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ACCIONA obtains a net profit of 114 million euros

11/13/2012

Revenues amounted to 5,165 million euros, a 7.7% increase.

EBITDA rose by 11.4% to 1,040 million euros.

Revenues amounted to 5,165 million euros, a 7.7% increase.

EBITDA rose by 11.4% to 1,040 million euros.

13 November 2012. ACCIONA obtained a net profit of 114 million euros in the first nine months of the year, down 63.7% compared to the same period of 2011 due to the absence of extraordinary items. Group revenues reached 5,165 million euros, a 7.7% increase, mainly due to the positive performance of ACCIONA Energy and revenue growth of ACCIONA Agua, which offset the fall in revenues at the Company's Infrastructure and Real Estate divisions (-3.9% and -39.5% respectively).

Group EBITDA in 9M 2012 came to 1,040 million euros, an increase of 11.4%. This was due mainly to the positive evolution of the Energy division driven by the contribution of 209MW of new capacity installed during the last twelve months and a higher national and international wind load factor.

Group EBIT decreased by 26.4% to 509 million euros, while EBT fell 56.7% to 170 million euros. Excluding the capital gains impact of the sale of two concessions in Chile and the car park business in 2011, EBT would have risen by 49.4%.

Net ordinary capital expenditure, 60% of which was invested abroad, amounted to 588 million euros, including 322 million euros for ACCIONA Energy and 259 million euros for the Infrastructure division (mainly in concessions). This was 33% less than in the same period of 2011. At the end of the period, the Net Financial Debt was 7,689 million euros.

Main business activities

ACCIONA Energy revenues increased 35.0% to 1,590 million euros, due to the additional installed capacity of the last twelve months (+2.6%) and  a higher national and international wind load factor. These offset lower hidraulicity during 9M 2012 and a fall of the average pool price compared to 9M 2011 (-2.1%). The EBITDA of the Energy division in 9M 2012 increased 20.2% to 820 million euros.

During the first nine months of 2012 ACCIONA Energy installed 182MW: 132MW wind (53MW in Spain, 64MW in Italy and 15MW in Croatia) as well as 50MW solar thermal/CSP in Spain. In September 2012 installed capacity totaled 8,394MW, of which 2,472MW were international.

ACCIONA Infrastructure revenues came to 2,415 million euros (down 3.9%) and EBITDA amounted to €123 million euros, 16.1% less than in 9M 2011. At 30 September 2012 the construction backlog totaled 7,248 million euros (up 12% in a year), with the international backlog accounting for 51% of the total.

The Water division showed a positive performance during 9M 2012 achieving an 18.2% increase in sales to 342 million euros, and a 13.8% rise in EBITDA to 26 million euros. The Water backlog as of September 2012 came to 4,758 million euros, of which 36% was international.

During 9M 2012, ACCIONA Logistics & Transport Services revenues remained almost flat at 560 million euros. EBITDA grew 10% to €30 million.

In Other Business & Financial, in the first nine months of the year the fund manager Bestinver had 5,555 million euros of assets under management, 9% more than in the same period of last year.

Income Statement Data (Million euros)

  Jan-Sept 2012 Jan-Sept 2011 Change (%)
Revenues 5,165 4,796 7.7
EBITDA 1,040 934 11.4
EBIT 509 691 -26.4
EBT 170 392 -56.7
Net attributable profit 114 314 -63.7
  Jan-Sept 2012 Jan-Sept 2011 Change %
Ordinary capital expenditure 588 872 -32.6

Balance Sheet Data (Million euros)

  30/09/2012 31/12/2011
Equity 5,458 5,645
Net debt 7,689 6,991
Financial gearing 141% 124%
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