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Canal de Isabel II prepares its individual accounts for 2019 with a profit of 242 million euros

null Canal de Isabel II prepares its individual accounts for 2019 with a profit of 242 million euros

Canal de Isabel II prepares its individual accounts for 2019 with a profit of 242 million euros

2020-05-19

These will be subject to the approval of the Ordinary General Meeting of Shareholders on 29 June


  • The public company’s result after taxes increases 15 % compared to 2018

  • Since 2015, the company has reduced its net financial debt by 52 % to 467.5 million

  • The Board of Directors has recommended the distribution of a final dividend of 13.7 million in addition to the interim dividend of 133.7 already paid out to shareholders


The Board of Directors of Canal de Isabel II today unanimously approved the preparation of the individual and consolidated accounts for the 2019 fiscal year which will be taken for their approval before the Ordinary General Meeting of Shareholders on 29 June.

Individual business turnover stands at 887 million and increases 3.85 %. The reason for this increase is that 2019 has been a much drier year than 2018 - since it was the rainiest spring recorded in Madrid in the last 50 years -, so the water turnover grew by 4.75 % over the previous year. EBITDA reached 346.4 million, up 2.45 % from 2018.  Thus, the result of the fiscal year in the individual accounts is 242 million euros, 15 % more than the previous year.

Net debt amounts to 467.5 million at years end 2019. This figure has fallen more than 52 % since 2015, when it amounted to 974.7 million euros. Thus, the public company’s debt ratio (DFN/EBITDA) stands at 1.35, at levels well below the sector average.

Throughout 2019, the investment volume of Canal de Isabel II has increased slightly compared to the previous year: the public company has invested more than 147.4 million euros in new investments and improvements, replacements, municipally-owned works, technical compliance, etc.

In the preparation of the consolidated accounts approved today and which include subsidiaries in Spain and Latin America, the business figure amounts to 984.7, approximately 8.5 % less than in 2018, and the profits stand at 226.7 million euros, 12 % more than a year ago thanks to the full implementation of the efficiency plans within the framework of the Strategic Plan and the improved performance of the group's subsidiaries. This includes the effects mentioned in the individual profits and the deconsolidation of the shares in Triple A de Barranquilla completed in October 2018, as a result of the temporary loss of control, derived from the precautionary measures ordered in the process of asset forfeiture opened by the Colombian authorities. Canal de Isabel II will take all legal measures within its power against this process, at both national and international level, to safeguard its public equity.

 

SUSTAINABILITY AND EFFICIENCY IN MANAGEMENT

The Board of Directors has also approved the convening of the Ordinary General Meeting of Shareholders for 29 June, at which the executive management and the accounts will be presented for approval. In addition, the agenda will include the distribution of a final dividend of 13.7 million euros to its shareholders, which comes in addition to the interim dividend of 133.7 million euros paid in December.

Both the reduction of the debt and the distribution of the final dividend come under the line for the guarantee of sustainability and efficiency in management, included in the Strategic Plan 2018-2030.

Canal de Isabel II was founded more than 165 years ago to supply water to the city of Madrid. It employs more than 2,800 people working daily to provide a service to more than 6 million people in the region. It is an innovative company, a leader in its sector, and internationally recognised for its management of the integrated water cycle. It is a public company in which the share capital is represented by the Autonomous Community of Madrid through the public body Canal de Isabel II with 82.4 % of the shares, the City Council of Madrid with 10 % and another 110 city councils from Madrid with 7.6 %.

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