ACCIONA: FY2019 RESULTS (ANÃLISIS BANCO SABADELL)
4Q'19 vs. 4Q'18 ResultsEBITDA: € 424.0 M (+17.1% vs. -1.7% expected and -8.0% expected by the market consensus);
EBIT: € 238.0 M (-4.4% vs. -16.1% expected and -18.0% expected by the market consensus);
Net Profit: € 139.0 M (+31.1% vs. +4.1% expected and -11.8% expected by the market consensus).
FY2019 vs. FY2018 Results
EBITDA: € 1.357 Bn (+9.0% vs. +3.5% expected and +1.7% expected by the market consensus);
EBIT: € 699.0 M (-7.7% vs. -11.5% expected and -12.1% expected by the market consensus);
Net Profit: € 352.0 M (+7.3% vs. -1.4% expected and -6.6% expected by the market consensus).
FY2019 that came in above expectations in LfL EBITDA and very much in line in NFD. On the accumulated level, EBITDA beat our estimates by +5.3% (+7.2% consensus), although these results show a greater impact from IFRS’16 vs. 9M’19 (€ +93 M on the year vs. +52 BS(e) based on 9M’19), which means a +2.7% improvement in adjusted terms vs. our estimates (+4.6% vs. consensus). This represents a +9% increase vs. 2018 and +12% in comparable terms according to the company’s definition (excluding divestitures and the impact from IFRS16), and thus, it would be above the company’s high single digit guidance.
The Energy division (62% EBITDA’19) would have been in line with our estimate (assuming that the increase stemming from IFRS16 is due to this division) with +11% LfL EBITDA growth vs. 2018, while Infrastructures (32% EBITDA’19) came in +8% higher (-7.9% vs. 2018 in comparable terms ex-Sydney) thanks to a better performance of the Water division. Although with a limited weight on the consolidated level, Other Activities (6% EBITDA’19) came in +9% above our estimate thanks mainly to the better performance of the real estate business.
Net Profit came in at € 352 M, +7.3% vs. 2018, above expectations (-1.4% BS(e) and -6.6% consensus) and largely explained by the better EBITDA performance.
Net debt rose by € 582 M vs. Dec.’18 (+10%) up to € 5.32 Bn (including € +400 M from IFRS16 impact), in line with our estimate and slightly above the consensus (adjusted for the greater impact from IFRS16), The NFD/EBITDA ratio from the past 12 months came in at 3.9x, in line with the company’s guidance (
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
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