Still sales Enel and Enel Green Power after the presentation of the strategic plan 2016-2019 of the group. Enel in the late afternoon gives 3.28% and returns to 4.07 euro, Enel Green Power loses 3.54% and back to 1.93 euro. Both titles are worse than a FTSE Mib already oriented downward with losses of 0.91 percent.
One of the most criticized of the last update of the business plan is the expected evolution of the ‘ recurring EBITDA group, which is expected to be about 15 billion euro this year, flex 14.7 billion euro next year and then return to 15.5 billion in 2017. It is from this point of view of data below the previous guidance (15 billion next year and 15.6 in 2017). They are confirmed by the objectives of profit and dividend (3.1 billion euro in 2016, at least € 0.16 in 2015 and 0.18 coupon on the € 2016).
The new plan is still very articulate and has increased the efficiency targets 1.8 billion euro bringing the expected savings between 2014 and 2019. Expected one billion in less than operating costs and lower maintenance investments for 800 million euro.
The boards of directors of Enel and Enel Green Power have approved the ‘ corporate integration which, together with the reorganization in South America, is one of the highlights of the plan. In other words, the managing director and general manager, Francesco Starace, Enel wants to speed on the simplification of the in this challenging global situation.
The announced merger of Enel Green Power Enel is technically a non-proportional demerger of EGP to Enel. In practice, the members of the branch of the national green energy will receive 0.486 shares of Enel per share of EGP flow exchange and Enel Green Power will be delisted. Provided the rights of withdrawal and sale exercisable for a liquidation value equal to the per share EGP € 1.780 per share. Among the conditions of the merger it is entered the total rights of withdrawal and sale does not exceed 300 million Euros. Yesterday Enel Green Power had closed at 2,008 euro. The first shareholder Enel will remain the Italian Ministry of Economy with the 23.569% stake.
The transaction underscores Enel wants to enhance the subsidiary in perspective: “in the coming period the plan (2016-2019) is expected to increase investment in renewable energy, which will be higher than 50% of new investments for the Group’s growth and making Enel Green Power the engine of development of Enel “.
It will have an important place in the next few years even the America , where the group Enel is strongly present and points to a number of simplifications that should lead to annual efficiency between 360 and 380 million EUR by 2019. Among other things, it will cut the number of cross-shareholdings between Enersis, Endesa Chile and Chilectra. Increased from 5 to 6 billion euro of the goal of asset rotation through resignation and reinvestments. In terms of investment , about 95% of new activities will be directed towards low risk and stable returns, (renewable and conventional energy purchase contracts with long-term PPA and networks). Expected an increase of 30% of investments in Italy, where the installation of electronic meters of second generation will be anticipated and is expected to produce a fair return from regulated activities.
In this lies also reiterated interest in the new plans on broadband coupled to the grid of Enel that the group intends to continue with or without Telecom Italy. For projects in this regard, however, must wait until next year and the broadband Enel there are no details in the plan submitted.
(GD)
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