SECTION 2: PROFIT FOR THE YEAR
This section comprises the Notes relating to the profit for the year.
Net profit for the year amounted to EUR 375 million, down 47.9% on 2015 (EUR 720 million).
This decrease is affected by a series of non-recurring results related mainly to divestments, derivatives and taxes, per the following breakdown, and which are explained in more detail in the Notes indicated in the table:
Notwithstanding these non-recurring impacts, revenue grew by 10.9%; however, profit from operations was down 21.9% on 2015. In like-for-like terms (see definition in the section on alternative performance measures), the aforementioned changes were growth of 1.2% and a fall of -9.7%, respectively (see the directors’ report for a detailed explanation of the changes by business division).
Non-recurring impacts |
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Balances at 31/12/16 |
Balances at 31/12/15 |
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(Millions of euros) |
Profit before tax |
Net profit |
Profit before tax |
Net profit |
Impact of financial derivatives (Note 2.6) |
-26 |
-18 |
-140 |
-55 |
Divestment, exclusion from consolidation and impairment of infrastructure projects (Note 2.5) |
324 |
153 |
131 |
116 |
Non-recurring impacts, HAH (Note 2.7) |
-105 |
-105 |
138 |
138 |
Non-recurring tax impacts (Note 2.8) |
0 |
20 |
0 |
157 |
Other impacts |
-4 |
-4 |
17 |
18 |
TOTAL |
189 |
46 |
145 |
373 |