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Endesa pocketed 1.7 billion between January and September, 38.4% more

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Endesa has earned 1.7 billion during the first half of 2020, which represents an increase of 38.4% compared to the same data from the previous year.

The attributable net result has amounted to 1,511 million of euros between the months of January and September 2020 compared to the 176 million euros obtained in the same period of the previous year, that is 785% more.

Endesa's earnings are due in part to the closure of the coal plants, which were assuming "an impairment of value of 1,052 million" as explained by the company in a statement sent to the CNMV.

Within the reorganization plan approved in September 2019, Endesa has reached an agreement with the unions that allow the voluntary departure of a maximum of 577 employees affected by the change in the energy model. It will deal with those people affected by the change in the energy model. This decision has led to the accounting record of a provision amounting to 160 million euros.

Not only has the closure of the coal plants been a boost to its accounts, it has also benefited from the reversal of the provision for certain social benefits for the entry into force of the 'V Framework Collective Agreement of Endesa'.

Thus, the ordinary net profit of the energy company led by José Bogas at the end of September reached 1,700 million euros, with a growth of 38.4%.

This figure reflects the net effect of the reversal of the provision for certain social benefits due to the application of the new framework collective agreement, which contributes 515 million to the gross operating profit (Ebitda) and 386 million to the net result.

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