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Despite weak electricity prices in Spain and the deconsolidation of ACCIONA Windpower, future growth is guaranteed

The ACCIONA GROUP of companies operates in several sectors of economic activity, which are: Acciona Energy, Acciona Infrastructure Construction, Acciona Water, Acciona Service and Acciona Other activities.
ACCIONA Energy is a global operator in renewable energies, the largest in the world in terms of clean energies not linked to conventional electric power generation companies, which produces emission-free clean energy for more than six million homes around the world.
ACCIONA Energy business ranges from the construction of wind farms to the generation, distribution and selling of various energy sources. ACCIONA Infrastructure Construction includes mainly construction and engineering activities, transport and hospital concessions. ACCIONA Water occupies is involved with activities relating to the construction of desalination plants, water treatment plants and drinking water stations, as well as the management of the entire water cycle. ACCIONA Service operates facility services, airport handling services, waste collection and treatment, logistics services and others. Other Activities: businesses relating to fund management and stock market brokerage, wine production, as well as the activities of the ACCIONA Transmediterranea subgroup, a real estate business, and other investments.
ACCIONA Energy is one of the largest renewable energy operators in the world. It owns electricity generation assets based on renewable energy sources that totalled 8,913 MW in operation in 2016. Of this figure 82% corresponds to wind power, 10% to hydro and the rest to solar (photovoltaic and concentrating solar power) and biomass plants. 66% of the capacity is in Spain, and the rest is distributed among fourteen countries: USA, Canada, Mexico, Costa Rica, Chile, Portugal, Italy, Greece, Hungary, Poland, Croatia, Australia, India and South Africa. Over the last 12 months, the portfolio of ACCIONA Energy has grown by 294 MW, 3.4% more than the installed capacity up to 2015, mostly thanks to the addition of 246 MW of photovoltaic power in Chile, 93 MW of wind power in the US and another 3 MW in India.
According to the annual financial report
of ACCIONA GROUP, consolidated revenues fell by 8.7% to €5,977 million in 2016 compared to €6,544 million in 2015, mainly due to the decline in energy revenues of -33.9% from to €2,719 million in 2015 to €1,796 million in 2016. That was as a result of the deconsolidation of the wind turbine manufacturer Acciona Windpower (AWP) and its acquisition through Nordex on 1st April 2016.
Consolidated EBITDA increased slightly by 1.5% from €1,174 million in 2015 to €1,192 million in  2016,mainly due to the higher contribution from Infrastructure (+91.8%) and Other Activities (+16.2%), which have offset the lower contribution of the ACCIONA Energy business (-17.5% from €897 million in 2015 to €740 million in 2016). The consolidated EBITDA margin stood at 19.9%, 2.0 percentage points higher than in 2015. With respect to the relative contribution of the divisions at EBITDA level, Energy contributed the most (62%), followed by Infrastructure (27%). Other activities contributed 11% of EBITDA. The deconsolidation of the wind turbine manufacturer Acciona Windpower (AWP) brought positive extraordinary items amounting to €721 million, mostly representing the capital gain related to the contribution of AWP to Nordex.
These positive effects have been partially offset by negative extraordinary items amounting to €626 million, of which approximately half are related to non-recurring financial charges arising from the major refinancing transactions linked to energy assets, which were carried out during the period.
Attributable consolidated net profit amounted to €352 million, 69.8% higher than in 2015 including positive extraordinary results due to the capital gain from AWP deconsolidation in 2016.
A simplified consolidated Profit & Loss account separating ordinary from extraordinary results represents a net profit decline of 29,6% from €207 million in 2015 to €146 million in 2016.
As mentioned above ACCIONA Energy revenues decreased by 33.9% to €1,796 million and EBITDA decreased by 17.5% to €740 million in 2016. These results were mainly driven by the following factors:
a)    The 7.7% decrease in EBITDA contribution of the Generation activity to €782 million, mainly as a result of the lower EBITDA in Spain, which fell by 15.8% due to a significant drop in electricity prices which fell to €39.67 MWh on average in 2016, 21% lower than in 2015.
b)    Non-Generation EBITDA in 2016 decreased by €66 million, mainly due to the deconsolidation of AWP in 2016.
During 2016, ACCIONA Energy ensured significant and profitable growth in its project pipeline for the years to come as a result of the success obtained in the electricity auctions in Chile, Mexico and Australia, with a total of more than 650 MW to be built during the 2016-2019 period.