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Enel Interim / Quarterly Report 2022
4317_10-q_2022-05-04_954205f5-8502-4694-99bc-7f6050b0d651.pdf
Interim / Quarterly Report
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Q1 2022
Consolidated results May 4th, 2022
Key highlights of the period
1
EBITDA +7% yoy Net Income +19% yoy
Integrated portfolio management drives Group's performance
5.6 GW RES capacity built over LTM 13.1 GW in execution
A quarter that bodes well for full year targets
Q1 2022 dynamics in a distressed energy scenario
+1.8mn additional clients in free market thanks to appealing commercial offerings
Low hydrology (-3 TWh vs. Q1 2021) and high power prices impacting sourcing costs
Wind and solar production increasing strongly (+17% yoy)
Governments' intervention
Measures approved weigh significantly on results but discussions are ongoing
Profit & Loss… …Balance Sheet and Cash Flow
Ample liquidity of more than 25 €bn to withstand a volatile scenario
Debt associated with Governments' measures to stand at 2.2 €bn at the end of the quarter
Negative movement in working capital vs. last year due to temporary items associated with the energy crisis
Impact from FX on debt fully covered by swap contracts
3
EBITDA up by 7% amidst energy crisis scenario…
+7% 4.2 4.5 -2% 2.4 +13% 2.8 1.8 0.93 0.24 (0.68) 0.05 (0.25) 1.7 Q1 2021 Growth & Efficiencies Steward. Negative dynamics FX Delta Non recurring & other Q1 2022
EBITDA evolution1 (€bn)
Growth and efficiencies
- Growth driven by new capacity, high prices hedged, increasing conventional generation volumes, regulatory improvements and beyond commodity sales
- Efficiencies totalled 150 €mn
Negative dynamics
- Low hydro availability in Italy and Spain
- Sourcing costs impacted by retail commercial positioning and higher electricity purchases costs
-
Regulatory actions in Romania weighted both on networks (100 €mn) and retail (160 €mn)
-
Ordinary figures. It excludes extraordinary items in Q1 2021 (-68 €mn: -13 €mn emergency costs COVID19, -55 €mn energy transition and digitalization funds) and in Q1 2022 (-40 €mn: -9 €mn emergency costs COVID-19, -31 €mn energy transition and digitalization funds).
…fueled growth in Net Income
Net Ordinary Income evolution (€bn)
Double digit increase driven by growth, lower cost of debt & Group simplification
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6
Cash flow impacted by Working Capital swings to be recovered along the year
-
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt
-
Includes dividends received from equity investments
Net Debt adjusted for temporary items and FX stand at 52.8 €bn
Net debt1 (€bn)
-
Total amount of debt includes 3 €bn associated with leasing.
-
It includes foreign exchange derivatives realized in the period and new leases for 0.1 €bn.
-
It excludes 0.5 €bn related to government actions which are included in "Government measures".
Solid and ample liquidity protects against market volatility
19.0
Liquidity position
Long Term debt maturities (€bn)
Q1 2022 Global Business Lines results
37.0
0.4
54.4
Q1 2022
Wind and solar production up significantly thanks to LTM roll out
Total production1 (TWh) Total capacity evolution1 (GW)
Total
(2.0)
0.5
0.7 GW built in Q1 2022
Phase out
-
5.6
2
-
Rounded figures. It includes renewable managed capacity.
-
It includes BESS capacity built.
Our customer base in the free market increases remarkably together with beyond commodity sales
- It includes energy losses.
B2B B2C
-
It includes interoperability points.
-
Q1 2021 restated figures.
