Acciona Jan-Sep 2013 profit slumps as renewable energy earnings melt

(SeeNews) – Nov 12, 2013 - Spanish infrastructure and renewable energy firm Acciona (MCE:ANA) reported a 34.3% decline in net attributable profit to EUR 75 million (USD 100.5m) in the first nine months of 2013 due to the struggling renewable energy business.

The fall was attributed mainly to Spanish regulatory reforms in the energy sector, which cut the net average wind prices by 13% and caused a reduction in pre-tax profit by 75.1% to EUR 27 million, Acciona said in a filing with the national stock market regulator CNMV today.

Another negative factor for the results was the 77.5% drop in earnings before tax of Acciona's infrastructure division, due to a decrease in the construction business in Spain.

Revenues came in at EUR 4.951 billion, down 4.2% on the year, and earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7.3% to EUR 964 million. Earnings before interest and tax (EBIT) went down 18.1% to EUR 417 million.

Net financial debt fell to EUR 7.37 billion at end-September from EUR 7.482 billion nine months earlier.

Acciona's net ordinary capital expenditure came in at EUR 310 million, down 47.9% year-on-year, in the first half of 2013.

(EUR 1.0 = USD 1.339)

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