The following is a summary of the Enel SpA (ENLAY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Enel SpA posted a significant performance in 2023, with financials showing a double-digit year-on-year increase.
Free Cash Flow (FFO) improved by over 60%.
The company met all the upwardly revised targets of November 2023.
EBITDA reached €22 billion in a less volatile environment.
Net income amounted to €6.5 billion, a 20% increase compared to 2022.
A dividend per share of €0.43 was proposed following the strong results.
Debt guidance for 2024 is expected to decrease to a range of €53 billion and €54 billion, from the €60.1 billion in 2023.
Business Progress:
Enel is nearing completion of its disposal plan, with 90% already addressed.
The company made selective capital allocations to maximize returns while minimizing risk–60% of total CapEx was focused on Europe.
Over half of the company's investments have been in assets with long-term stable and visible returns.
A partnership business model has been introduced to foster capacity growth.
Environmental sustainability continues to improve, aligning with Enel's 2030 goal.
The company plans to continue focusing on cash generation and financial discipline, indicating potential upside in shareholder remuneration from 2024.
Based on Enel's strategic intent, their future asset rotation will aim to maximize return on invested capital while keeping an eye on market opportunities.
Retail EBITDA in Italy reached €4 billion in 2023, with a normalization expected in 2024.
More details: ENEL SPA UN SPON ADR EA REPR 1 ORD SHS IR
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