The electricity company has cushioned the impact of the 1.2% tax on income imposed by the Spanish Government on energy companies, appealed by the company, which has led to the recognition of 208 million euros.
Endesa has obtained a net profit of 594 million euros in the first quarter of the year, 75.7% more than in the same period of the previous year, as reported by the company to the National Securities Market Commission (CNMV).
The income of the electricity company in the period from January to March have amounted to 7,504 million euros, 1.2% lower than those obtained in the first quarter of 2022.
The gross operating profit (ebitda) stood at 1,462 million euros at the end of March, 60% higher than the same period last year.
The company has indicated that the good performance of its conventional and renewable generation businesses compared to the start of 2022 and the normalization of the electricity and gas commercialization business have also allowed it to cushion the impact of the 1.2% tax on income tax imposed by the Government on energy companies -appealed by the company-, which has led to the recognition of €208 million for Endesa in their accounts.
With these results, the energy company has also confirmed in this first quarter its objectives for the whole of 2023, which aspire to an Ebitda in the range of between 4,400-4,700 million euros and an ordinary net profit of between 1,400-1,500 million euro.
Likewise, the leverage ratio net financial debt/Ebitda of the group it remains at 2 times at the end of March, the same as at the end of 2022, while gross debt is reduced by 9%, standing at 11,591 million euros. The average cost of liabilities stands at 2.8% in a context of rising interest rates.
Regarding the investments in the group’s quarter, they increased by 2%, up to 409 million, with renewables and the distribution network as the main target areas.
Source: Eitb
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