Acciona Energy posts flat EBITDA in H1 2017

Acciona Energy, the renewable energy division of Spanish infrastructure group Acciona SA (BME:ANA), recorded generally flat EBITDA of EUR 367 million (USD 429.5m) in the first half of 2017.

Earnings before interest, tax, depreciation and amortisation (EBITDA) at the division's generation business rose 7% year-on-year to EUR 405 million as higher prices in Spain and new capacity abroad made up for a decline in production across its portfolio.

Consolidated output was down 8.2% to 8,718 GWh due to lower hydroelectric and wind generation in Spain and other countries, and in spite of increased solar output.

Acciona has increased over the past 12 months its consolidated installed capacity by 305 MW, including 143 MW of solar in Chile, 90 MW of wind in the US and 72 MW of wind in India. It now boasts a portfolio of just below 9 GW, of which 7.4 GW consolidated.

The division's non-generation activities had negative EBITDA of EUR 15 million, compared to positive EUR 15 million a year ago. The company said the deterioration was mainly due to the deconsolidation of Acciona Windpower from April last year and the reduction in the engineering, procurement and construction (EPC) business.

Acciona Energy's revenues fell 8.6% to EUR 870 million, which was attributed to the Acciona Windpower deconsolidation. Earnings before tax rose 71.8% to EUR 73 million.

Acciona's total EBITDA in the first half was up 10.4% to EUR 579 million, boosted by its construction business. More details of its performance are in the table:

The fall in attributable net profit reflects the capital gains in the year ago-period from the merger between Acciona Windpower and Nordex SE (ETR:NDX1).

(EUR 1 = USD 1.170)

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