Global Power Generation & Enel X Global Retail
EBITDA evolution1 (€bn)
-
- c.200 €mn renewable additions and prices
- c.550 €mn conventional generation benefitting from high prices and increasing volumes and regulatory improvements on non mainland assets
- c.300 €mn customers and stewardship contribution
- c.200 €mn from low hydro availability in Italy and Spain (-3 TWh yoy)
- c.250 €mn net effect of higher sourcing costs, both on generation and retail, and commodity portfolio optimization
- c.160 €mn price cap in Romania
Networks volumes stabilizing after a post pandemic jump
Smart meter 2.0
Electricity distributed SAIDI (min.) 1(TWh) Grid customers (mn) 74.5 75.4 92.6 92.4 34.0 34.3 0.0 0 20. 00 40. 00 60. 00 80. 00 100 .00 120 .00 140 .00 Q1 2021 Q1 2022 257 242 200 .00 210 .00 220 .00 230 .00 240 .00 250 .00 260 .00 Q1 2021 Q1 2022 -% -6% Smart meter 23.0 22.1 Q1 2022 45.1 mn Smart meter c.700k smart meters installed in LTM 127 127 Latam Europe
Infrastructure and Networks
EBITDA evolution1 (€bn)
- c.100 €mn tariff indexation in Latin America
- c.80 €mn efficiencies across all geographies
- 30 €mn positive impact from FX
-
- 100 €mn impact from measures implemented in Romania
- c.70 €mn WACC reset in Italy
Q1 2022 Closing remarks
A strong start of the year supporting future strategic ambitions
Integration and diversification as key drivers
of performance
FY2022 guidance confirmed
AGM to approve a proposed DPS of 0.38 €/share or >6% Dividend Yield1
Closing remarks
First Quarter 2022 Consolidated results
Annexes
Macroscenario
| (%) GDP |
(%) CPI |
€1 FX against |
(€/MWh) Price Spot |
(TWh)2 Electricity Demand |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 5 26 |
0 10 |
5 73 |
0 58 |
- | - | 249 27 |
59 31 |
80 43 |
78 63 |
| Iberia | 6 71 |
(4 09) |
81 7 |
0 55 |
- | - | 230 33 |
44 41 |
60 81 |
62 58 |
| Latin America |
||||||||||
| Argentina | 4 75 |
2 63 |
51 27 |
40 65 |
123 00 |
108 00 |
- | - | 36 51 |
34 22 |
| Brazil | 0 29 |
2 64 |
10 53 |
5 29 |
5 25 |
6 61 |
9 74 |
25 18 |
158 40 |
157 01 |
| Chile | 6 97 |
1 46 |
8 31 |
2 95 |
869 21 |
844 51 |
69 23 |
62 23 |
20 70 |
19 95 |
| Colombia | 5 87 |
2 06 |
8 43 |
3 50 |
4 173 70 , |
4 300 00 , |
69 87 |
47 39 |
18 69 |
17 84 |
| Peru | 2 77 |
4 49 |
6 21 |
4 27 |
4 07 |
4 40 |
21 06 |
6 88 |
13 70 |
13 31 |
| of Rest Europe |
||||||||||
| Romania | 2 06 |
(0 51) |
8 38 |
3 07 |
4 94 |
4 92 |
184 04 |
49 45 |
15 80 |
16 60 |
| Russia | 0 36 |
(0 43) |
18 76 |
5 55 |
90 26 |
88 72 |
25 15 |
81 15 |
227 74 |
223 36 |
| North America |
||||||||||
| USA | 4 12 |
0 55 |
7 92 |
1 90 |
1 11 |
1 17 |
- | - | 1 028 00 , |
1 000 00 , |
| Mexico | 0 86 |
(2 79) |
7 23 |
3 99 |
21 99 |
23 97 |
- | - | 72 36 |
72 02 |
| Africa Asia & Oceania , |
||||||||||
| India | 3 99 |
1 22 |
6 21 |
4 87 |
84 20 |
85 78 |
- | - | 345 53 |
335 31 |
| Australia | 2 76 |
1 32 |
4 75 |
0 94 |
1 48 |
1 54 |
- | - | - | - |
| South Africa |
1 17 |
(2 52) |
5 96 |
3 06 |
16 17 |
17 33 |
- | - | 54 28 |
53 35 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 12 981 , |
794 | 774 | 29 | - | 2 253 , |
720 4 , |
596 4 , |
26 146 , |
| Iberia | 4 746 , |
2 602 , |
- | 1 098 , |
3 328 , |
2 333 , |
1 644 , |
5 445 , |
21 196 , |
| Latin America |
10 585 , |
2 930 , |
69 | 3 135 , |
- | 2 661 , |
546 | 4 168 , |
24 095 , |
| Argentina | 1 328 , |
- | - | - | - | 1 169 , |
