| Financial performance (€M) |
2014 |
2015 |
20161 |
2017 |
2018 |
Δ Annual average 2014-18 |
Δ 2017-2018 |
|---|
| Revenues |
30,032.3 |
31,418.7 |
29,215.4 |
31,263.3 |
35,075.9 |
4.0 |
12.2 |
| Consolidated gross margin |
12,179.5 |
12,842.7 |
12,916.2 |
13,363.8 |
15,435.1 |
6.1 |
15.5 |
| Consolidated EBITDA |
6,964.5 |
7,397.4 |
7,807.7 |
7,318.7 |
9,348.9 |
7.6 |
27.7 |
| Networks (Regulated) EBITDA |
3,534.7 |
3,628.0 |
4,081.7 |
4,228.0 |
4,915.0 |
8.6 |
16.2 |
| Spain |
1,438.5 |
1,456.8 |
1,603.1 |
1,519.5 |
1,709.4 |
4.4 |
12.5 |
| United Kingdom |
1,024.8 |
1,138.0 |
976.2 |
886.0 |
919.4 |
(2.7) |
3.8 |
| United States |
772.0 |
780.5 |
1,269.6 |
1,334.0 |
1,331.2 |
14.6 |
(0.2) |
| Brazil |
299.4 |
252.7 |
232.8 |
488.5 |
955.0 |
33.6 |
95.5 |
| Wholesale and Retail (Liberalised) EBITDA2 |
2,292.2 |
2,323.1 |
2,253.3 |
1,463.8 |
2,038.3 |
(2.5) |
39.2 |
| Spain |
1,517.6 |
1,504.6 |
1,520.5 |
779.4 |
1,000.7 |
(9.9) |
28.4 |
| United Kingdom |
456.6 |
421.7 |
293.6 |
108.1 |
307.2 |
(9.4) |
184.2 |
| Brazil |
– |
– |
(3.1) |
50.9 |
92.0 |
– |
80.7 |
| Mexico |
350.0 |
455.0 |
436.2 |
525.4 |
638.4 |
16.2 |
21.5 |
| Renewables EBITDA2 |
1,326.0 |
1,647.2 |
1,500.2 |
1,754.8 |
2,445.5 |
16.5 |
39.4 |
| Spain |
420.6 |
473.2 |
497.4 |
615.6 |
918.5 |
21.6 |
49.2 |
| United Kingdom |
265.2 |
438.1 |
267.0 |
391.7 |
517.5 |
18.2 |
32.1 |
| United States |
495.3 |
570.9 |
563.6 |
529.7 |
573.1 |
3.7 |
8.2 |
| Brazil |
33 |
26.9 |
24.9 |
66.0 |
129.4 |
40.7 |
96.1 |
| Mexico |
38.2 |
43.1 |
52.0 |
52.5 |
65.4 |
14.4 |
24.6 |
| Other countries |
73.7 |
95.0 |
95.3 |
99.3 |
241.6 |
34.6 |
143.3 |
| Other businesses EBITDA |
(49.0) |
(68.9) |
(105.2) |
13.0 |
29.0 |
– |
123.1 |
| Corporation EBITDA and adjustments |
(171.4) |
(190.4) |
83.8 |
(140.9) |
(78.2) |
17.8 |
44.5 |
| Amortisation, depreciation, provisions and other |
(3,023.6) |
(3,568.1) |
(3,253.7) |
(4,606.1) |
(3,909.5) |
(6.6) |
15.1 |
| Operating profit (EBIT) |
3,940.9 |
3,829.3 |
4,554.0 |
2,712.6 |
5,439.4 |
8.4 |
100.5 |
| Financial results |
(1,122.4) |
(1,023.1) |
(903.4) |
(937.1) |
(1,156.1) |
(0.7) |
(23.4) |
| Results from companies consolidated by the equity method (net of taxes) |
135.4 |
55.3 |
48.7 |
(28.7) |
55.9 |
-19.8 |
– |
| Results from non-current assets |
247.9 |
125.1 |
48.2 |
279.1 |
8.9 |
(56.5) |
(96.8) |
| Pre-tax profit(EBT) |
3,201.8 |
2,986.6 |
