The company increases its profit by 77%, driven by accounting after the asset impairment performed in 2021, and files an appeal for the extraordinary tax
Endesa recorded a profit of EUR 2,541 million in 2022, which is 77% more than in the previous year, when accounts were impacted by nearly EUR 500 million due to the deterioration of non-peninsular companies. Ordinary net profit, which forms the basis for the dividend payment, increased by 26% to €2,398 million. The company points out that this growth is based on the same growth in Ebitda “partly offset by higher financial and tax costs”.
The company believes that despite the context of a 2022 marked by “the deepest energy crisis in recent decades”, despite “the imbalances in the global gas market” and the “worsening” of economic expectations, the energy company has managed to resist bidding with an upward result.
The group calculates that the Iberian cap has provided Spain and Portugal with a “favorable comparison” of electricity prices, which average around €168/MWh, compared to other countries such as Germany (€235/MWh), France (€276), Italy (304) or United Kingdom (240).
The year was also marked by numerous regulatory measures, both at European and Spanish level. With regard to one of them, the 1.2% rate on the income of certain energy companies, approved by the Spanish government, Endesa has appealed to the national court because it is considered “unjustified and discriminatory”. This measure is added to the appeal that the Spanish electricity employer Aelec filed a week ago.
Thanks to these results, Endesa can reward its shareholders with EUR 1,585 gross per share. 70% of Endesa’s capital is owned by the Italian Enel.
In addition, the company will make the largest annual investment in its history, 2,343 million, 8% more than in 2021. Between 2020 and 2022, i.e. in the years of the pandemic, post-pandemic and energy crisis, the company’s investments will Spain added 6,153 million.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