- | 1 922 , |
4 419 , |
| Brazil | 1 272 , |
2 156 , |
- | 1 234 , |
- | - | - | 319 | 981 4 , |
| Chile | 3 551 , |
642 | 69 | 1 499 , |
- | 581 | 320 | 1 468 , |
8 130 , |
| Colombia | 3 097 , |
- | - | 122 | - | 180 | 226 | - | 3 625 , |
| Perù | 792 | 132 | - | 179 | - | 730 | - | 459 | 2 294 , |
| Other1 | 545 | - | - | 101 | - | - | - | - | 646 |
| of Rest Europe |
19 | 1 120 , |
- | 130 | - | 4 447 , |
- | 830 | 6 545 , |
| Romania | - | 498 | - | 36 | - | - | - | - | 534 |
| Russia | - | 250 | - | - | - | 4 447 , |
- | 830 | 5 526 , |
| Other2 | 19 | 372 | - | 94 | - | - | - | - | 485 |
| North America |
53 | 6 262 , |
72 | 1 556 , |
- | - | - | - | 941 7 , |
| Mexico | 53 | 893 | - | 220 | - | - | - | - | 1 165 , |
| Canada | - | 211 | - | - | - | - | - | - | 211 |
| USA | - | 5 158 , |
72 | 1 336 , |
- | - | - | - | 6 566 , |
| Oceania3 Africa Asia & , |
- | 1 274 , |
- | 912 | - | - | - | - | 2 186 , |
| Total | 28 384 , |
14 981 , |
915 | 6 860 , |
3 328 , |
11 694 , |
6 910 , |
15 039 , |
88 111 , |
-
Includes Panama, Guatemala and Costa Rica 18
-
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 | 2 506 , |
431 | 1 378 , |
15 | - | 19 | 4 321 , |
3 329 , |
12 000 , |
| Iberia | 1 137 , |
1 551 , |
- | 292 | 7 113 , |
1 048 , |
250 | 4 072 , |
15 462 , |
| Latin America |
8 472 , |
2 313 , |
102 | 1 115 , |
- | 606 | 589 | 5 038 , |
18 234 , |
| Argentina | 427 | - | - | - | - | 100 | - | 2 928 , |
3 455 , |
| Brazil | 089 1 , |
781 1 , |
- | 438 | - | - | - | - | 3 308 , |
| Chile | 1 847 , |
397 | 102 | 500 | - | 293 | 455 | 1 572 , |
5 165 , |
| Colombia | 3 473 , |
- | - | 41 | - | 6 | 134 | - | 3 654 , |
| Perù | 1 233 , |
134 | - | 108 | - | 207 | - | 539 | 2 220 , |
| Other1 | 403 | - | - | 29 | - | - | - | - | 433 |
| of Rest Europe |
13 | 701 | - | 34 | - | 4 404 , |
- | 1 612 , |
6 765 , |
| Romania | - | 414 | - | 8 | - | - | - | - | 422 |
| Russia | - | 83 | - | - | - | 4 404 , |
- | 1 612 , |
6 099 , |
| Other2 | 13 | 205 | - | 26 | - | - | - | - | 244 |
| North America |
38 | 251 5 , |
102 | 639 | - | - | - | - | 6 030 , |
| Mexico | 38 | 423 | - | 129 | - | - | - | - | 591 |
| Canada | - | 234 | - | - | - | - | - | - | 234 |
| USA | - | 4 593 , |
102 | 510 | - | - | - | - | 5 205 , |
| Oceania3 Africa Asia & , |
- | 443 | - | 313 | - | - | - | - | 757 |
| Total | 12 166 , |
10 690 , |
1 581 , |
2 408 , |
7 113 , |
6 077 , |
5 160 , |
14 052 , |
59 247 , |
-
Includes Panama, Guatemala and Costa Rica 19
-
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 | 538 | - | - | - | - | - | - | - | 538 |
| Iberia | 5 | 57 | - | - | - | - | - | - | 61 |
| Latin America |
- | - | - | 213 | - | 3 | - | - | 216 |
| Argentina | - | - | - | - | - | - | - | - | - |
| Brazil | - | - | - | - | - | - | - | - | - |
| Chile | - | - | - | 178 | - | 3 | - | - | 180 |
| Colombia | - | - | - | 36 | - | - | - | - | 36 |
| Perù | - | - | - | - | - | - | - | - | - |
| Other2 | - | - | - | - | - | - | - | - | - |
| of Rest Europe |
- | 21 | - | - | - | - | - | - | 21 |
| Romania | - | - | - | - | - | - | - | - | - |
| Russia | - | 21 | - | - | - | - | - | - | 21 |
| Other3 | - | - | - | - | - | - | - | - | - |
| North America |
- | - | - | - | - | - | - | - | - |
| Mexico | - | - | - | - | - | - | - | - | - |
| Canada | - | - | - | - | - | - | - | - | - |
| USA | - | - | - | - | - | - | - | - | - |
