Consolidated financial highlights
· Revenues: 80,327 million euros (75,575 million euros in 2018, +6.3%)
- the increase in revenues is mainly attributable to Infrastructure and Networks operations, in particular in Latin America, due to the contribution of Enel Distribuição São Paulo in Brazil and the resolution of previous regulatory issues in Argentina, as well as to Thermal Generation and Trading in Italy, reflecting an increase in trading activities and the effects connected with the application of recent IFRIC[1] interpretations
· EBITDA: 17,704 million euros (16,351 million euros in 2018, +8.3%)
· Ordinary EBITDA: 17,905 million euros (16,158 million euros in 2018, +10.8%) net of extraordinary items in the two periods under review
- the growth was driven by Infrastructure and Networks operations in Latin America, which benefited from the performance of Enel Distribuição São Paulo and the resolution of previous regulatory issues in Argentina, as well as the increase in margins in Thermal Generation and Trading operations in Spain and Brazil
· Group net income: 2,174 million euros (4,789 million euros in 2018, -54.6%), essentially reflecting the impairment recognized on a number of coal-fired plants
· Group net ordinary income: 4,767 million euros (4,060 million euros in 2018, +17.4%) net of extraordinary items in the two periods under review
- the increase reflects the improvement in ordinary operating performance
· Net financial debt: 45,175 million euros (41,089 million euros at the end of 2018, +9.9%)
- the increase mainly reflects capital expenditure for the period, adverse exchange rate developments and initial application of IFRS 16
· A total dividend proposed for 2019 of 0.328 euros per share (of which 0.16 euros per share already paid as an interim dividend in January 2020)
2019 results and objectives of the Group’s strategic plan
· 2019 results in line with Group guidance
- Networks, renewables and retail again the drivers of growth for the Group
- Ordinary EBITDA and net ordinary income up by 11% and 17% respectively
- The Group achieved all its strategic objectives for 2019, making the following progress on Group strategy:
1. Record renewable capacity, with more than 3 GW of new capacity built in 2019, alongside a reduction of 4.1 GW in coal generation;
2. Increase of 1.2 million customers on the free market, for a total of 17.2 million by December 2019. Increase in second-generation smart meters to 13.1 million, 5.9 million more than 2018;
3. Operating expenditure fell by 1% in nominal terms, led primarily by overall efficiency gains of about 313 million euros;
4. The total dividend proposed for 2019 is 0.328 euros per share, 17% more than the dividend paid in 2018.
[1] International Financial Reporting Interpretations Committee
