This document provides a summary of ACCIONA's financial results for the first half of 2014. It highlights several key events including the sale of a 1/3 stake in ACCIONA Energía International to KKR for €417 million, new accounting standards implemented, and the impact of changes to renewable energy regulations in Spain which reduced revenues by €131 million and EBITDA by €121 million. Group net debt declined 12% year-over-year to €5.8 billion while capex was €190 million, down 6% compared to the first half of 2013.
ACCIONA provided a quarterly financial report for Q1 2014. The document includes highlights such as strengthening the balance sheet through debt reduction and increased liquidity despite regulatory impacts in renewables. It also notes accounting changes from implementing IFRS 11 and extending useful lives for wind assets. Financial results showed revenue declines due to regulatory factors while EBITDA was impacted by Spain's new renewable energy framework.
ACCIONA has agreed to subscribe to a 10% capital increase in Nordex, increasing its stake from 29.9% to 36.27%. It will launch a tender offer for the remaining Nordex shares at €10.32 per share. The capital increase strengthens Nordex's balance sheet to execute its growth plan. The transaction maintains ACCIONA's financial targets for 2019 while enhancing earnings from 2021. The tender offer is expected to complete in early 2020.
The document provides an introduction and overview of illustrative financial statements prepared in accordance with FRS 102. It summarizes that the financial statements are meant to provide guidance but not be a substitute for completing disclosure checklists or consulting professional advisors. Key areas introduced by FRS 102 or differing from UK GAAP are highlighted. Appendices provide examples of alternative statement formats permitted by FRS 102. Source references for disclosures are included in the financial statements.
This document provides an introduction and overview of the FRS 102 Illustrative Financial Statements publication. It explains that the publication contains example annual financial statements for a fictional UK private company that has applied FRS 102. The introduction provides background on FRS 102 and the formats used in the illustrative financial statements. It also lists various abbreviations used in the publication.
- Groupe BPCE reported strong results for full-year 2014, with net income attributable to equity holders increasing 5.9% to €3.1 billion.
- Revenues increased 2.3% to €23.6 billion while operating expenses rose only 1.2%, improving the cost/income ratio.
- The cost of risk declined 13.0%, contributing to a 9.5% rise in income before tax to €5.6 billion.
- Results were driven by solid performances from the Banque Populaire and Caisse d'Epargne retail banking networks as well as Natixis' core business lines, with revenues from these divisions increasing 2.3% to €
Specialising in the training of qualified accountants for CPD he has lectured in several countries around the world as well as regular in house courses for large listed companies, SMEs and public sector entities on the subject of International Financial Reporting Standards.
This document provides a summary of the Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland. It outlines that FRS 102 replaces previous UK and Ireland financial reporting standards and is based primarily on the IFRS for SMEs, with some modifications. FRS 102 aims to provide succinct reporting requirements appropriate for non-publicly accountable entities. It applies a single standard for these entities, with some additional requirements for public benefit entities. The summary also provides high-level details on the organization and objectives of FRS 102.
Izzat Farouk Al Qassab is a Jordanian national seeking a finance position. He has over 20 years of experience in financial management roles. Currently, he works as a Financial Management Specialist for the Water Authority of Jordan, where he is responsible for accounts payable. Previously, he held roles such as Deputy Head of Projects for the Water Authority of Jordan's finance department and Assistant Finance Manager for a retail company in Saudi Arabia. He has a Bachelor's degree in Accounting and Auditing.
ACCIONA provided a quarterly financial report for Q1 2014. The document includes highlights such as strengthening the balance sheet through debt reduction and increased liquidity despite regulatory impacts in renewables. It also notes accounting changes from implementing IFRS 11 and extending useful lives for wind assets. Financial results showed revenue declines due to regulatory factors while EBITDA was impacted by Spain's new renewable energy framework.
ACCIONA has agreed to subscribe to a 10% capital increase in Nordex, increasing its stake from 29.9% to 36.27%. It will launch a tender offer for the remaining Nordex shares at €10.32 per share. The capital increase strengthens Nordex's balance sheet to execute its growth plan. The transaction maintains ACCIONA's financial targets for 2019 while enhancing earnings from 2021. The tender offer is expected to complete in early 2020.
The document provides an introduction and overview of illustrative financial statements prepared in accordance with FRS 102. It summarizes that the financial statements are meant to provide guidance but not be a substitute for completing disclosure checklists or consulting professional advisors. Key areas introduced by FRS 102 or differing from UK GAAP are highlighted. Appendices provide examples of alternative statement formats permitted by FRS 102. Source references for disclosures are included in the financial statements.
This document provides an introduction and overview of the FRS 102 Illustrative Financial Statements publication. It explains that the publication contains example annual financial statements for a fictional UK private company that has applied FRS 102. The introduction provides background on FRS 102 and the formats used in the illustrative financial statements. It also lists various abbreviations used in the publication.
- Groupe BPCE reported strong results for full-year 2014, with net income attributable to equity holders increasing 5.9% to €3.1 billion.
- Revenues increased 2.3% to €23.6 billion while operating expenses rose only 1.2%, improving the cost/income ratio.
- The cost of risk declined 13.0%, contributing to a 9.5% rise in income before tax to €5.6 billion.
- Results were driven by solid performances from the Banque Populaire and Caisse d'Epargne retail banking networks as well as Natixis' core business lines, with revenues from these divisions increasing 2.3% to €
Specialising in the training of qualified accountants for CPD he has lectured in several countries around the world as well as regular in house courses for large listed companies, SMEs and public sector entities on the subject of International Financial Reporting Standards.
This document provides a summary of the Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland. It outlines that FRS 102 replaces previous UK and Ireland financial reporting standards and is based primarily on the IFRS for SMEs, with some modifications. FRS 102 aims to provide succinct reporting requirements appropriate for non-publicly accountable entities. It applies a single standard for these entities, with some additional requirements for public benefit entities. The summary also provides high-level details on the organization and objectives of FRS 102.
