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| Acciona announces net profit of 34 million euro  Acciona Infrastructure revenues fell by 16.9%, and EBITDA was down 18.5% due to the construction slowdown in Spain.Shrinking profits at Energy and Infrastructure were offset by improved performance by the Other Activities division, which took Group net profit to 34 million euros. Acciona Group EBITDA totalled 327 million euros in the first quarter of 2013, down 0.5% on 1Q2012. Group EBITDA was stable thanks to an increase in Acciona Energy installed capacity over the past twelve months, as well higher national wind and hydro load during the period, and a sound performance by the Other Activities division. Group revenues in 1Q2013 were 1, 621 billion euros and net profit totalled 34 million euros. Results were seriously affected by regulatory changes in the energy sector in Spain that caused the Energy division's pre-tax profit to fall by 26.1%. This impact was largely offset by exceptional weather conditions, with plenty of wind and rain in Spain during the period. The construction slowdown in Spain had an adverse effect on the Infrastructure division: revenues fell by 16.9% and EBITDA was down by 18.5%. The Other Activities division-which brings together Trasmediterranea, Acciona Real Estate, Bestinver and Wineries- improved its performance considerably: from a negative EBITDA of four million euros in 1Q2012, the division ended the first quarter of 2013 with a positive EBITDA of eight million euros. Net investment during the period amounted to 99 million euros (24% lower than 1Q2012), including 64 million euros by the Infrastructure division (mainly concessions) and 32 million euros invested by Acciona Energy (50% lower than 1Q2012). Net financial debt rose to 7, 549 billion euros, compared with 7, 482 million euros as of 31st December 2012. This slight increase (0.9%) was mainly due to the new investments in Q1 2013, the financing of working capital requirements and the payment of the interim dividend. The gearing ratio stands at 136%, the same figure as end-December 2012. write your comments about the article :: © 2013 Construction News :: home page |