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February

Abengoa´s earnings after tax increased by 26.0 percent

February 28, 2006

  • The Operating Result is 216.4 million euro, a 20.1 percent increase
  • Over the past decade, Abengoa’s results have increased at an average annual rate of 30 percent

Seville, February 28, 2006.- Today, Abengoa released its results for the 2005 financial year in which its consolidated sales were 2,023.5 million euro, a 15.9 percent increase on the previous year. All of Abengoa’s Business Units increased their sales in said financial year.

The contribution to the Operating Result also increased in all business areas, with those by the Information Technology Business Unit and the Industrial Engineering and Construction Business Unit, with increases of 22.9 percent and 28.4 percent, respectively, being of note.

The result after tax attributable to the parent company is 66.0 million euro, a 26.0 percent increase on the previous year’s figure of 52.4 million euro.

The result before tax is 110.1 million euro, a 108.9 percent increase on the 52.7 million euro registered in the 2004 financial year.

Evolution of the 2005 Financial Year Results

 
M €
Variation %
% of total
M €
% of total
% CAGR
 
2005
2004 (*)
05/04
2005
2004
1995
1995
95/05
Sales
2.023,5
1.746,1
15,9
100,0
100,0
514,2
100,0
14,7
EBITDA
216,4
180,1
20,1
10,7
10,3
43,6
8,5
17,4
Amortizations
-52,9
-52,8
0,2
-2,6
-3,0
-8,2
-1,6
20,5
Net Finantial expenses
-58,8
-78,3
-24,9
-2,9
-4,5
-18,5
-3,6
12,3
External Partners
-12,5
-7,8
60,3
-0,6
-0,4
-0,5
-0,1
38,0
Net Profit atributable to Parent company
66,0
52,4
26,0
3,3
3,0
4,9
1,0
29,7
                 
Net Cash-flow
131,4
113,0
16,3
6,5
6,5
24,5
4,8
18,3

(*) Figures under IFRS

The sales distribution and the Operating Result (EBITDA) by Business Unit are indicated in the following tables:

Of note is the reduction in net 58.8 M € figure for financial expenses in 2005, which is an 24.9% reduction on the 2004 financial year figure. To analyze this reduction, one must take into consideration the financial income as a consequence of the increase in the stock exchange value of certain participations in officially listed securities.

Likewise, it is important to consider the company’s efforts in R&D&I activities, whose impact on the financial statements, recorded as a lower EBITDA according to the new IFRS standards, goes from 15.2 M € in 2004 to 18.3 M € in 2005 (up 20.4%).

The company’s Foreign Partners have experienced a significant increase (12.5 M € in 2005 and 7.8 M € in 2004) due mainly to the increase in the results of Telvent GIT (which, in 2005, consolidates a full foreign partners’ year), as well as to the start-up of the High-Voltage Line concession business in Brazil.

The result means a profit of 0.73 € per share as against the 0.58 € per share obtained in 2004.

The net cash flow also increased 16.3% to 131.4 M € (113.0 M € in 2004).

Geographic Diversification

In 2005, Abengoa continued to increase its activity abroad, in volume as well as diversification. The ever-increasing contribution from the United States and Canada by the companies in the Information Technologies and Bioenergy Business Units is especially noteworthy. Of the 2,023.5 M € billed in the 2005 financial year, 981.8 M € (48.5%) is from sales abroad. The activity in Spain amounted to 1,041.7 M € (51.5%) compared to 1,034.1 M € in 2004 (59.2%).

Abengoa is a technology company applying innovative solutions for sustainable development in the infrastructures, environment and energy sectors. Listed with a market capitalization in excess of 1,800 million euro, Abengoa is present in over 70 countries, operating through its five business units: Solar, Bioenergy, Environmental Services, Information Technologies, and Industrial Engineering and Construction. (www.abengoa.com)



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