Izzat Farouk Al Qassab is a Jordanian national seeking a finance position. He has over 20 years of experience in financial management roles. Currently, he works as a Financial Management Specialist for the Water Authority of Jordan, where he is responsible for accounts payable. Previously, he held roles such as Deputy Head of Projects for the Water Authority of Jordan's finance department and Assistant Finance Manager for a retail company in Saudi Arabia. He has a Bachelor's degree in Accounting and Auditing.
This document provides a disclaimer and important information regarding ACCIONA's financial results presentation for the first nine months of 2014. It states that the document is intended solely for use in the 9M 2014 results presentation and cannot be used or disclosed without ACCIONA's consent. It also notes that the information has not been independently verified or audited and no accuracy is guaranteed. Forward-looking statements are based on ACCIONA's current expectations and are subject to risks and uncertainties.
This document provides a disclaimer and important information about ACCIONA's financial results presentation for FY 2014. It notes that the information has not been independently verified or audited and no accuracy is implied. It also contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from expectations.
- The document is a disclaimer and presentation of financial results for ACCIONA for the first half of 2015. It contains forward-looking statements and important information about the use and ownership of the document.
- Key highlights of H1 2015 for ACCIONA include revenues of €3,304 million (up 9.9%), EBITDA of €573 million (up 21.4%), and a reduction in net debt of 2.7% compared to end of 2014.
- Investment (capex) was down 48.2% in H1 2015 compared to previous year, with most invested in Energy projects such as wind farms in South Africa and Poland.
This document provides a disclaimer and important information regarding ACCIONA's presentation of financial results for Q1 2015. It states that the document is intended solely for use during the financial results presentation, and cannot be disclosed or made public without ACCIONA's consent. It also notes that the information has not been independently verified or audited.
This is ACCIONA Results Presentation 9 M 2015. Results driven by growth in power generation and Acciona Windpower in international markets. Earnings before tax (EBT) increases 69.5% to €248 million. Ebitda increases by 14.4% to €883 million. Consolidated revenues grow 4.6% to €4,946 million.
ACCIONA reported its financial results for fiscal year 2019, from January to December. Key highlights included:
- Revenue of €7.191 billion, down 4.2% from 2018.
- EBITDA of €1.357 billion, up 9% from 2018.
- Net profit of €352 million, up 7.2% from 2018.
- Total investment of €1.241 billion, focused on renewable energy and infrastructure.
- Net financial debt of €4.915 billion, within financial policy thresholds.
Pioneers in the consolidation of the WTG industryacciona
Acciona Windpower (“AWP”) and Nordex (“Nx”) combine to create a new industry leader, European-based, with a strong global footprint and a sustainable market position. Juan Muro-Lara – Chief Corp. Development and José Luis Blanco – CEO of AWP made this presentation Oct.5th 2015.
H1 2020 key results presentation. Full COVID impact seen in Q2 with revenues down 15% and EBITDA down 29% versus last year. Infrastructure most impacted, with construction and non-essential services temporarily suspended. Signs of gradual recovery since April. Measures implemented through pandemic protection plan including liquidity boost, cost reductions, asset disposals, and capex deferrals. Business plan remains on track with energy projects progressing and new infrastructure contract awards.
- ACCIONA's energy business operations have continued resiliently despite challenging market conditions from COVID-19, with excellent safety and availability performance. Projects under construction are mostly on track with some potential delays.
- The construction business expects a material impact on 2020 production and higher costs due to new health and safety practices, but is well positioned to benefit from expected investment-led economic recovery.
- Most infrastructure projects across regions have continued with some level of work suspension, but the majority have restarted with more restrictive health and safety protocols.
The document is a disclaimer and forward-looking statement for ACCIONA's presentation of its 2013 financial results. It notes that the information is for the specific purpose of the presentation and cannot be used or disclosed for other purposes without written consent. It also cautions that the information has not been independently verified and no warranty is made as to its accuracy or completeness. The document contains important information about non-solicitation and forward-looking statements, noting the risks and uncertainties inherent in forward-looking information and that actual results could differ materially from expectations.
- ACCIONA's revenues decreased 4.2% to €4,951 million in the first nine months of 2013. EBITDA declined 7.3% to €964 million.
- Energy was the largest division, contributing 78% of EBITDA, though its EBITDA declined 8.5% to €750 million due to regulatory changes impacting the renewable sector in Spain.
- Net debt decreased slightly to €7,373 million as of September 30, 2013, with 66% being non-recourse debt related to specific projects.
- ACCIONA generated revenues of €3,525 million in H1 2018, up 4.1% from H1 2017, with higher contributions from the Energy (+17.6%) and Infrastructure (+1.8%) divisions.
- EBITDA increased 6.7% to €618 million due to growth in Energy (+6.7%) and Infrastructure (+8.3%) divisions, while Other Activities remained stable (-0.6%).
- Attributable net profit was €186 million, up 132.1% from €80 million in H1 2017, boosted by capital gains from divestments totaling €85 million. Excluding these gains, net profit grew 25.6% to
Presentation 28 July 2015: Preliminary Results for the year ended 30 April 2015ANGLE plc
ANGLE reported encouraging results in ovarian cancer patients and strengthened relationships with six world-class cancer centers. The company initiated two corporate collaborations and remains on track for first research use sales this year to support drug trials. ANGLE's liquid biopsy technology shows promise for advancing precision cancer treatment through non-invasive analysis of circulating tumor cells in blood samples.
- ACCIONA generated €5.4 billion in revenues during the first nine months of 2018, an increase of 1.8% compared to the same period in 2017. EBITDA was €883 million, down 2.6% due to asset sales. Excluding sold assets, EBITDA rose 10%.
