Enel closes 2023 with a profit of 6.5 billion. Dividend at 0.43 euros

MILANO – Enel published its 2023 results which show ordinary net profit growing by 20.7% to 6.5 billion euros – in line with the expectations of Equita analysts – and operating cash generation growing by 63 % on 2022, increasing the historic high by 3 billion. A performance defined as “excellent” in the company note and which “made it possible to achieve” the results for the year “which had been revised upwards last November”. Defined a dividend from 0.43 euros per share, up 7.5%.

The CEO of the electricity group, Flavio Cattaneo, entrusted the comment to a note: “These solid results are a clear testimony to the effectiveness of the actions implemented by the new management during 2023 – we read –, in line with our strategic priorities of optimizing the risk profile /performance, efficiency and effectiveness as well as sustainability, both financial and environmental. We reiterate our commitment to achieving the ambitious objectives set at the presentation of the Strategic Plan 2024-2026. In particular, in line with what was announced last November, we reasonably expect that shareholder remuneration for 2024 will grow further.”

Revenues for 2023 were reduced to 95.5 billion (there were 147 in the preview of the Milanese Sim), from 140.5 in 2022: -32%. The group explains that the change is mainly attributable to lower average sales prices in a context characterized by a progressive normalization of the energy sector compared to 2022, as well as to the different scope of consolidation. Investments were also down to 12.7 billion (-11.4%) with a change “attributable to the different consolidation perimeter compared to 2022 as well as the focus of investments on the development of distribution networks and renewable capacity, mainly in Europe”.

L’ebitda ordinary was almost 22 billion (+11.6%) while the aforementioned growth in net profit is “attributable to the positive performance of ordinary operating management and the lower incidence of minority interests which more than compensated for the increase in expenses net financial costs due to the evolution of market interest rates compared to the previous year, as well as the higher tax burden attributable to the improvement in results”. Indebtedness it went from 60.6 to 60.1 billion.