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Enel
Investor Presentation • Mar 21, 2024
4317_10-k_2024-03-21_7f70e564-9ce8-4768-b904-97d05193206d.pdf
Investor Presentation
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Full Year Full Year 2023
Consolidated results March 21st, 2024
Full Year 2023 Consolidated results
Flavio Cattaneo CEO
Opening remarks
Strong YoY delivery with financials up by double digit and outstanding FFO improvement (+3 €bn vs 2021 peak)
Evolution of regulatory frameworks points to upside on plan delivery
Disposal Plan almost completed (>90%) at better multiples M&A to maximize portfolio returns
Shareholder return: 0.43 €/sh DPS for 2023
Managerial actions and solid operating deployment to secure industrial and financial trajectory of the Group
Strong 2023 financial delivery bodes well for future targets
- Ordinary figures.
3 2. It excludes extraordinary items in FY 2022 (235 €mn: Energy transition and digitalization funds -297 €mn, M&A +702 €mn, Discontinued Operations Greece, Russia and Romania -137 €mn, Covid-19 emergency costs -33 €mn) and in FY 2023 (-1.714 €mn: Solidarity contribution -208 €mn, M&A -191 €mn, Energy transition and digitalization funds -366 €mn, Discontinued Operations Greece and Romania -889 €mn, Impairment -60 €mn).
and safeguards profitability
Selective capital allocation drives operating growth
- It excludes capex related to Goias DX in Brasil for 0.3 €bn; 2. Calculated excluding Perù and Romania distribution assets; 3. It includes managed capacity and BESS. Net of the disposals of EGP Romania and PV assets in Chile; 4. Gross of energy losses
Positive outcomes from our advocacy activity to support investments in grids
Grids
ROSS implementation confirm a supportive framework in line with plan's ambitions Ad hoc remuneration (ARERA 617/2023) defined for special projects focused on grids' upgrades (resiliency, hosting capacity): up to 13% of invested capital recognized, as extra premium, in 1 or 3 years – equivalent to an extra remuneration of 1.5%-1.7% for 12 years
Compelling regulated WACC review and methodology revision to enable investments needed to address energy transition challenge
Regulatory framework evolving towards a supportive and more constructive view Improvements in tariffs set to recover asset value recognizing inflation and clear rules for future adjustments
role in the energy transition
Partnership business model: a staple of our capital light strategy
capital returns
Delivering on a cost disciplined organization
M&A: from deleverage to structural value creation
9
Improved credit ratios and confirmed environmental trajectory
- Restated figure
Shareholder remuneration
Dividend per share (€/share)
Visible shareholder remuneration with upside potential linked to cash flow neutrality
Full Year 2023 Economic and financial results
Stefano De Angelis CFO
H2 and YTD execution backing CMD ambitions
Profitability, flexibility and resiliency
- c. 700 MW approved at 300+ bps spread over WACC in Q4
- c.6 GW of RES capacity in execution backing EBITDA and Net Income growth
- Announced deals worth 2.3 €bn Acquired c.1.4 mn retail customers through auctions
Market share gain on targeted/premium areas with highest GDP/HH (Milan, Rome)
Avoided one-shot prepaid acquisition costs
Enel X portfolio and presence redesigned to maximize synergies with integrated core offering
Efficiency & Effectiveness
- New spending review and approval process set in H2 (200 €mn Cash Cost saving already achieved in H2 2023). Processes at full speed in 2024
BESS & OCGT 1.1 1.2 101x 152x ND impact (€bn) EV/ EBITDA
- Network deal
- Partnership model in BESS project will improve IRR-WACC spread maintaining full control of a strategic asset in a core integrated market
Financial sustainability
- New 1.75 €bn SLB issued at 3.66% avg. coupon vs 4% cost of refinancing @plan
- Cash conversion at 83% in H2 2023 drove record high FFO
- Ample liquidity covering long term maturities with optimized cost of carry
M&A cash-in and Q1 2024 bond issuance already secured 2024 maturities; flexibility would add further optionality to improve cost of funding
EBITDA up double digit driven by a strong underlying performance
EBITDA by geography Ordinary EBITDA evolution (€bn) 2
Rounded figures
-
Mainly Goias DX and Fortaleza OCGT in Brasil, transmission in Chile and Enel Russia
-
Split calculated excluding 'Others and adjustments'
EBITDA baseline into 2024 in line with CMD ambitions
Ordinary EBITDA evolution (€bn) Ordinary Net Income evolution (€bn)
-
Enel Perù and Enel Romania
-
Enel Perù, Enel Romania and other M&A
-
It includes around (0.3) €bn related to 'Other'
Grids: +5% RAB increase supporting 2024-26 ambitions
Ordinary EBITDA evolution (€bn) RAB2
(€bn)
- It excludes Romania and Perù distribution assets
Integrated business: double digit growth yoy
Ordinary EBITDA evolution (€bn)
- 100% of RES production backed by fixed sales to B2C and SMEs, maximizing unitary integrated margin
- Pre-hedging securing forward generation margins from backward trend (>90% of 2024-2025 production)
- Existing RES production fully hedged by PPA/Long Term sales
- Sales on additional capacity enacted at FID, securing LT generation margins and projects returns
High visibility on margins evolution underpinning the roll out of the business plan target
Strong earnings performance: Net Ordinary Income up by more than 20% versus PY
Profit & loss (€bn)
Key Drivers
Financial expenses Financial charges strongly affected by negative interest rates environment and shortterm exposure
Income taxes Tax rate at around 29%, in line with expectations
YOY increase mainly due to better economic result
Minorities
Earnings contribution skewed towards Europe drives minorities' reduction
Cash generation accelerated in H2 2023: FFO at around 15 €bn
Rounded figures
-
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges).