3,747.5 |
2,025.9 |
4,348.0 |
8.0 |
114.6 |
| Corporate income tax |
(837.1) |
(527.1) |
(904.6) |
1,397.1 |
(959.4) |
(3.5) |
– |
| Minority interests |
(38.2) |
(38.0) |
(137.9) |
(365.9) |
(323.3) |
(70.6) |
(11.6) |
| Net attributable profit |
2,326.5 |
2,421.6 |
2,705.0 |
2,804.0 |
3,014.0 |
6.7 |
7.5 |
| Total assets |
93,771.4 |
104,664.1 |
106,706.2 |
110,688.6 |
113,037.9 |
4.8 |
2.1 |
| Shareholders’ equity |
35,790.5 |
40,956.1 |
40,687.4 |
42,733.2 |
43,976.6 |
5.3 |
2.9 |
| Net investments |
2,848.0 |
3,223.0 |
4,264.3 |
5,890.9 |
5,320.4 |
16.9 |
(9.7) |
| Funds from Operations (FFO) |
5,459.0 |
5,906.7 |
6,310.8 |
6,479.4 |
7,328.4 |
7.6 |
13.1 |
| Bank borrowings, net |
25,618.4 |
28,067.1 |
29,414.0 |
32,884 |
34,199 |
7.5 |
4.0 |
| Financial ratios |
2014 |
2015 |
2016 |
2017 |
2018 |
Δ Annual average 2014-18 |
Δ 2017-2018 |
|---|
| Non-Eurozone EBITDA (%) |
54.0 |
56.0 |
54.0 |
61.6 |
60.9 |
3.1 |
(1.1) |
| EBITDA margin (EBITDA/revenues) (%) |
23.2 |
23.5 |
26.7 |
23.4 |
26.7 |
3.5 |
13.8 |
| Net profit margin (Net profit/Revenues) (%) |
7.7 |
7.7 |
9.3 |
9.0 |
8.6 |
2.8 |
(4.1) |
| NOE/Gross margin (%) |
29.8 |
29.8 |
27.7 |
31.2 |
26.9 |
(2.5) |
(13.8) |
| Net financial debt / EBITDA (multiple) |
3.68 |
3.79 |
3.77 |
4.49 |
3.653 |
(0.2) |
(18.7) |
| Financial leveraging (%) |
41.7 |
40.7 |
42.0 |
43.4 |
43.7 |
1.2 |
0.6 |
| Funds from Operations (FFO)/Net financial debt (NFD) |
21.3 |
21.0 |
21.5 |
19.7 |
21.53 |
0.2 |
9.1 |
| Retained cash flow (RCF/NFD)(%) |
17.4 |
18.7 |
19.1 |
17.2 |
20.23 |
3.8 |
17.7 |
| Return on equity (ROE)(%) |
6.7 |
6.3 |
7.3 |
7.8 |
8.43 |
5.7 |
7.2 |
| Stock market performance |
2014 |
2015 |
2016 |
2017 |
2018 |
Δ Annual average 2014-18 |
Δ 2017-2018 |
|---|
| Stock market capitalisation (€M) |
35,756 |
41,506 |
39,661 |
40,811 |
44,898 |
5.9 |
10.0 |
| Number of shares at end of period (millions) |
6,388 |
6,337 |
6,362 |
6,318 |
6,398 |
0.0 |
1.3 |
| Share price (€) |
5.60 |
6.55 |
6.23 |
6.46 |
7.02 |
5.8 |
8.7 |
| Earnings per share (EPS) |
0.36 |
0.37 |
0.42 |
0.44 |
0.47 |
7.0 |
6.1 |
| Dividend per share (DPS) |
0.275 |
0.276 |
0.286 |
0.317 |
0.331 |
4.7 |
4.4 |
| Dividend yield (%) |
4.91 |
4.21 |
4.59 |
4.91 |
4.72 |
(1.0) |
(3.8) |
| Total dividend (including cash payments) (€M) |
1,716 |
1,732 |
1,966 |
1,996 |
2,077 |
4.9 |
4.1 |
| Payout ratio (%) |
73.8 |
71.5 |
72.7 |
