Endesa cuts its profit by 31% as of March, but reaffirms its objectives for 2022


The company’s CEO, Jose Bogas, explained that this year they faced “an even more challenging situation than the previous one”.

Jose Bogas, at the 2021 Endesa General Shareholders Meeting.

Endesa made a net profit of €338 million in the first quarter of the year, which represents a decline of 31.2% compared to the same period in 2021. Despite this, the company, which recalls that these months were “strongly marked by the deterioration of the macroeconomic landscape and high prices for raw materials and, in particular, gas”, maintained its forecasts for the whole of 2022. Is.

“Prices in the wholesale electricity markets have reached an average of 229 euros in Spain, 232 euros in France, 249 euros in Italy or 238 euros in the United Kingdom,” the company said in a statement. Despite all this and the “impact of this situation” on its results, “Endesa communicates to the market its forecasts for the full 2022: gross operating profit (EBITDA) of 4,100 million and net ordinary profit of 1,800 million.”

jose bogasAndesa’s CEO explained that “we started the year facing an even more challenging situation than the previous one, marked by the macroeconomic tensions created by the effects of the war in Ukraine and the shifting of raw materials to this conflict.” The market has already been highly inflated for months”.

Similarly, the manager assured that Endesa “continues to rely on the persistence of its vertically integrated company model to meet its 2022 objectives”. They also stressed that they maintain their “advice and help strategy” so that customers can “address the energy market turbulence in their homes and businesses.”

In terms of results, the company reported a 10% decline in EBITDA, €914 million, 188 million, EBITDA will increase by 10%, essentially by the court’s decision relating to CO2 rights, without taking into account the extraordinary items recorded in the first quarter of 2021″, references Endesa. The firm also states that its net profit will increase by 14% if this sentence is not taken into account.

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