- The Energy division grew EBITDA 1.2% despite sales, driven by normalized production and new capacity. Infrastructure EBITDA rose 8.3% on construction growth. Other Activities EBITDA fell 54.2% due to Trasmediterránea's sale.
- Net debt was €5.0 billion, down 3.4% from 2017. Attribut
- Revenues for H1 2020 were €3,042 million, down 14.8% from H1 2019, due to effects of the COVID-19 pandemic which negatively impacted the Energy and Infrastructure divisions.
- EBITDA was €499 million, down 29.1% from H1 2019, also affected by COVID-19.
- Attributable net profit was €22 million, 85.7% lower than H1 2019, reflecting the impact of COVID-19 and losses from an investment in Nordex that more than doubled.
- Net financial debt increased by €402 million compared to December 2019, due to COVID-19 effects and investments during the period, with most capex directed
Revenues for Ecobank Transnational Incorporated increased 14% to $2.3 billion for the year ended December 31, 2014, while profit before tax rose 134% to $519.5 million. Total assets also grew 8% to $24.2 billion. The results demonstrate the benefits of Ecobank's diversified business model across sub-Saharan Africa, as the company increased loans and deposits while improving efficiency.
This document summarizes the financial results of ACCIONA for the 2014 fiscal year. It reported revenues of €6.5 billion, a 3.6% increase over the previous year. EBITDA increased 2.4% to €1.087 billion, though the energy division saw a decline due to regulatory changes in Spain. Net profit was €185 million compared to a loss of €1.972 billion the prior year, driven by improved performance across divisions and asset sales. Total assets were €10.771 billion, unchanged from 2013, as higher working capital was offset by lower financial assets.
UniCredit European Energy & Utilities Credit Conference 2019ERG S.p.A.
ERG presented its operating segments at the UniCredit European Energy & Utilities Credit Conference in London on November 20th, 2019. ERG has a well-positioned European wind portfolio with 1,929 MW of installed capacity, making it the largest wind operator in Italy. Its 527 MW of hydroelectric assets position it among the top players in Italy for hydro. ERG's solar portfolio has grown to 141 MW of installed capacity. The company's 480 MW CCGT plant in Sicily provides strong cash flow visibility.
- ACCIONA reported EBITDA of €907 million for the first nine months of 2017, an increase of 7.9% compared to the same period in 2016, driven by higher contributions from the Infrastructure division.
- Revenues increased 23.3% to €5.33 billion due to growth across business divisions. However, net profit decreased 33.3% to €232 million due to lower contributions from the Energy division and Other Activities.
- Net debt increased 11% to €5.695 billion as a result of capital expenditures, working capital needs, and dividend payments during the period. The company continues its divestment strategy, recently announcing agreements to sell its shipping subsidiary Trasmediterr
Repsol posted net income in 2014 of 1.612 billion euros, supported by the strength of its integrated business model. This result represents a 724% increase over the 195 million euros registered in 2013, a financial year in which the company booked one-time cleanup charges related to the expropriation of YPF.
For more information, visit: http://ow.ly/Kc1B2
We are entering an era of multiple changes that will define the future of society and the relationship with the environment. Join us in this journey, in which regenerative infrastructures are playing a vital role, in a new issue!
Revista ACCIONA 77: Ferrocarril para cambiar de destinoacciona
Nos adentramos en una era de cambios, donde las infraestructuras juegan un papel definitivo en la composición del futuro de la sociedad y de su relación con el planeta. Descubre estos cambios, que impulsamos en ACCIONA, en una nueva edición de nuestra revista.
This document provides a disclaimer and important information regarding ACCIONA's financial results presentation for the first nine months of 2014. It states that the document is intended solely for use in the 9M 2014 results presentation and cannot be used or disclosed without ACCIONA's consent. It also notes that the information has not been independently verified or audited and no accuracy is guaranteed. Forward-looking statements are based on ACCIONA's current expectations and are subject to risks and uncertainties.
This document provides a disclaimer and important information about ACCIONA's financial results presentation for FY 2014. It notes that the information has not been independently verified or audited and no accuracy is implied. It also contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from expectations.
- The document is a disclaimer and presentation of financial results for ACCIONA for the first half of 2015. It contains forward-looking statements and important information about the use and ownership of the document.
- Key highlights of H1 2015 for ACCIONA include revenues of €3,304 million (up 9.9%), EBITDA of €573 million (up 21.4%), and a reduction in net debt of 2.7% compared to end of 2014.
- Investment (capex) was down 48.2% in H1 2015 compared to previous year, with most invested in Energy projects such as wind farms in South Africa and Poland.
This document provides a disclaimer and important information regarding ACCIONA's presentation of financial results for Q1 2015. It states that the document is intended solely for use during the financial results presentation, and cannot be disclosed or made public without ACCIONA's consent. It also notes that the information has not been independently verified or audited.
This is ACCIONA Results Presentation 9 M 2015. Results driven by growth in power generation and Acciona Windpower in international markets. Earnings before tax (EBT) increases 69.5% to €248 million. Ebitda increases by 14.4% to €883 million. Consolidated revenues grow 4.6% to €4,946 million.
ACCIONA reported its financial results for fiscal year 2019, from January to December. Key highlights included:
- Revenue of €7.191 billion, down 4.2% from 2018.
- EBITDA of €1.357 billion, up 9% from 2018.
- Net profit of €352 million, up 7.2% from 2018.
- Total investment of €1.241 billion, focused on renewable energy and infrastructure.
- Net financial debt of €4.915 billion, within financial policy thresholds.
Pioneers in the consolidation of the WTG industryacciona
Acciona Windpower (“AWP”) and Nordex (“Nx”) combine to create a new industry leader, European-based, with a strong global footprint and a sustainable market position. Juan Muro-Lara – Chief Corp. Development and José Luis Blanco – CEO of AWP made this presentation Oct.5th 2015.
