• The EBITDA is 91.8 million euro, a 26.8 per cent increase.
• The Operating Result of its Bioenergy Business Unit improved 56.3 per cent on the previous year.

Seville, September 1, 2005. - Abengoa’s consolidated sales in the first six months of 2005 reached 902.8 million euro. This is a 20.7 per cent increase on the previous year’s figure. All Abengoa business units have increased their sales during the first half of this financial year.

The Bioenergy business unit achieved sales of 187.3 million euro as against 153.2 million euro the previous year, and this, in spite of the dollar having depreciated approximately 5 per cent over this period. The sales of the Environmental Services business unit reached 178.1 million euro in the first half of 2005 compared to 162.0 million euro for the same period the previous year. This is a 10.0 per cent increase. The Industrial Engineering and Construction business unit’s sales were 379.1 million euro as against 279.0 million euro the previous year. And finally, the sales of the Information Technologies business unit were 158.3 million euro as against 154.0 million euro the previous year.

The EBITDA (Earnings before interest, tax, depreciation and amortization) was 91.8 million euro. This is a 26.8 per cent increase on the 72.4 million euro figure for the first half of the previous year.

By business unit, Abengoa has increased the contribution to the EBITDA in all its sectors, with the exception of the Information Technologies business unit. The result of the Bioenergy business unit is noteworthy, with a 56.3 per cent increase. During the first half of the 2005 financial year, Telvent has increased its efforts in marketing expenses and the development of new markets, especially in the North American Traffic and Transport segment. In addition, during the course of the second quarter the evolution of the general expenses have had an impact on the EBITDA due to, among others, the integration process of the company Miner&Miner, which was purchased towards the end of last year, and to the tracking, analysis and initiation of negotiations to acquire new interests in strategic sectors.

The result before taxes is 46.9 million euro, which is a 61.0 per cent increase on the 29.1 million euro figure achieved in the first six months of 2004.

The result after taxes attributable to the parent company is 27.7 million euro, a 24.2 per cent increase on the 22.3 million euro of the previous financial year.

From 1994 to 2004, Abengoa’s results have increased at an annual average rate of 28 per cent due to the new activities of Bioenergy, Environmental Services, and Information Technologies, as well as to the internationalization of its traditional activities. Over the same period, sales abroad have increased at an annual average rate of 17 per cent.

Among the novelties and most important contracts signed during the first half of 2005, we would especially mention the following:

Bioenergy

• In May 2005, Abengoa Bioenergía, through AB Bioenergy France, was authorized by the French government to produce 40,000 tons of bioethanol per year at the facility that will be constructed in the southwest region of France. This project will be Europe’s first corn-based bioethanol production facility. The final capacity of the project will depend on the decision taken by the government in relation to the awarding of the second round of licenses, the open call for tenders for which is scheduled for the second half of 2005.
• During the course of the first half of 2005, Abengoa Bioenergía has been awarded export contracts for 70,000 m3 of bioethanol in the EU, for the main oil companies and chemical industries, to be used to produce ETBE. This means that the annual figures of 12,000 m3 and 45,000 m3 contracted in 2003 and 2004, respectively, have now been exceeded.
• With these new supply contracts, Abengoa Bioenergía is expanding its activity in Europe while also increasing and diversifying its customer network. It is thus consolidating its presence in the key existing markets and is also proving its capacity to develop and promote the use of bioethanol in emerging markets.
• In this way, Abengoa Bioenergía is contributing to the attainment of the EU’s objectives of pursuing a renewable and sustainable alternative for transportation fuels and to reducing greenhouse effect emissions.

Industrial Engineering and Construction

• Inabensa was awarded the contract, under a joint venture, to construct and manage Tajo Hospital in Aranjuez (Madrid). The contract value is approximately 41.5 million euro.
• As part of Abeinsa’s Strategic Plan for the development of new business areas, Inabensa is going to construct two wind farms in Asturias (Curiscao and Pumar), for 13.2 M €.
• In addition, Abener is going to construct, for Biocarburantes de Castilla y Leon (BCyL), a Biomass plant for approximately 22.5 M €. It is the first plant anywhere in the world under construction for bioethanol production at industrial scale utilizing biomass (wheat straw). Its annual production capacity will be 5 million liters.

Information Technologies

• Telvent will modernize the city of Beirut (Lebanon) traffic management infrastructures and systems. The 25 million euro contract has been signed with the Committee for the Reconstruction of the Lebanon (CDR) and will incorporate state-of-the-art technologies for traffic management such as a real time ITACA adaptative control system, a traffic simulation module, and a maintenance management system, integrated through a GIS platform. This project consolidates Telvent’s position in the advanced traffic management systems sector and broadens its expansion into the Middle East. Telvent will enhance the quality of traffic for the citizens of Beirut and will provide the city with the most modern traffic management technology currently available.
• An 8.7 million euro, ten-year contract was signed with the Alberta Infrastructure and Transportation Ministry (AIT) to provide, integrate and manage the Road Weather Information System (RWIS) on several highways in Alberta, Canada. Telvent will help AIT to improve the management of its winter highway maintenance by providing information on road surface and weather conditions, and the forecasting of ice occurrence. In addition to being a high-profile project, this contract represents the introduction of Telvent’s Traffic business to the North American marketplace, which positions the company very favorably for additional projects outside of the traditional utility infrastructure business, in which Telvent is already a North American leader.

Environmental Services

• The Marismas del Guadalquivir User Community awarded Befesa the 60 million euro contract for the modernization works of its irrigation area in the province of Seville. The modernization will affect 12,836 hectares of irrigation area.
• Through the public enterprise Giasa, the Regional Government of Andalusia has awarded Befesa two contracts to construct wastewater purification and treatment works in the province of Cordoba. The overall value of the contracts exceeds 14 million euro.
• The Ministry of the Environment has awarded Befesa, together with Telvent, the 4.9 million euro contract for the operation and maintenance services of the river Guadalquivir’s automatic hydrological information network.