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Befesa sells its shareholding in Elsur to Agua y Gestión de Servicios Ambientales for 9 million euro

December 29, 2003

Seville, 29th December 2003.- The company Befesa Medio Ambiente, S.A., Abengoa's Environmental Services subsidiary, has sold its shareholding in Empresa Mixta de Servicios Municipales de El Ejido, S.A. (Elsur) to the company Agua y Gestión de Servicios Ambientales, for 9 million euro. The sale has been done through the company Befesa Construcción y Tecnología Ambiental, S.A., known previously as Abensur Servicios Urbanos, S.A.

With this operation Agua y Gestión, a company dedicated to integral water cycle management and the providing of public services, acquires 70% of Elsur, a shareholding of which Befesa Construcción y Tecnología Ambiente, S.A. was the holder since 1995 upon award by the Town Council of El Ejido, Almeria. Elsur provides, mainly, the water supply and treatment service, as well as municipal buildings cleaning and conservation services, public lighting services, public roadway network conservation services and parks and landscaped areas maintenance services.

Agua y Gestión de Servicios Ambientales, S.A. is a company that has been established as a result of the initiative taken by a group of companies with experience in the world of water and in the providing of public services. The new company has received strong financial backing: El Monte de Piedad y Caja de Ahorros de Sevilla y Huelva has a 40% shareholding, the Ayesa Group a, 18% shareholding, Befesa Medioambiente (Abengoa) an 18% shareholding, Codesa and 18% shareholding, and Itsmo94 a 6% shareholding. In this way, Agua y Gestión increases its business in the integral water cycle and now manages the supply for a total of 120,000 inhabitants in Andalusia. Billing by the mixed company Elsur in 2003 closed at more than 24 million euro.

With this disinvestment, explains Javier Molina, Befesa's President, Abengoa's leading company in the Environmental Services sector, "we will continue to strengthen ours investment and growth policy in other environmental sector more closely related to activities such as industrial waste management and industrial cleaning services", where Befesa maintains its leading position, as well as construction activities for hydraulic and water treatment works.

Befesa closed the last financial year with a share capitalization in excess of 393 million euro. Sales reached 403 million euro, which is a 10.4 per cent increase on the previous year and it obtained a profit of 16.2 million euro. Furthermore, the company managed a total of 1,170,000 tons of industrial wastes in 2002.

Abengoa is an industrial and technology company listed on the Stock Exchange, with a capitalisation of more than 500 million euro (31/12/2002). It provides solutions for Sustainable Development, the Information and Knowledge Society and the Creation of Infrastructures. It currently operates in four large fields of activity: Bio-energy, where it is the world's second bio-ethanol producer; Environmental Services, where it is the leader in Europe in some of the industrial waste market segments; Information Technologies, where it is one of the key players at international level, with operations in Europe, Latin America and Asia; and Industrial Engineering and Construction, where it is the leader in Spain and Latin America. Sales in 2002 exceeded 1,500 million euro and net profit was 43.5 million euro.

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