H1 2020 key results presentation. Full COVID impact seen in Q2 with revenues down 15% and EBITDA down 29% versus last year. Infrastructure most impacted, with construction and non-essential services temporarily suspended. Signs of gradual recovery since April. Measures implemented through pandemic protection plan including liquidity boost, cost reductions, asset disposals, and capex deferrals. Business plan remains on track with energy projects progressing and new infrastructure contract awards.
- ACCIONA's energy business operations have continued resiliently despite challenging market conditions from COVID-19, with excellent safety and availability performance. Projects under construction are mostly on track with some potential delays.
- The construction business expects a material impact on 2020 production and higher costs due to new health and safety practices, but is well positioned to benefit from expected investment-led economic recovery.
- Most infrastructure projects across regions have continued with some level of work suspension, but the majority have restarted with more restrictive health and safety protocols.
The document is a disclaimer and forward-looking statement for ACCIONA's presentation of its 2013 financial results. It notes that the information is for the specific purpose of the presentation and cannot be used or disclosed for other purposes without written consent. It also cautions that the information has not been independently verified and no warranty is made as to its accuracy or completeness. The document contains important information about non-solicitation and forward-looking statements, noting the risks and uncertainties inherent in forward-looking information and that actual results could differ materially from expectations.
- ACCIONA's revenues decreased 4.2% to €4,951 million in the first nine months of 2013. EBITDA declined 7.3% to €964 million.
- Energy was the largest division, contributing 78% of EBITDA, though its EBITDA declined 8.5% to €750 million due to regulatory changes impacting the renewable sector in Spain.
- Net debt decreased slightly to €7,373 million as of September 30, 2013, with 66% being non-recourse debt related to specific projects.
- ACCIONA generated revenues of €3,525 million in H1 2018, up 4.1% from H1 2017, with higher contributions from the Energy (+17.6%) and Infrastructure (+1.8%) divisions.
- EBITDA increased 6.7% to €618 million due to growth in Energy (+6.7%) and Infrastructure (+8.3%) divisions, while Other Activities remained stable (-0.6%).
- Attributable net profit was €186 million, up 132.1% from €80 million in H1 2017, boosted by capital gains from divestments totaling €85 million. Excluding these gains, net profit grew 25.6% to
Presentation 28 July 2015: Preliminary Results for the year ended 30 April 2015ANGLE plc
ANGLE reported encouraging results in ovarian cancer patients and strengthened relationships with six world-class cancer centers. The company initiated two corporate collaborations and remains on track for first research use sales this year to support drug trials. ANGLE's liquid biopsy technology shows promise for advancing precision cancer treatment through non-invasive analysis of circulating tumor cells in blood samples.
- ACCIONA generated €5.4 billion in revenues during the first nine months of 2018, an increase of 1.8% compared to the same period in 2017. EBITDA was €883 million, down 2.6% due to asset sales. Excluding sold assets, EBITDA rose 10%.
- The Energy division grew EBITDA 1.2% despite sales, driven by normalized production and new capacity. Infrastructure EBITDA rose 8.3% on construction growth. Other Activities EBITDA fell 54.2% due to Trasmediterránea's sale.
- Net debt was €5.0 billion, down 3.4% from 2017. Attribut
- Revenues for H1 2020 were €3,042 million, down 14.8% from H1 2019, due to effects of the COVID-19 pandemic which negatively impacted the Energy and Infrastructure divisions.
- EBITDA was €499 million, down 29.1% from H1 2019, also affected by COVID-19.
- Attributable net profit was €22 million, 85.7% lower than H1 2019, reflecting the impact of COVID-19 and losses from an investment in Nordex that more than doubled.
- Net financial debt increased by €402 million compared to December 2019, due to COVID-19 effects and investments during the period, with most capex directed
Revenues for Ecobank Transnational Incorporated increased 14% to $2.3 billion for the year ended December 31, 2014, while profit before tax rose 134% to $519.5 million. Total assets also grew 8% to $24.2 billion. The results demonstrate the benefits of Ecobank's diversified business model across sub-Saharan Africa, as the company increased loans and deposits while improving efficiency.
This document summarizes the financial results of ACCIONA for the 2014 fiscal year. It reported revenues of €6.5 billion, a 3.6% increase over the previous year. EBITDA increased 2.4% to €1.087 billion, though the energy division saw a decline due to regulatory changes in Spain. Net profit was €185 million compared to a loss of €1.972 billion the prior year, driven by improved performance across divisions and asset sales. Total assets were €10.771 billion, unchanged from 2013, as higher working capital was offset by lower financial assets.
UniCredit European Energy & Utilities Credit Conference 2019ERG S.p.A.
ERG presented its operating segments at the UniCredit European Energy & Utilities Credit Conference in London on November 20th, 2019. ERG has a well-positioned European wind portfolio with 1,929 MW of installed capacity, making it the largest wind operator in Italy. Its 527 MW of hydroelectric assets position it among the top players in Italy for hydro. ERG's solar portfolio has grown to 141 MW of installed capacity. The company's 480 MW CCGT plant in Sicily provides strong cash flow visibility.
- ACCIONA reported EBITDA of €907 million for the first nine months of 2017, an increase of 7.9% compared to the same period in 2016, driven by higher contributions from the Infrastructure division.
- Revenues increased 23.3% to €5.33 billion due to growth across business divisions. However, net profit decreased 33.3% to €232 million due to lower contributions from the Energy division and Other Activities.
- Net debt increased 11% to €5.695 billion as a result of capital expenditures, working capital needs, and dividend payments during the period. The company continues its divestment strategy, recently announcing agreements to sell its shipping subsidiary Trasmediterr
Repsol posted net income in 2014 of 1.612 billion euros, supported by the strength of its integrated business model. This result represents a 724% increase over the 195 million euros registered in 2013, a financial year in which the company booked one-time cleanup charges related to the expropriation of YPF.
