Endesa earns 10% more in the first half after the sale of its electric mobility business

Endesa recorded in the first half of 2022 a ordinary net income of 734 million euros, 12% less than the same period last year. However, we are talking about a Growth of 10% to 916 million Taking into account the extraordinary net impact of the sale of the electric mobility activity to Ener, worth 182 million.

The Gross operating income (EBITDA) exceeded market forecasts (1,886 million) by obtaining 1.95 billion, 4% more than in the first half of the previous year in comparable terms. This excludes the extraordinary positive impact stemming from the sale of 51% of the electric mobility business to its parent company, Enel, last April. Taking into account, the EBITDA amounted to 2,188 million, or 17% more.

The electricity company ends the first half of the year 2022 reconfirm the main objectives accounts for the year in a context of convulsions in the electricity market due to the Ukrainian crisis: 4,100 million EBITDA and 1,800 million net ordinary income.

The net debt of the company reached 10.275 millionwhich represents an increase of 1,470 million compared to the end of 2021 derived from three factors: the growth of investments, the temporarily negative evolution of free cash flow (negative at 169 million, strongly impacted by the increase in regulatory elements pending recovery for a value of 733 million, in addition to the increase in raw materials and tolls) and the payment of the interim dividend on the 2021 results made in January (536 million).

They are revolving portfolio they are already adding 8,400 MW (9% more than at the end of the first half of 2021), out of a total production capacity of 16,900 MW in the Iberian Peninsula. The portfolio of renewable projects amounts to 77,000 MW, of which around 9,000 MW have an access point and a grid connection.

trade market

Endesa’s accounts stand out for their evolution in the electricity trading market. Endesa gain a million new private and professional customers on the free market compared to June 2021, reaching 6.6 million. This increases the volume of electricity allocated to this free portfolio by 1%, to 37.7 terawatt hours during the half-year.

At the same time, customers covered by the regulated tariff total 3.9 million. In total, Endesa closed the month of June with 10.5 million customers in Spain, 3% more than in the middle of last year.

Re electric mobilitymaintains leadership in Spain in the network of charging points with 11,100 at the end of the semester, 39% more than the 8,000 in June 2021. Note also the growth of electric bus charging points, which are multiplied by three , up to 120 operations.

In all, invest 934 million during the semester to promote its decarbonization and electrification strategy, which is 26% more than in the same period of 2021. More than 70% of this investment was intended to renewable energies and improvement of the distribution network.

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