Thursday, December 9

Iberdrola’s profit is affected by gas and taxes in the United Kingdom


Iberdrola closed the first nine months of the year with a reported net profit drop of 2,408 million euros, 10.2 percent less than in the same period of the previous year.

The setback occurs, explains the company in the results sent to the CNMV, for negative impact of 485 million of euros because of the tax hike in the UK and the increase in the price of gas that weighed down the accounts by 85 million of euros.

Covid-19 continues to impact accounts with 123 million euros due to delinquency, but the provisions for delinquency caused by the pandemic were reduced by 35 percent compared to the first nine months of 2020.

On the capital gains side, there are 92 million euros by the favorable judicial ruling on the review of taxes to the sector from 2013 to 2016.

Impacts of retail invoices

Regardless of these items, adjusted net profit would have risen 5.2 percent, up to 2,688 million euros. Profits are also reduced by not having the capital gains from the sale of the stake in Siemens Gamesa that reported 485 million a year ago.

The accounts were also negatively impacted by 114 million euros to ebitda by Royal Decree-Law 17/2021 of Spain of September 14 with which the Government sought to mitigate the impact of the rise in gas prices on the bill of private consumers.

A) Yes, consolidated ebitda grew 10.7 percent, up to 8,165 million euros where the coronavirus also impacted with 128 and on the positive side, the 417 million computed by the sentence on taxes to the sector helped.

The fair ebitda grew 5 percent and the currency effect remained 260 million euros, due to the fall of the dollar and the Brazilian real. Excluding these effects, it would have increased by 8.7 percent.

Exceeds forecasts

Investments continue to set a record and grew by 6 percent during the first nine months of the year to exceed 7,000 million euros, 90 percent allocated to the renewables and networks businesses.

With everything, Iberdrola exceeded the market consensus forecasts They pointed to a reported net profit of 2,347 million euros and an adjusted net profit of 2,711 million and also beat the estimated EBITDA of 8,000 million.

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