For more information, visit: http://ow.ly/Kc1B2
Similar to ACCIONA Results Presentation H1 2014 (20)
We are entering an era of multiple changes that will define the future of society and the relationship with the environment. Join us in this journey, in which regenerative infrastructures are playing a vital role, in a new issue!
Revista ACCIONA 77: Ferrocarril para cambiar de destinoacciona
Nos adentramos en una era de cambios, donde las infraestructuras juegan un papel definitivo en la composición del futuro de la sociedad y de su relación con el planeta. Descubre estos cambios, que impulsamos en ACCIONA, en una nueva edición de nuestra revista.
ACCIONA Magazine 76: the Global Challenge of Access to Wateracciona
The planet is already thirsty. What is going to happen when population grows and climate crisis worsens? Sustainable
Development Goal 6, a basic human right, can be achieved through engineering, legislation and investment.
Revista ACCIONA 76: El reto global del acceso al #aguaacciona
Si el planeta pasa sed hoy, ¿qué no ocurrirá cuando crezcan
la población y la emergencia climática? El ODS 6, un derecho
humano, puede cumplirse con ingeniería, legislación e inversión.
ACCIONA Magazine 75: Sustainable economy, the solution to the crisisacciona
In this ACCIONA Magazine edition, we talk about the world's current challenges and the solutions to solve them. It's time to act and to invest in a green recovery.
Revista ACCIONA 75: Economía sostenible, la solución anticrisisacciona
El documento habla sobre la importancia de aprovechar la oportunidad que presenta la crisis del coronavirus para acelerar la transición hacia una economía más sostenible. Menciona que la pandemia y el cambio climático comparten algunas causas y soluciones, por lo que los esfuerzos para la recuperación económica pospandemia deben enfocarse en proyectos sostenibles. También resalta el potencial de los desiertos para la generación de energía renovable a gran escala.
Este documento presenta los resultados financieros de la compañía para el primer semestre de 2020 (enero a junio). Incluye secciones sobre sostenibilidad, estados financieros consolidados, resultados por división (energía, infraestructuras, otras actividades), hechos relevantes, dividendos, y anexos con detalles adicionales. Los resultados se vieron afectados negativamente por la pandemia COVID-19, con un impacto estimado de €468 millones en ingresos y €140 millones en EBITDA. La compañía opera en energía renovable
The document reports ACCIONA's Q1 2020 results. Key highlights include:
- Revenues decreased 5.1% to €1,622 million due to lower energy sales and a small drop in other activities.
- EBITDA remained flat at €325 million as growth in energy and other activities offset an Infrastructure division decline.
- Attributable net profit increased 6.9% to €78 million due to higher earnings and a reversal of prior impairment charges.
- Net debt rose 5.8% to €5,200 million due to intensive investment activity, notably €284 million spent on new renewable capacity.
Este documento presenta los resultados financieros y operativos del primer trimestre de 2020 del Grupo ACCIONA. Los ingresos totales fueron de €1,622 millones, un 5.1% menos que en el mismo periodo de 2019. El EBITDA fue de €325 millones, en línea con 2019. La inversión neta ordinaria fue de €316 millones, principalmente en nueva capacidad renovable. La deuda neta alcanzó €5,621 millones, un aumento de €304 millones debido a la intensa actividad inversora del trimestre.
Este documento presenta los resultados financieros de ACCIONA para 2019. Incluye notas legales sobre el uso y distribución del documento, así como advertencias sobre declaraciones de futuro. También contiene información importante sobre ofertas de valores y una lista de medidas alternativas de rendimiento.
ACCIONA reported revenues of €7.19 billion in 2019, down 4.2% from 2018. EBITDA increased 9% to €1.36 billion due to growth in the Energy division, partly offset by lower revenues in Energy and Other Activities. Attributable net profit grew 7.2% to €352 million, or 60.3% excluding corporate transactions. Net debt increased 13.4% to €4.92 billion due to investment in renewable capacity and infrastructure projects. ACCIONA invested €1.03 billion in projects including 835MW under construction, exceeding 10GW total installed renewable capacity.
El documento presenta los resultados financieros de ACCIONA para el año 2019. Los principales puntos son:
- Los ingresos fueron de €7.191 millones, un 4,2% menos que en 2018, debido principalmente a menores ventas en Energía.
- El EBITDA aumentó un 9,0% hasta €1.357 millones, impulsado por el crecimiento en Energía internacional y Construcción.
- La inversión neta ordinaria fue de €1.031 millones, destinada principalmente a nueva capacidad renovable y a la concesión
The document discusses ACCIONA's commitment to sustainability and solutions to environmental challenges. It highlights ACCIONA's leadership in renewable energy through innovation in engineering, construction, generation, operation and maintenance of wind and solar projects. It also discusses ACCIONA's comprehensive approach to infrastructure development which assesses all impacts and maximizes social value. In water management, ACCIONA is leading in desalination membranes and biological reactors for wastewater treatment to address issues of water scarcity and population growth.
Una nueva edición de nuestra revista, centrada en la Conferencia de Naciones Unidas sobre el Cambio Climático, COP25, celebrada en Madrid, y en la que ACCIONA participa de forma activa. Descubre cómo.
- ACCIONA reported revenues of €5.287 billion for the first nine months of 2019, a 2.6% decrease from the same period in 2018, driven by the sale of assets in 2018. EBITDA increased 5.6% to €933 million due to growth in the energy and infrastructure divisions.
- Net profit decreased 3.9% to €213 million compared to 2018, but excluding one-time items grew 43.4%.
- The company invested €731 million in renewable energy capacity and infrastructure projects. ACCIONA now has over 10GW of total installed renewable capacity.
