Acciona earns 155 million, 16.5% less, after sales made in 2018

  • Acciona generated revenues of 3,570 million euros, 1.3% more
  • Gross operating profit (ebitda) amounted to 659 million

Acciona obtained a net profit of 155 million euros in the first six months of the year, which shows a drop of 16.5% compared to the first half of 2018, which included the corporate operations that were closed last year.

In fact, in comparable terms, Profit grew by 54.4% when excluding the effect of the sale of the solar thermal business in Spain and Trasmediterránea in the first half of 2018.

The gross operating result (ebitda) amounted to 659 million, 6.6% above that generated in the first half of the previous year, according to the accounts sent this Monday by the group to the National Securities Market Commission (CNMV).

Without taking into account the contribution of the deconsolidated assets (the solar thermal business in Spain, Trasmediterránea and Rodovia do Aço), as well as the early termination of the operation of the ATLL contract and eliminating the effect of the IFRS16 accounting standard, ebitda increased 16.6%.

Between January and June, Acciona generated revenues of 3,570 million euros, 1.3% more.

By business area, the energy division increased its turnover by 1.2% to 1,035 million, while ebitda fell 0.8% to 389 million.

The international generation business increased its ebitda by 15.2% due to the contribution of new assets in operation, which made it possible to offset the decrease in generation in Spain, which fell by 16.3% after the sale of solar thermal assets and the lower production, especially hydraulic.

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

In turn, sales in the infrastructure area totaled 2,465 million, 5.8% more, and its ebitda rose 27.5% to 251 million.

In addition, the total infrastructure portfolio (which includes the construction, industrial, water and services areas) stood at 11,548 million (6.5% more than at the end of 2018), with 67% international.

The construction and industrial business reached sales of 1,759 million, 8.3% more, and an ebitda of 201 million, 90.2% more, thanks to the execution of large international projects.

Likewise, concession revenues fell 28% to 40 million and ebitda 13.2% to 21 million due to, in part, for the sale of Rodovia do Aço. In the case of the water business, the turnover fell by 5% to 289 million and the ebitda by 76% to 13 million after the early termination of the ATLL concession.

At the end of the semester, the real estate business increased its income to 56 million (281.5%) due to the acceleration of the delivery of residential developments, While the funds under management of its manager Bestinver stood at 6,007 million, 9.6% more than at the end of 2018.