Acciona posts €1.97bn 2013 loss

Spain’s Acciona posted a net loss of €1.97bn ($2.7bn) for last year as regulatory changes in its home market forced it to take a €1.68bn hit on the value of its renewable energy assets.

Acciona said reforms to the Spanish energy market directly cost it €257m in 2013, and led to the huge goodwill write-offs and impairment charges on its renewables interests.

In 2012 Acciona posted a net profit of €189m.

But the impact of the reforms, which include retroactive elements designed to close the country’s so-called tariff deficit, hit the company’s generating assets hard.

Almost 6GW of Acciona’s global installed capacity of 8.5GW is in Spain – most of it comprised of wind power.

Acciona’s earnings before interest, tax, depreciation and amortisation (Ebitda) was €1.23bn, 14% down mostly because of the new regulations.

The Acciona Energy division saw its Ebitda fall 13% and pre-tax profits collapse by 96% to €6.7m.