Abengoa also continued making progress in its R&D efforts, with main programs focusing on concentrating solar power, including thermal storage.
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 M€, while EBITDA increased by 30%, reaching 254 M€. Net income reached 56 M€ 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%, Brasil 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 M€, with an EBITDA margin of 13%. Backlog for this segment at March 31, 2011 totaled 8.7 B€.
The Concession-type Infrastructure segment, which primarily includes electricity generation and transmission, increased revenues by 42% in the first quarter of 2011, reaching 87 M€, 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 M€, with an EBITDA margin of 11%. The increase is due to increased production capacity in the U.S. and Europe in biofuels, 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 propietary enzymes technology in its biofules division; and the improvement of desalination, water treatment and membrane filtration in its water business.
Total gross corporate debt amounted to 5,276 M€ as of March 31, 2011, while total net debt amounted to 5,807 M€. The Company had 3,844 M€ of cash and cash equivalents and short term financial investments as of March 31, 2011, while investing 600 M€ in capex in the period.
According to Manuel Sánchez Ortega, CEO, "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 capex plan, while mantaining our corporate debt at similar levels than year-end, as anticipated. We also continue to progress on our R&D efforts, creating new generation technologies, that will be the base for future growth. All together, 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 have done an excellent job, once again, and they are the best guarantee for the company’s future".