Abengoa's Consolidated Revenues Increased by 43 Percent and Reached 1,656 Million Euros
- EBITDA amounts to 254 million euros, a 30% increase with respect to first quarter 2010
- Net income increased by 8% quarter-over-quarter, reaching 56 million euros
SEVILLE, Spain, May 11, 2011 /PRNewswire/ -- Abengoa, the company that develops innovative technology solutions for sustainable development in the energy and environment sectors, reported today that its first quarter 2011 revenues rose by 43% with respect to the first quarter of 2010, to 1,656 million euros, while EBITDA increased by 30%, reaching 254 million euros. Net income reached 56 million euros in the first quarter of 2011, an 8% increase from the same period of the previous year.
Fifty-two percent (52%) of revenues in the first quarter of 2011 were generated in the Americas, with the U.S. contributing with 22%, Brazil with 18% and the remaining 12% from the rest of Latin America. Spain contributed with 26% of the total revenue mix in the first quarter of 2011.
With respect to the Company's business segments, the Engineering & Construction activity increased revenues by 41% in the first quarter of 2011, to 973 million euros, with an EBITDA margin of 13%. Backlog for this segment at March 31, 2011 totaled 8.7 billion euros.
The Concession-type Infrastructure segment, which primarily includes electricity generation and transmission, increased revenues by 42% in the first quarter of 2011, reaching 87 million euros, with an EBITDA margin of 70%. The Company had three more concentrating solar power plants, four additional transmission power lines, and one desalination plant in operation with respect to the same period of the previous year.
Finally, the Industrial Production segment, which includes the businesses of industrial waste recycling and the production of biofuels, increased revenues by 47% during the first quarter of 2011, reaching 597 million euros, with an EBITDA margin of 11%. The increase is due to increased production capacity of biofuels in the U.S. and Europe, and a good quarter in terms of volumes and margins in its industrial waste recycling business, where the Company also started expansion in Turkey.
The Company also continued making progress in its R&D efforts, with main programs focusing on concentrating solar power, including thermal storage; the development of cellulosic ethanol and proprietary enzymes technology in its biofuels division; and the improvement of desalination, water treatment and membrane filtration in its water business.
Total gross corporate debt amounted to 5,276 million euros as of March 31, 2011, while total net debt amounted to 5,807 million euros. The Company had 3,844 million euros of cash and cash equivalents and short term financial investments as of March 31, 2011, while investing 600 million euros in capital expenditure in the period.
According to Manuel Sanchez Ortega, CEO, Abengoa: "I am very encouraged to announce that we are beginning the year with a very solid quarter, with growth in all our business segments and a strong backlog to provide visibility for the remainder of 2011. We are on track in the execution of our committed capital expenditure plan, while maintaining our corporate debt at similar levels than year-end, as anticipated. We also continue to progress with our R&D efforts, creating new generation technologies that will be the base for future growth. Altogether, I feel confident that we continue building the company with a vision to create value for investors in the medium and long term. Abengoa's team of professionals has done an excellent job, once again, and they are the best guarantee for the company's future."
Conference Call Details
Abengoa's CEO, Manuel Sanchez Ortega, and Chief Reporting Officer and Head of Investor Relations, Barbara Zubiria Furest, will hold a conference call on the same date to discuss financial results for the first quarter 2011, which will be simultaneously webcast at 3:00 p.m. (Madrid time), 2:00 p.m. (London time), 9:00 a.m. (New York time).
In order to access the conference call, participants should dial: +34 91 788 93 03. A live webcast of the conference call will be available on Abengoa's corporate website. Please visit the website at least 15 minutes earlier in order to register for the live webcast and download any necessary audio software.
A replay of the call will be available at the Investor Relations page of Abengoa's corporate website approximately two hours after the conference call is completed.
Abengoa (MCE: ABG) is an international company that applies innovative technology solutions to sustainable development in the energy and environment sectors, generating electricity from the sun, producing biofuels, desalinating sea water and recycling industrial waste. (www.abengoa.com)
Investor Relations Department
Tel. +34 954 937 111
Patricia Malo de Molina Melendez
Loreto Gonzalez Goizueta
+34 954 93 71 11
Forward Looking Statement
This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currently available to Abengoa.
Such statements reflect the current views of Abengoa with respect to future events and are subject to risks, uncertainties and assumptions.
Many factors could cause the actual results, performance or achievements of Abengoa to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which Abengoa does business, changes in interest rates, changes in inflation rates, changes in prices, changes in business strategy and various other factors.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.
Abengoa does not intend, and does not assume any obligations, to update these forward-looking statements.