This report, which Iberdrola directs to both its shareholders and all other Stakeholders, has been prepared using the integrated report concept in accordance with the IIRC guidelines, and constitutes one more example of the group’s desire to be innovative in the area of transparency.
- This report has been prepared in accordance with the reporting framework published by the International Integrated Reporting Council (IIRC) and in accordance with the recommendations thereof, taking into consideration the individual and consolidated financial statements of the company formulated by the Board of Directors, audited and pending approval by the shareholders at the General Shareholders’ Meeting of Iberdrola. Information regarding the Outlook 2020-2022 is available in the Integrated Report, February 2019.
- A multi-disciplinary team made up of corporate businesses and areas of the group was created in order to provide a complete view of the company, its business model, the challenges and risks it faces, and its social, environmental, financial and governance performance. The participating organisations guarantee the completeness of the information included.
- The content of this document has been reviewed by the company’s Operating Committee. All operating and financial figures were approved by the Board of Directors at its meeting held on 24 February 2020, after a favourable report from the Sustainable Development Committee.
- The information submitted covers Iberdrola and its subsidiaries and affiliates. The information boundaries are defined in the group’s consolidated annual financial statements and Statement of Non-Financial Information - Sustainability Report 2019.
- The group’s performance in recent years has been influenced by external corporate transactions, which the reader should take into account in order to properly interpret this report. These transactions and activities are described in the group’s public information, the following being particularly noteworthy:
- The integration of UIL Holdings Corporation into Iberdrola USA (December 2015), which is now called Avangrid, a company listed on the New York Stock Exchange and the country subholding company of the group in the United States.
- The inclusion of Neoenergia within all of the businesses of the Iberdrola group held in Brazil through Elektro Holding, which became effective on 24 August 2017. As a result of this transaction, the Iberdrola group’s interest in Neoenergia increased from 39% to 52%.
Material aspects identified
- Iberdrola has channels of communication and dialogue with its Stakeholders, developed in accordance with the principles of the AA1000 Assurance Standard, as described in detail in the Stakeholder Relations Policy and in the Statement of Non-Financial Information - Sustainability Report 2019.
- The company also performs materiality analyses that help identify matters of significance to its Stakeholders, bringing to light particularly sensitive financial, environmental or social issues related to the business in the various communities and geographic areas in which the group operates.
- The contents of this report have been selected by taking into account the existing channels for dialogue as well as the materiality analyses and the framework defined by the IIRC for this kind of information.
This report has been prepared in accordance with the reporting framework published by the International Integrated Reporting Council (IIRC).
Internal and external verification
- This report has been subject to a process of internal verification, by means of a limited review performed by the Management of the Internal Audit Division of Iberdrola.
- Although it has not been subject to a process of independent external verification, a significant portion of the information contained herein relating to financial year 2019 and to previous years comes from annual financial reports and sustainability reports, all of which have been the subject of an external audit or verification for which the respective certificates are available. The remaining information comes mainly from other reports or public presentations made by the company.
Legal disclaimer with respect to forward-looking statements
- This document contains forward-looking information and statements about Iberdrola and its affiliates. Such statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
- Although Iberdrola believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents filed by Iberdrola with the Comisión Nacional del Mercado de Valores and which are available to the public.
- Forward-looking statements speak only as of the date on which they were made, are not guarantees of future performance and have not been reviewed by the auditors of Iberdrola. You are cautioned not to place undue reliance on the forward-looking statements. All the forward-looking statements included herein are qualified by the cautionary statements above and are based on information available on the date of approval hereof. Except as required by applicable law, Iberdrola does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Integrated Report, February 2020
Publisher: IBERDROLA, S.A.
© 2020 IBERDROLA, S.A. All rights reserved.
For purposes of section 32 of the restated text of the Intellectual Property Act approved by Royal Legislative Decree 1/1996 of 12 April, IBERDROLA, S.A. expressly objects to any commercial use of this publication without its express approval, particularly including any reproduction, modification, registration, copy, exploitation, distribution, communication, transmission, delivery, re-use, publication, processing or any other total or partial use of this publication in any way, means or format. Except as allowed by law, any form of reproduction, distribution, public communication or transformation of this work may only be performed with the approval of IBERDROLA, S.A.