INTERIM FINANCIAL REPORT AT MARCH 31, 2024
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INTERIM FINANCIAL REPORT AT MARCH 31, 2024
CONTENTS
Enel organizational model | 11 | |
Reference scenario | 14 | |
The macroeconomic environment | 14 | |
Energy conditions | 16 | |
Significant events in the 1st Quarter | ||
of 2024 | 18 | |
Group performance | 20 | |
Analysis of the Group's financial | ||
position and structure | 27 | |
Performance by primary segment | ||
(Business Line) and secondary | ||
segment (Geographical Area) | 31 | |
Thermal Generation and Trading | 37 | |
Enel Green Power | 41 | |
Enel Grids | 47 | |
End-user Markets | 53 | |
Holding and Services | 57 | |
Definition of performance measures | 59 | |
Outlook | 61 |
CONDENSED | ||
. | CONSOLIDATED | |
FINANCIAL | ||
STATEMENTS AT | ||
MARCH 31, 2024 | 63 | |
Condensed Consolidated Income | ||
Statement | 65 | |
Statement of Consolidated | ||
Comprehensive Income | 66 | |
Condensed Consolidated Statement | ||
of Financial Position | 67 | |
Statement of Changes in | ||
Consolidated Shareholders' Equity | 68 | |
Condensed Consolidated | ||
Statement of Cash Flows | 70 | |
Notes to the condensed | ||
consolidated financial | ||
statements at March 31, 2024 | 71 | |
Declaration of the officer | ||
responsible for the preparation | ||
of the Company financial reports | ||
pursuant to the provisions | ||
of Article 154-bis, paragraph 2, | ||
of Legislative Decree 58/1998 | 99 |
5
6 | Interim Financial Report at March 31, 2024 |
1 Report on Operations | 2 Condensed consolidated financial statements at March 31, 2024 |
1.
REPORT ON
OPERATIONS
7
8 | Interim Financial Report at March 31, 2024 |
1 Report on Operations | 2 Condensed consolidated financial statements at March 31, 2024 |
HIGHLIGHTS
1st Quarter | |||||
SDG | 2024 | 2023 | Change | ||
Revenue (millions of euro) | 19,432 | 26,414 | -26.4% | ||
Gross operating profit (millions of euro) | 5,892 | 4,765 | 23.7% | ||
Ordinary gross operating profit (millions of euro) | 6,094 | 5,463 | 11.6% | ||
Profit attributable to owners of the Parent (millions of euro) | 1,931 | 1,034 | 86.8% | ||
Ordinary profit attributable to owners of the Parent (millions of euro) | 2,180 | 1,512 | 44.2% | ||
Net financial debt (millions of euro) | 60,696 | 60,163(1) | 0.9% | ||
Cash flows from operating activities (millions of euro) | 4,639 | 3,482(2) | 33.2% | ||
Capital expenditure on property, plant and equipment and intangible assets | 2,587 | 2,873 | -10.0% | ||
(millions of euro)(3) | |||||
Total net efficient installed capacity (GW) | 81.3 | 81.4(1) | -0.1% | ||
7 | Net efficient installed renewables capacity (GW) | 55.8 | 55.5(1) | 0.5% | |
7 | Net efficient installed renewables capacity (%) | 68.6% | 68.2%(1) | 0.6% | |
7 | Additional efficient installed renewables capacity (GW) | 0.41 | 0.27 | 51.9% | |
Net electricity generation (TWh)(4) | 48.68 | 53.79(5) | -9.5% | ||
7 | Net renewable electricity generation (TWh) | 32.70 | 29.95(5) | 9.2% | |
9 | Electricity distribution and transmission grid (km) | 1,900,955 | 1,899,419(1) | 0.1% | |
9 | Electricity transported on Enel's distribution grid (TWh) | 120.2 | 122.2 | -1.6% | |
End users (no.) | 70,447,362 | 72,852,049 | -3.3% | ||
9 | End users with active smart meters (no.) | 45,341,460 | 45,965,120 | -1.4% | |
(6) | |||||
Electricity sold by Enel (TWh) | 72.9 | 78.2 | -6.8% | ||
Retail customers (no.) | 60,308,129 | 66,733,014(5) | -9.6% | ||
- of which free market | 23,917,657 | 28,133,930(5) | -15.0% | ||
11 | Storage (MW) | 1,733 | 1,730(1) | 0.2% | |
11 | Public charging points (no.)(7) | 25,044 | 24,281(1) | 3.1% | |
11 | Demand response capacity (MW) | 8,127 | 8,103 | 0.3% | |
No. of employees | 60,905 | 61,055(1) | -0.2% | ||
- At December 31, 2023.
- In order to improve presentation, for comparative purposes only, realized financial income and expense on interest rate hedge derivatives, a total €65 mil- lion in the 1st Quarter of 2023, included in the section on cash flows from financing activities, have been reclassified under the item "Interest expense and other financial expense and income paid and received" included in cash flows from operating activities.
- Does not include €103 million regarding units classified as held for sale or discontinued operations (€145 million in 2023).
- If net generation operated through joint ventures was also included, total generation would amount to 52.7 TWh at March 31, 2024 (57.0 TWh at March 31, 2023); similarly, generation from renewable sources would amount to 36.7 TWh at March 31, 2024 (33.1 TWh at March 31, 2023).
- The figure for the 1st Quarter of 2023 reflects a more accurate calculation of the aggregate.
(6) Of which 29.3 million second-generation smart meters in the 1st Quarter of 2024 and 26.0 million in the 1st Quarter of 2023. The overall decrease reflects the sale of assets held in Romania (1.3 million smart meters at March 31, 2023).
- If the figures also included charging points operated through joint ventures, they would amount to 26,188 at March 31, 2024 and 25,337 at December 31, 2023.
Highlights 9
FOREWORD
The Interim Financial Report at March 31, 2024 has been prepared in compliance with Article 154-ter, paragraph 5, of Legislative Decree 58 of February 24, 1998, with the clarification indicated in the following section, and in conformity with the recognition and measurement criteria set out in the international accounting standards (Internation- al Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect as of the close of the period.
Article 154-ter, paragraph 5, of the Consolidated Financial Intermediation Act, as amended by Legislative Decree 25/2016, no longer requires issuers to publish an interim financial report at the close of the 1st and 3rd Quarters of the year. The new rules give CONSOB the power to issue a regulation requiring issuers, following an impact analy- sis, to publish periodic financial information in addition to the annual and semi-annual financial reports. In view of the foregoing, Enel intends to continue voluntarily publishing an interim financial report at the close of the 1st and 3rd Quarters of each year in order to satisfy investor expectations and conform to consolidated best practice in the main financial markets, while also taking due account of the quarterly reporting requirements of a number of major listed subsidiaries.
10 Interim Financial Report at March 31, 2024
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Enel S.p.A. published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 14:45:07 UTC.