| Oceania4 Africa Asia & , |
- | - | - | 246 | - | - | - | - | 246 |
| Total | 542 | 78 | - | 459 | - | 3 | - | - | 1 082 , |
-
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 | 27 | 3 | 118 | 694 1 , |
940 1 , |
| Iberia | 259 | 22 | - | 1 690 , |
25 | 1 996 , |
| Latin America |
2 088 , |
156 | - | 1 932 , |
78 | 4 255 , |
| of Rest Europe |
266 | - | - | 158 | - | 425 |
| North America |
904 | - | - | 1 921 , |
644 | 3 469 , |
| Africa Asia & Oceania , |
863 | - | - | 175 | - | 038 1 , |
| Total | 4 480 , |
204 | 3 | 5 994 , |
2 441 , |
13 122 , |
Renewables Pipeline (GW) 2022-24 Additional capacity target2
-
It includes BESS for around 51 GW in early stage and around 15 GW in mature pipeline
-
It includes both renewables and BESS
EGP mature pipeline1
Infrastructure & Networks KPIs
| distributed1 (TWh) Electricity |
Grid customers |
(mn) | (mn)1 Smart meters |
||||
|---|---|---|---|---|---|---|---|
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | ||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||
| Italy | 55 | 55 | 31 | 31 | 31 | 30 | |
| 8 | 7 | 6 | 4 | 0 | 7 | ||
| Iberia | 32 | 32 | 12 | 12 | 12 | 12 | |
| 5 | 7 | 4 | 3 | 5 | 4 | ||
| Latin America |
34 3 |
34 0 |
28 4 |
27 8 |
0 5 |
0 4 |
|
| Argentina | 4 2 |
4 0 |
2 6 |
2 5 |
- | - | |
| Brazil | 20 3 |
20 5 |
18 5 |
18 1 |
0 1 |
- | |
| Chile | 4 | 4 | 2 | 2 | 0 | 0 | |
| 1 | 0 | 0 | 0 | 3 | 3 | ||
| Colombia | 3 | 3 | 3 | 3 | 0 | 0 | |
| 7 | 5 | 7 | 6 | 1 | 1 | ||
| Peru | 2 1 |
2 0 |
1 5 |
1 5 |
- | - | |
| of | 4 | 4 | 3 | 3 | 1 | 0 | |
| Rest | 1 | 1 | 0 | 0 | 1 | 9 | |
| Europe | |||||||
| Romania | 4 | 4 | 3 | 3 | 1 | 0 | |
| 1 | 1 | 0 | 0 | 1 | 9 | ||
| Total | 126 | 126 | 75 | 74 | 45 | 44 | |
| 7 | 6 | 4 | 5 | 1 | 4 | ||
Retail KPIs
| - ) | E-MARKET SDIR CERTIFIED |
|---|---|
| Power | Gas | |||||||
|---|---|---|---|---|---|---|---|---|
| (mn) | Volumes1 | (mn) | Volumes | |||||
| Customers | (TWh) | Customers | (bscm) | |||||
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | |
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |
| Italy | 21 | 22 | 24 | 23 | 4 | 4 | 2 | 2 |
| 8 | 4 | 4 | 9 | 3 | 1 | 1 | 0 | |
| Iberia | 10 | 10 | 19 | 20 | 1 | 1 | 1 | 1 |
| 4 | 3 | 6 | 7 | 7 | 7 | 7 | 6 | |
| Latin America |
28 3 |
27 8 |
33 3 |
31 9 |
0 0 |
0 0 |
0 1 |
0 0 |
| of | 3 | 3 | 2 | 2 | 0 | 0 | 0 | 0 |
| Rest | 0 | 0 | 6 | 3 | 1 | 1 | 1 | 1 |
| Europe | ||||||||
| Total | 63 | 63 | 79 | 78 | 6 | 5 | 4 | 3 |
| 5 | 5 | 9 | 8 | 2 | 8 | 0 | 7 | |
Enel X KPIs
| C | E-MARKET SDIR CERTIFIED |
|---|---|
| Charging | Points1,2 (k) |
lighting (mn) Street |
buses2 Electric (#) |
(MW) Storage BTM |
Demand (GW) Response |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 43 2 |
29 5 |
1 5 |
1 6 |
17 | - | - | - | 0 6 |
0 5 |
| Iberia | 10 2 |
7 5 |
0 1 |
0 1 |
165 | 31 | - | - | - | - |
| Latin America |
5 5 |
2 2 |
1 2 |
1 1 |
2 598 , |
1 333 , |
1 | - | 0 1 |
- |
| North America |
107 8 |
71 9 |
- | - | 267 | - | 58 | 23 | 3 2 |
3 3 |
| of Rest Europe |
2 4 |
0 3 |
- | - | 23 | - | - | 22 | 1 2 |
1 1 |
| Africa Asia & Oceania , |
2 4 |
0 4 |
- | - | 207 | - | - | - | 6 1 |
3 1 |
| Other | 174 5 |
107 0 |
- | - | - | - | - | - | - | - |
| Total | 347 7 |
218 9 |
2 8 |
2 8 |
3 277 , |
1 364 , |
59 | 45 | 6 6 |
6 1 |
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% | 75 6 |
12% | |
| (€/MWh)1 Iberia |
65 0 |
