Endesa obtained a net profit of 1,059 million euros in the first nine months of the year, which represents a drop of 35.9% compared to the 1,651 million euros of the same period last year due to the lower presence of extraordinary items, since That last year the group recorded the capital gains from the partial sale of its electric mobility business to its parent company Enel, and the impact of the Government’s special tax on energy companies, the company reported.
Without taking into account the extraordinary ones, the ordinary net profit of the energy company led by José Bogas would have fallen by 27.9% between January and September compared to the same period in 2022, to 1,059 million euros.
The ordinary net profit in this period was impacted by the drop in the gross operating result (Ebitda) and, to a greater extent, by higher amortizations, derived from the higher level of investment; higher financial costs, especially as a result of the rise in interest rates; and for a higher tax rate affected by the extraordinary tax approved in 2022.
Specifically, the company’s Ebitda at the end of September stood at 3,353 million euros, 9.6% less than a year ago and 3% less in comparable terms.
208 million for the tax
Endesa indicated that its Ebitda was affected by the favorable ruling registered in 2022 on the financing of the social bond for 152 million and by the payment in this fiscal year 2023 of the extraordinary sales tax for a value of 208 million, which places the heading of structure and adjustments at -364 million.
With these results, the energy company indicated that it has the financial objectives for the year on track, which include an Ebitda of between 4,400-4,700 million and a net profit of between 1,400-1,500 million euros, paying a dividend per share in the range of 1 euro.
For its part, the electricity company’s income in these first nine months of 2023 suffered a decrease of 22%, reaching 19,211 million euros.
Meanwhile, investment rose 2% between January and September, in year-on-year terms, to 1,509 million euros. 76% was allocated to networks and renewables.
Regarding renewables, the group has 9,300 megawatts (MW) of renewable power (hydroelectric, solar and wind) in operation on the Peninsula, 800 MW more compared to a year ago.