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28 july 2015

Elecnor posts a 7.2% increase in net profit and 11.3% sales growth in the first half

At 30 June, net profit stood at EUR 31.2 million and sales totalled EUR 834 million

Sales continue to pick up in the Spanish market, where they rose 9.1%, while international sales grew by 13.5%

The backlog increased by 8.1% to EUR 2,612 million. 

Madrid, 28 July 2015.- Elecnor obtained a consolidated net profit of EUR 31.2 million for the first half of 2015, up 7.2% from EUR 29.1 million in the same period a year earlier. This improvement was attained despite the Group attributing just 51% of the results from its transmission networks business in Brazil and Chile and its Canadian wind business following the agreements struck in the second half of 2014 for the entry of strategic partners in these businesses, whereas 100% was attributed in the first half of last year.

Other factors that shaped first-half net profit compared with the same period last year are: 

  • The positive contribution of Group companies operating in international markets, in particular in Australia, where a new solar PV plant is being built for Moree Solar Farm Pty Ltd; Peru, where initial work on a section of the Southern Gas Pipeline is underway; and Mexico, where construction of the first phase of the Morelos gas pipeline for the country's Federal Electricity Commission has been completed. 
  • The coming into service, compared with the first half of 2014, of several new transmission concessions in Brazil.
  • These positive factors, together with the ongoing policy to contain and control general costs, are offsetting the delays in the execution of some of the Group's projects in international markets, and the start-up costs in countries where the Group has begun operating in recent years. These projects and new markets are expected to generate positive results in the short and medium term. 

Sales 

At 30 June, revenue stood at EUR 834 million, up 11.3% from EUR 749 million in the first half of 2014. Of this figure, 52.3% were international revenues, which advanced 13.5%. The recovery of the domestic market noted in the first half continued, with revenue growth of 9.1% compared with the first half of 2014. The domestic market therefore accounted for 47.7% of revenues. 

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

  • The aforementioned strong performances of the Group companies active in Australia, Peru and México plus the Scottish company IQA, which made a significant contribution to sales.
  • The strong energy output of wind farms in Spain in the first half, helped by the prices achieved in the  Iberian Electricity Market (MIBEL), and of the Group's international wind farms, in particular of the L’Erable facility in Quebec, Canada.
  • The strong performance of the Group's traditional infrastructure business in the domestic market.

Backlog

At 30 June, the backlog stood at EUR 2,612 million, up 8.1% compared with the end of the previous year. 

This sharp growth is largely attributable to the Group's firm focus on the international market and continues the progress made in recent years. Specifically, the international backlog amounted to EUR 2,141 million, up 8.2% compared with December 2014, which means it now represents 82% of the total backlog.

Outlook for 2015

After its first half results, the increase in the backlog and in light of the economic outlook, the Elecnor Group still expects to achieve a higher profit in 2015. 

 

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