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Enel
Investor Presentation • Nov 3, 2022
4317_10-q_2022-11-03_0b141995-1cc9-4ff4-8b8c-663e80dafa11.pdf
Investor Presentation
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November 3rd, 2022
Key highlights
FY2022 Shareholder return: 0.40 €/sh fixed DPS
Business performance
Strong and visible operating development across all business
Energy crisis in Europe
Govt measures impact
Government measures weighing on financials
4.4
2.4
FY2021
5.7
H1 9M
Government measures progressively accrued 8 €bn impact
Energy trends in 9M 2022 positive for the future but affected the short term, particularly in Italy
Volumes sold1 (Free market, Fixed price, TWh) Q2 Q3 9M Customers (Free market, mn) Q1 9M ∆yoy 9.7 12.1 31.6 +0.6 +0.4 +1.5 9.9 +0.5 +41% +18% Churn rate (%) 11.8 9.8 8.2 8.2 -6p.p.
Clients growth would have returned +1.7 €bn on EBITDA & +1.2 €bn on Net Income in the 9M
Hydro production (TWh, ∆yoy)
Avg. pool price Italy2 (€/MWh)
Lack of hydro and increase in pool prices overshadowed retail fundamentals
- B2C & SME, gross of losses
Abundant liquidity notwithstanding the high volatility in margin call requirements
25.0
30.0
Liquidity position Long Term debt maturities (€bn)
Progressing effort to simplify, re-focus and streamline the Group
Total impact of disposals announced YTD on 2022 Net Debt: c.3.5 €bn
6
7
Stewardship model: signed agreement for the sale of 50% stake in Gridspertise
Delivering smart grids worldwide: fostering the digitalization of advanced metering, networks and field operations.
Agreement with CVC to sell a 50% quota in Gridspertise, transaction to be closed by YE
Enterprise value of 625 €mn1
Net debt positive impact c.300 €mn
- Potential deferred payments could bring the EV up to 1,000 €mn (on a 100% basis).
9M 2022 Economic results
EBITDA broadly flat despite a challenging environment
EBITDA evolution1 (€bn)
9 1. Ordinary figures. It excludes extraordinary items in 9M 2021 (-1.353 €mn: -39 €mn emergency costs COVID-19, -1,182 €mn energy transition and digitalization funds, -132 €mn impairment) and in 9M 2022 (-250 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -90 €mn energy transition and digitalization funds).
- Update of the Distribution remuneration activity in Iberia for 2017-2019.
non recurring
- Net of Argentina
Integrated margin management: solid performance across geographies offset by Italy and Romania
Italy still affected by increasing volumes sold, lack of hydro and higher sourcing costs
Positive performance in Latam continue to be driven by renewables growth
Iberia benefitted from portfolio management optimization Romania impacted by cap on retail price
Italy: Focus on Q3 – Demand increased more than expected
Fixed price sales (TWh) Churn rate (%)
A combination of higher temperatures and lower churn rate pushed up consumption and created an unexpected open position of
12
Italy: Focus on Q3 – Open position covered at high energy costs
✓ 10 TWh volumes sold
✓ +20% contract repricing vs H1 2022
✓ Costs fully hedged
Q3 2022 Actual EBITDA Q3 2022 Expectations Q3 2022 Actual dynamics
400 €mn EBITDA vs 700 €mn Negative margin
-300 €mn EBITDA
✓ 2 TWh open position
✓ Higher purchase cost
✓ Average pool price at around 470 €/MWh
Negative delta due to higher costs of hedging associated with open position of 2 TWh
FY2022 Ordinary EBITDA guidance (€bn)
FY2022 Ordinary EBITDA guidance confirmed
Net Income evolution
Net Ordinary Income evolution (€bn)
investments deployed and FX impact
Bad Debt increase +0.2 €bn yoy, around 1.3% on revenues in line with historical level
Cost of debt continues to decline (-20 bps yoy) thanks to the accelerated refinancing programme completed last year
FY2022 Net Income guidance
9M 2022 Financial results
Cash flow dynamics strongly affected by working capital volatility
-
- Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges).
-
- Restated figure.
-
- Includes dividends received from equity investments.
