IBERDROLA earns 18% less for the Fiscal Rise of the United Kingdom and lower capital gains

IBERDROLA obtained a net profit of 1,531.3 million euros in the first semester of the year, which represents a fall of 18.4% with respect to the earnings of 1,8

IBERDROLA earns 18% less for the Fiscal Rise of the United Kingdom and lower capital gains

IBERDROLA obtained a net profit of 1,531.3 million euros in the first semester of the year, which represents a fall of 18.4% with respect to the earnings of 1,876.4 million euros of the same period of the previous year, by the Impact of the increase in corporation tax in the United Kingdom for 2023, as well as the capital gains of almost 500 million euros that was annotated last year by selling their participation in Siemens Gamesa.

Specifically, the impact on the increase of taxation in the United Kingdom, which will pass the corporation tax from 19% to 25% and that affects in the current exercise to deferred taxes, amounts to 461 million euros, although it is not recurrent And it does not represent box output.

Without considering this extraordinary impact by 2020, the company's adjusted net profit chaired by Ignacio Sánchez Galán grew from January to June this year by 8.4%, up to 1,844.4 million euros, the company reported.

This item excludes the Net Impact of the COVID-19 (-96 million euros), the reversal of the Hydroelectric Canon 2013 and 2014 in Spain (+245 million euros) and the negative impact of 463 million euros of deferred taxes in United Kingdom.

Despite these impacts, the group chaired by Ignacio Sánchez Galán reaffirms its prospects for this year and maintains its expectations of a benefit between 3,700 and 3,800 million euros and a dividend under the exercise of about 0.44 euros gross per share, to pay at 2022.

Meanwhile, the gross exploitation result (EBITDA) of the Company reached 5,444 million euros to June, with an increase of 10.2%. From EBITDA, 85% comes from networks and renewable and 80% is generated in countries with rating 'A'.

Thus, the network business grew by 10.6%, thanks to the increase in investment, while renewable increased by 63%, driven by a greater installed capacity and more production.

For its part, the Ebitda of Generation and customers fell by 40% by the high prices registered in the Spanish electricity market, the impact of the Covid-19 and the effects of the Filomena (Spain) and the cold wave in Texas (States United).

With regard to investments, IBERDROLA accelerated this item in the first half of 2021, up to 4,909 million euros. More than 90% were allocated to the development of new renewable capacity and intelligent networks.

By markets, half were held in the United States and Spain, while investments in the area of IBERDROLA International Energy gain weight and represent 17.2%.

With this investor effort, energy has accelerated the construction and start-up of green megawatts and in the last 12 months, almost 3,000 MW renewable have entered into operation. Of these, 1,950 MW are terrestrial windows, 930 MW are solar and 80 MW of batteries.

The capacity under construction reaches 8,500 MW and is expected to increase the power at 4,000 MW in the year. New growth platforms are added in Poland, Sweden, Ireland, Japan, Korea, Taiwan and Australia that are joined by traditional countries in Europe - as Spain, Portugal, the United Kingdom, Germany, France and Italy -, United States and Brazil .

Date Of Update: 25 July 2021, 06:28

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