of third parties. Through this approach, we have further accelerated the decarbonization of the Group’s generation mix while promoting growth in the areas where we are present. The growth in our results therefore confirms Enel’s ability to create shared and sustainable value for all stakeholders. During 2021, in line with the Strategic Plan and its decarbonization as well as digitalization objectives, we plan to accelerate investments in renewables, in the improvement of the quality and resiliency of networks, and in the electrification of consumption.”

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