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ACCIONA net leaps 343% to 1.198 billion euros in 1H/09

07/28/2009

Net financial debt falls 59 per cent to 7.353 billion euros; revenue amounts to 2.931 billion euros and EBITDA comes to 393 million.

Net financial debt falls 59 per cent to 7.353 billion euros; revenue amounts to 2.931 billion euros and EBITDA comes to 393 million.

1H 2009 ResultsACCIONA closed the first half of 2009 with an attributable net profit of 1.198 billion euros, 343 per cent more than in the same period of 2008. This increase comes mainly as a result of the balance between income and expenses derived from the Endesa operation. Net profit excluding extraordinary items came to 68 million euros, a 45.5 per cent fall on the same period of last year.

EBITDA amounted to 393 million euros, 18.2 per cent less than in the first half of 2008, mainly as a result of the decline in the energy pool price in the first half of 2009 and the slowdown in wind- and PV solar power. Tighter margins in infrastructure and the results of ACCIONA’s real estate arm also played their part.

Consolidated turnover shrank 11.7 per cent to 2.931 billion euros, mainly as a result of the performance of ACCIONA Energy and the lower activity of the real estate division.

Net financial debt was trimmed from 17.897 billion euros at 31.12.08 to 7.353 billion euros at 30.6.09 thanks to the sale of ACCIONA’s stake in Endesa.  The sale took place on June 25th; subsequently, net financial debt for 1H/09 includes neither the debt arising from acquisitions related to the Endesa stake nor the debt from the utility that ACCIONA included proportionally in its December 2008 statement.

Capital expenditure for the first half of 2009 came to a total 3.467 billion euros, including the 593 million euros invested in organic growth of the activities of ACCIONA Energy and the 2.687 billion euros earmarked for the acquisition of Endesa assets. Investment in other business areas came to 188 million euros.

With regard to the contribution of divisions to total Group results, the main contributor to EBITDA was ACCIONA Energy (61 per cent), followed by ACCIONA Infrastructure (21.1 per cent) and ACCIONA Real Estate (6.2 per cent) and the Services and Other Business divisions (11.8 per cent).

Performance by the main lines of business

On a divisional basis, ACCIONA Energy took its turnover to 522 million euros in the first half, a 36.3 per cent fall on the same period of last year, while EBITDA dipped 18.3 per cent to 247 million euros. Three main factors account for the decline: average prices for wind power fell in the first six months of the year; energy production in Spain registered a moderate increase, and wind power and PV solar industrial activity made a smaller contribution.

On June 25th ACCIONA acquired 1,946 MW of installed capacity from Endesa: 1,096 MW in wind power and 851 in hydro generation. The megawatts acquired from Endesa have not have a significant impact on profits and losses, although the acquisition of these assets gave rise to a 57 per cent increase in wind power capacity in attributable terms (65.1 per cent in total terms). At 31.6.09 ACCIONA’s total installed capacity came to 6,975 MW (6,093 attributable), of which 5,819 MW are wind power (4,953 MW attributable).

ACCIONA Infrastructure increased its turnover by nearly 2 per cent to 1.692 billion euros, while the division’s gross operating profit came to 85 million euros, 19 per cent less than the same period of last year. The construction backlog at 30.6.09 came to a total 7.181 billion euros, and comprised mainly public works contracts.

ACCIONA Urban and Environment Services registered a turnover of 336 million euros, 5.1 per cent down on the previous half-year. Special mention should be made, however, of the good performance turned in by ACCIONA Agua, which saw increases in both revenues (51.1 per cent to 192 million euros) and EBITDA (up 6.6 per cent to 11 million euros).

As a result of the current restructuring of Trasmediterránea, EBITDA for the ACCIONA Logistics and Transport Services division came to 13 million euros, in contrast with 20 million euros in losses registered in the first half of 2008.

Income statement summary (million of euros)

  Jan-June 2008Jan-June 2009Change (%)
Revenues 3,319 2,931 -11.7
EBITDA 480 393 -18.2
Operating result 274 175 -36.3
Net Result 270 1,198 343.1

Balance sheet data (million of euros)

  31/12/200830/06/2009
Equity 6,319 6,036
Net debt 17,897 7,353
Financial gearing 283% 122%
Capital expenditure* 785 3,467

*Capex for 1H/09 is compared with period 1H/08. 1H/09 figures include 2,687 million euros from the acquisition of Endesa wind- and hydro assets.

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