-
Includes dividends received from equity investments.
Significant FFO improvement thanks to better economic result and working capital recovery, despite higher financial expenses: cash conversion at 67%
Pro Forma Net Debt at around 53.5 €bn
Net debt evolution1 (€bn)
- HFS: FY 2022 0.9 €bn and FY 2023 0.9 €bn; 2. Restated figure; 3. Net Capex: 13.6 €bn Gross Capex – 0.4 €bn grants; 4. It includes new leases for around 0.7 €bn and hedges.
Full Year 2023 Closing remarks
Annexes
Update on M&A plan
Net Debt impact
| Amount (€bn) | Year | |||
|---|---|---|---|---|
| Sale of Argentina generation1 | 0.1 | 2023 | ||
| Exit from Romania1 | 2.1 | 2023 | ||
| Deals | Australia1 Sale of 50% stake in |
0.1 | 2023 | |
| closed | Sale of PV Assets in Chile | 0.5 | 2023 | |
| Sale of 50% stake in EGP Hellas |
0.3 | 2023 | ||
| Sale 150 MW of solar and geothermal capacity |
0.3 | 2024 | ||
| Sale of Perù distribution & supply2 | 3.1 | 2024 | ||
| Deals announced |
Sale of Perù generation2 | 1.6 | 2024 | |
| Deals (pending announced closing) |
Partnership with Sosteneo: BESS and open-cycle |
1.1 | 2024 | |
| Sale of 90% of DX activities of some municipalities in Lombardy |
1.2 | 2024 | ||
-
Numbers shown do not take into account the impact on Net Debt recorded in 2022
-
Perù distribution & supply included in HFS for c.0.5 €bn and Perù generation included in HFS for c.0.3 €bn as of December 31st, 2023
Macroscenario
| GDP | (%) | (%) CPI |
FX against |
€1 | 1 (€/MWh) Spot Price |
(TWh) Electricity Demand |
||||
|---|---|---|---|---|---|---|---|---|---|---|
| FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
|
| Italy | 0 72 |
3 89 |
6 03 |
8 72 |
- | - | 127 24 |
304 02 |
306 09 |
315 01 |
| Iberia | 2 50 |
5 77 |
3 43 |
8 34 |
- | - | 87 43 |
167 66 |
294 68 |
300 40 |
| Latin America |
||||||||||
| Argentina | (1 64) |
4 96 |
127 94 |
70 71 |
894 54 |
189 53 |
143 97 |
138 78 |
||
| Brazil | 3 09 |
3 13 |
4 60 |
9 34 |
5 36 |
5 66 |
13 36 |
10 80 |
653 77 |
610 98 |
| Chile | (0 08) |
2 49 |
68 7 |
11 60 |
967 78 |
910 12 |
74 56 |
98 51 |
83 09 |
83 23 |
| Colombia | 0 60 |
26 7 |
11 77 |
10 15 |
287 88 4 , |
190 39 5 , |
119 15 |
48 43 |
79 97 |
76 87 |
| Peru | (0 55) |
2 71 |
6 31 |
7 86 |
4 09 |
4 08 |
70 67 |
34 64 |
59 19 |
56 08 |
| of Rest Europe |
- | |||||||||
| Romania | 1 97 |
4 56 |
10 53 |
13 75 |
4 97 |
4 94 |
54 01 |
57 45 |
||
| North America |
- | |||||||||
| USA | 2 54 |
1 94 |
4 13 |
8 02 |
1 10 |
1 07 |
4 272 44 , |
4 345 00 , |
||
| Mexico | 3 23 |
3 94 |
5 55 |
7 89 |
18 75 |
20 87 |
339 41 |
331 68 |
||
| Africa Asia & Oceania , |
- | |||||||||
| India | 6 96 |
6 69 |
66 5 |
6 70 |
91 94 |
88 53 |
560 1 17 , |
485 63 1 , |
||
| Australia | 1 97 |
3 79 |
5 63 |
6 58 |
1 62 |
|||||
| South Africa |
0 49 |
1 91 |
5 91 |
6 85 |
20 18 |
18 23 |
206 09 |
214 78 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas | Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 12,998 | 874 | 776 | 237 | - | 2,378 | 4,160 | 4,607 | 26,030 |
| Iberia | 4,746 | 2,884 | - | 2,269 | 3,328 | 2,333 | 241 | 5,445 | 21,247 |
| Rest of World | 10,596 | 12,094 | 155 | 7,907 | - | 1,231 | 226 | 1,931 | 34,140 |
| Latin America | 10,544 | 4,524 | 83 | 4,534 | - | 1,231 | 226 | 1,931 | 23,073 |
| Argentina | 1,328 | - | - | - | - | - | - | - | 1,328 |
| Brazil | 1,272 | 3,312 | - | 1,384 | - | - | - | - | 5,968 |
