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Acciona posts Q1 profit growth despite lackluster EBITDA

Wind turbines at ACCIONA’s Bannur Wind Farm. Source: Acciona (www.acciona.com)

May 10 (Renewables Now) - Spain’s Acciona SA (BME:ANA) posted a 19.2% year-on-year increase in first-quarter net profit of EUR 73 million (USD 82m) mainly on sales growth recorded in the two main business lines, energy and infrastructure, and lower depreciation and financial charges.

The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by 8.8% year-on-year to EUR 292 million. Energy EBITDA inched up by 0.9% during the first three months. Acciona said Friday that its divestment of assets and the early termination of a concession of Barcelona-based water supply and treatment company Aigues Ter Llobregat (ATLL) led to underperforming EBITDA.

Details on Acciona’s Q1 results are presented below:

In millions EUR (unless otherwise stated) Q1 2019 Q1 2018 Change in %
Revenues 1,708 1,680 1.7
EBITDA 292 320 -8.8
EBIT 142 164 -13.1
Net profit 73 61 19.2
Total capacity (MW) at end-March 9,691 9,157 5.8
Consolidated capacity (MW) at end-March 7,627 7,632 -0.1
Total production (GWh) (Jan-March) 5,955 6,547 -9.0

 

The energy business recorded revenues of EUR 545 million, up 5%. In Spain, sales were down by 11.6% to EUR 211 million, as higher electricity prices could not compensate for the lower output in the domestic market. Abroad, Acciona energy revenues reached EUR 183 million, up by 21.2% year-on-year.

(EUR 1.0 = USD 1.12)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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