ACCIONA Q1 net profit leaps 53% to 56 million euros

EBITDA up 12.3% to 308 million euros.

ACCIONA closed 1Q11 (March 31 2011) with a net attributable profit of 56 million euros, a 53% rise on the same period of last year. EBITDA was up 12.3% on 1Q10, to 308 million euros, while EBIT rose by 31.3% and EBT registered a 40.3% increase.

ACCIONA Energy, with a total installed capacity of 7,261 MW, contributed 84% of Group EBITDA, followed by ACCIONA Infrastructure (12.9%). The Group's EBITDA margin rose to 21.2%.

ACCIONA Q1 revenues came to 1,453 million euros, 4.7% down on March 2010. ACCIONA Infrastructure accounts for 49.4% of Group revenues, followed by the energy division (29.4%); ACCIONA Agua and Environment (10.5%) and ACCIONA Logistics and Transport Services (10.3%).

Capital expenditure came to 229 million euros, including 180 million earmarked for the organic growth of ACCIONA energy activities and 47 million euros for ACCIONA Infrastructure, mainly for concessions. Net financial debt rose slightly to a total 6,703 million euros.

A positive performance

The breakdown by Areas is as follows: ACCIONA Energy saw a 6.1% rise in revenues, to 427 million euros, with EBITDA coming to 259 million euros (up 23.8%). Generation income performed particularly well: 16.2% more than 1Q10 thanks to a recovery in pool prices in Spain during the first three months of the year (69.7% higher than in the first quarter of 2010), a higher international wind load factor and the contribution of 283 MW installed over the last twelve months. ACCIONA Energy's total installed energy capacity came to 7,621 MW, of which 6,380 are wind power.

ACCIONA Infrastructure reported revenues of 718 million euros in the first quarter, a 7.6% fall on the same period of 2010; however the concessions area turned in a particularly good performance with revenues and EBITDA both up. At March 31st, the backlog came to 7,582 million euros, 8% higher than 1Q10, with a 69% increase in international civil works projects.  At March 31, ACCIONA's projects portfolio included 22 concessions projects with 1,476 million euros of capital invested.

Activities by ACCIONA Water and Environmental Services accounted for 99 million euros of revenues. The water backlog stands at 4,785 million euros, 12% higher than twelve months ago.

ACCIONA Logistic and Transport Services fell 9% during the first three months of 2011, totaling 149 million euros, 95 million of which come from ACCIONA Trasmediterranea.

In Other Business and Financial, Bestinver turned in a particularly good performance, with 5,792 million euros' worth of assets under management at 31 March 2011, a clear improvement on the 4,396 million euros posted in the same period of 2010.

Income Statement Summary (Million euros)

	Jan-March 2010	Jan-March 2011	Change (%)
Revenues	1,524	1,453	- 4.7
EBITDA	275	308	12.3
EBIT	116	152	31.3
EBT	53	74	40.3
Net attributable profit	37	56	53.1

Balance Sheet Data (Million euros)

	31/12/2010	31/03/2011
Equity	6,063	6,083
Net Debt	6,587	6,703
Financial Gearing	109%	110%
	Jan-March 2010	Jan-March 2011
Capital Expenditure	254	229