ACCIONA has released Q1 2015 results ( see presentation)

ACCIONA has started the year with a positive set of results for Q1, of which the following messages are to be highlighted:

  • Strong revenues and EBITDA growth, up +9% and 24% respectively, mainly due to the good performance of the Energy division
  • The Energy revenues grow +32%, while EBITDA is up +29%. These strong results are mainly explained by the significant improvement shown by AWP -which more than doubles its revenues and improves EBITDA by +€19m-, the good performance of the international generation business, and the higher pool price in Spain
  • Bestinver has had a good start of the year under the management of the new investment team. AUM stood at €6bn

Main points commented in the conference call:

  • ACCIONA has put on hold the US Yieldco and is currently looking at other options in Europe. However no decisión has been taken on another alternative
  • Real Estate:
    • The company is working in two strategic directions regarding part of the Spanish assets: a) the incorporation of a partner, b) analyzing the potential listing of a socimi
    • Current strategy focused on rental residential
  • The group guidance for FY2015 was confirmed
  • 20145E budget for AWP: Revenues ~€800m; EBITDA ~€40m
  • Energy hedging: 20% of the year’s energy at average price of €47GWh