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Enel — Interim / Quarterly Report 2022
Jul 28, 2022
4317_10-q_2022-07-28_4bbaf53c-218c-4f4c-9c45-f77d73f05ccb.pdf
Interim / Quarterly Report
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First Half 2022
Consolidated results
Francesco Starace CEO
Business performance Energy crisis in Europe Financial performance Simplification Renewables development in line with targets Investments protected from inflation dynamics Successful commercial season Resilient Latam performance Challenging market context Temporary squeeze in integrated margin partially offset by portfolio optimizations Strong liquidity position Limited refinancing needs Initial reabsorption of temporary working capital items Exit from Russia at final stages Latam final streamlining underway
Key highlights
FY2022 Guidance CONFIRMED
Turbulence in energy market had no impact on our developing machine
Total capacity evolution1 (GW)
-
Rounded figures. It includes renewable managed capacity.
-
It includes BESS capacity built for around 0.5 GW
Investments in networks and renewables protected against inflation
A successful and customer oriented commercial offering accelerates our strategic targets
Free market customers (mn)
Free market volumes1 (TWh)
Business performance
Resilient performance in Latam on a post pandemic recovery
Energy crisis in Europe
H1 2022 sees full impact from energy turbulences in Europe…
Average pool prices (€/MWh)
Tensions on commodities transferred on electricity markets, driving spot prices to unprecedented levels
…which translated into a downside in the integrated margin, mainly in Italy…
Integrated margin management (€bn)
Turbulences impact concentrated in Italy translating into a hit to the country integrated margin partially compensated by portfolio optimization activities
…where clients remained protected throughout the turbulences and sales were higher than expected
Free market dynamics in Italy
250 Avg. spot price Italy Avg. fixed price offering 50% lower than spot Avg. sales price (€/MWh) Sales (TWh) 16 19 10. 00 Expected H1 2022 Retail contracts have been locked in during COVID-19 outbreak Our clients benefitted from energy costs around 50% below the MtM Our commercial offering resulted into a drop of the churn rate and consequent increase in our customer base and consumption Churn rate down by c.3 p.p vs expected 33 38 Fixed price1 +5 TWh
Lower share of renewables on higher sales pushed up unitary cost
Our integrated position will rebalance in forthcoming quarters
Integrated margin management (€bn)
Turbulences impact partially offset, already, by portfolio optimization Visibility on FY2022 supported by contracts repricing and renewables growth
2022 guidance fully confirmed
Our sustainable and integrated business model delivering results amidst distressed environment
| Ordinary EBITDA (€bn) |
19.0 – 19.6 |
|
|---|---|---|
| Net Ordinary Income (€bn) |
5.6 – 5.8 |
|
| DPS (€/sh) | 0.40 |
First Half 2022
Financial results
Alberto De Paoli CFO
Key financial highlights
FY2022: EBITDA 19-19.6 Net income 5.6-5.8
Positive business performance offset energy crisis impact in Europe
16 1. Ordinary figures. It excludes extraordinary items in H1 2021 (-641 €mn: -24 €mn emergency costs COVID19, -555 €mn energy transition and digitalization funds, -62 €mn impairment) and in H1 2022 (-93 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds).
by regulatory adjustments, efficiencies and supported by FX revaluation
Stable results in Europe despite WACC reset in Italy
Romania still affected by negative regulatory actions
Infrastructure and Networks
EBITDA evolution1 (€bn)
Global Power Generation & Enel X Global Retail
EBITDA evolution1 (€bn)
Iberia benefitted from portfolio management optimization, RoE still affected by Romanian government's adverse measures
Stewardship profit due to Ufinet transaction
Efficiencies across all businesses offset CPI increase
Opex evolution1
(€bn) Efficiencies by business1
Net Income
Net Ordinary Income evolution (€bn)
investments deployed and FX impact
Bad debt level equal to 1.4% on revenues in line with historical trend
Windfall Tax in Italy impacting for 50 €mn
FY2022 EBITDA guidance
-
It does not include stewardship contribution accounted in H1 2022
-
It includes delta non recurring for -0.1 €bn
H1 FFO contribution turned positive vis-à-vis Q1
-
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges).
-
Restated figure.
-
Includes dividends received from equity investments.
