ACCIONA net profit up to €186 million (+132.1%)

• Ordinary net profit, excluding capital gains on the sale of CSP plants in Spain and of Trasmediterranea, amounted to €100 million (+25.6%)
• EBITDA was €618 million (+6.7%), with balanced growth in the Infrastructure (+8.3%) and Energy (+6.7%) divisions
• In comparable terms of the consolidation perimeter, EBITDA growth would have been around 13%
• Revenues increased to €3.53 billion (+4.1%)
• Net interest-bearing debt declined by €613 million compared to 2017 year-end (‑11.7%) to €4.61 billion as of 30 June 2018

ACCIONA obtained €186 million in attributable net profit in the first half of 2018 (+132.1% year-on-year) due both to business growth and to the capital gains on the divestment of Concentrated Solar Power (CSP) plants in Spain and of Trasmediterranea. Excluding capital gains (€85 million), ordinary profit amounted to €100 million (+25.6%).

EBITDA increased to €618 million (+6.7%) due to the combined effect of growth in the Energy (+6.7%) and Infrastructure (+8.3%) divisions, the latter boosted by 31.5% growth in Construction EBITDA. In comparable terms of the consolidation perimeter, EBITDA growth would have been around 13%.

Revenues totalled €3.53 billion (+4.1%) in the first half of 2018. Good performance by the Energy division (+17.6%) was due to higher output in Spain and other countries. The Infrastructure business (+1.8%) was driven by growth in Construction (+3.8%).

Net debt amounted to €4.61 billion, down ‑11.7% with respect to the €5.22 billion registered at 2017 year-end. Divestments enabled net debt to be reduced by €981 million. Financial expenses declined to €150 million (‑8.8%).

Gross capital expenditure amounted to €254 million in the period. That was 47.6% less than in the same period of 2017, which included the Geotech acquisition (€139 million). Divestment of CSP plants and of Trasmediterranea resulted in a net positive impact of investments on cash (€727 million).

Business performance

The Energy division saw revenues rise to €1.02 billion (+17.6%) while EBITDA amounted to €392 million (+6.7%).

EBITDA in the Spanish business grew (+8.9%) due to higher output in the period (+13%) and despite a slight decline in wholesale prices and the negative impact of the regulatory banding mechanism.

EBITDA in international power generation business increased by +4.8% as a result of higher production and better pricing. The addition of 359 MW of wind capacity in Mexico (183 MW), Australia (132 MW), Canada (38 MW) and India (6 MW) amply offset the impact of divesting the CSP plants (250 MW). Consolidated output totalled 9,788 GWh (+12.3%).

Revenues in the Infrastructure division totalled €2.33 billion (+1.8%) while EBITDA increased by 8.3% to €197 million. The EBITDA margin widened to 8.5%.

Within this division, the Construction business achieved €1.49 billion in revenues (+3.8%) and €103 million in EBITDA (+31.5%) due to execution of large international projects. As of 30 June, the backlog stood at €5.38 billion, a decline of ‑14.4% with respect to 2017 year-end because of the large volume of work that has been executed.

Under Other Businesses, Bestinver increased EBITDA (+3.4%) and revenues (+13.1%). It has €6.35 billion in assets under management (+9.6%). 

The Real Estate business reported negative EBITDA and revenues declined (‑44.3%) due to the change in consolidation perimeter after contributing the residential rental assets to Testa Residencial, and also because the real estate development business is in an investment phase.

Income Statement Data (Million Euro)

Balance Sheet Data and Capital Expenditure (Million Euro)

Operating Data