ACCIONA reported €155 million in attributable net profit in the first half of 2019 (-16.5%). Ordinary profit increased sharply (+54.4%) in like-for-like terms excluding number of corporate transactions: the sale of the CSP energy business in Spain and of Trasmediterranea in the first half of 2018.
EBITDA increased to €659 million (+6.6%) due to growth in the Infrastructure division, including revenues from the settlement with the client in the Sydney Light Rail (SLR) project and the contribution of new operating Energy assets in different countries.
Revenues in the first half amounted to €3.57 billion (+1.3%), with solid growth both in Energy (+1.2%) and Infrastructure (+5.8%).
Total net capital expenditure in the period amounted to €701 million (+36.6%). Energy invested €196 million, Infrastructure €350 million and Other Businesses, €161 million.
Net interest-bearing debt (€4.74 billion) was stable with respect to the preceding quarter despite strong capital expenditure.
Results by division
Energy expanded revenues to €1.04 billion (+1.2%), while EBITDA was stable at €389 million (-0.8%), although it would have logged +4.8% growth in like-for-like terms, excluding the contribution of Spain’s CSP energy business and the impact of IFRS 16.
The international power generation business expanded its EBITDA (+15.2%) due to the contribution of new operational assets. This increase offsets the decline in power generation in Spain (-16.3%) due to the divestment in CSP and the lower output, particularly hydroelectric.
Consolidated installed capacity increased by 309 MW in the last twelve months with projects in Spain (83 MW), the USA (85 MW), Chile (84 MW) and Ukraine (58 MW).
Revenues in the Infrastructure division totalled €2.47 billion (+5.8%) while EBITDA increased to €251 million (+27.5%).
Within this division, the Construction and Industrial business attained €1.76 billion in revenues (+8.3%) and €201 million in EBITDA (+90.2%) due to the execution of large international projects and to the impact of the SLR settlement.
Strong growth in the EPC backlog in the first half (+€901 million) raised the total Infrastructure backlog (Construction, Industrial, Water and Service) to €11.55 billion (+6.5% for the last six months), 67% of which relates to projects outside Spain.
The real estate business increased revenues to €56 million (+281.5%) due to accelerating delivery of residential developments in the period.
Assets under management at Bestinver amounted to more than €6 billion at 30 June (+9.6% with respect to 2018 year-end).
