Contact for press

You can contact us by:

Marián Ariza Communication Department.

Media Kit

Follow us on:

Keep up-to-date on the latest at the Abengoa website:


Report on Abengoa’s evolution during the first six months of 2009

August 26, 2009

Abengoa's profits rose 16% to €83 million in the first half of 2009.

Innovative technological solutions for sustainable development have allowed Abengoa to continue growing through new alliances with strategic partners and through access to new markets. As a result, consolidated sales to June 2009 totalled €1.814 million (+11%) while Ebitda grew by 13% to €315 million (25% excluding capital gains realised by Befesa from the sale of land in Baracaldo in 2008 and from the sale of a 10.5% stake in Telvent GIT in 2009).

The fight against climate change requires new solutions and new products (solar, desalination, biofuels) that are capable of providing sustainable development. Renewable energies and the improvement in energy efficiency require new investments in energy transport and intelligent networks in both developed and emerging countries. Telvent’s and Abeinsa’s solutions are allowing them to grow in these new markets. The combined order book has grown by 21% to €5.137 million.

We continue to invest in R&D+i as an essential element for creating long term value and in the first six moths of the year we invested a total of €39 million, an increase of 26% compared to the same period last year.

The internationalisation of Abengoa through new products is allowing us to access new markets that previously did not exist, such as hybrid thermosolar plants in Morocco and Algeria, desalination plants in North Africa, India and China, new bioethanol plants in the USA and Europe, biomass plants in Brazil, high voltage lines in Latin America and intelligent networks in the USA and Europe.

In 2008, two thirds of our business was carried out in countries other than Spain. In the first half of 2009 this figure increased to 72%. Business in the USA accounted for 23% of the total, Latin America 25%, Europe (excluding Spain) 13%, Africa 9%, Asia 2% and Spain 28%.

These new products are allowing us to grow through new strategic alliances: In Solar, the agreement with Neal (New Energy Algerie) for the construction of a solar-combined cycle Hybrid Plant of 150 MW in Hassi R’Mel (Algeria). Abengoa Solar has also signed up as a founding partner to the Desertec Industrial Initiative, which aims to supply 15% of Europe’s demand for energy and a substantial part of the electricity requirements of North Africa and the Middle East by 2050 using thermosolar plants and other sources of renewable energy.

Alliances between Abengoa Bioenergy and Dyadic to develop enzymes for enzymatic hydrolysis to produce second generation ethanol at competitive prices; and with the US Department of Energy (DoE) to design, construct and operate the first commercial enzymatic hydrolysis plant to produce ethanol from lignocellulose biomass in Hugoton (Kansas).

In Environmental Services an agreement was signed with the municipality of Quingdao in China in July 2009 to construct and operate a 100,000 m3/day sea water desalination plant and to sell water during 25 years. A three year agreement was also reached with Arcelor Mittal during the first quarter of this year to remove and treat filter dusts from electric arc furnaces at its plants in Rindage, Belval and Differdingen in Luxembourg. Finally, Abeinsa has signed agreements with Eletrobras to construct, operate and maintain high voltage lines in Brazil.

In this international financial crisis, the diversification of financing sources is fundamental to correctly structure the liabilities side of the balance sheet. In our case, this involves the combination of long term structured non-recourse financing for new products combined with access to capital markets and public funds (financing, subsidies for R&D investments or tax incentives), supplemented with funds from our partners through alliances. All of this has allowed us to raise new financing in the first six months of 2009 worth €332.7 million (excluding the issue of convertible bonds totalling €200 million in July) and to cover our planned investment requirements.

Looking to the future, we continue to believe, as we stated in the 2008 Annual Report, that our targets for profitable growth and value creation at similar rates to those achieved in the last ten years, continue to be perfectly achievable.

Share this news

© 2019 Abengoa. All rights reserved