With net ordinary profit of 2,398 million, 26% more, it will distribute a gross dividend of 1,585 euros, 6% higher than expected
Endesa registered a net consolidated result of 2,541 million euros in 2022, which represents a growth of 77% compared to a year earlier, driven by the good performance of the gas business as a whole and the substantially lower deterioration compared to 2021 in the value of extra-peninsular businesses.
Specifically, as explained by the company, Endesa's consolidated net result in 2021 was negatively affected by 489 million due to the deterioration of the business in non-peninsular territories. The impairment for this concept is substantially lower in 2022 (27 million).
Likewise, the company achieved a net ordinary result of 2,398 million, 26% more than in 2021, thanks mainly to the good performance of the gas business and the high performance of the combined cycle plants.
This figure will make it possible to propose the distribution of a gross dividend of 1.585 euros per title, 6% higher than expected, as reported by the company, which also breaks its all-time record in investment, with 2,343 million, 8% more than the year former.
76% of this investment is aligned with the taxonomy of the European Union. By 2023, it plans to break its record again by investing 20% more.
The gross operating result (Ebitda) stood, in comparable terms, at 5,327 million, which represents an improvement of 25% despite the worse performance of the commercial business, the reduction in the margin of renewable energies and the negative impact of regulatory measures in the distribution business.
"We have successfully overcome one of the most challenging years in recent years, both due to the market context and regulatory interventions. We retain and attract new customers thanks to the products and services that allow us to insulate them from the price spikes experienced. By 8% increase in investment in 2022, the year in which we reached our highest historical level, we will add an increase of 20% already announced for this 2023", stressed the CEO of Endesa, José Bogas.
"This shows our firm commitment to the energy transition in the Iberian Peninsula that will promote energy independence and lower electricity prices. All this allows us to offer a substantial improvement in our shareholder remuneration, 10% more than that of 2021, which will lead to dividend yield of around 9%", he added.
RECOURSE THE ENERGY TAX
On the other hand, Endesa has highlighted that the year has also been marked by numerous regulatory measures both at a European and Spanish level.
With respect to one of them, the 1.2% rate on the income of certain energy companies approved by the Spanish Government, Endesa has filed an appeal before the National Court for considering it "unjustified and discriminatory". This measure is added to the appeal presented by the Spanish electricity employer Aelec a week ago.
The company has highlighted that the results achieved make it possible to register 900 million for corporate tax on the profit of 2022, which represents an effective rate of 25.6%. Endesa's tax contribution in the year amounted to 3,843 million euros. Spain represents 85% of that figure and the company remains among the five largest taxpayers in the country.
Likewise, in 2022 with the highest electricity prices in the history of Spain, the average wholesale price in the Iberian market in 2022 has been 168 euros per megawatt hour (MWh), 50% higher than that of 2021.
The application of the gas cap mechanism since June, together with the aforementioned gas price reduction at the end of the year, allows Spain and Portugal a favorable comparison with the rest of the main markets in the area: Germany (235 euros/MWh ), France (276), Italy (304) or the United Kingdom (240).
Regarding the evolution of the company's net debt, it reaches 10,900 million euros, which represents an increase of 2,100 million compared to the end of 2021, due to the volume of investments and the payment of dividends over 2021 (for 1,532 million), partially offset by the free cash flow of 1,672 million achieved in the year.