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Abengoa Announces Its Results For The First Half Of 2012

Stocks in this article: ABG

SEVILLE, Spain, July 31, 2012 /PRNewswire/ -- Abengoa, the international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, has reported revenues of €3,691 million for the first half of 2012, marking a year-on-year increase of 17 %. Ebitda stood at €563 million, representing a 21% increase from the same period of 2011. Net profit increases by 8 % to reach €110 million.

Abengoa's dedicated and ongoing commitment to geographic diversification in new markets continues to be one of the key factors behind its continued growth. International business accounted for over 72 % of total revenues over the first six months of the year, with a strong presence in the Americas, which accounted for almost 50 % of total revenues.

Abengoa has continued to develop its investment plan in concessional assets, contributing €425 million of equity in the first half of the year. The liquidity position at the end of the year stands at € 3,717 million.

Manuel Sanchez Ortega, Chief Executive Officer of Abengoa, stated, "In such an extremely complicated environment, diversification has allowed us to achieve good results thanks to the growth in the engineering segment, early startup of new concessional assets and the strong performance of the industrial waste recycling division; on the other hand, the activity of bioenergy has been affected by lower margins than expected. We have continued with our asset rotation strategy and we have been able to close the extension of our syndicated debt for an amount of €1,663 million providing us with additional financial flexibility reinforcing our liquidity position at €3,717 million."

On July 2nd, Abengoa completed the agreement with Compania Energetica 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. The transaction, which forms part of the company´s declared asset rotation strategy, will strengthen Abengoa´s balance sheet, adding €354 million to liquidity position. The remaining 50 % of the joint venture had been sold in November 2011.

We also highlight the successful completion of the company's extension of the syndicated facilities for a total amount of €1,663 million, representing a major success which proves the confidence of a large number of national and international entities in the company.

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