Key Developments: Enel SpA (ENLAY.PK)
3.70USD
22 May 2013
$-0.03 (-0.80%)
$3.73
$3.73
$3.73
$3.64
5,465
24,565
$4.35
$2.37
Latest Key Developments (Source: Significant Developments)
Enel SpA Authorizes Issue of Hybrid Financial Instruments
Enel SpA announced that the Board of Directors authorized the issue by Enel SpA of one or more non-convertible bonds, in the form of hybrid subordinated instruments, up to a maximum amount of EUR 5 billion by December 31, 2014. The initiative forms part of the actions to strengthen the financial structure of the Enel Group set out in the business plan presented to the financial community on March 13, 2013. The bonds may be placed with institutional investors or with retail investors, depending on the opportunities that the market may offer. Full Article
Repsol SA Jointly with Enel SpA and GDF Suez SA Makes Gas Discovery in Algerian Block-DJ
Dow Jones reported that Repsol SA announced that it has made a gas discovery in the Sud-Est Illizi block, in the southeast of Algeria, the second since November 2012. Repsol, which operates the block, has a 25.7% stake in the project; Enel SpA has a 13.5% stake, GDF Suez SA a 9.8%, while the remaining 51% stake is owned by Algeria's state-run Sonatrach. Full Article
Enel SpA Comments on Capital Increase of Enersis SA
Enel SpA announced that the capital increase of Enel’s Chilean subsidiary, Enersis SA, was completed with the subscription of all of the 16,441,606,297 new ordinary shares issued, corresponding to a total of about USD 6 billion , of which around USD 2.4 billion in cash. As a result of the full subscription of the Enersis capital increase and the completion of the transaction, the subsidiary Endesa will continue to hold (directly and through the wholly-owned subsidiary Endesa Latinoamerica S.A.) around 60.6% of the share capital of Enersis. Full Article
Enel SpA to Propose FY 2012 Dividend; Issues FY 2013 EBITDA In-Line With Analysts' Estimates; Issues FY 2013 Net Income Guidance, FY 2015 Guidance Below Analysts' Estimates; Issues FY 2017 Guidance
Enel SpA announced that the Board of Directors will propose to the Shareholders’ Meeting the distribution for fiscal year 2012 of a dividend of EUR 0.15 per share. The total dividend for fiscal year 2012 is therefore equal to approximately EUR 1,411 million, based on consolidated net ordinary income (i.e. generated by Enel’s core business) of approximately EUR 3,455 million, in line with the dividend policy approved by the Board of Directors on March 7, 2012, providing for a pay-out of at least 40% of consolidated net ordinary income. The Board has proposed June 24, 2013 as the ex-dividend date and June 27, 2013 as the distribution date. Enel SpA also announced that it has issued the Company's EBITDA and net income guidance for fiscal year 2013, 2015 and 2017. For fiscal year 2013 the Company expects to report EBITDA of approximately EUR 16 billion and net income of approximately EUR 3 billion, for fiscal year 2015 EBITDA of approximately EUR 16.0 billion and net income of approximately EUR 3.3 billion and for fiscal year 2017 EBITDA between EUR 17 billion and EUR 18 billion and net income between EUR 4 billion and EUR 5 billion. According to I/B/E/S Estimates, analysts on average are expecting the Company to report for fiscal year 2013 EBITDA of EUR 16,221.55 million and net income of EUR 3,258.78 million, for fiscal year 2015 EBITDA of EUR 17,166.95 million and net income of EUR 3,832.52 million. Full Article
Enel SpA Signs Five-Year Forward Starting Revolving Credit Facility For Approximately EUR 9.4 Billion
Enel SpA announced that it has signed in Amsterdam a five-year revolving credit facility amounting to approximately EUR 9.4 billion that will be replacing the EUR 10 billion revolving credit facility (currently not utilized) set to expire in April 2015, starting from the latter expiry date. Such new revolving credit line is forward starting, meaning that it may be used starting from the expiry date of the abovementioned EUR 10 billion revolving credit facility or from a previous date, concurrently with the possible early cancellation of the latter by Enel. The new forward starting revolving credit line, which may be used by Enel and/or its Dutch subsidiary Enel Finance International N.V. (secured by the Parent Company), aims at extending further the Group’s treasury financial flexibility for its day-to-day cash requirements. This credit facility does not fall under the Group’s debt refinancing program. A group of banks participated to the transaction, amongst which Mediobanca with the role of Documentation Agent. The cost of the new credit line will vary depending upon Enel’s pro tempore rating, offering at current rating levels a margin of 170 basis points above Euribor with commitment fees of 40% of the applicable margin. Full Article