| Chile | 3,510 | 903 | 83 | 1,970 | - | 510 | - | 1,468 | 8,444 |
| Colombia | 3,097 | - | - | 716 | - | - | 226 | - | 4,039 |
| Perù | 793 | 309 | - | 302 | - | 721 | - | 463 | 2,589 |
| Other1 | 543 | - | - | 162 | - | - | - | - | 705 |
| Rest of Europe | - | 4 | - | - | - | - | - | - | 4 |
| Romania | - | - | - | - | - | - | - | - | - |
| Other2 | - | 4 | - | - | - | - | - | - | 4 |
| North America | 52 | 7,195 | 72 | 3,016 | - | - | - | - | 10,335 |
| Mexico | 52 | 893 | - | 220 | - | - | - | - | 1,164 |
| Canada | - | 363 | - | - | - | - | - | - | 363 |
| USA | - | 5,940 | 72 | 2,797 | - | - | - | - | 8,808 |
| Africa, Asia & Oceania3 | - | 371 | - | 357 | - | - | - | - | 729 |
| Total | 28,340 | 15,853 | 931 | 10,413 | 3,328 | 5,942 | 4,627 | 11,983 | 81,417 |
-
Includes Panama, Guatemala and Costa Rica 25
-
Includes Greece and Germany
-
Includes 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 | 15,270 | 1,430 | 5,310 | 88 | - | 200 | 9,368 | 10,935 | 42,601 |
| Iberia | 5,083 | 6,392 | - | 2,737 | 24,865 | 4,505 | 742 | 15,939 | 60,264 |
| Rest of World | 40,638 | 37,517 | 691 | 11,829 | - | 3,316 | 645 | 9,830 | 104,465 |
| Latin America | 40,505 | 13,446 | 375 | 6,634 | - | 3,316 | 645 | 9,830 | 74,750 |
| Argentina | 2,750 | - | - | - | - | 172 | - | 1,537 | 4,459 |
| Brazil | 4,479 | 11,168 | - | 1,978 | - | - | - | - | 17,625 |
| Chile | 12,208 | 1,796 | 375 | 3,546 | - | 1,052 | - | 5,147 | 24,122 |
| Colombia | 14,902 | - | - | 348 | - | 64 | 645 | - | 15,959 |
| Perù | 4,145 | 482 | - | 592 | - | 2,028 | - | 3,146 | 10,394 |
| Other1 | 2,022 | - | - | 170 | - | - | - | - | 2,192 |
| Rest of Europe | 34 | 1,909 | - | 208 | - | - | - | - | 2,151 |
| Romania | - | 1,023 | - | 81 | - | - | - | - | 1,104 |
| Other2 | 34 | 887 | - | 127 | - | - | - | - | 1,048 |
| North America | 98 | 21,149 | 316 | 4,047 | - | - | - | - | 25,611 |
| Mexico | 98 | 1,443 | - | 516 | - | - | - | - | 2,058 |
| Canada | - | 1,045 | - | - | - | - | - | - | 1,045 |
| USA | - | 18,661 | 316 | 3,530 | - | - | - | - | 22,507 |
| Africa, Asia & Oceania3 | - | 1,013 | - | 941 | - | - | - | - | 1,953 |
| Total | 60,991 | 45,339 | 6,001 | 14,654 | 24,865 | 8,021 | 10,755 | 36,705 | 207,330 |
-
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 | 1 | 13 | - | 186 | - | 130 | - | 11 | 341 |
| Iberia | - | 1 | - | 605 | - | - | - | - | 607 |
| Rest of World | 3 | 1,138 | - | 2,085 | - | 34 | - | 54 | 3,313 |
| Latin America | 3 | 1,102 | - | 1,170 | - | 34 | - | 54 | 2,363 |
| Argentina | - | - | - | - | - | - | - | 54 | 54 |
| Brazil | - | 747 | - | 150 | - | - | - | - | 897 |
| Chile | 2 | 178 | - | 343 | - | - | - | - | 523 |
| Colombia | - | - | - | 507 | - | - | - | - | 507 |
| Perù | 1 | 177 | - | 123 | - | 34 | - | - | 335 |
| Other2 | - | - | - | 47 | - | - | - | - | 47 |
| Europa & North Africa | - | - | - | 147 | - | - | - | - | 147 |
| Romania | - | - | - | 63 | - | - | - | - | 63 |
| Other | - | - | - | 84 | - | - | - | - | 84 |
| North/Central Americas | - | 36 | - | 768 | - | - | - | - | 804 |
| Mexico | - | - | - | - | - | - | - | - | - |
| Canada | - | 36 | - | - | - | - | - | - | 36 |
| USA | - | - | - | 768 | - | - | - | - | 768 |
| Africa, Asia & Oceania | - | - | - | - | - | - | - | - | - |
| Total | 3 | 1,153 | - | 2,877 | - | 164 | - | 65 | 4,261 |
