Endesa reduces its revenue by half between January and March as a result of finish of the worth disaster | Companies | EUROtoday

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The CEO of Endesa, José Bogas, at the electricity company's last shareholders meeting.
The CEO of Endesa, José Bogas, on the electrical energy firm's final shareholders assembly.FERNANDO VILLAR (EFE)

The second Spanish electrical energy firm by variety of clients, Endesa, made a revenue of 292 million euros between January and March. The determine is 51% decrease than that recorded in the identical interval final yr, when it achieved historic income of 594 million after doubling its margin within the free electrical energy market and six-folding that of fuel. It can also be beneath the 338 obtained within the first three months of 2022, when the vitality disaster was taking its first breaths.

The gross working end result (Ebitda) was diminished, for its half, by 26% to 1,079 million, based on figures despatched early this Wednesday morning to the National Securities Market Commission (CNMV). All in all, Endesa's prime administration considers that each Ebitda and strange web revenue are in step with its forecasts for the yr as a complete: between 4,900 and 5,200 million euros within the first case; between 1,600 and 1,700 within the second.

The biggest contraction happens in standard era (in fuel, coal or nuclear crops), the place its gross working revenue falls by 559 million, to 293: 66% much less. The figures for the realm, Endesa administration emphasizes, distinction with the “extraordinary market context” of final yr. “These are results in line with a more rational market context. The expected normalization of the thermal and gas business has been confirmed.”

The Ebitda of its renewable era space grew, nevertheless, by 13%, to 247 million. And that of the vitality advertising and marketing department shot up 74%, to 256 million, with a “solid” margin within the free electrical energy market. In networks, lastly, the advance was 8%, as much as 486 million. All in all, the vitality firm joins the refrain of voices of the vitality firms that in latest instances have urged the Spanish Government to “improve the remuneration of regulated businesses”, akin to networks, “to make the energy transition possible.”

Cash movement, a very essential variable within the eyes of research homes, closed the primary quarter at 167 million euros, severely impacted by the misplaced award with Qatar that has pressured it to pay 530 million.

More debt

Net debt has gone from 10,405 to 11,328 million euros within the final yr, weighed down by investments – steady in year-on-year comparability – and, above all, by the distribution of dividends to its shareholders. A leap of 9% that leaves the ratio of web debt over Ebitda (one other determine to which analysts often pay particular consideration) at 2.8 instances, in comparison with 2.4 within the first quarter of 2023. The price of those liabilities has gone from 3.2% to three.7% within the final yr, in an setting of generalized will increase in rates of interest.

The electrical energy firm highlights the fee of two,163 million euros in taxes in 2023, 32% extra and “a new historical maximum” for the corporate led by José Bogas. The improve is defined each by “the increase in the payment of Corporate Tax by 303 million and by the introduction of the new temporary energy tax”, which concerned the fee of 208 million final yr and which this yr can be round 202 million. 98% of what was paid by Endesa went to the Spanish public coffers.

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