The representation of performance by business line presented here is based on the approach used by management in monitoring Group performance for the two periods under review, taking account of the operational model adopted as described above.
With regard to disclosures for operating segments, as management reports on performance by business line, the Group has therefore adopted the following reporting sectors:
The business line is therefore the main discriminant in the analyses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes since the results are measured and evaluated first and foremost for each business line and only thereafter are they broken down by country.
The following chart outlines these organizational arrangements.
The organization continues to be based on matrix of business lines (Thermal Generation and Trading, Enel Green Power, Enel Grids, End-user Markets, Enel X, Services and Holding/Other) and geographical areas (Italy, Iberia, Europe, Latin America, North America, Africa, Asia and Oceania, Central/Holding).
(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) The figure does not include €2 million classified as available for sale or discontinued operations.
(3) The figure does not include €42 million classified as available for sale or discontinued operations.
(4) The figure does not include €110 million classified as available for sale or discontinued operations.
(5) The figure does not include €2 million classified as available for sale or discontinued operations.
(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
(3) The figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under “Holding, Services and Other”.
(4) Does not include €111 million regarding units classified as held for sale or discontinued operations.
In addition to the above, the Group also monitors performance by geographical area, classifying results by region/ country. In the table below, ordinary gross operating profit is shown for the two periods under review with the goal of providing a view of performance not only by division/business line, but also by geographical area. It should be noted that ordinary gross operating profit excludes non-recurring items. For a reconciliation with gross operating profit, please see the section “Group Performance”.
(1) Ordinary gross operating profit does not include non-recurring items. For a reconciliation with gross operating profit, see the section “Group Performance”.
(2) The figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under “Holding, Services and Other”.
Net electricity generation Millions of kWh | ||||
|---|---|---|---|---|
| 2022 | 2021 | Change | |
Coal-fired plants | 19,722 | 13,858 | 5,864 | 42.3% |
Fuel-oil and turbo-gas plants | 14,652 | 22,709 | (8,057) | -35.5% |
Combined-cycle plants | 54,436 | 51,718 | 2,718 | 5.3% |
Nuclear plants | 26,508 | 25,504 | 1,004 | 3.9% |
Total net generation | 115,318 | 113,789 | 1,529 | 1.3% |
- of which Italy | 30,149 | 23,808 | 6,341 | 26.6% |
- of which Iberia | 52,674 | 44,799 | 7,875 | 17.6% |
- of which Latin America | 22,439 | 23,934 | (1,495) | -6.2% |
- of which Europe | 10,056 | 21,248 | (11,192) | -52.7% |
The increase in thermal generation is essentially attributable to:
The increase was partially offset by lower combined-cycle generation in Argentina, by a decrease in coal-fired generation in Latin America, and by a decrease both in fuel-oil and turbo-gas generation and in combined-cycle generation in Europe as a result of the sale of the entire equity interest held in PJSC Enel Russia.
Net efficient generation capacity MW | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Coal-fired plants | 6,590 | 6,910 | (320) | -4.6% |
Fuel-oil and turbo-gas plants | 7,204 | 11,715 | (4,511) | -38.5% |
Combined-cycle plants | 13,895 | 15,039 | (1,144) | -7.6% |
Nuclear plants | 3,328 | 3,328 | - | - |
Total | 31,017 | 36,992 | (5,975) | -16.2% |
- of which Italy | 11,569 | 11,569 | - | - |
- of which Iberia | 12,751 | 12,751 | - | - |
- of which Latin America | 6,697 | 7,396 | (699) | -9.5% |
- of which Europe | - | 5,276 | (5,276) | - |
Net efficient generation capacity for thermal power plants at December 31, 2022 came to 31,017 MW, a decrease of 5,975 MW from 2021 due mainly to the sale of CGT Fortaleza in Brazil, the decommissioning of the Bocamina II plant in Chile, and the sale of the entire equity interest held in PJSC Enel Russia.
Performance Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Revenue | 76,335 | 32.603(1) | 43,732 | - |
Gross operating profit/(loss) | 5,697 | 813(1) | 4,884 | - |
Ordinary gross operating profit/(loss) | 6,094 | 1,702 | 4,392 | - |
Operating profit/(loss) | 4,385 | (2,642)(1) | 7,027 | - |
Ordinary operating profit/(loss) | 5253 | 729 | 4,524 | - |
Capital expenditure | 990(2) | 822 | 168 | 20.4% |
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
(2) The figure does not include €2 million regarding units classified as held for sale or discontinued operations.
The following table provides a breakdown of revenue for Thermal Generation and Trading from conventional thermal and nuclear generation.
Revenue from thermal and nuclear generation Millions of euro | ||
|---|---|---|
2022 | 2021 | |
Revenue (1) (2) |
|
|
Revenue from thermal generation | 24,155 | 12,952 |
- of which coal-fired generation | 6,500 | 1,904 |
Revenue from nuclear generation | 1,570 | 1,403 |
Revenue from thermal generation as a percentage of total revenue | 17.2% | 15.1% |
- of which revenue from coal-fired generation as a percentage of total revenue | 4.6% | 2.2% |
Revenue from nuclear generation as a percentage of total revenue | 1.1% | 1.6% |
(1) The revenue analyzed refers to that for the segment and include transactions with third parties and the intersegment transactions of each segment with the others.
