ACCIONA net profit triples to 248 million euros

EBITDA amounted to 631 million euros, a 19.4% increase.

Between January and June, ACCIONA Energy increased installed capacity by 394 MW to 7,904 MW.

ACCIONA obtained a net attributable profit of 248 million euros in the first half of 2011, tripling the 78 million euros reported in the same period of 2010. Group EBITDA amounted to 631 million euros, a 19.4% increase vs 1H 2010, and revenues grew 2.3% to 3.084 billion euros.

EBITDA growth was mainly due to the good performance of the Energy and Infrastructure divisions (EBITDA up +23% and +24%, respectively). Net profit was also boosted by capital gains derived from the sale of ACCIONA's stakes in two toll road concessions in Chile, "Autopista Vespucio Sur" and "Red Vial Litoral Central".

Gross capital expenditure amounted to 569 million euros, 18% more than in the same period of 2011, most of which was allocated to the Energy division (436 million euros) and the Infrastructure division (112 million euros).

Cash flow generation and divestments in the period enabled the group to undertake these investments with a minimal impact on debt, which rose from 6.587 billion euros at 2010 year-end to 6.657 billion euros at 30 June 2011.

Performance by the main businesses

ACCIONA Energy increased revenues by 9.1% to 809 million euros, while EBITDA rose by 23% to 485 million euros (77% of the group total). This performance was driven by a 15.8% increase in power generation revenues due to the recovery by pool price in the first half of 2011 compared with the same period of 2010, and by an increase in installed capacity. 

ACCIONA Energy increased its total capacity by 394 MW: 50 MW of solar thermoelectric in Spain and 344 MW of wind (29 MW in Spain, 212 MW in Mexico, 41 MW in Canada, 32 MW in Australia, 30 MW in India and 2 MW in the US). At the end of June 2011, ACCIONA Energy's installed capacity totalled 7,904 MW, of which 6,614 MW are wind and 2,104 are located outside of Spain.

ACCIONA Infrastructure increased EBITDA by 24.2% to 99 million euros on a 3.3% increase in revenues to 1.574 billion euros, supported by growth in the international construction business. At 30 June 2011, the backlog stood at 7.524 billion euros, 9% higher than at the same date in 2010. The international civil works backlog expanded by a notable 62%, having increased its weight on the group's total backlog from 28% to 42% in just twelve months.

ACCIONA Agua and Environment reported stable revenues (336 million euros) with EBITDA amounting to 20 million euros. The backlog in the Water division is 4,693 million euros, 11% higher than at the end of June 2010, primarily due to higher order inflow of Operation & Maintenance (O&M) services.

Among other businesses, Bestinver had 6,124 million euros under management as of 30 June 2011, compared with 4,273 million euros as of 30 June 2010.

Income Statement Data (Million euros)

Balance Sheet Data (Million euros)

See Financial report presentation