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Spanish economy, Spanish Politics 24th February 2023

Social Security offices in state of collapse: “I’ve been waiting four months for an appointment to retire”

Getting an appointment to deal with pperwork at the Madrid offices of the National Social Security Institute is mission impossible. There are citizens who have taken up to four months to get an appointment after spending day after day in front of the computer, as nobody answers the phone. The central government is looking for ways to solve this problem, while the CSIF trade union demands an urgent meeting and…

Spanish economy 23rd February 2023

Telefónica earns €2,011 M€ in 2022, maintains dividend at €0.30/share

Main figures compared to Bloomberg consensus: Revenues €39,993M +1.8% in reported terms, +4% organic) vs. €39,686M estimated (+1.0%); Recurrent OIBDA €12,852M (-0.6% reported, +3.0% organic) vs. €12,747M estimated (+0.6%); OIBDA Margin 32.1% vs. 32.1% estimated, BNA €2,011M vs. €1,967M€ estimated. Free Cash Flow €4,566m vs. expected €3,786m. Net Financial Debt €26,687M vs. €27,020M expected (vs. €28,918M in 3Q 2022 and €26,000M at December 2021). Targets for 2023 are “low single…

Spanish economy 23rd February 2023

Iberdrola profit in 2022 up 11.7% to €4,339m

Bankinter : Main figures compared to estimates: EBITDA €13,228M (+10%) vs €12,939 est;. EBIT €7,984M (+9%) vs. €7,780M est; BNA €4,339M (+11.7%) vs. €4,193M est; Funds Generated by Operations (FFO) €11,123M (+24.8%); Net Debt €43,749M vs. €39,119M in December 2021. Dividend per share against 2022 results stands at €0.49/share, after proposing a final dividend of €0.31/share to be paid in July. Good results helped by the positive performance of the…

Spanish economy, Spanish Politics 23rd February 2023

Bank of Spain says only 15-20% of anti-crisis measures targeted at vulnerable

The Bank of Spain estimates that the government will allocate between €34,000 and €40,000 million in measures to deal with the energy and inflation crises arising from the war in Ukraine between 2021 and 2025 and, of this total, only between 15% and 20% has been targeted at the most vulnerable incomes, meaning that between 80% and 85% is of a generalised nature. The largest impact would be concentrated in…

Spanish economy 23rd February 2023

Enagas expects to complete sale of Morelos gas pipeline before spring

ENAGAS has presented its 2022 results. Operating results were in line with consensus, both revenues and EBITDA (€797m vs €798m css, down 11% Year-on-Year), as well as EBIT (€478mn vs €476mn). However, the company posted a FY22 net profit (€376mn) -6% below consensus (€401mn), due to the discrepancy in the timing of the Morelos pipeline sale (the sale is now expected to be completed in the first four months of…

Markets, Spanish economy, Spanish Politics 23rd February 2023

Senate votes today on new Securities Market Law, CNMV also looks at approving Investors Code

F.R. | The plenary session of the Senate is scheduled to debate and vote on the draft Securities Markets and Investment Services Act by urgent procedure. It is expected that the new regulation will be approved without major changes to the text published last September in the Official Gazette of the Spanish Parliament (BOCG). According to the sources consulted, the bill could return to Congress for examination and approval of…

Spanish economy, Spanish Politics 22nd February 2023

European Parliament Commission has no answer: Why does Spain downgrade offence of embezzlement while receiving EU funds?

The delegation of MEPs will return from Madrid to Brussels on Wednesday with the feeling of having failed to get “answers” to the main questions that caused their “serious doubts” about Spain’s management of the NextGenerationEU recovery funds. The government has boasted of co-governance, but the Autonomous Communities do not ratify it,” explains an internal source within the mission. “We asked Nadia Calviño and José Luis Escrivá about the reduction…

Spanish economy, Spanish Politics 21st February 2023

Renfe president and ADIF former president leave posts over scandal of trains too big for tunnels

The president of Renfe, Isaías Táboas, and the Secretary of State for Transport, Isabel Pardo de Vera (former president of ADIF, the company that owns the railway network) have left their posts yesterday, after the major scandal that Renfe, to cover the service of the Spanish north coast, had ordered 31 trains with such dimensions that they did not fit through the tunnels of the route: https://bit.ly/3YSJvIj The fact was…

Spanish economy 21st February 2023

2022 closes with 650,000 home sales in Spain, up 15% on 2021

Bankinter | Housing Transactions fell -10% in December (year-on-year) vs +11% in the previous two months. This is the first fall since February 2021. Thus, 2022 closed with 650k transactions (+15% vs 2021). On the other hand, according to the Land Registry, Housing Prices fell -0.4% on average in Spain in 4Q 2022 (q/q) vs +0.1% previously. Those of used housing fell by -1.1%, while those of new housing still…

Spanish economy 20th February 2023

European Parliament mission to find out how Spain spends EU recovery funds arrives

The European Parliament’s budget control committee is arriving in Spain to find out how the government is managing and spending European funds. A long-awaited mission that is keeping the government, which has just received the go-ahead from Brussels to receive a further 6 billion euros, on tenterhooks. The aim of the mission is to investigate how the government has managed and spent the money. But not all of it, but…

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