ACCIONA increases EBITDA to 579 million euros (+10.4%)

ACCIONA attained 579 million euros in EBITDA in the first half of 2017, a 10.4% increase, driven by good performance in the Construction business, where EBITDA more than doubled (+117.4%) to 110 million euros.

Ordinary net profit increased sharply to 80 million euros (+81.5%). However, attributable net profit declined by 86.6% due to the absence of extraordinary items this year. In the first half of 2016, ACCIONA booked 552 million euros in capital gains from integrating ACCIONA Windpower (AWP) with Nordex.

Group revenues amounted to 3,388 million euros (+22.6%), driven by Infrastructure (+46%), basically the Construction arm (+74.6%).

Net financial debt amounted to 5,571 million euros at 30 June 2017, 2.2% more than at the end of June 2016, mainly because of intense capital expenditure (472 million euros net). Infrastructure accounted for the bulk of capex (263 million euro), mainly to acquire Geotech, an Australian construction company, for 139 million euros. The Energy division invested 156 million euros to complete the El Romero photovoltaic plant in Chile and to build new wind power facilities in India, Australia and Mexico.

Results by division

ACCIONA Energy reported 870 million euros in revenues in the first half (-8.6%). The decline is due to deconsolidation of ACCIONA Windpower from 1 April 2016. Power generation EBITDA expanded to 405 million euros (+7%) due to a stronger contribution from the Spanish business, in spite of lower output in Spain and other countries. The division reported 73 million euros in EBT (+71.8%).

Consolidated installed capacity increased by 305MW with respect to 30 June 2016, mainly due to the addition of 143MW of solar photovoltaic capacity in Chile, 90MW of wind capacity in the United States and 72MW of wind capacity in India.

Consolidated production amounted to 8,718 GWh (-8.2%) due to the decrease in hydroelectric and wind output in Spain and other countries and in spite of higher solar output.

The Infrastructure division (which encompasses Construction, Water and Services) booked €2,289 million in revenues (+46%) in the first half, and 182 million euros in EBITDA (+55.2%).

Construction-related activities, which also include Industrial and Concessions, made a key contribution to growth. This business area reported 1,615 million euros in revenues (+74.6%). Its EBITDA more than doubled (+117.4%) and its EBITDA margin rose from 5.5% to 6.8%. Growth was concentrated mainly outside Spain.

The Construction backlog was stable: 7,285 million euros. The international backlog now accounts for 80% of the total, up from 78% one year ago.

The Water division reported 337 million euros in revenues (+1.9%) and 61 million euros in EBITDA (+8.3%), while the Service division billed 357 million euros (+9.2%) and posted 11 million euros in EBITDA, mainly as a result of expanded business in the APD, Municipal Services and Airports segments.

ACCIONA's Other Activities (Trasmediterranea, Real Estate, Bestinver and others)booked 280 million euros in revenues (-2.6%) and 31 million euros in EBITDA (-23.3%). Trasmediterranea maintained revenues but its EBITDA declined due to higher fuel costs and to increasing routes and sailings. Bestinver increased its contribution to 46 million euros in revenues (+16.4%) and 33 million euros in EBITDA (+14.1%).

Income Statement Data (Million euro)

Balance Sheet Data and Capital Expenditure (Million euro)

Operating Data (en millones de euros)