ACCIONA earns net profit of €73 million in first quarter (+19.2%)

ACCIONA’s net profit grew to €73 million (+19.2%) in the first quarter of 2019. The growth reflects an increase in sales, which totaled €1.71 billion (+1.7%), with a good performance from the Energy (+5%) and Infrastructure (+4.2%) businesses and active financial management of the Group.

EBITDA reached €292 million (-8.8%), fundamentally as a result of a change in perimeter of the Group. ACCIONA completed a divestment plan last year that included the sale of the company’s CSP plants in Spain, Trasmediterránea and the Rodovia do Aço highway in Brazil - assets that were still contributing to earnings in the first quarter of 2018. In addition, the results reflect the early termination of the ATLL concession.

Group turnover grew to €1.71 billion (+1.7%). Energy increased its revenues to €545 million (+5%) due to higher generation prices and increased production from new international renewable energy plants. Infrastructure sales also grew to €1.11 billion (+4.2%), driven by Construction and Services.

Net financial debt stood at €4.73 billion at the end of March 2019, compared to €5.37 billion a year before.  Net debt has grown by 9.2% since the end of 2018 due to high investment outlays, which rose 88.9% in the first quarter to €270 million. 

Results by Division

Turnover for the Energy division was €545 million (+5%), while EBITDA registered a small increase at €222 million (+0.9%). In Spain, despite lower output (-17%), wholesale energy prices rose (+14.3%). In the international business, energy production grew (+9%) along with associated earnings (+21.2%). Consolidated installed capacity stood at 7,627 MW, which generated 4,953 GWh of power in the first quarter. 

Turnover for the Infrastructure division (which encompasses Construction, Industrial installations, Concessions, Water and Services) grew to €1.11 billion (+4.2%). At the end of the first quarter, the infrastructure backlog stood at €11.11 billion (+2.4%), driven by EPC contracts (€7.57 billion) mainly in the water sector, including the award of the Shuqaiq3 desalination plant in Saudi Arabia. 

Within Other Activities, the growth of the Real Estate business stands out, with a turnover of €47 million (+514.3%). Bestinver revenues were €24 million (-7.0%). Funds under management stood at €6 billion at the end of the first quarter, a 9.6% increase from the end of 2018.

To see more figures, take a look at the ACCIONA homepage.