(2) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
The following tables show a breakdown of performance by geographical area in 2022
Revenue (1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 55,389 | 22,816 | 32,573 | - |
Iberia | 17,488 | 8.344 | 9,144 | - |
Latin America | 3,858 | 2,390 | 1,468 | 61.4% |
- of which Argentina | 145 | 165 | (20) | -12.1% |
- of which Brazil | 959 | 957 | 2 | 0.2% |
- of which Chile | 2,268 | 899 | 1,369 | - |
- of which Colombia | 218 | 186 | 32 | 17.2% |
- of which Peru | 268 | 183 | 85 | 46.4% |
- of which other countries | - | - | - | - |
North America | 218 | 100 | 118 | - |
Europe | 14 | (3) | 17 | - |
- of which Romania | 14 | (3) | 17 | - |
- of which Russia | - | - | - | - |
Other | 106 | 122 | (16) | -13.1% |
Eliminations and adjustments | (738) | (1,166) | 428 | 36.7% |
Total | 76,335 | 32,603 | 43,732 | - |
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
Revenue for 2022, in the amount of €76,335 million, increased by €43,732 million over 2021. The change is mainly attributable to:
Ordinary gross operating profit/(loss) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 2,735 | 464 | 2,271 | - |
Iberia | 2,583 | 844 | 1,739 | - |
Latin America | 737 | 350 | 387 | - |
- of which Argentina | 76 | 97 | (21) | -21.6% |
- of which Brazil | 81 | 132 | (51) | -38.6% |
- of which Chile | 399 | (49) | 448 | - |
- of which Colombia | 29 | 58 | (29) | -50.0% |
- of which Peru | 154 | 114 | 40 | 35.1% |
- of which other countries | (2) | (2) | - | - |
North America | (20) | (39) | 19 | 48.7% |
Europe | 45 | 81 | (36) | -44.4% |
- of which Romania | (8) | (2) | (6) | - |
- of which Russia | 53 | 83 | (30) | -36.1% |
Altro | 14 | 2 | 12 | - |
Total | 6,094 | 1,702 | 4,392 | - |
Ordinary gross operating profit increased by €4,392 million in 2022 due mainly to the increase in thermal generation as a result of poor water conditions during the period, combined with rising average prices on sales in Italy and Spain, along with the optimal management of strategies to hedge commodity price risk in Italy
Gross operating profit came to €5,697 million, up €4,884 million from the €813 million in 2021. Extraordinary items recognized in 2022 concerned:
Extraordinary items for 2021 showed an increase in expense of €889 million.
Ordinary operating profit/(loss) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 2,591 | 265 | 2,326 | - |
Iberia | 2,068 | 271 | 1,797 | - |
America Latina | 571 | 180 | 391 | - |
- of which Argentina | 4 | 27 | (23) | -85.2% |
- of which Brazil | 75 | 120 | (45) | -37.5% |
- of which Chile | 361 | (91) | 452 | - |
- of which Colombia | 12 | 41 | (29) | -70.7% |
- of which Peru | 122 | 86 | 36 | 41.9% |
- of which other countries | (3) | (3) | - | - |
North America | (20) | (39) | 19 | 48.7% |
Europe | 31 | 52 | (21) | -40.4% |
- of which Romania | (8) | (2) | (6) | - |
- of which Russia | 39 | 54 | (15) | -27.8% |
Other | 12 | - | 12 | - |
Total | 5,253 | 729 | 4,524 | - |
The increase in ordinary operating profit essentially reflects the factors discussed in the comments on ordinary gross operating profit, taking account of a decrease in depreciation, amortization and impairment losses of €132 million compared with the previous year. .
Operating profit for 2022, in the amount of €4,385 million (operating loss of €2,642 million in 2021), reflects the following factors in addition to those described above in relation to ordinary operating profit and gross operating profit:
Extraordinary items for 2021 showed an increase in expense of €3,371 million.
Capital expenditure Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 408 | 303 | 105 | 34.7% |
Iberia | 272 | 334 | (62) | -18.6% |
Latin America | 289 | 143 | 146 | - |
North America | 7 | 8 | (1) | -12.5% |
Europe | 14 | 34 | (20) | -58.8% |
Total | 990(1) | 822 | 168 | 20.4% |
(1) The figure does not include €2 million regarding units classified as held for sale or discontinued operations
The €168 million increase in capital expenditure is mainly attributable to Italy and Latin America, essentially in relation to the conversion of a number of plants within the scope of the energy transition.
(1) The figure does not include €42 million regarding units classified as held for sale or discontinued operations.
(1) The 2021 figures reflect a more accurate calculation of electricity generated.
