Acciona reports increases

By Sandy Guthrie09 November 2016

Acciona has reported €348 million in net profit for the first nine months of 2016 – a 109.3% increase year-on-year, and the company said it had taken advantage of its strong performance in the period to advance with its €745 million investment plan to improve its debt structure, reducing financial costs.

The Spanish infrastructure, renewable energy, water and services company said net profit through September included €711 million in extraordinary gains, mainly as a result of booking the merger of Acciona Windpower (AWP) with Nordex, and €619 million in extraordinary losses. It said approximately half of these losses were non-recurring financial costs for cancelling and refinancing the company’s debt in order to reduce its cost and improve its structure.

It said consolidated revenues amounted to €4.324 billion, a fall of 12.6%, mainly caused by a 32% year-on-year decline in electricity prices in Spain, and the effect of deconsolidating AWP.

The infrastructure division – which encompasses construction, water and services – booked €2,535 million in revenues in the first nine months, which was a rise of 3.8%. The division's EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to €203 million. This was an increase of 79.4%.

Construction and industrial growth in international revenues did not fully offset the deterioration in the Spanish market, it said, resulting in a 4.6% decline in revenues.

The construction and industrial backlog expanded by 28% to €7.18 billion at the end of September 2016. The international backlog increased by 48%, while the backlog in Spain declined by 14%. International orders now account for 78% of the total backlog, up from 67% a year ago.

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