- Includes Panama
Renewable projects in execution: breakdown by technology and geography1
| MW | Wind | Hydro | Geothermal | Solar & Other |
BESS | Total |
|---|---|---|---|---|---|---|
| Italy | - | 3 9 |
- | 223 | 1 572 , |
1 798 , |
| Iberia | 9 | 10 | - | 1 441 , |
5 | 1 465 , |
| of World Rest |
630 | 156 | - | 996 1 , |
283 | 3 065 , |
| Latin America |
194 | 156 | - | 755 | 168 | 1 273 , |
| North America |
- | - | - | 1 148 , |
115 | 1 263 , |
| Africa Asia & Oceania , |
436 | - | - | 93 | 529 | |
| Total | 639 | 170 | - | 3 659 , |
1 860 , |
6 328 , |
- It includes BESS for around 54 GW in early stage and around 29 GW in mature pipeline
1
~437 83
Pipeline
Enel Grids KPIs1
| Electricity | 2 distributed |
Grid customers |
(mn) | (mn) Smart meters |
|||
|---|---|---|---|---|---|---|---|
| FY | FY | FY | FY | FY | FY | ||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||
| Italy | 214 | 220 | 31 | 31 | 31 | 31 | |
| 1 | 4 | 8 | 7 | 7 | 6 | ||
| Iberia | 136 | 131 | 12 | 12 | 12 | 12 | |
| 4 | 7 | 5 | 5 | 4 | 3 | ||
| of | 138 | 155 | 25 | 28 | 1 | 2 | |
| World | 8 | 5 | 9 | 5 | 1 | 0 | |
| Rest | |||||||
| Latin America |
126 2 |
139 9 |
25 9 |
25 4 |
1 1 |
0 7 |
|
| Argentina | 18 | 17 | 2 | 2 | 0 | 0 | |
| 1 | 5 | 7 | 6 | 0 | 0 | ||
| Brazil | 70 | 81 | 15 | 15 | 0 | 0 | |
| 1 | 7 | 7 | 4 | 6 | 2 | ||
| Chile | 14 | 17 | 2 | 2 | 0 | 0 | |
| 2 | 3 | 1 | 1 | 4 | 4 | ||
| Colombia | 15 | 15 | 3 | 3 | 0 | 0 | |
| 3 | 1 | 9 | 8 | 1 | 1 | ||
| Peru | 8 | 8 | 1 | 1 | 0 | 0 | |
| 5 | 3 | 6 | 5 | 0 | 0 | ||
| of Rest Europe |
12 6 |
15 5 |
- | 3 1 |
- | 1 3 |
|
| Romania | 12 6 |
15 5 |
- | 3 1 |
- | 1 3 |
|
| Total | 489 | 507 | 70 | 72 | 45 | 45 | |
| 2 | 5 | 3 | 7 | 2 | 8 | ||
-
2023 figures after the disposal of Enel Goiás (Brazil), Enel Green Power Romania and Chilean Transmission.
-
FY 2022 restated
Enel X Global Retail: Retail KPIs1
| Power | Gas | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (mn) Customers |
Volumes | (TWh) | Customers | (mn) | Volumes (bsmc) |
||||||
| FY 2023 |
FY 2022 |
FY 2023 FY 2022 |
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
|||||
| Italy | 18 6 |
21 4 |
87 2 |
97 2 |
4 3 |
4 6 |
4 1 |
4 7 |
|||
| Iberia | 10 5 |
10 5 |
77 7 |
79 0 |
1 8 |
1 8 |
3 8 |
4 9 |
|||
| of World Rest |
25 9 |
28 3 |
135 9 |
144 9 |
0 0 |
0 2 |
0 4 |
0 6 |
|||
| Latin America |
25 9 |
25 4 |
129 2 |
135 1 |
0 0 |
0 0 |
0 2 |
0 3 |
|||
| of Rest Europe |
- | 2 9 |
6 7 |
9 8 |
- | 0 2 |
0 2 |
0 3 |
|||
| Total | 54 9 |
60 2 |
300 9 |
321 1 |
6 2 |
6 6 |
8 3 |
10 2 |
Enel X Global Retail: Enel X
| nercial use strictly prohibited EMARKET | SDIR CERTIFIED |
|---|---|
| Enel X |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Public Charging (k) points |
Street | lighting (mn) |
Storage | (MW) | Demand (GW) Response |
||||||
| FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
||||
| Italy | 19 1 |
18 3 |
1 6 |
1 6 |
- | - | 0 8 |
0 6 |
|||
| Iberia | 5 5 |
3 7 |
0 1 |
0 1 |
- | - | 0 2 |
0 2 |
|||
| of World Rest |
0 7 |
0 7 |
1 5 |
3 1 |
113 4 |
74 7 |
8 6 |
7 7 |
|||
| South America |
0 7 |
0 4 |
1 5 |
1 3 |
0 5 |
0 5 |
0 0 |
0 1 |
|||
| North America |
- | - | - | - | 106 9 |
73 1 |
4 9 |
4 6 |
|||
| North Africa Europe & |
- | 0 3 |
- | - | - | - | 1 3 |
1 2 |
|||
| Africa & Asia Oceania |
- | - | - | - | 6 0 |
1 | 2 4 |
1 9 |
|||
