Acciona reported €103 million in net profit


ACCIONA reported €103 million in net profit in the first half of 2015, a 50.6% increase with respect to the same period of 2014, basically as a result of growth in international markets by the power generation business and wind turbine manufacturer ACCIONA Windpower (AWP).


Ordinary earnings before taxes (EBT) increased by 183% to €153 million, from €54 million the previous year, due mainly to a €102 million increase in EBT in the Energy division.


EBITDA increased by 21.4% to €573 million, broadly as a result of growth by the Energy division (+29.9%), driven by the international business and ACCIONA Windpower. EBITDA in power generation increased by 9.4% (to €445 million) due to the increase in international installed capacity, a slightly higher load factor and the positive effect of the dollar’s appreciation, while AWP reported €45 million in EBITDA, contrasting with a loss of €5 million in the same period last year.


Group consolidated revenues increased by 9.9% to €3,304 million, driven basically by a 48.9% increase in revenues in the Energy division, which offset the decline in business volume in Construction, Agua and Other Activities.


At 30 June 2015, ACCIONA’s attributable equity amounted to €3,479 million, 2.9% more than at 31 December 2014.


Net financial debt was reduced by 2.7%, from €5,294 million at 31 December 2014 to €5,153 million at 30 June 2015, as strong EBITDA growth offset working capital and investing cash flow.


Net ordinary capital expenditure in ACCIONA’s various businesses amounted to €99 million in the period, 48.2% less than in the first half of 2014. The bulk of capital expenditure — €66 million — was in the Energy division.


Results by division


ACCIONA Energy‘s revenues increased by 48.9% to €1,460 million, with EBITDA up 29.9% to €472 million. The division’s EBT amounted to €120 million, compared with €18 million in the same period of 2014.


Consolidated installed capacity has expanded by 217 MW in the last twelve months, including the entry into service of 174 MW of wind capacity (36 MW in Chile and 138 MW in South Africa) and 92 MW of solar photovoltaic (in South Africa). ACCIONA’s consolidated installed capacity amounted to 7,021 MW at 30 June 2014, of which 5,660 MW are wind; consolidated output totalled 9,316 GWh.


The Infrastructure division (which encompasses Construction, Agua and Service) billed €1,623 million in the first half, a 6.4% decline on the same period of 2014, basically because of a decline of 8.5% in revenues in Construction and 12.5% in Agua, offset partly by a 4.9% increase in Service business volume. The division’s EBITDA amounted to €69 million, 5.1% more.


In particular, the concession business increased revenues by 6.3% and EBITDA by 13.4%.


The Construction backlog amounted to €5,732 million at 30 June 2014, a 3.7% increase year-on-year. International orders now account for 68% of the total backlog, up from 58% at 30 June 2014.


The Other Activities division, which includes Trasmediterranea, Real Estate, Bestinver and Wineries, saw revenues fall 18.1% to €278 million, while EBITDA declined to €32 million, 23.6% less than in the same period of 2014, due to declines at Bestinver and Real Estate. In contrast, Trasmediterranea increased EBITDA by €7 million due to better revenue performance and lower fuel prices. Bestinver attained €5,373 million under management at 30 June 2015, and reported €31 million in EBITDA.