In 2009 the main contributor to Group EBITDA was Acciona Energy (59.4%), followed by Acciona Infrastructure (19.7%), Acciona Real Estate (4.1%) and the services and other business divisions (16.8%).
Group net financial debt fell 59.4%, from 17,897 million euros to 7,265 million euros. The balance sheet for 2009 shows significantly reduced financial gearing, from 283% in 2008 to 120% in 2009 (expressed as net financial debt/net equity). This is the result mainly of the amortization of the debt from the acquisition of Endesa and the deconsolidation of the proportional debt associated with this participation.
The increase in net financial debt (associated with Acciona divisions) at December 2009 (7,265 million euros) compared with December 2008 (5,004 million euros, excluding Endesa) stems mainly from the financing of the purchase of the utility’s assets, and Acciona investments in the period.
Results for fiscal year 2009 were affected by a slowdown in the industrial activity of the Group’s energy arm, and by a significant fall in pool prices in Spain compared with 2008; as well as by weakened development activity by the real estate division and a slight reduction in the margins of the infrastructure division.
Increased investment
Acciona doubled its capital expenditure, with 4,221 million euros of investment in 2009 (1,942 in 2008), including the 1,378 million euros allocated to the organic growth of Acciona Energy activities and 2,844 million for the acquisition of Endesa renewables assets. Investment in other business areas came to a total 307 million euros.
Divisional results
Acciona Energy ended the year with 1,248 million euros in revenue, affected by lower average wind power prices and lower contributions by the industrial wind turbines and industrial photovoltaic solar businesses.
Revenue for Acciona Infrastructure remained virtually unchanged from last year, rising 0.6% to 3,613 million euros, while EBITDA came to 209 million euros. At December 31st the backlog was 7,021 million euros.
Acciona Real Estate earned 268 million euros in revenue, 16.3% less than in 2008, despite the slowdown in residential property development in Spain, affecting both sales and margins. Pre-sales of residential properties came to 90 million euros, well above last year’s figure.
At 438 million euros, revenue for Acciona Agua – part of Acciona Urban and Environmental Services – was up 18.5 % on last year, while EBITDA came to 35 million euros.
Acciona Logistics and Transport Services earned 811 million euros in revenue. Acciona Trasmediterranea revenue came to 544 million euros, with EBITDA at 65 million euros (compared to 6 million in 2008), thanks to a restructuring plan. In January 2009, Trasmediterranea’s Extraordinary Shareholders’ Meeting gave the go-ahead for a 110 million euro capital increase, which was subscribed and paid in full. Acciona’s stake in the shipping company rose from 60% to 80%.
Total revenue for Other Business and Financials, which brings together fund management (Bestinver); wine production and marketing, and GPD, came to 110 million euros.
Acciona increased its attributable wind power capacity in Spain by 1,308 MW in 2009 to almost 4,000 MW (3,996.82 MW), in line with data released today by the Spanish Wind Power Association (AEE).
In 2009 Acciona Energy incorporated a total of 50 wind farms into its portfolio of operating assets in Spain. Thirteen of these (397.3 MW) are located in the region of Valencia; 14 (328.05 MW) in Andalusia; 13 in Galicia (308.88 MW); 7 in Castilla-La Mancha (224 MW); 2 in Castilla y León (47.25 MW) and 1 wind farm in Navarra (3 MW). The company has wind farms in ten Spanish regions.
Acciona Windpower, is the Acciona’s subsidiary company that works on the design, manufacture, field assembly and marketing of wind turbines, based on the experience of the group to which it belongs in the operation and maintenance of wind power facilities worldwide. It produces 1,500 kW and 3,000 kW wind turbines which have been designed from the point of view of the wind farm operator interested in achieving the best performance throughout the working life of the machine.
Acciona holds a position of world leadership in the develoment of solar thermal electric plants (also called cocentrating solar power -CSP- plants). In 2007 it grid connected the biggest solar power plant of its type installed in the world in the last 18 years: Nevada Solar One. The 64 MW facility in the Nevada desert (USA) has proprietary solar trough technology that has helped the company to achieve its position in the sector.
