ACCIONA Ebitda rises 16.1% to 1.211 billion euros in 2010

Net profit of continued activities rose 11.9% to 167 million euros.

Revenues came to 6,263 million euros, down 3.9% on 2009.

Net financial debt is down 9.3%, to 6,587 million euros.

ACCIONA closed FY2010 with an Ebitda of 1,211 million euros, a 16.1% increase on FY2009. The improvement comes mainly from the good performance turned in by ACCIONA's energy arm which stepped up its attributable production by 39% thanks to the contribution throughout the year of the 2,566 MW of new capacity acquired in 2009 and the 173 MW developed in 2010. Net profit of continued activities rose to 167 million euros compared to 149 million euros in 2009, an increase of 11.9%.

Consolidated revenues came to 6,263 million euros, 3.9% less than 2009. Increased revenue from ACCIONA Energy mainly offset the 13.7% dip in revenues reported by ACCIONA Infrastructure-owing to slower domestic construction activity-and revenue falls by Transport and Logistics Services (-4.2%) and ACCIONA Real Estate (-23.9%).

ACCIONA decreased its net financial debt in 2010: 6,587 million euros (9.3% less than 2009) coming mainly from the group's cash flow generation, the positive contribution of the working capital and the classification of several assets as held for sale in which the Company is currently divesting:

• Real estate division:  a shopping mall, two office buildings and car park assets.
• Infrastructure division: five concessions.

Net capital expenditure came to 986 million euros, including 641 million invested in ACCIONA Energy and 214 million euros in ACCIONA Infrastructure (mainly concessions).

In the breakdown by divisions, ACCIONA Energy obtained an Ebitda of 821 million euros (+30.5%), raising its share of total group Ebitda to 66.9%. The division reported a 20% rise in revenues, to 1,497 million euros, boosted throughout the year by the contribution of the 2,566 MW of new capacity installed and acquired in 2009 and the 173 MW developed in 2009. Total energy production for the year came to 18,574 GWh and, at year-end, ACCIONA had a total installed capacity of 7,587 MW.

ACCIONA Infrastructure closed 2010 with an Ebitda of 204 million euros, 5.1% less than FY2009, while revenues dipped 13.7% to 3,121 million euros, owing to slower domestic construction business. The concession business showed a significant increase in Ebitda (+35.8%) and revenues (+30.3%).

At December 31st 2010, the construction backlog amounted to 7,258 million euros, a 3% increase on the previous year. The 894 million euro growth in the international civil works backlog greatly offset the dip in the domestic civil works backlog. As a consequence of this strong rise, the international backlog increases its weight from 26% to 38%.

Water and Environment Services saw a 2.4% revenue increase, to 519 million euros, while Ebitda jumped 32.6% owing to a good performance in international markets. ACCIONA Agua's backlog as of December 2010 came to 4,812 million euros, a 10.4% rise on 2009.

In Other Business, Bestinver turned in a particularly good performance closing the year with 5,357 million euros of assets under management, improving on the December 2009 figure of 4,044 million euros.

Income Statement Summary (Million euros)

	Jan-Dec 09	Jan-Dec 10	Change (%)
Revenue	6,515	6,263	-3.9
EBITDA	1,043	1,211	16.1
EBIT	430	527	22.3
Pre-Tax Profit	221	240	8.8
Net attributable profit of continued activities	149	167	11.9

Balance Sheet Data (Million euros)

	31/12/2009	31/12/2010	Var. %
Equity	6,088	6,063	-0.4
Net Debt	7,265	6,587	-9.3
Financial Gearing	119%	109%	-11pp
	Ene-Dic 2009	Ene-Dic 2010	Var. %
Capital Expenditure	1,377	986	-28.4