100% | 65 0 |
82% | - | - | |
| (USD/MWh) Brazil |
51 7 |
100% | 49 2 |
100% | 46 5 |
100% | |
| (USD/MWh) Chile |
70 6 |
100% | 66 9 |
100% | 66 5 |
100% | |
| (USD/MWh) Colombia |
66 1 |
100% | 64 3 |
100% | 65 3 |
98% | |
| (USD/MWh) Peru |
58 5 |
100% | 60 5 |
100% | 62 9 |
100% |
Capex1 (€mn)
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 45 | 36 | 464 | 481 | 162 | 72 | 117 | 74 | 19 | 13 | 4 | 8 | 812 | 683 |
| Iberia | 28 | 34 | 179 | 141 | 109 | 54 | 67 | 30 | 15 | 10 | 5 | 2 | 402 | 271 |
| Latin America |
21 | 20 | 389 | 245 | 230 | 351 | - | - | 10 | 5 | - | 5 | 651 | 626 |
| Argentina | 3 | 7 | 32 | 22 | - | - | - | - | - | - | - | - | 35 | 28 |
| Brazil | - | 2 | 274 | 121 | 105 | 131 | - | - | 1 | - | - | 5 | 381 | 260 |
| Chile | 11 | 6 | 30 | 32 | 108 | 187 | - | - | - | 1 | - | - | 149 | 226 |
| Colombia | 1 | 3 | 34 | 51 | 8 | 19 | - | - | 4 | 3 | - | - | 48 | 75 |
| Peru | 6 | 3 | 19 | 19 | 3 | 1 | - | - | 4 | 2 | - | - | 32 | 24 |
| Other | - | - | - | - | 5 | 13 | - | - | - | - | - | - | 5 | 13 |
| of Rest Europe |
4 | 5 | 20 | 43 | 20 | 56 | 2 | 4 | 2 | - | - | - | 48 | 109 |
| Romania | - | - | 20 | 43 | 1 | - | 2 | 4 | 1 | - | - | - | 23 | 48 |
| Russia | 4 | 5 | - | - | 18 | 54 | - | - | - | - | - | - | 22 | 59 |
| Other | - | - | - | - | 1 | 2 | - | - | 1 | - | - | - | 2 | 2 |
| North America |
- | 1 | - | - | 496 | 268 | - | - | 12 | 11 | - | - | 507 | 280 |
| Africa, Asia & Oceania |
- | - | - | - | 93 | 56 | - | - | 1 | - | - | - | 94 | 57 |
| Other | - | - | 4 | 1 | 2 | 4 | - | - | 25 | 13 | 6 | 11 | 36 | 29 |
| Total | 98 | 96 | 1,057 | 910 | 1,111 | 862 | 186 | 108 | 82 | 53 | 16 | 26 | 2,550 | 2,055 |
Asset development Capex1 (€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 35 | 24 | 227 | 234 | 140 | 50 | - | - | 10 | 14 | 1 | 3 | 412 | 324 |
| Iberia | 1 | - | 71 | 53 | 95 | 41 | - | - | 4 | 4 | - | - | 171 | 98 |
| Latin America |
2 | 1 | 58 | 70 | 213 | 331 | - | - | 8 | 5 | - | - | 282 | 407 |
| Argentina | - | - | 3 | 4 | - | - | - | - | - | - | - | - | 3 | 4 |
| Brazil | - | - | 39 | 32 | 101 | 123 | - | - | - | - | - | - | 141 | 155 |
| Chile | 3 | 1 | 6 | 11 | 104 | 184 | - | - | - | 1 | - | - | 113 | 196 |
| Colombia | - | - | 7 | 17 | 3 | 13 | - | - | 4 | 3 | - | - | 14 | 33 |
| Peru | - | - | 4 | 6 | 2 | - | - | - | 4 | 1 | - | - | 9 | 7 |
| Other | - | - | - | - | 3 | 11 | - | - | - | - | - | - | 3 | 11 |
| of Rest Europe |
1 | 2 | - | 12 | 18 | 56 | - | - | 1 | - | - | - | 20 | 70 |
| Romania | - | - | - | 12 | - | - | - | - | - | - | - | - | - | 12 |
| Russia | 1 | 2 | - | - | 18 | 54 | - | - | - | - | - | - | 19 | 57 |
| Other | - | - | - | - | - | 1 | - | - | 1 | - | - | - | 1 | 1 |
| North America |
- | - | - | - | 490 | 266 | - | - | 2 | 1 | - | - | 492 | 266 |
| Africa, Asia & Oceania |
- | - | - | - | 92 | 55 | - | - | - | - | - | - | 92 | 55 |
| Other | - | - | - | - | 1 | 3 | - | - | 24 | 13 | 2 | 2 | 27 | 18 |
| Total | 39 | 28 | 356 | 369 | 1,051 | 802 | - | - | 48 | 36 | 3 | 5 | 1,497 | 1,239 |
Revenues1 (€mn)
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 13,935 | 5,237 | 1,686 | 1,746 | 432 | 566 | 8,611 | 4,289 | 151 | 95 | (3,278) | (2,067) | 21,537 | 9,866 |
| Iberia | 2,689 | 1,273 | 570 | 612 | 284 | 265 | 6,400 | 3,354 | 89 | 59 | (2,456) | (1,089) | 7,576 | 4,474 |
| Latin America |
