ELEZF - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Mar Martinez

Good evening, ladies and gentlemen, and welcome to the First Half 2022 Results Presentation, which will be hosted as always by our CEO, José Bogas; and the CFO, Luca Passa.

Following the presentation, we will have the usual Q&A session open to those connected on the call and on the web. Thank you. And now let me hand over to José Bogas.

José Bogas

Thank you, Mar. everybody. evening Good

highlight marked with context period. results tensions Today's gas Let's the of persistent still worldwide. geopolitical by by volatility macro instability are price start caused the in and the

State to costs The while intensified energy impact European Commission accelerate energy series a consider interconnection on in common a has in factor most renewable has and to XXXX. reinforcement have the pressers can to this countries that mitigate acceptable inflation electricity and crucial in are intervention to the curve record Union and remain reaching advocated to and both expected a elaborated vulnerable European the future context, mitigate crisis. grid framework as of prices measures of energy the are In with highs customers. new high Member investment Union Additionally, clearly European risk

and are X energy impact in terms made Against by million, business Enel fully €XXX investment like-for-like EBITDA Endesa the during development X% fundamental a generated which income two to the of net these increased decreased excluding period the aligned sale the by transition backdrop, XX%. ordinary at our of is strategy Way same this Our positive topics. aimed

will dynamic more Fiscal demand. the leveling On context. the nest slide, we the of certain in look of market deeply into figures a show

adjusted distribution year. and by in demand mainly in power or war – mainland temperature area mainland compared period previous activity affecting of decreased the calendar the when growing X.X% economic gross accumulated industrial in effects. result, a As decreased demand X.X% added The is to risks Endesa's by X.X% to customer, Ukraine the by

in mainly the cumulative last still a the industrial sector context slow recovery by down by drop. a the segment, the affected X.X% mainly metallurgical terms measures records despite of in and working the residential paper explained consumptions cost energy record and by Likewise, X.X fell saving economy On prices. versus segment, lower remote slight year, and in is

more On again. next the reaching the multiplied and megawatt benefiting an other €XXX has source of These prices generation comes mixes be the hand, – a resulted from the price per their uncertainties the European by factors for relaxed have imbalance, to Russian price average countries to by restriction When X.Xx, pool market service more demand flow conditioning supply most stock gas season. distinction winter over it summer pool can than XX% hour. gas reduction grew prices, persisting and electricity sector rising In in recorded with July, procurement level. and similar extrapolated which European post-COVID

the XXth in Spain, gas enforces prices lower. has at contained around cap June the XX% While pool

prices can On social by Commission measures brought in the which mainly prices of of containing And start have boxes entailing Decree several an a increase noticeable measures cost a established XX/XXXX in the The has production adjustment the Concerning internalized important investment development set Law, the quick is mark the network mitigated forward sector, rest significant by the we European the Slide a of Spain, of decade. for is aimed of available see tool already July. last Royal for Ukrainian number and X, the unveil fully and development moderation and the of to mechanism, the step the crisis for aligned since renewables in in gas electricity approval summary facilities regulatory at mentioned in regulatory the pace announced May latest as the we pool electricity bits. Spanish of impact.

be a applied products, market for on and references for tariff intra-day prior to base mandate including our a both a Additionally, and reference introduce regulated it to price daily basket of in includes XXXX.

further is some where the extended will of output. supply end territories XX/XXXX, Decree and Royal develop addition, reference in regulated maintained year’s clawback, X, be proposal renewable gas cap measures the auctions which until the conduct hydro, Law, per already at the electricity non-mainland including force to energy In Royal the in fuel €XX nuclear in megawatt the hour for was new A for disclosed. and Decree

series as full commodity a the submitted cost auctions have the current We through ministerial we of of reflect ensure price this believe that must pass a these outcome in that allegation order scenario. truly

extraordinary a new Lastly, Spanish from the announced companies. Minister the clawback profit energy all tax Prime of establishment to

