Enel closes the Open Fiber game

Enel closes the Open Fiber game
Enel closes the Open Fiber game

Enel returns to pre-Covid levels, is about to close 2021 with a new record in renewable capacity (5.8 Gw) and is preparing “in days” to close the Open Fiber sale operation: in the sale of 50% of the fiber group «I do not see a delay, we are working on a signature in the next few days, for sure it will arrive by the end of the year. We do not see the possibility that the operation could be hampered, ”said Francesco Starace, CEO of the group.
Returning to the half-year performance, Enel found double-digit growth in cash flows (+ 30%), which the pandemic had weighed on last year. The first half of 2021 is therefore marked by “industrial growth based on sustainability”, explains CEO Starace, with a marked acceleration of investments, especially in infrastructure and networks, in end markets and in Enel X: + 16.3% in 4.8 billion.
The growth in investments in Infrastructures and Networks “took place above all in Italy, Spain and Latin America – explains the company – mainly for the installation of new Smart Meters (remote meter reading systems) and for remote control activities; the increase in investments in end markets in Italy and Spain; the increase in investments by Enel X in Italy in the e-Home business, in electric mobility and digitalization and in Colombia for public lighting; the substantial stability of Enel Green Power’s investments, where there was a decline, mainly in South Africa and Mexico, was partially offset by greater investments in Chile, Italy, India, Russia, Panama and the United States ».
A restart not fully reflected in the numbers, given that the ordinary net result fell to 2.29 billion (-4.4%) and the net profit to 1.778 billion (-8.7%); with revenues at 29.8 billion (-10.6%), ordinary EBITDA at 8.3 billion euros (-4.9%) and EBIT at 4.37 billion (-3.8%).
The prospects for the group are however rosy and Starace has confirmed the targets for the end of the year in terms of ordinary EBITDA and ordinary net profit, as well as the guaranteed dividend per share equal to 0.38 euros per share, up 6% compared to the last year.
The next few months will also be marked by new green projects as part of the development plans linked to the Recovery Plan. And to shopping: «In the United States the scouting activity for M&A goes on, we need to find the right offers. I admit that perhaps we have focused more on Latin America, an area that has required a lot of attention »the CEO pointed out.

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Enel closes Open Fiber game

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