Enel: in first nine months 2022 further investments in renewables and grids

·       Revenues: 108,177 million euros (58,794[1] million euros in the first nine months of 2021, +84.0%)

-         the increase is attributable to all Business Segments, mainly reflecting an increase in the quantities of electricity and gas sold at rising average prices and an increase in the quantity of electricity generated. The change also reflected the gain realized on the partial sale of the equity investment in Ufinet and the disposal of a number of companies within the perimeter of Enel X

·       Ordinary EBITDA: 12,671 million euros (12,770[2] million euros in the first nine months of 2021, -0.8%)

-         the decrease in the margins registered by End-user Markets and Enel Green Power as a result, respectively, of an increase in sourcing costs and a significant reduction in hydropower generation due to low water availability, was only partly offset by an increase in the margin recorded by Thermal Generation and Trading attributable to an increase in quantities generated and volumes traded, as well as the gain from the partial sale of the equity interest in Ufinet and the disposal of a number of companies within the perimeter of Enel X

·       EBITDA: 12,421 million euros (11,4172 million euros in the first nine months of 2021, +8.8%)

·       EBIT: 5,521 million euros (6,3932 million euros in the first nine months of 2021, -13.6%)

-         the change mainly reflects an increase in depreciation and amortization, write-downs of receivables and value adjustment on net assets of companies in Brazil and Russia classified as “available for sale”

·       Group net ordinary income: 2,977 million euros (3,289 million euros in the first nine months of 2021, -9.5%)

-         the change essentially reflects developments in ordinary operations, only partially offset by the positive impact of net finance operations and a decline in taxes

·       Group net income: 1,759 million euros (2,505 million euros in the first nine months of 2021, -29.8%)

·       Net financial debt: 69,736 million euros (51,952 million euros at the end of 2021, +34.2%)

-           the increase mainly reflected capital expenditure in the period, the net balance of asset purchases and sales, including the acquisition of ERG Hydro S.r.l.[3], and adverse exchange rate effects, only partially offset by positive cash flows from operations, which were, however, affected by the impact of certain government measures on net working capital

·       Capital expenditure: 9,309 million euros (7,901 million euros in the first nine months of 2021, +17.8%)

-           the increase is mainly attributable to the growth in investments in Enel Green Power, Enel Grids and End-user Markets

·       Approval of interim dividend for 2022 of 0.20 euros per share, in payment from January 25th, 2023, an increase of 5.3% compared with the interim dividend distributed in January this year

-           the Enel Board of Directors confirms the interim dividend policy for 2022, as provided for in the 2022-2024 Strategic Plan

-           a total dividend of 0.40 euros per share expected for 2022

·       Guidance for ordinary EBITDA confirmed between 19.0 and 19.6 billion euros in 2022, thanks to the Group’s geographical diversification. The guidance for Group net ordinary income for 2022 has been revised between 5.0 and 5.3 billion euros, mainly due to a decline in the contribution of businesses in Italy compared with those in the other geographies in which the Group operates, with a consequent higher weight of minority interests on Group net ordinary income, as well as to a tax burden, expected for the end of 2022 mainly in Spain, which is higher than previously forecasted. Net financial debt for 2022 is expected to reach a maximum of about 62 billion euros

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The results for the first nine months of 2022 demonstrate the resilience of the Enel Group, which, thanks to the robustness of its integrated business model and its geographical diversification, confirms its guidance for ordinary EBITDA for 2022 despite the adverse geopolitical, energy and economic environment,” said Francesco Starace, CEO of the Enel Group. “We are continuing our investments in renewables and grids to accelerate the transition to increasingly sustainable energy sources and to foster energy independence in the countries in which we operate, helping to reduce price volatility to safeguard our customers. The positive developments in operating performance, our financial solidity and the corporate simplification plan under way enable us to look with optimism towards future objectives, also in view of the persistence of a complex general framework. Based on this, we confirm our shareholder remuneration policy for 2022, which provides for payment of a total dividend of 0.40 euros per share, with the interim dividend increasing by 5.3% compared with that distributed last January.”   

 

Rome, November 3rd, 2022 – The Board of Directors of Enel S.p.A. (“Enel” or the “Company”), chaired by Michele Crisostomo, examined and approved the Interim Financial Report at September 30th, 2022, as well as Enel’s financial statements at the same date and the report that indicates that the Company’s performance and financial position permit the distribution of an interim dividend for 2022 of 0.20 euros per share, which will be paid as of January 25th, 2023.

 

[1] For comparative purposes only, a reclassification from financial income to revenues was made, for an amount of 139 million euros in the first nine months of 2021, of the component recognized in the income statement related to the remeasurement at fair value of the financial assets connected with service in concession of distribution activities in Brazil, falling within the scope of IFRIC 12. The latter classification had an impact of the same amount on margins. 

[2] The figure for the first nine months of 2021 has been adjusted, for comparative purposes only, to reflect the different classifications referred to above concerning the application of IFRIC 12 in Brazil.

[3] Now Enel Hydro Appennino Centrale S.r.l.

Enel results 9M 2022

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