ACCIONA reports Q1/09 net profit of 149 million euros

The company trimmed its 17.897 billion euro debt down to 5.37 billion euros at year-end 2008, and increased investment by 20.4%, to 387 million euros.

Revenues came to 1.395 billion euros, 10.7% down on last year's figure, as energy prices fell by 38%.

ACCIONA closed Q1/09 with a net profit of 149 million euros, a figure similar to the same period in 2007 (154 million euros). The company's participation in Endesa in this period appears on the balance sheet as "non current assets held for sale", and comparable figures have been formulated to allow comparison with results for Q1/08.

Revenues came to 1.395 billion euros, down 10.7% in comparable terms on Q1/08, mainly as a result of falling energy prices (-38%). This also accounts for the 15.2% dip in EBITDA in comparable terms, from 231 million euros to 196 million euros, along with the fall in margins in ACCIONA Infrastructure and ACCIONA Real Estate, and the effects of divestment of the Group's funerary business, Mémora, and of a number of minority stakes in transport concessions.

Group net consolidated debt fell by a hefty 70.1%, to 5.347 billion euros, from 17.897 billion euros at year-end 2008. Accordingly, financial gearing, i.e. the net debt/equity ratio, narrowed to 112% from 283% at year-end 2008.

The Company continued with its active investment policy, and capital expenditure in Q1/09 increased by 20.4%, to 387 million euros. The 39.8% increase by ACCIONA Energy, to 302 million euros, is particularly significant.

Looking at individual performance by each division, ACCIONA Energy took a negative impact from the decline of the energy pool price (-38%); even so, the energy arm was able to limit the effects with an increase in electricity production. EBITDA came to 131 million euros, down 11.5% on Jan-March 2008. Installed wind power capacity increased by 21.5% in attributable terms and attributable wind power output (in GWh) increased by 22.9%.

At ACCIONA Infrastructure, revenues stayed in line with Q1/08, closing at 821 million euros (+0.5%). The concessions business put in a particularly strong performance, increasing revenues by 44%, while EBITDA was up by 28.7%. On March 31 2009 the construction backlog amounted to €7.244 billion, 19.5% up on the same period last year. This strong increase is a reflection of the company's low exposure to residential construction (which represents only 3% of the backlog) and the strong growth in of international activity, where the public works backlog almost doubled to 1.219 billion euros.

As concerns other divisions, and within ACCIONA Urban and Environmental Services, ACCIONA Agua showed a particularly strong performance, increasing revenues and EBITDA by 44.0% and 84.1% respectively. Thanks to this good progress by ACCIONA Agua, EBITDA for the division doubled (+104.2%), in comparable terms following the sell-off of Mémora.

ACCIONA Logistic & Transport Services shaved a third off its operating losses, which went from 15 million euros to 5 million euros thanks to the implementation of a restructuring plan at ACCIONA Trasmediterránea. In January 2009, Trasmediterránea's Extraordinary Meeting green-lighted a capital increase for a total 110 million euros. As a result ACCIONA's stake in the company increased from 60% to 80%.

Income statement summary

Balance sheet data (millions of euros)

* Figures including the proportional consolidation of Endesa