ACCIONA posted an attributable net profit of €207 million in 2015, a 12.1% increase over 2014, mainly thanks to the growth of renewable generation activity in international markets and a strong performance from ACCIONA Windpower (AWP), the group’s wind turbine manufacturer.
Consolidated revenues increased 0.7% to €6,544 million, with revenue growth in Energy (+23.6%) and Water (+10%) balancing the falls in Construction (-17.4%) and Other Activities (-11.4%).
EBITDA increased by 8% to €1,174 million thanks to strong growth in the Energy business (+13.8%), which contributes 76% to group EBITDA.
Ordinary Earnings Before Tax, at €330 million, was 41.5% higher than in 2014, mainly due to the EBT increase of Energy business which improved by €112 million.
Net financial debt fell to €5,159 million at the end of 2015, 2.5% lower than a year earlier. The net financial debt to EBITDA ratio also improved to 4.39x in December 2015 from 4.87x in December 2014. The gearing ratio (net debt/equity) also fell to 137% from 147% a year earlier.
Net ordinary capital expenditure across ACCIONA’s divisions amounted to €223 million in 2015, 34.5% lower than in 2014. Energy accounted for more than half of the investment effort with €130 million.
The Board of Directors approved the Company’s accounts and proposed a gross dividend of 2.5 euros per share for 2015.
Results by business division
Energy revenues increased by 23.6% to €2,719 million. EBITDA increased by 13.8% to €897 million. EBT grew from €86 million to €198 million, an increase of 129.5%. The results were mainly driven by higher international generation, the installation of 128MW of new wind capacity (93MW in South Africa, 30MW in Poland and 5MW in Spain) during 2015, and a strong performance from AWP, whose EBITDA more than doubled from €39 million in 2014 to €84 million in 2015.
Consolidated production amounted to 17,202GWh in 2015 from an installed capacity of 7,055MW, 2,383MW of which are outside Spain.
Infrastructure – which groups together Construction, Water and Services – posted a 10.5% drop in revenues to €3,336 million in 2015. EBITDA also fell 3.5% to €167 million.
Revenues from Construction fell 17.4% to €2,170 million, while EBITDA was also 13.8% lower at €102 million. The construction backlog stood at €6,722 million at the end of 2015, an 18.1% increase over December 2014. The international construction backlog represented 73% of the total at the end of 2015, up from 64% a year earlier. New works contracted in 2015 totalled €3,565 million, of which 83% was international.
Revenues from the Water business grew 10% to €451 million, thanks to an improvement in its international business, while EBITDA was stable at €35 million.
Services posted revenues of €716 million, 3.5% higher than in 2014. EBITDA improved 49.9% to €31 million thanks largely to better margins within facility services.
ACCIONA’s Other Activities (which group together Trasmediterranea, Real Estate, Bestinver and Vinyards) posted revenues of €613 million, 11.4% lower than in 2014. Trasmediterranea improved its EBITDA by €11 million thanks to higher revenues, an improvement in operational efficiency, and lower fuel costs. Bestinver had €5,106 million under management at the end of 2015, and an EBITDA of €67 million.
Income Statement Data (million euro)
| 2015 | 2014 | Change (%) | |
|---|---|---|---|
| Revenues | 6,544 | 6,499 | 0.7 |
| EBITDA | 1,174 | 1,087 | 8.0 |
| EBIT | 627 | -572 | 9.6 |
| Ordinary EBT | 330 | 233 | 41.5 |
| EBT | 319 | 277 | 15.0 |
| Net attributable profit | 207 | 185 | 12.1 |
Balance Sheet Data and Capital Expenditure (million euro)
| 31/12/2015 | 31/12/2014 | Change (%) | |
|---|---|---|---|
| Equity | 3,754 | 3,613 | 3.9 |
| Net debt | 5,159 | 5,294 | -2.5 |
| 2015 | 2014 | Change (%) | |
| Ordinary capital expenditure | 223 | 340 | -34.5 |
Operating Data
| 2015 | 2014 | Change (%) | |
|---|---|---|---|
| Construction backlog (million euro) | 6,722 | 5,693 | 18.1 |
| Water backlog (million euro) | 9,630 | 9,358 | 2.9 |
| Total wind installed capacity (MW) | 7,212 | 7,087 | 1.8 |
| Total installed capacity (MW) | 8,619 | 8,502 | 1.4 |
| Total production (GWh) (Jan-Dec) | 20,875 | 21,450 | -2.7 |
| Average workforce | 32,147 | 33,559 | -4.2 |
