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March

The Consolidated Sales Figure of Abengoa was 1,635 million euros in 2003, a 7.5% increase

March 1, 2004

  • Ebitda reached 185,2 million euros, a 6% increase
  • Earnings before tax went from 23.7 to 64.5 M Euros.
  • Earnings after-tax attributable to he parent company is 47 million euros, 8,1% increase

Seville, 1st March 2004.- During the 2003 financial year, Abengoa's consolidated sales figure reached 1,653.3 M Euros (a 7.5% increase on the previous year), due mainly to the increases experienced by the Bioenergy and Information Technologies Business Units, in spite of the unfavorable evolution of currencies other than the euro, in which Abengoa achieves 40.7% of its billing

The Ebitda (earnings before interest, tax, depreciation and amortization) figure reached 185.2 M Euros (a 6% increase).

The result before tax is 64.5 M Euros (a 172% increase).

The after-tax result attributable to the parent company is 47 M Euros (an 18% increase).

From 1993 to 2003, Abengoa has increased its results at an annual rate of 20%, as a result of the new activities related to Bioenergy, Environmental Services and Information Technologies, as well as of the internationalization of its traditional activities. Over the same period, sales abroad have increased at an annual rate of 16%.

In the 2003 Annual Report (available at www.abengoa.com ), the attention paid by Abengoa to Sustainable Development and Research and Development is reflected, with a foreseen investment of 21 M Euros in 2004. The Corporate Governance Report is also included. This contains the changes made in order to adopt the recommendations and legal provisions related to correct governance.

Since its listing on the stock exchange in 1996, Abengoa's evolution demonstrates its solid trajectory when compared to the Madrid General Index and the Ibex 35, as can be seen in the graph here-below:

Resultados1

Abengoa is an industrial and technology company that provides solutions for Sustainable Development, the Information and Knowledge Society and the Creation of Infrastructures.

Increase of the Consolidated Sales and EBITDA

Abengoa's consolidated sales figure, in 2003, has reached 1,635.3 million euro, which is a 7.5 percent increase on the previous year. This increase in sales is due mainly to the increases of over 20 percent registered by the Bioenergy and Information Technologies Business Units. The figure for the Bioenergy Business Unit reached 291.4 million euro as against 240 million euro for the previous year (+ 21.4 percent). The Information Technologies Business Unit's sales reached 265.6 million euro as against 201 million euro for the previous year (+ 26.4 percent). The sales of the Industrial Engineering and Construction Business Unit came to 713.0 million as against 646.9 million the previous year, a 10.2 percent increase. The Environmental Services Business Unit's sales figure reached 365.4 million compared to 421.2 million the previous year, a 14 percent drop.

This improvement in the results has come about in spite of the unfavorable evolution of the currencies - the so-called exchange effect - of the different countries in which Abengoa obtains 40.7 percent of its total billing, the bad trade cycle the aluminum business has gone through in 2003 and the drop in the sale price of the electric energy Abengoa produces in its cogeneration plants.

The EBITDA comes to 1852 million euro, which is a 6 percent increase on the 174.7 million euro of 2002. By Business Unit, Abengoa has increased the contribution to the EBITDA in all its areas, with the exception of Environmental Services, which has been significantly affected by the unfavorable trade cycle experienced by the aluminum sector.

As regards the amortization of the tangible and intangible assets, we would emphasize the increase experienced up to 53.4 million euro, 11.9 percent more than the 47.7 million euro in 2002 and the effort made in R+D+I amortization which reached 13.5 million euro in 2003, 76.6 percent more than the 7.6 million euro in 2002. The amortization of the goodwill consolidation fund in 2003 came to 19.4 million euro, a 16 percent increase on the 2002 financial year.

Upon analyzing the company's financial results for 2003, the positive evolution of the share price of Banco Santander Central Hispano is noteworthy. This represented earnings of 15 million euro before tax.

Earnings from the ordinary activities reached 66.2 million euro, 77.0 percent more than the 37.4 million euro in the 2002 financial year, in spite of the fact that the amortizations have increased by 14.3 million euro, a 19.7 percent increase on 2002.

The extraordinary net result has been 1.7 million euro negative, of which the most significant correspond to the capital gain from the sale of Elsur to the company Agua y Gestión de Servicios Ambientales for 5.7 million euro and the extraordinary losses caused as a consequence of the structural conversion of the aluminum undertaking which cost 4.8 million euro.

Result before tax

The result before tax comes to 64.5 million euro and represents a 172.1 percent increase on the 2.7 million euro for 2002.

The Corporation Tax figure in 2003 has been 16.7 million euro as against a rebate of 21.4 million euro in 2002, as a consequence of having applied the Resolution of the 15th March 2002 from the Spanish Accounting and Auditing Institute.

The result after tax attributable to the parent company is 47 million euro, which is an 8.1 percent increase on the 43.5 million euro obtained in 2002. This result means an earning of 0.52 euro per share, 8.1 percent more than the 0.48 euro per share obtained in the 2002 financial year.

The net cash flow figure, as with all the significant magnitudes, increased 16.2 percent compared to the 118.3 million euro in 2002, and reached 137.5 million euro.

From 1993 to 2003, Abengoa has achieved an accumulated result of 20 percent, which is a result of the new Bioenergy, Environmental Services and Information Technologies activities, as well as of the internationalization of its traditional activities. Over this same period, sales abroad have increased at an annual rate of 16 percent.

Investment of 21 million euro in R+D

In the 2003 Annual Report (available at www.abengoa.com ), the attention paid by Abengoa to Sustainable Development and Research and Development is reflected, with a foreseen investment of 21 M Euros in 2004. The Corporate Governance Report is also included. This contains the changes made in order to adopt the recommendations and legal provisions related to correct governance.

Since its listing on the stock exchange in 1996, Abengoa's evolution demonstrates its solid trajectory when compared to the Madrid General Index and the Ibex 35. While the General Index of the Madrid Stock Exchange has doubled and the IBEX has only increased 66 percent, Abengoa has increased 2.7 times.

Resultados2

Abengoa, an industrial and technology company listed on the Stock Exchange, with a capitalization in excess of 522 million euro (31/12/2003), provides solutions for Sustainable Development, the Information and Knowledge Society and the Creation of Infrastructures. It currently operates in four large activity sectors: Bioenergy, world?s second largest bioethanol producer; Environmental Services, leader in Europe in certain segments of the industrial wastes market; Information Technologies, where it is one of the key role players at international level, with operations in Europe, America and Asia; and Industrial Engineering and Construction, where it is leader in Spain and Latin America. (www.abengoa.com).



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