Net Debt at 64 €bn including FX @hedges and disposals announced but still to be cashed in
Net debt evolution (€bn)
FY2022 Net Debt guidance
Net debt evolution to FY2022 (€bn)
Net Debt at YE to range 58-62 €bn on managerial actions to improve cash generation, additional proceeds from disposals and neutralization of the currencies impact
9M 2022 Closing remarks
Operating evolution bodes well for future targets
Focus on cash flow production and balance sheet strengthening
Simplification and corporate streamlining set to support Group's profitability
Dividend policy unchanged
22nd November 2022: presentation of the 2023-2025 Plan
Nine Months 2022
Consolidated results
Annexes
Macroscenario
| (%) GDP |
(%) CPI |
€1 against FX |
(€/MWh) Spot Price |
(TWh)2 Electricity Demand |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
|
| Italy | 4 39 |
7 17 |
7 47 |
1 36 |
- | - | 324 23 |
86 25 |
240 97 |
238 98 |
| Iberia | 5 60 |
5 88 |
8 99 |
2 07 |
- | - | 187 60 |
77 95 |
179 84 |
181 76 |
| Latin America |
||||||||||
| Argentina | 5 06 |
11 02 |
63 20 |
46 98 |
144 31 |
115 86 |
- | - | 112 29 |
102 90 |
| Brazil | 3 22 |
6 29 |
10 61 |
7 55 |
5 31 |
6 16 |
10 94 |
50 31 |
453 53 |
454 91 |
| Chile | 4 21 |
12 31 |
11 14 |
3 79 |
948 42 |
926 37 |
103 80 |
68 13 |
62 79 |
60 85 |
| Colombia | 8 90 |
11 18 |
9 33 |
2 94 |
4 512 28 , |
4 520 11 , |
45 48 |
31 74 |
57 39 |
54 54 |
| Peru | 2 86 |
19 42 |
7 69 |
3 31 |
3 91 |
4 85 |
25 04 |
12 82 |
41 55 |
40 10 |
| of Rest Europe |
||||||||||
| Romania | 6 37 |
7 42 |
11 27 |
3 27 |
4 95 |
4 94 |
214 70 |
68 72 |
43 75 |
46 28 |
| Russia | (1 89) |
4 70 |
14 28 |
6 14 |
58 97 |
85 76 |
17 18 |
16 39 |
422 76 |
410 21 |
| North America |
||||||||||
| USA | 2 36 |
6 20 |
8 33 |
4 04 |
0 98 |
1 18 |
- | - | 3 444 57 , |
3 180 00 , |
| Mexico | 2 14 |
08 7 |
85 7 |
25 5 |
19 74 |
23 45 |
- | - | 231 88 |
245 87 |
| Africa Asia & Oceania , |
||||||||||
| India | 8 02 |
10 34 |
6 84 |
5 18 |
79 72 |
86 81 |
- | - | 1 125 08 , |
1 042 33 , |
| Australia | 4 31 |
5 13 |
5 19 |
2 53 |
1 53 |
1 60 |
- | - | - | - |
| South Africa |
1 81 |
6 73 |
6 68 |
4 26 |
17 74 |
16 71 |
- | - | 166 80 |
167 75 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 12 995 , |
825 | 776 | 29 | - | 2 253 , |
4 720 , |
4 596 , |
26 194 , |
| Iberia | 4 746 , |
2 602 , |
- | 1 197 , |
3 328 , |
2 333 , |
1 644 , |
5 445 , |
21 296 , |
| Latin America |
10 542 , |
3 276 , |
69 | 3 398 , |
- | 2 661 , |
226 | 3 850 , |
24 023 , |
| Argentina | 1 328 , |
- | - | - | - | 1 169 , |
- | 1 922 , |
4 419 , |
| Brazil | 1 272 , |
2 502 , |
- | 1 234 , |
- | - | - | - | 5 009 , |
| Chile | 3 508 , |
642 | 69 | 1 762 , |
- | 581 | - | 1 468 , |
8 030 , |
| Colombia | 3 097 , |
- | - | 122 | - | 180 | 226 | - | 3 625 , |
| Perù | 792 | 132 | - | 179 | - | 730 | - | 459 | 2 294 , |
| Other1 | 545 | - | - | 101 | - | - | - | - | 646 |
| of Rest Europe |
19 | 1 131 , |
- | 130 | - | 4 447 , |
- | 830 | 6 556 , |
| Romania | - | 498 | - | 36 | - | - | - | - | 534 |
| Russia | - | 260 | - | - | - | 4 447 , |
- | 830 | 5 537 , |
| Other2 | 19 | 372 | - | 94 | - | - | - | - | 485 |
| North America |
53 | 6 262 , |
72 | 1 815 , |
- | - | - | - | 8 201 , |
| Mexico | 53 | 893 | - | 220 | - | - | - | - | 1 165 , |
