ACCIONA EBITDA jumps 44% to 275 million euros

Revenues come to 1,524 million euros, up 9.2% on 1Q09.

Total installed energy capacity leaps 52% to 7,437 MW.

First-quarter investment amounts to 254 million euros.

ACCIONA ended 1Q10 with an EBITDA (gross operating profit) of 275 million euros, a 43.9% improvement on the same period of 2009, owing to two main factors: the Group incorporated 2,540 MW in 2009 (comprising 2,078 MW of Endesa renewables assets and 462 MW installed organically), and increased production from Spanish assets offset an 18.4% dip in average wind power prices at home. The main contributor to Group EBITDA was ACCIONA Energy (75.4%), followed by ACCIONA Infrastructure (15.9%).

At end-1Q10, net profit derived from continuous activities increased by 17.4% reaching 39 million euros.

First-quarter revenues came to 1,524 million euros, 9.2% more than the figure for 1Q09, thanks mainly to a strong performance by ACCIONA Energy (+64.8%), which accounted for 26.4% of Group revenues. The infrastructure arm contributed 51%; Logistics, 10.8% and Urban Services, 10.4%.

Capital expenditure in 1Q10 amounted to 254 million euros, 9.2% more than the figure for the first free months of 2009: the figure includes 90 million euros earmarked for the organic growth of ACCIONA Energy's activities; 71 million for the infrastructure division (concessions in the main) and 73 million for the logistics and transport services division, mainly for the purchase of a new cargo vessel.

Strong investment throughout the first three months of the year pushed net debt upwards to 7,667 million euros.

Operating data include a 3.2% dip in the infrastructure backlog, now at 7,015 million euros, mainly as a result of a 4% fall in civil works projects: although the portfolio for Spain shrank by 11%, this was offset by overseas projects which were up by 19%. Non-residential building also progressed, with a 9% increase.

Installed wind capacity amounts to a total of 6,230 MW, 35.7% more than 1Q09, and total installed capacity stands at 7,437 MW (+51.9%).

Following close of 1Q10, ACCIONA was awarded two important contracts. In March, the Company was selected to develop 306 MW of wind power in Mexico, and a month later it won a build and maintenance tender (worth 575 million euros) in Canada for the Calgary highway.

See more 1Q10 Results

Income Statement Summary

Jan-Mar 2010	Jan-Mar 2009	Change (%)
Revenue	1,524	1,396	9.2
EBITDA	275	191	43.9
Operating Profit (EBIT)	113	89	27.8
Net Profit from Continuing Activities	39	33	17.4
Net Profit (inc. Endesa)	37	149	-75.3

Balance Sheet Data (millions of euros)

31/03/2010	31/03/2009
Patrimonio neto	6,156	6,075
Deuda neta	7,667	7,265
Apalancamiento financiero	125%	120%
Inversiones	254	387

Operating Data (millions of euros)

31/03/2010	31/03/2009
Infrastructure Backlog	7,015	7,244
Total Wind Installed Capacity (MW)	6,230	4,592
Total Installed Capacity (MW)	7,437	4,897
Passengers Served	554,496	522,154
Cargo handled (linear meters)	1,410,630	1,339,630
Average Workforce	31,412	33,399