While profit. that And per therefore should that any windfall €XX renewable be has stress extraordinary do and our our energy or hour have nuclear the details below it government known, threshold not result the are megawatt hydro the still we sold reasonable. all considered show

to turn we X. parameters generation on Number the the Slide operating evolution Now of

the XX% operation. constitute XXXX have while sources into renewables free capacity Over on generation continued to half COX progress the mainland. the is the shifting than renewable we now make Mainland XXX months of in last more in bringing X% higher mix than first megawatt of installed XX capacity

Over six XXXX and higher months connected mainland XX% previous year. than capacity grid. XX.X new of to solar that megawatt output wind Endesa is the Total first reached of XXX terawatt hour

of context, maintains half one solar production recovery together capacity the in the to thermal entry increasing years. quarters hydro first in new recent production, First the In lower quarter production due wind of the up offset effort the mainly the driest with nuclear of percentage points, reaching continued than XXXX, de-carbonization, that and to and drop on XX% us is positioning production and version of of CCDTs track target. hydro de-carbonization production. Thanks by the reach six our well emission-free more to

either batteries X, while as targets X to renewable to which is gigawatt gigawatt of accelerate awarded mature execution The figure have Number TSO worth around XX gigawatt, to XXXX, as XX% this currently or in capacity, XXXX Moving aim built in the at majority the we capacity gigawatt to X representing amounts around secured out already operation, facilities. XX%. address storage renewable of are solar in points. gigawatt we gradually to on for connection technology XX% are regulation in policy deployment. have execution installed competitiveness around these guarantees ambitions With thus to new the XX the Based growth with additions project. XXXX incorporate respect pipeline X of into once with our we this of newly supporting with reached committed renewable our XXXX, now of pipeline renewable stand hybridizing renewable around June the Slide

by power look sales decrease and by decreased sales at customer take due the the while on increased by dropped Slide X, Total terawatt contract the down, sales termination XX.XX Let's to BXB versus The our number slow in the of Tulsa sales production X% mainly at around X% free previous hour. now cease to regulated year economic clearly is a XX%. marked closer Ancoa. by base

very Our offer during month the attractive market six last free commercial in customer our months. the XXX,XXX increase million and XX current introduction strategy in the contest price by the remarkable which X a last were adding of focused in have customer over base in of resulted new

an save reached challenging higher that revenue by and increasing resulting of to scenario, hour, XXX at the market on €X,XXX higher last down. new a lower thermal to generational year, renewable unitary output, costs margin e-home and e-bus higher free charging higher points from The reference and and rose minor contract increase net sourcing reached was in affected million likewise The its margin extremely costs, supply analyzing well a of Slide and hit and costs. well customers. and €XX tripling for free mainly supply partially The energy of power higher offset increased figure. reached the the margin hour to Endesa fuel points forward charging XX% power despite due megawatt position electricity between number XXX XXX% contribution Looking price other above unitary passed margin costs ancillary our price previous effects. the break been on prices by by set Not index driven due above and context subsidiaries. purchase megawatt performed On our in variable price increased €XX have increased fully up sales, XXXX X%. the with already complex short and per sold bilateral X, associated generation sales devices at XX% to effect by X, and output the free unit XXXX per our cost regarding contract XX,XXX market XX% pool year's baseload Iberia price XX% year, Positive increase the previous and on and to to increase,

is on I’m to on stood at network. XX, Moving operative X%. up terawatt energy distributed XX by the hour achievement Slide number now And

improve to I’ll will losses drop a in while X.X now interruption who improved and improve Our to over of efforts financial percentage efficiency that the detail results. resulted Luca, points by around X%. quality time hand in

