• Abengoa’s operating result increased 24.3 per cent in the third quarter and reached 152.7 million euro
• The earnings after tax attributable to the parent company were 45.0 million euro, a 14.6 per cent increase
• The Operating Result of its Bioenergy Business Unit improved 22.1 per cent on the previous year

Seville, November 16, 2005. – The consolidated sales of Abengoa up to the close of the third quarter of 2005 were 1,388.1 million euro, a 22.2 per cent increase on the previous year’s figure. All of Abengoa’s Business Units have increased their sales figures over the first nine months of this financial year.

The earnings after tax attributable to the parent company are 45.0 million euro, a 14.6 per cent increase on the 39.2 million euro the previous financial year.

The earnings before tax are 76.2 million euro, a 48.8 per cent increase on the 51.2 million euro for the same period in the 2004 financial year.

By Business Unit, Abengoa has increased the contribution to the EBITDA in all its areas, with the Information Technologies business unit with a 23.7 per cent increase, and the Industrial Engineering and Construction business unit with a 33.9 per cent increase being of note. As regards the positive evolution in the engineering unit, the performance of the cogeneration business, together with the construction of high voltage lines in Brazil are of note.

As regards the Bioenergy business unit, it has achieved sales of 287.6 million euro as against 239.5 million euro the previous year. This is a 20.1 per cent increase, which has been achieved in spite of the fact that the dollar experienced almost 3 per cent depreciation over this period. This increase is based, fundamentally, on the increase in exports in Europe and on the positive performance of ethanol prices in the United States. The Environmental Services business unit achieved sales of 269.3 million euro over the first nine months of 2005 compared to 251.7 million euro for the same period the previous financial year. This represents a 7.0 per cent increase. The Industrial Engineering and Construction business unit achieved sales of 586.1 million euro as against 461.7 million euro the previous year. This is a 27.0 per cent increase. Finally, the Information Technologies business unit achieved sales of 245.0 million euro compared to 183.0 million euro the previous 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.

We would mention, among the novelties and most important contracts awarded to the Bioenergy business unit, the authorization obtained from the French Government to produce 40,000 tons per year of bioethanol at a plant to be constructed in the southwestern region of France, and the awarding of export contracts to supply a total of 85,000 cubic meters of bioethanol in the EU. With these new supply contracts, Abengoa is expanding its activity in Europe while contributing to the attainment of the objectives of the European Union to find a renewable and sustainable alternatives to fuels for the transport sector and to the reduction of greenhouse effect gas emissions.

The Industrial Engineering and Construction business unit has been awarded the turnkey contract, valued at almost 10 million euro, to construct the 400 kV Hadjerat Ennous – El Afferoun line in Algeria. It has also been awarded the 19 million euro contract to reinforce the national 400 kV power line network in Morocco and to execute the connection of the 400 kV and 225 kV lines to the Mediouna and Qualili substations.

Telvent has signed a four-year contract, extendable for a further two years, with Madrid City Council, to provide the Integral Management and Operation Service for its City of Madrid Traffic Control and Regulation System (Area 2). The contract is for 13.7 million euro and, of note among the works to be executed are the changing to network traffic-lights and low voltage regulators, the migration of the communications to the IP network and the implementation of the ITACA system in new areas of Madrid. A 13.0 million euro contract was also forthcoming for the detailed design of a Meteorological Data Processing System for weather forecasting for the Kuwait National Meteorological Service. This contract includes super-computers that offer numerical climatic predictions, a climatic data base, regional climate prediction, and control and follow up on data collection services.

The Environmental Services business unit has been awarded the contract for the construction and 25-year operation of a reverse osmosis seawater desalination plant in Mitjur (Chennai-India). The plant’s capacity will be 100,000 cubic meters per day. The plant will be turnkey constructed, requires an 80 million euro investment, and will be the exclusive responsibility of Befesa. The subsequent 25-year maintenance and operation of the plant is expected to generate 150 million euro in billing.

Abengoa, a listed industrial and technology company with treasury stock of more than 1,200 million euro, provides solutions for Sustainable Development, the Information and Knowledge Society, and the Creation of Infrastructures. It currently operates in four large activity sectors: Bioenergy, where it is the world’s no. 2 bioethanol producer; Environmental Services, where it is European leader in segments of the industrial wastes market; Information Technologies, where it is one of the main role players at international level, with operations in Europe, the Americas, and Asia; and Industrial Engineering and Construction, where it is leader in Spain and Latin America. (www.abengoa.com)