668 | 454 | 2,662 | 2,187 | 958 | 829 | 411 | 306 | 73 | 43 | (427) | (337) | 4,345 | 3,482 |
| Argentina | 34 | 30 | 167 | 132 | 8 | 7 | - | - | 3 | 2 | (1) | (1) | 211 | 170 |
| Brazil | 226 | 163 | 1,795 | 1,442 | 157 | 253 | 114 | 60 | 10 | 3 | (186) | (127) | 2,116 | 1,794 |
| Chile | 301 | 184 | 323 | 287 | 451 | 288 | 27 | 17 | 9 | 10 | (150) | (102) | 961 | 684 |
| Colombia | 49 | 40 | 174 | 153 | 235 | 198 | 211 | 179 | 39 | 16 | (44) | (79) | 664 | 507 |
| Peru | 58 | 37 | 203 | 173 | 47 | 35 | 59 | 50 | 12 | 12 | (46) | (28) | 333 | 279 |
| Other | - | - | - | - | 60 | 48 | - | - | - | - | - | - | 60 | 48 |
| Rest of Europe |
151 | 138 | 114 | 104 | 123 | 83 | 575 | 307 | 28 | 22 | (142) | (101) | 849 | 553 |
| Romania | 8 | - | 114 | 104 | 90 | 51 | 575 | 307 | 7 | 10 | (142) | (101) | 652 | 371 |
| Russia | 143 | 138 | - | - | 6 | - | - | - | - | - | - | - | 149 | 138 |
| Other | - | - | - | - | 27 | 32 | - | - | 21 | 12 | - | - | 48 | 44 |
| North America |
24 | 36 | - | - | 285 | 174 | 3 | - | 96 | 53 | (1) | - | 407 | 263 |
| Africa, Asia & Oceania |
- | - | - | - | 48 | 34 | - | - | 17 | 12 | - | - | 65 | 46 |
| Other | (30) | (90) | 24 | 7 | 1 | 4 | - | - | 241 | 7 | (57) | (122) | 179 | (194) |
| Total | 17,437 | 7,048 | 5,056 | 4,656 | 2,131 | 1,955 | 16,000 | 8,256 | 695 | 291 | (6,361) | (3,716) | 34,958 | 18,490 |
Reported EBITDA1 (€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 1,019 | 109 | 837 | 876 | (183) | 329 | 317 | 713 | 15 | 23 | 26 | 16 | 2,031 | 2,066 |
| Iberia | 477 | 263 | 409 | 452 | 145 | 155 | (161) | 117 | 24 | 13 | (4) | (3) | 890 | 997 |
| Latin America |
60 | 42 | 552 | 384 | 502 | 429 | 102 | 54 | 23 | 13 | (17) | (17) | 1,222 | 905 |
| Argentina | 19 | 15 | (7) | - | 6 | 4 | 3 | 2 | 1 | 1 | (1) | (1) | 21 | 21 |
| Brazil | 26 | 18 | 349 | 216 | 106 | 53 | 59 | 24 | 1 | - | (4) | (7) | 537 | 304 |
| Chile | (25) | (24) | 51 | 33 | 146 | 158 | 17 | 9 | (1) | (3) | (12) | (9) | 176 | 164 |
| Colombia | 5 | 5 | 110 | 93 | 172 | 142 | 18 | 13 | 17 | 10 | - | - | 322 | 263 |
| Peru | 36 | 29 | 49 | 42 | 48 | 36 | 5 | 6 | 5 | 5 | - | - | 143 | 118 |
| Other | (1) | (1) | - | - | 24 | 36 | - | - | - | - | - | - | 23 | 35 |
| of Rest Europe |
27 | 27 | (73) | 24 | 80 | 47 | (138) | 24 | 12 | 2 | - | 1 | (92) | 125 |
| Romania | (3) | - | (73) | 24 | 57 | 23 | (138) | 24 | 3 | 1 | - | 1 | (154) | 73 |
| Russia | 30 | 27 | - | - | 3 | (1) | - | - | - | - | - | - | 33 | 26 |
| Other | - | - | - | - | 20 | 25 | - | - | 9 | 1 | - | - | 29 | 26 |
| North America |
8 | (18) | - | - | 155 | 83 | 3 | - | 9 | (2) | - | (1) | 175 | 62 |
| Africa, Asia & Oceania |
- | - | - | - | 29 | 17 | - | - | (1) | (1) | - | - | 28 | 16 |
| Other | 4 | 2 | - | (2) | (2) | (8) | (3) | - | 217 | (7) | (24) | (25) | 192 | (40) |
| Total | 1,595 | 425 | 1,725 | 1,734 | 726 | 1,052 | 120 | 908 | 299 | 41 | (19) | (29) | 4,446 | 4,131 |
Ordinary EBITDA1(€mn)
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Global |
Generation & Trading |
& | Infrastructure Networks |
EGP | Retail | Enel | X | & | Services Other |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 1,019 | 111 | 841 | 896 | (182) | 330 | 317 | 715 | 15 | 24 | 27 | 19 | 2,037 | 2,095 |
| Iberia | 478 | 264 | 411 | 452 | 145 | 155 | (157) | 117 | 25 | 13 | 1 | (2) | 903 | 999 |
| Latin America |
79 | 55 | 552 | 402 | 502 | 429 | 102 | 55 | 23 | 13 | (17) | (17) | 1,241 | 937 |
