Abengoa SA (BME:ABG) announced today a positive first-quarter (Q1) bottom line of EUR 5.56 billion (USD 6bn), including non-recurring profits derived from its now-completed financial restructuring.
The Spanish engineering and renewables group said that it had finalised its financial restructuring process on March 31, after conducting a share capital hike and issuing warrants. For the three-month period, Abengoa booked a non-recurring profit of EUR 5.81 billion that takes into consideration the cancellation of financial liabilities for EUR 8.46 billion, recording of EUR 1.94 billion in new refinanced debt, a negative tax impact of EUR 566 million and EUR 138 million in fees and other costs.
The group said that the recognition of this profit offsets to a large extent the losses registered last year and has allowed it to restore its equity balance. Abengoa posted a net loss of EUR 7.63 billion for 2016 mainly on the back of impairment charges and other effects related to its financial restructuring.
In January-March 2017, the group booked a loss before interest, tax, depreciation and amortisation of EUR 24 million, which would have been a positive EBITDA of EUR 28 million, in line with Q1 2016, if not for EUR 52 million in fees from independent advisors and other expenses related to the financial restructuring.
First-quarter revenues decreased to EUR 336 million from EUR 425 million, including a EUR-295-million contribution from engineering and construction activity, down from EUR 391 million a year earlier. The decline is mainly attributed to the strong restrictions of financial resources Abengoa has suffered for over 18 months, it said.
Revenues from concession-type infrastructure activity rose to EUR 41 million from EUR 34 million, mainly thanks to revenues from the 50-MW Khi Solar One concentrating solar power (CSP) plant in South Africa. Higher operational results from assets in Algeria, Uruguay and Brazil helped as well.
Following the financial restructuring, consolidated gross financial debt has been reduced to EUR 5.73 billion as of March 31, 2017 from EUR 12.3 billion at the end of 2016. This includes EUR 2.26 billion corresponding to debt of companies classified as held for sale.
(EUR 1 = USD 1.05)
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Khi Solar One. Image by Abengoa (www.abengoa.com).