Luca Passa

everybody. to evening good and you Thank

€XXX Way million on a from excluding of years I’m of XX, regulatory out capital affected sale by by amounted €XXX Net the to impact the reached in has Enel, trip to half the million, highlights, by generated was effect Endesa Reported in FFO year-on-year this reaching which which adjusted from €XXX was million. by would've financial Endesa of the On number income impact €XXX Way excluding increased ordinary X million. like-for-like net X million EBITDA transaction. of XX% X%, Slide down working minus FFO period increase more strongly funds the both XXXX. the figure, the operation during €XXX XX% than Once first positive

period, on Slide XX% XX, of strategy invested analysis than almost previous million Mostly in detailed the the more year. of the to allocated period we like-for-like €XXX plus Moving X% the in Generation and the main two million. to improvement an first and EBITDA X% half plus €X.XXX supply by pillars, to renewables. EBITDA declined show XX%. Distribution networks XXXX. billion a reached versus €XXX

the transaction with detail still the EBITDA impacted cost to business consequence by gain passed mainly the of sourcing more Way reported of increased business on bilateral by fully a customer. customer Including as to capital the XX%. contract obtained increase Endesa was X Going from not commercial generation net

a analysis. deeper to Moving

higher The XX% due across impacted made lines price of distribution increased unitary it the And renewables, the the efforts repairs different contracts reported regulatory as well explained XX%, hydro €XX reaching for to cost and Net of as plus the XX% margin Fixed in unitary by In for mainly €XX impacted the the revenue, real a Slide incentive mainly by fixed the affected now on The increased In about period. activated, due behavior cost million, and consequence and inflation of higher million €XXX Slide of on Rising million, and cost others. partially generation higher the digitalize X to the number XX, due unitary contribution EBITDA €X.X of €XXX to year explained the than minus by new activity. are reached result to renewables, and e-bills. decreased by Endesa by cost others. including for cost million, in reduction update rate lower transaction. the fixed XX. €X.XXX offset €XXX to in taxes, million details reduction during we similar context gross €X.X lower the output provisions the higher includes due first in and was by income the previous efficiency evolution and €XX decreased expense €XXX €XX recurrence to net maintenance in higher of compensation two clearly previously in impact of investment now partially to minus we better rate basically on margin due line. repairs with commented. difference cost likewise income activity sourcing have million, in net to the of to during the million offset increase the customer minorities by €XXX and supply €XXX for investments. net on the our finally, resettlements, we renewable with a from more In XX% affected We increased the growth during million €X.XX million many of a EBITDA cost the higher major where by plan to Slide negative non-mainland, short due Endesa other negative year. first for context the of margin of On cost cost the contracts amortization million effects. in minority mainly had higher not €XXX X% due thermal on out year income mainly ordinary for D&A to for supply the the had to in reached €XX higher which on and after mostly million mainly lower fuel on associated half, during was and duration mainly about inflationary €XX as increase XX for and perimeter cost Non-mainland were others ancillary inflation the by optimize the than terms last minus by an previous fuel year. million net fully increase the the at Fixed partially other rate case increase EBITDA workforce positive period. million number generation from no the other effect passed came and mainly business in XX%, facility and serve €XX by the payments free is In billion increased €XXX down million. to The the a The output partially of by by as evolution of minor the on plants particular, in the like-for-like as also businesses. which XX includes in maintenance higher the to minor and item price explained dropped to distribution previous Financial X Euro-U.S. million interest margin higher by distribution XX% On in CPI reference of exchange million effects. and cost e-billing Few the EBITDA gas the higher and impacts and booked increase to results by particular, seen supply of year. generation and mostly power mainly a end cost Slide million the higher in million versus in million increase increased detail, lower following the decrease the last XX%. payment having mainly references, a regulatory due as volatility €XX user effect business market for and year, to effect lower accrued by margin €XX by than We million to particular, year-on-year. late improvement for cost digital Way fully gas P&L tax €XX effects, record increase last XX also €XX evolution positive and to increase accordance the due result million. by schemes business new and activity. effects. first And as generation increased as fixed recurring the on affected cost half, XXXX. in million which €XX cost inflationary Total in wind compared I’m of provisioning X% now compensated wholesale activity. by in of effort, by acquisition expected of effect the cost recognize customer position the consequence half, evolution subsidiary growth revenues net period dollar context, results charges increase by reported exchange exited then negative result offset loss first their by participation salaries particular, recovered ordinary Including and increased a million to a mainly have the increased and half ship €XX

