ACCIONA EBITDA doubles to 2.83 billion euros

Group revenue totalled 12.67 billion euros, up almost 60% on 2007; EBIT came to 1.68 billion, nearly 90% more than the previous year.

Excluding Endesa, group revenue rose by 6.8% to 7.21 billion euros, taking EBITDA to 1.07 billion euros, a year on year increase of 9.3%.

Investments for the period totalled 3.15 billion euros.

Installed wind power capacity increased by 19.4% to 4,566MW.

ACCIONA ended 2008 with an EBITDA of 2.83 billion euros, an increase of 100.9% year on year: 62% came from the proportional consolidation of 25.01% of Endesa, and 20.8% was contributed by ACCIONA Energy.

Group EBIT amounted to 1.68 billion euros, 88.6% more than in 2007 after a 122% increase in amortizations and provisions, while attributable net profit fell 51.1%, to 464 million euros.

EBT from continuing activities dipped by 30.5% to 746 million euros, due to a combination of a significant increase in financial expenses (arising mainly from the change in the consolidation criterion for Endesa), a provision for the deterioration of assets and reduced contribution from the disposal of non-recurring assets.

Consolidated sales rose by 59.3% in 2008, to 12.67 billion euros, Endesa’s proportional consolidation and a good performance by ACCIONA Energy. The energy division posted a 63.2% increase in revenue in 2008, owing to 13% organic growth of energy generation, pool price increases during the opening months of the year, and the positive contribution of the company’s wind and solar industrial businesses. Endesa contributed 5.55 billion euros to sales in 2008.

Excluding the proportional consolidation of Endesa, ACCIONA group revenue rose by 6.8% to 7.21 billion euros, taking EBITDA to 1.07 billion euros, a year on year increase of 9.3%.

Investment efforts

ACCIONA continued to apply its capital expenditure strategy in 2008. Capex totalled 3.15 billion euros, compared with the previous year’s 3.11 billion euros: the figure includes 1.76 billion euros for organic growth of ACCIONA Energy activities and 972 million euros in investments for Endesa. Total capex for the remaining divisions came to €418 million.

Net financial debt at December 31 2008 amounted to 17.9 billion euros (16.6 billion euros excluding Endesa’s regulatory receivables pending collection), giving a gearing of 283%, mainly due to the acquisition of a 25.01% stake in Endesa, the consolidation of 25.01% of its debt and the investment activity undertaken to finance organic growth in the divisions.

Results and contribution by divisions

ACCIONA Energy contributed 14.1% of ACCIONA’s total revenue, with 1.78 billion euros in revenue (63.2% more than in 2007) and an EBITDA of 589 million euros, a year on year increase of 50.3%. Total installed wind capacity rose by 19.4%, to 4,566 MW, and wind generation grew by 11.4%, to 8,347 GWh.

ACCIONA Infrastructure ended 2008 with 3.59 billion euros in revenue (2.8% less year on year) and EBITDA for the period was 243 million euros (11.9% down on 2007). ACCIONA’s Concessions business saw a 73.3% rise in revenue, with Ebitda up 92.8% on 2007. ACCIONA Infrastructure’s construction backlog at December 2008 stood at 7.341 billion euros, a 27.6% increase year on year. In 4Q08 hospital services concessions were consolidated under ACCIONA Infrastructure

ACCIONA Real Estate posted 320 million euros in revenue, with an Ebitda of 85 million euros. Residential property pre-sales came to 43 million euros. Land purchases came to 131 million euros and were made mainly in Mexico –where ACCIONA acquired from Grupo Concord the remaining 50% of the Parque Reforma real estate agent that it did not already own-, Brazil and Spain. As of 4Q08 the cark park business was consolidated under ACCIONA Real Estate.

ACCIONA Urban and Environmental Services’ FY08 revenue came to 772 million euros, up 10.1% on 2007, while EBITDA increased by 28% to 70 million euros. ACCIONA Agua put in a particularly good performance in 2008: revenue and EBITDA increased by 34.2% (370 million euros) and 80.1% (40 million euros) respectively.

ACCIONA Logistics and Transport Services posted 914 million in revenues, 581 million of which came from ACCIONA Trasmediterránea, with 39 million euros in EBITDA. The The Other Businesses and Financial area -comprising fund management (Bestinver with 2.29 billion euros in assets under management), wine production and marketing and GPD (media)- made 140 million euros in revenues, and 49 million euros in Ebitda.

Income statement summary

Balance sheet data (millions of euros)