ACCIONA ended 2008 with an EBITDA of EUR2.83 billion, an increase of 100.9% year on year: 62% came from the proportional consolidation of 25.01% of Endesa, and 20.8% was contributed by ACCIONA Energy.

Group EBIT amounted to 1.68 billion euros, 88.6% more than in 2007 after a 122% increase in amortizations and provisions, while attributable net profit fell 51.1%, to 464 million euros.

EBT from continuing activities dipped by 30.5% to 746 million euros, due to a combination of a significant increase in financial expenses (arising mainly from the change in the consolidation criterion for Endesa), a provision for the deterioration of assets and reduced contribution from the disposal of non-recurring assets.

Consolidated sales rose by 59.3% in 2008, to EUR12.67 billion, Endesa’s proportional consolidation and a good performance by ACCIONA Energy. The energy division posted a 63.2% increase in revenue in 2008, owing to 13% organic growth of energy generation, pool price increases during the opening months of the year, and the positive contribution of the company’s wind and solar industrial businesses. Endesa contributed EUR5.55 billion to sales in 2008.

Excluding the proportional consolidation of Endesa, ACCIONA group revenue rose by 6.8% to EUR7.21 billion, taking EBITDA to 1.07 billion euros, a year on year increase of 9.3%.

Investment efforts

ACCIONA continued to apply its capital expenditure strategy in 2008. Capex totalled EUR3.15 billion, compared with the previous year’s EUR3.11 billion: the figure includes EUR1.76 billion for organic growth of ACCIONA Energy activities and EUR972 million in investments for Endesa. Total capex for the remaining divisions came to EUR418 million.

Net financial debt at December 31 2008 amounted to EUR17.9 billion (EUR16.6 billion excluding Endesa’s regulatory receivables pending collection), giving a gearing of 283%, mainly due to the acquisition of a 25.01% stake in Endesa, the consolidation of 25.01% of its debt and the investment activity undertaken to finance organic growth in the divisions.

Results and contribution by divisions

ACCIONA Energy contributed 14.1% of ACCIONA’s total revenue, with EUR1.78 billion in revenue (63.2% more than in 2007) and an EBITDA of EUR589 million, a year on year increase of 50.3%. Total installed wind capacity rose by 19.4%, to 4,566 MW, and wind generation grew by 11.4%, to 8,347 GWh.

ACCIONA Infrastructure ended 2008 with EUR3.59 billion in revenue (2.8% less year on year) and EBITDA for the period was EUR243 million (11.9% down on 2007). ACCIONA’s Concessions business saw a 73.3% rise in revenue, with Ebitda up 92.8% on 2007. ACCIONA Infrastructure’s construction backlog at December 2008 stood at 7.341 billion, a 27.6% increase year on year. In 4Q08 hospital services concessions were consolidated under ACCIONA Infrastructure.

ACCIONA Real Estate posted EUR320 million in revenue, with an Ebitda of EUR85 million. Residential property pre-sales came to EUR43 million. Land purchases came to EUR131 million and were made mainly in Mexico –where ACCIONA acquired from Grupo Concord the remaining 50% of the Parque Reforma real estate agent that it did not already own-, Brazil and Spain. As of 4Q08 the cark park business was consolidated under ACCIONA Real Estate.

ACCIONA Urban and Environmental Services’ FY08 revenue came to EUR772 million, up 10.1% on 2007, while EBITDA increased by 28% to EUR70 million. ACCIONA Agua put in a particularly good performance in 2008: revenue and EBITDA increased by 34.2% (EUR370 million) and 80.1% (EUR40 million) respectively.

ACCIONA Logistics and Transport Services posted EUR914 million in revenues, 581 million of which came from ACCIONA Trasmediterranea, with EUR39 million in EBITDA. The The Other Businesses and Financial area -comprising fund management (Bestinver with EUR2.29 billion in assets under management), wine production and marketing and GPD (media)- made EUR140 million in revenues, and EUR49 million in Ebitda.