ACCIONA, S.A. AND SUBSIDIARIES (Consolidated Group ...

- The volume of business of the Real Estate division fell by 48.9% due largely to the
drop in property sales in the Spanish market.
- Revenue of the Logistics and Transport Services division was down by 8.1% as a
result of the reduction in the activity of Trasmediterránea.
Gross Profit from Operations (EBITDA)
EBITDA at December 2011 stood at EUR 1,312 million, an increase of 8.3%, due
mainly to the sound performance of the Energy division (16.4%), which contributed
72.8% of the Group’s EBITDA. EBITDA as a margin of sales increased slightly from
19.3% in 2010 to 19.7% in 2011. The rise in the EBITDA margin was achieved mainly
because of the greater weight of the Energy division, whose margin also improved, from
54.9% to 57.9%.
Net Profit from Operations (EBIT)
EBIT grew by 20% in 2011 from EUR 527 million to EUR 632 million, thanks largely
to the aforementioned positive performance of Energy division. Also, this profit
includes:
- A gain on the sale of the Chilean concession companies and their operator
amounting to EUR 201 million, and a gain of EUR 76 million on the sale of the
Group's car parks business.
- Impairment losses on the Group's assets totalling EUR 259 million.
Profit before Tax from Continuing Operations (EBT)
EBT amounted to EUR 224 million in 2011, down 6.8% from 2010, due mainly to the
positive effect of exchange differences in 2010.
Attributable Net Profit
The attributable net profit of EUR 202 million represented an improvement of 20.8%
with respect to 2010, as a result of the effect of the loss attributable to non-controlling
interests.
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