ACCIONA net profit grows 11.6% to €166 million in nine months to September

• Results driven by growth in power generation and ACCIONA Windpower in international markets
• Earnings before tax (EBT) increases 69.5% to €248 million
• Ebitda increases by 14.4% to €883 million
• Consolidated revenues grow 4.6% to €4,946 million

ACCIONA posted an attributable net profit of €166 million in the first nine months of 2015, an 11.6% increase compared with the same period in 2014, mainly due to the growth in renewable power generation and the sales of wind turbines manufactured by ACCIONA Windpower in international markets.

Ordinary earnings before tax (EBT) grew 69.5% to €248 million thanks to the higher contribution of the Energy division, which improved by €128 million. Total EBT grew by 18.7%, taking into account the absence of non-recurring items during the period, compared with divestments that contributed €63 million to EBT in the first nine months of 2014.

Ebidta increased 14.4% to €833 million mainly due to the strong growth of the Energy business (+26.1%), driven by the ACCIONA Windpower’s international business. Ebidta from renewable power generation grew 10.4% to €644 million, thanks to an increase in installed capacity (204MW in the past 12 months) and the positive impact of the appreciation of the dollar. ACCIONA Windpower’s Ebidta stood at €68 million, compared with the €15 million reach in the first nine months of 2014.

Consolidated revenues grew 4.6% to €4,946 million, mainly due to a 37.4% increase in the revenues of the Energy division, which compensated for lower business volume in the areas of Construction, Water and Other Activities

Net financial debt increased by 1.4% from 31st December 2014 to €5,367 million, as a result of two factors. First, the refinancing of the debt of the real estate company El Coto, classified as an asset held for sale. Second, as a result of an increase in working capital, product of the reimbursement of the differential between the premiums received following regulatory reforms in Spain (RD-L9/2013) and those that corresponded once the final remuneration parameters had been published (Orden IET/1045/2014). Without these two factors, financial debt would have decreased by €174 million from the end of 2014.

Net ordinary capital expenditure across ACCIONA’s divisions amounted to €128 million, 60.0% less than in 9M 2014. Energy represents the biggest share of the investment effort with €78 million, followed by Infrastructure (with €21 million for Construction, €15 million for Water and €9 million for Services).

• 9M 2015 Results Report
• 9M 2015 Results Presentation

Results by Division

ACCIONA Energy revenues increased by 37.4% to €2,097 million. The EBITDA increased by 26.1% to €679 million. EBT amounted to €152 million versus €24 million last year.

In the past 12 months, installed capacity grew by 204MW, with 168MW of new wind capacity (30MW in Poland and 138MW in South Africa) and 36MW of solar photovoltaic capacity in South Africa.

The Infrastructure division (which groups together Construction, Water and Services) posted €2,462 million in revenues in the first nine months of the year, 10% lower than the same period in 2014, as a result of a 14% drop in revenues in Construction and an 8.9% drop in Water revenues. Ebitda for the division was €113 million, down 12.3%, with a 22.5% fall in the Construction business. On a positive note, revenues in the Concessions business grew 4.7%, and its Ebidta increased by 22.9%.

The Construction backlog totalled €5,608 million at the end of September 2015, 11.1% lower than a year before. The international backlog accounted for 67% of the total, compared with 65% in September 2014. New works contracted during the first nine months of the year totalled €1,458 million, 74% of which was international..

The backlog of the Water business totalled €9,651 million, virtually unchanged from a year ago.

In Other Activities, which includes Trasmediterranea, Real Estate, Bestinver and Vineyards, revenues fell 13.6% €472 million, while Ebidta fell 12.9% to €89 million. 

Income Statement Data (Million euro)  

Balance Sheet Data and Capital Expenditure (Million euro)

Operating Data