Abengoa's earnings after tax increased 16.6 percent in 2008

February 24, 2009

Presentation video of 2008 results

Seville, February 24th, 2009.- Today, Abengoa released its results for the 2008 financial year in which its consolidated sales were 3,114.5 million euro, which is a 17.3 percent increase on the previous year. All of Abengoa's Business Units increased their sales in this period.

The earnings after tax attributable to the parent company reached 140.4 million euro, which is a 16.6 percent increase on the previous year's figure of 120.4 million euro.

Abengoa's geographical diversification and combination of businesses allows it to maintain a profile of growth and cash generation with a low level of volatility. Its international activities accounted for nearly two thirds of total sales.

The Solar business unit's consolidated sales were 65 million euro compared to 17.7 million euro for the same period the previous year. The Bioenergy business unit's sales were 830.1 million euro as against 613.7 million euro the previous year, which is a 35.3 percent increase on the last year. The Environmental Services business unit's sales were 873.4 million euro in 2008 compared to 769.7 million euro for the same period the previous year, with a 13.5 percent increase. Information technology sales grew by 16.7 percent compared to the previous year, ending 2008 at 696.9 million euro, of which 654.7 million euro came from activities classified as discontinued. Finally, the Industrial Engineering and Construction business unit's sales were 1,993.5 million euro, a 28.9 percent increase on the 1,546.6 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 689.7 million euro.

The Gross Cash Flows from Operating Activities figure was 545.3 million euro, which is a 39.3 percent increase on the previous year's figure of 391.5 million euro, with those by the Industrial Engineering and Construction and the Environmental Services Business Unit, with increases of 28.9 percent and 27.4 percent, respectively, being of note.

The earnings after tax attributable to the parent company reached 140.4 million euro, which is a 16.6 percent increase on the previous year's figure of 120.4 million euro.

As a result of Abengoa's commitment to transparency and in order to continue to guarantee the accuracy of the company's financial information, Abengoa has continued to strengthen its internal control structure, adapting it to the standards of the US Sarbanes-Oxley Act. As a result, Abengoa has once again voluntarily submitted the entire Group's internal control system to an independent evaluation process carried out by external auditors in accordance with PCAOB audit standards.

An inventory of greenhouse gas emissions has been created, in line with Abengoa's mission and its leadership position, and in 2009 a system of environmental sustainability indicators will be implemented. Both initiatives will enable us to quantify and compare the sustainability of Abengoa's activities and to define goals for improvement.

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 1,052.2 million euro (20/02/2008) 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).

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