Business model

• The capitals
• Materiality
• Stakeholder relationships
• Strategic focus and future orientation

Key observations:

Iberdrola’s 2014 Integrated Report offers a comprehensive overview of the six capitals which form the basis of value creation for the company. For each of these, the Report concisely describes Iberdrola’s management approach, its 2013 results and future outlook, while providing some of the key performance indicators by which progress is measured.