Iberdrola Group Net Earnings Up 1.3% in 2012
Increase driven by 35% rise in international profit
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February 14, 2013
PORTLAND, Ore. — Iberdrola Renewables LLC, the renewable energy division of parent company IBERDROLA, S.A., shared highlights of its parent company’s 2012 financial results reported today in London. You may view the original Iberdrola S.A. news release here.
- 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.
U.S. wind output in 2012 totaled 13,928 gigawatt hours (GWh), a 7.6% increase compared to 2011, and the equivalent of powering 1.2 million typical American homes with clean, renewable electricity. U.S. wind output is the largest portion of Iberdrola’s worldwide renewable generation portfolio, which now exceeds 14,000 megawatts (MW) in installed capacity.
The worldwide renewables business’ gross margin grew by 12.3%, with the U.S. renewables business growing by 7.9%.
Iberdrola Renewables added three new wind farms to its U.S. fleet at the end of 2012, adding to a portfolio of clean energy projects that now spans 19 states. The farms, which all reached commercial operation in December, represent a total investment of approximately $700 million, and have most of the power subscribed under long-term contracts. Earlier in 2012, Iberdrola Renewables completed a 46-MW project in Pennsylvania, a 100-MW project in Iowa, a 304-MW project in Ohio and a 30-MW solar project in Colorado.
Iberdrola Renewables, LLC is the U.S. renewable energy division of parent company IBERDROLA, S.A., an energy pioneer with the largest renewable asset base of any company in the world. Iberdrola Renewables, LLC is headquartered in Portland, Ore., and has over $9 billion of operating assets totaling more than 5,500 MW of wind and solar generation. www.iberdrolarenewables.us