un blog de Acciona · http://www.acciona.es/accionistas-e-inversores
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ACCIONA released its Q1 2016 results today before the market opened and hosted a conference call this morning for analysts and investors
We would highlight the following messages:
- The company’s EBITDA has been in line with Q1 2015 encouraged by the fully consolidation of ATLL concession after the acquisition of an additional 37%. This effect was partially compensated by the sharp decline of the domestic pool prices
-The Construction division’s EBITDA was slightly above Q1 2015 mainly driven by the concession business
- Additionally, it is to be stressed Trasmediterránea’s good performance during the period, which went from a negative to a positive EBITDA. Bestinver maintained its EBITDA with respect last year with €5bn of assets under management and all despite the tough market conditions
- Furthermore, ACCIONA accounted a €42m extraordinary result due to: 1. The acquisition of an additional 37% of ATLL under book value which resullted in a capital gain. 2. Unwinding provision due to a litigation process won by the company related to Trasmediterránea
- During Q1 2016 ACCIONA has invested around €300m, which should not be extrapolated to the entire year. To be highlighted: 1.I nvestor effort in the three renewable projects that are currently under construction. 2. The acquisition of an additional 37% stake of ATLL to BTG Pactual. 3.T he acquisition of two vessels by Trasmediterránea
- The debt has increased slightly vs. December as a result of the capex investment in the first quarter, as well as the variation of the working capital.
- FY 2016 outlook maintained