ACCIONA registers a 17% rise in Ebitda, to 813 million euros

Net profits amounted to 101 million euros, 3.3% less in comparative terms.

ACCIONA completed the first nine months of 2010 with Ebitda (gross operating profit) at 813 million euros, 17% more than the same period of the previous year, owing mainly to the positive performance of the Energy division which saw a 41.1% increase in gross profit. At end-September, Group revenues came to 4,570 million euros (down 2.8%). Net profit amounted to 101 million euros (3.3 % down in comparative terms), without taking into account the result of discontinued activities corresponding to the Group's stake in Endesa.

Net capital expenditure in the first nine months came to 765 million euros, including 398 million euros earmarked for the organic growth of activities by ACCIONA Energy and 256 million euros for the Infrastructure division (mainly concessions). Also, 139 million euros in net capital expenditure were assigned to Logistics and Transport Services, mainly for the acquisition of two new vessels for ACCIONA Trasmediterranea. The Group's real estate division registered a net divestment of 52 million euros, mainly as a result of the sale, within the period, of two assets worth 94 million euros.

Net debt rose to 8,098 million euros (compared to 7,265 million at end-2009) and the financial gearing ratio increased slightly, from 119% to 137%, owing to the Group's investment efforts over the first nine months of the year, as well as the impact of exchange rate differences and derivatives on the financial debt.

Regarding the contribution to Group results of the different divisions, the main contribution to Ebitda came from ACCIONA Energy (69%), followed by ACCIONA Infrastructure (14%).

Performance of main businesses

By divisions, ACCIONA Energy's turnover increased by 23.9%, reaching 1,071 million euros and Ebitda rose by 41.1%, to 569 million euros. Generation revenue turned in a particularly strong performance, rising 35.6% despite an 11% drop in pool prices in Spain during the period. This decrease was offset by a sharp increase in attributable production of the Group (53.9%) as a result of increased installed capacity and greater weight of wind power.

At September 30 2010, ACCIONA Energy reached a total 7,469MW of installed capacity, of which 6,244MW were wind power, with a total production of 13,521GWh (10,286GWh wind power).

ACCIONA Infrastructure registered a turnover of 2,315 million euros, suffering from lower activity in domestic construction activity. Ebitda came to 117 million euros (-15.4%), and the concessions business in particular performed well. At September 30 2010, the backlog came to 6,879 million euros, a 4% dip on the previous year's figure. The strong growth of the international civil works backlog (up 669 million euros) practically offset the 22% dip in the national civil works backlog. The weight of the international portfolio went from 24% to 35%.

The Urban and Environmental Services division registered a turnover of 512 million euros, with Ebitda amounting to 31 million. ACCIONA Agua and Environment performed particularly well, turning in a 15% rise in Ebitda. At September 30 2010, the water business portfolio came to 4,346 million euros, up 9% on same period of the previous year.

In Other Business and Financial, Bestinver turned in a particularly good performance, with a total 4,806 million euros' worth of AUM at September 30 2010, compared to 3,740 million in the same period of the previous year.

Income statement summary (million of euros)

	Jan-Sept 10	Jan-Sept 09	Change (%)
Revenues	4,570	4,700	-2.8
EBITDA	813	695	17
Operating Profit (EBIT)	319	289	10.5
Attributable Net Profit from Continuing Activities	101	104	-3.3

Balance sheet data (million of euros)

	30/09/2010	31/12/2009
Equity	5,904	6,085
Net debt	8,098	7,265
Financial Gearing	137%	119%
	Jan-Sept 10	Jan-Sept 09
Capital Expenditure	765	1,099*

*9M09 Capex does not include 2,759 million euros corresponding to the acquisition of wind and hydro assets from Endesa.