Enel5.9 billion euro investments in first half 2022, a22.4 increase to further accelerate the energy transition
Earnings,258 million euros(,291( 1) million euros in the first half of 2021,85.3)
- the increase is attributable to all Business parts, substantially reflecting an increase in the amounts of electricity and gas vended at rising average prices and an increase in the amounts of electricity generated. The change also reflected the gain from the partial trade of the equity investment in Ufinet · Ordinary EBITDA,298 million euros(,436( 2) million euros in the first half of 2021,-1.6)
- the change in the period is basically due to the drop in the periphery registered by End- stoner requests as a result of an increase in provisioning costs and by Enel Green Power due to low water vacuity, which caused a significant reduction in hydropower generation. These goods further than neutralize the increase in the periphery posted by Thermal Generation and Trading as a result of an increase in amounts generated and volumes traded, as well as the gain from the partial trade of the equity interest in Ufinet · EBITDA,205 million euros(,7952 million euros in the first half of 2021,5.3)
· EBIT,902 million euros(,4472 million euros in the first half of 2021,-12.3)
- the change substantially reflects an increase in deprecation and amortization, value adaptation and write- campo of receivables
· Group net ordinary income,109 million euros(,299 million euros in the first half of 2021,-8.3)
- the change basically reflects developments in ordinary operations, only incompletely neutralize by the positive impact of net fiscal results and a decline in levies
· Group net income,693 million euros(,778 million euros in the first half of 2021,-4.8) · Net fiscal debt,238 million euros(,952 million euros at the end of 2021,19.8)
- the increase substantially reflected capital expenditure in the period, the accession of ERG HydroS.r.l.( 3) and adverse exchange rate effect, only incompletely neutralize by positive cash inflow from operations · Capital expenditure,889 million euros(,813 million euros in the first half of 2021,22.4)
- the increase is substantially attributable to the growth in investments in Enel Green Power, structure and Networks, and End- stoner requests
” The first half of 2022 was characterized by an adverse geopolitical, energy and profitable environment which, still, didn’t affect the perpetration of our Strategic Plan presented in November 2021,” reflected Francesco Starace, CEO of the Enel Group. “ During the period, we increased our investments in renewable sources and distribution grids; at the same time, the marketable programs we espoused have, on the one hand, defended our guests from the volatility of the period and, on the other, strengthened our medium and long- term objects. The Group’s fiscal position remains solid and, also in view of the continuity of a complex general frame, thanks to the visibility on the elaboration of the business for the alternate half of the time, we confirm the guidance for 2022 and our tip policy.”
1) The figure for the first six months of 2021 was acclimated, for relative purposes only, to take into account the goods of the different bracket performing from the dimension at fair value of outstanding contracts at the end of the period for the purchase and trade of goods settled with physical delivery. This different bracket didn’t have any effect on EBIT.
For relative purposes only, a reclassification from fiscal income to earnings was made, for an quantum of 76 million euros in the first half of 2021, of the element honored in the income statement related to the remeasurement at fair value of fiscal means related to service in concession of distribution conditioning in Brazil falling within the compass of IFRIC 12. This last bracket had an effect of the same quantum on EBIT.
2) For relative purposes only, the figure for the first six months of 2021 was acclimated to reflect the different bracket mentioned above concerning the operation of IFRIC 12 in Brazil.
( 3) Now Enel Hydro Appennino CentraleS.r.l.
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