Acciona and Ferrovial double profit in the first semester | Economy

Acciona achieved net attributable profit of 467 million euros, which is 132.5% more than in the same period last year, while turnover increased by 36.3% and stood at 7,056 million euros . The increase is partly due to the positive impact of the change in the consolidation method of Nordex and the capital gain generated by the change in the consolidation method of Renomar, motivated by the acquisition of an additional percentage a few months ago that has allowed it to achieve control. for a combined capital gain of 405 million euros.

Acciona Energía achieved net attributable profit of 405 million euros, 3.9% more than in the same period of 2022, but its turnover fell to 1,760 million euros, 20.2% less than a year ago , due to electricity prices, particularly in Spain. The rest of the group has registered a 47.4% increase in gross operating profit (Ebitda), driven by the strength of the construction activity, both in production and profitability, and by the increase in the contribution of the concessions. Acciona Energía’s Ebitda stood at 686 million euros, 24.6% less, also due to lower energy prices, but also due to a change in remuneration parameters in Spain.

The division that includes the construction, concessions, water and urban services businesses increased its turnover by 37.3%, to 3,634 million euros, with an increase in Ebitda of 55% due to higher production, the largest contribution from concessions area and the best margins obtained in international construction. Construction revenues increased by 46%, to 2,925 million and its Ebitda increased by 74.8%, to 148 million. During the period, the largest contributors to construction turnover were Australia (41%), Spain (15%) and Brazil (8%).

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Likewise, Concessions advanced to 23 million euros in revenue (3.4%), Water achieved sales of 610 million (+8.8%) and Urban and Environmental Services achieved sales of 80 million, a 12.3 % further. The infrastructure portfolio reached 22,964 million euros, having obtained 3,908 million awards in the whole semester.

The company’s net financial debt reached 7,066 million as of June 30, 2023, which represents an increase of 1,813 million compared to December 2022. Acciona attributes the increase to the “great investment effort” made by the group, which has risen to 2,200 million in this first semester. Investments made by Acciona Energía have amounted to 1,544 million euros, of which 116 million have been invested in infrastructures, 302 million in Nordex, 103 million in other activities and 136 million in real estate stocks.


For its part, Ferrovial had a turnover of 3,940 million euros in its last semester based in Spain, 11.5% more than the previous year. The construction company has doubled its profit to 114 million euros from the 52 million registered the previous year thanks to the constant recovery of air traffic on the eve of the high summer season and the good data from the concessions and construction division. The company led by Rafael del Pino has closed the first half of 2023 with an Ebitda of 401 million euros, above the 313 million obtained in the same period of the previous year. On the financial front, it closed June with liquidity of 5,521 million euros, while net cash excluding infrastructure projects reached 819 million euros.

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The highway division grew its revenue by 38% to 492 million euros, mainly due to its US assets and the increase in mobility and travel patterns, such as the massive return to face-to-face work. Specifically, those toll roads located in the United States contributed 82% of the income of this business, as well as 92% of its Ebitda, highlighting the NTE, the LBJ and the NTE-35W, as well as its star asset in Canada, the 407-ETR.

In relation to airports, the constant recovery of air traffic before the summer season has allowed passenger figures to rise. Among them, the behavior of the London Heathrow airport stands out, which registered 37.1 million passengers, 42.1% more. The Aberdeen, Glasgow and Southampton airports handled 4.9 million passengers, 22.3% more, and Dalaman, Turkey, another 1.8 million, 22.2% more.

For its part, construction has been impacted by completion works on large infrastructure projects in the United States that are in their final stages. Hence, the income of this division reached 3,258 million euros, 8.3% more than the same period of the previous year, but its Ebitda was negative, of -3 million euros. As for the revenues from Energy Infrastructures and Mobility, they rose 25.4% in like-for-like terms, to 175 million euros. The unit closed the semester with an Ebitda of 6 million euros, 123.1% in comparable terms.

Ferrovial completed its merger with the Dutch subsidiary, known as Ferrovial Internacional SE (FISE), on June 12 of this year. The transfer process from Madrid to Amsterdam ended with the listing of its shares on Euronext Amsterdam four days later and the company has already announced the first payment of a scrip dividend of 0.2871 euros per share.

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