| Canada | - | 211 | - | - | - | - | - | - | 211 |
| USA | - | 5 158 , |
72 | 1 596 , |
- | - | - | - | 6 825 , |
| Oceania3 Africa Asia & , |
- | 539 | - | 087 1 , |
- | - | - | - | 626 1 , |
| Total | 28 355 , |
14 635 , |
917 | 7 656 , |
3 328 , |
11 694 , |
6 590 , |
14 720 , |
87 896 , |
-
Includes Panama, Guatemala and Costa Rica 25
-
Includes Greece and Germany
-
Includes Australia, South Africa, India and Zambia
Group consolidated net production: breakdown by technology and geography
| GWh | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 8 842 , |
954 | 4 057 , |
52 | - | 152 | 12 764 , |
9 342 , |
36 163 , |
| Iberia | 3 409 , |
3 991 , |
- | 526 1 , |
20 424 , |
3 339 , |
769 | 867 15 , |
49 324 , |
| Latin America |
25 560 , |
9 613 , |
293 | 3 533 , |
- | 1 966 , |
1 447 , |
14 624 , |
57 036 , |
| Argentina | 1 049 , |
- | - | - | - | 216 | - | 7 516 , |
8 781 , |
| Brazil | 3 314 , |
7 859 , |
- | 1 517 , |
- | - | - | - | 12 690 , |
| Chile | 6 339 , |
1 283 , |
293 | 1 500 , |
- | 930 | 1 271 , |
4 903 , |
16 520 , |
| Colombia | 10 120 , |
- | - | 115 | - | 35 | 177 | - | 10 447 , |
| Perù | 3 205 , |
471 | - | 317 | - | 784 | - | 2 205 , |
6 982 , |
| Other1 | 1 532 , |
- | - | 84 | - | - | - | - | 1 616 , |
| of Rest Europe |
22 | 1 691 , |
- | 147 | - | 7 145 , |
- | 2 911 , |
11 916 , |
| Romania | - | 896 | - | 36 | - | - | - | - | 933 |
| Russia | - | 128 | - | - | - | 7 145 , |
- | 2 911 , |
10 184 , |
| Other2 | 22 | 667 | - | 111 | - | - | - | - | 799 |
| North America |
142 | 14 623 , |
228 | 2 433 , |
- | - | - | - | 17 427 , |
| Mexico | 142 | 1 208 , |
- | 403 | - | - | - | - | 1 753 , |
| Canada | - | 492 | - | - | - | - | - | - | 492 |
| USA | - | 12 923 , |
228 | 2 031 , |
- | - | - | - | 15 182 , |
| Oceania3 Africa Asia & , |
- | 1 522 , |
- | 868 | - | - | - | - | 2 390 , |
| Total | 37 975 , |
32 394 , |
4 578 , |
8 559 , |
20 424 , |
12 602 , |
14 980 , |
42 744 , |
174 256 , |
-
Includes Panama, Guatemala and Costa Rica 26
-
Includes Greece and Germany
-
Includes Australia, South Africa, India and Zambia
Group total additional capacity1 : breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 551 | 32 | 3 | - | - | - | - | - | 585 |
| Iberia | 5 | 56 | - | 99 | - | - | - | - | 160 |
| Latin America |
1 | 347 | - | 476 | - | 3 | - | - | 826 |
| Argentina | - | - | - | - | - | - | - | - | - |
| Brazil | - | 347 | - | - | - | - | - | - | 347 |
| Chile | 1 | - | - | 441 | - | 3 | - | - | 444 |
| Colombia | - | - | - | 36 | - | - | - | - | 36 |
| Perù | - | - | - | - | - | - | - | - | - |
| Other2 | - | - | - | - | - | - | - | - | - |
| of Rest Europe |
- | 32 | - | - | - | - | - | - | 32 |
| Romania | - | - | - | - | - | - | - | - | - |
| Russia | - | 32 | - | - | - | - | - | - | 32 |
| Other3 | - | - | - | - | - | - | - | - | - |
| North America |
- | - | - | 259 | - | - | - | - | 259 |
| Mexico | - | - | - | - | - | - | - | - | - |
| Canada | - | - | - | - | - | - | - | - | - |
| USA | - | - | - | 259 | - | - | - | - | 259 |
| Oceania4 Africa Asia & , |
- | - | - | 420 | - | - | - | - | 420 |
| Total | 556 | 466 | 3 | 1 255 , |
- | 3 | - | - | 2 283 , |
-
Excludes managed capacity
-
Includes Panama, Guatemala and Costa Rica
-
Includes Greece and Germany
-
