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ACCIONA pre-tax profit down by half at end-September

11/12/2013

Regulatory changes in the energy sector which came into effect on 1 January, hit the Company's bottom line by 137 million euros; this figure does not include the effects of new legislation that came into effect on 14 July.

Net attributable profit fell by 34.3% to 75 million euros.

Net ordinary capital expenditure was down by half, from 595 to 310 million euros.

Revenues fell 4.2% to 4.95 billion euros, while EBITDA decreased 7.3% to 964 million euros.

ACCIONA net attributable profit was 75 million euros in the first nine months of 2013, a 34.3% fall on the same period of last year, mainly as a result of regulatory changes in the energy sector.

The combined effects of the regulatory changes brought about by Law 15/2012 and Royal Decree Law 2/2013 took 137 million euro off ACCIONA's bottom line in the first nine months of the year; this impact does not take into account the effects of new legislation that came into effect on 14 July - Royal Decree Law 9/2013 - as its bylaws are still under development.

ACCIONA Energy's EBITDA fell 8.5% and its EBT by 75.1% as a result of these regulatory changes; As the Energy division is the biggest contributor to Group EBITDA and EBT, the new legislation reduced total group EBITDA by 7.3% to 964 million euros, while EBT was more than halved, at 82 million euros.

Group revenues at the end of the first nine months of 2013 were 4.95 billion euros, 4.2% less than the same period in 2012, mainly due to a drop in revenues in the Infrastructure division (-15.2%).

Net ordinary capital expenditure during the period fell by almost half (47.9%) to 310 million euros, including 166 million euros of organic investment in ACCIONA Energy and 147 million euros in the Infrastructure division (mainly concessions). Net Financial Debt went from €7.48 billion at 31 December 2012 to €7.37 billion at 30 September 2013.

Results by division

ACCIONA Energy revenues increased 2.3% reaching nearly €1.63 billion euros as a result of an added 105MW of capacity installed over the past twelve months and higher wind and hydro load factors in Spain. These factors offset the lower solar load factor and the negative impact of Royal Decree Law 2/2013 which translated into a 13.0% lower net average wind electricity price in Spain compared with 9M2012. The regulatory changes in Spain have also had a negative impact on the EBITDA margin, which suffered a reduction of 5.5 percentage points, and caused a 75% drop in EBT.

During 9M2013 ACCIONA Energy installed 63MW of new wind capacity. At end-September, total installed capacity amounted to 8,500MW, of which 2,526MW are international.

ACCIONA Infrastructure revenues fell by 15.2%, to 2.05 billion euros, while EBITDA came to 100 million euros, 18.8% less than the same period in 2012.

At 30 September 2013 the construction backlog amounted to €5.92 billion euros, 18.4% less than in September 2012. The international backlog now represents 52% of the total backlog.

ACCIONA Agua increased revenues by 21.4% to 415 million euros, and EBITDA rose by 25.4% to 31 million euros. The water backlog at end-September stood at €11.07 billion euros.

ACCIONA Service, a new division that grouped together a range of existing services (airport handling, facility services, logistics, waste management and others) reported a 6.9% increase in revenues to 473 million euros, driven by the excellent performance by Facility Services. EBITDA increased by 21.3%.

Revenues for Other Activities (which includes Trasmediterranea, Real Estate, Bestinver, wineries and others) amounted to 479 million euros, a 1.8% drop, with EBITDA coming to 66 million, an 8.1% increase, as a result of a good performance by Bestinver, which has 8 billion euros of assets under management, 44.6% more than in September 2012.

Income Statement Data (million euro)

  Jan-Sept 2012 Jan-Sept 2013 Change (%)
Revenues 5,165 4,951 -4.2
EBITDA 1,040 964 -7.3
EBIT 509 417 -18.1
BAI 170 82 -51.5
Net attributable profit 114 75 -34.3
  Jan-Sept 2012 Jan-Sept 2013 Change (%)
Net ordinary capital expenditure 595 310 -47.9%

Balance Sheet Data (million euro)

  31/12/2012 30/09/213
Equity 5,508 5,494
Net debt 7,482 7,373
Financial gearing 136% 134%
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