29/04/2020

Controller of Neoenergia profits 968 million in the first quarter thanks to investment of 10 billion

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Iberdrola, Neoenergia's parent company, recorded a regular net income in the amount of 968 million euros for the first quarter 2020, up 5.3% versus the same period in 2019. EBITDA showed a similar increase, with a 5.8% increase - reaching 2.7506 billion euros. These results are enabled thanks to all-time-high investments made by the Group from the beginning of 2019 to the end of the first quarter, reaching 9.887 billion euros. From this total, 1.7286 billion euros corresponds to the three first months of this year, meaning a 24.2% increase - 91% was allocated to Renewables and Networks areas, with 810.2 and 765.9 million euros, respectively. 

The Group continued advancing in its projects around the world, amounting to over 8,500 megawatts (MW) in capacity. From January to March alone, the company installed 1,200 new MW and, in the last twelve months, it added 5,500 MW power amounting a total of 53,270. All this was made with a 3.7% increase in cash flow, amounting to 2.1119 billion euros.

The continuity of projects and investments is the focus of the Integral Plan for the fight against coronavirus , ensuring the employment, with 5,000 new hires forecast for 2020, reinforcing safety and protection actions for the teams in the field and allowing that 95% of the office staff works remotely, thanks to the investments in digitalization. In the first quarter, the group increased its investments by 24%, amounting to 1.729 billion euros and accelerated purchases from suppliers - reaching 3.8 billion euros in the last few weeks, aiming at fostering the activity and employment at its suppliers.

Iberdrola has also highlighted that the robustness of the business model, based in networks and renewables areas, the normal development of the activity, the 8,500 megawatts under construction and the mitigation actions implemented are minimizing the pandemic effects on the Company's business. Other important point was the financial soundness based on prudence and market access at the best conditions, such as the successful green issuances launched in the amount of 1.8 billion euros, showcasing the Group's accessibility to markets at the best conditions.

“There is a total consensus on the fact that the economic recovery path should mandatorily be green, putting the fight against climate changes as the central element", says Ignacio Galán, the Group's CEO.

ABOUT IBERDROLA

It is the leader in the global energy sector, first wind producer and one of the world's largest electric energy companies in market cap. The group supplies energy to around 100 million people in dozens of countries, such as Spain, United Kingdom (ScottishPower), United States (AVANGRID), Brazil (Neoenergia), Mexico, Germany, Portugal, Italy or France. With a team comprising over 35 thousand employees and assets over 122 billion euros, the company recorded revenues in the amount of 36.438 billion euros and a net income of 3.406 billion euros in 2018.

Iberdrola leads the energy transition towards a sustainable model, through its investments in renewable energy, smart grids, energy storage in scale and digital transformation, in order to offer the most leading-edge products and services to its customers. Due to its bets in clean energies, Iberdrola is among the companies with the lowest rates of emissions and an international benchmark due to its contribution in the fight against climate change and support to sustainability.​




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