Half Year 2019 Acciona SA Earnings Call Transcript
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Good morning, ladies and gentlemen. Thank you for attending our first half results conference call. From an operational perspective, these first 6 months are consistent with the trends seen in the first quarter.
Firstly, very low hydro output in Spain relative to last year, relative to an average year. Secondly, lower volumes in the large international construction contracts as they mature and the effect of the ramp-up of the new water EPC projects. This is compensated by Sydney global settlement and will be compensated in coming quarters, thanks to the growth in the backlog.
We would like to highlight that the year so far is very successful in terms of new infrastructure EPC awards, with a total EPC backlog including Construction & Industrial and Water projects stands at EUR 8 billion as of June relative to EUR 7.1 billion as of December, supporting future profits. The backlog has not been above EUR 8 billion since the end of 2016 and early 2017.
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