(Alliance News) - The board of directors of Enel Spa on Thursday approved its consolidated results for fiscal year 2022, in which it reported revenues of EUR140.5 billion, up EUR54.8 billion, up 64 percent from the previous year.

The positive change is mainly attributable to higher volumes of energy produced, brokered and sold in an environment of rising average prices, as well as favorable exchange rate developments.

The group's ordinary net income stands at EUR5.39 billion from EUR5.59 billion in 2021, higher than the group guidance communicated to financial markets of EUR5.0-EUR5.3 billion.

"Improved business performance, partially offset by higher depreciation and amortization for the year, more efficient financial management related to last year's liability management activities, and lower tax burden on the group's ordinary results, partially offset the effects of the higher incidence of minority interests due to the compression of results in Italy due to the particular energy scenario of the year," the company explained.

The proposed total dividend for the full year 2022 is EUR0.40 per share of which EUR0.20 per share has already been paid as an interim dividend in January 2023, up 5.3 percent from the total dividend of EUR0.38 per share recognized for the full year 2021.

Ordinary Ebitda stands at EUR19.6 billion from EUR19.2 billion in 2021 and up 2.5 percent.

Ebit stood at EUR11.1 billion, up 48 percent from EUR7.5 billion as of December 31, 2021.

The change mainly reflects positive operating performance and lower value adjustments recorded during the year compared to 2021, only partially offset by higher depreciation and amortization, the company explained.

Net financial debt at the end of 2022 was EUR60.1 billion. The change from the EUR51.7 billion recognized in 2021 is attributable to the requirement generated by investments in the period, the payment of dividends, the acquisition of ERG Hydro Srl, and the negative foreign exchange effect related to the conversion of debt into foreign currency.

Capital expenditures stood at EUR14.3 billion from EUR13 billion in 2021.

"Enel's excellent results in 2022 highlight the group's ability to create value for its stakeholders even in the face of the highly challenging environment that has characterized the past three years. It is thanks to the resilience of our integrated business model, the solid operational performance, the managerial actions implemented throughout the year, and above all the tireless work of all colleagues that we were able to exceed the guidance announced to the markets. By virtue of these results we are proposing to our shareholders a dividend of EUR0.40 per share, up from the previous year," commented Francesco Starace, Enel's chief executive officer and managing director.

"In the coming months of the year, we will continue to grow renewables and digitize distribution networks, helping to decarbonize the generation mix and increase energy independence in the geographies where we operate, improving service quality, enabling electrification of end-use consumption and protecting our customers from volatile energy markets. We will focus investments mainly in Italy and other core countries, so as to accelerate the group's sustainable growth path, further reducing its risk profile."

In addition, the company signaled that it has achieved the strategic targets set for the year in 2022.

Enel closed Thursday's session in the green by 1.0 percent at EUR5.30 per share.

By Claudia Cavaliere, Alliance News reporter

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