Enel, net ordinary income up by 20.3% in the first half of 2019

Published on Monday, 5 August 2019

“In the first half of 2019 Enel has delivered excellent results, with double-digit growth in both EBITDA and net ordinary income, confirming the solidity of our business model, which fully integrates sustainability as a key driver of financial value creation. Networks and renewables are once again confirmed as Enel’s drivers of growth, fuelled by a 33% increase in development capex versus last year. As of today, we are building and developing over 7 GW of renewable capacity, which is expected to contribute around one billion euros in EBITDA per year, once operational. At the same time, networks boosted Group’s EBITDA growth significantly, on the back of continued benefits from the consolidation of Enel Distribuição São Paulo in Brazil. In the period, we have also driven growth in the advanced energy solutions business, as shown by Enel X’s installation of 63,000 electric vehicle charging points, a 70% increase year-on-year. The acceleration on our Strategic Plan allowed us to post around 200 million euros of efficiencies, placing us well on track to reach our 2019-2021 target of 1.2 billion euros in cumulated opex savings. We are continuing to deliver on the Group’s simplification target, with the completion of the first 5% share swap of Enel Américas and the launch of the second one for an additional 5%. With the sale of Reftinskaya GRES in Russia and the progress towards decommissioning the Group’s conventional generation fleet, we are furthering our commitment to be fully decarbonised by 2050. In the period, we continued to progress on all the Group’s commitments on UN Sustainable Development Goals (SDGs); in particular, we reached 56% of emission-free production, bringing us closer to our 2021 target of 62% and advancing in the pursuit of SDG 13 on climate action. Looking forward, sound cash flow generation, which fully covered the acceleration of our capex dynamics, will continue to sustain Enel’s growth. The high level of visibility on our results, ensured by continued operational delivery, constant efficiency improvements and new projects secured, allows us to confirm full year targets while giving us confidence in achieving our Plan’s medium-term goals”

– Francesco Starace, Enel CEO and General Manager