|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]
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 6, 2016 07:00 PM EDT Reads: 1,405
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
May. 6, 2016 06:15 PM EDT Reads: 1,430
As enterprises around the world struggle with their digital transformation efforts, many are finding that innovative digital teams are moving much faster than their hidebound IT organizations. Rather than struggling to convince traditional IT to get with the digital program, executives are taking advice from IT research firm Gartner, and encouraging existing IT to continue in their desultory ways. However, many CIOs are realizing the dangers of following Gartner’s advice. The central challenge ...
May. 6, 2016 06:00 PM EDT Reads: 354
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 6, 2016 06:00 PM EDT Reads: 1,261
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
May. 6, 2016 06:00 PM EDT Reads: 869
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
May. 6, 2016 05:30 PM EDT Reads: 843
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 6, 2016 05:00 PM EDT Reads: 362
Cloud Object Storage is effectively infinitely scalable and boasts the lowest total costs. But cloud SLAs and T&Cs are traditionally optimized for huge customers like Netflix, so applications demanding better confidentiality or higher availability typically can’t reap the benefits of public cloud storage. In his session at 18th Cloud Expo, Don Martin, CTO of Security First Corp, will provide an overview of innovative technologies available today – secret sharing and information dispersal algori...
May. 6, 2016 05:00 PM EDT Reads: 375
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 6, 2016 04:00 PM EDT Reads: 886
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
May. 6, 2016 04:00 PM EDT Reads: 1,214
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
May. 6, 2016 03:15 PM EDT Reads: 304
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
May. 6, 2016 03:00 PM EDT Reads: 350
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
May. 6, 2016 02:15 PM EDT Reads: 921
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 6, 2016 01:45 PM EDT Reads: 1,379
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 6, 2016 01:00 PM EDT Reads: 1,424