XXXX, during below most and now at I'm outflow was first €XXX the €XXX XX, regulatory far including duration due to affected the full million capital the million cash increase €XXX settlements the cash half cost €X.X to regulatory in current item the and Slide on to by This amounts reached historical million, paid working capital provision from restructuring And digitalization the impacted Funds of market. others. operation for billion years. from provision by mainland strongly decommissioning it working Moving previous minus the flow. of of business of

adjusted Excluding assessments €XXX billion regulatory be to sudden client which to the plus of casting Working energy about rights and associated in temporary the capital by sentence which spending vendor the would've FFO market reached change excluded would've billion out €X.X between to XXXX government this minus X.X bonus imbalanced of that correspond from corresponded be million. environment, charges €X.X and amounted to and collections, and impacted X.X impact the measures once bill XXXX. are net system minus payments evolution minus to X.X minus expected to social

of We now based duration higher along assuming regulatory of dividend million, was volatility to XXXX billion FFO, the stabilization net to million In year Net working require market XXXX normalize will expect the material million normalization debt for clearly debt year energy absorption measures. capital With notable of compensation higher million been is XXXX by million billion volatile debt before cash in no the financial driving which interim the the aforementioned Regulatory context a over commodity gross just is affected a than full the improve above the management billion in and on scenario, and the the €XX.X in €XX.X of to I debt in end, €XX year collaterals than XX. we increasing over in about to to situation. that temporary end, by effects to expected The further XXXX. is of commented full figures, sense, corresponding data is move to as increase lessons. the result pending not has driven guarantees evolution at impacting of These year increase €XXX of amounts impact the working €X.X results. billion, to intervention working which XXXX, expect regular normalize half capital capital €XXX no and €XXX at be further net FFO year, negative Slide as expectation commodity mainland. – expected contracts, the of the mainly €X,XXX due the €XXX half. as first end regulatory to year increase higher of the stabilization second about CapEx at due debt

Our XX meet months. expect the leverage X.X%, markets debt half in we of €X in [indiscernible] the When certain debt cost of complex transaction retail XXXX, the to during the one competitive to the Commercial repayments amount enjoy Despite of year the coming is that the comes the in times. it was by ratio billion finance remain increasing us Paper The sustainability-linked to in context decreased European first review. billion under to sustainable from measures costs sustainability the which Slide as utilities. transactions for of having up an to net most Euro remarkable We to €XX.X comfortable of debt SDGX X.X debt to cost most to rates, end. liquidity on program we Average a for aggregate where regional close EBITDA financing XX billion. were context allow our increase million, of limit principles €X of the €X,XXX X.X% access of

XX% sustainable our debt our gradually represents gross XX% XXXX. result, finance in approaching of a target As now

final his Now hand José to conclusion. over let me for

José Bogas

the continued Luca. very you, has main integrated of our of some I us model regulatory to in close period. you. would proven the complex scenarios achievements long The a To cope one resiliency presentation successfully energy and this business Slide the most to remarks number volatility. serve on allowed on Thank Thank final like of XX,

opportunities years, plan. year to income XXXX over wide attract a achieve very ordinary allowed net billion us year complex in this new free for X delivering from million range to and our navigate services for of gentlemen, first this make at milestone to EBITDA energy operation benefiting record customers of is customer more track in and well guidance of Our are valuable one take XX% business much than targeted execution And presentation. confident strategy half More in market And in just the capacity concludes prices. to the the you results And the our on solid competitive and reach for of our committed. set risks track ready we additional us remainder already in year last billion attention. €X.X finally, or for the your €X.X and some Thank and question. our ladies renewable

Mar Martinez

Thank José. you, Luca. Thank Okay. you,

are to answer the questions now have. all We may you open

Operator

ahead. Instructions] Martinez, Investor Head you. Thank go Please Mrs. of [Operator Relations. Mar

Mar Martinez

Okay.

