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Befesa’s earnings after tax increased by 18.5per cent in third quarter

November 16, 2006

Barakaldo, 16th November, 2006. Befesa’s consolidated sales for the first nine months of 2006 rose by 35.3per cent to 364.4 million euro compared to the same period last year. All of the company’s business areas recorded growing sales for the first nine months.

By business unit, the Aluminium Waste Recycling unit and the Zinc Waste Recycling unit increased their sales by 31 and 34.1per cent respectively, primarily as a result of the higher volume of managed waste as well as higher metal prices. Sales by the Environmental Engineering business unit were 66.2per cent, higher than the previous period.

Operating result (EBITDA) increased by 19per cent to 32.4 million euro compared to 27.2 million euro for the same period the previous year arising principally from the increase in the volume of managed waste across all areas of the Group, but especially in the Aluminium Waste Recycling unit.

Income before taxes was 14.5 million euro, an increase of 32.9per cent over the 10.9 million euro recorded for the same period in 2005.

Income after taxes attributable to the parent company was 11.7 million euro, an increase of 18.5per cent compared to the 9.9 million euro in the same period the year before.

On 27 October 2006 Befesa Medio Ambiente signed a Purchase Agreement to acquire 100per cent of the shares of B.U.S. Group AB for 330 million euro. The acquisition, which is pending authorisation from the German antitrust authorities, will be financed through a non-recourse arrangement with Barclays.

B.U.S. is the largest European recycler of industrial wastes from the manufacture of common steel and stainless steel. It has a treatment capacity of 575,000 tonnes and has plants in Duisburg and Freiberg in Germany, Landskrona in Sweden and Fouquières and Gravelines in France. The B.U.S Group is forecasting 2006 sales of 201 million euro.

Befesa, the environmental services subsidiary of Abengoa, focuses on providing environmental services to industry and the construction of environmental infrastructures. It is a public listed company with a market capitalisation in excess of 397 million euro and sales of 402.4 million euro (close 2005) (

Abengoa is a technology company that applies innovative solutions to sustainable development in the infrastructures, environment and energy sectors. The company is listed on the stock exchange with a market capitalization of 2,300.6 million euro (15/11/2006) and its five business groups are active in more than seventy countries: Solar Power, Bioenergy, Environmental Services, Information Technology, and Industrial Engineering and Construction. (

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