Iberdrola obtained a net profit of 1,485 million euros in the first quarter of the year, 40.4% more than in the same period of 2022, with an improvement in its results in Spain and the United Kingdom, mainly, as reported this Wednesday the company to the National Securities Market Commission (CNMV).
The gross operating result (ebitda) grew by 37.7%, to 4,064 million euros, thanks to the recovery of the deficit of the regulated tariff SVT in the United Kingdom, the best performance in EU countries due to the normalization of the production, as well as the growth in renewables and networks, as explained by the company.
In this sense, the president of Iberdrola, Ignacio Sánchez Galán, said in a statement that the investments of 10,400 million euros and the normalization of operating conditions “have allowed us to boost growth,” reports Efe.
The turnover amounted to 15,460.6 million euros, 27.2% more than in the first quarter of 2022, and the gross margin shot up 43.2%, to 6,708.5 million, a growth of 40 % if the effect of the exchange rate and other effects in the United States are excluded; while the net operating expense stood at 1,464.8 million, 7% more than in the first quarter of 2022.
In the quarter, the taxes paid by Iberdrola doubled (102.2%), reaching 1,179 million euros compared to the 583 million paid in the first quarter of last year. Iberdrola attributes this mainly to the new tax of 1.2% applied by the Government on sales in Spain. According to information from Iberdrola, at the end of the first quarter of 2023, the tax rate was 26.5%, compared to 19.9% ??in the same period of 2022.
The company’s amortizations and provisions have grown by 10.2% in the quarter, up to 1,326.5 million euros, due to the growth of the group, the greater base of network assets and the growth in renewables, at the same time that they have increased the provisions for bad debts due to the higher amount of the invoices.
Iberdrola forecasts mid-high single-digit net profit growth for the 2023 financial year, without considering additional extraordinary items.
Likewise, Iberdrola has highlighted that, thanks to the last two agreements closed in the quarter, one of them the sale of 8,400 megawatts (MW) of combined cycles in Mexico, it has reached the financial objective of 7,500 million euros set in three months. the strategic alliances and asset rotation plan for 2025.
Iberdrola’s adjusted net financial debt increased by 8% in the first quarter compared to March 2022 (3,347 million euros) and stands at 43,722 million, due to the increase in investments. Likewise, it has a liquidity of almost 21,000 million euros, which would allow it to cover 22 months of financial needs without resorting to the market.
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