Enel Debt at €60 Billion as Asset Sales Plan Seen On Track.

ENEL SpA; DEBT; CORPORATE profits

Enel SpA, an Italian multi-utility company, has successfully met its debt-cutting targets and is close to completing an ambitious asset-sales plan. The company reported a net debt of €60.2 billion in 2023, which is within the guidance range of €60 billion to €61 billion. This will bring the debt down to a pro-forma level of €53.5 billion once the asset disposals are finalized. Enel also reported ordinary adjusted net income of €6.5 billion last year, in line with analyst estimates. The CEO, Flavio Cattaneo, has revised the asset selloff plan in order to reduce the company's debt pile, which reached a record of around €70 billion in 2022. The state is Enel's largest shareholder with a stake of about 24%. The company's funds from operations increased by approximately 63% compared to the previous year, reaching a company record of about €14.8 billion. This growth was attributed to managerial actions focused on financial discipline. [Extracted from the article]

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)