- EBITDA reached €933 million (+5.6%), with growth in Energy (+6.7%) and Infrastructure (+5.1%)
- Energy business surpasses 10,000MW of total installed capacity
- Infrastructure backlog reached €11.45 billion (+5.5%) with €3.3 billion in new EPC projects
- Capital expenditure of €982 million accelerates future growth
ACCIONA’s net attributable profit reached €213 million in the first nine months of the year. In comparable terms, ordinary profit grew strongly (+43.4%), driven by the increase in pre-tax profit in all the group's divisions. When the corporate operations carried out in the first nine months of 2018 are included (sales of solar thermal plants in Spain, Trasmediterránea and the Rodovía do Aço road concession in Brazil), total attributable net profit was down 3.9%.
EBITDA reached €933 million (+5.6%), with growth in both Energy (+6.7%) and Infrastructure (+5.1%).
Turnover to September amounted to €5.29 billion (-2.6%), with an increase in the Infrastructure division (+1.2%) and a reduction in Energy (-5.6%) that was the result of lower contributions from EPC construction for third parties as well as last year’s sale of solar thermal plants in Spain. Other Activities had a turnover of €223 million (-22.6%), following the sale of Trasmediterránea last year.
The accumulated investment during the period amounted to €982 million. A total of €346 million was allocated to new renewable capacity, mainly in the USA, Chile and Mexico. Infrastructure invested €369 million in Concessions and, to a lesser extent, in the purchase of heavy machinery for large international projects and in the development of the Motosharing and Citizen Services businesses. The company also allocated €281 million to the development of the real estate business.
Net financial debt stood at €5.17 billion as a result of strong investment in assets that ensure future growth. The average cost of debt fell from 3.55% in 2018 to 3.31% in the first nine months of 2019.
By Division
Energy invoiced €1.50 billion (-5.6%) during the nine months and generated an EBITDA of €567 million (+6.7%). International generation grew strongly in revenues (+16.1%); Spanish generation (-7%) reflects the sale of the solar thermal business.
In the last twelve months, ACCIONA's consolidated installed capacity increased by 509MW (203MW in Chile, 145MW in the US, 99MW in Ukraine and 62MW in Spain). Total installed capacity has now surpassed 10,000 MW.
Turnover in our Infrastructure businesses reached €3.7 billion (+1.2%). Of note is the increase in the Water business (+15%) due to the start of construction of desalination plant projects in the Middle East and despite the early termination of the ATLL concession.
Infrastructure EBITDA increased to €326 million (+5.1%). The Construction and Industrial areas stand out, with EBITDA rising to €237 million (+40.0%), driven by the Sydney Light Rail settlement reached in the previous quarter.
The Infrastructure backlog amounted to €11.45 billion (+5.5%) in the first nine months, with a wide geographical diversification. The Construction, Water and Industrial EPC project portfolio was close to €8 billion with more than €3.3 billion in new projects contracted through September.
Other Activities includes the increase in Real Estate revenues (+245.3%) due to the delivery of 372 homes up to September. At September 30, Bestinver's funds under management stood at €5.98 billion (+9.3% above the end of 2018).
Key Figures
Income Statement Data (Millon Euro)
| Jan-Sep 2019 | Jan-Sep 2018 | Chg (%) | |
|---|---|---|---|
| Revenues | 5,287 | 5,427 | -2.6% |
| EBITDA | 933 | 883 | 5.6% |
| EBT | 352 | 323 | 9.0% |
| EBT - ex. op. trans. | 352 | 237 | 48.5% |
| Attributable net profit | 213 | 222 | -3.9% |
| Net profit - ex. op. trans. | 213 | 149 | 43.4% |
Balance Sheet Data and Capital Expenditure (Millon Euro)
| 30-sep-19 | 31-Dec-18 | Chg (%) | |
|---|---|---|---|
| Equity | 3,502 | 3,495 | 0.2% |
| Net debt | 5,166 | 4,333 | 19.2% |
| Net debt incluiding IFRS16 | 5,375 | - | n.m. |
| Jan-sep 19 | Jan-sep 18 | Chg (%) | |
| Net Ordinary Capex | 731 | 651 | 12.3% |
| Net investment Cashflow | 982 | -229 | n.m |
Operating Data
| 30-sep-19 | 31-Dec-18 | Chg (%) | |
|---|---|---|---|
| Infrastructure backlog (Million euro) |
11,446 | 10,846 | 5.5% |
| Average workforce | 39,980 | 38,544 | 1.1% |
| 30-sep-19 | 30-sep-18 | Chg (%) | |
| Total capacity (MW) | 10,071 | 9,025 | 11.6% |
| Consolidated capacity (MW) | 8,007 | 7,499 | 6.8% |
| Total production (GWh) (Jan-Sep) | 16,248 | 16,375 | -0.8% |
| Bestinver's assets under management (Million euro) |
5,984 | 6,202 | -3.5% |