ENDESA obtained an ordinary net profit of 832 million euros in the first half of the year, which represents a fall of 26% with respect to the previous year, the company reported, which despite the adverse market context, has reaffirmed its objectives for the exercise.
Specifically, the result of energy in the period was impacted by the strong rebound of raw materials, especially gas, and for the average price of CO2 emission rights, which has led the price of electricity in the Wholesale market to duplicate, on average, compared to the first half of 2020.
And is that Endesa, who sells more energy than he produces, needs to buy energy in the market, benefiting when prices fall, as happened last year, but being given harmed in their accounts if they are high.
Despite this, the Group has reaffirmed its guidelines for the 2021 set of a net profit of 1,700 million euros and a gross exploitation result (EBITDA) of 4,000 million euros.
In comparable figures, excluding the net effect of the provisions of 2020, the decrease in the net profit of the group led by José Bogas would be only 3%.
Endesa indicated that he expects a progressive normalization of market conditions for the second semester of the year. In addition, the Company is making management decisions to compensate for the effect of volatility of raw materials in our Results Account.
The EBITDA of the company at the end of June stood at 1,879 million, 19% less than in the first semester of the previous year. In comparable terms, excluding the net effect of the provisions of 2020, the decline was 4%.
The adverse situation has affected the behavior of liberalized businesses (generation and marketing), which are those that fundamentally reduce their EBITDA in the first six months of 2021 compared to the past year.
Energy revenues from January to June amounted to 10,272 million euros, with an increase of 15.6% compared to 8,883 million euros of the same period of 2020.
The net debt of energy reaches 8,184 million euros, which represents an increase of 1,300 million derived from the conjunctural negative evolution of the free cash flow and the payment of the dividend on account of the results of 2020 performed in January.
The leverage ratio (net debt with respect to EBITDA) was 2.1 times, in terms comparable with the first half of 2020. The cost of debt remains low, with an average interest of 1.7% (same figure that at the end of last year).
Date Of Update: 27 July 2021, 03:08
