ACCIONA recorded a net attributable profit of €328 million (+49.0%) in 2018. The company's annual results reflect a substantial operating improvement, sound financial discipline and an effective divestment plan. The Energy business was boosted by the normalisation of production, improved prices and the contribution of new assets in operation. The Infrastructure division closed the year with strong levels of execution and the award of more than €5 billion in new contracts. The year was also marked by a rotation of non-strategic assets (€1.42 billion), including Trasmediterránea, the sale of ACCIONA’s solar thermal business in Spain and of its 20% stake in Testa Residencial.
In 2018, ACCIONA's total revenues reached €7.51 billion (+3.5%). Energy contributed €2.21 billion (+27%); Infrastructure €5.06 billion (+2.4%) and Other Activities – following Trasmediterránea's exit from the consolidation perimeter - €392 million (-43.2%).
The company recorded an EBITDA of €1.25 billion in 2018, of which 60% came from Energy (€743 million), 34% from Infrastructure (€419 million) and 7% from Other Activities (€86 million). On a like-for-like basis, EBITDA grew by 9.2%.
ACCIONA’s attributable net profit totalled €328 million (+49.0%). The figure includes the net result of the above-mentioned corporate operations (€109 million). Excluding these operations, net attributable profit would be €219 million (-5.9%), mainly due to the deconsolidation of the non-strategic assets that were sold.
The amount generated by these divestments (€1.42 billion) contributed to reducing indebtedness and reinforcing ACCIONA's commitment to sustainable solutions in Infrastructure and Energy, the company's core business.
During the year, ACCIONA reduced its debt sharply to €4.33 billion (-17.1%). Leverage fell to 3.48 times net debt/EBITDA from 4.10 times, while net financial expenses were 8.9% lower than the previous year.
The company's annual results reflect a substantial operating improvement, sound financial discipline and an effective divestment plan
In addition, the company invested €1.02 billion in 2018: €643 million in gross investment, an additional €83 million related to capex and €100 million for the development of the real estate business. Furthermore, €196 million was earmarked for the temporary share repurchase program, given the undervaluation of ACCIONA’s share price in the market.
Results by division
Energy revenues totalled €2.21 billion (+27%) and EBITDA reached €743 million (+2.4%). The gross profit from international generation grew by 8.5% with the addition of new capacity, higher production and improved prices in the countries where ACCIONA operates. The results were partially offset by the negative evolution of exchange rates.
The EBITDA of generation activity Spain fell slightly (-2.5%), mainly due to the deconsolidation of the CSP business in Spain in May.
During the year, ACCIONA reduced its debt sharply to €4.33 billion (-17.1%)
ACCIONA added 255 MW of new capacity throughout 2018, including Mexico (99MW), Australia (132MW) and Ukraine (24MW), which improved the company’s geographical diversification and compensated the sale of solar thermal plants in Spain (250MW).
Consolidated installed capacity increased by 88MW to 7,585MW, of which 41% (3,129MW) are outside Spain. Consolidated annual production was 18,605GWh during the year.
The Infrastructure division - which includes Construction, Industrial, Concessions, Water and Services businesses - achieved a turnover of €5.06 billion (+2.4%). EBITDA was €419 million (-1.8%), with a margin of 8.3%.
Turnover at the Construction business was €3.14 billion (+0.2%) with an EBITDA of €205 million (+3.9%). The backlog stood at €5.33 billion (-15.3%) due to the high volume of work that has been completed in Australia, Ecuador and the United Arab Emirates. This backlog fall was partially mitigated by new contracts in Norway (E6 Ranheim-Vaernes Motorway), Australia (Kwinana Waste to Energy plant and the Southern Program Alliance) and two road maintenance contracts in Canada.
The Industrial business improved its turnover to €411 million (+50.2%) and its EBITDA to €23 million (+136.8%), while the backlog grew from €481 million to €687 million (+42.9%).
Turnover at the Water business was €639 million (-6.2%) and its EBITDA was €113 million (-13.1%) as the construction of two desalination plants in Qatar ended. The backlog for the Water business stood at €3.78 billion at the end of 2018, including the effect of the deconsolidation of ATLL. The Design and Construction backlog has doubled with contracts for five new desalination plants: South Dhahran I and II in Saudi Arabia and three in the United Arab Emirates.
Turnover at the Water business was €639 million (-6.2%) and its EBITDA was €113 million (-13.1%) as the construction of two desalination plants in Qatar ended
Turnover at the Services business reached €800 million (+6.3%) with a backlog of €1.05 billion (+17.2%).
In Other Activities (which includes Trasmediterránea until its deconsolidation on May 31st, Inmobiliaria, Bestinver and others) recorded a turnover of €392 million (-43.2%) – a result affected by the sale of Trasmediterránea. EBITDA stood at €86 million (-30.9%).
Bestinver improved its EBITDA, which amounted to €72 million (+3.6%). Assets under management averaged €6.15 billion in 2018, compared with €5.77 billion the previous year.
Income Statement Data (Million euro)
Balance Sheet Data and Capital Expenditure (Million euro)