Financial performance (€M) |
2013 |
2014 |
2015 |
2016(1) |
2017 |
Δ annual average 2013-17 |
Δ 2016-2017 |
---|
Revenues |
31,077.1 |
30,032.3 |
31,418.7 |
29,215.4 |
31,263.3 |
0.1% |
7.0% |
Consolidated gross margin |
11,781.9 |
12,179.5 |
12,842.7 |
12,916.2 |
13,363.8 |
3.2% |
3.5% |
Consolidated EBITDA |
6,756.9 |
6,964.5 |
7,397.4 |
7,807.7 |
7,318.7 |
2.0% |
(6.3)% |
Network (Regulated) EBITDA |
3,346.5 |
3,534.7 |
3,628.0 |
4,081.7 |
4,228.1 |
6.0% |
3.6% |
Spain |
1,450.3 |
1,438.5 |
1,456.8 |
1,603.1 |
1,519.5 |
1.2% |
(5.2)% |
United Kingdom |
939.0 |
1,024,8 |
1,138.0 |
976.2 |
886.1 |
(1.4)% |
(9.2)% |
United States |
718.2 |
772.0 |
780.5 |
1,269.6 |
1,334.0 |
16.7% |
5.1% |
Brazil |
239.0 |
299.4 |
252.7 |
232.8 |
488.5 |
19.6% |
109.8% |
Wholesale and Retail (Liberalised) EBITDA |
1,986.6 |
2,292.2 |
2,323.1 |
2,253.3 |
1,600.6 |
(5.3)% |
(28.9)% |
Spain |
1,341,2 |
1,517,6 |
1,504.6 |
1,520.5 |
901.9 |
(9.4)% |
(40.7)% |
United Kingdom |
320.4 |
456.6 |
421.7 |
293.6 |
139.1 |
(18.8)% |
(52.6)% |
United States |
(22.6) |
(32.0) |
(58.4) |
6.1 |
(25.8) |
(3.4)% |
– |
Brazil |
– |
– |
– |
(3.1) |
60.0 |
– |
– |
Mexico |
347.6 |
350.0 |
455.0 |
436.2 |
525.4 |
10.9% |
20.4% |
Renewables EBITDA |
1,501.1 |
1,326.0 |
1,647.2 |
1,500.2 |
1,592.1 |
1.5% |
6.1% |
Spain |
668.4 |
420.6 |
473.2 |
497.4 |
493.1 |
(7.3)% |
(0.9)% |
United Kingdom |
231.8 |
265.2 |
438.1 |
267.0 |
360.6 |
11.7% |
35.1% |
United States |
448.0 |
495.3 |
570.9 |
563.6 |
529.7 |
4.3% |
(6.0)% |
Brazil |
9.1 |
33 |
26.9 |
24.9 |
56.9 |
58.1% |
128.5% |
Mexico |
34.1 |
38.2 |
43.1 |
52.0 |
52.5 |
11.4% |
1.0% |
Other countries |
109.7 |
73.7 |
95.0 |
95.3 |
99.3 |
(2.5)% |
4.2% |
Other businesses EBITDA |
0.5 |
(17.0) |
(10.5) |
(111.3) |
38.8 |
196.8% |
– |
Corporation, EBITDA and adjustments |
(77.8) |
(171.4) |
(190.4) |
83.8 |
(140.9) |
(16.0)% |
– |
Amortisation, depreciation, provisions and other |
(4,537.5) |
(3,023.6) |
(3,568.1) |
(3,253.7) |
(4,606.1) |
(0.4)% |
(41.6)% |
Operating profit (EBIT) |
2,219.5 |
3,940.9 |
3,829.3 |
4,554.0 |
2,712.6 |
5.1% |
(40.4)% |
Financial results |
(1,277.9) |
(1,122.4) |
(1,023.1) |
(903.4) |
(937.1) |
7.5% |
(3.7)% |
Results from companies consolidated by the equity method |
205.0 |
135.4 |
55.3 |
48.7 |
(281.7) |
– |
– |
Results from non-current assets |
(10.4) |
247.9 |
125.1 |
48.2 |
279.0 |