Net power generation in 2022 increased from 2021 due to greater wind and solar generation, which was partially offset by decreases in hydroelectric generation.
The most significant changes in wind generation were seen in Brazil (+3,032 million kWh) and the United States (+2,421 million kWh). Solar generation increased mainly in Chile (+925 million kWh), Iberia (+778 million kWh), the United States (+782 million kWh), Brazil (+553 million kWh), and India (+218 million kWh).
Hydroelectric generation decreased sharply due to less favorable water conditions in Italy (-5,689 million kWh) and Iberia (-1,645 million kWh), which was to a minimal extent offset by increased generation in Latin America (+2,093 million kWh).
Net efficient generation capacity MW | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Hydroelectric | 28,355 | 27,847 | 508 | 1.8% |
Geothermal | 931 | 915 | 16 | 1.7% |
Wind | 15,735 | 14,903 | 832 | 5.6% |
Solar | 8,534 | 6,395 | 2,139 | 33.4% |
Other sources | 6 | 6 | - | - |
Total net efficient generation capacity | 53,561 | 50,066 | 3,495 | 7.0% |
- of which Italy | 14,683 | 14,040 | 643 | 4.6% |
- of which Iberia | 9,293 | 8,390 | 903 | 10.8% |
- of which Latin America | 17,827 | 16,506 | 1,321 | 8.0% |
- of which Europe | 1,020 | 1,248 | (228) | -18.3% |
- of which North America | 9,532 | 7,941 | 1591 | 20.0% |
- of which Africa, Asia and Oceania | 1,206 | 1,941 | (735) | -37.9% |
The increase in net efficient generation capacity is mainly due to the construction of new solar plants (+2.1 GW), primarily in Chile, Colombia, the United States and Iberia, and new wind farms (+0.83 GW), mainly in Brazil and the United States, as well as to the acquisition of new hydroelectric plants in Italy.
We also decommissioned hydroelectric plants in Chile (-0.04 GW) and sold a number of renewable energy companies in South Africa, which resulted in a decrease in wind capacity (-0.74 GW).
Performance Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Revenue | 9,167 | 9,172(1) | (5) | -0.1% |
Gross operating profit/(loss) | 3,477 | 4,570(1) | (1,093) | -23.9% |
Ordinary gross operating profit/(loss) | 3,779 | 4,815 | (1,036) | -21.5% |
Operating profit/(loss) | 1,970 | 2,951(1) | (981) | -33.2% |
Ordinary operating profit/(loss) | 2,230 | 3,480 | (1,250) | -35.9% |
Capital expenditure | 6,386(2) | 5,662(3) | 724 | 12.8% |
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
(2) The figure does not include €42 million regarding units classified as held for sale or discontinued operations.
(3) The figure does not include €111 million regarding units classified as held for sale or discontinued operations.
The following tables show a breakdown of performance by geographical area in 2022.
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
Revenue is essentially in line with the previous year. The decreases in sales in Italy due to poor water conditions and in Brazil due to a reduction in prices were mainly offset by increased quantities sold at higher average prices in Chile and North America.
The reduction in the ordinary gross operating profit during 2022 is substantially attributable to the effects of poor water conditions recorded above all in Italy and Spain, which caused a sharp contraction in hydroelectric generation as well as higher procurement costs on the spot electricity market to meet contractual obligations.
The greater solar and wind generation in Chile, Brazil and North America as new plants came online was partially offset by the negative factors described above.
Gross operating profit, in the amount of €3,477 million (€4,570 million in 2021), reflects: costs (€5 million) incurred as a result of the COVID-19 pandemic for workplace sterilization, personal protective equipment, and donations; the classification of a number of companies as discontinued operations (€246 million); and the write-down of a number of projects in Chile (€51 million).
Ordinary operating profit in 2022 decreased by €1,250 million from 2021, including €1,549 million in depreciation, amortization and impairment losses (€1,335 million in 2021). Depreciation in particular increased by €185 million compared with 2021, due to new plants that became operational.
Operating profit for 2022, in the amount of €1,970 million (€2,951 million in 2021), essentially reflects the same factors described in relation to ordinary operating profit.
(1) The figure does not include €42 million regarding units classified as held for sale or discontinued operations.
(2) The figure does not include €111 million regarding units classified as held for sale or discontinued operations
Capital expenditure increased by €724 million in 2022 compared with the same figure for the previous year. In particular, the change was attributable to:
(1) The figures for 2021 reflect more accurate calculations.
(2) The figure does not include €110 million regarding units classified as held for sale or discontinued operations.
Electricity distribution and transmission grids Millions of kWh | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Electricity transported on Enel’s distribution grid (1) | 507,660 | 510,560 | (2,900) | -0.6% |
- of which Italy (1) | 220,379 | 226,923 | (6,544) | -2.9% |
- of which Iberia (1) | 131,813 | 131,184 | 629 | 0.5% |
- of which Latin America | 139,921 | 136,407 | 3,514 | 2.6% |
- of which Europe (1) | 15,547 | 16,046 | (499) | -3.1% |
End users with active smart meters (no,) (1) | 45,824,963 | 45,169,318 | 655,645 | 1.5% |
(1) The figure for 2021 has been restated.
