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ACCIONA announces net profit of 34 million euro

05/13/2013

The Energy division registered a 26% decrease in EBT as a result of regulatory changes and despite higher national wind and hydro load in the period.

ACCIONA Infrastructure revenues fell by 16.9%, and EBITDA was down 18.5% due to the construction slowdown in Spain.

Shrinking profits at Energy and Infrastructure were offset by improved performance by the Other Activities division, which took Group net profit to 34 million euros.

ACCIONA Group EBITDA totalled 327 million euros in the first quarter of 2013, down 0.5% on 1Q2012. Group EBITDA was stable thanks to an increase in ACCIONA Energy installed capacity over the past twelve months, as well higher national wind and hydro load during the period, and a sound performance by the Other Activities division. Group revenues in 1Q2013 were 1,621 billion euros and net profit totalled 34 million euros.

Results were seriously affected by regulatory changes in the energy sector in Spain that caused the Energy division's pre-tax profit to fall by 26.1%. This impact was largely offset by exceptional weather conditions, with plenty of wind and rain in Spain during the period.

The construction slowdown in Spain had an adverse effect on the Infrastructure division: revenues fell by 16.9% and EBITDA was down by 18.5%.

The Other Activities division-which brings together Trasmediterranea, ACCIONA Real Estate, Bestinver and Wineries- improved its performance considerably: from a negative EBITDA of four million euros in 1Q2012, the division ended the first quarter of 2013 with a positive EBITDA of eight million euros.

Net investment during the period amounted to 99 million euros (24% lower than 1Q2012), including 64 million euros by the Infrastructure division (mainly concessions) and 32 million euros invested by ACCIONA Energy (50% lower than 1Q2012).

Net financial debt rose to 7,549 billion euros, compared with 7,482 million euros as of 31st December 2012. This slight increase (0.9%) was mainly due to the new investments in Q1 2013, the financing of working capital requirements and the payment of the interim dividend. The gearing ratio stands at 136%, the same figure as end-December 2012.

Results by division

The Company has changed the way it reports results by division as a result of a reorganisation of its activities in the services sector and the resulting creation of ACCIONA Service, to boost its positioning within this sector.  

In 1Q2013, ACCIONA Energy reported revenues of 613 million euros and an EBITDA of 278 million euros. Generation revenues rose by 16.3% thanks to increased capacity in the past twelve months (263MW) and exceptional wind and hydro load factors (+26.4% and +72.6%, respectively) in Spain in the period.

However, recent regulatory changes affecting ACCIONA Energy's Spanish assets marred the Division's results in the first three months of the year: EBT dipped by 26.1%, while EBITDA margin fell by 12 percentage points, from 57.4% in 1Q2012 to 45.3%.

ACCIONA Energy ended the quarter with an installed capacity of 8,476MW (5,959MW in Spain), of which 7,135MW are wind assets.  

ACCIONA Infrastructure revenues were down by 16.9% to 639 million euros, due mainly to the construction slowdown in Spain. EBITDA fell by 18.5% to 32 million euros.

As of 31st of March 2013, the backlog remained stable at 7,047 billion euros, 1% more than at the end of 1Q2012. The international backlog accounted for 55% of the total, compared with 48% a year ago.

ACCIONA Agua revenues increased by 50.8% to 133 million euros as a result of its design, build and O&M activities, with EBITDA totalling 9 million euros. EBT for ACCIONA Agua came to 3 million euros, compared with 1 million euros in the same period in 2012.

The water division's backlog rose to 11,167 billion euros, up 132%, as a result of an O&M contract for ATLL.

The recently created ACCIONA Service, which brings together the Group's services businesses - including airport handling, facility services, logistics, waste management - registered a 5.1% increase in revenues to 137 million euros, mainly as a result of a sound performance by facility services. The division ended the quarter with an EBITDA of 1 million euros, compared with minus 2 million euros registered in 1Q2012.

The Other Activities division-Trasmediterranea, Real Estate, Bestinver and Wineries-registered 125 million euro in revenues, 8% less than in 1Q2012. However, EBITDA rose to 8 million euros, compared with a negative figure of 4 million euros in the same period of last year, mainly as a result of Trasmediterranea's better performance. The shipping company reduced its negative EBITDA by more than half in 1Q2013, from -16 million euros to -6.3 million euros.

Bestinver had 6.51 billion euros of assets under management as of 31st March 2013, an increase of 16.6% in a year. The fund manager registered revenues of 22 million euros (+14.6%), and EBITDA of 15 million euro (+15.5%).

Annex: Tables

Income Statement Data (million euro)

  Jan-March 2012Jan-March 2013Change (%)
Revenues 1,591 1,621 1.9
EBITDA 328 327 -0.5
EBIT 153 142 -7.5
EBT 40 41 1.5
Net attributable 29 34 18

Balance Sheet Data (million euro)

  31 Dec. 201231 March 2013
Equity 5,508 5,531
Net debt 7,482 7,549
Financial gearing 136% 136%
  Jan-March 2012Jan-March 2013
Ordinary Capital Expenditure 132 99
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