The electricity company has absorbed the impact of the 1.2% tax on income imposed by the Spanish government on energy companies, which the company objected to, leading to the recognition of €208 million.
Endesa has one net profit of EUR 594 million in the first quarter of the year, 75.7% more than in the same period last year, as reported by the company to the National Securities Market Commission (CNMV).
The income of the electricity company in the period from January to March amounted to 7,504 million euros, 1.2% lower than that achieved in the first quarter of 2022.
Gross operating profit (ebitda) amounted to 1,462 million euros at the end of March, 60% more than the same period last year.
The company has indicated that the good performance of its conventional and renewable generation activities compared to the beginning of 2022 and the normalization of electricity and gas commercialization have also allowed it to mitigate the impact of the tax of 1, 2% on the income tax imposed by the Government on energy companies – recourse by the company – which has led to the recognition of €208 million for Endesa in their accounts.
With these results, the energy company also confirms its objectives for the whole of 2023 in this first quarter, which aim for an Ebitda between 4,400 and 4,700 million euros and an ordinary net profit between 1,400 and 1,500 million euros.
Likewise the leverage ratio net financial debt/EBITDA of the group it remains 2 times at the end of March, the same as at the end of 2022, while the gross debt decreases by 9% to 11,591 million euros. The average cost of liabilities is 2.8% in a context of rising interest rates.
With regard to the investments in the group’s quarter, they were up 2% to 409 million, with renewables and the distribution network as the main target areas.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
