Iberdrola Group Net Earnings Up 1.3% in 2012

Increase driven by 35% rise in international profit

Feb 14, 2013, 07:45 ET from Iberdrola USA

ROCHESTER, N.Y., Feb. 14, 2013 /PRNewswire/ --  

  • Group revenues rose 8.1%
  • Debt was reduced by nearly €1.4 billion
  • Operating cash flow rose 2.5%
  • Liquidity passes €12 billion – enough to meet needs for more than three years
  • Board maintains dividend of €0.3 per share

Here are some highlights from global energy leader Iberdrola (IBDRY:US) 2012 financial results reported today in London. You may view the original Iberdrola S.A. news release here: http://bit.ly/YZzeGc .

  • 2012 Group revenues rose 8.1% to €34.2 billion, while gross margin increased 4.6% to €12.6 billion and operating cash flow rose 2.5% to €6.2 billion.
  • EBITDA increased 1% to €7.73 billion.
  • Net earnings rose 1.3% to €2.84 billion, driven by a 35% earnings growth in international business.
  • Worldwide installed renewable generation capacity increased 2.5% to more than 14,000 megawatts.

Iberdrola continued to strengthen its balance sheet by selling €850 million (of the €2 billion planned) of non-strategic assets, limiting capital investments to €3.26 billion and reducing debt by €1.4 billion to €30.3 billion.

US Networks
US networks business distributed 31,573 gigawatt hours of electricity to customers in Maine and New York - a rise of 1.2% from 2011. US networks EBITDA rose 20.5% to €660.2 million, helped by higher revenues and favourable exchange rates.

Operations highlights for the year include Central Maine Power (CMP) reaching the half-way point in construction of the Maine Power Reliability Program, a $1.4 billion upgrade to the New England transmission system. CMP also completed the installation of 620,000 smart meters - one of the largest installs in the United States.

Annual General Meeting and Dividend
The Board of Directors has set its Annual General Meeting for Friday March 22. The Board also declared a before tax dividend of approximately €0.3 per share.  

Due to its strong performance and strengthened balance sheet, the Company will propose a 2.4% share buyback, consisting of the amortization of 1.4% of treasury stock and repurchase of another 1%. 

About Iberdrola USA: Iberdrola USA, a subsidiary of global energy leader Iberdrola, S.A., is the parent company of Central Maine Power, Maine Natural Gas, NYSEG and RG&E which together deliver energy to 2.7 million customers throughout upstate New York and New England. For more information about Iberdrola USA, visit www.iberdrolausa.com.

SOURCE Iberdrola USA