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

Acciona Real Estate
(Millions of euros) Jan-Dec 10 Jan-Dec 11 Change (%)
Property development 139 52 (62.7%)
Real estate assets 42 42 0.0%
Car parks 23 10 (56.9%)
Revenue 204 104 (48.9%)
Property development (10) (14) (48.1%)
Real estate assets 21 21 1.2%
Car parks 12 5 (58.6%)
EBITDA 23 12 (49.7%)
Margin (%) 11.4% 11.2%
EBT (6) (51) (684.9%)
Margin (%) (3.2%) (48.6%)
ACCIONA Real Estate achieved revenue of EUR 104 million in 2011 and EBITDA fell
to EUR 12 million. The drop in these aggregates was mainly attributable to the property
development business as a result of the lower number of units delivered and the
decrease in their average unit price. The drop in property development sales was
particularly significant in Spain.
The sale of the car park business during the year explains the fall in its contribution to
the division's revenue and EBITDA, which amounted to EUR 10 million and EUR 5
million, respectively.
The profit before tax (EBT) for 2010 included gains on the sale of investment property
totalling EUR 32.6 million. This gain and the drop in EBITDA explains the decrease in
the profit before tax in 2011 with respect to 2010.
Jan-Dec 10 Jan-Dec 11 Change (%)
Housing stock 1,177 961 (18.4%)
Acciona Logistics and Transport Services
(Millions of euros) Jan-Dec 10 Jan-Dec 11 Change (%)
Trasmediterránea 518 457 (11.6%)
Handling 133 144 8.0%
Other 126 113 (10.7%)
Revenue 777 714 (8.1%)
Trasmediterránea 58 9 (84.2%)
Handling 12 11 (10.4%)
Other 4 5 18.5%
EBITDA 74 25 (66.6%)
Margin (%) 9.5% 3.4%
EBT 10 (34) (427.1%)
Margin (%) 1.3% (4.7%)
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