– |
478.8% |
Pre-tax profit (EBT) |
1,136.1 |
3,201.8 |
2,986.6 |
3,747.5 |
1,772.8 |
11.8% |
(52.7)% |
Corporate income tax |
1466,7 |
(837.1) |
(527.1) |
(904.6) |
1,397.1 |
(1.2)% |
– |
Minority interests |
(31.0) |
(38.2) |
(38.0) |
(137.9) |
(365.9) |
85.4% |
165.3% |
Net attributable profit |
2,571.8 |
2,326.5 |
2,421.6 |
2,705.0 |
2,804.0 |
2.2% |
3.7% |
Total assets |
89,786.8 |
93,771.4 |
104,664.1 |
106,706.2 |
110,688.6 |
5.4% |
3.7% |
Shareholders’equity |
35,288.6 |
35,790.5 |
40,956.1 |
40,687.4 |
42,733.2 |
4.9% |
5.0% |
Net investments |
3,053.0 |
2,848.0 |
3,223.0 |
4,264.3 |
5,890.9 |
17.9% |
38.1% |
Funds from Operations (FFO) |
5,619.0 |
5,459.0 |
5,906.7 |
6,310.8 |
6,479.4 |
3.6% |
2.7% |
Bank borrowings, net |
26,836.3 |
25,618.4 |
28,067.1 |
29,414.0 |
32,884.5 |
5.2% |
11.8% |
Financial ratios |
2013 |
2014 |
2015 |
2016 |
2017 |
Δ annual average 2013-17 |
Δ 2016-2017 |
---|
Non-Eurozone EBITDA (%) |
49.5 |
54.0 |
56.0 |
54.0 |
61.6 |
5.6% |
14.1% |
EBITDA margin (EBITDA/revenues) (%) |
21.7 |
23.2 |
23.5 |
26.7 |
23.4 |
1.9% |
(12.4)% |
Net profit margin (Net profit/Revenues) (%) |
8.3 |
7.7 |
7.7 |
9.3 |
9.0 |
2.0% |
(3.1)% |
NOE/Gross margin (%) |
29.4 |
29.8 |
29.8 |
27.7 |
31.2 |
1.5% |
12.8% |
Net financial debt / EBITDA (multiple) |
3.97 |
3.68 |
3.79 |
3.77 |
4.49 |
3.1% |
19.1% |
Financial leveraging (%) |
43.2 |
41.7 |
40.7 |
42.0 |
43.4 |
0.1% |
3.5% |
Funds from Operations (FFO)/ Net financial debt (NFD) |
20.8 |
21.3 |
21.0 |
21.5 |
19.7 |
(1.3)% |
(8.2)% |
Retained cash flow (RCF/NFD) (%) |
17.5 |
17.4 |
18.7 |
19.1 |
17.2 |
(0.5)% |
(10.0)% |
Return on equity (ROE) (%) |
7.5 |
6.7 |
6.3 |
7.3 |
7.8 |
1.0% |
6.8% |
Stock market performance |
2013 |
2014 |
2015 |
2016 |
2017 |
Δ annual average 2013-17 |
Δ 2016-2017 |
---|
Stock market capitalisation (€M) |
28,922 |
35,756 |
41,506 |
39,661 |
40,811 |
9.0% |
2.9% |
Number of shares at end of period (millions) |
6,240 |
6,388 |
6,337 |
6,362 |
6,318 |
0.3% |
(0.7)% |
Share price (€) |
4.63 |
5.60 |
6.55 |
6.23 |
6.46 |
8.7% |
3.6% |
Earnings per share (EPS) |
0.41 |
0.36 |
0.37 |
0.42 |
0.44 |
2.0% |
5.7% |
Dividend per share (DPS)) |
0.310 |
0.275 |
0.276 |
0.286 |
0.317 |
0.6% |
10.8% |
Dividend yield (%) |
6.65 |
4.91 |
4.21 |
4.59 |
4.91 |
(7.3)% |
6.9% |
Total dividend (including cash payments) (€M) |
1,922 |
1,716 |
1,732 |
