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ACCIONA concentrates impact of pandemic between April and June, maintains pace of investment and increases project portfolio

  • Revenues: €3.04 billion (-14.8%), reflecting the impact of the crisis on the price of energy in Spain, Construction and Services
  • EBITDA: COVID-19 impact totals €144 million, resulting in a gross operating profit of €499 million (-29.1%)
  • Net profit: €22 million (-85.7%); includes a negative impact of €72 million as a result of accounting for Nordex by the equity method
  • Net ordinary capex: €484 million, mostly to develop new renewable capacity
  • Energy: 293MW of installed new capacity and 781MW under construction
  • Infrastructure: total backlog grew to €12.16 billion (+6.8%) in the first half of the year

ACCIONA posted a net profit of €22 million euros (-85.7%) in the first half of 2020. The results reflect the effects of the lockdown in many countries during the second quarter of the year, as well as the necessary increase in health and safety measures in response to the pandemic. In a difficult economic environment, ACCIONA nevertheless managed to maintain a solid financial position and protect its growth plans. As a result, the Company is well placed to become a leading player in the post-COVID economic recovery and reactivation.

Revenues totaled €3.04 billion (-14.8%) and reflect the fall in energy prices
-mainly in Spain, due to lower demand in the current economic situation- as well as the suspension or slowdown during lockdown of some activities in the Construction and Services businesses.

Gross operating profit (EBITDA) reached €499 million (-29.1%). The result includes an impact from COVID-19 of €144 million, of which €32 million correspond to Energy and €90 million to Infrastructure.

Net profit of €22 million (-85.7%) includes a negative impact of €72 million due to accounting for ACCIONA’s 36.41% shareholding in turbine manufacturer Nordex using the equity method.

However, in a difficult economic environment the company maintained its pace of investment during the first half of the year (€484 million) and increased its infrastructure backlog to €12.16 billion (+6.8% compared with end-2019).

Of the total investment outlays, 86% (€415 million) went to developing new renewable energy projects, including wind farms such as Santa Cruz and San Carlos (Mexico), and Palmas Altas and La Chalupa (USA). ACCIONA installed 293MW in new capacity in the first half of the year, and had a further 781MW under construction.

The Infrastructure division contracted new projects totaling €2.15 billion in the first half of the year. The main contracts awarded up to June include the Hospital del Niño (Panama), the construction of new sustainable urban transport infrastructure in Brisbane (Australia) and new desalination plants in Hong Kong and the Philippines.

ACCIONA's ability to develop new business, combined with the precautionary measures adopted by the Company in response to the pandemic (including increasing liquidity, broadening its financing options with a DBRS rating, reducing the 2019 dividend and continuously revising of its cost structure as a matter of policy), will enable the Company to successfully develop its future growth plans.


Results by division

The Energy business posted a turnover of €846 million (-18.3%) and an EBITDA of €403 million (-3.7%). The results reflect a lower gross operating profit in the Spanish market (-18.7%) in an environment of lower wholesale prices (€29.0/MWh vs. €51.7/MWh in 2019). By contrast, the generation business outside Spain grew strongly (+6.8%), driven by the contribution of new assets coming into operation. In the last twelve months, consolidated capacity increased by 556MW. Consolidated production in the first half of 2020 amounted to 9,821GWh (+5.4%).

Infrastructure revenues totaled €2.12 billion (-14.0%), while EBITDA was €63 million (-76.2%). The results reflect the lower contribution of mature projects such as Sydney Light Rail and the economic effects of the pandemic.

At the close of the first half of the year, the total Infrastructure backlog reached €12.16 billion (-6.8%). The results of the Construction business reflect the effect of lockdowns on different projects, the restrictions on mobility and the increase in health and safety measures implemented in response to COVID-19. Nevertheless, revenues in the Water business rose to €487 million (+68.5%) and its EBITDA to €41 million (+65.4%) thanks to the contribution of new desalination projects under construction.

In Other Activities, the Real Estate area earned €85 million (+52.7%) and its EBITDA rose to €10 million following the delivery of 301 residential units during the period. At the end of June 2020, Bestinver had €5.54 billion of assets under management (-7.8% in the first half of 2020) due to the fall in global stock markets as a result of COVID-19.



Income Statement Data (Million Euro)

  Jan-Jun 20 Jan-Jun 19 Chg..(%)
Revenues 3,042 3,570 -14.8%
EBITDA 499 704 -29.1%
EBT 42 256 -83.8%
Attributable net profit 22 155 -85.7%


Balance Sheet Data and Capital Expenditure (Million Euro)

  30-jun-20 31-dec-19 Chg.(%)
Attributable Equity 3,198 3,421 -6.5%
Net debt 5,281 4,915 7.5%
Net debt including IFRS16 5,719 5,317 7.6%


  jan-jun 20 jan-jun 19 Chg..(%)
Net Ordinary Capex 484 540 -10.4%
Net Investment Cashflow 504 701 -28.1%


Operating Data

  30-jun-20 31-dec-19 Chg.(%)
Infrastructure backlog (Million Euro) 12,160 11,391 6.8%
Average workforce 35,741 39,699 -10.0%


  30-jun-20 30-jun-19 Chg.(%)
Total capacity (MW) 10,407 9,851 5.6%
Consolidated capacity (MW) 8,344 7,787 7.1%
Total production (GWh)
12,104 11,245 7.6%
Consolidated production (GWh)
9,821 9,318 5.4%
Bestinver's assets under management
(Million Euro)
5,536 6,007 -7.8%


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