| Argentina | 18 | 15 | (7) | - | 6 | 4 | 3 | 2 | 1 | 1 | (1) | (1) | 20 | 21 |
| Brazil | 26 | 18 | 349 | 234 | 106 | 53 | 59 | 25 | 1 | - | (4) | (7) | 537 | 323 |
| Chile | (6) | (12) | 51 | 33 | 146 | 158 | 17 | 9 | (1) | (3) | (12) | (9) | 195 | 176 |
| Colombia | 6 | 6 | 110 | 93 | 172 | 142 | 18 | 13 | 17 | 10 | - | - | 323 | 264 |
| Peru | 36 | 29 | 49 | 42 | 48 | 36 | 5 | 6 | 5 | 5 | - | - | 143 | 118 |
| Other | (1) | (1) | - | - | 24 | 36 | - | - | - | - | - | - | 23 | 35 |
| of Rest Europe |
27 | 27 | (73) | 24 | 80 | 47 | (138) | 25 | 12 | 2 | - | 1 | (92) | 126 |
| Romania | (3) | - | (73) | 24 | 57 | 23 | (138) | 25 | 3 | 1 | - | 1 | (154) | 74 |
| Russia | 30 | 27 | - | - | 3 | (1) | - | - | - | - | - | - | 33 | 26 |
| Other | - | - | - | - | 20 | 25 | - | - | 9 | 1 | - | - | 29 | 26 |
| North America |
8 | (18) | - | - | 155 | 84 | 3 | - | 9 | (2) | - | (1) | 175 | 63 |
| Africa, Asia & Oceania |
- | - | - | - | 29 | 17 | - | - | (1) | (1) | - | - | 28 | 16 |
| Other | 4 | 3 | - | (1) | (2) | (8) | (3) | - | 217 | (8) | (22) | (23) | 194 | (37) |
| Total | 1,615 | 442 | 1,731 | 1,773 | 727 | 1,054 | 124 | 912 | 300 | 41 | (11) | (23) | 4,486 | 4,199 |
32 1. It excludes extraordinary items in Q1 2021 (-68 €mn: -13 €mn COVID19, -23 €mn 'Quota 100', -19 €mn JTF Brazil, -12 €mn Impairment Bocamina, -1 €mn Impairment Iberia) and in Q1 2022 (-40 €mn: -9 €mn emergency costs COVID-19, -13 €mn energy transition and digitalization funds, -18 €mn impairment)
Reported EBIT1(€mn)
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Global |
Generation & Trading |
& | Infrastructure Networks |
EGP | Retail | Enel | X | & | Services Other |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
Q1 2022 |
Q1 2021 |
|
| Italy | 991 | 67 | 526 | 589 | (254) | 261 | 86 | 536 | 1 | 13 | 10 | (1) | 1,359 | 1,465 |
| Iberia | 340 | 121 | 210 | 262 | 80 | 103 | (205) | 53 | 14 | 11 | (15) | (14) | 423 | 536 |
| Latin America |
16 | 7 | 374 | 226 | 409 | 342 | 10 | 10 | 17 | 8 | (19) | (17) | 806 | 576 |
| Argentina | (2) | 1 | (14) | (5) | 4 | 3 | (3) | (2) | 1 | 1 | (1) | (1) | (15) | (3) |
| Brazil | 23 | 15 | 233 | 110 | 80 | 38 | (14) | (4) | 2 | (1) | (4) | (7) | 320 | 151 |
| Chile | (34) | (32) | 35 | 22 | 107 | 119 | 12 | 3 | (2) | (2) | (13) | (9) | 105 | 100 |
| Colombia | 1 | 1 | 87 | 71 | 160 | 130 | 13 | 9 | 13 | 7 | - | - | 274 | 218 |
| Peru | 29 | 23 | 33 | 28 | 42 | 28 | 2 | 4 | 3 | 3 | - | - | 109 | 86 |
| Other | (1) | - | - | - | 16 | 24 | - | - | - | - | (1) | - | 14 | 24 |
| Rest of Europe |
20 | 23 | (94) | 4 | 67 | 30 | (145) | 24 | 11 | 1 | - | 1 | (141) | 82 |
| Romania | (3) | - | (94) | 4 | 52 | 17 | (145) | 24 | 3 | 1 | - | 1 | (187) | 47 |
| Russia | 23 | 23 | - | - | 2 | (4) | - | - | - | - | - | - | 25 | 19 |
| Other | - | - | - | - | 13 | 17 | - | - | 8 | - | - | - | 21 | 17 |
| North America |
8 | (18) | - | - | 68 | 10 | 2 | - | (5) | (12) | (1) | (1) | 72 | (21) |
| Africa, Asia & Oceania |
- | - | - | - | 10 | 6 | - | - | (2) | (2) | - | - | 8 | 4 |
| Other | 4 | 2 | (2) | (1) | (8) | (10) | (3) | - | 214 | (18) | (53) | (49) | 152 | (76) |
| Total | 1,378 | 202 | 1,013 | 1,079 | 372 | 742 | (255) | 623 | 250 | 1 | (79) | (82) | 2,679 | 2,565 |
From EBITDA to net income1 (€mn)
| Q1 2022 reported |
Q1 2021 reported |
∆ yoy |
Q1 2022 ordinary |
