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ACCIONA’s net profit falls 68% to 80 million euros due to absence of extraordinary income

07/25/2012

EBITDA totalled 677 million euros and revenue closed at 3.35 billion euros.

EBITDA totalled 677 million euros and revenue closed at 3.35 billion euros.

ACCIONA's attributed net profit in the first half of 2012 totalled 80 million euros, 67.7% less than the 248 million euros obtained between January and June of 2011. The 2011 results included capital gains of 210 million euros from the sale of two concessions in Chile (the Vespucio Sur Highway and the Red Vial Litoral Central road network) and a car park in Brazil, which formed part of ACCIONA's asset rotation and debt reduction strategy.

Group EBITDA in the first half of 2012 totalled 667 million euros, a 7.2% increase, and revenues rose 8.6% to 3.35 billion euros, largely thanks to the Group's continued investment in its Energy division. The Energy business posted an EBITDA of 569 million euros (83.7% of group EBITDA) and revenues of 1.07 billion euros.

Gross capital expenditure in the first half of 2012 totalled 342 million euros, 40% less than in the same period of last year. Most new investment was channelled to the Energy division (194 million euros) and Infrastructure (154 million euros, mainly concessions).

This investment, along with dividend pay-outs and the impact of marking to market the value of debt hedging derivatives, increased Group net debt to 7.46 billion euros, a 6.7% increase over December 2011.

Results of core businesses

Results by division were as follows:

ACCIONA Energy's revenues totalled 1.07 billion euros, while EBITDA totalled 569 million euros. Revenue growth in the division was the result of the installation of 351 MW over the past twelve months, as well as higher national and international wind load factors, both of which offset the reduced hydro power activity in Spain over the period.

At the end of June 2012, ACCIONA's installed capacity totalled 8,255 MW, of which 5,818 MW were national and 2,437 MW were international. ACCIONA'S wind power capacity totalled 6,965 MW.

ACCIONA Infrastructure's revenues totalled 1.58 billion euros, unchanged from the first half of 2011 (+0.2%), thanks to increased sales and the contracts awarded in international markets, which helped to offset a sharp fall in the Spanish market. The sharp drop in activity in Spain and the divestment of two concessions in Chile account for a 22% fall in EBITDA to 78 million euros. At the end of June 2012, the Infrastructure backlog stood at 6.85 billion euros, 9% lower than a year ago, but 5% higher than December 2011. International orders accounted for 47% of the total order book (compared with 42% in June 2011).

ACCIONA Agua and Environmental Services. Revenues rose 4.8% to 352 million euros, and EBITDA totalled 20 million euros. ACCIONA Agua's backlog stood at 4.80 billion euros at the end of June 2012, 2% higher than a year ago.  The water division's business has evolved positively in the first half of the year, with an increase in both revenues (+5.4%) and EBITDA (+14.6%).

Other Business and Financial. Bestinver ended the first half of the year with 5.22 billion euros of assets under management, 38 million euros in revenues and an EBITDA of 26 million euros.

Income Statement Data (Million euros)

  Jan-June 2012 Jan-June 2011 Chg. (%)
Revenue 3,349 3,084 8.6
EBITDA 677 631 7.2
EBIT 332 502 -33.9
EBT (ordinary) 113 100 12.7
EBT 113 310 -63.7
Net attributable profit 80 248 -67.7

Balance Sheet Data (Million euros)

  30 June 2012 31 Dec. 2011  
Equity 5,428 5,645  
Net Debt 7,460 6,991  
Financial Gearing 137% 124%  
  Jan-June 2012 Jan-June 2011 Chg. %
Gross Capital Expenditure 342 569 -39.9%
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