• EBITDA reached 45.6 million euro, an 8.2% increase
• Profit attributable to the parent company increased 7.4% from 10.4 to 11.1 million euro
• The Operating Result of its Bioenergy Business Unit increased by 43.2%

Seville, May 16, 2005. - Abengoa’s consolidated sales in the first quarter of 2005 were 464.3 million euro, a 9.0% increase on the previous year. All of Abengoa’s Business Units increased their sales in the first quarter of this financial year.

The Bioenergy Business Unit’s sales were 88.5 million euro as against 77.2 million euro the previous year, in spite of the dollar (the currency in which the Bioenergy Business Unit obtains half its revenue) having depreciated 5.7%. The Environmental Services Business Unit’s sales were 86.3 million euro in the first quarter of 2005 compared to 81.6 million euro for the same period the previous year - a 5.8% increase. The Industrial Engineering and Construction Business Unit’s sales were 202.4 million euro as against 180.8 million euro the previous year – an 11.9% increase. Finally, the Information Technologies Business Unit’s sales were 87.0 million euro as against 86.5 million euro the previous year.

The EBITDA (earnings before interests, taxes, depreciation and amortization) is 45.6 million euro – an 8.2% increase on the 42.2 million euro for the first quarter the previous year.

By Business Unit, Abengoa has increased the contribution to the ETIBDA in all its area, with the Bioenergy Business Unit’s 43.2% increase being of special note.

The earnings before tax are 18.4 million euro, which is a 48.1% increase on the 12.4 million euro in the first quarter of 2004.

The earnings after tax attributable to the parent company are 11.1 million euro, which is a 7.4% increase on the 10.4 million euro of the previous year.

From 1994-2004, Abengoa’s earnings have increased at an annual average rate of 28% as a consequence of the new Bioenergy, Environmental Services and Information Technologies activities, and the internationalization of its traditional activities. Over this same period, its sales abroad have increased at an annual rate of 17%.

In relation to the information corresponding to the consolidated earnings of the Abengoa Group, we would especially mention the fact that these have been drafted in accordance with the International Financial Information Standards (NIIF), with these being understood to be those adopted by the European Commission in accordance with the procedure established in the European Parliament’s and Council’s regulation (EC) No. 1,606/2002 of July 19, 2002. In Spain, Law 62/2003 of December 30, 2003 governs the obligation of companies that, at the close of their financial year have listed stock securities, of drafting their consolidated financial statements under said Regulations.

Therefore, pursuant to said legislation and in applying Circular 1/2005 of April 1 from the National Securities and Exchange Commission (CNMV), both the information of a consolidated financial nature corresponding to the current financial year and that corresponding to the previous financial year – that is to say, that corresponding to the first quarter of the 2004 financial year – have been drafted in accordance with the aforementioned International Financial Information Standards in order to provide comparable information for both periods and, therefore, the information provided in relation to the first quarter of 2004 differs from that published at the time.

The following are the most important novelties and contracts obtained during the first quarter of 2005:

Bioenergy.-

• Abengoa Bioenergía has, through AB Bioenergy France – a company incorporated by Dyneff, Aquitaine Industrie Innovations, Euralis, Etablissements Lacadée, Lur Berri, Maïsadour, Vivadour, Agpm and for which Abengoa Bioenergía (with a 51 percent shareholding) will be responsible for management and control – presented a proposal to the French government to install a 180,000 ton/year capacity bioethanol production facility in the southwestern region of France. The facility will be the first corn-based bioethanol production facility in Europe and will require in excess of 400,000 tons of corn per year, to be supplied by the local coops of Aquitaine and Midi Pyrenees.
• During the first quarter of 2005, Abengoa Bioenergía made the second delivery under the contract signed, towards year-end 2004 with Lyondell Chemical Europe, to supply 22,000 m3, and has signed a new contract to supply a further 4,800 m3.
• In addition, since the beginning of the first quarter 2005, Abengoa Bioenergía has supplied a further 7,000 m3 to Miro refinery, in Karlsruhe, Germany. This bioethanol will be used by BP Oil as the final consumer in the production of ETBE.
  With these new supply contracts, Abengoa is expanding its activity in Europe while increasing and diversifying its customer portfolio, consolidating its presence in current key markets, demonstrating its development capacity and promoting the use of bioethanol in emerging markets.
  In this way, Abengoa Bioenergía is contributing to the fulfilling of the EU’s goals of finding a renewable and sustainable alternative to transportation fuels and reducing the emissions of greenhouse-effect gases.

Industrial Engineering and Construction.-

• Inabensa has been awarded, under a Joint Venture, the construction of three courthouse buildings in Barcelona, in the municipal districts of Olot, Cerdanyola and Santa Coloma de Gramanet. The value of Inabensa’s portion of the contract is 11.6 million euro.
• Petróleos Mexicanos and Abengoa México have signed the contract for the construction of the Light Crude Oil Heating System for Dos Bocas storage depot on the premises of PEMEX Exploración y Producción, in Paraiso, Tabasco (Mexico). The contract value is 21.7 million euro. Telvent Mexico is participating on the project as the company responsible for the instrumentation, control and safety systems.

Information Technologies

• Completion of the installation and configuration of all hardware required for preliminary acceptance for the Gas Measuring System and OASyS SCADA system project for the company IGDAS. Telvent has also completed commissioning and communication tests for 13 remote stations. IGDAS is the Istanbul Gas Distribution Corporation and distributes gas to over 2,240,000 clients, and approximately 300 industrial consumers.
• Contracting of the Remote Control Power System for the High-Speed Train between Cordoba and Malaga. The client is Adif and the scope includes the complete turnkey supply of all equipment in the Control Centre and in the remote field locations along the line. The project will be executed in three phases and Telvent will also carry out the services for maintaining the systems for two years following execution.

Environmental Services

• Befesa CTA awarded the 24 M€ works contract to enlarge, modernize and consolidate the Sur-Andevalo User Community’s irrigation area, in Huelva.
  The objective of this project is to construct the infrastructure required to execute the 4,000-hectare enlargement in a rational manner, while maintaining the User Community’s current exploitation and operating system, and its interconnection with the current irrigation area in order to achieve a totally homogenous irrigation area with the same operating and exploitation features.
  Befesa will also install the infrastructure required to centralize command and control of the entire irrigation area which, currently, has a low level of automation, resulting in the risk of loss of irrigation hours, water or inadequate operation and, therefore, much higher operation costs.