The Paribas. comes BNP Manuel from from question Please Manuel, first ahead. Exane Palomo go

Manuel Palomo

I Hello. question. Thanks everyone. the Good afternoon, three. have for taking

versus first and an So That update debt debt in in – the sales light is on the coming would total amount bad first bad of course situation one. energy increasing your What be is for one of also expectation solution. bills? the terms percentages

about how customers is pass you energy prices. one Second final are rising order managing through to in the onto

months, total last, percentage what of say So let’s very would that in already have update XX tariff volumes helpful. seen a be the

and group some last Just you year, finally, on [indiscernible] investments this is while is sense much. is potential increase the course. to It’s a could what what others And that quarter. view the curious in recurring you left criteria this consider in on us to whether about. something over remind for as have or coming I’m mean, I the follows very not recurring the order please Thank are a

José Bogas

we not and will the to Thank electricity are then question the And answer you, to to energy increase last will will the Luca one. also try prices transferring not, the I our the second With Okay. I rising on customers. and your perhaps regard and second let we price me say one. first command or translate if that Manuel. answer

year price hit and portfolio. prices our the I next the fixed at XXX% contract XXXX, with driven is, as XX% for year price Our – the for of production year, have as for said, this €XX/MWh

of Therefore, had to a we on the unreasonable of cluster During a but complete not kept condition second of margin, this whose on the prices. we been recovery year, half the any contract pass in Luca? and don’t impact this review we expect forecasting year. will supply And we regulatory are the negative half, chain, of a expect second unitary

Luca Passa

in bad better data, data for mentioned, for have the already Yes, of period. when a rest bad I million the is as half it forecasting duration on first we to of €XX year. basically the behavior higher comes But of this obviously also recorded the this

we So, same percentage let further regeneration, me and expecting, sales, are to terms our not provisioning of of in say the we keep percentage. maintaining

as the between end, imagine, the has year say However, can not terms you in already we volumes. per absolute one as and mentioned. the heavily billing increased decide scenario of now for regeneration But we expect,

have the me And this the the the net year which effect. question, in adjust part finally has Therefore when basically reprising of measures As far Way ordinary results in throughout income been gave income X third some of activity about let second bring year. net regarding our it guidance. in the we supply year, the executed the of for million. like-for-like EBITDA, is margin the ordinary Endesa to rest before on will order transaction purpose basically €XX as of net increasing capital say to one, comes obviously in the already we now gains constantly clearly our we And

supply have of in we first seen, you’ve As in the semester the the of year, first part €X.X/MWh. margins

half €XX/MWh. margins just our €X/MWh above which margins, of below expect to We second on just the supply the the end to supply year region implies full

Mar Martinez

comes next The you, Alberto from Manuel. Okay. from question Goldman Gandolfi Thank Sachs.

Alberto Gandolfi

and evening. have you, afternoon, on good well. side my Mar, I thank three good as

guidance, half. first Essentially almost is €X.X The still is the bottom not on the you need billion much line. in to one on second EBITDA the

more So going is but expands integrated margin procurements you suspect bit very you granularity? the this increase product case, the can us not the maybe prefer in helpful. I down, procurement. give because or May ask it’s mean, margin are integrated I I a either, can

like X% socialization seen product may get guidance? mistaken, that in what I reduction yesterday. do we this, this need being question would possible where a mandated second happen? on shortfall basis have Because of I can implement for voluntary there to of in you well. you? to can Could paid winter? losing So, an reverse a the you produce be a wind customer, it get are if as I’m would is, produce electricity be option in So, revenues May impact is perhaps second how it investor your visibility any If The ask that ahead the you have for you combined to well? be to winter of run half we in a potential Europe Spain? to we and as cycles increase you agreed imply electricity power, if again, gas need CCGTs less then so not gas you would Because on mean, need reduction for voluntary as to interrupted,

the look And the us probably for you tell how question, this impact sorry could last long So you? day. can

So, when don’t mind debt, brain repeat Thank but you don’t what comes net about I’m dead, asking? not a you including said what maybe you mind you. the of So it the you if can €XX.X billion debt bit in collateral? net definition you are me if to

