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ACCIONA registers Ordinary Net Profit of €157 million (+35.2%)

11/08/2017
  • Results reflect good progress across all business lines and substantial improvement of company's financial conditions 
  • Key financial indicators: solid revenue growth (€5.33 billion, +23.3%), EBITDA increased by +7.9% (€907 million) 
  • Net attributable profit (€232 million, -33.3%) reflects extraordinary items on last year's results 
  • Net investment for the period reaches €656 million

ACCIONA increased its Ordinary Net Profit by 35.2% to €157 million during the first nine months of the year. The key factors: increase in revenues from the Infrastructure business, good progress of the renewable energy business, and a significant reduction in financial expenses due to a successful refinancing strategy.

The financial impact of different extraordinary results registered last year reduced the net attributable profit in this period by 33.3% to €232 million. Results for January-September 2016 included capital gains from the integration of ACCIONA Windpower and early cancellation costs of project debt.

As of September, the group generated an Ebitda of €907 million (+7.9%), driven mainly by the growth of the Infrastructure business (+41.3%).

Consolidated revenues amounted to €5.33 billion (+23.3%), reflecting a strong growth in the Infrastructure business (+42.3%) and, within this division, the performance of the Construction and Industrial activities in particular (+68.1%).
Net financial debt stood at €5.69 billion as of September 30, 2017 (+11%) due to negative contribution from working capital and high investment activity. Net investment amounted to €656 million. The Energy Division allocated €300 million for new wind projects in India, Australia, and Mexico. The Infrastructure Division invested €299 million, mainly for the acquisition of Geotech (€139 million).

Results by division

ACCIONA Energy revenues amounted to €1.28 billion (-6.3%) while Ebitda reached €524 million (-1.9%) due to ACCIONA Windpower’s deconsolidation and lower activity of turnkey projects for third parties; ACCIONA Energy has decided to concentrate on its own projects only. Energy generation’s EBITDA grew to €579 million (+3.8%). Consolidated installed capacity increased by 87MW in the last twelve months to 7,425MW as of September 30. The consolidated production was at 12,387GWh (-7%) due to the decrease in hydraulic and wind production.

The Infrastructure Division (which encompasses Construction, Industrial, Water, and Services) closed the first nine months with a turnover of €3.61 billion (+42.3%), mainly due to a strong surge in Construction and Industrial (+68.1%). EBITDA for the Division (+41.3%) grew to €286 million. The Construction and Industrial portfolio amounted to €6.93 billion (-3.4%), €5.61 billion of which abroad, as of September 30.

The Other Activities Area registered a turnover of €533 million (+6.6%). The EBITDA reached €97 million (-6.6%), although Bestinver and the Real Estate business contribution is higher than last year’s. Bestinver reached a total of €5.95 billion of AUM and improved its EBITDA up to €48 million (+13.9%). Real Estate improved its EBITDA by 40.3% to €13 million.

Income Statement Data

 Jan-Sep 2016Jan-Sep 2017Chg (%)
Revenues 4,324 5,333 23.3%
EBITDA 840 907 7.9%
EBIT 796 505 -36.5%
Ordinary EBT 193 256 33.0%
EBT 284 331 16.3%
Net attributable profit 348 232 -33.3%

 

Balance Sheet Data and Capital Expenditure

 31/12/201630/09/2017Chg. (%)
Equity 4,097 4,044 -1.3%
Net debt 5,131 5,695 11.0%
 Jan-Sep 2016Jan-Sep 2017Chg. (%)
Gross Capex 745 669 -10.2%
Net Capex 705 656 -6.9%
Net Investment Cashflow 595 645 8.4%

 

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