Abengoa presents its third quarter 2012 results
-- Revenues up by 17% to €5,612 million, while EBITDA grew by 21% to €897
million in the nine months ended September 30, 2012
-- The company maintains a solid cash position of €2,493 million
SEVILLE, Spain, Nov. 12, 2012
SEVILLE, Spain, Nov.12, 2012 /PRNewswire/ --Abengoa, the international
company that applies innovative technology solutions for sustainable
development in the energy and environment sectors, recorded revenues of €5,612
million for the first nine months of 2012, an increase of 17% compared to the
same period of the previous year. EBITDA rose by 21% year-on-year to €897
million. Profit for the year amounted to €117 million, a 2% decrease from the
same period of the previous year when excluding the profit from discontinued
operations reported in 2011.
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 nine months of the year, revenues from the U.S. and Latin
America contributed nearly 50%.
Abengoa has also managed to bring successfully into operation 6 concessional
assets and has continued to develop its investment plan in this activity by
contributing €649 million of corporate funds into new projects. That, together
with a generation of 82 million euros from working capital during the quarter
brought the total cash position at the end of the period to €2,493 million.
During the third quarter of 2012, Abengoa reached an agreement to acquire 55%
of the South Korean company Hankook R&M, a firm specializing in recycling
steel dust valued at €60 million. This transaction represents an important
milestone in Abengoa's global growth and a strategic step in its ambitious
international expansion plans for its industrial waste recycling division,
which is consolidating its position as a leader in its sector.
Manuel Sanchez Ortega, CEO of Abengoa, said, "Once again the company has
achieved good quarterly results, despite the difficult environment in some of
the geographies and markets in which we are present, highlighting our
strengths. The significant diversification of our business has been essential
to achieving these strong results. I am pleased to see the company fully on
track to achieve all of our targets for this year, and to continue setting the
basis for 2013."
Results by segment
Revenues in the engineering and construction segment grew by 29% to €2,781
million. EBITDA increased by 36% to €359 million, with a margin of 13%. The
engineering and construction division has signed new contracts worth €2,273
million in the period, bringing the backlog, or order book, to €6,639 million
as of September 30, 2012. This backlog, together with a pipeline of
commercial opportunities identified valued at €77 billion allows us to look
comfortably into year-end, and already provides very good visibility into
Revenues in the concession-type infrastructure activity increased by 21% to
€389 million, with an EBITDA margin of 68%. All assets have operated as
expected, with six new solar-thermal plants coming into operation in the
period (Solacor 1 and 2, Helios 1 and 2, and Solaben 2 and 3).
Revenues in the industrial production area, which includes the industrial
recycling, bioenergy and other technological businesses, increased by 6% to
€2,442 million, while EBITDA increased by 10% to €274 million, with EBITDA
margins slightly above 11%. The results of this activity have been affected by
the weak performance in bioethanol margins, primarily driven by lower oil
consumption in the countries where the company operates and by adverse weather
conditions in the first months of the year in the U.S. and Brazil which have
driven increases in corn prices.
Results forecast for the year
Abengoa's revenues forecasts remain unchanged, with expected full-year figures
for 2012 of between €7,550 million and €7,750 million, an increase of 8%
compared to 2011. The Company also maintains its EBITDA forecast for the
full-year 2012 to be in the range of €1,175 million to €1,225 million.
Details of the results presentation conference
Manuel Sanchez Ortega, CEO of Abengoa, and Barbara Zubiria Furest, Chief
Reporting Officer & Head of Investor Relations, will host a conference call
today to present the results, which will be simultaneously broadcast on the
internet at 6.30 pm (Madrid time) and 12.30 pm (New York time).
To access the conference please dial +34 91 788 93 03. The conference can be
followed live via Abengoa's website (www.abengoa.com). We recommend accessing
the website at least 15 minutes before the start of the conference to be able
to register and download the necessary audio software.
A recording of the conference will be available in the Shareholders and
Corporate Governance section of the Abengoa website approximately two hours
after it has finished.
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. (www.abengoa.com)
Investor relations: Communication Department:
Barbara Zubiria Furest. Patricia Malo de Molina Melendez.
Tel: +34 954 937 111 Tel: +34 954 93 71 11
E-mail: firstname.lastname@example.org E-mail: email@example.com
You can also follow us on:
And on our blog: http://blog.abengoa.es/
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