Abengoa Presents its Financial Results for 2012

               Abengoa Presents its Financial Results for 2012

PR Newswire

SEVILLE, Spain, Feb. 22, 2013

SEVILLE, Spain, Feb. 22, 2013 /PRNewswire/ --

  oAbengoa recorded 2012 revenues of €7,783 million and EBITDA of €1,246
    million, representing an increase of 10% and 13% respectively.
  oCorporate leveragewas 3.2x and liquidity positionwas €3,451 million.
  oDividend of 0.072 €/share to be approved by shareholders meeting.
  oUSA becomes the first market in term of revenues.

Abengoa (MCE: ABG.B), the international company that applies innovative
technology solutions for sustainable development in the energy and environment
sectors, recorded revenues of €7,783 million in 2012, an increase of 10%
compared to the previous year, while EBITDA grew by 13% to €1,246 million.
Profit after tax fell by 51%, ending the year at €125 million, mainly due to
the effect of discontinued activities in the figure reported for 2011.

In 2012, Abengoa generated cash flow of €443 million from its operations. Its
corporate net debt ratio stood at 3.2x, while its total debt ratio (including
non-recourse debt) closed at 6.6x. Excluding pre-operational debt,which is
the debt financing assets that still do not generate EBITDA, the corporate net
debt ratio was 0.8x and the total debt ratio was 3.2x.

This year Abengoa has brought seven concession assets into operation,
contributing €83 million to EBITDAduring the year (€105 million annualized).
The company has continued to implement its investment plan, allocating €997
million in corporate funding for new projects, bringing its liquidity position
at the end of the period to €3,451 million.

Abengoa's geographical diversification in new markets continues to be one of
the key factors behind its sustained growth. The company's international
activities account for 75% of total revenues, of which 26% comes from the USA,
26% from Latin America, 15% from the rest of Europe and 7% from Asia and
Africa. For the first time in Abengoa's history, the USA has become the
leading region in terms of revenues thanks to the company's diversification
efforts over the last ten years.

Based on the results obtained, the Board of Directors has proposed a dividend
of €0.072 per share, which represents a payout ratio of 31%.

Manuel Sanchez Ortega, CEO of Abengoa, expressed his satisfaction at "being
able to present today a good set of results for Abengoa, especially taking
into account the extremely complex global economic situation and the
regulatory difficulties that we have had to face in Spain in our solar
segment. On top of this we have seen the worst drought in the USA in 60 years,
severely impacting the margins in our ethanol business. All in all, once again
we have demonstrated a strong delivery in the toughest environment in decades,
delivering anticipated results, bringing into operation new assets and new
geographies to our footprint, proving ourselves capable of protecting our
liquidity and continuing to develop our technology plans."

Results by segment

Revenues in the engineering and construction segment, including the results
fromtechnology activities, increased by 19% to €4,512 million. EBITDA also
increased, rising by 36% to €724 million, with margins of 16% compared to 14%
the previous year. The engineering and construction division was awarded new
contracts worth €3,584 million, bringing the backlog to €6,679 millionon
December 31, 2012, with a pipeline of commercial opportunities worth around
€88,054 million.

Revenues in the concession-type infrastructures area, which primarily includes
electricity generation and transmission, rose by 11% to €473 million, with an
EBITDA margin of 65%. The growth in this segment comes from the seven new
plants that were brought into operation during 2012. The equity invested in
concession assets at the end of the year was €2,845 million. The scheduled
investment plan will require an additional €856 million, which is expected to
add €564 million in annualized EBITDA once all the assets are operational by
2015.

Revenues in theindustrial production area, which includes the industrial
recycling and bioenergy businesses, decreased by 2% to €2,798 million, while
EBITDA for this segment fell by 21% to €215 million. The results of this
segment have been affected by the weak performance of bioenergy margins which
went from 7% in 2011 to 4% in 2012, primarily driven by lower gasoline
consumption in the countries where the company operates and by adverse weather
in the first few months of the year in the USA and Brazil, driving grain
prices up to historic levels in decades. Conversely, both revenues and EBITDA
in the industrial recycling activity have grown, with stable margins at around
19%. This area will increase its capacity during 2013 with new plants in South
Korea.

Corporate transactions

On July 2, Abengoa completed the sale of 50% of the joint venture that manages
four transmission line concessions to Compania Energetica de Minas Gerais
(CEMIG), one of the largest electricity companies in Brazil. The sale formed
part of the company's asset rotation strategy and boosted Abengoa's balance
sheet cash position by €354 million. The other 50% of the company was sold in
November 2011.

It is also worth highlighting the successful completion of the process to
extend the company's syndicated debt of €1,663 million with 37 financial
institutions, which demonstrates the level of confidence that a large number
of national and international banks placed in Abengoa. The extension of the
syndicated debt together with the issuance of a convertible bond and a senior
bond in 2013 have enabled the company to extend the average term of its
corporate bank debt by around one year, to an average term for corporate debt
of more than 3.5 years.

Financial objectives

Abengoa is forecasting revenues to rangefrom €8,000 to €8,100 million and
EBITDA from €1,350 to €1,400 million in 2013, the midpoints of which represent
an increase of 3% and 10% from 2012, respectively. Corporate EBITDA is
expected to rangefrom €800 to €825 million.

Details of the results presentation conference

Manuel Sanchez Ortega, CEO of Abengoa, and Barbara Zubiria Furest, Chief
Reporting Officer & Head of Investor Relations, will host a conference call
today to present the results, which will be simultaneously broadcast on the
internet at 6.00 pm (Madrid time) and 12.00 pm (New York time).

To access the conference please dial +34 91 788 93 03. The conference can be
followed live via Abengoa's website (www.abengoa.com). We recommend accessing
the website at least 15 minutes before the start of the conference to be able
to register and download the necessary audio software.

A recording of the conference will be available in the Shareholders and
Corporate Governance section of the Abengoa website approximately two hours
after it has finished.

About Abengoa

Abengoa (MCE: ABG.B) is an international company that applies innovative
technology solutions for sustainable development in the energy and environment
sectors, generating electricity from the sun, producing biofuels, desalinating
sea water and recycling industrial waste. (www.abengoa.com)

Communication department
Patricia Malo de Molina Melendez.
Tel. +34 954 93 71 11
E-mail: communication@abengoa.com

Investor Relations
Barbara Zubiria Furest.
Tel. +34 954 93 71 11
E-mail: ir@abengoa.com

SOURCE Abengoa

Website: http://www.abengoa.com
 
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