In 2022, electricity transported on the grid decreased (by 0.6%), mainly attributable to:
This decrease was partially mitigated by Latin America (2.6%), where volumes distributed increased mainly in Argentina, Chile, Colombia, Peru, and Brazil.
| Average frequency of interruptions per customer | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
SAIFI (average no,) | ||||
Italy | 1.6 | 1.8 | (0.2) | -11.1% |
Iberia | 1.3 | 1.4 | (0.1) | -7.1% |
Argentina | 5.3 | 4.9 | 0.4 | 8.2% |
Brazil | 4.5 | 4.8 | (0.3) | -6.3% |
Chile | 1.6 | 1.5 | 0.1 | 6.7% |
Colombia | 3.9 | 5.2 | (1.3) | -25.0% |
Peru | 2.9 | 2.3 | 0.6 | 26.1% |
Romania | 2.7 | 2.9 | (0.2) | -6.9% |
| Average duration of interruptions per customer | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
SAIDI (average minutes) | ||||
Italy | 41.9 | 42.9 | (1.0) | -2.3% |
Iberia (1) | 64.4 | 70.1 | (5.7) | -8.1% |
Argentina | 892.0 | 797.3 | 94.7 | 11.9% |
Brazil | 547.3 | 607.9 | (60.6) | -10.0% |
Chile | 159.0 | 152.3 | 6.7 | 4.4% |
Colombia | 320.0 | 401.4 | (81.4) | -20.3% |
Peru | 607.7 | 413.9 | 193.8 | 46.8% |
Romania | 92.0 | 109.7 | (17.7) | -16.1% |
(1) The figures for 2021 reflect more accurate calculations.
As shown in the tables above, service quality has improved in nearly all geographical areas, although the SAIDI in Argentina remains high due, in particular, to failures in the high-voltage systems not managed by the Group. In addition, interruptions increased in Peru due to maintenance work and adverse climate events.
| Grid losses | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Grid losses (average %) | ||||
Italy | 4.7 | 4.7 | - | - |
Iberia | 7.0 | 7.1 | (0.1) | -1.4% |
Argentina | 17.1 | 18.0 | (0.9) | -5.0% |
Brazil | 13.5 | 13.1 | 0.4 | 3.1% |
Chile | 5.1 | 5.2 | (0.1) | -1.9% |
Colombia | 7.5 | 7.5 | - | - |
Peru | 8.2 | 8.5 | (0.3) | -3.5% |
Romania | 8.5 | 8.7 | (0.2) | -2.3% |
Performance Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Revenue | 23,032 | 20,242(1) | 2,790 | 13.8% |
Gross operating profit/(loss) | 9,114 | 7,100(1) | 2,014 | 28.4% |
Ordinary gross operating profit/(loss) | 8,276 | 7,663 | 613 | 8.0% |
Operating profit/(loss) | 5,332 | 4,326(1) | 1,006 | 23.3% |
Ordinary operating profit/(loss) | 5,254 | 4,813 | 441 | 9.2% |
Capital expenditure | 5,547(2) | 5,296 | 251 | 4.7% |
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
(2) The figure does not include €110 million regarding units classified as held for sale or discontinued operations.
The following tables shows a breakdown of performance by geographical area in 2022.
Revenue (1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 6,963 | 7,326 | (363) | -5.0% |
Iberia | 2,258 | 2,489 | (231) | -9.3% |
Latin America | 12,956 | 10,366 | 2,590 | 25.0% |
- of which Argentina | 1,000 | 688 | 312 | 45.3% |
| - of which Brazil | 7,762 | 7,109 | 653 | 9.2% |
- of which Chile | 2,562 | 1,262 | 1,300 | - |
- of which Colombia | 753 | 630 | 123 | 19.5% |
- of which Peru | 879 | 677 | 202 | 29.8% |
Europe | (8) | - | (8) | - |
Other | 1,273 | 590 | 683 | - |
Eliminations and adjustments | (410) | (529) | 119 | 22.5% |
Total (1) | 23,032 | 20,242 | 2,790 | 13.8% |
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
The increase in revenue is mainly attributable to rate adjustments connected with the increase in inflation and the positive effect of exchange rate developments in Latin America, in particular Brazil. These effects were partially offset by certain adverse rate developments in Italy and Spain. In Spain, by way of Ministerial Decree TED/749/2022 of July 27, 2022, rate remunerations for the years 2017, 2018 and 2019 were retroactively changed (-€180 million).