Fitch Ratings Affirms Its Ratings On Enel SpA-Reuters
Reuters reported that Fitch Ratings has affirmed its Long-term Issuer Default Ratings (IDR) and senior unsecured ratings on Enel SpA at BBB+ and removed them from Rating Watch Negative (RWN). The Outlook is negative. Full Article
Enel SpA Announces Capital Increase by Endesa SA's Enersis SA
Enel SpA announced that the Extraordinary Shareholders’ Meeting of Enersis, a Chilean company controlled by Endesa through its wholly-owned subsidiary Endesa Latinoamerica, approved with a majority of 86% of the share capital, the capital increase proposed by Endesa that provides for the issue of a maximum of 16,441,606,297 new Enersis shares at a subscription price of 173 Chilean pesos per share, corresponding to a total of around 5,995 million USD dollars (Chilean pesos/USD dollars exchange rate at December 20, 2012). Full Article
Enel SpA Informs Electricite de France SA of Strategic Partnership Agreement Termination for European Pressurized Reactor Nuclear Power Plant Project in France
Enel SpA announced that, on December 4, 2012, it has notified Electricite de France SA (Edf) the exercise of its Exit Right on its participation in the EPR (European Pressurized Reactor) nuclear power plant project in Flamanville, Normandy (Flamanville 3) and in another five power plants to be built in France using the same EPR technology, thus terminating the Strategic Partnership Agreement the two companies signed in November 2007. By exiting the Flamanville 3 project, Enel will be reimbursed the prepaid expenses related to its 12.5% stake in the project for an overall amount of approximately EUR 613 million plus accrued interests. Flamanville 3 has encountered construction cost over-runs and delays. This is compounded by a drop in power demand and the uncertain time frame for other nuclear investments in France. Moreover, the referendum in Italy in June 2011 that opposed the development of nuclear energy in Italy has diminished the strategic relevance of the overall partnership framework. The termination of the Agreement determines also the foreclosure of the Anticipated Capacity contracts which were linked to the above mentioned stakes in the EPRs to be constructed, for a total amount of 1,200 MW in 2012. The overall amount of the energy supplied by Edf to Enel as Anticipated Capacity will be gradually reduced to 800 MW and 400 MW during the first and second years respectively and will be phased out in the third year from the termination date. Full Article
GDF Suez SA Announces Discovery of Natural Gas in Algeria Under Permit Held in Partnership with Repsol SA, Enel SpA and SONATRACH
GDF Suez SA announced the discovery of natural gas in the Illizi basin in south-east Algeria. The Tihalatine Sud-1 (TIHS-1) well was drilled to a depth of 1,192 meters in the Ordovician shale. A production test produced a gas flow from the Ordovician reservoir of 105,000m3 per day. GDF Suez SA holds 9.8% of the south-east Illizi permit along with Repsol SA (25.725%) and Enel SpA (13.475%), in partnership with SONATRACH, which holds the remaining 51%. Full Article
Moody's Downgrades Enel SpA's Long-Term Rating to Baa2; Affirms Enel SpA's Short-Term Rating at Prime-2 with Negative Outlook
Enel SpA announced that Moody’s has downgraded the Company's long-term rating to Baa2 from the previous Baa1. Moody's also affirmed the Company's short-term rating at Prime-2. The outlook is negative. According to Moody’s, the adjustment of Enel's rating mainly reflects the macroeconomic, political and regulatory challenges that utilities are facing in Italy and Spain, partly associated with the ratings assigned to the sovereign debt of Spain (Baa3, with a negative outlook) and Italy (Baa2, with a negative outlook). Moody's said that the change in Enel’s rating also reflects the narrowing of margins in the power generation sector, mainly in Italy, and changes in the electricity sector’s regulatory and fiscal framework that were announced in Spain. Full Article
UPDATE 2-Italy's Enel agrees early retirement for 3,500 - source
* Oil group Eni considers accord for 1,000 employees (Adds Eni considering early retirement accord)
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