1,966 |
1,996 |
0.9% |
1.5% |
Payout ratio (%) |
65.5 |
73.8 |
71.5 |
72.7 |
71.2 |
2.1% |
(2.1)% |
Share price / net earnings per share (PER) |
11.25 |
15.37 |
17.17 |
14.66 |
14.55 |
6.7% |
(0.7)% |
Operating performance |
2013(2) |
2014(2) |
2015(2) |
2016(3) |
2017(3) |
Δ annual average 2013-17 |
Δ 2016-2017 |
---|
Installed capacity (MW) |
44,992 |
45,089 |
46,361 |
47,049 |
48,447 |
1.9% |
3.0% |
Net output (GWh) |
136,435 |
138,892 |
134,374 |
142,466 |
137,632 |
0.2% |
(3.4)% |
Electric power distributed (GWh)(4) |
214,873 |
212,617 |
224,749 |
229,920 |
230,122 |
1.7% |
0.1% |
Environmental performance |
2013(2) |
2014(2) |
2015(2) |
2016(3) |
2017(3) |
Δ annual average 2013-17 |
Δ 2016-2017 |
---|
Emission-free installed capacity (%) |
61.2 |
61.9 |
63.0 |
66.4 |
66.7 |
2.2% |
0.4% |
Emission-free output (%) |
54.6 |
56.8 |
52.5 |
56.7 |
53.8 |
(0.4)% |
(5.2)% |
Specific CO2 emissions (t/GWh) |
226 |
212 |
225 |
177 |
187 |
(4.6)% |
5.6% |
Fuel consumption (M Tep) |
18,968 |
18,849 |
19,001 |
17,734 |
18,160 |
(1.1)% |
2.4% |
Environmental investments (€M) |
1,015.7 |
1,100.9 |
1,014.2 |
2,262.2 |
2,239.9 |
21.9% |
(1.0)% |
Environmental expenses (€M) |
686.4 |
635.7 |
669.2 |
527.1 |
513.2 |
(7.0)% |
(2.6)% |
Energy produced under certified environmental management systems (%) |
84.4 |
87.0 |
84.2 |
82.4 |
79.8 |
(1.4)% |
(3.2)% |
Water use/overall production (m3/GWh) |
976 |
509 |
533 |
573 |
597 |
(11.6)% |
4.2% |
Direct emissions CO2. Scope 1 (kt) |
31,846 |
30,217 |
31,752 |
26,537 |
26,691 |
(4.3)% |
0.6% |
Indirect emissions CO2. Scope 2 (kt) |
997 |
1,544 |
963 |
4,504 |
5,011 |
49.7% |
11.3% |
CO2 avoided due to efficiency initiatives (kt) |
18,480 |
21,459 |
19,269 |
16,853 |
23,460 |
6.1% |
39.2% |
SO2 emissions (t/GWh) |
0.217 |
0.154 |
0.125 |
0.047 |
0.038 |
(35.3)% |
(19.1)% |
NOx emissions(t/GWh) |
0.262 |
0.236 |
0.230 |
0.140 |
0.113 |
(19.0)% |
(19.3)% |
Social performance |
2013(2) |
2014(2) |
2015(2) |
2016(3) |
2017(3) |
Δ annual average 2013-17 |
Δ 2016-2017 |
---|
Users (millions)(5) |
32.1 |
32.6 |
33.8 |
34.1 |
34.4 |
1.7% |
0.9% |
Electric power |
28.5 |
29.0 |
29.7 |
30.0 |
30.3 |
1.6% |
1.0% |
Spain |
10.9 |
10.9 |
10.9 |
10.9 |
11.0 |
0.2% |
0.6% |
United Kingdom |
3.5 |
3.5 |
3.5 |
3.5 |
3.5 |
0.1% |
0.1% |
United States |
1.8 |
1.8 |
2.2 |
2.2 |
2.2 |
5.5% |
1.4% |
Brazil |
12.4 |
