ACCIONA net profit rises 255% to 1,229 million euros

Capital expenditure came to 3,858 million euros, almost three times the figure for the same period of 2008.

Energy division increases total installed capacity 66%, to 7,308 MW.

Net debt falls 58.5% to 7,424 million euros, with equity at 6,114 million euros.

ACCIONA registered in the first nine months of 2009 a net profit of 1,229 million euros, a rise of 254.9% compared to the same period of last year, including activities ceased due to the sell-off of Endesa. Turnover fell 9.8% to 4,697 million euros. Against the backdrop of a decline of the average energy pool price in Spain (41%) and the current economic downturn Group EBITDA (operating profit) dipped 4.8% to 711 million euros.

ACCIONA invested in 9M09 a total 3,858 million euros, nearly three times more than the same period of 2008.These investments included 2,759 million euros for the acquisition of 2,002 MW of wind and hydro assets from Endesa, in accordance with an agreement with Endesa and Enel. They also include 1,099 million euros of organic investments, in particular 848 million for ACCIONA Energy and 136 million for ACCIONA Infrastructure.

The Group’s balance sheet for 9M09 shows significant de-gearing –-net financial debt/equity-- coming down to 121% from 283%. The net financial position at end September 2009 stands at 7,424 million euros, mainly as a result of the amortization of the acquisition of assets from Endesa, and the deconsolidation of the debt associated proportionately with this participation.

Strong progress

ACCIONA Energy made the greatest contribution to total Group EBITDA (55.7%), with 404 million euros, 3.5% less than the same period last year. The Company has offset the sharp dip in average energy prices in Spain (-41%) and the fall in activity of its wind and solar power activities with a 66% increase in installed capacity. At September 30 2009, ACCIONA’s total installed capacity came to 7,308 MW, of which 2,002 MW were accounted for by renewables assets (wind and hydro) acquired from Endesa, which contributed solely to Group 3Q09 results. Apart from this acquisition, over the past twelve months the Company has developed a further 896 MW, representing 20% organic growth.

ACCIONA Infrastructure registered a 0.9% increase in turnover, coming to 2,648 million euros, 56.4% of total Group turnover. EBITDA came to 149 million euros, 20.5% of Group total. At September 2009 the construction backlog was 7,178 million euros, only 5.9% down on the same period of last year, despite a sharp drop in tenders in the Spanish market.

ACCIONA Agua, the Group’s water services arm, integrated in ACCIONA’s Urban and Environmental Services division, registered 303 million euros in turnover in the first nine months of the year, 32.5% more than the same period of 2008, with 22 million euros in EBITDA (+23,8%). At end September 2009 ACCIONA Agua’s order book came to 3,989 million euros.

ACCIONA Trasmediterránea - part of the Group’s Logistic and Transportation division – put in a notable performance: EBITDA was up 256.4% in 3Q09, to 59 million euros. The shipping line’s progress came thanks to the successful implementation of the restructuring plan. The current economic slowdown, the reorganization of the company and the optimizing of transport lines led to a fall in both passenger and cargo traffic (-14.5% and -8.8%, respectively). Trasmediterránea’s turnover at end September was down 11.2%, to 424 million euros.

Income statement summary (million of euros)

Balance sheet data (million of euros)

* Comparison Jan-Sept of both years. Includes €2,759m for the acquisition of Endesa wind and hydro assets.