Enel, the group reports net ordinary income of 1.512 billion euros
Enel closes the first quarter with revenues down to 26.414 billion euros (-22.6% on the 34.136 billion in the same period of 2022) with a change which – the group reminds us – “is mainly attributable to a progressive drop in energy prices following the normalization of the energy context”. But in the first three months Enel also achieved strong growth in ordinary EBITDA which rose by 21.8% to 5.463 billion due to the growth of the integrated business, resulting from the combination of the Thermoelectric Generation and Trading businesses, Enel Green Power , Final Markets and Enel X, together with the best results of Enel Grids. As for Ebit, it rose by 4.2% to 2.951 billion mainly due to the positive performance of operations, which more than offset the higher depreciation and amortization recorded during the first quarter of 2023.
The group thus records a Net income equal to 1.512 billion euro (+1.9% on 1.484 billion in the first quarter of 2022) thanks “to the positive performance of ordinary operations, which more than offset the increase in net financial expenses, due to the increase in interest rates combined with the higher gross debt for the period compared to the first quarter of 2022, as well as the higher tax burden and the increase in non-controlling interests due to the results achieved essentially in Spain, Latin America and Romania”. As for the Group’s net result, it fell to 1.034 billion euros (-27.7% on 1.43 billion in the first quarter of 2022). Net financial debt decreased by 1.9%, which at the end of March went to 58.901 billion from 60.068 billion at the end of 2022.
Enel reports that “cash flows from operations and results from extraordinary operations more than offset the needs generated by investments in the period and the payment of dividends” As for investments, they rose to 2,873 million euros (2,533 million euros in the first quarter 2022, +13.4%) with an increase is attributable to the growth of investments in Enel Green Power and Enel Grids.
Enel, Starace: “Results confirm the solidity of the business model, guidance confirmed”
“The excellent results achieved by Enel in the first quarter of 2023 further confirm the solidity of our integrated business model which has allowed the Group to successfully face a highly challenging start to the decade”. Francesco Starace commenting on the results of the first three months of the year approved by the Board of Directors of Enel SpA “We have made – he explains – significant progress in the execution of our repositioning plan in Italy and other core geographies, already exceeding half of the target of 21 billion euros of disposals announced at the presentation of the 2023-2025 Strategic Plan”. For Starace “the excellent operational and financial performances achieved by Enel in the quarter provide clear visibility on the rest of the year, allowing us to confirm already now the guidance for 2023 on ordinary EBITDA, ordinary net income and net debt provided to the financial markets. ”
Enel, in the first quarter a 2.4% drop in electricity sales, -10% for gas
Declining volumes of electricity and gas sold for the Enel Group in the first quarter: the data just released show for the three months from January to March electricity sales of 78.2 TWh, with a decrease of 1.9 TWh (-2.4%) compared to the same period of the year previous. In particular, Enel reports higher quantities sold in Argentina (+0.6 TWh) and Chile (+0.3 TWh) and lower quantities sold in Italy (-1.0 TWh), Brazil (-1.5 TWh) and Romania (-0.3 TWh). Sales of natural gas amounted to 3.6 billion cubic meters in the first quarter of 2023, down by 0.4 billion cubic meters (-10.0%) compared to the same period of the previous year.
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