• Growth by the power generation business and ACCIONA Windpower in international markets drove the increase in group earnings in the first half
  • Ordinary earnings before taxes (EBT) increased by 183% to €153 million
  • EBITDA rose by 21.4% to €573 million on a 10% increase in consolidated revenues to €3,304 million
  • Net debt was reduced by €141 million, or 2.7%, with respect to December 2014

ACCIONA reported €103  million in net profit in the first half of 2015, a 50.6% increase with respect  to the same period of 2014, basically as a result of growth in international  markets by the power generation business and wind turbine manufacturer ACCIONA  Windpower (AWP).

Ordinary earnings before  taxes (EBT) increased by 183% to €153 million, from €54 million the previous  year, due mainly to a €102 million increase in EBT in the Energy division.

EBITDA increased by 21.4%  to €573 million, broadly as a result of growth by the Energy division (+29.9%),  driven by the international business and ACCIONA Windpower. EBITDA in power  generation increased by 9.4% (to €445 million) due to the increase in  international installed capacity, a slightly higher load factor and the  positive effect of the dollar's appreciation, while AWP reported €45 million in  EBITDA, contrasting with a loss of €5 million in the same period last year.

Group consolidated revenues  increased by 9.9% to €3,304 million, driven basically by a 48.9% increase in  revenues in the Energy division, which offset the decline in business volume in  Construction, Agua and Other Activities.

At 30 June 2015, ACCIONA's  attributable equity amounted to €3,479 million, 2.9% more than at 31 December  2014.

Net financial debt was  reduced by 2.7%, from €5,294 million at 31 December 2014 to €5,153 million at  30 June 2015, as strong EBITDA growth offset working capital and investing cash  flow.

Net ordinary capital  expenditure in ACCIONA's various businesses amounted to €99 million in the  period, 48.2% less than in the first half of 2014. The bulk of capital  expenditure — €66 million — was in the Energy division.

Results  by division

ACCIONA  Energy's revenues increased by  48.9% to €1,460 million, with EBITDA up 29.9% to €472 million. The division's  EBT amounted to €120 million, compared with €18 million in the same period of  2014.

Consolidated installed  capacity has expanded by 217 MW in the last twelve months, including the entry  into service of 174 MW of wind capacity (36 MW in Chile and 138 MW in South  Africa) and 92 MW of solar photovoltaic (in South Africa). ACCIONA's  consolidated installed capacity amounted to 7,021 MW at 30 June 2014, of which  5,660 MW are wind; consolidated output totalled 9,316 GWh.

The Infrastructure division (which encompasses Construction, Agua and Service) billed €1,623  million in the first half, a 6.4% decline on the same period of 2014, basically  because of a decline of 8.5% in revenues in Construction and 12.5% in Agua,  offset partly by a 4.9% increase in Service business volume. The division's  EBITDA amounted to €69 million, 5.1% more.

In particular, the  concession business increased revenues by 6.3% and EBITDA by 13.4%.

The Construction backlog  amounted to €5,732 million at 30 June 2014, a 3.7% increase year-on-year.  International orders now account for 68% of the total backlog, up from 58% at  30 June 2014.

The Other Activities division, which includes Trasmediterranea, Real Estate, Bestinver and Wineries,  saw revenues fall 18.1% to €278 million, while EBITDA declined to €32 million,  23.6% less than in the same period of 2014, due to declines at Bestinver and  Real Estate. In contrast, Trasmediterranea increased EBITDA by €7 million due  to better revenue performance and lower fuel prices. Bestinver attained €5,373  million under management at 30 June 2015, and reported €31 million in EBITDA.

1H 2015 Results

1H 2015 Presentation

Income Statement Data (million euro)


Jan-Jun 2014 Jan-Jun 2015 Chg. (%)
Revenues 3,005 3,304 9.9
EBITDA 472 573 21.4
EBIT 254 313 23.5
Ordinary EBT 54 153 183.2
EBT 89 153 71.4
Net attributable profit 68 103 50.6

Balance Sheet Data and Capital Expenditure

 . 31/12/2014 30/06/2015 Chg. (%)
Equity 3,613 3,741 3.5
Net debt 5,294 5,153 -2.7
  Jan-Jun 2014 Jan-Jun 2015 Chg. (%)
Ordinary capital expenditure 190 99 -48.2