Ignacio S. GalánChairman & CEO
2011 in review       Despite the complex environment, once again                Iberdrola has maintained its              ...
Since the start of the crisis, four years ago, Iberdrola is:     The only major                   that has maintained its ...
2011 operating environment: Spain    GDP        +0.7%               (-0.3% 4Q) Electricity  Demand       -2.1%            ...
2011 operating environment: Spain           Spanish economic imbalances:                   High public deficits           ...
2011 operating environment: Spain            Spanish economic strengths           World class companies in key sectors    ...
2011 operating environment: Spain     Opportunity to transform the economic model...                        More sustainab...
2011 operating environment: Spain    Enhanced implementing         …   productivity                 that enable:         E...
2011 operating environment: Spain                The energy sector needs:        Regulatory stability        Resolution of...
2011 operating environment: UK     GDP                +0.7%                (-0.2% 4Q)  Electricity   Demand        -4%    ...
2011 operating environment: UK       Significant progress on the regulatory front    Stability in the networks business   ...
2011 operating environment: UK      Significant progress on the regulatory front       Ongoing progress on Electricity Mar...
2011 operating environment: US     GDP        +1.7%  Electricity   Demand       -0.8%                                 13
2011 operating environment: US                          Regulation:              Continuity in the networks business      ...
2011 operating environment:Mexico & Brazil                 Mexico    GDP         +4%                 Mexico  Electricity  ...
2011 operating environment: Brazil                                                                       Neoenergia       ...
2011 in review: Investment                                       of investments             Corporate investments: Eur 4,2...
2011 in review: Spain           Development of                in              Castellón, Bilbao, Valencia… Extension of   ...
2011 in review: UK    Eur 6,000 mn investment   • Enlargement of Whitelee  programme approved by the   • Start-up of offsh...
2011 in review: USA                  Installation of          New              in                             in Maine   W...
2011 in review: Brazil and Mexico   Hydroelectric plants                         La Venta III    • Dardanelos in operation...
2011 results         Iberdrola maintained its results thanks to:     Geographically diversified                           ...
2011 results        Total installed capacity of over                       Installed capacity, 2011                       ...
2011 results                      Group output exceeded         Output by country                 Output by technology    ...
2011 results      Energy distributed up 2.3% to 205,000 GWh …                                               Energy distrib...
2011 results                  Revenue rose 4% to Eur 32,000 mn…    Revenue by region/country              Gross Margin (Eu...
2011 results                            Record EBITDA...          EBITDA (Eur mn)                    EBITDA by business   ...
2011 results                Recurring Net Profit rose by 1.2%                          Recurring Net Profit (€ mn         ...
2011 results                Operating cash flow over          Eur 6,000 mn (+5.8%) for the first time                Opera...
2011 results                      Average debt maturity extended to 6.3 years                                Maturity prof...
2011 results               Proposed shareholder remuneration of at least                                         …        ...
Year 2011       Iberdrola,               Over Eur 8,200 mn in investments                Over Eur 5,300 mn in purchases   ...
Year 2011                   Iberdrola            ,            with a team of 33,000 professionals              5,800 addit...
Year 2011            Strong commitment to              …                                   internal                       ...
Year 2011        Fundación Iberdrola: supporting       ,      ,                           and  in universities of    in Ca...
Year 2011    Long-standing commitment to            Environmental investments of Eur 1,300 mn            Emission of 40 mi...
Year 2011     Iberdrola invested Eur 140 million in     and smart grids   Through         Iberdrola has allocated over Eur...
Year 2011            Supporting paralympic sports                                           38
Corporate governance      Iberdrola, at the forefront of best practices    Code of Ethics and creation of the Ethics Mail ...
Iberdrola, a      creating      and     …… and a company that is increasingly         ,            and                    ...
