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March

Abengoa reports an after-tax result of 51.8 million euro, an increase of 10.1 per cent over the previous year

March 1, 2005

  • The consolidated sales overcome 1,687 million euro, 3.2 more per cent
  • Ebitda reached 202.3 million euro, a 9.2 per cent increase

Seville, 1st March 2005.- During the 2004 financial year, Abengoa’s consolidated sales figure reached 1,687.1 millions euro (a 3.2 per cent increase on the previous year), in spite of the unfavorable evolution of currencies in several countries in which Abengoa achieves 40.2 per cent of its billing. Specially importantly it has been the average devaluation of 9.1 per cent experienced by the dollar USA in 2004

EBITDA (earnings before interest, tax, depreciation and amortization) figure reached 202.3 million euro (a 9.2 per cent increase).

The after-tax result attributable to the parent company is 51.8 million euro (a 10.1 per cent increase).

Over the last decade, Abengoa has increased its results at an annual rate of 28 per cent, 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 17 per cent.

In the 2004 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 76.6 million euro in 2005. The Corporate Governance Report is also included. This has been elaborated GRI (Global Reporting Initiative) criteria and is a presentation of Abengoa´s economic, environmental and social activity.

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:

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On December 31, 2004, Abengoa´s capitalization is 657 million euro.

Evolution of the 2004 Financial Year Results

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Increase of the Consolidated Sales and EBITDA

Consolidated sales at 31/12/04 were 1,687.1 million euro, a 3.2 per cent increase on the previous year. This increase in sales was achieved in spite of the unfavorable evolution of the currencies of countries in which Abengoa does 40.2 per cent of its billing. The 9.1 per cent depreciation of the US dollar in 2004 was especially significant.

All of Abengoa’s Business Units increased their sales figure with the exception of the Environmental Services, due mainly to differences in the consolidation perimeter. The Bioenergy Business Unit went from 291.4 million euro in 2003 to 335.3 million euro in 2004, the Industrial Engineering and Construction Business Unit from 713.0 million euro in 2003 to 722.3 million euro in 2004 and, the Information Technologies Business Unit from 265.5 million euro in 2003 to 270.4 million euro in 2004.

The EBITDA (earnings before interest, tax, depreciation and amortization) was 202.3 million euro, which is an increase of 9.2 per cent on the 2003 figure (17.1 million euro more). The contribution to the EBITDA by each Business Unit increased in all its areas, with the exception of the Industrial Engineering and Construction Business Unit, with the contribution from the Bioenergy Business Unit of 47.5 million euro besides to 36.3 million euro from the previous year, which a 30.8 per cent increase, being of especially noteworthy, and the contribution from the Information Technologies Business Unit was 38.8 million euro besides 31.0 million euro from the previous year, which mean a 25.3 per cent increase.

It is important to mention the increase in the amortization of fixed assets to 59.2 million euro, which represents a 10.9 per cent increase bover 2003, as well as the effort made to amortize R&D&I, the figures for which increased from 13.5 million euro in 2003 to 14.9 million euro in 2004 (+10.4 per cent).

When comparing the company’s financial statement for 2004 to that for 2003, it is important to underline the financial expenses for projects structured under the non-recourse financing scheme.

Moreover, it is important to mention the amortization of the consolidation goodwill which in 2004 amounted to 19.4 million euro.

The company’s Foreign Partners experienced a significant increase from 0.8 million euro in 2003 to 6.5 million euro in 2004, as a consequence, mainly, of the increase in capital of Telvent GIT when it was officially listed on the North American NASDAQ technological market.

After Tax Result

The after tax Result attributable to the parent company is 51.8 million euros, a 10.1 percent increase respect 47.0 million euro obtain in 2003. This result suppose a benefit of 0.57 millions euro for action obtain during 2003. The above result means a profit of 0.57 euro per share as against the 0.52 euro per share obtained in 2003.

The net cash flow, following the trend of the other important financial indicators, also underwent a significant positive charge, increasing by 13.4 percent from the 2003 figure of 137.5 million euro, to 155.9 million euro in 2004.

Abengoa, an industrial and technology, provides solutions for Sustainable Development, the Information and Knowledge Society and the Creation of Infrastructures, operates through four Business Units.

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Innovation Strategy in Abengoa

Abengoa promotes Innovation as a source of value and sustained growth.

Innovation is results-orientated, pursuing three groups of tangible objectives: diversification, through the development of new products and services; differentiation, by enhancing and adapting its existing products and services; and process enhancement.

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