FY2022 FFO guidance
23
Net debt evolution (€bn)
Net Debt
FY2022 Net Debt guidance
Net debt evolution to FY2022 (€bn)
Solid and ample liquidity protects against market volatility
Liquidity position
Long Term debt maturities (€bn)
First Half 2022
Closing remarks
Business underlying extremely supportive to medium and long term targets
An integrated business model offsetting extreme energy scenarios
A strong financial position
No risks to our guidance and dividend policy
First Half 2022 Consolidated results
Annexes
Macroscenario
| GDP | (%) | CPI | (%) | against FX |
€1 | Spot Price |
(€/MWh) | Electricity | (TWh)2 Demand |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
|||
| Italy | 5 43 |
8 80 |
6 70 |
0 97 |
- | - | 249 09 |
66 96 |
158 02 |
154 86 |
||
| Iberia | 6 22 |
6 85 |
8 40 |
1 40 |
- | - | 205 94 |
58 23 |
118 23 |
120 14 |
||
| Latin America |
||||||||||||
| Argentina | 6 57 |
11 48 |
56 80 |
44 52 |
131 28 |
113 47 |
- | - | 71 27 |
68 07 |
||
| Brazil | 1 98 |
40 7 |
11 33 |
6 51 |
51 89 5 5 |
10 16 29 42 |
306 67 |
304 97 |
||||
| Chile | 5 95 |
9 90 |
9 90 |
3 25 |
967 68 |
867 73 |
98 35 |
61 94 |
41 70 |
40 13 |
||
| Colombia | 9 81 |
9 69 |
8 58 |
2 26 |
4 334 79 , |
4 447 79 , |
49 09 |
36 77 |
37 87 |
35 88 |
||
| Peru | 1 81 |
23 49 |
7 25 |
2 63 |
4 01 |
4 58 |
22 81 |
6 84 |
27 30 |
26 58 |
||
| of Rest Europe |
||||||||||||
| Romania | 4 38 |
7 68 |
10 30 |
2 73 |
4 95 |
4 93 |
170 35 |
54 63 |
29 54 |
31 24 |
||
| Russia | 1 37 |
4 80 |
14 23 |
5 78 |
57 37 |
86 75 |
17 18 |
15 37 |
422 76 |
410 21 |
||
| North America |
||||||||||||
| USA | 2 76 |
6 39 |
8 32 |
3 38 |
1 05 |
1 19 |
- | - | 2 037 00 , |
1 998 00 , |
||
| Mexico | 48 1 |
8 33 |
52 7 |
97 4 |
21 09 |
23 64 |
- | - | 142 62 |
23 157 |
||
| Africa Asia & Oceania , |
||||||||||||
| India | 7 84 |
11 59 |
6 81 |
5 23 |
82 36 |
88 39 |
- | - | 750 81 |
677 55 |
||
| Australia | 3 40 |
5 56 |
5 10 |
2 45 |
1 52 |
1 58 |
- | - | - | - | ||
| South Africa |
1 80 |
8 55 |
6 18 |
3 97 |
17 06 |
16 94 |
- | - | 109 29 |
109 85 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 12 991 , |
794 | 774 | 29 | - | 2 248 , |
4 720 , |
4 596 , |
26 151 , |
| Iberia | 4 746 , |
2 602 , |
- | 1 160 , |
3 328 , |
2 333 , |
1 644 , |
5 445 , |
21 259 , |
| Latin America |
10 542 , |
3 194 , |
69 | 3 174 , |
- | 2 661 , |
546 | 4 168 , |
24 354 , |
| Argentina | 1 328 , |
- | - | - | - | 1 169 , |
- | 1 922 , |
4 419 , |
| Brazil | 1 272 , |
2 420 , |
- | 1 234 , |
- | - | - | 319 | 5 245 , |
| Chile | 3 508 , |
642 | 69 | 1 537 , |
- | 581 | 320 | 1 468 , |
8 125 , |
| 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 | 1 556 , |
- | - | - | - | 7 941 , |
| Mexico | 53 | 893 | - | 220 | - | - | - | - | 1 165 , |
| Canada | - | 211 | - | - | - | - | - | - | 211 |
| USA | - | 158 5 , |
72 | 336 1 , |
- | - | - | - | 6 566 , |
| Oceania3 Africa Asia & , |
- | 1 274 , |
- | 992 | - | - | - | - | 2 266 , |
| Total | 28 351 , |
256 15 , |
915 | 040 7 , |
3 328 , |
689 11 , |
6 910 , |
039 15 , |
88 528 , |
-
Includes Panama, Guatemala and Costa Rica 31
-
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 | 5 705 , |
722 | 2 716 , |
34 | - | 46 | 8 262 , |
5 583 , |
23 067 , |
| Iberia | 2 480 , |
2 832 , |
- | 904 | 13 447 , |
2 082 , |
697 | 8 698 , |
31 140 , |
| Latin America |
16 011 , |
5 475 , |
190 | 2 246 , |
- | 3 753 , |
978 | 7 164 , |
