“They are not doing anything to make the situation in Spain attractive”

The electricity company boosts its results by 10.7% in 2023 despite falling electricity prices and announces an investment target of 12 billion for 2024.

Iberdrola once again destroyed her own goals. Both are for good, earn more than 4.8 billion in 2023, which is a historical record for the company and exceeds the previous year’s result by 10.7%. As with investments, with gross annual investments approaching 11.4 billion, this is a 6% increase. Even the normalization of electricity prices after a historic increase did not overshadow the good results of the leading Spanish electricity company, which in today’s results presentation once again accusation of financial siege of the government of Pedro Sanchez.

“Spain is the country with the greatest financial pressure”, the company chaired by Ignacio Galan was attacked. In particular, the company estimates that tax payments in the country will increase by 99% between 2022 and 2023, reaching €1.703 million at the end of 2023, “representing 86% of the total group tax increase.”

“I was impressed when I saw the numbers when we closed the accounts. The taxes exceed our operating and maintenance costs and financial costs,” Galan insisted. Regarding the weight of taxes in energy costs, the President assured that the average in other countries is 20% of operating costs: “Here we are talking about 120% of these costs”. “Even without the two temporary taxes, taxes in Spain account for more than 90% of the country’s net operating costs”; They affect energy.

On the controversial sector income tax, which the government has announced it intends to change to somehow offset strategic investments such as grid electrification, Galan is stern. “They have no logic, this leads to the fact that the country has a list of 38 taxes, 18 from the central government and another 22 regional ones. It is pointless, They act in ways that don’t make the situation attractive.“, said the businessman.

Group gross operating profit (EBITDA) increased by 9% to 14.417 million in 2023. Iberdrola’s turnover reached 49.335 million euros in 2023 compared to the same period last year. 53.949 million 2022, a drop of almost 9% annually. However, the company increased its gross profit to 23.302 million, up 15.4% from the previous year.

Regarding the 11% increase in net income, the company clarified that the improvement included two one-time items in the fourth quarter amounting to 141 million, in particular the effect of efficiency improvement plans (90 million) and the provision that is expected to be restored in 2024 (51 million).

In the midst of strong results, the company achieved a nice dividend increase. The board of directors of the electric power company will submit a proposal to the shareholders meeting for consideration. increase in investor remuneration by 10.8%thanks to an additional dividend of €0.348 gross per share, which will allow the company to distribute €0.55 per share from the 2023 accounts.

The group’s prospects for next year are very positive. In terms of investment, the company has set a target of 12 billion this year. In addition, Iberdrola reported that By 2024, it has already sold 90% of its energy. through bilateral contracts.

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