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14:18 on October 30 2015

ACCIONA has released 9M 2015 results

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Press release

ACCIONA has released a strong set of 9M 2015 results, of which the following messages are to be highlighted:

  • Strong revenues and EBITDA growth, up +5% and 14% respectively, mainly due to the good performance of the Energy division
  • The Energy revenues grow +37%, while EBITDA is up +26%. These strong results are mainly explained by:
    • The increase shown in AWP that reached €68 million EBITDA vs. €15 million in 9M 2014
    • Good performance of the generation EBITDA which grows by 10% to €644 million, mainly boosted by a higher international generation EBITDA
    • The net increase of the consolidated installed capacity by 154MW in the last twelve months
  • Infrastructure’s EBITDA decreased by 12%: Construction (-14%), Water (-9%) and Services (+4%)
  • Net debt as of June 2015 was €5,367m, 1.4% higher than as of December 2014. This is explained by two main factors:
    • Debt refinancing and capitalization at real estate company El Coto implied an increase in consolidated debt
    • Increase in WC driven by reimbursement of Spanish previous regulatory framework feed in tariff
  • Capex of €128m, roughly 60% lower than 9M 2014

Main points commented in the conference call:

  • Guidance 2015E:
    • Capex: 2015E €200-250m // 2016E: €350-400m
    • DFN 2015E: In line with September 2015 or €50m higher
    • DFN/EBITDA 2015E: ~4.5x
  • Real Estate:
    • The refinancing and recapitalization of El Coto (with a EUR138m impact on the company debt) is part of the process to restructure the Real Estate division with the final aim of seeking for a private investor or making a private deal
  • Energy:
    • AWP:
      • ACCIONA is expected to have a 20-30% weight on AWP’s backlog in the coming years
      • Estimated order book Dic. 2015: ~1GW
    • Hedging policy: ~35% of 2015E production
  • AWP/Nordex transaction:
    • The deal is expected to be finally closed, after all needed approvals, in 1Q1

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