MIRA INFORM REPORT

Report Date :

23.12.2011

Tel. No.:

+34 954937000

IDENTIFICATION DETAILS

Name :	ABENGOA SA
Registered Office :	Parcela Ze-3 (Palmas Altas), Campus Palm, Sevilla, 41014
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	04.01.1941
Com. Reg. No.:	A41002288
Legal Form :	Public Subsidiary Company
Line of Business :	Subject is engaged in solar energy to industrial waste, information technology and engineering
No. of Employees :	25370 persons

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Spain	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

Abengoa SA

Parcela ZE-3 (Palmas Altas), Campus Palm

SEVILLA, 41014

Spain

Tel: 34-95-4937000

Fax: 34 954 937 002

Web: www.abengoa.com

Synthesis

Employees: 25,370

Company Type: Public Subsidiary

Corporate Family: 104 Companies

Ultimate Parent: Inversion Corporativa I C Sa

Traded: Mercado Continuo Espana: ABG

Incorporation Date: 04-Jan-1941

Auditor: PricewaterhouseCoopers LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 8,486.2 1

Net Income: 274.4

Total Assets: 22,771.2 2

Market Value: 2,143.2

(09-Dec-2011)

Business Description

Abengoa SA is a Spain-based company, which principal activities range from solar energy to industrial waste, information technology and engineering. The Company is structured into five business groups: Solar, Bioenergy, Environmental Services, Information Technologies and Services and Industrial Engineering and Construction. The Solar division develops and applies solar energy technologies. The Bioenergy division produces and develops biofuels for transportation. The Environmental Services include integral management and recycling of industrial waste, as well as in water management and generation. The Industrial Engineering and Construction division comprises core engineering activity in energy, water and information technologies. The Information Technology division provides technological solutions and business information services. Abengoa SA, through its subsidiaries and affiliates, is present in over 70 countries on the five continents, primarily in Spain, Brazil and the USA. For the nine months ended 30 September 2011, Abengoa SA'stotal revenue increased 42% to EUR4.78B. Net income from continuing operations increased 45% to EUR210.9M. Total revenue reflects increased demand for the Company's products and services in the Engineering and Construction, Infrastructure and Industrial Production business segments. Net income from continuing operations benefited from higher operating margins.

Industry

Industry Construction Services

ANZSIC 2006: 3109 - Other Heavy and Civil Engineering Construction

NACE 2002: 4521 - General construction of buildings and civil engineering works

NAICS 2002: 23621 - Industrial Building Construction

UK SIC 2003: 45213 - Construction of civil engineering constructions

US SIC 1987: 1629 - Heavy Construction, Not Elsewhere Classified

Key Executives

Name	Title
Felipe Benjumea Llorente	Executive Chairman of the Board, Chief Executive Officer
Amando Sanchez Falcon	Chief Economics and Financial Officer
Javier Camacho Donezar	Director of Strategy and Corporate Development
Fernando de las Cuevas Teran	Vice Secretary
Enrique Aroca Moreno	Director of Information Systems

Significant Developments

Topic	#*	Most Recent Headline	Date
Regulatory	1	SEC Reports Insider Trading Regarding Acquisition Of Stake In Abengoa SA's Subsidiary, Telvent Git SA-Reuters	8-Jun-2011
Mergers / Acquisitions	2	Befesa Medio Ambiente S.A. Announces Further Details On Sale Of Its Engineering and Construction Business To Abengoa SA's Abeinsa, Ingenieria y Construccion Industrial SA	29-Mar-2011
Divestitures	5	Transmissora Alianca de Energia Eletrica SA Completes Acquisition of Abengoa SA's Assets	1-Dec-2011
Accounting Issues/SEC Inquiries	1	Abengoa SA Announces FY 2010 Dividend Payment; Appoints New Auditor	11-Apr-2011
Strategic Combinations	5	FuelCell Energy, Inc. Enters Into Partnership Agreement With Abengoa SA To Develop Localized Fuel Cell Power Plants For Europe And Latin America	12-Dec-2011

* number of significant developments within the last 12 months

news

Title	Date
Portales biofuel plant to close temporarily Clovis News Journal (NM) (452 Words)	20-Dec-2011
IDB approves US$200mn credit line for Abengoa infra projects BNamericas (English) (159 Words)	19-Dec-2011
Abengoa secures US$200mn IDB credit line BNamericas (English) (168 Words)	19-Dec-2011
FuelCell and Abengoa partner to develop fuel cell power plants Datamonitor Energy/UtilitiesWire (162 Words)	16-Dec-2011
El Pais - No Headline Available El Pais (472 Words)	16-Dec-2011

Financial Summary

As of 30-Sep-2011

Key Ratios Company Industry

Current Ratio (MRQ) 0.94 1.24

Quick Ratio (MRQ) 0.87 0.65

Debt to Equity (MRQ) 9.47 1.29

Sales 5 Year Growth 25.49 3.79

Net Profit Margin (TTM) % 2.64 9.91

Return on Assets (TTM) % 1.22 3.45

Return on Equity (TTM) % 13.28 12.40

Stock Snapshot

Traded: Mercado Continuo Espana: ABG

As of 9-Dec-2011

   Financials in: EUR

Recent Price	17.73	EPS	2.29
52 Week High	24.13	Price/Sales	0.25
52 Week Low	14.25	Dividend Rate	0.20
Avg. Volume (mil)	0.61	Price/Earnings	8.35
Market Value (mil)	1,603.58	Price/Book	1.34
		Beta	1.35

	Price % Change	Rel S&P 500%
4 Week	1.69%	0.59%
13 Week	6.14%	-2.94%
52 Week	-3.19%	14.00%
Year to Date	-3.54%	9.95%

Registered No.(ESP): A41002288

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

© 1983-2011 Reuters Research Inc. All Rights Reserved.