Includes Australia, South Africa, India and Zambia
Renewable projects in execution: breakdown by technology and geography1
| MW | Wind | Hydro | Geothermal | Solar & Other |
BESS | Total |
|---|---|---|---|---|---|---|
| Italy | 49 | 15 | - | 380 | 734 1 , |
2 178 , |
| Iberia | 340 | 20 | - | 2 084 , |
25 | 2 469 , |
| Latin America |
1 742 , |
159 | - | 2 360 , |
78 | 4 338 , |
| of Rest Europe |
- | - | - | 173 | - | 173 |
| North America |
970 | - | - | 2 157 , |
736 | 3 863 , |
| Africa Asia & Oceania , |
773 | - | - | - | - | 773 |
| Total | 3 875 , |
194 | - | 7 153 , |
2 573 , |
13 794 , |
Pipeline
Renewables Pipeline (GW) 2022-24 Additional capacity target2
-
It includes BESS for around 47 GW in early stage and around 22 GW in mature pipeline
-
It includes both renewables and BESS
EGP mature pipeline1
Enel Grids KPIs
| distributed1 Electricity (TWh) |
Grid customers |
(mn) | (mn)1 Smart meters |
||||
|---|---|---|---|---|---|---|---|
| 9M | 9M | 9M | 9M | 9M | 9M | ||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||
| Italy | 169 | 170 | 31 | 31 | 31 | 30 | |
| 0 | 0 | 7 | 6 | 1 | 9 | ||
| Iberia | 102 | 98 | 12 | 12 | 12 | 12 | |
| 0 | 8 | 4 | 3 | 5 | 5 | ||
| Latin America |
104 4 |
101 9 |
28 7 |
28 1 |
0 6 |
0 4 |
|
| Argentina | 13 1 |
12 6 |
2 6 |
2 5 |
- | - | |
| Brazil | 60 7 |
60 0 |
18 7 |
18 3 |
0 2 |
- | |
| Chile | 13 | 12 | 2 | 2 | 0 | 0 | |
| 1 | 4 | 1 | 0 | 3 | 3 | ||
| Colombia | 11 | 10 | 3 | 3 | 0 | 0 | |
| 2 | 8 | 8 | 7 | 1 | 1 | ||
| Peru | 6 2 |
6 1 |
1 5 |
1 5 |
- | - | |
| of | 11 | 11 | 3 | 3 | 1 | 1 | |
| Rest | 8 | 9 | 1 | 0 | 2 | 0 | |
| Europe | |||||||
| Romania | 11 | 11 | 3 | 3 | 1 | 1 | |
| 8 | 9 | 1 | 0 | 2 | 0 | ||
| Total | 387 | 382 | 9 | 0 | 45 | 8 | |
| 1 | 6 | 75 | 75 | 4 | 44 | ||
Retail KPIs
| " | E-MARKET SDIR CERTIFIED |
|---|---|
| Power | Gas | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Customers | (mn) | Volumes1 | (TWh) | Customers | (mn) | 2 (bscm) Volumes |
|||||
| 9M | 9M | 9M | 9M | 9M | 9M | 9M | 9M | ||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||
| Italy | 21 | 21 | 74 | 70 | 4 | 4 | 3 | 2 | |||
| 5 | 8 | 3 | 1 | 5 | 1 | 3 | 8 | ||||
| Iberia | 10 | 10 | 60 | 60 | 1 | 1 | 3 | 3 | |||
| 6 | 2 | 1 | 1 | 8 | 7 | 7 | 5 | ||||
| Latin America |
28 7 |
28 1 |
100 5 |
95 6 |
0 0 |
0 0 |
0 4 |
0 1 |
|||
| of | 3 | 3 | 7 | 6 | 0 | 0 | 0 | 0 | |||
| Rest | 0 | 0 | 5 | 8 | 2 | 1 | 2 | 1 | |||
| Europe | |||||||||||
| Total | 63 | 63 | 242 | 232 | 6 | 9 | 7 | 6 | |||
| 7 | 2 | 3 | 6 | 5 | 5 | 5 | 5 | ||||
Enel X KPIs
| Points1,2 Charging (k) |
Street | lighting (mn) |
Electric | buses2 (#) |
Storage | (MW) BTM |
Demand (GW) Response |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
||
| Italy | 50 2 |
34 9 |
1 5 |
1 5 |
100 | - | - | - | 0 6 |
0 9 |
|
| Iberia | 12 0 |
8 4 |
0 1 |
0 1 |
234 | 146 | - | - | - | - | |
| Latin America |
7 3 |
2 9 |
1 2 |
1 2 |
2 727 , |
1 333 , |
1 | - | - | ||
| North America |
136 9 |
88 6 |
- | - | 267 | 267 | 63 | 43 | 4 6 |
4 2 |
|
| of Rest Europe |
2 8 |
3 1 |
- | - | 62 | - | - | 22 | 2 1 |
1 1 |
|
| Africa Asia & Oceania , |
6 6 |
1 7 |
- | - | 207 | - | 2 | - | 8 1 |
1 4 |
|
| Other | 213 5 |
101 1 |
- | - | - | - | - | - | - | - | |
| Total | 429 3 |
239 0 |
2 8 |
2 8 |
3 597 , |
746 1 , |
65 | 65 | 8 2 |