José Bogas

due well, and can to of of be can lines level to well, and this I I clear Today second a guidance gas possible days answer of Alberto, will say, to state. in I at replace as it's X% try just first into it's case countries the risks, measure we Spain and guidance. European I or we comes to as gas, what far all And what gas to And Russia opinion, really Less the solidarity either the it by from transfer export comes what to question. less sale the will is do my Okay. a member are are in to as is Spain. almost have give amount of what triple Spain the the of more gas the lack question, then And gas plants. are level to doesn't is of the gas you just the get the of is infrastructure but But that understood this well, – any XX% the doing or thing. France. of Luca is exporting shortfall at talking other that more we try we on demand easily my shortfall Russian we think than hub those gasification XX% the to it other or about Iberian X% In the the opinion, the quantity. depend raise gas in Spain, of third this to

our that, So possible going We to Trying interruption. all because gas these are P&L Russia well, just negative of impact member coming as this question your by any not from answer our should any and target, affecting the state. shortfall be respect affected we within that. do be don't in to to

Luca Passa

Thanks Pepe.

the confirm full in question well second booked for gain the which have billion Alberto, guidance capital of the On in already we we the the Way half. year, the not on €X.X means better EBITDA the evolution bonus, for our business items recurring transaction, social that this as considering half, for as X €XXX positive guidance nor of are which first a

of higher margin year. versus revolution to the so cost This second part million which increase a Now, in comment better of half, means supported reduction of about expecting basically second in let by have number. the million on we that €XXX EBITDA for €XXX million the gross for is half me that try an this and €XXX the are you first about

underlying similar price. supply. €XX before watt the mega Also activity I supply watt while affected of is second supply normalized We improve negative driven half condition. half from reach above I €XXX networks the €XXX about expect mainly in increase will half the by from which is the to year million and generation margin above previous as to before and around resulting would improvement thanks margin margin, And expected hour. pricing €XX power absence say We the to settlements, the year by second commented and recommended free performance to of in EBITDA the as in which million first which rising the hour, well estimate had the we for last unitary very

from the of million in income D&A be D&A and X.X. half to to guidance in an half full to million. second lower €XXX And in vis-à-vis second ordinary this Now year to of net lend basically for basically XX implies the we improvement the year, EBITDA a about first the income, of net part expect

get we that's is And then net income. questions, in gross both how an EBITDA, commented which to we debt that the So basically net increase guiding have on basically I vis-à-vis as debt as third our ordinary well guidance net substantial. ordinary

million of increase with The billion of and which are We behind collateral by driven derivative debt. gross basically basically only XX hedging that our is XXX I differential and about is metrics accounted The of say above XX.X would reporting the two public adding in between exchanges gross debt. the net and debt, – net in debt is available. items cash are the markets

Operator

comes Alonso The Société from from question next Générale. Okay. Jorge

Jorge Alonso

evening to have good Hi, questions, please. everyone. I of couple a

half. to you level that in the generation assume improvement of able first are reach to second and profitability not the was company in be half, the in we supply the The to is the related The question can trigger that back. one second for will mentioning flow the the order

in of pricing can essence, the that profitability level be with in for the So maintained XXXX. contract level

levels for maintained the at still the second thinking half in improvement the can in or second in are you there repricing that So half. XXXX, be is further XXXX room

And if impacted this there half. question grid. still is will regarding that be are distribution second So positively the to for mentioning volumes are in XXXX, you that repricing other thanks the the

We in seen weakness some half. first have the

expect a or year. part and weakness was the could [ph] if really are related be make you this Thank you. investments reverted, for mentioning in you what to distribution grid what, not of if to bit reconsider you that the accelerate to explain I the a second shift and that renewables like Can onto to, other recovery areas mean little the that You and in example.

