Acciona increases ordinary profit to €155 million

Acciona ordinary profit

Acciona reported attributable net profit amounting to €155 million in the first half of the year, down by 16.5% from 2018.

However, in comparable terms, the company’s ordinary profit grew by 54.4% excluding the impact of several corporate transactions, such as the sale of its Concentrated Solar Power (CSP) business in Spain and Transmediterranea in the first semester of 2018.

Increased gross profit

For its part, Acciona’s EBITDA amounted to €659 million, up by 6.6%.

This rise is mainly due to the growth in the Infrastructure division. Including the revenue generated by the Sydney Light Trail project, after reaching a settlement with the client, and contributions from new international Energy assets.

Growth of revenue and investments

Revenue
amounted to €3.570 billion, up by 13%
, with growth in both Energy
(+1.2%) and Infrastructure (+5.8%).

Total net investment during the period totaled €701 million (+36.6), of which €196 million corresponds to Energy, €350 million to Infrastructure, and €191 million to other businesses.

The company’s net debt remained stable at €4,738 billion compared with the previous quarter. This was possible even with the rise of investments.

Energy business on the rise

The energy division grew by 1.2% to €1,035, with EBITDA standing at €389 million, slightly decreasing by 0.8%. Nonetheless, excluding the contribution of the CSP business and the impact of International Financial Reporting Standards 16 (IFRS 16), it went up by 4.8%.

The international power generation business expanded its EBITDA by 15.2%. This growth was the result of the contribution of new operational assets. The increase offsets the decline in power generation in Spain (-16.3%) due to the divestment in CSP and the lower output, particularly hydroelectric.

Over the past twelve months, consolidated installed capacity increased by 309 MW with projects in Spain (83 MW), the USA (85 MW), Chile (84 MW), and Ukraine (58 MW).

Infrastructure is also growing

Revenue in the Infrastructure division totaled €2,465 billion (+5.8%) with EBITDA going up to €251 million (+27.5%).

Within this division, Construction and Industrial stood out for reaching revenues of €1,759 billion and EBITDA of €201 million (+90.2%).

The division’s total backlog (Construction, Industrial, Water, and Services) rose to €11,548 billion, up by 6.5% compared with 2018. 67% of the projects are located outside of Spain.

The real estate business revenue amounted to €56 million, up by 281.5%. This rise mainly stems from accelerating delivery of residential developments in the period.

Emissions reduction

On the other hand, Acciona just announced it has established emissions reduction goals approved by the Science Based Targets (SBT) initiative.

In detail, the company plans to reduce greenhouse gases (GHG) by 16% by 2030, taking 2017 as the base year.

The company explained that this commitment and the decision to increase its compliance with scientific criteria is in line with the Sustainability Plan 2020 and its accession to the Paris Agreement to limit global temperatures under 2°C.

For more information, check Energía16

See also: ACCIONA Solidifies Its Green and Sustainable Commitment

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