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Spanish Acciona’s profit increases 109% in 9 months

Spanish Acciona’s profit increases 109% in 9 months

MADRID: Spanish infrastructure and renewables group Acciona SA (BME:ANA) boosted its net profit for January-September 2016 by 109.3% to EUR 348 million (USD 314m).

The company said Friday the bottom line result includes EUR 711 million in extraordinary gains, such as from the merger of Acciona Windpower and Nordex SE (ETR:NDX1). Acciona is now the main shareholder in the combined company. The gains were in part offset by extraordinary losses of EUR 619 million, including non-recurring financial costs for cancelling and refinancing debt and other factors.

Acciona’s earnings before interest, tax, depreciation and amortisation (EBITDA) contracted by 4.8% to EUR 840 million. Acciona Energy, the company’s renewable energy division, reported an EBITDA of EUR 534 million. It was down by 21.4% because of the deconsolidation of Acciona Windpower and a significant decline in power prices in Spain. Consolidated revenue in the nine months fell 12.6% to EUR 4.32 billion, and Acciona Energy revenue was down by 35.2% to EUR 1.36 billion. The drop in both cases was again due to the deconsolidation and price declines.

The renewables unit spent EUR 387 million towards new capacities in Chile, India and the USA. Thanks to firm orders in Chile, Mexico and Australia, Acciona secured 675 MW of renewables projects.

Consolidated installed capacity grew by 287 MW since September 2015 to 7,338 MW at September 30, 2016. Consolidated output in the first nine months was 13,324 GWh, up by 1.6% year-on-year. Acciona has EUR 5.43 billion in net financial debt at the end of the reporting period.

(EUR 1 = USD 1.11)