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February

Financial highlights 2002. Abengoa reports a 5% increase in earnings despite extraordinary charges

February 27, 2003

Abengoa announces a net profit of 43.5 million euro for 2002, 5% up on 2001. Sales were 1,522 million euro, up 10% on the 2001 figure.

Growth was achieved in spite of a major overhaul, which included a 16% increase in amortisation of consolidation goodwill (17 million euro) and the recording of extraordinary losses for negative exchange differences caused by currency depreciation (particularly USD and Latin American currencies) and the write-off or sale of non-strategic assets (shares in SCH and Jazztel, among others), resulting in an extraordinary charge of 24 million euro in 2002. A further 46 million euro charge was incurred for the overhaul of assets and the application of provisions. Further provisions were established for liabilities and charges amounting to a total of 33 million euro.

In order to offset these extraordinary charges, Abengoa has taken advantage of the generation of 27 million euro in tax credits resulting from the application of the ICAC (Accounting and Auditing Institute) resolution on recording tax credits in the current tax year for negative tax bases, deductions and rebates, although as a conservative principle the above-mentioned provisions were established to cover future business risks, particularly abroad.

As the result of a good performance in ordinary activities, EBITDA (earnings before interest, taxes, depreciation and amortisation) increased from 166 to 175 million euro (+5%) and cash flow increased to 118 million euro (+11%). It is important to note that the increase in operating results was achieved in spite of adverse conditions affecting markets that Abengoa has recently entered, such as the US ethanol market, the aluminium and zinc recycling business conducted by the Environmental Services Division and the telecommunications market and Latin America.

Abengoa expects to build on this growth in 2003 as market conditions for its ethanol and environmental operations improve. Abengoa’s other areas of activity performed very well in 2002, particularly the Information Technology Division, which recently finalised the acquisition of Metso Scada Solutions for 28 million euro net, putting it in a leadership position in the market of Scada systems for customers in the energy sector and for electricity, oil & gas and water utilities.

Abengoa currently operates in four main areas of activity: Bioenergy (second largest bioethanol producer in the world), Environmental Services (European leader in certain segments of the industrial waste market), Information Technology (one of the main players worldwide, with operations in Europe, Latin America and Asia) and Industrial Engineering and Construction (leader in Spain and Latin America.



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