Enel increases ordinary EBITDA by 6.7% in 2021

Italian electric utility Enel SpA (BIT:ENEL) on Thursday said its ordinary EBITDA in 2021 increased by 6.7% compared to 2020, based on preliminary results.

Ordinary earnings before interest, tax, depreciation and amortisation (EBITDA) totalled EUR 19.2 billion (USD 21.7bn) last year. Besides a gain on a stake sale in Open Fiber SpA, the increase was driven by Enel Green Power and Enel X, the company’s advanced energy services business.

Enel Green Power showed improved operating performance in North America and Brazil after the start-up of new plants, as well as improved margin in Spain, which stemmed from better performance of wind and solar plants and favourable outcome of a dispute.

Ordinary EBITDA was at the same time affected by adverse exchange rate effects, mainly in Latin America, the normalisation of trading activities compared to the previous year and a decline in margins in end-user markets, also due to higher procurement costs, the company said.

EBITDA rose 4.1% to EUR 17.6 billion.

Revenues jumped 33.8% to EUR 88.3 billion with higher turnover across divisions, including Enel Green Power, which delivered higher production from renewable sources.

In 2021, Enel’s electricity generation increased to 222.6 TWh from 207.1 TWh in 2020, with generation outside Italy rising to 174.6 TWh from 164.6 TWh. It distributed 510.3 TWh on its networks and sold 309.4 TWh, up from 485.2 TWh and 298.2 TWh, respectively, in the previous year.

The company also reported net financial debt of EUR 52 billion at year-end 2021, an increase from EUR 45.4 billion a year back.

(EUR 1 = USD 1.129)

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