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November

Acumulated Results to the third quarterof 2004

November 15, 2004

  • Abengoa’s profits increased 14.1% in the third quarter to 38.8 million euro
  • The operating margin increased to 12.3%
  • The EBITDA reached 144.3 million euro, a 4.0% increase
  • The Operating Result of its Bioenergy Business Unit experienced an 18.5% increase compared to the previous year

Seville, November 15th, 2004. – Abengoa’s consolidated sales to the end of the third quarter of 2004 were 1,176.8 million euro. In this period, the Bioenergy Business Unit achieved sales of 239.5 million euro and its EBITDA was 32.0 million euro, the latter figure being 18.5% up on that of the previous year, in spite of the dollar (the currency in which the Bioenergy Business Unit obtains half its income) having depreciated by more than 9% over this period. The Information Technologies Business Unit, which was also affected by the weakness of the dollar, achieved an EBITDA of 24.0 million euro to the end of the third quarter of 2004 compared to 23.0 million euro for the same period the previous year. This is due to the greater contribution from the sales of high added-value applications. The Environmental Services Business Unit’s sales reached 260.0 million units and were affected, once again, by the sale of the water franchise business towards the end of 2003. The Industrial Engineering and Construction Business Unit achieved sales of 482.2 million euro compared to 507.3 million euro the previous year, with good results being achieved at home as well as abroad.

The EBITDA (earnings before interest, tax, depreciation and amortization) figure at September 30th, 2004, is 144.3 million euro which is a 4.0% increase on the same period the previous year.

Abengoa’s operating margin improved significantly in all the Business Units without exception, reaching a consolidated level of 12.3% compared to 11.2% the previous year.

The earnings after tax, attributable to the parent company, increased 14.1% to 38.8 million euro.

Among the novelties and the most significant contracts awarded in the third quarter of 2004, we highlight the following:

  • Abengoa Bioenergy has signed a contract with Ruhr-Petrol to supply 8,000 metric tons of bioethanol for the Miro refinery at Karlsruhe, Germany.
  • Inabensa has been awarded, under a JV, the contract for the works included in the Electric System project for the New Terminal Area at Barcelona airport. The contract value is approximately 19 million euros.
  • The Ministry of the Environment has awarded Befesa and Telvent, together with other Spanish companies, a 47.7 million euros contract for an Automatic Hydrographic Information System (SAIH) for the river Duero catchment basin, which will enable the implementation of the management and exploitation of the catchment basin’s hydraulic resources, as well as the improvement of the meteorological information required for flood forecasting and tracking. The objective is to minimize and control any possible damage that might be caused.


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