Q1 2021 ordinary |
∆ yoy |
|
|---|---|---|---|---|---|---|
| EBITDA | 4 446 , |
4 131 , |
7 6% |
4 486 , |
4 199 , |
6 8% |
| D&A | (1 767) , |
(1 566) , |
(1 765) , |
(1 561) , |
||
| EBIT | 2 679 , |
2 565 , |
4 4% |
2 721 , |
2 638 , |
3 1% |
| financial charges Net |
(411) | (461) | (429) | (461) | ||
| income from equity investments using equity method Net |
43 | 34 | 43 | 31 | ||
| EBT | 2 311 , |
2 138 , |
8 1% |
2 335 , |
2 208 , |
8% 5 |
| Income tax |
(661) | (643) | (668) | (666) | ||
| Net income |
1 650 , |
1 495 , |
1 667 , |
1 542 , |
||
| Minorities | (220) | (319) | (224) | (328) | ||
| income Group net |
1 430 , |
1 176 , |
21 6% |
1 443 , |
1 214 , |
18 9% |
D&A reported (€mn)
1
| 0 | Q1 2022 | Q1 2021 | ∆ yoy |
|---|---|---|---|
| Generation and Trading | 217 | 223 | -3% |
| Enel Green Power | 354 | 310 | 14% |
| Distribution | 712 | 655 | 9% |
| Retail | 375 | 285 | 32% |
| Enel X | 49 | 40 | 23% |
| Others and adjustments | 60 | 53 | 13% |
| Total | 1,767 | 1,566 | 13% |
Gross Debt1structure
Debt structure by instrument (€bn)
| EGP SpA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Debt by instrument |
Enel Spa | EFI | and Central Others |
Italy | Iberia | Latin America |
North America |
Europe | Africa, Asia and Oceania |
Total |
| Bonds | 4.44 | 35.62 | - | - | 0.02 | 4.79 | - | 0.02 | 0.01 | 44.90 |
| Bank Loans | 1.71 | - | 0.29 | 3.74 | 4.19 | 2.68 | 0.31 | 0.38 | 0.37 | 13.67 |
| Tax Partnership | - | - | - | - | - | - | 0.50 | - | - | 0.50 |
| Other Loans |
- | - | - | 0.51 | 1.02 | 0.47 | 0.64 | 0.07 | 0.02 | 2.73 |
| Other short term debt | 0.92 | 0.38 | - | 0.44 | 0.62 | 0.70 | 0.14 | 0.31 | 0.16 | 3.67 |
| Commercial Paper | - | 4.50 | - | - | 3.82 | - | 2.31 | - | - | 10.63 |
| Gross debt | 7.07 | 40.50 | 0.29 | 4.69 | 9.67 | 8.64 | 3.90 | 0.78 | 0.56 | 76.10 |
| Financial Receivables | - | -1.15 | -0.43 | -0.34 | -0.59 | -0.98 | - | - | -0.06 | -3.55 |
| Tariff Deficit | - | - | - | - | -1.04 | - | - | - | - | -1.04 |
| Other short term financial receivables |
-0.72 | -0.29 | - | -1.92 | -2.50 | -0.19 | -0.30 | - | -0.01 | -5.93 |
| Cash and cash equivalents | -2.41 | -0.15 | -0.18 | -0.40 | -0.57 | -1.92 | -0.15 | -0.49 | -0.18 | -6.45 |
| Net Debt – Third Parties |
3.94 | 38.91 | -0.32 | 2.03 | 4.97 | 5.55 | 3.45 | 0.29 | 0.31 | 59.13 |
| Net Debt – Intercompany |
15.72 | -33.19 | -3.17 | 11.33 | 3.95 | 4.36 | 0.71 | 0.18 | 0.11 | - |
| Net Debt – Group View |
19.66 | 5.72 | -3.49 | 13.36 | 8.92 | 9.91 | 4.16 | 0.47 | 0.42 | 59.13 |
Debt maturity coverage split by typology (€bn)
- Of which 18.2 €bn of long term committed credit lines with maturities beyond March 2023
Balance sheet (€mn)
Balance sheet structure (€bn)
1
| 0 | Q1 2022 |
FY 2021 |
∆ yoy |
|---|---|---|---|
| Generation and Trading |
7 802 , |
7 847 , |
1% - |
| Enel Green Power |
9 432 , |
8 989 , |
5% |
| Distribution | 33 338 , |
33 263 , |
0% |
| Retail | 6 157 , |
6 148 , |
0% |
| Enel X |
3 418 , |
3 352 , |
2% |
| Others and adjustments |
6 720 , |
6 680 , |
1% |
| Total | 66 867 , |
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.
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Monica Girardi Head of Group Investor Relations
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Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi
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