35 817 , |
| Argentina | 734 | - | - | - | - | 2 553 , |
- | 2 628 , |
5 915 , |
| Brazil | 1 964 , |
4 335 , |
- | 936 | - | - | - | - | 7 235 , |
| Chile | 3 414 , |
847 | 190 | 975 | - | 732 | 831 | 3 239 , |
10 229 , |
| Colombia | 6 641 , |
- | - | 77 | - | 22 | 147 | - | 6 888 , |
| Perù | 2 344 , |
293 | - | 206 | - | 445 | - | 1 296 , |
4 583 , |
| Other1 | 914 | - | - | 53 | - | - | - | - | 967 |
| of Rest Europe |
22 | 1 198 , |
- | 90 | - | 7 145 , |
- | 2 911 , |
11 366 , |
| Romania | - | 665 | - | 23 | - | - | - | - | 688 |
| Russia | - | 128 | - | - | - | 7 145 , |
- | 2 911 , |
10 184 , |
| Other2 | 22 | 405 | - | 68 | - | - | - | - | 494 |
| North America |
69 | 10 647 , |
170 | 1 522 , |
- | - | - | - | 12 407 , |
| Mexico | 69 | 833 | - | 274 | - | - | - | - | 1 175 , |
| Canada | - | 401 | - | - | - | - | - | - | 401 |
| USA | - | 9 414 , |
170 | 1 248 , |
- | - | - | - | 10 831 , |
| Oceania3 Africa Asia & , |
- | 1 147 , |
- | 563 | - | - | - | - | 1 710 , |
| Total | 24 286 , |
22 020 , |
3 076 , |
5 359 , |
13 447 , |
13 026 , |
9 937 , |
24 355 , |
115 506 , |
-
Includes Panama, Guatemala and Costa Rica 32
-
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 | 547 | - | - | - | - | - | - | - | 547 |
| Iberia | 5 | 56 | - | 62 | - | - | - | - | 124 |
| Latin America |
1 | 264 | - | 252 | - | 3 | - | - | 519 |
| Argentina | - | - | - | - | - | - | - | - | - |
| Brazil | - | 264 | - | - | - | - | - | - | 264 |
| Chile | 1 | - | - | 216 | - | 3 | - | - | 219 |
| Colombia | - | - | - | 36 | - | - | - | - | 36 |
| Perù | - | - | - | - | - | - | - | - | - |
| Other2 | - | - | - | - | - | - | - | - | - |
| of Rest Europe |
- | 32 | - | - | - | - | - | - | 32 |
| Romania | - | - | - | - | - | - | - | - | - |
| Russia | - | 32 | - | - | - | - | - | - | 32 |
| Other3 | - | - | - | - | - | - | - | - | - |
| North America |
- | - | - | - | - | - | - | - | - |
| Mexico | - | - | - | - | - | - | - | - | - |
| Canada | - | - | - | - | - | - | - | - | - |
| USA | - | - | - | - | - | - | - | - | - |
| Oceania4 Africa Asia & , |
- | - | - | 325 | - | - | - | - | 325 |
| Total | 552 | 352 | - | 639 | - | 3 | - | - | 1 546 , |
-
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 | 98 | 19 | 3 | 339 | 1 734 , |
2 193 , |
| Iberia | 259 | 20 | - | 1 625 , |
25 | 1 928 , |
| Latin America |
1 824 , |
159 | - | 1 955 , |
78 | 016 4 , |
| of Rest Europe |
- | - | - | 158 | - | 158 |
| North America |
904 | - | - | 2 417 , |
854 | 4 175 , |
| Africa Asia & Oceania , |
773 | - | - | 95 | - | 868 |
| Total | 3 859 , |
198 | 3 | 6 589 , |
2 691 , |
13 340 , |
Renewables Pipeline (GW) 2022-24 Additional capacity target2
-
It includes BESS for around 45 GW in early stage and around 19 GW in mature pipeline
-
It includes both renewables and BESS
Pipeline
EGP mature pipeline1
Infrastructure & Networks KPIs
| Electricity | distributed1 (TWh) |
Grid customers |
(mn) | (mn)1 Smart meters |
|||
|---|---|---|---|---|---|---|---|
| H1 | H1 | H1 | H1 | H1 | H1 | ||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||
| Italy | 110 | 110 | 31 | 31 | 31 | 30 | |
| 3 | 0 | 7 | 5 | 1 | 8 | ||
| Iberia | 66 | 64 | 12 | 12 | 12 | 12 | |
| 1 | 3 | 4 | 3 | 5 | 5 | ||
| Latin America |
68 5 |
67 3 |
28 5 |
27 9 |
0 5 |
0 4 |
|
| Argentina | 8 5 |
8 2 |
2 6 |
2 5 |
- | - | |
| Brazil | 40 0 |
40 0 |
18 6 |
18 3 |
0 1 |
- | |
