blog of Acciona · http://www.acciona.es/accionistas-e-inversores
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ACCIONA released its H1 2016 results today before the market opened and hosted a conference call this morning for analysts and investors
We would highlight the following messages:
EBITDA fell by more than 8% mostly explained by the lower prices in
Spain. The deconsolidation of ACCIONA Windpower following the merger
with Nordex effective in Q2 and the full consolidation of water
concession ATLL from first of January have had a broadly neutral
effect on consolidated EBITDA as anticipated.
The significant increase in the Earnings Before Taxes which amounted up to €587m, was driven mainly to the capital gain associated to the AWP-Nordex deal, compensated by financial costs related to the cancelation of project finance structures of certain renewable assets.
Additionally, it is worth mentioning the EBITDA improvement by more than 10% on the construction division thanks to the international business. Tramediterránea EBITDA amounted up to €14m vs €2m in H1 2015.
The Company invested almost €530m against the €47m during the same period in 2015. It is worth highlighting:
Intense construction activity in the Energy division with projects in
progress in Chile, India and US
Opportunistic increase in our stake in ATLL
Acquisition of two vessels for Trasmediterránea
Purchase of heavy machinery to deliver key contracts in the Construction business
Net debt increased by around €300m relative to December 2016
reflecting the heavy investment during the period. It is worth
mentioning that the average cost of debt has fallen by almost 50bp.
Company maintains the Outlook for 2016
Conference call main highlights:
FY2016 outlook maintained à flattish EBITDA vs FY 2015
Net Capex 2016E: €600-€700m (backed by disposals in H2)
Estimated WC Dec. 2016: -€150m