Acciona reports solid 2012

Spanish contractor Acciona reported revenues of €7 billion for 2012, up 6% year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 9% to €1.4 billion.

The increases were fuelled by a good performance from the company’s energy division, which offset lacklustre results elsewhere, particularly in the real estate and infrastructure business units.

Energy revenues were up 28% compared to 2011 to €2.1 billion, and the division’s EBITDA also climbed 18% to €1.1 billion. Acciona said the contribution of the 224MW of power it had installed during the year helped drive performance up.

However, the infrastructure division – the company’s largest division by revenue – reported a 6% year-on-year fall in sales to €3.3 billion. Infrastructure EBITDA also dropped 24% compared to 2011 to €163 million. Acciona said the decrease in Spain’s construction business was responsible for the drop.

The company’s real estate operation also saw declines in 2012, with revenues down 35% year-on-year to €68 million and EBITDA plummeting 90% to €1 million. Acciona said lower sales had been compounded by the impact asset disposals made in 2011.

Elsewhere, the logistic and transport services division saw a 1% drop in revenue to €706 million but a 46% rise in EBITDA to €36 million, while the water and environment division saw revenues rise 17% to €815 million and EBITDA drop 1% to €54 million.

Compared to the same point in 2011, Acciona’s construction backlog was up 4% at the end of 2012 to €6.5 billion. Of this, work in Spain was worth €3.8 billion, down 14% year-on-year, while the proportion of international work increased 30% to €2.7 billion.