Strong impact of regulatory changes
ACCIONA Energy revenues increased 27.7% reaching €2,107 million in FY 2012. It is to be highlighted the positive performance of generation revenues which increased by 22.0% due to the new capacity installed during the year (224MW), a higher national and international wind load factor, thus offsetting the lower hidraulicity and the decrease of the average pool price vs. FY 2011.
The EBITDA of the Energy division in FY 2012 increased by 17.8% reaching €1,125 million. The EBITDA margin reduction, to 53.4%, is mainly due to a lower generation margin explained by:
- Increase of the commercialization of energy, activity with low margin.
- Lower hydraulicity during 2012 vs. 2011.
However, the adjusted generation EBITDA margin, that excludes the energy commercialization activity, increased 170bp reaching 77.4%. The division EBT amounted to €166 million, a 64.6% higher than in 2011. During FY 2012 ACCIONA Energy has installed 224MW: 174MW wind (74MW in Spain, 64MW in Italy, 30MW in Croatia and 6MW in the United States) as well as 50MW solar thermoelectric in Spain.
|Magnitude||Jan-Dec 2011||Jan-Dec 2012||Change|
3Q 2013 Results
ACCIONA Energy revenues increased 2.3% reaching €1,627 million in 3Q2013. The positive performance of generation at the revenue level is noteworthy, with revenues increasing by 8.9% as a result of higher total installed capacity in the last twelve months (105MW) as well as a higher wind and hydro load factors in Spain. These factors compensated the lower solar load factor and the negative impact of the Royal Decree Law 2/2013 which translated into a 13.0% lower net average wind electricity price in Spain vs. 9M 2012.
The EBITDA margin decreased by 5.5 percentage points to 46.1% vs. 51.6% in 9M 2012. This is mainly due to the negative impact of the regulatory changes implemented which was only partially compensated by the exceptional increase in the wind and hydro output in Spain (+7.0% and +86.9% respectively).
Total effect in 9M 2013 of regulatory changes of Law 15/2012 and RD-L 2/2013 already approved and in force since 1st January 2013, amounted to €137 million. The regulatory changes that have had a negative impact on 9M 2013 results are the following:
- 7% generation revenues tax
- 22% hydro levy (643MW of ACCIONA's capacity entitled to 90% rebate)
- Solar thermoelectric: electricity output attributable to natural gas usage not entitled to a premium
- Elimination of the "pool + premium" option
- Revision of the tariff indexation formula
It is worth highlighting 9M 2013 results do not reflect the potential impact derived from the regulation approved through RD-L 9/2013.
EBT amounted to €27 million, 75.1% lower vs. the same period last year, mainly due to the regulatory changes above mentioned.
During 9M 2013 ACCIONA Energy installed 63MW of new wind capacity (30MW in Spain and 33MW in Poland).
|Magnitude||Jan-Sep 2012||Jan-Sep 2013||Change|