Endesa earns 71% much less, as much as 951 million, on account of an award with Qatar and value caps | Companies | EUROtoday

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Endesa obtained a internet revenue of 742 million euros in 2023, which represents a drop of 71% in comparison with the two,541 million euros it earned the earlier 12 months, as a result of decrease presence of extraordinary objects – since in 2022 the group recorded the capital positive aspects from the partial sale of its electrical mobility enterprise to its father or mother firm Enel, as a result of influence of the vitality tax and the discount on account of vitality value caps and on account of the price of the arbitration award for a provide contract with Taste.

Excluding extraordinary objects, the group's unusual internet revenue totaled 951 million euros, which represented a lower of 60% in comparison with 2,398 million euros in 2022, the corporate reported as we speak to the CNMV. The fall is defined by decrease EBITDA, greater amortization and impairment losses, and the rise in monetary prices, additionally affected by a damaging monetary replace of provisions. In reported phrases, the outcome decreases by 70%, to 742 million, a year-on-year comparability that can be affected by the extraordinary outcomes achieved in 2022 within the gasoline enterprise. The firm's revenue fell 23% within the 12 months, to 25,459 million euros.

EBITDA reached 4,392 million, 18% greater than 2022, though the reported EBITDA fell 32% to three,777 million as a result of influence of a 450 million arbitration award on a gasoline provide contract, and the registration of a provision for digitization of 165 million, whereas in 2022 it adjusts the optimistic influence of the sale of the electrical mobility enterprise to the Italian father or mother firm Enel. These outcomes are framed, based on Endesa, “in a context of progressive normalization of the energy market derived from the drop of 64% in the average price of gas (TTF index) and, consequently, of 48% in the average price in the Iberian electricity pool up to 87 euros/MWh. The year also ended with a decrease in demand of 2.1% in adjusted terms, which further highlights the need to match the development of renewable energies with policies to electrify the economy.

The cash flow at the end of the year grows by 3,000 million compared to the end of 2022 and reaches 4,700 million. The management of regulatory working capital (regulatory balances owed to the company by public administrations) has had a determining influence on this, especially that related to Endesa's extra-peninsular business (Balearic Islands, Canary Islands, Ceuta and Melilla).

In a press conference to present the annual accounts, the CEO of Endesa, José Bogas, asked the Government to act “quickly” and modify the fiscal and regulatory framework to keep away from a delay within the investments essential to adjust to the PNIEC to 2030, plan however very formidable.” On the opposite hand, he thought of the Government's intention to switch the vitality tax to mitigate its influence on corporations that perform investments linked to decarbonization as “a good sign.” “All the signs are going in the right direction but I think it is urgent to make decisions,” he mentioned.

Regarding the closure of the nuclear park, Bogas warned that “we are in discount time” to alter one thing within the closure schedule of the 2 Almaraz reactors (Cáceres) in 2027 and 2028. “Intellectually I am in favor of extending the life useful of nuclear energy but in case energy policy decides not to, I accept it,” mentioned the chief, who regretted that the Government has “the firm conviction that nuclear energy should not be an option in the future.”

Likewise, the CEO of Endesa additionally described as “another positive sign” the Government's determination to get better the National Energy Commission (CNE) as a result of it needs to “create a body more focused on the energy sector. “It will be the guardian of the regulation of the sector.”

Investments

Back to the outcomes, Endesa invested as much as 2,304 million in 2023, with a slight lower of two% in comparison with the earlier 12 months, when it set the historic document. The distribution community has absorbed 38% of the whole, adopted by renewables, 34%. Last 12 months Endesa added 600 inexperienced MW, which brings the hydroelectric, wind and photo voltaic manufacturing capability to a complete of 9,900 MW. Thanks to this, and to nuclear technology, emissions-free peninsular manufacturing reached 80% of the whole, seven factors greater than on the finish of 2022. The environmental processing of renewable tasks related to the primary two, and solely, processes additionally continues. simply transition within the Iberian Peninsula in Andorra (Teruel) and Pego (Portugal).

In typical technology, to which one other 15% of the annual funding has been devoted, the definitive closure of As Pontes, Endesa's final peninsular coal plant and the biggest with this know-how in Spain, stands out. With this, on the finish of the 12 months, 78% of all the corporate's energy put in in mainland Spain is freed from CO2 emissions.

The firm is advancing within the means of promoting a minority stake in its portfolio of photovoltaic tasks in operation, and is presently within the remaining part of the method.

Regarding the advertising of electrical energy, gasoline and precious companies, it has absorbed 12% of the funding. The variety of electrical energy clients within the free market in Spain and Portugal grew to six.9 million, in a 12 months marked by a tightening of aggressive situations. In this sense, fixed-price electrical energy gross sales to home and enterprise clients grew to 53 TWh, 2 TWh greater than in 2022.

Endesa has already offered upfront 95% of its personal manufacturing by 2024 and round 85% in 2025 and 50% in 2026, which locations the corporate in a positive state of affairs within the present context of progressive normalization of wholesale costs. .

Electric automobile charging factors have grown by 39% and attain 19,300, whereas the ability of recent self-consumption installations put in by Endesa for purchasers in the course of the 12 months has multiplied virtually 5 occasions to 184MW.

Endesa “reconfigures” the aims introduced on the final Capital Markets Day: attaining an EBITDA of between 4,900 and 5,200 million, which might imply a rise of between 11% and 18% and rising earnings between 60% and 70% internet unusual, as much as the vary of 1,600-1,700 million.”

Debt goes down

The firm's internet debt is diminished to 10.4 billion, 500 million lower than a 12 months earlier than. A discount that’s primarily based, based on the vitality firm, on the great efficiency of money circulation, which makes it doable to compensate for the related funding effort and the fee of dividends. Gross debt falls 26%, to 13.7 billion, because of the notable lower in collateral by 82% within the 12 months.

The common value of debt stands at 3.2%, reflecting the speedy and robust rise in rates of interest. The leverage ratio (internet debt to EBITDA in comparable phrases) stands at 2.4 occasions.

Bogas collected 2.12 million euros final 12 months

The CEO of Endesa, José Bogas, obtained a remuneration of two.12 million euros in 2023 for the efficiency of his duties, 14.24% lower than the earlier 12 months, whereas the president of the corporate, Juan Sánchez- Calero obtained 682,000 euros, 1.34% extra. Of Bogas' whole remuneration, 1,914 million euros was in money compensation, together with the million euros in wage. Likewise, 62,000 euros are collected as gross revenue from the shares or consolidated monetary devices, 7,000 euros for remuneration for financial savings methods and 132,000 euros for others.
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For his half, the non-executive president of Endesa, Juan Sánchez-Calero, obtained a money remuneration of 662,000 euros, in addition to one other 21,000 euros obtained from different objects. In whole, Endesa's board of administrators pocketed 4.26 million euros, whereas the typical remuneration of the workers was 79,000 euros, 1.28% greater than the earlier 12 months.

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https://cincodias.elpais.com/companias/2024-02-28/endesa-gana-un-60-hasta-951-millones-por-el-negocio-del-gas-y-los-topes-de-precios.html