Acciona's renewables business lifts 9-mo pre-tax earnings, EBITDA down

The energy division of Spanish group Acciona SA (BME:ANA) recorded earnings before tax of EUR 174 million (USD 206.7m) for the first nine months through September, up by 19.6% year-on-year, the financial results show.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped by 3.7% to EUR 583 million, mainly due to a weaker performance of the generation business in the Spanish market. The generation EBITDA in Spain fell by 10.8% on lower gross operating income resulting from lower wholesale prices of electricity. Abroad, Acciona’s generation business booked EBITDA of EUR 342 million, up 5.3%, as new assets came into operation.

Revenues from generation declined across the board, while the energy projects development and construction business increased sales by 10% on the year to EUR 686 million. Combined revenues from all of the division’s operations totalled EUR 1.27 billion, down 15.3%.

In past 12 months, Acciona grew consolidated renewable energy capacity by 436 MW to 8,443 MW. Capacity decreased in Spain by 4 MW, but rose by 440 MW across the company’s international markets with the addition of new wind and solar farms.

Consolidated production rose by 5.3% to 13,974 GWh.

Acciona said its is currently building 682 MW of projects, with 2,491 MW scheduled for construction in 2021.

The group as a whole booked a net profit of EUR 78 million, down by 63.4% year-on-year.

(EUR 10 = USD 1.188)

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