Enel, planned sales for 3.7 billion will be finalized soon
The potential additional cut in net debt for 2023 by Enel amounts to 3.7 billion euros, including an already booked amount of 500 million euros, thanks to the sales that are approaching the closing phase. The critical variable, represented by the typical time of purchase and sale transactions, pushed Enel’s top management to postpone the communication of the debt target for the end of the year to November 22nd. This date was strategically chosen as it coincides with the presentation of the new 2024-26 strategic plan, the first developed by CEO Flavio Cattaneo. Mf reports it.
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In the forecasts provided to analysts with the third quarter results, which saw an increase in earnings estimates (between 6.4 and 6.7 billion euros) and EBITDA (between 21.5 and 22.5 billion euros), the “debt” item was intentionally left blank, in anticipation of further potential collections. The group confirmed the achievement of the net financial debt-EBITDA objective of 2.4-2.5, considering the pro-forma net financial debt which takes into account the financial impacts of the planned and not yet completed asset sales.
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In other words, Enel could collect by December 31st, projecting a pro-forma net financial debt decreasing to 57.5 billion euros compared to over 63 billion at the end of September (+5.4% compared to the end of 2022). The consensus updated to October 30 expects Enel’s net debt to fall to 54 billion euros at the end of the year. From the presentation to the analysts it emerges that, adding the proceeds of the sales after 30 September (2.1 billion from Romania and 500 million from Chile) to those being finalized for another 3.2 billion euros, Enel is collecting significant proceeds.
Some of these proceeds have already been recorded by the end of the third quarter, as in the case of the sale to Inpex of 50% of the group’s renewable activities in Australia, for a total consideration of 142 million euros. As for the sales that Enel could complete by the end of the year, they are mainly three operations, with the largest concerning Peru for a value of 3.1 billion euros. TOAnother 300 million euros are expected from the sale of 50% of Enel Green Power Hellas in Greece, and a similar figure is tied to the recent decommissioning of 150 MegaWatts of geothermal capacity in the United States. According to Enel’s analysis, any differences compared to the debt target fnet financial income for 2023 will be due exclusively to the different completion times of the disposals.
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