ACCIONA has released 9M 2016 results
Key highlights from the period:
• ACCIONA generated EBITDA of €840 million. This represents a decline
of 5% mostly due to the significantly lower power prices in the
Spanish market, which were partially compensated by the good
performance of the Infrastructure division and Other Business. The
Spanish Construction business continues to be marked by steep declines
in volumes. The deconsolidation of AWP in combination with the full
consolidation ATLL has been broadly neutral at the EBITDA level.
• The 9M 2016 figures include positive extraordinary items amounting
to €711 million, mostly representing the capital gain related to the
contribution of AWP to Nordex. These positive effects have been
partially offset by negative extraordinary items amounting in
aggregate to €619 million, of which approximately half are related to
non-recurring financial charges related to the major refinancing
transactions linked to energy assets which were carried out during the
period. The rest correspond to other provisions and impairments.
• In total, the net extraordinary items at the Profit Before Tax
level amount to €92 million (€375 million at EBIT level, before the
non-recurring financial charges primarily).
• The refinancing transactions related to energy projects will allow
ACCIONA to significantly reduce its cost of debt and deepen the
transformation of its funding structure. The extraordinary financial
charges are mostly linked to unwinding of derivative contracts and
therefore are mostly neutral in terms of impact on net debt.
• In terms of capital expenditure, the group has reactivated its
investment effort mainly in the Energy division, with gross capex
amounting to €745m during the period, which includes non-recurring
investments such as the increase in its interest in ATLL as well as
additional vessels for Trasmediterránea. Taking into account
divestments of commercial properties within the Real Estate division –
amounting to €40 million – and the management of payments linked to
the investment activity, net investment cash-flow for the period
reached €595 million.
• ACCIONA increased its firm pipeline of energy projects in Chile,
Mexico, and Australia, securing approximately 700 MW (net) to be
installed during the next few years. Within Infrastructure, the
Construction backlog increased by 28% reaching €7,182m thanks to the
award of large value-added contracts such as the extension of the