ACCIONA net profit triples to 314 million euros

Revenues grew 5% to 4,796 million euros.

EBITDA increased 15%, to 934 million euros.

ACCIONA obtained a net profit of 314 million euros in 9M 2011, tripling the 101 million euros reported in the same period of 2010.  Group EBITDA amounted to 934 million euros, a 14.8% increase vs. 9M2010 and revenues grew 5% to 4,796 million euros.

EBITDA growth was mainly due to the positive performance of the Energy division (up 19.8%) which contributed 73% of total Group EBITDA in the period. The Infrastructure division also performed well and registered EBITDA growth vs. the same period of 2010. Net profit was also boosted by capital gains derived from the disposal of two toll road concessions in Chile ("Américo Vespucio Sur" and "Red Litoral Central") and the sell-off of its car-parks business. 

Gross capital expenditure amounted to 872 million euros in 9M 2011, 14% more than in the same period of 2010. This figure includes 629 million euros invested in the organic growth of ACCIONA Energy and 206 million invested in the Infrastructure division (mainly in concessions). Capex in the rest of the divisions came to 37 million euros.

The Group's net financial debt increased slightly to 6,886 million euros in September 2011, compared with the 6,587 million euros of December 2010, due to investments in the first nine months of the year, which was partially financed with cash flow generated in the nine-month period and divestments carried out.

Performance by the main businesses

ACCIONA Energy increased revenues by 10% to 1,178 million euros. Generation revenues performed particularly well, increasing by 17.2% thanks to the recovery of pool price vs. the same period of 2010 (+47.1%), the larger international wind load factor and the contribution of the 814MW installed in the last twelve months.

EBITDA margin went from 53.1% to 57.9%, taking ACCIONA Energy EBITDA to 682 million euros, an improvement of 19.8% on September 2010.

In the first nine months of 2011 ACCIONA Energy increased its total installed capacity by 673MW: 50MW solar thermal/CSP in Spain and 623MW of wind (31MW in Spain, 306MW in Mexico, 132MW in the US, 53MW in India, 41MW in Canada, 32MW in Australia and 30MW in Poland).

At September 2011 total installed capacity amounted to 8,184MW, of which 2,382MW are international.

ACCIONA Infrastructure increased turnover by 8.6% to 2,514 million euros, due to a higher activity in international construction business. The division increased its EBITDA by 25.5% to 147 million euros. At September 30 2011 the backlog came to 6,952 million euros, a 1% rise on September 30 2010. The dip in the national portfolio was offset by growth in the international portfolio, which increased its overall weight to 40%, from 35% twelve months ago.

EBITDA for ACCIONA Agua and Environment increased by 10% thanks, in part, to the strong performance of the Operation & Maintenance business. At September 2011, the backlog in the Water division stood at 5,071 million euros, 16.7% more than twelve months ago.

In the first nine months of the year revenues for ACCIONA Logistics and Transport Services fell by 6.6% to 559 million euros. The lower volume of passengers and vehicles mainly in the South-Straitmarket, the declining cargo levels in the Canary Islands and a higher unitary cost of fuel affected Trasmediterránea's results, and caused a reduction in the EBITDA of the division despite the good performance of the handling business.

Among Other Business and Financials, the Bestinver fund management firm had a total 5,110 million euros' worth of assets under management at September 2011 compared with 4,806 millions at September 30 2010. Thanks to the positive evolution of Bestinver, revenues of the division increased 18.0% with regard to previous year, while EBITDA was up 28.6% reaching €40 million.

Income Statement Data (Million euros)

Balance Sheet Data (Million euros)