Economic and Financial Report - Grupo ACS

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22.1 Directors’ Report on the Consolidated Group Economic and Financial Report This is the first year in which Unión Fenosa was fully consolidated by the Group, enabling it to add EUR 5,967 million to sales. This revenue breaks down as follows: Revenue breakdown by activity 2006 2007 Var. 07/06 Millions of Euros Generation 2,168.1 2,217.9 +2.3% Distribution 660.7 741.6 +12.2% Gas 585.9 610.0 +4.1% Other / adjustments 121.4 (150.7) n.a. Domestic 3,536.1 3,418.8 -3.3% International 2,447.3 2,548.0 +4.1% 41% 43% Total 5,983.4 5,966.8 -0.3% Generation revenue increased by 2.3% due to the heavy increase in marketing revenues resulting from the increase in energy supplied (+67.6%). Accordingly, these marketing revenues have offset the 21.3% fall in the rest of Generation revenues, as a result of the 17.7% drop in the average sale price under the Ordinary Regime (given that the Spanish Royal Decree-Law 3/2006 did not come into force until 3 March 2006). In terms of GWh the energy generated rose by 10.6% to 33.063 GWh. Under the special regime, the average sale price dropped by 13%, and the volume increased by 14.2% to 962 GWh. Distribution revenue rose by 12.2% to EUR 741.6 million due to the increase in remuneration resulting from the 2007 RD rate. Gas revenue amounted to EUR 610 million, 4.1% higher than in 2006. In terms of GWh, there was a 23.9% increase in the energy sold, 8.9% of which was distributed in Spain and 71.2% internationally. The average sale price dropped by 8.3%. International revenue amounted to EUR 2,548 million, 4.1% higher than in 2006. Lastly, 2006 revenue included Soluziona (EUR 406.9 million). If this effect had not been taken into account, revenue would have risen by 7.1% on 2006. 22
Backlog breakdown by activity 2006 2007 Var. 07/06 Millions of Euros Generation 445.2 514.1 +15.5% Distribution 248.7 316.1 +27.1% Gas 310.2 291.6 -6.0% International 333.1 380.7 +14.3% Other / adjustments (30.4) (16.0) Total Unión Fenosa 1,306.8 1,486.5 +13.7% Consolidation adj. Acs (56.8) Total ACS Energy 1,429.7 Annual Report 2007 ACS Group As this is the first year in which Unión Fenosa has contributed to the Group’s operating results, the impact has been very positive and enabled the Group to increase its EBITDA by EUR 1,429.7 million, which includes additional amortisation of EUR 105 million with respect to the financial statements presented by Unión Fenosa due to the assignment of value to the assets arising from global consolidation of the electricity utility in the accounts of the ACS Group. Additionally and exceptionally, there has been a reclassification of a provision on deteriorated current assets for EUR 49 million, accounted as extraordinary profit. The impact on net profit accounts for EUR 230.2 million. This figure includes the Financial Costs relating to the financing of this acquisition, which was mainly carried out by means of non-recourse debt. 2.1.1.5.6 Listed associates 2 Main financial aggregates 2006 2007 Var. 07/06 Millions of Euros Abertis 106.9 142.2 +33.0% Hochtief* (25.7) n.a. Iberdrola* 40.6 267.5 n.a. Income from associates 147.5 384.0 +160.3% Associated finance costs (102.1) (313.3) Taxes 35.7 66.9 Attributable net profit 81.1 137.6 +69.6% Abertis 63.9 95.5 +49.6% Hochtief* (46.2) n.a. Iberdrola* 17.3 88.3 +411.8% * including the effect from equity derivatives assessed at fair value 2 To homogenize the comparison, Urbis’ contribution is not included. 23
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22.4 Historical Performance Economi
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Project Director and Editor ACS Gro
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Economic and Financial Report - Grupo ACS

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