What will Enel sell?
According to Bloomberg, Enel plans to sell assets outside Italy to reduce its (increased) debt and finance new investments. All the details and results of the first nine months of 2022 of the Italian energy group
According to rumors gathered by Bloomberg , Enel is considering the sale of its assets outside Italy to reduce debt and finance new investments. The company, which lowered its 2022 profit target due to the energy price crisis, will unveil its strategy in the coming weeks.
ASSETS IN ROMANIA, GREECE AND NOT ONLY
The plan could include the sale of equity interests in operations in Romania, Greece, Australia and Colombia. At the moment – states the source of the agency – no decision has been taken.
THE OBJECTIVES ON DEBT
The sale of assets could allow Enel to reduce its debt, which at the end of September reached a record figure of 69.7 billion euros. The company aims to raise it to $ 58-62 billion by the end of the year.
Sales would be part of Enel's strategy for “asset rotation”, aimed at obtaining resources with which to finance new investments.
Chief Executive Officer Francesco Starace is expected to present the industrial plan for the two-year period 2023-2025 on November 22nd.
THE ESTIMATE OF GOLDMAN SACHS
According to an estimate by Alberto Gandolfi, an analyst at Goldman Sachs, through the sale of assets in emerging markets – part of a "profound rationalization" of its business – Enel could raise between 15 and 25 billion euros.
ASSETS ALREADY SOLD
The company has already announced some asset sales, which are expected to impact net debt of around € 4 billion by the end of the year. These disposals include the sale of the entire stake in its Russian unit, an electricity distribution company in Brazil and a stake in the smart grid operator Gridspertise.
COVERAGE FROM CARO-GAS
Last week, the financial director Alberto De Paoli had announced that Enel was looking for a revolving credit line to cover the risks associated with derivatives, in anticipation of future increases in the price of gas.
– Read also: Gas, all the follies of the Dutch TTF market. Word of Starace (Enel)
ENEL'S NUMBERS IN THE FIRST NINE MONTHS OF 2022
In the first nine months of 2022, Enel reported revenues of 108,177 million euros, an increase of 84 percent compared to the same period of 2021. The net result, however, fell by 9.5 percent to 2,977 million. Net debt grew 34.2 percent year-on-year to $ 69.7 billion.
The company has revised down its net profit forecast for the whole of 2022, from 5.6-5.8 billion to 5-5.3 billion.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/enel-vendita-asset/ on Wed, 09 Nov 2022 14:54:51 +0000.