7 7 |
Capex1 (€mn)
| Conventional Generation & Global Trading |
Enel | Grids | EGP | Retail | Enel | X | & | Services Other |
Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
|
| Italy | 237 | 150 | 1,791 | 1,672 | 515 | 232 | 382 | 300 | 65 | 46 | 65 | 48 | 3,055 | 2,448 |
| Iberia | 138 | 175 | 564 | 537 | 493 | 345 | 191 | 120 | 32 | 26 | 32 | 25 | 1,449 | 1,228 |
| Latin America |
108 | 69 | 1,344 | 1,095 | 1,168 | 1,107 | - | - | 41 | 26 | 2 | 5 | 2,664 | 2,303 |
| Argentina | 38 | 20 | 138 | 106 | 0 | 0 | - | - | 0 | 0 | 0 | 0 | 176 | 126 |
| Brazil | 0 | 4 | 873 | 678 | 399 | 453 | - | - | 8 | 4 | 0 | 3 | 1,281 | 1,142 |
| Chile | 48 | 19 | 113 | 107 | 509 | 486 | - | - | 1 | 1 | 2 | 2 | 672 | 615 |
| Colombia | 6 | 10 | 142 | 137 | 122 | 130 | - | - | 15 | 11 | 0 | 0 | 285 | 289 |
| Peru | 16 | 16 | 78 | 68 | 116 | 6 | - | - | 18 | 10 | 0 | - | 228 | 100 |
| Other | 0 | 0 | - | - | 22 | 31 | - | - | - | - | - | - | 22 | 32 |
| of Rest Europe |
15 | 21 | 85 | 125 | 34 | 166 | 7 | 11 | 4 | 2 | 0 | 1 | 145 | 326 |
| North America |
2 | 3 | - | - | 1,665 | 1,298 | - | - | 42 | 32 | 5 | 3 | 1,714 | 1,336 |
| Africa , Asia & Oceania |
- | - | - | - | 128 | 214 | - | - | 7 | 4 | 0 | 0 | 134 | 218 |
| Other | 0 | 0 | 85 | 5 | 12 | 12 | - | - | 40 | 43 | 58 | 69 | 194 | 129 |
| Total | 500 | 418 | 3,868 | 3,433 | 4,015 | 3,374 | 581 | 431 | 230 | 179 | 162 | 152 | 9,355 | 7,988 |
Asset development Capex1 (€mn)
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Generation & Global Trading |
Enel | Grids | EGP | Retail | Enel | X | & | Services Other |
Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
|
| Italy | 188 | 105 | 906 | 882 | 420 | 150 | - | - | 28 | 37 | 18 | 26 | 1,561 | 1,200 |
| Iberia | 9 | 3 | 246 | 224 | 442 | 292 | - | - | 0 | 3 | 13 | 10 | 711 | 532 |
| Latin America |
4 | 3 | 206 | 315 | 1,101 | 1,049 | - | - | 32 | 19 | 1 | 1 | 1,343 | 1,387 |
| Argentina | - | 0 | 23 | 27 | - | 0 | - | - | 0 | 0 | - | 0 | 23 | 27 |
| Brazil | - | 0 | 127 | 206 | 384 | 437 | - | - | 1 | - | - | - | 512 | 643 |
| Chile | 4 | 3 | 27 | 27 | 490 | 473 | - | - | 1 | 0 | 1 | 1 | 523 | 505 |
| Colombia | 0 | 0 | 20 | 37 | 104 | 115 | - | - | 13 | 11 | 0 | 0 | 136 | 163 |
| Peru | 0 | 0 | 9 | 18 | 111 | 1 | - | - | 17 | 8 | - | - | 137 | 27 |
| Other | - | - | - | - | 13 | 22 | - | - | - | - | - | - | 13 | 22 |
| of Rest Europe |
8 | 8 | 10 | 43 | 29 | 163 | - | - | 0 | 0 | 0 | 0 | 48 | 214 |
| North America |
- | - | - | - | 1,627 | 1,282 | - | - | 2 | 2 | 4 | 3 | 1,633 | 1,287 |
| Africa , Asia & Oceania |
- | - | - | - | 123 | 210 | - | - | - | - | - | - | 123 | 210 |
| Other | - | - | 46 | - | 6 | 8 | - | - | 37 | 42 | 36 | 31 | 125 | 81 |
| Total | 209 | 119 | 1,414 | 1,464 | 3,748 | 3,152 | - | - | 99 | 103 | 73 | 72 | 5,543 | 4,910 |
Revenues1 (€mn)
| Conventional Global |
Generation & Trading |
Enel Grids |
EGP | Retail | Enel X |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
|
| Italy | 42,084 | 17,162 | 5,203 | 5,354 | 1,623 | 1,786 | 25,337 | 12,351 | 548 | 360 | (9 ,951) |
(5 ,284) |
64,844 | 31,729 |
| Iberia | 12,970 | 4,422 | 1,591 | 1,845 | 615 | 535 | 22,182 | 9,358 | 227 | 183 | (13 ,019) |
(4 ,028) |
24,566 | 12,315 |
| Latin America |
2,462 | 1,786 | 8,698 | 7,544 | 3,104 | 2,929 | 1,263 | 998 | 275 | 151 | (1 ,316) |
