Welcome!

News Feed Item

Abengoa presents its results for 2013

- The company achieved revenues of 7,356 million euros (17% growth year-over-year), EBITDA of 1,365 million euros (44% growth y-o-y) and Net Income of 101 million euros (84% growth ear-over-year)

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.

Corporate transactions

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.

Financial Objectives

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.

About Abengoa

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).

Communication Department:

Patricia Malo de Molina Meléndez.

Cristina Cabrero Angulo

Tel: +34 954 93 71 11

E-mail: [email protected]

 

Investor relations:

Barbara Zubiria Furest

Tel: +34 954 93 71 11

E-mail: [email protected]

 

You can also follow us on:
Twitter @Abengoa
LinkedIn Abengoa
And on our blog: http://blog.abengoa.com

 

SOURCE Abengoa

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...