12.8 |
13.1 |
13.4 |
13.6 |
2,.4% |
1.4% |
Gas |
3.6 |
3.6 |
4.1 |
4.1 |
4.0 |
2.9% |
(1.1)% |
Spain |
0.8 |
0.8 |
0.9 |
0.9 |
1.0 |
5.5% |
5.3% |
United Kingdom |
2.2 |
2.2 |
2.2 |
2.1 |
2.0 |
(2.0)% |
(4.7)% |
United States |
0.6 |
0.6 |
1.0 |
1.0 |
1.0 |
14.1% |
0.4% |
Number of employees |
30,532 |
29,597 |
30,938 |
34,082 |
34,255 |
2.9% |
0.5% |
Permanent contracts (%) |
98,5 |
98,5 |
98,4 |
98,4 |
99,4 |
0,2% |
1,0% |
Employees with collective bargaining agreement (%) |
79.4 |
79.0 |
76.6 |
79.3 |
77.8 |
(0.5)% |
(1.9)% |
Employee turnover |
6.6 |
6.6 |
7.0 |
7.3 |
7.9 |
4.4% |
7.2% |
Diversity (men/women) |
76/24 |
77/23 |
76/24 |
76/24 |
77/23 |
- |
- |
Injury rate (IR) |
0.46 |
0.39 |
0.28 |
0.36 |
0.35 |
(6.6)% |
(2.8)% |
Hours of training (millions of hours) |
1.2 |
1.0 |
0.9 |
1.4 |
1.5 |
5.9% |
7.1% |
Hours of training per employee (h) |
44.7 |
38.7 |
38.6 |
45.3 |
41.8 |
(1.7)% |
(7.7)% |
Funds for social development (€M) |
91.6 |
65.0 |
46.0 |
106.7 |
341.2 |
38.9% |
219.7% |
Contributions to society (€M) |
31.6 |
34.0 |
38.0 |
57.7 |
63.0 |
18.8% |
9.1% |
Rural electrification programmes (€M) |
60.0 |
31.0 |
8.0 |
49.0 |
278.2 |
46.7% |
467.8% |
Investments in R&D&I (€M) |
159 |
170 |
200 |
211 |
246 |
11.5% |
13.4% |
General procurement (€M billed) |
4,359 |
4,599 |
5,093 |
7,508 |
8,648 |
18.7% |
15.2% |
Procurement from CSR classified suppliers (%) |
87 |
92 |
94 |
89 |
87 |
0.1% |
(2.0)% |
Number of suppliers evaluated with social responsibility standards |
1,202 |
1,326 |
1,536 |
1,667 |
1,787 |
10.4% |
7.2% |
Procurement in sensitive countries per ILO (%) |
12.0 |
10.7 |
10.8 |
21.4 |
25.0 |
20.1% |
16.8% |
Procurement from local suppliers (%) |
86 |
87 |
85 |
84 |
88 |
0.6% |
4.8% |
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Sustainability Report
Quarterly Results Report
Consolidated Annual Financial Statements
(1) For purposes of this report, 2016 is not re-stated due to the discontinuation of the engineering business, which only appears as such in 2017.
(2) Takes into account 39% of Neoenergia from 2013 to 2015 (unless otherwise noted).
(3) Takes into account 100% of Neoenergia in 2016 in order to improve the comparability of the data.
(4) Takes into account 100% of Neoenergia for all periods.
(5) The number of users includes supply points and gas customers in Spain and the United Kingdom.