(1 ,229) |
14,486 | 12,179 |
| Argentina | 133 | 119 | 674 | 483 | 29 | 26 | (1) | - | 14 | 8 | (1) | - | 848 | 636 |
| Brazil | 757 | 672 | 5,686 | 5,172 | 542 | 1,062 | 370 | 232 | 21 | 11 | (641) | (501) | 6 ,735 |
6 648 , |
| Chile | 1,220 | 727 | 1,122 | 927 | 1,530 | 932 | 83 | 68 | 35 | 35 | (480) | (368) | 3 ,510 |
2 321 , |
| Colombia | 157 | 134 | 576 | 462 | 658 | 640 | 621 | 555 | 162 | 61 | (45) | (274) | 2 ,129 |
1,578 |
| Peru | 195 | 134 | 640 | 500 | 143 | 99 | 190 | 143 | 43 | 35 | (149) | (86) | 1,062 | 825 |
| Other | - | - | - | - | 202 | 170 | - | - | - | 1 | - | - | 202 | 171 |
| of Rest Europe |
316 | 393 | 378 | 300 | 397 | 234 | 1,989 | 901 | 79 | 56 | (440) | (271) | 2,719 | 1,613 |
| North America |
183 | 78 | - | - | 1,021 | 744 | 4 | 4 | 227 | 177 | 26 | 12 | 1,461 | 1,015 |
| Africa , Asia & Oceania |
- | - | - | - | 149 | 110 | - | - | 56 | 47 | 1 | - | 206 | 157 |
| Other | (206) | (46) | 66 | 26 | (9) | 8 | 12 | - | 340 | 21 | (308) | (223) | (105) | (214) |
| Total | 57,809 | 23,795 | 15,936 | 15,069 | 6,900 | 6,346 | 50,787 | 23,612 | 1,752 | 995 | (25 ,007) |
(11 ,023) |
108,177 | 58,794 |
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Global |
Generation & Trading |
Enel Grids |
EGP Retail |
Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
|
| Italy | 2,249 | (50) | 2,629 | 2,383 | (511) | 887 | 69 | 1,639 | 84 | 118 | 56 | (49) | 4,576 | 4,928 |
| Iberia | 1,901 | 958 | 1,068 | 1,361 | 349 | 285 | 30 | 392 | 55 | 39 | (3) | 10 | 3,400 | 3,045 |
| Latin America |
68 | 220 | 1,578 | 1,263 | 1,588 | 1,277 | 316 | 180 | 82 | 49 | (80) | (59) | 3,552 | 2,930 |
| Argentina | 76 | 71 | (65) | - | 18 | 17 | 7 | 9 | 4 | 4 | (2) | (3) | 38 | 98 |
| Brazil | (51) | 82 | 981 | 763 | 362 | 246 | 177 | 87 | 2 | (2) | (19) | (13) | 1,452 | 1,163 |
| Chile | (102) | (59) | 128 | 96 | 418 | 352 | 49 | 31 | (1) | 1 | (59) | (42) | 433 | 379 |
| Colombia | 28 | 44 | 377 | 284 | 534 | 439 | 63 | 37 | 57 | 32 | - | (1) | 1,059 | 835 |
| Peru | 119 | 83 | 157 | 120 | 149 | 99 | 20 | 16 | 20 | 14 | - | - | 465 | 332 |
| Other | (2) | (1) | - | - | 107 | 124 | - | - | - | - | - | - | 105 | 123 |
| of Rest Europe |
57 | 56 | (19) | 98 | 193 | 124 | (137) | 58 | 24 | 10 | (2) | 2 | 116 | 348 |
| North America |
- | (35) | - | - | 491 | 409 | 1 | 3 | 23 | 25 | (22) | (15) | 493 | 387 |
| Africa , Asia & Oceania |
- | - | - | - | 74 | 61 | - | - | (9) | - | (4) | (1) | 61 | 60 |
| Other | 4 | (21) | 23 | (24) | (24) | (42) | 4 | (2) | 293 | (8) | (77) | (184) | 223 | (281) |
| Total | 4,279 | 1,128 | 5,279 | 5,081 | 2,160 | 3,001 | 283 | 2,270 | 552 | 233 | (132) | (296) | 12,421 | 11,417 |
Ordinary EBITDA1(€mn)
| Conventional Global |
Generation & Trading |
Enel Grids |
EGP | Retail | Enel X |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
|
| Italy | 2,263 | 478 | 2,651 | 2,728 | (509) | 904 | 70 | 1,726 | 84 | 125 | 57 | 58 | 4,616 | 6,019 |
| Iberia | 1,897 | 959 | 1,073 | 1,361 | 350 | 285 | 32 | 392 | 56 | 39 | 9 | 11 | 3,417 | 3,047 |
| Latin America |
259 | 253 | 1,579 | 1,294 | 1,588 | 1,282 | 316 | 183 | 82 | 50 | (80) | (56) | 3,744 | 3,006 |
| Argentina | 76 | 71 | (65) | - | 18 | 17 | 7 | 9 | 4 | 4 | (2) | (3) | 38 | 98 |
