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ACCIONA has released a strong set of H1 2015 results, of which the following messages are to be highlighted:

  • Strong revenues and EBITDA growth, up +10% and 21% respectively, mainly due to the good performance of the Energy division
  • The Energy revenues grow +49%, while EBITDA is up +30%. These strong results are mainly explained by:
    • The significant improvement shown by AWP which increases more than 2.5 times vs H1 2014 and improved EBITDA by +€49m
    • The good performance of the international generation business, due to the new capacity added in the LTM (+266MW) and the positive effect derived from the foreign exchange rates variations mainly related to the appreciation of the USD
  • Infrastructure’s EBITDA increased by 5%: Construction (+1%), Water (+13%) and Services (+14%)
  • Net debt as of June 2015 was €5,153m, 2.7% lower than as of December 2014
  • Capex contention in the period: Capex of €99m, roughly 50% lower than H1 2014

Main points commented in the conference call:

  • Guidance 2015E:  Capex ~€300m; WC variation ~-€200m
  • Real Estate:  Currently analyzing alternatives for part of the perimeter of the real estate division which could include the potential listing of a socimi, the incorporation of a partner, or a combination