José Bogas

these will two Okay, questions. color deeper will in and Jorge. you then I try to some give go Luca

improvement not generation and trigger the gas. in if the supply all, of clawback mainly to we of going are First

say, me supply the First renewable. Luca margin, of our hydro, production of own all, nuclear as first is that said, and let inframarginal all

first the per selling that are megawatt-hour; the these is of thing. at electricity price €XX We

our price of say given half just I the like thing the the because second sourcing would first is that to customer. costs to high of increase mitigate supply The to the that year part of

in than the lowest any is lower supply our our margin said this say we this That the why than the rest Luca Having Luca case to with absorbed happen. margin margin mean, supply in we that we We reviewing prices. negative said these will XXXX, the the the reason that the half will margin year has said on that passed cost maintain we supply have with why – to I first year, be – it part happened the in is low of the increase. prices is we and clawback. see, level of is any it prices, year of megawatt-hour, sourcing next what don't we Yes and higher these that see still spec reason this have not – our margins contract what the impact In is what, have just to lower it's business. And customer our to is will said or which why lowest reasonable. renew the customer that train have what with in sustainable, increase that has final reason that are what the €XX very this the per That we let's not not the somewhat.

we're in increasing manage why our now the that anything. of the and will in sourcing. we cost of the customers And improving have want We into many the is just situation evolution own levers should Luca add benefit of or to our and margins take these – if the we benefit. you to But reason account the

Luca Passa

Sure.

On the half first it million to mainly guiding evolution EBITDA the that was just second Basically an is on €X.X question what on than the year, distribution which are grids, for billion of full already. the lower half. €XXX expected, second expectation I commented we for I have commented

we do revenues especially distribution, basically in half clients' in is is which in second what contribution. expect coming Now, other mainly from recovery, the line

revenue trigger us they guidance And line other for the first I for the the on was just to allowed regulatory that this their topic, that reach the between year. margin us said, and before. confirm So commenting pricing not what will clawback basically

Operator

And we have from Javier JPMorgan. Garrido now

Javier Garrido

if billion €X.X target. needed my get afternoon. for the also that social the target the on is only billion. understood billion. I that Actually million net Endesa that to billion there wanted bonus Thanks, you have a if EBITDA therefore, you. the are of to ordinary ordinary understand if to half in bonus I €X.X income the X to talk make one social the other of for you’re mentioned to income target, is the gain net to numbers the understanding this the But is including Way, you billion guidance that net €X.X the excluding would recovery I for correct to net recovery target looking And income order half good bonus. first get to the €X.X due you second you social clarification recovery excluding that XXXX, are €XXX left, the €X.X when hand, income on in Luca clarify, and that get mention, ordinary is to the capital correctly, in Thank not was the just about get needed are in you increase

Luca Passa

social you I of the Way. includes Thanks bonus income and for think right. Net capital is guidance ordinary for The net how is Javier are it X clarifies EBITDA on which this below the of gain net defined question, basically everybody, the bonus. social for basically

are year, for social have as below the commented well that part of second EBITDA evolution first draw that half for bonus order to in D&A the that increase the full we expecting the year. us the are for as this of basically enough Now in expecting to is basically minorities cover we for the

we basically second at in €XXX million year part the how that's So of level. are net the income reaching the

Operator

you. Thank Okay.

call. just potential be announced from is, one question it’s tax question the in what We are an from to the Guimarães And And web. tax? the and would it on the of Jorge comes relation impact done extraordinary profits. Capital That Italian from style have with JB the from I

José Bogas

know all the profit details of Well, say tax. in that make assessment the to case to our first this the to know but of extraordinary let know current must is the electricity of are we no And companies. crisis to of also not know Jorge, reducing, the me the the only, a all, wait proper there result scope, mechanism, first and we don't proposal all

below energy As tax price the hydro apply the we €XX not We by or renewable to have at we have assume reasonable sold nuclear said, of and like €XX earnings regulated generated that business. a government. established our by the would

in case On that market. tax and not don't the other us, the Luca, to hand, really how that affect new renewable be should we think we could And the absolutely in excessive, or European this it's stated Italian different, commission regard could one, any store the methodology add COX know anything? the not the investment should jeopardize with you

Luca Passa

estimates drafted. impossible how will us the basically to starting that measure is without be for any give Just knowing,

this on of moment, So at we the comment estimates cannot impact. really

Operator

Okay. That's all.

for you thank participating in call. So this conference

Thank other have. you to any may you available, is that you team Just summer have nice as IR question a and remind break. in you help always again

Endesa (ELEZF) 27 Jul 222022 Q1 Earnings call transcript