ACCIONA maintains its rate of investment in 2011 with 989 million euros

Revenues came to 6,646 million euros, a 6% rise on 2010.

EBITDA rose by 8% to 1,312 million euros.

ACCIONA invested a total 989 million euros in FY2011, giving continuity to the Company's growth policy in the face of adverse circumstances.

The Company's investment efforts have supported the growth strategy in its three strategic areas. The lion's share of Group investments went to ACCIONA Energy, with a total 802 million euros aimed at boosting organic growth. ACCIONA Infrastructure followed, accounting for 275 million euros mainly for the concessions business. ACCIONA Agua and Environment Services accounted for 84 million euros' worth of investment. As for other divisions, one of the year's main features was the gross divestment in the Company's real estate business to the tune of 182 million euros, arising mainly from last October's sell-off of the Splau! shopping mall.

This solid investment pace was combined with a policy aimed at containing debt, helping to consolidate ACCIONA's healthy financial position. Subsequently, the Company has partially financed its high investment levels by generating cash flow; this led to net debt at year-end 2011 of 6,991 million euros, a slight increase of 6.1% on December 2010.
ACCIONA FY2011 revenues came to a total 6,646 million euros in 2011, 6.1% higher than the previous year's figure; EBITDA came to 1,312 million euros, 8.3% up on FY2010. Net attributable profit rose by 20.8% to 202 million euros.

These results display positive progress in the Company's strategic businesses, especially Energy and Infrastructure. ACCIONA Energy's results were lifted by the evolution of prices in Spain's national electricity market in 2011, the increased international wind load factor and the contribution of the 701MW installed in FY2011. As regards ACCIONA Infrastructure, the division's internationalization process has led to a 12.9% increase in revenues and EBITDA of 5.6%.

This positive evolution of ACCIONA's businesses was also abetted by capital gains totaling 280 million euros obtained from the rotation of the Company's assets, fundamentally owing to the sell-off of two concessions in Chile (the
"Américo Vespucio Sur" and "Red Litoral Central" roadways and the Company's car park business.

Results by division

Looking at results by division, ACCIONA Energy closed FY 2011 a 16.4% increase in EBITDA on 2010 to 956 million euros, taking its contribution to 72.6% of total group EBITDA. The division's revenues rose to 10.2%, amounting to 1,650 million euros.

In 2011, ACCIONA Energy increased its installed capacity by 701MW, mainly in wind power (651MW) of which 604 were installed in international markets.

ACIONA's total installed capacity amounted to 8,211MW at 31st December 2011 (5,818MW national and 2,393MW international).

ACCIONA Infrastructure closed FY2011 with an EBITDA of 215 million euros (5.6% up on 2010) while revenues rose by 12.9% to 3,522 million euros as a result of increased activity in the international construction business.

At December 31st 2011, the projects portfolio came to 6,497 million euros, a 10% dip on 2010. The weight of the international portfolio increased to 41% of the total, compared with the figure of 38% for 2010.

The decrease in tendering activity in Spain and the slowdown in a number of international projects took their toll on ACCIONA Agua and Environment Services, with a 4.8% dip taking revenues to 697 million euros, and with EBITDA amounting to 55 million euros, 5 million down on 2010. The Agua portfolio at December 2011 stood at 4,783 million euros, 6% less than twelve months earlier.

Revenues at the real estate division dropped by 48.9% and EBITDA took a 49.7% fall. In recent years Spain's real estate market has seen a marked shortage of transactions and a significant fall in prices. This situation is likely to worsen in the next few years as banks bring their property portfolio onto the market at low prices in response to provisioning requirements. ACCIONA responded by carrying out an evaluation study which, with a conservative focus, looked at the effects of this new context on the Company's real estate development assets. As a result of this study, the Company decided opted for caution and set aside 269 million euros' worth of provisions, most of them for land acquisition and finished product, to cover this contingency.

Logistics and Transport Services obtained 714 million euros in revenues, 8.1% less than in 2010, with an EBITDA of 25 million euros, a 66.6% drop, owing to reduced passenger and vehicle traffic, mainly on the Strait of Gibraltar market; lower freight traffic in the Canary Isles and increased unit costs for fuel.

The Other Business and Financials area saw a 13.6% increase in revenues and a 19.6% rise in EBITDA, boosted by Bestinver which saw a rise in both revenues and EBITDA (up 19.4% and 18.1%, respectively). The fund manager closed the year with 5,240 million euros' worth of assets under management, compared with 5,357 million in December 2010.

 

Income Statement Summary (Million euros)

	Jan-Dec 10	Jan-Dec 11	Change (%)
Revenues	6,263	6,646	6.1
EBITDA	1,211	1,312	8.3
EBIT	527	632	20.0
Pre-Tax Profit	240	224	-6.8
Net attributable profit	167	202	20.8

Balance Sheet Data (Million euros)

	31/12/2010	31/12/2011	Var. %
Equity	6,063	5,645	-6.9
Net Debt	6,587	6,991	6.1
Financial Gearing	109%	124%	15pp
	Ene-Dic 2010	Ene-Dic 2011	Var. %
Gross capital expenditure	986	989	0.4