Ordinary gross operating profit/(loss) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italia | 3,707 | 3,836 | (129) | -3.4% |
Iberia | 1,621 | 1,877 | (256) | -13.6% |
Latin America | 2,445 | 1,810 | 635 | 35.1% |
- of which Argentina | 88 | 3 | 85 | - |
| - of which Brazil | 1,489 | 1,120 | 369 | 32.9% |
- of which Chile | 168 | 144 | 24 | 16.7% |
- of which Colombia | 487 | 385 | 102 | 26.5% |
- of which Peru | 213 | 158 | 55 | 34.8% |
Europe | (61) | 96 | (157) | - |
Other | 564 | 44 | 520 | - |
Total | 8,276 | 7,663 | 613 | 8.0% |
The increase in ordinary gross operating profit is essentially attributable to the increase in Latin America for certain rate adjustments and fluctuations in exchange rates. This trend was only partially offset by failure to index and revise rates to mitigate the impact on customers of rising commodity prices, particularly in Spain, Italy and Romania.
Gross operating profit came to €9,114 million, up €2,014 million from the €7,100 million posted in 2021. More specifically, in addition to the positive effects described in relation to ordinary gross operating profit, there was a gain of €1,051 million recognized by Enel Transmisión Chile and a reduction in provisions in 2022 in relation to restructuring for digitalization and the energy transition compared with 2021 (€23 million in 2022 compared with €423 million in 2021), effects which were partially offset by the recognition of a loss on the sale of Celg Distribuição SA - Celg-D (Enel Goiás) of €208 million and associated transaction costs (€4 million).
| Ordinary operating profit/(loss) | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 2,357 | 2,500 | (143) | -5.7% |
Iberia | 815 | 1,094 | (279) | -25.5% |
Latin America | 1,671 | 1,175 | 496 | 42.2% |
- of which Argentina | 52 | (25) | 77 | - |
| - of which Brazil | 975 | 708 | 267 | 37.7% |
- of which Chile | 109 | 95 | 14 | 14.7% |
- of which Colombia | 391 | 297 | 94 | 31.6% |
- of which Peru | 144 | 100 | 44 | 44.0% |
Europe | (143) | 6 | (149) | - |
Other | 554 | 38 | 516 | - |
Total | 5,254 | 4,813 | 441 | 9.2% |
The increase in ordinary operating profit in 2022 essentially reflects the factors described in relation to ordinary gross operating profit, as well as an increase in depreciation and amortization due to investments made.
In addition to the effects described in relation to gross operating profit and to ordinary operating profit, operating profit for 2022, in the amount of €5,332 million (€4,326 million in 2021), reflects the adjustment to the value of net assets related to the sale of Celg Distribuição SA - Celg-D (Enel Goiás) in Brazil in the amount of €827 million.
Capital expenditure Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italia | 2,714 | 2,554 | 160 | 6.3% |
Iberia | 860 | 874 | (14) | -1.6% |
Latin America | 1,809 | 1,663 | 146 | 8.8% |
Europe | 140 | 192 | (52) | -27.1% |
Other | 24 | 13 | 11 | 84.6% |
Total | 5,547(1) | 5,296 | 251 | 4.7% |
(1) The figure does not include €110 million regarding units classified as held for sale or discontinued operations.
Capital expenditure increased year on year by €251 million. This increase is mainly attributable to:
Electricity sales Millions of kWh | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Free market | 198,254 | 175,958 | 22,296 | 12.7% |
Regulated market | 122,854 | 133,467 | (10,613) | -8.0% |
Total | 321,108 | 309,425 | 11,683 | 3.8% |
- of which Italy | 97,195 | 92,768 | 4,427 | 4.8% |
- of which Iberia | 79,003 | 79,457 | (454) | -0.6% |
- of which Latin America | 135,094 | 127,906 | 7,188 | 5.6% |
- of which Europe | 9,816 | 9,294 | 522 | 5.6% |
The greater volumes of electricity sold in 2022 refer, in particular, to the free market (+22.3 TWh) in Italy (+12.8 TWh) in both business-to-business (B2B) and business-to-consumer (B2C) segments, in Latin America (+6.7 TWh) and in Spain (+2.0 TWh). Conversely, the regulated market saw declining volumes (-10.6 TWh), mainly in Italy (-8.3 TWh) and Spain (-2.5 TWh) in both the B2B and B2C segments due, primarily, to a reduction in the number of customers compared with 2021.
Natural gas sales Millions of m3 | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Business to Consumer | 3,910 | 3,731 | 179 | 4.8% |
Business to Business | 6,333 | 6,142 | 191 | 3.1% |
Totale | 10,243 | 9,873 | 370 | 3.7% |
- of which Italy | 4,726 | 4,353 | 373 | 8.6% |
- of which Iberia | 4,909 | 5,180 | (271) | -5.2% |
- of which Latin America | 342 | 160 | 182 | - |
- of which Europe | 266 | 180 | 86 | 47.8% |
The increase in volumes sold primarily in Italy and Latin America in 2022 was partly offset by the reduction in consumption in Spain. Both the B2B and B2C segments posted greater sales volumes compared with 2021.
