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ACCIONA earns net profit of €73 million in first quarter (+19.2%)


Sales reached €1.71 billion (+1.7%), with higher contributions from Energy (+5%) and Infrastructure (+4.2%)

Capital expenditures grew to €270 million (+88.9%)

ACCIONA’s net profit grew to €73 million (+19.2%) in the first quarter of 2019. The growth reflects an increase in sales, which totaled €1.71 billion (+1.7%), with a good performance from the Energy (+5%) and Infrastructure (+4.2%) businesses and active financial management of the Group.

EBITDA reached €292 million (-8.8%), fundamentally as a result of a change in perimeter of the Group. ACCIONA completed a divestment plan last year that included the sale of the company’s CSP plants in Spain, Trasmediterránea and the Rodovia do Aço highway in Brazil - assets that were still contributing to earnings in the first quarter of 2018. In addition, the results reflect the early termination of the ATLL concession.

Group turnover grew to €1.71 billion (+1.7%). Energy increased its revenues to €545 million (+5%) due to higher generation prices and increased production from new international renewable energy plants. Infrastructure sales also grew to €1.11 billion (+4.2%), driven by Construction and Services.

Net financial debt stood at €4.73 billion at the end of March 2019, compared to €5.37 billion a year before.  Net debt has grown by 9.2% since the end of 2018 due to high investment outlays, which rose 88.9% in the first quarter to €270 million. 

Results by Division

Turnover for the Energy division was €545 million (+5%), while EBITDA registered a small increase at €222 million (+0.9%). In Spain, despite lower output (-17%), wholesale energy prices rose (+14.3%). In the international business, energy production grew (+9%) along with associated earnings (+21.2%). Consolidated installed capacity stood at 7,627 MW, which generated 4,953 GWh of power in the first quarter. 

Turnover for the Infrastructure division (which encompasses Construction, Industrial installations, Concessions, Water and Services) grew to €1.11 billion (+4.2%). At the end of the first quarter, the infrastructure backlog stood at €11.11 billion (+2.4%), driven by EPC contracts (€7.57 billion) mainly in the water sector, including the award of the Shuqaiq3 desalination plant in Saudi Arabia. 

Within Other Activities, the growth of the Real Estate business stands out, with a turnover of €47 million (+514.3%). Bestinver revenues were €24 million (-7.0%). Funds under management stood at €6 billion at the end of the first quarter, a 9.6% increase from the end of 2018.


Income Statement Data (Million Euro)

  Jan-Mar 19 Jan-Mar 18 Chg. (%)
Revenues 1,708 1,680 1.7%
EBITDA 292 320 -8.8%
EBT 118 103 14.9%
Attributable net profit 73 61 19.2%


Balance Sheet Data and Capital Expenditure (Million Euro)

  31-Mar-19 31-Dec-18 Chg. (%)
Equity 3,578 3,495 2.4%
Net debt 4,733 4,333 9.2%
  JAN-MAR 19 JAN-MAR 18 CHG. (%)
Capex 136 113 21.0%
Net Investment Cashflow 270 143 88.9%

Note: Net Investment Cashflow for the period January to March 2018 doesn’t include the amount of treasury

Operating Data

  31-Mar 19 31-Dec 18 Chg. (%)
Infrastructure backlog
(Million euro)
11,109 10,846 2.4%
Average workforce 37,521 38,544 -2.7%
  31-MAR 19 31-MAR 18 CHG. (%)
Total capacity (MW) 9,691 9,157 5.8%
Consolidated capacity (MW) 7,627 7,632 -0.1%
Total production (GWh) (Jan-Mar) 5,955 6,547 -9.0%
Bestinver´s assets under management
(Million euro)
6,000 6,071 -1.2%
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