- Net debt increased 19.2% to €5.166 billion due to dividend payments, but the
Este documento resume los resultados financieros de ACCIONA para los primeros nueve meses de 2019. Los ingresos totales fueron de €5.287 millones, un 2,6% menos que el año anterior debido principalmente a la desconsolidación de activos vendidos. El EBITDA aumentó un 5,6% a €933 millones, impulsado por el crecimiento en las divisiones de Energía e Infraestructuras. La inversión neta ordinaria fue de €731 millones, destinada principalmente a nueva capacidad renovable en la división de Energía. El beneficio
Some highlighted articles of ACCIONA Magazine 72 talk about the incredible world of 3D printing, our brand ambassadors across the world, and the plan behind a megaproject, among other topics.
2. H1 2014 2
Disclaimer
This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the first half
of 2014 (H1 2014). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior
written consent of the Company.
The Company does not assume any liability for the content of this document if used for different purposes thereof.
The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited; therefore no express or
implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein.
Neither the Company, its subsidiaries or any entity within ACCIONA Group or subsidiaries, any of its advisors or representatives assume liability of any kind,
whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents.
The information contained in this document on the price at which securities issued by ACCIONA have been bought or sold, or on the performance of those
securities, cannot be used to predict the future performance of securities issued by ACCIONA.
Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.
IMPORTANT INFORMATION
This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law
(Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4,
and its implementing regulations.
In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a
request for any vote or approval in any other jurisdiction.
Particularly, this document does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking information and statements about ACCIONA, including financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and
statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words
“expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
Although ACCIONA believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA shares are
cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally
beyond the control of ACCIONA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by ACCIONA to the Comisión
Nacional del Mercado de Valores, which are accessible to the public.
Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA. You are cautioned not to place
undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements
attributable to ACCIONA or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the
cautionary statement above. All forward-looking statements included herein are based on information available to ACCIONA, on the date hereof. Except as required
by applicable law, ACCIONA does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
4. H1 2014 4
H1 2014 key highlights
► Sale of a 1/3rd stake in ACCIONA Energía International
► Acquisition price of €417m + Earn-out (€50m) + Management fee
• 2.3GW net operating renewable capacity
• 55 assets in 14 international markets
• c.€120m cash distributable to partners
► New accounting since January 2014:
• IFRS 11 implementation
• Extension of accounting useful life for wind assets
► Renewables: New remuneration scheme applicable since July 2013
(RDL 9/2013)
► Extraordinary capital gains from disposals in H1 2014:
• German wind assets
• Two minority stakes in transport concessions
H1 2014 key highlights
Strategic
alliance with
KKR
H1 highlights
1
2
5. H1 2014
Strategic alliance with KKR
CASH
ACCIONA Energía International
2.3GW net operating renewable capacity
55 assets in 14 international markets
c.€120m cash distributable to partners
2/3 1/3
Right Of First Offer
AE will grant AEI a ROFO on
future assets developed
within AEI operational
territory
Management Services
Agreement
AE will provide AEI fully-
comprehensive services
required for its proper
operation in exchange of an
annual fee
Potential YieldCo
The agreement reflects the
partners’ intention to pursue
the international listing of a
YieldCo with a significant
subset of AEI assets
Minority partnership
KKR acquires a 1/3 stake in AEI for €417m (excluding earn-out)
The relationship of the partners will be governed by a Shareholders Agreement
5
1
6. H1 2014
Asset rotation
Total executed
2013-2014 YTD
~€850m
€1,000m
€500m
Target:
Hospital concession
Canada
150MW wind
Germany
62MW wind
Korea
RE building
Spain
~€385m
Consistent with ACCIONA’s strategy asset rotation and incorporation of minority
shareholders to core businesses Initial target for the period 2013-2014 of
€500m-€1,000m¹ exceeded with this landmark transaction
1/3 in AEI
International
Two concessions in
Spain
Partnership with KKR1
6
€417m
€50m*
*Earn-out
€467m
Including debt deconsolidated
7. H1 2014 7
H1 2014 key highlights
Accounting
(Since Jan 2014)
► IFRS 11 implementation: New
consolidation method Proportionally
accounted assets now accounted by equity
method
► H1 2013 restated to be comparable
► Extension of accounting useful life:
Extension from 20 to 25 years of the wind
assets, in line with sector
► Impact H1 2014:
• 7,006 wind MW (5,486MW attrib.)