Performance Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Revenue | 62,152 | 37,399(1) | 24,753 | 66.2% |
Gross operating profit/(loss) | 1,243 | 3,033(1) | (1,790) | -59.0% |
Ordinary gross operating profit/(loss) | 1,122 | 3,086 | (1,964) | -63.6% |
Operating profit/(loss) | (300) | 1,723(1) | (2,023) | - |
Ordinary operating profit/(loss) | (435) | 1,753 | (2,188) | - |
Capital expenditure | 721 | 643 | 78 | 12.1% |
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
The following tables show a breakdown of performance by geographical area in 2022.
Revenue (1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 32,666 | 19,818 | 12,848 | 64.8% |
Iberia | 27,764 | 16,177 | 11,587 | 71.6% |
Latin America | 1,687 | 1,393 | 294 | 21.1% |
- of which Argentina | - | 2 | (2) | - |
- of which Brazil | 507 | 349 | 158 | 45.3% |
- of which Cile | 114 | 93 | 21 | 22.6% |
- of which Colombia | 807 | 760 | 47 | 6.2% |
- of which Peru | 259 | 189 | 70 | 37.0% |
North America | 9 | 7 | 2 | 28.6% |
Europe | - | - | - | - |
Other | 26 | 4 | 22 | - |
Eliminations and adjustments | - | - | - | - |
Total | 62,152 | 37,399 | 24,753 | 66.2% |
(1) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
Revenue for 2022 increased by 66.2% over the previous year, due mainly to greater revenue on electricity sales (up €17,825 million) and gas sales (up €6,228 million) as a result of greater volumes and sales prices in Italy and Spain.
Ordinary gross operating profit/(loss) Milioni di euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 448 | 2,311 | (1,863) | -80.6% |
Iberia | 356 | 547 | (191) | -34.9% |
Latin America | 435 | 263 | 172 | 65.4% |
- of which Argentina | 30 | 12 | 18 | - |
- of which Brazil | 233 | 136 | 97 | 71.3% |
- of which Chile | 67 | 44 | 23 | 52.3% |
- of which Colombia | 77 | 49 | 28 | 57.1% |
- of which Peru | 28 | 22 | 6 | 27.3% |
North America | 4 | 6 | (2) | -33.3% |
Europe | (126) | (41) | (85) | - |
Other | 5 | - | 5 | - |
Total | 1,122 | 3,086 | (1,964) | -63.6% |
The decrease in ordinary gross operating profit for 2022 is essentially attributable to:
These negative effects were only partially offset by the increase of €172 million in the margin in Latin America, especially in Brazil, Colombia, Chile and Argentina following rate adjustments and an increase in quantities sold.
Gross operating profit amounted to €1,243 million (€3,033 million in 2021). In addition to reflecting the effects of the factors noted for ordinary gross operating profit, this is also attributable to non-recurring items in respect of charges provisioned for restructuring plans for the energy transition and digitalization (€2 million), costs incurred in responding to the COVID-19 pandemic for workplace sanitization, personal protective equipment and donations (€2 million) and the classification under “Profit/(Loss) from discontinued operations” of the revenue and cost items associated with the assets held in Romania, as they met the requirements established by IFRS 5 for their classification as “discontinued operations”, with a positive impact of €125 million.
Ordinary operating profit/(loss) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | (546) | 1,508 | (2,054) | - |
Iberia | 76 | 345 | (269) | -78.0% |
Latin America | 178 | (41) | 219 | - |
- of which Argentina | 14 | 4 | 10 | - |
- of which Brazil | 39 | (113) | 152 | - |
- of which Chile | 44 | 20 | 24 | - |
- of which Colombia | 57 | 31 | 26 | 83.9% |
- of which Peru | 24 | 17 | 7 | 41.2% |
North America | 3 | 5 | (2) | -40.0% |
Europe | (151) | (64) | (87) | - |
Other | 5 | - | 5 | - |
Total | (435) | 1,753 | (2,188) | - |
Ordinary operating profit reflects the factors noted earlier for ordinary gross operating profit, as well as an increase in depreciation and amortization of €101 million, mainly regarding amortization of intangibles and an increase in the impairment of trade receivables of €123 million mainly in Italy and Spain.
The operating loss for 2022, a loss of €300 million (a profit of €1,723 million in 2021), essentially reflects the factors described above in relation to gross operating profit and the increase in depreciation, amortization and impairment losses and in the impairment of trade receivables in Italy and Spain described above.
Capital expenditure Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 460 | 427 | 33 | 7.7% |
Iberia | 248 | 196 | 52 | 26.5% |
Europe | 13 | 20 | (7) | -35.0% |
Total | 721 | 643 | 78 | 12.1% |
The increase in capital expenditure, mainly in Italy and Spain, is essentially attributable to the digitalization of customer-management processes.
