Acciona Revises Accounts After Losing €1.972 Million in 2013

28/02/2014 – Expansion

Acciona shall carry out a “reinvention”. This is how José Manuel Entrecanales described the present state of his company, struggling to get over the impact of the recent electric power reform. Due to having lost €1.972 million in 2013 (compared to the €189 million profits drawn a year before), Acciona introduces drastic changes to protect the group´s “balance and liquidity”.

The most important assets in its portfolio are expected to be sold for up to €600 million and bring a powerful deleveraging. According to Expansion´s sources, the company intends for sale 49% of its foreign wind plant assets, around 2.300 megawatts distributed over 15 countries (55 assets valued at €1.000 million if debt excluded).

Lazard, named by Acciona to seek partners, has preliminarily chosen financial allies, mainly private equity and pension funds, such as Ontario Teachers, Borealis, Adia or BTG Pactual (Acciona´s partner in Aguas del Ter-Lllobregat). (…).

The hit of the reform cost the company €1.675 million and that later fueled impairment in equity of €2.000 million (€3.400 million after corections). When it comes to construction, the company paid for unsuccessful projects in Brazil and Poland €288 million, (…). Trasmediterránea brought €160 million losses. All these firms, including Bestinver, are first to divest in. (…).

 

Original article: Expansión (C. Morán)

Translation: AURA REE

39