March 1 (Renewables Now) - Spanish infrastructure and renewable energy group Acciona SA (BME:ANA) increased its net attributable profit by 49% year-on-year to EUR 328 million (USD 372.7m) in 2018 as a result of strong performance of its core business lines and corporate transactions.
Acciona exited Spanish ferry company Trasmediterranea, sold 250 MW of solar thermal plants in Spain and a 20% stake in real estate investment trust Testa Residencial Socimi SA (BME:YTST) and other non-strategic assets, generating EUR 1.42 billion in the process. The company said the proceeds went towards narrowing net debt by 17.1% to EUR 4.33 billion.
Corporate transactions brought in a profit of EUR 109 million, without which the overall net profit would have declined by 5.9% year-on-year to EUR 219 million.
Acciona’s revenues went up by 3.5% year-on-year to EUR 7.51 billion. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at EUR 1.25 billion, down by 2.4%, with the energy business accounting for 60% of the amount. Excluding the contribution of divested assets, EBITDA improved by 9.2% year-on-year on a like-for-like basis.
Details on Acciona’s FY 2018 financial results are presented in the table below:
|In million EUR||2018||2017||% change|
|EBITDA (like for like)||1,203||1,102||9.2%|
|Total capacity (in MW)||9,627||9,022||6.7%|
|Consolidated capacity (MW)||7,585||7,497||1.2%|
|Total generation (in GWh)||22,087||20,431||8.1%|
Acciona’s energy business line posted revenues of EUR 2.21 billion, up by 27%, whereas EBITDA rose by 2.4% to EUR 743 million. New capacity, higher production and improved prices in countries in which the energy business operates contributed to an 8.5% increase in gross profit from international generation. In Spain, EBITDA deflated by 2.5% due to the sale of solar thermal plants.
During 2018, Acciona increased its consolidated installed capacity by 88 MW to 7,585 MW underpinned by 255 MW of new capacity added abroad and 83 MW of repowered wind in Spain, and the acquisition of a 50% stake in two wind assets. These were partially offset by the sale of 250 MW of solar thermal plants. The new capacity abroad is distributed between Mexico with 99 MW of wind, 132 MW of wind in Australia and 24 MW of solar in Ukraine.