| Chile | 8 | 8 | 2 | 2 | 0 | 0 | |
| 5 | 0 | 1 | 0 | 3 | 3 | ||
| Colombia | 7 | 0 | 3 | 3 | 0 | 0 | |
| 4 | 7 | 8 | 7 | 1 | 1 | ||
| Peru | 4 1 |
4 1 |
1 5 |
1 5 |
- | - | |
| of | 7 | 7 | 3 | 3 | 1 | 1 | |
| Rest | 8 | 8 | 1 | 0 | 1 | 0 | |
| Europe | |||||||
| Romania | 8 | 8 | 3 | 3 | 1 | 0 | |
| 7 | 7 | 1 | 0 | 1 | 1 | ||
| Total | 252 | 249 | 75 | 74 | 45 | 44 | |
| 7 | 4 | 7 | 8 | 3 | 7 | ||
Retail KPIs
| E-MARKET SDIR CERTIFIED |
|---|
| Power | Gas | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (mn) Customers |
Volumes1 | (TWh) | Customers | (mn) | Volumes | (bscm) | |||||
| H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 H1 2021 |
|||||
| Italy | 21 6 22 2 |
47 7 |
45 5 |
4 4 |
4 1 |
2 9 |
2 5 |
||||
| Iberia | 10 5 |
10 2 |
38 5 |
39 4 |
1 8 |
1 7 |
2 9 |
2 8 |
|||
| Latin America |
28 5 |
27 9 |
66 4 62 9 |
0 0 0 0 |
0 2 |
0 1 |
|||||
| of Rest Europe |
3 0 3 0 |
4 9 |
4 3 |
0 2 |
0 1 |
0 2 |
0 1 |
||||
| Total | 63 6 |
63 3 |
157 5 |
152 1 |
6 3 |
8 5 |
6 1 |
4 5 |
Enel X KPIs
| Charging Points1,2 (k) | Street lighting (mn) | Electric buses2 | (#) | Storage BTM (MW) | Demand Response (GW) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | |
| Italy | 46.7 | 32.3 | 1.5 | 1.6 | 31 | - | - | - | 0.6 | 0.8 |
| Iberia | 11.1 | 8.0 | 0.1 | 0.1 | 202 | 31 | - | - | - | - |
| Latin America | 6.6 | 2.5 | 1.2 | 1.1 | 2,649 | 1,333 | 1 | - | 0.1 | - |
| North America | 123.0 | 79.9 | - | - | 267 | 111 | 61 | 42 | 4.5 | 4.1 |
| Rest of Europe | 2.6 | 1.1 | - | - | 32 | - | - | 20 | 1.2 | 1.1 |
| Africa, Asia & Oceania | 5.1 | 0.7 | - | - | 207 | - | - | - | 1.6 | 1.4 |
| Other | 186.3 | 104.7 | - | - | - | - | - | - | - | - |
| Total | 381.5 | 229.2 | 2.8 | 2.9 | 3,388 | 1,475 | 62 | 62 | 7.9 | 7.4 |
Baseload power price & production sold forward
| Baseload price |
|||
|---|---|---|---|
| 2022 | 2023 | 2024 | |
| (€/MWh) Italy |
88 1 |
78 9 |
75 0 |
| (€/MWh) Iberia |
82 9 |
69 4 |
59 0 |
| Production sold forward |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | |||||||||||
| price | % | price | % | price | % | ||||||||
| (€/MWh)1 Italy |
63 2 |
100% | 85 8 |
51% | 6 75 |
12% | |||||||
| (€/MWh)1 Iberia |
65 0 |
100% | 65 0 |
88% | - | - | |||||||
| (USD/MWh) Brazil |
47 9 |
100% | 50 1 |
100% | 48 2 |
100% | |||||||
| (USD/MWh) Chile |
67 6 |
100% | 65 6 |
100% | 65 2 |
100% | |||||||
| (USD/MWh) Colombia |
73 5 |
99% | 75 6 |
100% | 77 4 |
97% | |||||||
| (USD/MWh) Peru |
60 3 |
100% | 62 9 |
100% | 63 8 |
100% |
Capex1 (€mn)
| Conventional Global |
Generation & Trading |
& | Infrastructure Networks |
EGP | Retail | Enel | X | & | Services Other |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
|
| Italy | 170 | 97 | 1,104 | 1,088 | 392 | 160 | 258 | 187 | 42 | 29 | 22 | 29 | 1,988 | 1,589 |
| Iberia | 92 | 100 | 359 | 345 | 289 | 205 | 129 | 67 | 21 | 16 | 16 | 10 | 905 | 744 |
| Latin America |
49 | 49 | 817 | 674 | 727 | 679 | - | - | 28 | 14 | 1 | 4 | 1,622 | 1,420 |
| Argentina | 8 | 11 | 80 | 57 | 0 | 0 | - | - | - | 0 | - | - | 88 | 68 |
| Brazil | 1 | 3 | 536 | 396 | 247 | 291 | - | - | 3 | 2 | 0 | 3 | 787 | 694 |
| Chile | 25 | 17 | 67 | 72 | 364 | 333 | - | - | 0 | 1 | 1 | 1 | 457 | 423 |
| Colombia | 3 | 7 | 87 | 105 | 65 | 28 | - | - | 12 | 7 | 0 | - | 167 | 147 |
| Peru | 12 | 12 | 46 | 43 | 34 | 2 | - | - | 13 | 6 | 0 | - | 105 | 64 |
| Other | 0 | - | - | - | 17 | 23 | - | - | - | - | - | - | 17 | 24 |