| Other | - | - | - | - | - | - | - | - | |||
| Total | 25 3 |
22 6 |
3 3 |
3 0 |
113 4 |
74 7 |
9 6 |
8 5 |
Capex1 (€mn)
| Global Generation | & Trading | Enel Grids | Renewable Energies | Enel X Global Retail | Services & Other |
Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | |
| Italy | 393 | 408 | 3,084 | 2,714 | 1,982 | 821 | 565 | 582 | 74 | 115 | 6,098 | 4,641 |
| Iberia | 306 | 271 | 885 | 860 | 782 | 833 | 311 | 323 | 21 | 28 | 2,305 | 2,315 |
| Rest of World | 75 | 312 | 1,520 | 2,043 | 3,127 | 4,756 | 199 | 189 | 11 | 5 | 4,931 | 7,305 |
| Latin America | 71 | 289 | 1,378 | 1,903 | 1,917 | 2,106 | 105 | 80 | 11 | 5 | 3,482 | 4,384 |
| Argentina | 2 | 81 | 103 | 164 | 0 | 1 | 0 | 0 | - | 0 | 105 | 246 |
| Brazil | 1 | 1 | 813 | 1,235 | 945 | 772 | 50 | 23 | 1 | 1 | 1,810 | 2,032 |
| Chile | 38 | 83 | 111 | 153 | 581 | 817 | 7 | 4 | 7 | 3 | 744 | 1,061 |
| Colombia | 9 | 11 | 238 | 220 | 302 | 286 | 23 | 25 | - | 0 | 571 | 542 |
| Peru | 20 | 17 | 112 | 132 | 56 | 201 | 26 | 28 | 3 | - | 217 | 377 |
| Other | 0 | 95 | - | - | 34 | 29 | - | - | - | - | 34 | 125 |
| Rest of Europe | 0 | 17 | 142 | 140 | 55 | 53 | 15 | 19 | 0 | 0 | 212 | 228 |
| North & Central America | 4 | 7 | - | - | 1,024 | 2,408 | 69 | 75 | (0) | 0 | 1,097 | 2,490 |
| Africa, Asia & Oceania | - | - | - | - | 131 | 189 | 9 | 15 | - | - | 141 | 203 |
| Others and adjustments | 0 | 0 | 24 | 40 | 19 | 18 | 97 | 112 | 87 | 72 | 228 | 242 |
| Total | 775 | 992 | 5,512 | 5,657 | 5,910 | 6,428 | 1,172 | 1,206 | 193 | 219 | 13,563 | 14,503 |
- Rounded figures, it includes capex related to asset classified as HFS for 849 €mn in 2023 and 156 €mn in 2022. 34
Asset development Capex1 (€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | |
| Italy | 300 | 316 | 1,471 | 1,318 | 1,780 | 632 | 138 | 74 | 11 | 11 | 3,699 | 2,351 |
| Iberia | 14 | 16 | 376 | 388 | 693 | 749 | 41 | 32 | 2 | 2 | 1,126 | 1,187 |
| Rest of World | 9 | 132 | 269 | 430 | 2,859 | 4,506 | 61 | 67 | 4 | (0) | 3,201 | 5,134 |
| Latin America | 6 | 123 | 222 | 398 | 1,737 | 1,954 | 46 | 53 | 4 | - | 2,015 | 2,528 |
| Argentina | - | 13 | 12 | 21 | - | - | 0 | 0 | - | - | 12 | 34 |
| Brazil | 1 | - | 146 | 279 | 873 | 722 | 3 | 2 | - | - | 1,023 | 1,003 |
| Chile | 4 | 15 | 12 | 36 | 528 | 769 | 5 | 4 | 4 | - | 553 | 825 |
| Colombia | 1 | (0) | 50 | 42 | 271 | 259 | 13 | 21 | - | - | 335 | 321 |
| Peru | 0 | (0) | 3 | 20 | 40 | 188 | 25 | 26 | - | - | 68 | 234 |
| Other | - | 95 | - | - | 24 | 16 | - | - | - | - | 24 | 111 |
| Rest of Europe | 0 | 9 | 47 | 32 | 41 | 43 | 1 | 2 | 0 | 0 | 89 | 85 |
| North & Central America | 3 | - | - | - | 954 | 2,329 | 13 | 12 | - | (0) | 970 | 2,341 |
| Africa, Asia & Oceania | - | - | - | - | 127 | 180 | - | - | - | - | 127 | 180 |
| Others and adjustments | - | - | 23 | 33 | 10 | 14 | 93 | 98 | 31 | 20 | 158 | 165 |
| Total | 322 | 464 | 2,139 | 2,169 | 5,342 | 5,901 | 332 | 271 | 49 | 32 | 8,184 | 8,837 |
Revenues1 (€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | |
| Italy | 26,178 | 55,389 | 7,610 | 6,963 | 3,248 | 2,149 | 28,717 | 33,351 | (16,426) | (14,344) | 49,327 | 83,508 |
| Iberia | 11,348 | 17,488 | 2,379 | 2,258 | 1,217 | 935 | 20,747 | 28,114 | (10,263) | (15,962) | 25,428 | 32,833 |
| Rest of World | 2,809 | 4,090 | 10,228 | 12,948 | 7,127 | 6,095 | 2,644 | 2,522 | (1,527) | (1,781) | 21,281 | 23,874 |