71.2 |
68.9 |
(1.7) |
(3.2) |
| Share price / net earnings per share (PER) |
15.37 |
17.17 |
14.66 |
14.55 |
14.67 |
(0.8) |
2.4 |
| Operating performance |
20144 |
20154 |
20165 |
20175 |
20185 |
Δ Annual average 2014-18 |
Δ 2017-2018 |
|---|
| Installed capacity (MW) |
45,089 |
46,361 |
47,049 |
48,447 |
47,448 |
1.3 % |
(2.1) |
| Net output (GWh) |
138,892 |
134,374 |
142,466 |
137,549 |
145,597 |
1.2 % |
(5.9) |
| Electric power distributed (GWh)6 |
212,617 |
224,749 |
229,920 |
230,151 |
233,435 |
2.4 % |
1.4 |
| Environmental performance |
20144 |
20154 |
20165 |
20175 |
20185 |
Δ Annual average 2014-18 |
Δ 2017-2018 |
|---|
| Emission-free installed capacity (%) |
61.9 |
63.0 |
66.4 |
66.7 |
68.2 |
2.4 |
2.2 |
| Emission-free output (%) |
56.8 |
52.5 |
56.7 |
53.8 |
58.6 |
0.8 |
8.9 |
| Specific CO2 emissions (t/GWh) |
212 |
225 |
177 |
187 |
163 |
(6.4) |
(12.8) |
| Fuel consumption (M Tep) |
18,849 |
19,001 |
11,668 |
12,055 |
10,505 |
(13.6) |
(12.9) |
| Environmental investments (€M) |
1,100.9 |
1,014.2 |
2,262.2 |
2,239.9 |
2,132.6 |
18.0 |
(4.8) |
| Environmental expenses (€M) |
635.7 |
669.2 |
527.1 |
513.2 |
549.7 |
(3.6) |
(7.1) |
| Energy produced under certified environmental management systems (%) |
87.0 |
84.2 |
82.4 |
79.8 |
80.0 |
(2.1) |
(0.3) |
| Water use/overall production (m3/GWh) |
509 |
533 |
573 |
597 |
610 |
(4.6) |
2.2 |
| Direct emissions of CO2. Scope 1 (kt) |
30,217 |
31,752 |
26,541 |
26,721 |
24,645 |
(5.0) |
7.8 |
| Indirect emissions of CO2. Scope 2 (kt) |
1,544 |
963 |
4,504 |
3,415 |
2,480 |
12.6 |
(27.4) |
| CO2 avoided due to efficiency initiatives (kt) |
21,459 |
19,269 |
16,853 |
23,460 |
19,485 |
(2.4) |
(16.9) |
| SO2 emissions (t/GWh) |
0.154 |
0.125 |
0.047 |
0.038 |
0.023 |
(37.8) |
(39.5) |
| NOx emissions (t/GWh) |
0.236 |
0.230 |
0.140 |
0.113 |
0.085 |
(22.5) |
(24.8) |
| Social performance |
20144 |
20154 |
20165 |
20175 |
20185 |
Δ Annual average 2014-18 |
Δ 2017-2018 |
|---|
| Customers (millions)7 |
32.6 |
33.8 |
34.1 |
34.4 |
34.7 |
1.5 |
1.0 |
| Electric power |
29.0 |
29.7 |
30.0 |
30.3 |
30.7 |
1.4 |
1.0 |
| Spain |
10.9 |
10.9 |
10.9 |
11.0 |
11.1 |
0.3 |
0.5 |
| United Kingdom |
3.5 |
3.5 |
3.5 |
3.5 |
3.5 |
0.2 |
0.1 |
| United States |
1.8 |
2.2 |
2.2 |
2.2 |
2.3 |
5.8 |
0.7 |
| Brazil |
12.8 |
13.1 |
13.4 |
13.6 |
13.8 |
1.9 |
1.6 |
| Gas |
3.6 |
4.1 |
4.1 |
4.0 |
4.0 |
4.0 |
0.8 |