(1) The figure does not include €2 million regarding units classified as held for sale or discontinued operations
2022 | 2021 | Change | ||
|---|---|---|---|---|
Demand response capacity (MW) | 8,476 | 7,713 | 763 | 9.9% |
Lighting points (thousands) | 3,023 | 2,821 | 202 | 7.2% |
Storage (MW) | 760 | 375 | 385 | - |
Demand response capacity increased mainly in North America (+541 MW) and in Japan (+282 MW). Lighting points increased primarily in Italy, Brazil and Chile, while storage increased due essentially to the installation of new batteries at renewable energy plants in North America.
| Millions of euro | 2022 | 2021 | Change | |
|---|---|---|---|---|
Revenue | 2,209 | 1,428(2) | 781 | 54.7% |
Gross operating profit/(loss) | 652 | 326(2) | 326 | - |
Ordinary gross operating profit/(loss) | 673 | 356 | 317 | 89.0% |
Operating profit/(loss) | 344 | 94(2) | 250 | - |
Ordinary operating profit/(loss) | 362 | 120 | 242 | - |
Capital expenditure | 371(3) | 285 | 86 | 30.2% |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under “Holding, Services and Other”.
(2) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
(3) The figure does not include €2 million regarding units classified as held for sale or discontinued operations.
The following tables shows a breakdown of performance by geographical area in 2022.
Revenue(1) (2) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 742 | 504 | 238 | 47.2% |
Iberia | 365 | 266 | 99 | 37.2% |
Latin America | 373 | 271 | 102 | 37.6% |
- of which Argentina | 15 | 11 | 4 | 36.4% |
- of which Brazil | 30 | 22 | 8 | 36.4% |
- of which Chile | 74 | 64 | 10 | 15.6% |
- of which Colombia | 193 | 127 | 66 | 52.0% |
- of which Peru | 61 | 47 | 14 | 29.8% |
North America | 247 | 243 | 4 | 1.6% |
Europe | 83 | 50 | 33 | 66.0% |
Africa, Asia and Oceania | 70 | 67 | 3 | 4.5% |
Other | 484 | 144 | 340 | - |
Eliminations and adjustments | (155) | (117) | (38) | -32.5% |
Total | 2,209 | 1,428 | 781 | 54.7% |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under “Holding, Services and Other”.
(2) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
Revenue for 2022 increased by 54.7% year on year, with the greatest gains coming:
Ordinary gross operating profit(1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 122 | 153 | (31) | -20.3% |
Iberia | 76 | 62 | 14 | 22.6% |
Latin America | 127 | 94 | 33 | 35.1% |
- of which Argentina | 5 | 5 | - | - |
- of which Brazil | 4 | 1 | 3 | - |
- of which Cile | 18 | 21 | (3) | -14.3% |
- of which Colombia | 74 | 50 | 24 | 48.0% |
- of which Peru | 26 | 17 | 9 | 52.9% |
North America | (6) | 36 | (42) | - |
Europe | 50 | 19 | 31 | - |
Africa, Asia and Oceania | (7) | 2 | (9) | - |
Other | 311 | (10) | 321 | - |
Total | 673 | 356 | 317 | 89.0% |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under “Holding, Services and Other”.
Ordinary gross operating profit increased mainly as a result, as described above, of the gains on the partial sale of the equity interest held in Ufinet and the sale by Enel X Srl of a number of companies to Mooney Group SpA.
Gross operating profit came to €652 million (€326 million in 2021). The change of €21 million compared with ordinary gross operating profit concerns the provisions set aside for the restructuring plans for the energy transition and digitalization and the classification under “Profit/(Loss) from discontinued operations” of the revenue and cost items associated with the assets held in Romania, as they met the requirements established by IFRS 5 for their classification as “discontinued operations”.
Ordinary operating profit(1) Milioni di euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | (39) | 46 | (85) | - |
Iberia | 28 | 16 | 12 | 75.0% |
Latin America | 103 | 75 | 28 | 37.3% |
- of which Argentina | 5 | 5 | - | - |
- of which Brazil | 4 | 1 | 3 | - |
- of which Chile | 18 | 20 | (2) | -10.0% |
- of which Colombia | 58 | 39 | 19 | 48.7% |
- of which Peru | 18 | 10 | 8 | 80.0% |
North America | (50) | - | (50) | - |
Europe | 45 | 15 | 30 | - |
Africa, Asia and Oceania | (12) | (1) | (11) | - |
Other | 287 | (31) | 318 | - |
Total | 362 | 120 | 242 | - |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under “Holding, Services and Other”.
Ordinary operating profit includes depreciation, amortization and impairment losses in the amount of €311 million (€236 million in 2021). The increase in depreciation, amortization and impairment losses is essentially attributable to an increase in amortization of intangibles and impairment of trade receivables.
Operating profit for 2022, in the amount of €344 million (€94 million in 2021), reflects the factors described above in relation to gross operating profit.
Capital expenditure(1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 96 | 69 | 27 | 39.1% |
Iberia | 45 | 40 | 5 | 12.5% |
Latin America | 77 | 46 | 31 | 67.4% |
North America | 67 | 42 | 25 | 59.5% |
Europe | 5 | 4 | 1 | 25.0% |
Africa. Asia and Oceania | 15 | 10 | 5 | 50.0% |
Other | 66 | 74 | (8) | -10.8% |
Total | 371 | 285 | 86 | 30.2% |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under “Holding, Services and Other”.
