Endesa sale gives Acciona one-time boost
By Chris Sleight29 July 2009
Acciona reported a net profit of € 1,2 billion for the first half of the year, a +343% increase on the same period last year. However, this was largely due to the sale of its stake in electricity company Endesa. Excluding extraordinary items its net profit was € 68 million - down -45,5%.
The company's revenues fell -11,7% to € 2,93 billion for the first six months of the year. Acciona said this was due to fall s in revenues for its energy business - a knock-on effect from the fall in energy prices, particularly wind power, seen in Spain. Activity in Acciona's real estate business was also down.
On the positive side, Acciona Infrastructure saw its revenues rise +2% to € 1,69 billion, although operating profit was down -19% to € 85 million.
In February, Acciona sold its 25,01% stake in Endesa to Enel, the Italian power company it had partnered with to acquire Endesa in the previous year. As part of the deal, Acciona took over Endesa's renewable energy businesses and consolidated them into Acciona Energy.
The sale of the stake for € 11,1 billion in cash has seen Acciona reduce its net debt from € 17,9 billion at the start of the year to € 7,35 billion at the end of June.