| Rest of Europe |
13 | 13 | 52 | 85 | 25 | 98 | 4 | 8 | 3 | 1 | 0 | 0 | 98 | 206 |
| Romania | - | - | 52 | 85 | 1 | 1 | 4 | 8 | 2 | - | 0 | 0 | 60 | 95 |
| Russia | 13 | 13 | - | - | 18 | 94 | - | - | - | - | - | 0 | 32 | 108 |
| Other | - | - | - | - | 5 | 3 | - | - | 0 | 1 | - | - | 6 | 3 |
| North America |
1 | 2 | - | - | 1,056 | 669 | - | - | 21 | 20 | 4 | 2 | 1,081 | 694 |
| Africa, Asia & Oceania |
- | - | - | - | 99 | 138 | - | - | 3 | 1 | 0 | - | 102 | 139 |
| Other | 0 | 0 | 59 | 1 | 9 | 9 | - | - | 28 | 27 | 40 | 47 | 136 | 83 |
| Total | 324 | 262 | 2,390 | 2,193 | 2,597 | 1,958 | 392 | 262 | 146 | 108 | 83 | 91 | 5,931 | 4,874 |
Asset development Capex1 (€mn)
| Conventional Global |
Generation & Trading |
Infrastructure & |
Networks | EGP | Retail | Enel | X | Services & |
Other | Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
|
| Italy | 135 | 66 | 541 | 568 | 334 | 108 | - | - | 17 | 25 | 10 | 18 | 1,038 | 786 |
| Iberia | 5 | 3 | 145 | 134 | 259 | 173 | - | - | 0 | 2 | 8 | 6 | 418 | 318 |
| Latin America |
1 | 3 | 87 | 200 | 686 | 641 | - | - | 23 | 11 | 0 | 1 | 797 | 854 |
| Argentina | - | 0 | 9 | 15 | - | 0 | - | - | - | 0 | - | - | 9 | 15 |
| Brazil | - | 0 | 52 | 123 | 238 | 279 | - | - | - | - | - | - | 290 | 402 |
| Chile | 1 | 2 | 11 | 19 | 351 | 325 | - | - | - | 0 | 0 | 1 | 364 | 347 |
| Colombia | 0 | 0 | 9 | 30 | 54 | 19 | - | - | 10 | 6 | 0 | 0 | 73 | 55 |
| Peru | 0 | 0 | 5 | 14 | 32 | 0 | - | - | 13 | 4 | 0 | - | 50 | 18 |
| Other | - | - | - | - | 12 | 18 | - | - | - | - | - | - | 12 | 18 |
| of Rest Europe |
7 | 6 | 5 | 29 | 22 | 96 | - | - | 0 | 0 | 0 | 0 | 35 | 131 |
| Romania | - | - | 5 | 29 | 0 | 1 | - | - | 0 | 0 | 0 | 0 | 6 | 30 |
| Russia | 7 | 6 | - | - | 18 | 94 | - | - | - | - | - | - | 25 | 100 |
| Other | - | - | - | - | 4 | 1 | - | - | - | - | - | - | 4 | 1 |
| North America |
- | - | - | - | 1,041 | 664 | - | - | 1 | 0 | 3 | 2 | 1,046 | 667 |
| Africa , Asia & Oceania |
- | - | - | - | 95 | 135 | - | - | - | - | - | - | 95 | 135 |
| Other | - | - | 59 | - | 5 | 5 | - | - | 26 | 26 | 28 | 21 | 119 | 52 |
| Total | 148 | 77 | 838 | 931 | 2,443 | 1,823 | - | - | 68 | 64 | 50 | 48 | 3,548 | 2,943 |
Revenues1 (€mn)
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Global |
Generation & Trading |
& | Infrastructure Networks |
EGP | Retail | Enel | X | Services & |
2 Other |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
|
| Italy | 26,622 | 10,036 | 3,431 | 3,551 | 968 | 1,173 | 15,411 | 8,020 | 339 | 209 | (6,247) | (3,627) | 40,524 | 19,362 |
| Iberia | 6,249 | 2,604 | 1,177 | 1,233 | 502 | 417 | 12,861 | 6,143 | 155 | 122 | (6,132) | (2,319) | 14,812 | 8,200 |
| Latin America |
1,456 | 1,019 | 5,559 | 4,540 | 1,975 | 1,608 | 842 | 637 | 211 | 96 | (874) | (756) | 9,169 | 7,144 |
| Argentina | 82 | 72 | 394 | 288 | 19 | 17 | - | - | 8 | 6 | (2) | (1) | 501 | 382 |
| Brazil | 486 | 341 | 3,680 | 2,999 | 343 | 435 | 241 | 135 | 13 | 8 | (417) | (306) | 4,346 | 3,612 |
| Chile | 668 | 435 | 694 | 607 | 944 | 584 | 57 | 45 | 23 | 22 | (312) | (222) | 2,074 | 1,471 |
| Colombia | 98 | 82 | 375 | 306 | 446 | 406 | 422 | 360 | 140 | 37 | (45) | (168) | 1,436 | 1,023 |
| Peru | 122 | 89 | 416 | 340 | 92 | 61 | 122 | 97 | 27 | 23 | (97) | (59) | 682 | 551 |
| Other | - | - | - | - | 131 | 105 | - | - | - | - | (1) | - | 130 | 105 |
| of Rest Europe |
