Electric Power - Brazil - Mexico

Iberdrola 2010 Ebitda up 12% to US$1.3bn

Iberdrola 2010 Ebitda up 12% to US$1.3bn

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Spanish power company Iberdrola's Ebitda from Latin America in 2010 was 964mn euros (US$1.33bn), up 12.1% from 2009, Iberdrola's economic and financial director José Sainz said in a webcast.

Of the 964mn euros, 557mn euros came from Brazil, up 11% year-on-year. The growth was due to an 8.1% increase in demand and positive exchange rate effects.

Sale of assets in Brazil were offset by the start-up of new hydroelectric capacity in country, Sainz said.

Mexico contributed 407mn euros to regional Ebitda, up 13.7% due to improved margins and the availability of power stations, he said.

The company's gross margin in 2010 was 1.26bn euros, up 18.3% year-on-year. Net operating expenses were up 44% to 289mn euros due largely to a positive non-recurring 36mn-euro impact recorded in 2009 that was not repeated last year.

In 2010, Iberdrola generated 38.0TWh in Latin America, representing 24.7% of the company's total output. The group's installed capacity in the region reached 5.57GW.

Latin America Ebitda made up nearly 13% of Iberdrola's total 7.53bn euros in Ebitda in the year.

Iberdrola's regional footprint also includes Bolivia, Chile, Venezuela and Guatemala.