ACCIONA has released 9M 2016 results

Escrito 11 Nov 16

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 Dubai metro.

(Press release)



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