265 | 241 | 237 | 196 | 252 | 149 | 1,145 | 577 | 53 | 36 | (269) | (179) | 1,683 | 1,020 |
| Romania | 19 | - | 237 | 196 | 178 | 92 | 1,145 | 577 | 19 | 14 | (272) | (180) | 1,326 | 699 |
| Russia | 246 | 241 | - | - | 17 | 2 | - | - | - | - | 1 | - | 264 | 243 |
| Other | - | - | - | - | 57 | 55 | - | - | 34 | 22 | 2 | 1 | 93 | 78 |
| North America |
86 | 47 | - | - | 663 | 524 | 1 | 5 | 159 | 107 | 22 | 11 | 931 | 694 |
| Africa, Asia & Oceania |
- | - | - | - | 105 | 68 | - | - | 30 | 26 | - | - | 135 | 94 |
| Other | (60) | (93) | 40 | 16 | (11) | 2 | 9 | - | 262 | 17 | (236) | (165) | 4 | (223) |
| Total | 34,618 | 13,854 | 10,444 | 9,536 | 4,454 | 3,941 | 30,269 | 15,382 | 1,209 | 613 | (13,736) | (7,035) | 67,258 | 36,291 |
Reported EBITDA1 (€mn)
| Global & |
Generation Trading |
Global & |
Infrastructures Networks |
Enel | Green Power |
Retail | Enel X |
Holding, & |
Services 2 Other |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 H1 |
2021 H1 |
2022 H1 |
2021 H1 |
2022 H1 |
2021 H1 |
2022 H1 |
2021 H1 |
2022 H1 |
2021 H1 |
2022 H1 |
2021 H1 |
2022 H1 |
2021 H1 |
|
| Italy | 1,551 | 291 | 1,741 | 1,497 | (368) | 650 | 312 | 1,164 | 53 | 56 | 55 | (30) | 3,344 | 3,628 |
| Iberia | 956 | 391 | 832 | 909 | 261 | 256 | (176) | 250 | 41 | 27 | (6) | - | 1,908 | 1,833 |
| Latam | 119 | 175 | 1,093 | 769 | 952 | 855 | 226 | 109 | 57 | 29 | (45) | (39) | 2,402 | 1,898 |
| Argentina | 47 | 43 | (38) | (4) | 12 | 11 | 6 | 3 | 3 | 3 | (2) | (2) | 28 | 54 |
| Brazil | 62 | 45 | 683 | 445 | 234 | 142 | 124 | 50 | (1) | (1) | (11) | (9) | 1,091 | 672 |
| Chile | (84) | (1) | 97 | 57 | 202 | 280 | 35 | 19 | (2) | (3) | (32) | (28) | 216 | 324 |
| Colombia | 18 | 23 | 248 | 189 | 347 | 284 | 49 | 25 | 46 | 21 | - | - | 708 | 542 |
| Peru | 77 | 66 | 103 | 82 | 97 | 61 | 12 | 12 | 11 | 9 | - | - | 300 | 230 |
| Panama | (1) | (1) | - | - | 60 | 77 | - | - | - | - | - | - | 59 | 76 |
| Rest of Europe |
48 | 43 | (51) | 51 | 139 | 77 | (115) | 43 | 18 | 7 | (1) | - | 38 | 221 |
| Europa | 1 | (1) | (51) | 51 | 83 | 37 | (115) | 43 | 8 | 4 | 1 | 2 | (73) | 136 |
| Romania | 47 | 44 | - | - | 14 | (1) | - | - | - | - | - | - | 61 | 43 |
| Other | - | - | - | - | 42 | 41 | - | - | 10 | 3 | (2) | (2) | 50 | 42 |
| North & Central |
(11) | (21) | - | - | 312 | 317 | 1 | 5 | 22 | 15 | (12) | (12) | 312 | 304 |
| Africa & Asia |
- | - | - | - | 55 | 40 | - | - | (11) | (1) | (1) | (1) | 43 | 38 |
| Others and |
2 | (12) | 17 | (13) | (19) | (17) | 2 | - | 225 | 1 | (69) | (86) | 158 | (127) |
| Total | 2,665 | 867 | 3,632 | 3,213 | 1,332 | 2,178 | 250 | 1,571 | 405 | 134 | (79) | (168) | 8,205 | 7,795 |
Ordinary EBITDA1(€mn)
| E-MARKET SDIR |
|---|
| CERTIFIED |
| Conventional Global |
Generation & Trading |
& | Infrastructure Networks |
EGP | Retail | Enel | X | Services & |
2 Other |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
|
| Italy | 1,555 | 357 | 1,752 | 1,805 | (367) | 661 | 313 | 1,234 | 53 | 60 | 56 | 36 | 3,362 | 4,153 |
| Iberia | 952 | 393 | 838 | 909 | 261 | 256 | (174) | 250 | 41 | 27 | 6 | - | 1,924 | 1,835 |
| Latin America |
176 | 197 | 1,093 | 796 | 952 | 860 | 226 | 111 | 58 | 30 | (45) | (36) | 2,460 | 1,958 |
| Argentina | 47 | 43 | (38) | (4) | 12 | 11 | 6 | 3 | 3 | 3 | (2) | (2) | 28 | 54 |
| Brazil | 62 | 45 | 683 | 464 | 234 | 142 | 124 | 51 | (1) | (1) | (11) | (9) | 1,091 | 692 |
