Endesa cuts its profits by 71% in 2023, up to 742 million, due to the impact of the gas ruling and 'tax'

MADRID, 28 Feb. (EUROPA PRESS) -

Endesa obtained a net profit of 742 million euros in 2023, which represents a drop of 71% compared to the profits of 2,541 million euros of the previous year, due to the lower presence of extraordinary items, since in 2022 the group recorded the capital gains from the partial sale of its electric mobility business to its parent company Enel, as well as the impact of the Government's special tax on energy companies and the extraordinary effects on the gas business, with the arbitration award against a supply contract with Qatar.

Without taking into account extraordinary items, the group's ordinary net profit was 951 million euros last year, with a decrease of 60% compared to 2,398 million euros in 2022, the company reported.

The company highlighted that 2023 was marked by totally extraordinary effects that have impacted the company, especially in the gas business and of a regulatory nature, such as the effects of price reductions (clawback) or the 1.2% tax. on liberalized revenues worth around €208 million for the group.

The gross operating result (Ebitda) of the group in 2023 amounted to 3,777 million euros, with a decrease of 32% compared to 5,565 million a year before due to the extraordinary impacts on the gas business - with 450 million due to the award arbitration on a gas supply contract - and provisions for digitalization of 165 million euros. In comparable terms it was 4,392 million euros, 18% less.

Meanwhile, the income of the electricity company led by José Bogas fell by 23% for the year as a whole, to 25,459 million euros.

Despite these figures, the group's solid cash generation in the year stood out thanks to the positive management of regulatory working capital - pending payments of regulatory balances to the company by public administrations -, which increases cash flow to closing of 2023 up to 4,697 million euros.

On the other hand, Endesa added 600 megawatts (MW) of new renewable capacity in 2023, reaching 9,900 MW. Including nuclear, it already reaches 78% of its installed peninsular capacity free of CO2 emissions. 80% of peninsular production was also emissions-free, seven points more than in 2022.