| Latin America | 2,548 | 3,858 | 10,227 | 12,956 | 5,109 | 4,164 | 2,157 | 2,071 | (1,465) | (1,715) | 18,576 | 21,334 |
| Argentina | 7 | 145 | 560 | 1,000 | 28 | 35 | 5 | 13 | (1) | (1) | 599 | 1,192 |
| Brazil | 656 | 959 | 6,321 | 7,762 | 846 | 739 | 545 | 543 | (529) | (783) | 7,839 | 9,220 |
| Chile | 1,335 | 2,268 | 1,590 | 2,562 | 2,570 | 2,076 | 197 | 192 | (694) | (671) | 4,998 | 6,427 |
| Colombia | 317 | 218 | 823 | 753 | 1,108 | 822 | 1,040 | 1,002 | (5) | (43) | 3,283 | 2,752 |
| Peru | 233 | 268 | 933 | 879 | 258 | 201 | 370 | 321 | (217) | (205) | 1,577 | 1,464 |
| Other | - | - | - | - | 299 | 291 | - | - | (19) | (12) | 280 | 279 |
| Rest of Europe | - | 14 | 1 | (8) | 161 | 40 | 76 | 89 | 1 | (48) | 239 | 87 |
| North & Central America | 261 | 218 | - | - | 1,612 | 1,702 | 331 | 312 | (62) | (18) | 2,142 | 2,214 |
| Africa, Asia & Oceania | - | - | - | - | 255 | 196 | 84 | 70 | (1) | - | 338 | 266 |
| RoW elisions | - | - | - | - | (10) | (7) | (4) | (20) | - | - | (14) | (27) |
| Others and adjustments | (145) | (632) | 42 | 863 | 28 | (12) | 11 | 363 | (407) | (280) | (471) | 302 |
| Total | 40,190 | 76,335 | 20,259 | 23,032 | 11,620 | 9,167 | 52,119 | 64,350 | (28,623) | (32,367) | 95,565 | 140,517 |
Reported EBITDA1 (€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | |
| Italy | 2,552 | 2,578 | 3,566 | 3,676 | 555 | (564) | 4,039 | 529 | 56 | 88 | 10,768 | 6,307 |
| Iberia | 727 | 2,587 | 1,648 | 1,615 | 820 | 631 | 723 | 414 | (239) | (17) | 3,679 | 5,230 |
| Rest of World | (219) | 523 | 2,261 | 3,274 | 3,836 | 3,405 | 408 | 554 | (134) | (126) | 6,152 | 7,630 |
| Latin America | (162) | 535 | 2,260 | 3,282 | 2,804 | 2,319 | 424 | 560 | (132) | (117) | 5,194 | 6,579 |
| Argentina | (322) | 76 | (54) | 88 | 5 | 21 | 5 | 35 | (5) | (3) | (371) | 217 |
| Brazil | (15) | (55) | 1,472 | 1,276 | 549 | 506 | 220 | 238 | (37) | (22) | 2,189 | 1,943 |
| Chile | 49 | 337 | 102 | 1,219 | 1,178 | 746 | 75 | 82 | (89) | (92) | 1,315 | 2,292 |
| Colombia | (23) | 26 | 517 | 487 | 743 | 674 | 79 | 151 | - | - | 1,316 | 1,338 |
| Peru | 153 | 153 | 223 | 213 | 224 | 203 | 45 | 54 | (1) | - | 644 | 623 |
| Other | (4) | (2) | - | (1) | 105 | 169 | - | - | - | - | 101 | 166 |
| Rest of Europe | - | 8 | 1 | (8) | 160 | 7 | (2) | 28 | - | (8) | 159 | 27 |
| North & Central America | (57) | (20) | - | - | 730 | 986 | (11) | (24) | (2) | (2) | 660 | 940 |
| Africa, Asia & Oceania | - | - | - | - | 142 | 93 | (3) | (10) | - | - | 139 | 83 |
| RoW elisions | - | - | - | - | - | - | - | - | - | 1 | - | 1 |
| Others and adjustments | 7 | 9 | (14) | 549 | (33) | 5 | (12) | 305 | (292) | (117) | (344) | 751 |
| Total | 3,067 | 5,697 | 7,461 | 9,114 | 5,178 | 3,477 | 5,158 | 1,802 | (609) | (172) | 20,255 | 19,918 |
Ordinary EBITDA1(€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | |
| Italy | 2,718 | 2,735 | 3,589 | 3,707 | 555 | (562) | 4,039 | 531 | 56 | 89 | 10,957 | 6,500 |
| Iberia | 739 | 2,583 | 1,668 | 1,621 | 826 | 631 | 780 | 417 | 39 | (5) | 4,052 | 5,247 |
| Rest of World | 113 | 762 | 2,598 | 2,384 | 4,213 | 3,697 | 460 | 445 | (132) | (119) | 7,252 | 7,169 |
| Latin America | 166 | 737 | 2,284 | 2,445 | 2,623 | 2,372 | 424 | 560 | (132) | (117) | 5,365 | 5,997 |
| Argentina | 5 | 76 | (54) | 88 | 19 | 21 | 5 | 35 | (5) | (3) | (30) | 217 |