| Chile | (27) | 21 | 97 | 65 | 202 | 283 | 35 | 20 | (2) | (2) | (32) | (25) | 273 | 362 |
| Colombia | 18 | 23 | 248 | 189 | 347 | 285 | 49 | 25 | 46 | 21 | - | - | 708 | 543 |
| Peru | 77 | 66 | 103 | 82 | 97 | 62 | 12 | 12 | 12 | 9 | - | - | 301 | 231 |
| Other | (1) | (1) | - | - | 60 | 77 | - | - | - | - | - | - | 59 | 76 |
| Rest of Europe |
48 | 43 | (50) | 60 | 139 | 77 | (115) | 45 | 18 | 7 | (1) | 1 | 39 | 233 |
| Romania | 1 | (1) | (50) | 60 | 83 | 37 | (115) | 45 | 8 | 4 | 1 | 3 | (72) | 148 |
| Russia | 47 | 44 | - | - | 14 | (1) | - | - | - | - | - | - | 61 | 43 |
| Other | - | - | - | - | 42 | 41 | - | - | 10 | 3 | (2) | (2) | 50 | 42 |
| North America |
(11) | (21) | - | - | 314 | 318 | 1 | 5 | 22 | 16 | (12) | (12) | 314 | 306 |
| Africa, Asia & Oceania |
- | - | - | - | 55 | 40 | - | - | (11) | (1) | (1) | (1) | 43 | 38 |
| Other | 2 | (8) | 17 | (6) | (19) | (14) | 2 | - | 225 | 2 | (71) | (61) | 156 | (87) |
| Total | 2,722 | 961 | 3,650 | 3,564 | 1,335 | 2,198 | 253 | 1,645 | 406 | 141 | (68) | (73) | 8,298 | 8,436 |
45 1. It excludes extraordinary items in H1 2021 (-641 €mn: -24 €mn emergency costs COVID19, -555 €mn energy transition and digitalization funds, -62 €mn impairment) and in H1 2022 (-93 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds). H1 2021 restated figure
Reported EBIT1(€mn)
| E-MARKET SDIR |
|---|
| CERTIFIED |
| Conventional Global |
Generation & Trading |
& | Infrastructure Networks |
EGP | Retail | Enel | X | & | Services Other |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
H1 2022 |
H1 2021 |
|
| Italy | 1,478 | 195 | 1,075 | 924 | (533) | 514 | (160) | 779 | 20 | 32 | 18 | (67) | 1,899 | 2,377 |
| Iberia | 693 | 112 | 444 | 538 | 129 | 150 | (287) | 156 | 15 | 9 | (35) | (29) | 958 | 935 |
| Latin America |
(43) | 96 | 698 | 455 | 757 | 521 | 56 | 7 | 46 | 20 | (47) | (39) | 1,467 | 1,059 |
| Argentina | 4 | 14 | (54) | (15) | 9 | 9 | (3) | (5) | 3 | 2 | (2) | (1) | (43) | 4 |
| Brazil | (14) | 41 | 419 | 238 | 179 | 107 | (7) | (22) | (1) | (2) | (11) | (9) | 565 | 353 |
| Chile | (103) | (24) | 65 | 33 | 121 | 204 | 22 | 7 | (3) | (3) | (33) | (29) | 69 | 188 |
| Colombia | 9 | 14 | 199 | 146 | 322 | 259 | 37 | 18 | 39 | 16 | (1) | - | 605 | 453 |
| Peru | 62 | 52 | 70 | 53 | 83 | 49 | 7 | 9 | 8 | 7 | - | - | 230 | 170 |
| Other | (1) | (1) | - | - | 43 | (107) | - | - | - | - | - | - | 42 | (108) |
| of Rest Europe |
(491) | 28 | (92) | 11 | 110 | 45 | (127) | 38 | 16 | 5 | (2) | (1) | (586) | 125 |
| Romania | 1 | (1) | (92) | 11 | 72 | 26 | (127) | 38 | 6 | 3 | - | 1 | (140) | 78 |
| Russia | (492) | 29 | - | - | 12 | (5) | - | - | - | - | - | - | (480) | 24 |
| Other | - | - | - | - | 26 | 24 | - | - | 10 | 2 | (2) | (2) | 34 | 24 |
| North America |
(11) | (21) | - | - | 134 | 169 | - | 4 | (3) | (1) | (19) | (16) | 101 | 135 |
| Africa, Asia & Oceania |
- | - | - | - | 14 | 13 | - | - | (13) | (3) | - | (1) | 1 | 9 |
| Other | 1 | (13) | 15 | (12) | (31) | (24) | 2 | - | 215 | (11) | (141) | (133) | 61 | (193) |
| Total | 1,627 | 396 | 2,140 | 1,915 | 580 | 1,388 | (516) | 983 | 296 | 52 | (226) | (286) | 3,902 | 4,447 |
From EBITDA to net income1 (€mn)
| 2022 H1 |
2021 H1 |
2022 H1 |
2021 H1 |
|||
|---|---|---|---|---|---|---|
| reported | reported | ∆ yoy |
ordinary | ordinary | ∆ yoy |
|
| EBITDA | 8 205 , |
795 7 , |
3% 5 |
8 298 , |
8 436 , |
6% -1 |