• Depreciation: -€61m
Renewables
Spain
► New regulatory framework applicable
since July 2013
► New remuneration scheme based on pool
+ investment incentive (€/MW) to achieve
“regulated return”
► Impact RDL 9/2013 H1 2014:
• Revenues: -€131m
• EBITDA: -€121m
• EBT: -€152m (incl. equity accounted)
Disposals
► Disposal of German wind assets
(150MW) for EV €157m
► Debt decons. as of Dec 2013: €85m
► Impact H1 2014:
• No P&L contribution for 2014
• Capital gain: +€28m / Cash: +€67m
► Sale of two minority stakes of 11.78%
and 12.88% of two transport
concessions in Barcelona to Globalvía
► Impact H1 2014:
• Cash: +€16m
• Capital gain: +€8m
2
+€61m
-€152m
+€39m
Impact H1 2014 P&L pre-tax
10. H1 2014 1010
Group: Capex by division
Net ordinary capex slightly below H1 2013
(-6%)
Energy captures most of the investment
effort:
- 266MW under construction
• 100% international
• 174MW wind
• 92MW SPV
- 17MW wind and 2MW SPV installed
during H1 2014
€83m of extraordinary divestments
correspond to cash proceeds of:
- The sale of German assets (150MW)
completed in January 2014
- The sale of two transport concessions in
Spain in June 2014
Key highlights
Capex breakdown
By division
Jan-Jun 13 Jan-Jun 14
Energy 93 188
WISE 110 21
Infrastructure 95 10
Water 12 5
Service 4 6
Other Activities 0 -18
Net ordinary capex 203 190
Extraordinary
divestments
0 -83
Total net capex 203 108
Capex(€m)
11. H1 2014
-3%
11
Group: Debt breakdown by division and nature
Gross debt breakdown
By nature
Recourse (35%)
Non recourse (65%)
€7,380m
11
Diversification of funding sources (convertible bond, private placement, EIB loan,
EMTN programme and ECP)
Diversification of funding sources (convertible bond, private placement, EIB loan,
EMTN programme and ECP)
Net debt breakdown
By division
(Million Euro) 30-Jun-14
Gross debt 7,380
Cash & cash equivalents -1,531
Net Financial Debt 5,848
(€m) Net Debt Net Debt
31-Dec-13 30-Jun-14
Energy 4,810 4,607
WISE 222 437
Infrastructure 142 295
Water 54 104
Service 26 39
Other Activities 1,008 804
Total Net Debt 6,040 5,848
12. H1 2014
385
370
454
308
Operating CF Investment CF Financing CF
-€318m +€107m +€19m
-€191m
5,362
5,009
12
Group: Net debt evolution
12
Debt associated to work in progress Derivatives
-€630m6,670
Net debt reconciliation H1 2014 (€m)
Net debt
June 2013*
LTM -12%
*IFRS 11 restated
13. H1 2014 1313
Group: Debt amortization schedule
¹ Excludes bilateral credit policies, project bridge financing and real estate development loans
Note: Repayment schedule during the period to December 2018
Undrawn corporate credit lines of €1.8bn as of 30th June 2014Undrawn corporate credit lines of €1.8bn as of 30th June 2014
Principal repayment schedule 2014-2018 (€m)¹
110
430
531
241 25521
35
88
25
28
24
44
56
60
58
2014 2015 2016 2017 2018
155
509
676
326
341
WISEEnergy Other activities
14. H1 2014 14
Group: Transforming ACCIONA’s corporate debt structure
14
Diversify access to corporate debt financing, reducing traditional dependence on
banking debt, increasing access to capital markets
Extend average life of corporate debt
Reduce financing costs and optimise liquidity
Focus corporate debt by simplifying structure and reducing structural subordination of
new debt instruments we are issuing (i.e. bonds)
Main objectives
Significant progress to date on this gradual transformation
Convertible bond, private placement, EIB loan, EMTN programme, and commercial
paper programme – €1.1m as of July, reducing bank finance to c. 55%
>50% of credit lines moved to finance entity ACCIONA Financiación Filiales. Target
close to 100% by year end
Considering reducing credit line limits given ample liquidity position in order to reduce
financing costs associated to up-front and availability fees
Cash pooling at groupwide level – fully implemented by year-end
15. H1 2014
Energy: Key figures
Key figures Latest regulatory changes
€468m
-€121m
+€17m €363m
-22%
+4%
Variation
Var. ex reg. changes
Capacity Production Industrial & Develop.
Net improvement of €25m relative to
the same period last year, boosted by
the good performance of AWP
Attributable production in line (despite
having a reduced perimeter) mainly
driven by hydro and international wind
Reduced perimeter (-151MW) after the
sale of 212MW (Korea and Germany)
partially offset by the installation of 61MW
-212MW
+61MW 6,804MW
6,955MW
H1 2013 H1 2014Korea &
Germany
Install.
LTM
H1 2013
EBITDA
H1 2014
EBITDA
RD-L
9/2013
Operat.
EBITDA
Attributable capacity variation
15
(Million Euro) Jan-Jun 13 Jan-Jun 14 Chg. Chg. (%)
Revenues 1,047 980 -66 -6.3%
EBITDA 468 363 -104 -22.3%
Margin (%) 44.7% 37.0%
EBITDA (€m) Jan-Jun 14 Chg. (€m)
Biofuels & others 0 +1
Windpower -5 +23
D&C¹ -17 +2
TOTAL -22 +25
¹ Development and Construction
Attributable TWh Jan-Jun 14 Chg. (%)
Wind spain 4.00 -6.1%
Wind international 3.14 +5.0%
Hydro 1.73 +5.5%
Solar and other 0.46 -10.1%
TOTAL 9.32 -0.7%
16. H1 2014 16
Energy: Severe impact of cumulative measures
Revenues
EBITDA
RDL 9/2013
-€16m
-€60m
Total impact
EBT -€65m
Law 15/2012¹
+ RDL 2/2013²
-€131m
-€121m
-€152m
-€147m
-€181m
-€216m
Impact of regulatory changes 2012-2013
EBT would have been €216m higher excluding the total impact of
regulatory measures introduced in Spain since 2012
EBT would have been €216m higher excluding the total impact of
regulatory measures introduced in Spain since 2012
¹ Law 15/2012: 7% generation revenue tax, hydro levy and CSP economic framework
² RDL 2/2013: Removal of the pool + premium option and revision of the tariff update formula
17. H1 2014
Energy: Wind drivers by country
Wind prices (€/MWh) and Load factors (%)
17
Note: USA includes a “normalized” PTC of 23$/MWh (~17€/MWh)
Chg. (%)
Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh)
Spain Average 47.9 27.8% 85.6 29.7% -44.0%
Spain - Regulated 56.9 -
Spain - Not regulated 28.4 -
Canada 40.2 35.0% 55.1 38.0% -27.1%
USA 42.4 44.0% 43.3 38.1% -2.2%
India 42.6 25.4% 45.0 28.9% -5.5%
Mexico 51.6 39.9% 52.4 37.2% -1.5%
Australia 61.1 34.8% 66.0 34.0% -7.4%
Greece 87.5 32.3% 90.0 32.6% -2.8%
Poland 97.8 26.4% 98.8 18.1% -1.0%
Croatia 103.8 34.8% 105.3 n.m. -1.4%
Portugal 104.6 33.2% 105.2 34.2% -0.5%
Hungary 111.3 24.9% 114.5 27.8% -2.8%
Italy 147.0 19.3% 146.3 20.5% 0.5%
H1 2014 H1 2013
18. H1 2014
Under constr.
