ACCIONA released its FY 2015 results yesterday night and this morning we hosted a presentation for analysts and investors

We would highlight the following messages:

2015 has been a year of stability after the pressures that ACCIONA has been exposed to in recent years (regulatory impact in Spain, radical reduction in the tendering for infrastructure in Spain, global economic crisis, Bestinver management team exit…)

During 2015, ACCIONA has been able to focus on the operational improvement of our businesses, has secured growth opportunities for 2016, and continued to improve its balance sheet

We would highlight the good performance of the Energy division both due to the increase in the energetic prices and the outstanding results derived from the wind turbines AWP. Trasmediterránea continues to improve its results thanks to operational improvements and a favorable economic environment. Bestinver has also had very positive results in this first year under the new investment team

From a corporate activity point of view, the combination between AWP and Nordex has been a landmark event for the Group, as well as the agreement to acquire BTG’s Pactual stake in ATLL which makes our stake increase in the Barcelona region upstream water concession reach 76%

Capex has been historically low but it has enabled ACCIONA to create financial capacity to invest in the future and start the construction of renewable assets in Chile, India and US

Net Debt has been reduced and the NFD /EBITDA ratio stands within the target range following a very significant improvement

The 2015 dividend proposal is to increase dividends by 25% to reach €2.5/share. This increase lifts the dividend to a new base from which ACCIONA hopes to provide moderate and sustainable growth going forward

Regarding the outlook for 2016, we expect good performance coming from most business lines, except for Generation in in Spain due to a weak environment in terms of power prices. We expect EBITDA to be relatively flat year on year, and capex in the order of €600m which will be managed in the context of maintaining our credit ratio within our target range. The objective regarding the dividend attributable to the 2016 financial year would be to be able to provide moderate growth

In summary, 2015 has been a good year for ACCIONA, and we are upbeat about 2016 although we face the challenge of low power prices in Spain


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