| Brazil | (16) | 81 | 1,496 | 1,489 | 549 | 506 | 220 | 237 | (37) | (23) | 2,212 | 2,290 |
| Chile | 50 | 399 | 102 | 168 | 983 | 798 | 75 | 83 | (89) | (91) | 1,121 | 1,357 |
| Colombia | (23) | 29 | 517 | 487 | 743 | 674 | 79 | 151 | - | - | 1,316 | 1,341 |
| Peru | 153 | 154 | 223 | 213 | 224 | 203 | 45 | 54 | (1) | - | 644 | 624 |
| Other | (3) | (2) | - | - | 105 | 170 | - | - | - | - | 102 | 168 |
| Rest of Europe | 4 | 45 | 314 | (61) | 659 | 244 | 50 | (81) | 2 | - | 1,029 | 147 |
| North & Central America | (57) | (20) | - | - | 789 | 988 | (11) | (24) | (2) | (2) | 719 | 942 |
| Africa, Asia & Oceania | - | - | - | - | 142 | 93 | (3) | (10) | - | - | 139 | 83 |
| Others and adjustments | 24 | 14 | (4) | 564 | (26) | 13 | (4) | 309 | (282) | (133) | (292) | 767 |
| Total | 3,594 | 6,094 | 7,851 | 8,276 | 5,568 | 3,779 | 5,275 | 1,702 | (319) | (168) | 21,969 | 19,683 |
- Ordinary figures, It excludes extraordinary items in FY 2022 (235 €mn: Energy transition and digitalization funds -297 €mn, M&A +702 €mn, Discontinued Operations Greece, Russia and Romania -137 €mn, Covid-19 emergency costs -33 €mn) and in FY 2023 (-1.714 €mn: Solidarity contribution -208 €mn, M&A -191 €mn, Energy transition and digitalization funds -366 €mn, Discontinued Operations Greece and Romania -889 €mn, Impairment -60 €mn).
Reported EBIT1(€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| & Other | 2 | |||||||||||
| FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | FY 2023 | FY 2022 | |
| Italy | 2,351 | 2,424 | 2,116 | 2,326 | 200 | (885) | 2,987 | (635) | (13) | 20 | 7,640 | 3,251 |
| Iberia | 114 | 2,024 | 852 | 815 | 513 | 371 | 210 | 79 | (282) | (50) | 1,407 | 3,239 |
| Rest of World | (291) | (71) | 1,472 | 1,653 | 1,411 | 2,505 | (62) | 204 | (143) | (123) | 2,387 | 4,168 |
| Latin America | (221) | (59) | 1,472 | 1,660 | 2,156 | 1,890 | 132 | 268 | (143) | (120) | 3,396 | 3,640 |
| Argentina | (324) | (286) | (109) | 52 | 2 | 14 | (5) | 19 | (5) | (3) | (441) | (205) |
| Brazil | (16) | (135) | 956 | (86) | 394 | 378 | 10 | 34 | (42) | (26) | 1,302 | 165 |
| Chile | 15 | 299 | 51 | 1,160 | 978 | 574 | 57 | 59 | (93) | (92) | 1,008 | 2,000 |
| Colombia | (9) | (55) | 424 | 391 | 523 | 624 | 44 | 115 | - | - | 982 | 1,075 |
| Peru | 122 | 122 | 150 | 144 | 190 | 168 | 26 | 42 | (2) | - | 486 | 475 |
| Other | (9) | (3) | - | - | 69 | 132 | - | - | - | - | 60 | 129 |
| Rest of Europe | (0) | 8 | 0 | (8) | 157 | 5 | (5) | 28 | 1 | (1) | 152 | 32 |
| North & Central America | (70) | (20) | - | - | (1,005) | 592 | (179) | (77) | (1) | (3) | (1,255) | 492 |
| Africa, Asia & Oceania | - | - | - | - | 103 | 18 | (9) | (15) | - | 1 | 94 | 4 |
| Others and adjustments | 6 | 7 | (15) | 538 | (82) | (21) | (93) | 259 | (420) | (248) | (603) | 535 |
| Total | 2,180 | 4,385 | 4,426 | 5,332 | 2,042 | 1,970 | 3,042 | (93) | (858) | (401) | 10,832 | 11,193 |
From EBITDA to net income1 (€mn)
| FY 2023 |
FY 2022 |
∆ | FY 2023 |
FY 2022 |
∆ yoy |
|
|---|---|---|---|---|---|---|
| reported | reported | yoy | ordinary | ordinary | ||
| EBITDA | 20 255 , |
19 918 , |
1 7% |
21 969 , |
19 683 , |
11 6% |
| D&A | (9 423) , |
(8 725) , |
(7 927) , |
(7 554) , |
||
| EBIT | 10 832 , |
11 193 , |
-3 2% |
14 042 , |
12 129 , |
15 8% |
| financial charges Net |
(3 375) , |
(2 456) , |
(3 378) , |
(2 507) , |
||