| Brazil | 83 | 82 | 981 | 782 | 362 | 246 | 177 | 88 | 2 | (2) | (19) | (13) | 1,586 | 1,183 |
| Chile | (45) | (28) | 128 | 105 | 418 | 356 | 49 | 32 | (1) | 2 | (59) | (39) | 490 | 428 |
| Colombia | 28 | 44 | 377 | 285 | 534 | 440 | 63 | 37 | 57 | 32 | - | (1) | 1,059 | 837 |
| Peru | 119 | 85 | 158 | 122 | 149 | 99 | 20 | 17 | 20 | 14 | - | - | 466 | 337 |
| Other | (2) | (1) | - | - | 107 | 124 | - | - | - | - | - | - | 105 | 123 |
| of Rest Europe |
57 | 58 | (19) | 105 | 194 | 124 | (137) | 61 | 24 | 10 | (2) | 3 | 117 | 361 |
| North America |
(1) | (35) | - | - | 492 | 411 | 2 | 3 | 24 | 25 | (22) | (15) | 495 | 389 |
| Africa , Asia & Oceania |
- | - | - | - | 73 | 61 | - | - | (9) | - | (3) | (1) | 61 | 60 |
| Other | 4 | (4) | 23 | 6 | (24) | (21) | 4 | (2) | 293 | (4) | (79) | (87) | 221 | (112) |
| Total | 4,479 | 1,709 | 5,307 | 5,494 | 2,164 | 3,046 | 287 | 2,363 | 554 | 245 | (120) | (87) | 12,671 | 12,770 |
38 1. It excludes extraordinary items in 9M 2021 (-1.353 €mn: -39 €mn emergency costs COVID-19, -1,182 €mn energy transition and digitalization funds, -132 €mn impairment) and in 9M 2022 (-250 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -90 €mn energy transition and digitalization funds). 9M 2021 restated figure
Reported EBIT1(€mn)
| Conventional Global |
Generation & Trading |
Enel Grids |
EGP Retail |
Enel X |
Services Other & |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
9M 2022 |
9M 2021 |
|
| Italy | 2,147 | (189) | 1,644 | 1,521 | (752) | 681 | (624) | 1,096 | 31 | 67 | - | (106) | 2,446 | 3,070 |
| Iberia | 1,510 | 550 | 472 | 805 | 153 | 114 | (140) | 254 | 18 | 9 | (31) | (29) | 1,982 | 1,702 |
| Latin America |
(139) | 97 | 156 | 787 | 1,284 | 850 | 82 | (33) | 66 | 36 | (83) | (59) | 1,365 | 1,679 |
| Argentina | 11 | 23 | (93) | (17) | 13 | 14 | (9) | 6 | 4 | 4 | (2) | (3) | (76) | 27 |
| Brazil | (128) | 73 | (244) | 447 | 275 | 185 | 4 | (91) | 2 | (3) | (21) | (13) | (112) | 598 |
| Chile | (131) | (91) | 83 | 61 | 295 | 238 | 31 | 14 | (2) | 1 | (60) | (43) | 216 | 180 |
| Colombia | 15 | 31 | 304 | 219 | 496 | 403 | 43 | 27 | 48 | 23 | - | - | 905 | 703 |
| Peru | 97 | 63 | 106 | 76 | 125 | 79 | 13 | 12 | 14 | 10 | - | - | 354 | 240 |
| Other | (3) | (1) | - | - | 80 | (68) | - | - | - | - | - | 1 | 77 | (68) |
| Rest of Europe |
(461) | 35 | (83) | 31 | 151 | 76 | (151) | 42 | 21 | 7 | (3) | (2) | (526) | 189 |
| North America |
(1) | (35) | - | - | 218 | 172 | 1 | 3 | (12) | (2) | (30) | (20) | 176 | 118 |
| Africa , Asia & Oceania |
- | - | - | - | 19 | 18 | - | - | (12) | (2) | (3) | (2) | 4 | 14 |
| Other | 3 | (23) | 20 | (25) | (43) | (53) | 4 | (2) | 277 | (23) | (186) | (252) | 75 | (378) |
| Total | 3,058 | 435 | 2,210 | 3,118 | 1,030 | 1,858 | (829) | 1,360 | 388 | 92 | (336) | (470) | 5,521 | 6,393 |
From EBITDA to net income1 (€mn)
| 9M 2022 |
9M 2021 |
∆ | 9M 2022 |
9M 2021 |
∆ | |
|---|---|---|---|---|---|---|
| reported | reported | yoy | ordinary | ordinary | yoy | |
| EBITDA | 12 421 , |
11 417 , |
8 8% |
12 671 , |
12 770 , |
-0 8% |
| D&A | (6 900) , |
(5 024) , |
(5 456) , |
(4 836) , |
||
| EBIT | 521 5 , |
6 393 , |
-13 6% |
215 7 , |
934 7 , |
-9 1% |
| 2 financial charges Net |
(1 723) , |
(1 891) , |
(1 725) , |
(1 882) , |
||
