Iberdrola Renovables reports surge in annual net profit

Published: 18-Feb-2009

By: Staff Writer Staff Writer Staff Writer

Company will pay its first ever dividend, of 2.5 cents euros against 2008 earnings

Iberdrola Renovables has reported a net profit of E390.2 million in 2008, compared to E117.5 million in 2007.

According to the company, it has invested E3.8 billion and increased installed capacity by 2,204MW, to 9,302MW in 2008. It said that the increase in net profit is due to the investments and its international expansion.

The company has reported that earnings before interest, taxes, depreciation and amortization have doubled from 2007 to E1.18 billion in 2008, with almost half generated outside of Spain.

The energy company’s contribution margins and volume of assets in operation (€20.216 billion) made it a good cash flow generator (+153% to €873.3 million). In addition, leverage ended 2008 at 22.4%, underscoring the company’s better financial position, said the company.

Iberdrola said that it has enhanced the geographical diversification of its assets, 52% of which are now located in Spain, 31% in the US, 7% in UK and 10% in the rest of the world, particularly within the European Union. With a presence in 23 countries, the company raised its output in 2008 by 71.1% to 17,000 GWh, equivalent to savings of 7.5 million tonnes of CO2.

Furthermore, it has reported earnings before interest and taxes of E709.6 million in 2008, a 104.5% increase compared to 2007. The company has reported a gross profit of E1.62 billion in 2008, a 97% increase compared to gross profit in 2007.

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