| D&A | (4 303) , |
(3 348) , |
(3 671) , |
(3 162) , |
||
| EBIT | 3 902 , |
4 447 , |
-12 3% |
4 627 , |
5 274 , |
-12 3% |
| financial charges Net |
(1 020) , |
(1 137) , |
(1 022) , |
(1 127) , |
||
| from method Net income equity investments using equity |
62 | 138 | 62 | 68 | ||
| EBT | 2 944 , |
3 448 , |
-14 6% |
3 667 , |
4 215 , |
-13 0% |
| Income tax |
(991) | (1 177) , |
(1 044) , |
(1 376) , |
||
| income Net |
1 953 , |
2 271 , |
2 623 , |
2 839 , |
||
| Minorities | (260) | (493) | (514) | (540) | ||
| Group income net |
1 693 , |
1 778 , |
-4 8% |
2 109 , |
2 299 , |
-8 3% |
D&A reported (€mn)
| 0 | H1 2022 | H1 2021 | ∆ yoy |
|---|---|---|---|
| Generation and Trading | 1,038 | 471 | 120% |
| Enel Green Power | 751 | 790 | -5% |
| Distribution | 1,492 | 1,299 | 15% |
| Retail | 766 | 587 | 31% |
| Enel X | 109 | 83 | 31% |
| Others and adjustments | 147 | 118 | 25% |
| Total | 4,303 | 3,348 | 29% |
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 | 4.45 | 40.47 | - | - | 0.01 | 5.12 | - | - | 0.06 | 50.11 |
| Bank Loans | 1.53 | - | 0.27 | 3.61 | 4.51 | 2.88 | 0.33 | - | 0.38 | 13.51 |
| Tax Partnership | - | - | - | - | - | - | 0.50 | - | - | 0.50 |
| Other Loans |
- | - | - | 0.48 | 1.07 | 0.45 | 0.68 | 0.07 | 0.02 | 2.77 |
| Other short term debt | 0.62 | 1.44 | - | 1.17 | 1.46 | 0.86 | 0.14 | 0.40 | 0.10 | 6.19 |
| Commercial Paper | - | 1.07 | - | - | 2.73 | - | 2.94 | - | - | 6.74 |
| Gross debt | 6.60 | 42.98 | 0.27 | 5.26 | 9.78 | 9.31 | 4.59 | 0.47 | 0.56 | 79.82 |
| Financial Receivables | - | -1.21 | -0.46 | -0.30 | -0.75 | -0.97 | - | - | -0.04 | -3.73 |
| Tariff Deficit | - | - | - | - | -1.64 | - | - | - | - | -1.64 |
| Other short term financial receivables | -0.35 | -0.20 | - | -0.78 | -3.65 | -0.02 | -0.57 | - | -0.06 | -5.63 |
| Cash and cash equivalents | -1.77 | -0.21 | -0.22 | -0.78 | -0.20 | -2.20 | -0.72 | -0.39 | -0.09 | -6.58 |
| Net Debt – Thitd Parties |
4.48 | 41.36 | -0.41 | 3.40 | 3.54 | 6.12 | 3.30 | 0.08 | 0.37 | 62.24 |
| Net Debt – Intercompany |
16.83 | -34.85 | -5.42 | 13.11 | 4.69 | 4.54 | 0.68 | 0.22 | 0.20 | - |
| Net Debt – Group View |
21.31 | 6.51 | -5.83 | 16.51 | 8.23 | 10.66 | 3.98 | 0.30 | 0.57 | 62.24 |
Debt maturity coverage split by typology (€bn)
- Of which 18.5 € bn of long term committed credit lines with maturities beyond June 2023
Balance sheet (€mn)
| H1 2022 |
FY 2021 |
Δ | |
|---|---|---|---|
| Net | 62 | 51 | 19 |
| financial | 238 | 952 | 8% |
| debt | , | , | |
| Shareholders' equity |
45 783 , |
42 342 , |
8 1% |
| Net | 108 | 94 | 14 |
| capital | 021 | 294 | 6% |
| employed | , | , |
Headcount
| H1 | FY | ∆ | |
|---|---|---|---|
| 2022 | 2021 | yoy | |
| Generation | 7 | 7 | -1% |
| and | 787 | 847 | |
| Trading | , | , | |
| Enel | 9 | 8 | 6% |
| Green | 572 | 989 | |
| Power | , | , | |
| Distribution | 33 369 , |
33 263 , |
0% |
| Retail | 6 158 , |
6 148 , |
0% |
| Enel X |
2 938 , |
3 352 , |
-12% |
| adjustments | 7 | 6 | 9% |
| Others | 293 | 680 | |
| and | , | , | |
| Total | 67 117 , |
66 279 , |
1% |
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.
Contact us
Monica Girardi Head of Group Investor Relations
Investor Relations team
Federico Baroncelli Serena Carioti Federica Dori Federica Pozzi Fabrizio Ragnacci Danielle Ribeiro Da Encarnação Noemi Tomassi Emanuele Toppi
Contacts
Email [email protected] Phone +39 06 8305 7975