(2) The figure does not include €2 million regarding units classified as held for sale or discontinued operations.
Capital expenditure increased mainly in Italy in the e-City and e-Home businesses, in North America and Australia in battery energy storage, in Brazil as the combined effect of increased costs incurred in the Smart Lighting, e-Home and Distributed Energy businesses (launch of new photovoltaic projects), in Peru in the Public Lighting Business, in Colombia following the launch of projects in the Distributed Energy Business (photovoltaics), and in Spain in the e-Home business.
Performance (1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Revenue | 2,235 | 4,012(2) | (1,777) | -44.3% |
Gross operating profit/(loss) | (273) | 1,360(2) | (1,633) | - |
Ordinary gross operating profit/(loss) | (261) | 1.588 | (1,849) | - |
Operating profit/(loss) | (546) | 1,068(2) | (1,614) | - |
Ordinary operating profit/(loss) | (535) | 1,340 | (1,875) | - |
Capital expenditure | 332 | 289 | 43 | 14.9% |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way.
(2) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
The following tables show a breakdown of 2022 performance by geographical area.
Revenue(1) (2) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 819 | 793 | 26 | 3.3% |
Iberia | 504 | 470 | 34 | 7.2% |
Latin America | 11 | 21 | (10) | -47.6% |
North America | 57 | 42 | 15 | 35.7% |
Europe | 6 | 2 | 4 | - |
Other | 1,095 | 2,915 | (1,820) | -62.4% |
Eliminations and adjustments | (257) | (231) | (26) | -11.3% |
Total | 2,235 | 4,012 | (1,777) | -44.3% |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way.
(2) The figure for 2021 has been adjusted, for comparative purposes only, to take account of the classification under the item “Profit/(Loss) from discontinued operations” of profit/(loss) connected with the assets held in Russia (which were sold in the 4th Quarter of 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.
The decrease in revenue is mainly due to the gain of €1,763 million recognized in 2021 on the sale of Open Fiber within the scope of the Stewardship strategic pillar.
Ordinary gross operating profit(1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 50 | 34 | 16 | 47.1% |
Iberia | (20) | 21 | (41) | - |
Latin America | (118) | (79) | (39) | -49.4% |
- of which Argentina | (3) | (3) | - | - |
- of which Brazil | (22) | (18) | (4) | -22.2% |
- of which Chile | (93) | (57) | (36) | -63.2% |
- of which Peru | - | (1) | 1 | - |
North America | (24) | (15) | (9) | -60.0% |
Europe | (6) | 5 | (11) | - |
Africa, Asia and Oceania | (3) | (2) | (1) | -50.0% |
Other | (140) | 1,624 | (1,764) | - |
Total | (261) | 1,588 | (1,849) | - |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way.
The decrease in ordinary gross operating profit in 2022 is mainly attributable to the change in revenue described above, and particularly for the effects of the sale of Open Fiber in 2021.
Gross operating profit mainly reflects the factors described above in relation to ordinary gross operating profit. The non-recurring items in 2022 mainly concern charges for digitalization and the energy transition, whereas the non-recurring items for 2021 mainly included the provisions for restructuring and digitalization plans for a total of €216 million.
Ordinary operating profit(1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | (28) | (45) | 17 | 37.8% |
Iberia | (59) | (32) | (27) | -84.4% |
Latin America | (121) | (82) | (39) | -47.6% |
- of which Argentina | (3) | (3) | - | - |
- of which Brazil | (25) | (19) | (6) | -31.6% |
- of which Chile | (93) | (59) | (34) | -57.6% |
- of which Peru | - | (1) | 1 | - |
North America | (31) | (23) | (8) | -34.8% |
Europe | (6) | 3 | (9) | - |
Africa, Asia and Oceania | (4) | (2) | (2) | - |
Other | (286) | 1,521 | (1,807) | - |
Total | (535) | 1,340 | (1,875) | - |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way
Ordinary operating profit for 2022 is essentially in line with the decrease in ordinary gross operating profit, taking account of the €23 million increase in depreciation, amortization and impairment losses.
Operating profit for 2022 reflects the factors described above in relation to gross operating profit and ordinary operating profit.
Capital expenditure(1) Millions of euro | ||||
|---|---|---|---|---|
2022 | 2021 | Change | ||
Italy | 141 | 83 | 58 | 69.9% |
Iberia | 58 | 45 | 13 | 28.9% |
Latin America | 8 | 6 | 2 | 33.3% |
North America | 9 | 5 | 4 | 80.0% |
Europe | 1 | 2 | (1) | -50.0% |
Other | 115 | 148 | (33) | -22.3% |
Total | 332 | 289 | 43 | 14.9% |
(1) The 2021 figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way
The increase in capital expenditure in 2022 in Italy is mainly attributable to the capital expenditure by Enel Italia SpA for work done for the subsidiary Enel X Italia Srl in the field of energy efficiency
The increase in capital expenditure in Iberia is due to the increased investment by Enel X Way on new electric vehicle charging points.
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