| from income equity investments using equity method Net |
(41) | (60) | 226 | 27 | ||
| EBT | 416 7 , |
8 677 , |
5% -14 |
10 890 , |
9 649 , |
12 9% |
| Income tax |
(2 778) , |
(3 523) , |
(3 211) , |
(2 622) , |
||
| Net income |
4 638 , |
5 154 , |
7 679 , |
7 027 , |
||
| Minorities | (829) | (1 238) , |
(1 171) , |
(1 636) , |
||
| Discontinued operations |
(371) | (2 234) , |
- | - | ||
| Group income net |
3 438 , |
1 682 , |
104 4% |
6 508 , |
5 391 , |
20 7% |
D&A reported1 (€mn)
| FY | FY | ∆ | |
|---|---|---|---|
| 2023 | 2022 | yoy | |
| Generation | 887 | 1 | -32 |
| and | 312 | 4% | |
| Trading | , | ||
| Enel | 3 | 1 | 108 |
| Green | 136 | 507 | 1% |
| Power | , | , | |
| Grids | 3 | 3 | -19 |
| 035 | 782 | 8% | |
| , | , | ||
| 2 Enel X Global Retail |
2 116 , |
895 1 , |
11 7% |
| Others and adjustments |
249 | 229 | 8 7% |
| Total | 9 | 8 | 8 |
| 423 | 725 | 0% | |
| , | , |
Long-term debt1structure
Debt structure by instrument (€bn)
| Debt by instrument | Enel Spa | EFI | EGP SpA and Central Others |
Italy | Iberia | Rest of the World |
Latin America |
North America |
Europe | Africa, Asia and Oceania |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bonds | 3.11 | 41.21 | 0.01 | 6.01 | 4.45 | 1.56 | 50.34 | ||||
| Bank Loans | 1.52 | 0.22 | 4.02 | 6.04 | 4.69 | 3.57 | 1.03 | 0.09 | 16.49 | ||
| Tax Partnership | 0.42 | 0.42 | 0.42 | ||||||||
| Other Loans | 0.01 | 0.64 | 0.89 | 1.39 | 0.45 | 0.93 | 0.01 | 2.93 | |||
| Other short term debt | 0.17 | 0.45 | 1.01 | 0.26 | 0.38 | 0.25 | 0.13 | 2.27 | |||
| Commercial Paper | 2.14 | 0.36 | 0.36 | 2.50 | |||||||
| Gross debt | 4.80 | 43.80 | 0.23 | 5.67 | 7.20 | 13.25 | 8.72 | 4.43 | 0.10 | 74.95 | |
| Financial Receivables | -1.26 | -0.80 | -0.60 | -0.63 | -1.00 | -0.91 | -0.01 | -0.08 | -4.29 | ||
| Tariff Deficit | -0.56 | -0.56 | |||||||||
| Other short term financial receivables | -0.49 | -1.01 | -0.12 | -1.17 | -0.27 | 0.06 | -0.26 | -0.07 | -3.06 | ||
| Cash and cash equivalents | -1.12 | -0.15 | -0.91 | -2.11 | -2.59 | -1.95 | -0.54 | -0.05 | -0.05 | -6.88 | |
| Net Debt - Third Parties | 3.19 | 41.53 | -0.72 | 4.04 | 2.73 | 9.39 | 5.92 | 3.62 | -0.05 | -0.10 | 60.16 |
| Net Debt - Intercompany | 16.93 | -53.44 | 6.64 | 20.22 | 6 52 | 3.13 | 2.70 | 0.30 | 0.13 | ||
| Net Debt - Group View | 20.12 | -11.91 | 5.92 | 24.26 | 9.25 | 12.52 | 8.62 | 3.92 | -0.05 | 0.03 | 60.16 |
Debt maturity coverage split by typology (€bn)
Available liquidity
- Of which 19.0 € bn of long term committed credit lines with maturities beyond December 2024
Balance sheet (€mn)
Headcount
| FY | FY | ∆ | |
|---|---|---|---|
| 2023 | 2022 | yoy | |
| Generation | 5 | 6 | -11 |
| and | 725 | 447 | 2% |
| Trading | , | , | |
| Enel | 8 | 9 | -5 |
| Green | 891 | 397 | 4% |
| Power | , | , | |
| Distribution | 30 | 30 | 2 |
| 946 | 262 | 3% | |
| , | , | ||
| 1 Enel X Global Retail |
8 926 , |
8 293 , |
7 6% |
| Others | 6 | 10 | -38 |
| and | 567 | 725 | 8% |
| adjustments | , | , | |
| Total | 61 | 65 | -6 |
| 055 | 124 | 2% | |
| , | , |
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, Stefano De Angelis, 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 Gaia Cherubini Federica Dori Fabrizio Ragnacci Danielle Ribeiro da Encarnação Riccardo Ricci Noemi Tomassi Emanuele Toppi
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