| Spain |
0.8 |
0.9 |
0.9 |
1.0 |
1.0 |
6.4 |
3.8 |
| United Kingdom |
2.2 |
2.2 |
2.1 |
2.0 |
2.0 |
(2.2) |
(0.9) |
| United States |
0.6 |
1.0 |
1.0 |
1.0 |
1.0 |
13.9 |
1.5 |
| Number of employees |
29,597 |
30,938 |
34,082 |
34,255 |
34,078 |
3.6 |
(0.5) |
| Permanent contracts (%) |
98.5 |
98.4 |
98.4 |
99.4 |
99.0 |
0.1 |
(0.4) |
| Employees with collective bargaining agreement (%) |
79.0 |
76.6 |
79.3 |
77.8 |
78.9 |
0.0 |
2.2 |
| Employee turnover |
8.6 |
7.0 |
7.3 |
7.9 |
10.7 |
5.6 |
36.1 |
| Diversity (men/women) |
77/23 |
76/24 |
76/24 |
77/23 |
77/23 |
- |
- |
| Injury rate (IR) |
0.39 |
0.28 |
0.36 |
0.35 |
0.28 |
(8.0) |
(20.0) |
| Hours of training (millions of hours) |
1.0 |
1.0 |
1.4 |
1.5 |
1.6 |
11.5 |
5.3 |
| Hours of training per employee trained (h) |
38.7 |
38.6 |
45.3 |
41.8 |
45.2 |
4.0 |
8.1 |
| Funds for social development (€M) |
65.0 |
46.0 |
106.7 |
341.2 |
243.1 |
39.1 |
(28.8) |
| Contributions to society (€M) |
34.0 |
38.0 |
57.7 |
63.0 |
53.5 |
12.0 |
(15.1) |
| Rural electrification programmes (€M) |
31.0 |
8.0 |
49.0 |
278.2 |
189.6 |
57.3 |
(31.8) |
| Investments in R&D (€M) |
170 |
200 |
211 |
246 |
267 |
11.9 |
8.4 |
| General procurement (€M billed) |
4,599 |
5,093 |
7,508 |
8,648 |
7,753 |
13.9 |
(10.3) |
| Procurement from CSR classified suppliers (%) |
92 |
94 |
89 |
87 |
89 |
(0.8) |
2.1 |
| Number of suppliers evaluated with social responsibility standards |
1,326 |
1,536 |
1,667 |
1,787 |
2,014 |
11.0 |
12.7 |
| Procurement in sensitive countries per ILO (%) |
10.7 |
10.8 |
21.4 |
25.0 |
25.8 |
24.6 |
3.2 |
| Procurement from local suppliers (%) |
87 |
85 |
84 |
88 |
85 |
(0.6) |
(3.4) |
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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 beginning in 2017.
(2) During financial years 2017 and 2018, hydroelectric production activity is classified within the Renewables business.
(3) Data adjusted due to effect of derivatives-treasury shares accumulators (potential) (€50 million at 31/12/2018).
(4) Takes into account 39% of Neoenergia in 2014 and 2015 (unless otherwise noted).
(5) Takes into account 100% of Neoenergia in 2016 in order to improve the comparability of the data.
(6) Takes into account 100% of Neoenergia for all periods.
(7) In countries where there is retail and distribution activity, distribution customers are taken into account.
