January 23, 2021

Iberdrola earns 2,091 million in September, down 13.5%, due to the absence of extraordinary shareholders – La Provincia

Iberdrola earns 2,091 million in September, down 13.5%, due to the absence of extraordinary shareholders - La Provincia


Iberdrola obtained anet profit of 2,091 millionof euros in the first nine months of the year, which represents a fall of 13.5% over the same period of the previous year, due to the absence of extraordinary, the company informed the National Securities Market Commission (CNMV) .

During the past year the power company registered 759 million euros of extraordinary extraordinary items corresponding to the merger of Siemens Gamesa, Neoenergia capital gains or the revision of the price of gas supply contracts in Spain.

Thus, the ordinary net profit of the group, excluding these extraordinary items, was 2,051.3 million euros during the first nine months of the year, representing an increase of 38% with respect to the same period of the previous year.

Thegross operating result(Ebitda) of Iberdrola at the end of September stood at 6,720 million euros, an increase of 22.5% due, mainly, to the good performance of the international business, which contrasts with the worst evolution in Spain. If the effect of the change in exchange rates is excluded (-312 million euros), growth is 28.2%.

Meanwhile, the income of the group chaired by Ignacio Sánchez Galán grew by 19.7% in the first nine of 2018, to reach 26,282.6 million euros.

Iberdrola reiterated that the results obtained in September allow it to confirm the forecasts for the end of the year of an Ebitda higher than 9,000 million euros and a net profit of 3,000 million euros for the closing of 2018.

InBrazil, the net benefit of Neoenergia, which is 100% consolidated in the group's accounts since the second half of last year, stood at 1,170 million reais (about 276 million euros), up 357%, while in the United States, net profit Adjusted from its subsidiary Avangrid reached 511 million dollars (about 446 million euros), 3% more.

On the other hand,the Generation and Clients business in Spain, whose net position is buying energy by having more market than its own generation, reduced its results in an environment of higher prices in the wholesale market, and a rise in raw materials and CO2 emission rights.

Investments

Meanwhile, the group's investments totaled 3,645 million euros in the period, of which close to 80% were allocated to the Networks and Renewables business, according to the company's strategy.

Of this amount, 45% has been allocated to the area of ​​Networks and 34% to Renewables, in line with the foreseen in the Strategic Perspectives 2018-2022 of the group, which contemplate a total investment of 32,000 million euros in the period. Likewise, more than 85% goes to international projects.

In global terms, all businesses presented asolid growth in Ebitda: Renewables (+ 38.1%), Networks (+ 17.8%) and Generation and Clients (+ 17.4%). In this way, 80% of the company's gross operating profit came from regulated activities and with predictable long-term revenues, in accordance with the group's strategy.

In addition, the company has continued to make progress in its non-strategic asset rotation plan amounting to 3,000 million euros until 2022. Thus, so far this year, the company has made divestments worth almost 1,200 million euros, including the recent announcements of sale of traditional generation assets in the United Kingdom and of the solar thermal plant in Puertollano (Spain).

However, the Generation and Customers business in Spain has suffered the impact of the high prices of the Spanish wholesale market during the last months, since it currently has a net buying position in the wholesale market.

In order to avoid the impact ofVolatility of wholesale pricesIn its accounts and also for its final customers, the company indicated that it is maximizing the energy negotiated through bilateral contracts, which already represent 80% of the total, compared to 20% in the daily market (electric pool).

Iberdrola's adjusted net financial debt stood at 34,379 million euros at the end of September, compared to 33,698 million euros in the same period last year, mainly as a result of the strong investment process being developed by the group. As a result, adjusted financial leverage increases to 44.5%, compared to 44.2% registered as of September 30, 2017.

Meanwhile, the funds generated in operations (FFO) of Iberdrola between January and September stood at 5,255.6 million euros, representing an increase of 12.5% ​​over the same period of the previous year.

With regard to the dividend, the group has agreed a remuneration on account of 2018 of, at least, 0.15 euros gross per share, within a new edition of the program'Iberdrola Flexible Retribution', which represents an increase of 7.1% with respect to the 2017 interim dividend (0.14 euros gross per share) and will materialize in February 2019.

To this amount we must add the supplementary remuneration charged to 2018, which would be paid in July 2019 after its approval by the general meeting of shareholders of the company.

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