MADRID, November 13, 2014 /PRNewswire/ --
- Strong business performance: double digit growth in EBITDA (24
%) and net income (38 %).
- Healthy contracting activity leading to backlog of €7,305
million.
- First drop down of assets to Abengoa Yield announced.
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the international
company that applies innovative technology solutions for
sustainability in the energy and environment sectors, recorded
revenues of €5,237 million for the first nine months of 2014, flat
versus the same period of the previous year. EBITDA rose by 24 % to
€1,071 million while net income increased to €100 million, a 38 %
increase compared to the same period of 2013.
Total backlog as of September 30,
2014 totaled more than €47 billion, which represents a
year-over-year increase of 10 %. It is comprised by an E&C
backlog of €7.3 billion, growing 3 % over the E&C backlog as of
September 2013, and a backlog of
concessions contracted revenues of €40.3 billion, which increases
by 11 % on a year over year basis. The pro-forma corporate net debt
to corporate EBITDA ratio (Corporate Leverage Ratio) as of
September 30, 2014 was 2.1x, 0.4x
reduction versus the previous quarter, on track for full year 2014
target of 2.0x.
Abengoa's geographic diversification continues to be one of the
key factors behind its growth and strategy. North America and South America, representing 36 % and 25 %,
respectively, of the first nine months' revenues, continue to
represent the key regions for Abengoa. Spain continues to decrease its weight
representing 16 % now, while Rest of EU represents 13 %,
Africa 7 % and Middle East & Asia 4 %.
Manuel Sánchez Ortega, CEO of Abengoa, said: "Once again the
Company has been able to achieve strong operating performance,
increasing our EBITDA by 24 % year over year during the first nine
months of 2014 thanks to an improvement in our activities. We are
also proud to translate these strong results into a solid net
income growth, which has increased 38 % during the same
period."
He went on to say, "The first ROFO drop down announcement is a
confirmation of the strategic importance of Abengoa Yield for
Abengoa and a proof that it is a vehicle that enables us to
maximize our return on the equity investments in the concessional
assets on a recurrent and long-term basis, while at the same time
it reduces Abengoa's cost of equity and improves our business
model."
Corporate transactions
On September 22, 2014, Abengoa
entered into a definitive agreement with Abengoa Yield, subject to
the closing of financing, to sell three renewable facilities for a
total amount of $323 million. The
renewable assets sold consist of Concentrating Solar Power assets
with a combined capacity of 131 MW located in Spain (Solacor and PS) and a 50 MW wind farm
located in Uruguay (Cadonal). The
closing of the operation is scheduled to be formalized before the
end of the year and is framed within the Right Of First Refusal
agreement signed by both companies.
Results by segment
Revenues in the engineering and construction segment decreased
by 5 % to €3,090 million, while EBITDA decreased by 4 % to €504
million, which represents a margin of 16.3 %. The engineering and
construction division achieved a positive bookings performance
during the first nine months, with a total of €3,595 million, a 1 %
increase year over year. This brings the backlog as of end
September 30, 2014 to a healthy
€7,305 million. Additionally, the pipeline of identified commercial
opportunities stands at approximately €166 billion, a 33 % increase
year over year. The slight decrease in revenues during the first
nine months of 2014 was due mostly to a negative impact from
foreign exchange fluctuations, together with the termination of the
execution of some large Concentrating Solar Power projects, such as
Solana and Mojave in the US and Solaben 1&6 in Spain, and a softer ramp-up of newly signed
projects.
Revenues in the concession-type infrastructures segment rose by
38 % to €569 million, while EBITDA increased by 58 % to €403
million. The increase is mainly driven by the new assets that have
come into operation, and the strong performance and increased
efficiency of the plants in operation. Backlog of long-term
contracted revenues in the concession-type infrastructures segment
totaled €40.3 billion as of September 30,
2014, increasing 11 % year-over-year. The average remaining
life of contracted assets in concessions was approximately 25
years.
Revenues in the industrial production segment, which includes
the bioenergy business, increased by 1 % to €1,578 million. EBITDA
amounted to €164 million, compared to €81 million in the first nine
months of 2013, an increase of 103 % year over year, mainly due to
the strong performance of our operations in Brazil and US, added to an improvement in the
EU market.
Financial targets
Abengoa has raised its Corporate Ebitda target to a range of
€885 million and €900 million, representing an increase of 6-8 %.
The Ebitda guidance for 2014 remains unchanged, at a range of
€1,350 million and €1,400 million, representing an increase of
10-14 % from 2013 figures.
On the other hand, Abengoa's 2014 revenue guidance is lowered to
a range of €7,400 million and €7,500 million, representing an
increase of 1-2 % from 2013 figures.
The rest of the financial targets remain unchanged.
Details of the results presentation conference
Manuel Sánchez Ortega, CEO of Abengoa, and Bárbara Zubiría
Furest, EVP of capital markets and investor relations, will host a
conference call to present the results, which will be
simultaneously broadcast over the internet, at 6:00pm (Madrid
time) and 12:00pm (New York time).
In order to access the conference please dial +34 91 788 93 03.
A live webcast of the conference call will be available on
Abengoa's corporate website. Please visit the website at least 15
minutes earlier in order to register for the live webcast and
download any necessary audio software.
A replay of the call will be available at the Investor Relations
page of Abengoa's corporate website approximately two hours after
the conference call is completed.
About Abengoa
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB) applies innovative
technology solutions for sustainability in the energy and
environment sectors, generating electricity from renewable
resources, converting biomass into biofuels and producing drinking
water from sea water. (http://www.abengoa.com)
You can follow us:
https://twitter.com/Abengoa @Abengoa
http://www.pinterest.com/Abengoa/
https://www.youtube.com/user/AbengoaIntl
http://instagram.com/abengoaintl
http://www.slideshare.net/AbengoaIntl
https://plus.google.com/u/0/102720651898841234213/posts
https://www.facebook.com/Abengoa.Intl
https://www.linkedin.com/company/abengoa
And our blog: http://www.laenergiadelcambio.com
Communication Department:
Patricia Malo de Molina Meléndez.
Tel: +34-954-93-71-11
E-mail: communication@abengoa.com
Investor relations:
Bárbara Zubiría Furest.
Tel: +34-954-93-71-11
E-mail: ir@abengoa.com