• Group results driven by the favourable evolution of ACCIONA Windpower and the growth in power generation in international markets.
  • Consolidated revenues grew by 9% to €1.53 billion. EBITDA improved 24,3% to €280 million.
  • Ordinary earnings before tax grew to €66 million from €13 million a year before.

ACCIONA’s attributable net profit rose 28.5% to €42 million in the first quarter of 2015 thanks to the growth of ACCIONA Energia. The favourable evolution of ACCIONA Windpower, which achieved an Ebidta of €15 million in the first quarter of 2015, against a loss of €4 million the year before, and a strong quarter for internationalpower generation, contributed to a 24.3% rise in Group Ebidta to €280 million.

Ordinary Earnings Before Tax reached €66 million, compared with €13 million in the same period of last year.

Consolidated revenues increased 9% to €1,528 million, thanks mainly to a  strong contribution from ACCIONA Windpower, which more than doubled its revenues compared to the first quarter of 2014; a growth in power generation income from international markets and the addition of new capacity in the past 12 months. The Construction business also made a positive contribution, with a 2% growth in revenues as a result of the good performance in the construction and engineering activities. These factors helped mitigate a decrease in Water revenues and Other Activities.

ACCIONA’s attributable equity at the end of March 2015 was €3,448 million, or 2% higher than at the end of December 2014. Net financial debt increased slightly from €5,294 million at the end of 2014 to €5,380 million at end-March 2015. Debt rose by €139 million as a result of the mark-to-market effect of derivatives and the evolution of exchange rate trends. Without these two effects, net financial debt would have decreased by €53 million from December 2014.

Net ordinary capital expenditure amounted to €55 million, down 34.3% compared with the first quarter of 2014. Energy took the lion’s share of investment outlays with €41 million.

Results by Division

ACCIONA Energia revenues increased 31.6% to €640 million. Ebidta increased 28.9% to €241 million, while Earnings Before Tax totalled €65 million compared with €12 million in the first quarter of 2014.

The results were mainly driven by the good performance of ACCIONA Windpower, which recorded an Ebidta of €15 million against a loss of €4 million in the same quarter of 2014, and higher earnings from power generation outside Spain, the Ebidta of which grew 30.5% thanks to an increase in installed capacity abroad and favourable currency movements, namely the appreciation of the US dollar.

Power generation totalled 4,965 GWh, up 2.6% over the first quarter of 2014, thanks to an increase in installed capacity in the past 12 months, higher wind and solar load factors, which offset a lower hydro factor in the quarter.

Revenues and Ebidta of the Infrastructure division, which includes the activities of Construction, Water and Services, were stable at €789 million and €28 million respectively.

The Construction backlog totalled €6,264 million at the end of March, 13% higher than at the end of March 2014. The international backlog grew to 69% of the total, compared with 55% a year ago. New works totalling €1,083 million, 90% from outside Spain, were added to the backlog in the first quarter.

The Water division registered a 15.7% decline in revenues to €89 million mainly due to a reduction in design and construction work as a result from the completion of main projects. The Water backlog stood at €9,575 million at the end of March 2015, down 3% from last year.  

The Services division, which encompasses a series of services including airport handling, facility services, logistics and waste management, reported a 3.7% increase in revenues to €165 million, mainly thanks to the growth of facility services. The division contributed a positive Ebidta of €2 million.

Other Activities - which includes Trasmediterranea, Real Estate, Bestinver, wineries and others - reported revenues of €127 million, down 16.3% over the first quarter of 2014. Nevertheless, Ebidta increased 16.2% to €11 million, thanks to Trasmediterranea’s better performance as a result of lower fuel prices and higher revenues.

Bestinver’s assets under management stood at €6,023 million at the end of March 2015. It reported revenues of €22 million and an Ebitda of €14 million in the quarter.



Income Statement Data (Million euro)

Change (%)
Revenues 1,402 1,528 9
EBITDA 226 280 24.3
EBIT 129 150 15.8
Ordinary EBT 13 66 406
EBT 41 66 63
Net attributable profit 33 42 28.5

Balance Sheet Data and Capital Expenditure (Million euro)

  31/12/2014 31/03/2015 Change (%)
Equity 3,613 3,726 3.1
Net debt 5,294 5,380 1.6
  Ene-Mar 2014 Ene-Mar 2015 Variación (%)
Ordinary capital expenditure 84 55 -34.3