Full Year 2024 Acciona SA and Corporacion Acciona Energias Renovables SA Earnings Call Transcript
Key Points
- Corporacion Acciona Energias Renovables SA (STU:5BP) achieved a record EUR2.5 billion in revenue for 2024, with significant contributions from the infrastructure segment and Nordex.
- The company added 2 gigawatts of new capacity in 2024, surpassing its target of 1.7 gigawatts, marking a peak in its growth cycle.
- The energy asset rotation strategy was successful, generating EUR1.3 billion in proceeds at attractive valuations.
- Despite challenging market conditions in Spain, the company maintained its credit rating and avoided tax overruns or write-offs.
- Nordex showed a remarkable recovery with a 20% growth in its order book and improved profit margins, contributing positively to the company's overall performance.
- The company faced a challenging market environment in Spain, which led to a revision of its EBITDA expectations.
- There were historically low prices and curtailments in the renewable energy market, particularly at the beginning of the year.
- The company's net debt stood at EUR4.1 billion, indicating a high level of leverage.
- The average captured price for electricity declined by 20% to EUR68.7 per megawatt hour, impacting generation revenues.
- The company had to moderate its CapEx for 2024-2025 by EUR500 million to reduce balance sheet pressure.
Good morning, ladies and gentlemen, and welcome to Acciona's financial results presentation for fiscal year 2024. 2024 has been a transformational year for our Group. We achieved a record of EUR2.5 billion, with more than half generated by our infrastructures segment and Nordex.
Our infrastructure backlog now stands at an all-time high of EUR54 billion driven by several landmark concession awards that will redefine our company in the years to come. ACCIONA EnergÃÂa set new records by adding 2 gigawatts of capacity in the year, building on the 1.7 gigawatts achieved in 2023. And marking the peak of our recent growth cycle.
Our energy asset rotation activity has also delivered strong results with EUR1.3 billion completed to date at very attractive valuations. As we look ahead, we have several promising opportunities and we will remain flexible evaluating options based on pricing, strategic fit, and partner quality.
Despite facing challenging market -- the challenging market in
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