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February

Abengoa's earnings after tax increased 20.0 percent in 2007

February 26, 2008

  • The Gross Cash Flows from Operating Activities figure is 452.4 million euro, which is a 57.2 percent increase on the previous year's figure
  • The consolidated Sales reached 3,214.5 million euro, a 20.1 percent increase

Seville, February 26th, 2008. - Today, Abengoa released its results for the 2007 financial year in which its consolidated sales were 3,214.5 million euro, which is a 20.1 percent increase on the previous year. All of Abengoa' Business Units increased their sales in this financial year over 20.0 percent.

Amando Sánchez Falcón, Abengoa' Finance Director, explained that, "the results for 2007 once again demonstrate our capacity to grow and innovate in a profitable way in all our business areas. Furthermore, the capacity to generate cash and our solid financial situation places us in an enviable position to maintain this strong and profitable rate of growth in our businesses, based on sustainable development".

The Solar Business Unit's Sales were 17.7 million euro in 2007. The Bioenergy Business Unit' sales were 613.7 million euro as against 476.2 million euro the previous year, which is a 28.9 percent increase on the last year. The Environmental Services Business Unit’s sales were 769.7 million euro in 2007 compared to 555.3 million euro for the same period the previous year, with a 38.6 percent increase, mainly due to the incorporation of BUS, whose sales amounted to 170.5 million euro. The Information Technologies Business Unit's sales were 597.2 million euro as against 476.3 million euro the previous year (a 25.4 percent increase). Finally, the Industrial Engineering and Construction Business Unit's sales were 1,546.6 million euro, a 32.3 percent increase on the 1,169.4 million euro achieved in the same period the previous year. Adjustments for sales from Engineering projects carried out for the Solar and Bioenergy business units total 330.5 million euro.

The creation of Gross Cash Flows from Operating Activities [1] increased a 57.2 percent on the 2006 figure, and reached 452.4 million euro, with those by the Environmental Services Business Unit and the Industrial Engineering and Construction Business Unit, with increases of 113.3 percent and 33.3 percent, respectively, being of note.

The earnings after tax attributable to the parent company were 120.4 million euro, which is a 20.0% increase on the 100.3 million euro achieved the previous year.

In 2007 we have completed the process to adapt our internal control structure for financial information to the requirements of the Sarbanes Oxley Act (SOX). Although, according to the instructions of the US Securities and Exchange Commission, this law is only obligatory for listed companies in the US market, and only one of our five business groups (Telvent, our information technology subsidiary) is obliged to comply with this regulation, we decided that the whole of the group would be included in this project.

Furthermore, we have subjected the internal control system for the whole of the group to a voluntary assessment and 2007 is the first year in which our external auditors have issued an opinion on it, based on the PCAOB (Public Company Accounting Oversight Board) auditing standards applicable to listed companies in the United States. This opinion is included in the financial statements and strengthens our commitment to transparency in order to continue to guarantee the reliability of all the financial information prepared by the company.

Abengoa is a technological company that applies innovative solutions for sustainable development in the infrastructures, environment and energy sectors. It is a listed company with treasury stock of 2,073.6 million euro (22/02/2008) and is present in more than seventy countries where it operates with its five business units: Solar, Bioenergy, Environmental Services, Information Technologies, and Industrial Engineering and Construction. (www.abengoa.com).

[1]Earnings before interest, tax, depreciation and amortization, adjusted by the works flows done for own fixed assets.



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