Disposals boost Acciona in H1

Asset sales and changes to the way wind farms are accounted for helped Spain’s Acciona boost net profits by 43% in the first half of the year – but its results showed ongoing pain from regulatory changes in its domestic market.

Acciona made a net €68m ($91m) in the January to June period, up from €48m at the same stage in 2013, despite a 2.5% decline in turnover to €3bn.

Acciona posted a 65% rise in earnings before interest and tax (Ebit), which reached €89m.

The Spanish group said it first half earnings were boosted by favourable effects from the change to the depreciation period for its wind farms to 25 years from 20, which had a €61m positive impact.

Acciona also got a one-off €39m gain from the sale of assets, including its German wind portfolio.

Those factors helped offset the continuing impact of Spanish regulatory changes that have hit the renewables sector particularly hard.

That impact was seen in a 16.3% decline in group operating profit (Ebitda) to €472m.

The Acciona Energy unit saw its Ebitda fall 22% to €363m, mainly because of the policy changes, which Acciona said have hit its pre-tax profits by €216m in the first half.

Acciona’s total installed capacity stood at 8.37GW at the end of June.