Enerjisa Enerji continued to deliver value for stakeholders with 1.8 billion TL investment
Turkey's leading electricity distribution and retail company Enerjisa Enerji, had an outstanding financial performance and a strong recovery in cash flow in the second half of the year. Despite the ongoing uncertainties due to Covid-19 within local and global markets, Enerjisa Enerji made 1 billion 790 million TL worth of grid investment in 2020. Consolidated Operational Earnings grew by 22 percent yoy to TL 5 billion 609 million in 2020.
Enerjisa Enerji, a stock listed company with its two major shareholders Sabancı Holding and E.ON SE and a free float of 20%, disclosed its financial statements as of 31.12.2020. According to the results, the company has increased its consolidated Operational Earnings to TL 5 billion 609 million in 2020, with 22% yoy growth, compared to the same period of last year.
“Grid investments are the top priority to provide uninterrupted energy”
Enerjisa Enerji CEO Murat Pınar said: “In this year marked by the pandemic, our priority was in two areas. Continuing uninterrupted electricity distribution and sales services throughout our region, while providing the best measures for the health of our employees, suppliers and customers. The most important development for our sector in 2020, has been the announcement of the fourth regulatory period parameters. In the upcoming period, we will continue our activities in line with our principles to provide efficient, high quality and sustainable service.
We attach importance to sustainable solutions
As Enerjisa, we attach importance to sustainable and innovative solutions for our customers. Apart from our main business lines, another important step this year was our customer solutions focusing on technology and sustainability, which we launched under the brand of “Energy of My Work”. As Enerjisa Enerji, we determine on our strategy considering the global energy trends as well as the local dynamics in our country. At the core of the new energy world, concepts such as distributed production, efficiency, renewable energy and e-mobility lies. Hence, “Energy of My Business” family has great significance as an indication of our leading approach in this area.
“Our Underlying Net Income reached 1,878mTL in 2020, with growth rate significantly exceeding Operational Earnings growth.”
Enerjisa Enerji CFO Michael Moser said: “Overall, our 2020 results show a strong growth in earnings despite some impacts of Covid-19 thanks to lower financing costs, strong operational performance, prudent balance sheet management and lower effective tax rate. We had an outstanding earnings growth in 2020 and a strong recovery in the cash flow in the second half of the year. Our Underlying Net Income reached 1,878mTL in 2020, with growth rate significantly exceeding Operational Earnings growth. Additionally, thanks to our strong performance, our financial net debt to operational earnings ratio is down from 1.9x last year to 1.7x this year. Meanwhile, we are excited about the fourth regulatory period. We have a regulatory framework supporting investments, governance and quality in the new period. We have high visibility for the next five years.We have not only focused on the short-term financials, but also on sustainability to ensure long-term value for the stakeholders and lead the transition to the New Energy World in Turkey. We will continue our journey to become best-in-class in sustainability practices in 2021 as well. Our board proposed a dividend of 96 kuruş to the AGM as per our commitment to return sustainable dividends to our shareholders. This marks a 60% increase compared to last year and 60.37% pay-out ratio.