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Heavy investment strategy towards growth pays off

  • 26 Oct 16

Positive Q3 16 results for Iberdrola. Despite the 12.2% yoy decrease in revenues in the third quarter to €6,639m, the group has achieved a 10.8% yoy increase on EBITDA to €1,837m; moreover, operating profit increased by 16.7% yoy to €1,003m, both ahead of forecasts by 1.3% and 1.9% respectively. In addition to this, the group’s net income increased by 41.4% yoy to €584.9m, which is 4.1% ahead of consensus. In the first 9 months, the group had a 9.1% decrease in revenues, reaching €21.54bn. EBITDA, on the other hand, increased by 4.2% to €5.73bn and, on an adjusted basis, (excluding FX effects) it rose by 6.7%. Operating profit increased 7.6% and reported net income 6.4% to €2.04bn, however, on an adjusted basis, it grew by 17% to €1.96bn. The positive performance comes from the network business (+8.8% ytd), which partially compensated for slightly lower profits from the renewable business (-3.3% ytd) and a flat performance in the generation division (-0.1% ytd). In terms of cash flows, the group confirms its positive trend as operating cash flows have improved by 9.5% ytd to €4,717m, and are able to cover the 45% ytd increase in investment the group has under its ambitious capex plan. The only weak point on the release is that the net debt of the group increased by 2.1% in this quarter to reach €28.42bn. The company confirmed its 2016 outlook in terms of EBITDA (+5%) and net profit (double-digit growth) for 2016.