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Abengoa Presents Its Financial Results For 2012

Stocks in this article: ABG

SEVILLE, Spain, Feb. 22, 2013 /PRNewswire/ --

  • Abengoa recorded 2012 revenues of €7,783 million and EBITDA of €1,246 million, representing an increase of 10% and 13% respectively.
  • Corporate leverage was 3.2x and liquidity position was €3,451 million.
  • Dividend of 0.072 €/share to be approved by shareholders meeting.
  • USA becomes the first market in term of revenues.

Abengoa (MCE: ABG.B), the international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, recorded revenues of €7,783 million in 2012, an increase of 10% compared to the previous year, while EBITDA grew by 13% to €1,246 million. Profit after tax fell by 51%, ending the year at €125 million, mainly due to the effect of discontinued activities in the figure reported for 2011.

In 2012, Abengoa generated cash flow of €443 million from its operations. Its corporate net debt ratio stood at 3.2x, while its total debt ratio (including non-recourse debt) closed at 6.6x. Excluding pre-operational debt, which is the debt financing assets that still do not generate EBITDA, the corporate net debt ratio was 0.8x and the total debt ratio was 3.2x.

This year Abengoa has brought seven concession assets into operation, contributing €83 million to EBITDA during the year (€105 million annualized). The company has continued to implement its investment plan, allocating €997 million in corporate funding for new projects, bringing its liquidity position at the end of the period to €3,451 million.

Abengoa's geographical diversification in new markets continues to be one of the key factors behind its sustained growth. The company's international activities account for 75% of total revenues, of which 26% comes from the USA, 26% from Latin America, 15% from the rest of Europe and 7% from Asia and Africa. For the first time in Abengoa's history, the USA has become the leading region in terms of revenues thanks to the company's diversification efforts over the last ten years.

Based on the results obtained, the Board of Directors has proposed a dividend of €0.072 per share, which represents a payout ratio of 31%.

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