Acciona posts Q1 profit growth despite lackluster EBITDA

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

Spain’s Acciona SA (BME:ANA) posted a 19.2% year-on-year increase in first-quarter net profit of EUR 73 million (USD 82m) mainly on sales growth recorded in the two main business lines, energy and infrastructure, and lower depreciation and financial charges.

The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by 8.8% year-on-year to EUR 292 million. Energy EBITDA inched up by 0.9% during the first three months. Acciona said Friday that its divestment of assets and the early termination of a concession of Barcelona-based water supply and treatment company Aigues Ter Llobregat (ATLL) led to underperforming EBITDA.

Details on Acciona’s Q1 results are presented below:

In millions EUR (unless otherwise stated)	Q1 2019	Q1 2018	Change in %
Revenues	1,708	1,680	1.7
EBITDA	292	320	-8.8
EBIT	142	164	-13.1
Net profit	73	61	19.2
Total capacity (MW) at end-March	9,691	9,157	5.8
Consolidated capacity (MW) at end-March	7,627	7,632	-0.1
Total production (GWh) (Jan-March)	5,955	6,547	-9.0

The energy business recorded revenues of EUR 545 million, up 5%. In Spain, sales were down by 11.6% to EUR 211 million, as higher electricity prices could not compensate for the lower output in the domestic market. Abroad, Acciona energy revenues reached EUR 183 million, up by 21.2% year-on-year.

(EUR 1.0 = USD 1.12)

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