Ignacio S. GalánChairman & CEO
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Annual General Shareholders Meeting 2012

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Transcript of "Annual General Shareholders Meeting 2012"

  1. 1. Ignacio S. GalánChairman & CEO
  2. 2. 2011 in review Despite the complex environment, once again Iberdrola has maintained its Earnings Dividends Financial strength Today we are the IBEX industrial company with better rating 2
  3. 3. Since the start of the crisis, four years ago, Iberdrola is: The only major that has maintained its earnings and dividend One of only two large cap stocks that have maintained their earnings and dividends 3
  4. 4. 2011 operating environment: Spain GDP +0.7% (-0.3% 4Q) Electricity Demand -2.1% 4
  5. 5. 2011 operating environment: Spain Spanish economic imbalances: High public deficits Private sector debt burden Undermining of certain banking groups Highest unemployment rate in the EU 5
  6. 6. 2011 operating environment: Spain Spanish economic strengths World class companies in key sectors International presence: Europe and Latam Positive contribution from exports Public debt below European average 6
  7. 7. 2011 operating environment: Spain Opportunity to transform the economic model... More sustainable More competitive, open and liberalised More oriented towards innovation and foreign markets Investing more in productive economy and less in speculative activities 7
  8. 8. 2011 operating environment: Spain Enhanced implementing … productivity that enable: Enhanced productivity More efficient public spending Modernisation of labour and tax law Greater social cohesion Deleveraging by government, corporates and households Fostering a process 8
  9. 9. 2011 operating environment: Spain The energy sector needs: Regulatory stability Resolution of the tariff deficit Almost 50% of the tariff corresponds to costs that are not related with power supply The government needs to address the factors that generated the deficit 9
  10. 10. 2011 operating environment: UK GDP +0.7% (-0.2% 4Q) Electricity Demand -4% 10
  11. 11. 2011 operating environment: UK Significant progress on the regulatory front Stability in the networks business Distribution: current tariff framework stable until 2015 Transmission: current tariff framework stable until 2021 Line Scotland-England (420 km) 11
  12. 12. 2011 operating environment: UK Significant progress on the regulatory front Ongoing progress on Electricity Market Reform (EMR) Substitution of existing generation assets Delivery of environmental targets Security of supply 12
  13. 13. 2011 operating environment: US GDP +1.7% Electricity Demand -0.8% 13
  14. 14. 2011 operating environment: US Regulation: Continuity in the networks business Current tariff frameworks in New York and Maine stable until 2014 Renewables business affected by: Low power prices due to emergence of new energy sources (shale gas) Elimination of economic incentives to investment 14
  15. 15. 2011 operating environment:Mexico & Brazil Mexico GDP +4% Mexico Electricity Demand +5% Brazil GDP +2.7% Brazil Electricity Demand +3.4% 15
  16. 16. 2011 operating environment: Brazil Neoenergia Supply points (mn) 9.4 Capacity in operation and under _ 4,200* construction (MW) • Rio Grande do Norte Electricity • Bahia Distribution areas • Pernambuco Workforce 5,100 * Includes 145 MW of Iberdrola wind power capacity in Brazil ** 39%-consolidated 16
  17. 17. 2011 in review: Investment of investments Corporate investments: Eur 4,200 mn Elektro acquisition (Brazil) Merger with Iberdrola Renovables Organic growth: Eur 4,000 mn Networks Generation Renewables 17
  18. 18. 2011 in review: Spain Development of in Castellón, Bilbao, Valencia… Extension of and power stations 18
  19. 19. 2011 in review: UK Eur 6,000 mn investment • Enlargement of Whitelee programme approved by the • Start-up of offshore wind farm regulator in the Irish Sea 19
  20. 20. 2011 in review: USA Installation of New in in Maine Washington, Pennsylvania, Ohio, Iowa and California 20
  21. 21. 2011 in review: Brazil and Mexico Hydroelectric plants La Venta III • Dardanelos in operation • Start of construction at Belo Monte and wind farm Telespires 10 wind farms 21