Attributable
0
174
0
0
0
0
92
0
266
EBITDA Associates
18
Energy: Installed capacity and under construction
Installed MW + Under construction MW @ H1 2014
SPV - Under construction
South Africa 92MW
Wind - Under construction
Chile 36MW
South Africa 138MW
Note: Attributable MW means consolidated MW
Total Attributable Eq accounted
Wind Spain 4,743 3,466 619
Wind international 2,263 2,021 48
Conventional Hydro 681 681 0
Hydro special regime 248 248 0
Solar Thermoelectric 314 314 0
Biomass 61 61 0
Solar PV 51 6 30
Cogeneration 9 9 0
TOTAL 8,370 6,804 697
Installed MW
MW
19. H1 2014
30-Jun-14 MW GWh EBITDA NFD Average COD
Wind Spain 619 842 20 262 2005
Wind International 48 63 3 15 2005
Australia 33 43 2 10 2005
Hungary 11 12 1 5 2006
USA 4 8 0 0 2003
Solar PV 30 28 10 108 2008
Total equity accounted 697 933 33 385 2006
H1 2014 (proportional figures)
19
Energy: Capacity under the equity accounting method
Detail of capacity via the equity accounting method
The 697MW contributed €5m in H1 2014 results as income from
associates
The 697MW contributed €5m in H1 2014 results as income from
associates
Note: Average COD weighted per MW
20. H1 2014 20
Infrastructure: Key figures and backlog
Key figures
Revenues decrease due to lower volumes in
construction
Concessions: Revenues in line and higher
EBITDA (+8.3%) No effect from the disposal
of Royal Jubilee Hospital in Canada in 2013
(equity accounted)
International backlog reaches an overall weight
of 58%
Key highlights
20
International backlog H1 2014
By region
Construction backlog H1 2014
€5,528m
Spain
42%
International
58%
€3,221m
(Million Euro) Jan-Jun 13 Jan-Jun 14 Chg. Chg. (%)
Revenues 1,303 1,186 -117 -9.0%
EBITDA 56 45 -11 -19.3%
Margin (%) 4.3% 3.8%
21. H1 2014
Road Rail Canal Port Hospital Total
# of concessions 12 1 1 1 5 20
Proportional EBITDA H1 2014 (€m) 48 1 1 0 11 58
Consolidated EBITDA H1 2014 (€m) 17 0 0 0 7 20
Average life (yrs) 33 35 30 30 29 31
Average consumed life (yrs) 7 5 8 9 6 7
Invested capital (€m) 1,338 43 63 17 237 1,776
Infrastructure: Concessions
¹Debt figure includes net debt from concessions held for sale (€21m) and those accounted by the equity method (€936m)
Invested capital
(€1,776m)
Equity:
€429m
Net debt¹:
€1,347m
21
Note: EBITDA and invested capital include -€4m and +€79m from holdings respectively. Lifes are weighted by BV excluding holdings
By degree of construction By region
22. H1 2014 22
Water and Service
ACCIONA Water includes: construction &
operation of desalination, waste water and reuse
plants. Also includes water concessions (around 6
million people served)
Water backlog stands at €9.8bn
Water: key figures
Key highlights
Service: key figures
ACCIONA Service includes: facility services,
airport handling, waste management, logistic
services and other
Revenues up 16.1% to €335m boosted by
higher volumes at facility services
EBITDA increase of 36.4% driven by handling
activity
Key highlights
(Million Euro) Jan-Jun 13 Jan-Jun 14 Chg. Chg. (%)
Revenues 222 214 -8 -3.7%
EBITDA 12 11 -1 -9.7%
Margin (%) 5.6% 5.2%
(Million Euro) Jan-Jun 13 Jan-Jun 14 Chg. Chg. (%)
Revenues 289 335 47 16.1%
EBITDA 7 9 2 36.4%
Margin (%) 2.3% 2.7%
23. H1 2014 23
Other activities
Other activities: key figures
Trasmediterranea:
Trasmediterranea’s EBITDA amounted to -€5m
compared to -€7m from previous year
EBITDA increases by €2m due to higher average
prices for passengers and vehicles in the period
Real Estate:
Real Estate EBITDA reached €5m boosted by
positive performance of the international
development activity (Mexico in particular)
Bestinver:
AUM reached €10,198m as of June 2014,
+14.2% with reference to December 2013
Bestinver reported EBITDA of €44m (+39.4%)
vs. H1 2013
Key highlights
Other activities: EBITDA breakdown
(Million Euro) Jan-Jun 13 Jan-Jun 14 Chg. Chg. (%)
Revenues 279 339 60 21.6%
EBITDA 21 42 20 96.4%
Margin (%) 7.6% 12.3%
(Million Euro) Jan-Jun 13 Jan-Jun 14 Chg. Chg. (%)
Trasmediterranea -7 -5 2 -26.6%
Real Estate -0.3 5 6 n.m.
Bestinver 31 44 12 39.4%
Winery 0.2 0.5 0.3 150.1%
Corp. & other -3 -3 0.3 -11.0%
EBITDA 21 42 20 96.4%
25. H1 2014
Closing remarks
25
Improvements at operating level (vs. June 2013)
EBITDA up +5% ex regulatory impact (RDL 9/2013)
Net debt down by 12% and increased liquidity up by +46%
Results severely impacted by new regulation
Regulatory impact (RDL 9/2013): -€152m EBT
Total impact (Law 15/2012+ RDL 2/2013 + RDL 9/2013): -€216m EBT
Rigorous Action Plan for the transformation of growth model:
Minority partnership with KKR
Disposals on track
Cost cutting
2013 dividend cancellation
Corporate debt structure transformation
Reorganisation
Note: Liquidity defined as cash and cash equivalents + current financial assets + undrawn credit lines