IBERDROLA RENOVABLES REITERATES ITS COMMITMENT TO BEING A DRIVER OF ECONOMIC RECOVERY, Iberdrola Renovables
Release Date: 2009-06-10
- According to Chairman Ignacio Galán at the company’s first General Shareholders’ Meeting in Valencia
- Galán asserts “we feel extremely close and committed” to Valencia
- He highlights that IBERDROLA RENOVABLES “has been able to generate wealth, tripling last year’s profit and creating jobs through a host of investments” and “is the global leader in its sector”
- Shareholders approve payment of the company’s first dividend, of 2.5 euro cents per share, on 15 July
- The quorum has been of 88,70%
“At a time like now, IBERDROLA RENOVABLES reaffirms its commitment to being a driving force of economic activity and the real driver of economic recovery in the countries in which it operates” said the company’s chairman, Ignacio Galán, at the General Shareholders’ Meeting held today in Valencia.
This is IBERDROLA RENOVABLES first General Shareholders’ Meeting in Valencia since it moved its headquarters there last year. Galán asserted “we feel extremely close and committed” to Valencia.
IBERDROLA RENOVABLES chairman stated that “power companies are called upon to play a fundamental role in overcoming the crisis, since they drive growth and galvanise the entire economy, via hefty investments, and create jobs”. He added that in this context “wind power will be particularly important, judging by the overwhelming support shown in statements by international governments and organisations that this technology will clearly play a prominent role in reviving the economy”.
Galán highlighted that, despite the challenging international economic backdrop, “our earnings experienced significant and robust growth”. IBERDROLA RENOVABLES reported net profit of €390.2 million in 2008, 3.3 times more than the previous year. EBITDA totalled €1,185.5 million, twice the 2007 figure.
This performance was possible because IBERDROLA RENOVABLES “delivered on its ability to anticipate and execute, growing ahead of forecasts; it has been able to generate wealth, tripling last year’s profit and creating jobs through a host of investments; and has become the global leader in its sector*” he explained.
Looking forward, the chairman said the company was facing the future “with a great deal of confidence” and a “solid balance sheet for its ongoing expansion, a flexible business model that enables it to adapt growth to circumstances and a geographically diversified asset mix, which allows the company to achieve stable and highly recurring revenue”.
IBERDROLA RENOVABLES has operations in 23 countries. Nearly half of the company’s assets are in Spain, over 33% in the US, 7% in the UK and around 10% in the rest of Europe and elsewhere.
Galán also pinpointed as competitive advantages IBERDROLA RENOVABLES project pipeline (the world’s largest, with around 56,000 MW**), the positive regulatory outlook for the company’s main markets (primarily the US and EU) and its “young, skilled, multinational and committed team”.
“Opportunities should unfold for companies like IBERDROLA RENOVABLES and we have to be ready” according to the chairman. The company ended the first quarter of this year with installed capacity of 9,624 MW and estimates it will reach the 10,000 MW mark by the end of June.
Half of its growth in the US
“The US will continue to be our biggest growth market, accounting for half of new installed capacity”, said Galán. Regarding the US, he highlighted the support of President Barack Obama to wind power, as well as the regulatory changes called for in the economic stimulus package and the new energy act going through Congress.
IBERDROLA RENOVABLES shareholders approved today the payment of a 2.5 euro cents per share dividend, the first since the company was listed. This payment, to be made on 15 July, is equivalent to a pay-out of 27% and exceeds the company’s objective announced at its stock-market flotation in December 2007.
Shareholders also approved amendments to the company’s by-laws and the Regulations for the General Shareholders’ Meeting "to adapt to good governance recommendations” explained Galán.
Also at the meeting, the appointments of two external proprietary directors, Santiago Martínez Garrido and María Dolores Herrera Pereda, were ratified, and the agreement to authorise the board to create and fund associations and foundations, for a maximum amount of €2.5 million per year, was renewed.
The quorum has been of 88,70%.
Galán ended his speech by guaranteeing that IBERDROLA RENOVABLES was “in the right sector at the right time, as renewable energies are clearly at the core of growth in energy worldwide”.
| Type: | NORMAL |
| Company: | Iberdrola Renovables |
| Country: | Spain |
| Url: | http://www.iberdrola.es/webibd/corporativa/iberdrola?IDPAG=ENMODULOPRENSA&URLPAG=/gc/prod/en/comunicacion/notasprensa/090610_NP_01_juntaIR.html&WT.rss_a=IBERDROLA_RENOVABLES_REITERATES_ITS_COMMITMENT_ |