  22. 22. 2011 results Iberdrola maintained its results thanks to: Geographically diversified EBITDA by business business model Renewables Regulated Weight of the regulated and (Networks) renewable businesses 19% 51% Efficiency improvements 30% Liberalised (Generation) Maintaining financial strength 22
  23. 23. 2011 results Total installed capacity of over Installed capacity, 2011 Cogeneration Wind Gas 3% 30% 29% 10% 21% Coal 7% Hydroelectric Nuclear 23
  24. 24. 2011 results Group output exceeded Output by country Output by technology United Coal Cogeneration States Wind 1% 11% 9% 3% 20% UnitedKingdom 16% 44% Spain Gas 12% Hydroelectric 39% 28% 17%Latin America Nuclear Carbon emissions were cut by 20% vs. 2007 to reach half the average of European utilities 24
  25. 25. 2011 results Energy distributed up 2.3% to 205,000 GWh … Energy distributed by Energy distributed (GWh) region/country +2.3% 204,887 Latin America 21% Spain 200,329 United 47% States 15% 17% 2011 United 2010 Kingdom … with higher quality of service (best performance ever recorded in Spain) 25
  26. 26. 2011 results Revenue rose 4% to Eur 32,000 mn… Revenue by region/country Gross Margin (Eur mn) Other Latin America 1% 12,025 United 14% +3.3% Spain States 10% 48% 11,645 27% United Kingdom 2010 2011 ...while Gross Margin exceeded Eur 12,000 mn 26
  27. 27. 2011 results Record EBITDA... EBITDA (Eur mn) EBITDA by business Other +1.6% 7,650 Deregulated Renewables 2% 7,528 19% 29% 50% 2010 2011 Regulated … despite an increase in other taxes (+22%) 27
  28. 28. 2011 results Recurring Net Profit rose by 1.2% Recurring Net Profit (€ mn 2,614 +1.2% 2,582 2010 2011 Net profit was Eur 2,805 mn despite Eur 400 mn of non-recurring provisions and lower divestments (down Eur 226 mn) 28
  29. 29. 2011 results Operating cash flow over Eur 6,000 mn (+5.8%) for the first time Operating cash flow (Eur mn) 6,047 +5.8% 5,718 2010 2011 29
  30. 30. 2011 results Average debt maturity extended to 6.3 years Maturity profile Average debt maturity of Iberdrolas debt* 13,874Eur mn 6.3 4,369 6.2 4,051 3,532 2,778 1,880 2012 2013 2014 2015 2016 2017 and 2010 2011 beyond** Liquidity reaches nearly Eur 10,000 mn and covers financing requirements for 30 months (average interest rate: 4.5%) * Excludes drawn down credit lines ** Includes outstanding promissory notes 30
  31. 31. 2011 results Proposed shareholder remuneration of at least … Dividend distributed in January*: €0.146/share Dividend to be distributed €0.03/share in July**: €0.15/share GSM attendance bonus: €0.005/share … in line with the previous year * Purchase price of the December Scrip Dividend programme ** Pending shareholder approval 31
  32. 32. Year 2011 Iberdrola, Over Eur 8,200 mn in investments Over Eur 5,300 mn in purchases Tens of thousands of jobs created or maintained at suppliers 32
  33. 33. Year 2011 Iberdrola , with a team of 33,000 professionals 5,800 additional employees in 2011 Average age under 43 Half of the workforce holds a university degree Increasing presence of women to reach 23% of our workforce 33
  34. 34. Year 2011 Strong commitment to … internal Geographic and career development opportunities apprentices and trainees … providing in 2011 (+22%) 34
  35. 35. Year 2011 Fundación Iberdrola: supporting , , and in universities of in Castile and León in Spain andSpain, the UK and US and Portugal Scotland 35
  36. 36. Year 2011 Long-standing commitment to Environmental investments of Eur 1,300 mn Emission of 40 million tonnes of CO2 avoided More efficient waste management Iberdrola, continued presence in the and 36
  37. 37. Year 2011 Iberdrola invested Eur 140 million in and smart grids Through Iberdrola has allocated over Eur 23 mn to energy sector research 37
  38. 38. Year 2011 Supporting paralympic sports 38
  39. 39. Corporate governance Iberdrola, at the forefront of best practices Code of Ethics and creation of the Ethics Mail Boxes 39
  40. 40. Iberdrola, a creating and …… and a company that is increasingly , and 40
  41. 41. Ignacio S. GalánChairman & CEO
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