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    ANA   ES0125220311

ACCIONA, S.A.

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Acciona S A : completes the acquisition of Lendlease engineering's ongoing business

09/09/2020 | 03:55am EDT
ACCIONA completes the acquisition of Lendlease engineering's ongoing business 09/09/2020
  • The consolidated capability and additional construction pipeline reinforces ACCIONA's position as a leading Australian contractor

ACCIONA has completed the acquisition of the main part of the ongoing business in Australia of Lendlease Engineering, a subsidiary of Lendlease, announced by the end of 2019. The acquisition, along with new projects won in recent months, increases ACCIONA's infrastructure backlog in the country to approximately AU$4 billion (€2.47 billion) across a vast range of private and public sector contracts.

The transaction, valued at AU$160 million (€99 million) after closing adjustments, comprises the majority of Lendlease Engineering's construction projects. Under the terms of the agreement, the NorthConnex, the Kingsford Smith Drive and the Melbourne Metro projects will remain with Lendlease. The deferred consideration is payable in three tranches, the last one in June 2021.

The consolidated capability and the additional construction pipeline reinforces ACCIONA's position as a leading Australian contractor. It will also allow the company to accelerate the pace of growth of its business in Australia, a key strategic market for its infrastructure and renewable energy businesses.

'The acquisition sees ACCIONA join the ranks of the top tier Australian constructors by enabling us to expand not only the volume of work but also the breadth of work we undertake, from large civil construction work, to specialised transport, road and bridge projects, to smaller and more technically niche projects. This is an extension of our continued growth in this region,' said Bede Noonan, ACCIONA's Chief Executive Officer in Australia and New Zealand for the infrastructure business.

Over the last five months the combined businesses of ACCIONA and Lendlease Engineering have already successfully secured some significant wins that include Bayswater Station Alliance (Western Australia), Kenwick Rail Freight Facility (WA), Bunbury Outer Ring Road Alliance (Western Australia, preferred proponent), Brisbane Metro Alliance (Queensland, preferred proponent), Rookwood Weir Alliance (Queensland).

ACCIONA has been operating in Australia since 2002, where it has successfully developed its renewable energy, water and infrastructure businesses.

Its Infrastructure unit has built major projects such as the Legacy Way tunnel in Brisbane, a 41km bypass for the Toowoomba motorway, a desalination plant in Adelaide, the Mundaring water treatment plant East of Perth, and the Sydney Light Rail.

In Western Australia, ACCIONA is currently building the country's first waste-to-energy-plant in Kwinana, as well as the waste-to-energy plant in East Rockingham. In addition, the company is developing a number of rail projects in the state of Victoria and the Brisbane Metro project in Queensland, among others.

ACCIONA's Energy unit develops, builds and operates wind farms that produce clean energy for more than 205,000 Australian homes per year. Its installed capacity of 437 MW is distributed between Mt. Gellibrand (132MW, Victoria), Waubra (192MW, Victoria), Cathedral Rocks (66MW, South Australia) and Gunning (47MW, New South Wales).

The company is currently building a wind farm in Mortlake South (158MW, Victoria). ACCIONA will also build its largest ever wind farm in Australia, the MacIntyre complex (1,026MW, Queensland).

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Disclaimer

Acciona SA published this content on 09 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2020 07:54:07 UTC


© Publicnow 2020
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Financials
Sales 2021 7 479 M 9 059 M 9 059 M
Net income 2021 324 M 392 M 392 M
Net Debt 2021 5 851 M 7 088 M 7 088 M
P/E ratio 2021 23,0x
Yield 2021 2,78%
Capitalization 7 426 M 8 999 M 8 995 M
EV / Sales 2021 1,78x
EV / Sales 2022 1,73x
Nbr of Employees 37 459
Free-Float 43,0%
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Number of Analysts 10
Average target price 157,64 €
Last Close Price 136,00 €
Spread / Highest target 32,8%
Spread / Average Target 15,9%
Spread / Lowest Target -5,88%
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Managers and Directors
NameTitle
José Manuel Entrecanales Domecq Chairman & Chief Executive Officer
José Ángel Tejero Santos Group Chief Financial Officer
Arantza Ezpeleta Puras Chief Technology & Innovation Officer
Vicente Santamaría de Paredes Castillo Area General Manage-Compliance
Jerónimo Marcos Gerard Rivero Independent Director
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