The group maintains its growth forecast for its net profit and dividends thanks to the 10 billion euros investments planned for the year and the capital gains of the first quarter

 2020 Outlook Infographic [PDF]      2018-2022 Outlook Update presentation [PDF]

 Capital Markets Day

2020 Outlook. Firts quarter.



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COVID-19 impacts...

  • Lower demand prices
  • Receivables, bad net
  • Workforce mobility, supply chain disruption
  • Exchange rate, liquidity

Mitigation measures...

  • Financial:
    • Around 30 months of liquidity
    • Diversified currency mix: 90% hedged at net profit level
  • Networks
    • Revenue decoupling mechanisms offset lower demand
    • Additional recovery measures under negotiation
  • Liberalized: 
    • Short position on generation provides flexibility vs. lower demand
    • Hedged position on prices
    • Larger hydro reserves
    • Managing impact of deferred payments on receivables
  • Renewables
    • No impact on production of operation assets
    • Construction activities on track

...together with execution
and our resilient business model...

  • Improvement in operating results
    • Investment acceleration
    • New rate cases
    • Cost savings

Financial strength and liquidity

Non-recurrent results
(Siemens-Gamesa divestment)

...allow us to maintain our Net Profit outlook with dividend growing in line with Net Profit


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