Acciona increases Q1 net profit by 7% after 126-MW renewables expansion

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

The net profit of Acciona SA (BME:ANA) rose by 6.9% year-on-year to EUR 78 million (USD 84.6m) in the first quarter of 2020, during which period the Spanish infrastructure and renewables group added 126 MW of new capacity to its portfolio.

Acciona said on Thursday that the increase is attributed to the contribution of the newly switched on international renewable energy assets and the increase from 25 years to 30 years of the useful life of its wind and solar parks, becoming effective from January 1, 2020.

The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) went down just slightly, by 0.2% year-on-year to EUR 325 million. Acciona's energy business recorded revenues of EUR 476 million, down 12.5%, while energy EBITDA inched up by 2.1% during the first three months.

Regarding the ongoing COVID-19 pandemic, the group stated that it had a moderate impact on its performance.

Details on Acciona’s Q1 results are presented below:

In EUR million, unless otherwise noted	Q1 2020	Q1 2019	Change in %
Revenues	1,622	1,708	-5.1%
EBITDA	325	326	-0.2%
EBT	128	118	8.4%
Attributable net profit	78	73	6.9%
End-March capacity (in MW)	10,240	9,691	5.7%
Jan-Mar production (in GWh)	6,562	5,955	10.2%

In Spain, generation EBITDA was down by 6.8% as the country registered lower electricity prices. Overall, Acciona's turnover fell 5.1% in first quarter to EUR 1.62 billion, mainly because of the lower energy revenues.

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