Revenues and Ebitda increase 18% and 24% respectively
Net income increases by 58%
Abengoa completed the extension of €1,566 billion of
corporate bank debt for three years
May 4th, 2012. Abengoa, the international company that
develops innovative technology solutions for sustainable
development in the energy and environment sectors, achieved
revenues of €1,764 million in the first quarter of 2012, an
increase of 18% compared to the previous year. EBITDA
increased by 24% to €285 million compared to the same
period in 2011. Net income jumped by 58% to €89 million.
Abengoa's dedicated and ongoing commitment to geographic
diversification in new markets continues to be one of the
key factors behind its sustained growth. In the first
quarter of the year, international activities accounted for
70% of total revenues. The Company's significant presence
in the Americas once again played an important role,
accounting for nearly 50% of the company's revenues, with
the U.S. generating 17% and Brazil 14% of total revenues.
Abengoa's CEO, Manuel Sánchez Ortega, said, "We have
started the year as we expected, without surprises, and
delivering on the estimates we have shared. We have also
continued our investment, our asset rotation strategy and
we have been able to close the refinancing and syndication
of €1,566 million. This gives us the confidence to meet our
Results by segment
Revenues in the Engineering and Construction (E&C) segment
grew by 19% to €931 million. EBITDA also increased by 13%,
reaching €106 million, with a margin of 11.4%. The E&C
division signed new contracts in the period worth €552
million, bringing the order backlog to €7,078 million as of
March 31, 2012. This backlog, together with the first
quarter 2012 revenues, provides over 95% visibility into
the expected revenues for the full year. The E&C segment
currently manages a pipeline of potential commercial
opportunities for the next twelve months of approximately
€74 billion. Bookings in the Engineering and Construction
division totaled €552 million, an increase of 111% compared
to the same period of the previous year, bringing the order
backlog to €7,078 million as of March 31, 2012.
Revenues in the Concession-type Infrastructures segment,
which primarily includes electricity generation and
transmission, increased by 18% to €103 million, with an
EBITDA margin of 65%. Two new concentrating solar power
(CSP) assets (Solacor 1 and 2) came into operation earlier
than expected during this quarter,
highlighting the timely execution of the Company's
announced investment plan. In addition, the Company
announced during the quarter that it has reached an
agreement with Cemig to sell the remaining 50% of the
transmission lines joint venture in Brazil for €586
million, in line with its concessions asset rotation
strategy. Finally, Abengoa also announced recently that it
has obtained the support of Banco Santander in the
development of the world's largest CSP plant through an
equity contribution of $125 million.
The Industrial Production segment, which includes the
industrial recycling, bioenergy and other technology
development businesses, increased its revenues by 17% to
€730 million. EBITDA for this segment increased by 49% to
€112 million, leaving EBITDA margin slightly above 15%.
Performance in this segment has been affected by a weak
crush spread market environment, caused by a decrease in
the consumption of gasoline in the geographies where the
As previously announced, during the first quarter of 2012,
Abengoa reached an agreement with Compañía Energética de
Minas Gerais (CEMIG), one of the largest electricity
companies in Brazil, to sell Abengoa's 50% stake in the
joint venture that manages four transmission concessions.
Last year Abengoa sold the other 50%.
The transaction, which forms part of the company's declared
asset rotation strategy, will strengthen Abengoa's balance
sheet, generating €376 million in cash when closed and will
reduced consolidated net debt in € 500 million.
It should also be noted that Abengoa has successfully
completed the refinancing and syndication of €1,566 million
of its long term corporate bank debt, reserving the right
to increase this financing by up to €300 million during the
next 45 days. The company has now extended the maturity of
its corporate debt by more than three years.
Abengoa's expectations for the full year 2012 remain
unchanged, targeting revenues of €7,550 to €7,750 million,
and EBITDA of €1,275 to €1,325 million.
Details of the Q1 2012 Earnings Presentation Conference
To access the conference please dial +34 91 788 93 03. The
conference can be followed live via Abengoa's website. We
recommend accessing the website at
least 15 minutes prior to the start of the conference to be
able to register and download the audio software required
A recording of the conference will be available on Abengoa
investors' webpage approximately two hours after the
conference has finished.
In addition, the Company will host its Analyst and Investor
Day next week, on May 8th in London, and May 10th in NY.
Details of the program and venues can be found on Abengoa's
website at www.abengoa.com
Abengoa (MCE: ABG) is an international company that applies
innovative technology solutions for sustainable development
in the energy and environment sectors, generating
electricity from the sun, producing biofuels, desalinating
sea water and recycling industrial waste.
Communication Department contact
Patricia Malo de Molina Meléndez.
Loreto González Goizueta.
Investor Relations contact
Bárbara Zubiría Furest.
This press release contains forward-looking statements,
which may be preceded by words such as "believe", "expect",
"possibility", "anticipate", "plan", "intentions",
"assumption" or similar expressions, and includes
statements relating to our forecasts for the 2012 tax year.
This declaration of intentions reflects current business
expectations as at the date of this press release, and
implies certain risks and uncertainties. Abengoa's real
results may differ significantly from those anticipated in
these forward-looking statements due to numerous factors.
Abengoa does not intend, nor does it assume any obligation,
to update or revise its forecasts in this press release
after it has been published.
Due to the aforementioned risks and uncertainties, and the
possibility that the real results may change due to
variations in the assumptions on which certain forecasts
are based, investors must bear in mind that the results,
events or developments disclosed in any forecast in this
press release, may not occur, and that the real results may
significantly vary from those outlined in this document,
including those described as "forecasted, expected, set,
planned, or similar".