| from method Net income equity investments using equity |
55 | 428 | 55 | 122 | ||
| EBT | 3 853 , |
4 930 , |
-21 8% |
5 545 , |
6 174 , |
-10 2% |
| Income tax |
(1 561) , |
(1 662) , |
(1 636) , |
(2 071) , |
||
| income Net |
2 292 , |
3 268 , |
3 909 , |
4 103 , |
||
| Minorities | (533) | (763) | (932) | (814) | ||
| Group income net |
1 759 , |
2 505 , |
-29 8% |
2 977 , |
3 289 , |
-9 5% |
D&A reported (€mn)
1
| 0 | 9M 2022 |
9M 2021 |
∆ yoy |
|---|---|---|---|
| and Trading Generation |
221 1 , |
693 | 76% |
| Enel Green Power |
1 130 , |
1 143 , |
1% - |
| Enel Grids |
3 069 , |
1 963 , |
56% |
| Retail | 1 112 , |
910 | 22% |
| Enel X |
164 | 141 | 16% |
| Others and adjustments |
204 | 174 | 17% |
| Total | 6 900 , |
5 024 , |
37% |
Gross debt1structure
Debt structure by instrument (€bn)
| Debt by instrument |
Enel Spa | EFI | EGP SpA and Central Others |
Italy | Iberia | Latin America |
North America | Europe | Africa, Asia and Oceania |
Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Bonds | 4.52 | 40.44 | - | - | 0.01 | 5.11 | - | - | 0.07 | 50.15 |
| Bank Loans | 5.61 | - | 0.25 | 3.94 | 5.79 | 3.19 | 0.50 | - | 0.37 | 19.65 |
| Tax Partnership | - | - | - | - | - | - | 0.52 | - | - | 0.52 |
| Other Loans |
- | - | - | 0.46 | 1.08 | 0.45 | 0.71 | 0.07 | 0.02 | 2.79 |
| Other short term debt | 2.35 | 1.78 | - | 0.86 | 2.02 | 0.87 | 0.25 | 0.47 | 0.10 | 8.70 |
| Commercial Paper | - | 6.62 | - | - | 4.61 | - | 3.04 | - | - | 14.27 |
| Gross debt | 12.48 | 48.84 | 0.25 | 5.26 | 13.51 | 9.62 | 5.02 | 0.54 | 0.56 | 96.08 |
| Financial Receivables | - | -1.24 | -0.74 | -0.47 | -0.98 | -0.91 | -0.01 | - | - | -4.35 |
| Tariff Deficit | - | - | - | - | -2.10 | - | - | - | - | -2.10 |
| Other short term financial receivables | -1.39 | -0.41 | - | -2.11 | -8.88 | - | -0.44 | - | -0.09 | -13.32 |
| Cash and cash equivalents | -0.63 | -0.01 | -0.19 | -2.52 | -0.57 | -1.76 | -0.43 | -0.36 | -0.10 | -6.57 |
| Net Debt – Thitd Parties |
10.46 | 47.18 | -0.68 | 0.16 | 0.98 | 6.95 | 4.14 | 0.18 | 0.37 | 69.74 |
| Net Debt – Intercompany |
10.34 | -56.47 | 7.75 | 24.70 | 7.77 | 4.45 | 0.78 | 0.40 | 0.28 | - |
| Net Debt – Group View |
20.80 | -9.29 | 7.07 | 24.86 | 8.75 | 11.40 | 4.92 | 0.58 | 0.65 | 69.74 |
Debt maturity coverage split by typology (€bn)
Balance sheet (€mn)
Headcount
1
| 0 | 9M 2022 |
FY 2021 |
∆ yoy |
|---|---|---|---|
| Generation and Trading |
7 704 , |
7 847 , |
2% - |
| Enel Green Power |
9 682 , |
8 989 , |
8% |
| Enel Grids |
33 663 , |
33 263 , |
1% |
| Retail | 6 102 , |
6 148 , |
1% - |
| Enel X |
2 865 , |
3 352 , |
15% - |
| Others and adjustments |
365 7 , |
6 680 , |
10% |
| Total | 67 381 , |
66 279 , |
2% |
Disclaimer
This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. Certain numbers in this presentation are rounded, while certain figures may have been restated. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records.
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Monica Girardi Head of Group Investor Relations
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Federico Baroncelli Serena Carioti Federica Dori Federica Pozzi Fabrizio Ragnacci Danielle Ribeiro Da Encarnacao Riccardo Ricci Noemi Tomassi Emanuele Toppi
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