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7 may 2015

Elecnor posts a 5.1% increase in net profit and 6.1% sales growth in the first quarter

Domestic sales picked up and advanced 9.6% whilst international sales grew by 3.6%The order backlog increased by 7.5% to EUR 2,633 million

Madrid, 7 May 2015.- Elecnor obtained consolidated net profit of EUR 18.5 million in the first quarter, up 5.1% from EUR 17.6 million in the same period a year earlier. This increase was achieved on the back of a strong showing from the infrastructure business and, more specifically, the contribution of one-off international contracts.

This factor offset the smaller contribution from the electricity transmission grid operation businesses in Chile and Brazil following the entry of partners into the capital of the companies that manage these businesses, as reported in the final quarter of 2014. In the first quarter of 2014 all the results generated by these projects were fully attributable to Elecnor. 

Domestic wind projects performed better year-on-year thanks to an increase in production. However, like the Group's other renewables projects in Spain, these facilities are still affected by the energy reforms approved by the Spanish government. 

Sales 

At 31 March, revenue stood at EUR 390.7 million, up 6.1% compared with the first quarter of 2014. Of this figure, 57.2% was international revenue, which advanced 3.6% in the three months. In the domestic market revenue growth stood at 9.6% and they accounted for 42.8% of the total.

Some of the key factors behind this improved revenue performance were:

  • A strong performance from the infrastructure business, largely thanks to one-off contracts in the international market.
  • The increase in business volume contributed by subsidiaries outside Spain, in particular Green Light Contractors in Australia, Elecnor Chile and the companies operating in the US and Scotland.
  • The increased output of the company's Brazilian wind farms and of the L'Erable wind facility in Canada.

In the domestic market, in addition to the consolidation of the Group's traditional business, there was an improved year-on-year showing from domestic wind projects thanks to their higher production, as mentioned earlier.

Order book

The positive sales performance, which Elecnor expects to maintain over the rest of the year, is underpinned by a solid international backlog valued at EUR 2,146 million, 9.1% more than a year ago. This accounts for 81.5% of the total order book at 31 March 2015 which stood at EUR 2,633 million (a 7.5% increase compared to the previous year).

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