|By PR Newswire||
|February 20, 2014 05:15 PM EST||
WASHINGTON, Feb. 20, 2014 /PRNewswire/ -- Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the international company that applies innovative technology solutions for sustainability in the energy and environment sectors, posted revenues of €7,356 million in 2013, representing an increase of 17% over the previous year. The operating result (EBITDA) was €1,365 million, 44% more than in 2012. Net income stood at €101 million, an increase of 84% from 2012.
Geographic diversification remains one of the key drivers in the continued growth of Abengoa, with Latin America being the first geography representing 29% of revenues followed by the U.S. with 28%. These two regions now represent 57% of total revenues while Asia and Africa continue to become more relevant, representing now 15% of total revenues, and Europe 28%.
Abengoa has generated in 2013 a cash flow from operations of €741 million. Its corporate net debt ratio stood at 2.2x, representing a reduction of 1.5x compared to 3.7x in December of 2012, hence delivering on the commitment to reduce corporate leverage. The ratio of total net debt (including debt associated to its concessions business) stood at 5.8x, a reduction of 1.3x year-over-year.
This year, Abengoa has continued with the commissioning of its concessional assets, bringing 10 new assets into operation. In parallel, it has continued to strengthen its balance sheet successfully by completing a €517.5 million capital increase concurrent with its United States public listing in the "NASDAQ Global Select Market." Furthermore, Abengoa has been able to crystallize value by rotating assets worth more than €800 million in concessions and subsidiaries, and has reduced its corporate capex to €729 million, from €1,189 million in 2012.
During 2013, Abengoa has continued its technological program development, investing €107 million in R&D programs and €319 million in R&D plants.
Manuel Sanchez Ortega, CEO of Abengoa, expressed his satisfaction at "being able to present today such good results for Abengoa, in a year with very important milestones for the company. We have completed our US IPO through a listing in Nasdaq while simultaneously reinforcing our balance sheet through a capital increase."
Manuel Sanchez Ortega added that, "The company's strength lies in our focus on technology and our investment in research and development, coupled with the dedication and commitment of the human capital at Abengoa. All in all, we have ended 2013 reinforced financially and with a clear business plan to deliver".
Results by segment
Revenues in the engineering and construction segment grew by 27% to €4,808 million, compared to last year. EBITDA increased by 29% to €806 million, with EBITDA margin standing at 16.8%. The Engineering and Construction division has won new contracts worth €4,882 million, an increase of 36% compared to the same period of the previous year, driving the backlog to €6.8 billion at December 31, 2013. These new projects, together with the pipeline of opportunities identified totaling €139 billion, provide the Company with great visibility for 2014 and the first half of 2015.
Revenues for the concession-type infrastructure activity increased by 32% to €519 million compared to last year, with an EBITDA that has increased by 36% to €318 million, representing an EBITDA margin of 61.3%. During the last quarter, Solana, the largest solar power plant built in the world (based in Arizona, USA), has been commissioned, together with 3 transmission lines in Chile (Quadra I and II) and Peru (ATS) adding 1,029 km to its current portfolio.
Revenues in the industrial production activity, which includes the biofuels business, fell by 5% to €2,029 million compared to last year. EBITDA for the segment has increased to €241 million in 2013 compared to €91 million last year. This increase was primarily due to a significant increase of the crush spread in Europe, the United States and Brazil and to the impact from the positive resolution of an international arbitration for €142 million.
Abengoa successfully completed on October 16, a capital increase of €517.5 million. The transaction was structured in the form of Class B shares and ADSs that were publicly offered in the United States and subsequently listed on the "NASDAQ Global Select" market.
On July 15, 2013 Abengoa successfully completed the sale of 100% of its subsidiary Befesa to funds advised by Triton. The transaction reported €620 million (€331m in cash). Similarly, on February 27, the sale of Bargoa, its Brazilian subsidiary dedicated to the manufacturing of components for telecommunications, was closed with Corning Incorporated. Both operations fall within the overall strategy of focusing on its core strategic activity, including engineering, development and operation of solar thermal power plants, desalination plants, power transmission lines and producing biofuels.
Throughout 2013, Abengoa has lengthened the maturity profile of its debt by issuing 5 bonds in the European and US capital markets, worth €1,277 million, all of which were used to refinance existing corporate maturities and increase the Company's financial flexibility, resulting in no corporate refinance needs for 2014.
Abengoa is forecasting for 2014:
- Revenues between €7,900 million and €8,000 million, which represents an increase of 7%-9% compared to 2013
- EBITDA between €1,350 million and €1,400 million, which represents an increase of 10%-14% compared to 2013 excluding arbitration, and
- Corporate EBITDA between €860 and €885 million, which represents an increase of 3%-6% compared to 2013.
Furthermore, after meeting the targets it had set for 2013, it reiterates its financial targets for 2014. The Company expects to achieve a corporate net debt to EBITDA ratio of 2.0x in 2014 onwards, to reduce corporate capital expenditures to €450 million from 2014 onwards and to generate positive free cash flow at the corporate level from 2014 onwards.
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com).
Patricia Malo de Molina Meléndez.
Cristina Cabrero Angulo
Tel: +34 954 93 71 11
E-mail: [email protected]
Barbara Zubiria Furest
Tel: +34 954 93 71 11
E-mail: [email protected]
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 25, 2016 08:30 AM EDT Reads: 886
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
Oct. 25, 2016 08:00 AM EDT Reads: 5,736
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 25, 2016 07:45 AM EDT Reads: 4,892
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 25, 2016 07:45 AM EDT Reads: 1,396
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Oct. 25, 2016 06:45 AM EDT Reads: 4,818
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 25, 2016 06:15 AM EDT Reads: 11,432
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Oct. 25, 2016 05:45 AM EDT Reads: 3,352
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Oct. 25, 2016 05:30 AM EDT Reads: 3,375
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Oct. 25, 2016 05:30 AM EDT Reads: 1,519
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 25, 2016 05:15 AM EDT Reads: 1,997
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Oct. 25, 2016 04:45 AM EDT Reads: 1,089
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 25, 2016 04:30 AM EDT Reads: 9,705
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 25, 2016 04:15 AM EDT Reads: 954
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Oct. 25, 2016 04:15 AM EDT Reads: 1,740
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 25, 2016 04:15 AM EDT Reads: 1,012