Endesa earned 1,059 million euros between January and September 2023, compared to the 1,469 it had earned in the same period of the previous year, this is 28% less. The ordinary result before taxes amounted to 3,353 million, 3% less.
The decrease in net income is due to higher amortizations, derived from the higher level of investment; higher financial costs, especially as a result of the rise in interest rates; and by a higher tax rate, affected by the extraordinary tax, as communicated this Tuesday to the National Securities Market Commission.
The impact of the extraordinary tax on energy companies of 1.2% on their turnover has meant a loss of 208 million euros for the Spanish electricity company, to which are added the 433 million paid for corporate tax. The company has recorded an effective tax rate of 29.5%.
The ebitda (gross operating profit) of 3,353 million euros was 9.6% lower, 3% lower in comparable terms due to the fact that it has been impacted by the favorable ruling registered in 2022 on the financing of the social bond by 152 million and for the payment in this year of the extraordinary sales tax amounting to 208 million, which places the structure and adjustments heading at a loss of 364 million.
Revenues fell 22%, to 19,211 million euros. Despite the negative evolution, the results are in line with the expectations of the company, which reaffirms the objectives set for 2023, among other things due to the significant improvement in cash, as communicated this Tuesday to the National Securities Market Commission. .
Net debt reaches 11.6 billion euros, which represents an increase of 6.3% compared to the end of 2022, due to the payment of dividends and the investments undertaken. Gross debt decreased by 24%, mainly due to the sharp reduction in collateral (-67%) that covers operations in international raw materials markets, up to 2,200 million. Cash generation remains at 2,839 million at the end of the period, from 586 million as of September of last year.
Investment grew 2% between January and September, in year-on-year terms, up to 1,509 million. 76% is dedicated to the pillars of the energy transition: networks and renewables.
Currently, Endesa has 9,300 MW of renewable power (hydroelectric, solar and wind) in operation on the peninsula, 800 MW more compared to the end of September 2022. 79% of peninsular production in the period was emissions-free, 6 points more than the previous year.
The customer base in the free market in the period increased to 6.9 million and the percentage of fixed-price electricity sales covered by emission-free production reached 73%. The network of charging points for electric vehicles has added 5,600 more in the last twelve months, up to 17,600.
