Enel 2022 Revenue, Earnings Rose on Higher Prices, Volumes

By Cecilia Butini

Enel SpA said late Thursday in preliminary results that 2022 revenue and earnings rose as it produced and traded larger volumes of energy for higher average prices.

The Italy-based energy company posted revenue of 140.5 billion euros ($150.93 billion) for the year, up 64% from the EUR85.7 billion it posted in 2021. It said that the increase was due to higher volumes produced and traded in the context of rising prices, to higher volumes sold in Italy, Spain and Latin America, and to positive exchange rate effects. The metric includes nonrecurring income of EUR1.1 billion from the sale of Enel's transmission business in Chile, the company said.

Earnings before interest, taxes, depreciation and amortization rose to EUR18.8 billion from EUR17.2 billion the year prior. Adjusted for one-offs such as corporate reorganization and pandemic-related costs, ordinary Ebitda increased to EUR19.7 billion, beating the company's own guidance for the year, it said.

Net financial debt rose to EUR60.1 billion at the end of 2022, from EUR51.7 billion the year prior, due to financial needs for capital expenditure, dividend payments, the acquisition of ERG Hydro Srl., and negative exchange rate effects, Enel said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

February 10, 2023 01:51 ET (06:51 GMT)

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