MADRID, Feb 19 (Reuters) - Spain’s Iberdrola said it would spend the bulk of 9.6 billion euros ($13.2 billion) in investments over the next three years on regulated power grids and renewable assets abroad, driving an earnings recovery after 2014.
Following is a breakdown of the planned investments and financial targets.
Britain: 41 percent of the total, where Iberdrola owns Scottish Power and plans to expand its transmission and distribution business, as well as offshore wind energy projects.
Latin America: 23 percent of the total, with growth in onshore wind projects and an increasing focus on Mexico compared with Brazil.
United States: 17 percent of the total, with growth in grids and new onshore wind projects.
Spain: 15 percent of the total, primarily on grid maintenance.
By business, 57 percent of the total will be spent on power grids, mostly in the United States, Britain, Brazil and possibly Mexico; 22 percent on new renewable energy installations in the United States, Britain, Mexico and Brazil; and 19 percent on generation in supply primarily in Mexico and Brazil.
EBITDA (earnings before interest, tax, depreciation and amortisation) 2014: 6.6 billion euros, down 8.3 percent from 2013
EBITDA 2015-2016: 4 percent annual growth target
Net profit 2014: 2.3 billion euros, down 11.5 percent from 2013
Net profit 2015-2016: 4 percent annual growth target
Estimated impact of energy reforms in 2014: 1.3 billion euros
Debt: 25 billion euros in 2014 excluding tariff deficit
Net debt/EBITDA ratio: 3.5 times in 2016
Debt reduction: 500 million euros via further asset sales and the remainder with free cash flow.
Free Cash flow 2014-2016: 3.21 billion euros
Operating cash flow 2014-2016: 5.18 billion euros (Reporting by Andres Gonzalez and Tracy Rucinski; Editing by Mark Potter)