Enel Announces 5.9 billion Euro Investments in First Half 2022

Source: www.gulfoilandgas.com 7/28/2022, Location: Europe

- Revenues: 67,258 million euros (36,291[1] million euros in the first half of 2021, +85.3%)

- 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 quantities of electricity generated. The change also reflected the gain from the partial sale of the equity investment in Ufinet

· Ordinary EBITDA: 8,298 million euros (8,436[2] million euros in the first half of 2021, -1.6%)

- the change in the period is essentially due to the decrease in the margin registered by End-user Markets as a result of an increase in provisioning costs and by Enel Green Power due to low water availability, which caused a significant reduction in hydropower generation. These effects more than offset the increase in the margin posted by Thermal Generation and Trading as a result of an increase in quantities generated and volumes traded, as well as the gain from the partial sale of the equity interest in Ufinet

· EBITDA: 8,205 million euros (7,7952 million euros in the first half of 2021, +5.3%)

· EBIT: 3,902 million euros (4,4472 million euros in the first half of 2021, -12.3%)

- the change mainly reflects an increase in depreciation and amortization, value adjustment and write-downs of receivables

· Group net ordinary income: 2,109 million euros (2,299 million euros in the first half of 2021, -8.3%)

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

· Group net income: 1,693 million euros (1,778 million euros in the first half of 2021, -4.8%)

· Net financial debt: 62,238 million euros (51,952 million euros at the end of 2021, +19.8%)

- the increase mainly reflected capital expenditure in the period, the acquisition of ERG Hydro S.r.l.[3] and adverse exchange rate effect, only partially offset by positive cash flow from operations

· Capital expenditure: 5,889 million euros (4,813 million euros in the first half of 2021, +22.4%)

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

"The first half of 2022 was characterized by an adverse geopolitical, energy and economic context which, however, did not affect the implementation of our Strategic Plan presented in November 2021," commented Francesco Starace, CEO of the Enel Group. “During the period, we increased our investments in renewable sources and distribution grids; at the same time, the commercial policies we adopted have, on the one hand, protected our customers from the volatility of the period and, on the other, strengthened our medium and long-term objectives. The Group's financial position remains solid and, also in view of the persistence of a complex general framework, thanks to the visibility on the evolution of the business for the second half of the year, we confirm the guidance for 2022 and our dividend policy."

[1] The figure for the first six months of 2021 was adjusted, for comparative purposes only, to take into account the effects of the different classification resulting from the measurement at fair value of outstanding contracts at the end of the period for the purchase and sale of commodities settled with physical delivery. This different classification did not have any effect on EBIT.

For comparative purposes only, a reclassification from financial income to revenues was made, for an amount of 76 million euros in the first half of 2021, of the component recognized in the income statement related to the remeasurement at fair value of financial assets related to service in concession of distribution activities in Brazil falling within the scope of IFRIC 12. This last classification had an effect of the same amount on EBIT.

[2] For comparative purposes only, the figure for the first six months of 2021 was adjusted to reflect the different classification mentioned above concerning the application of IFRIC 12 in Brazil.

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


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