Corporate Overview

Location

Parcela ZE-3 (Palmas Altas), Campus Palm

SEVILLA, 41014

Spain

Tel: 34-95-4937000

Fax: 34 954 937 002

Web: www.abengoa.com

Quote Symbol - Exchange

ABG - Mercado Continuo Espana

Sales EUR(mil) : 6,407.7

Assets EUR(mil): 16,973.8

Employees: 25,370

Fiscal Year End: 31-Dec-2010

Industry: Construction Services

Incorporation Date: 04-Jan-1941

Company Type: Public Subsidiary

Quoted Status: Quoted

Registered No.(ESP): A41002288

Executive Chairman

of the Board,

Chief Executive Officer: Felipe Benjumea Llorente

Company Web Links

· Company Contact/E-mail

· Corporate History/Profile

· Executives

· Financial Information

· Home Page

· Investor Relations

· News Releases

· Products/Services

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Shareholders

· Branch Offices

· Subsidiaries

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

26 - Electricity Supply

1812 - Basic Organic Chemical Manufacturing

7000 - Computer System Design and Related Services

29 - Waste Collection, Treatment and Disposal Services

6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified

2811 - Water Supply

3109 - Other Heavy and Civil Engineering Construction

NACE 2002 Codes:

2414 - Manufacture of other organic basic chemicals

9003 - Sanitation, remediation and similar activities

7487 - Other business activities not elsewhere classified

40 - Electricity, Gas, Steam and Hot Water Supply

4100 - Collection, purification and distribution of water

7210 - Hardware consultancy

4011 - Production of electricity

4521 - General construction of buildings and civil engineering works

NAICS 2002 Codes:

561990 - All Other Support Services

541512 - Computer Systems Design Services

237130 - Power and Communication Line and Related Structures Construction

221 - Utilities

562910 - Remediation Services

221310 - Water Supply and Irrigation Systems

325199 - All Other Basic Organic Chemical Manufacturing

2211 - Electric Power Generation

23621 - Industrial Building Construction

US SIC 1987:

4941 - Water Supply

4931 - Electric and Other Services Combined

2869 - Industrial Organic Chemicals, Not Elsewhere Classified

4959 - Sanitary Services, Not Elsewhere Classified

1623 - Water, Sewer, Pipeline, and Communications and Power Line Construction

7389 - Business Services, Not Elsewhere Classified

4911 - Electric Services

7373 - Computer Integrated Systems Design

1629 - Heavy Construction, Not Elsewhere Classified

UK SIC 2003:

7210 - Hardware consultancy

4100 - Collection, purification and distribution of water

7487 - Other business activities not elsewhere classified

40 - Electricity, Gas, Steam and Hot Water Supply

45213 - Construction of civil engineering constructions

2414 - Manufacture of other organic basic chemicals

9003 - Sanitation, remediation and similar activities

4011 - Production of electricity

Business Description

Abengoa SA is a Spain-based company, which principal activities range from solar energy to industrial waste, information technology and engineering. The Company is structured into five business groups: Solar, Bioenergy, Environmental Services, Information Technologies and Services and Industrial Engineering and Construction. The Solar division develops and applies solar energy technologies. The Bioenergy division produces and develops biofuels for transportation. The Environmental Services include integral management and recycling of industrial waste, as well as in water management and generation. The Industrial Engineering and Construction division comprises core engineering activity in energy, water and information technologies. The Information Technology division provides technological solutions and business information services. Abengoa SA, through its subsidiaries and affiliates, is present in over 70 countries on the five continents, primarily in Spain, Brazil and the USA. For the nine months ended 30 September 2011, Abengoa SA'stotal revenue increased 42% to EUR4.78B. Net income from continuing operations increased 45% to EUR210.9M. Total revenue reflects increased demand for the Company's products and services in the Engineering and Construction, Infrastructure and Industrial Production business segments. Net income from continuing operations benefited from higher operating margins.

More Business Descriptions

Other specialised construction activities n.e.c.

Abengoa, an international technology company, is involved in two sectors - Energy and Environmental Services, which account for 95 % of its revenues - and three lines of business – Engineering and Construction, Concession-type infrastructure and Industrial Production. Engineering and Construction: this area encompasses core engineering activity in energy, water, and information technologies. Abengoa specializes in complex turnkey projects to construct concentrating solar power (CSP) plants; hybrid solar-gas facilities; conventional power plants; power transmission lines; hydraulic infrastructures, including large-scale desalination plants; and biofuel plants, among others. Concession-Type Infrastructures: this segment groups together any asset operations for which Abengoa has long-term contracts in effect, including take-or-pay contracts, power or water purchase agreements and tariff-type sales contracts. This segment therefore includes solar power plants, power transmission lines, cogeneration plants and desalination facilities. Industrial Production: this last segment embraces Abengoa activities in biofuels and industrial waste recycling.

Source: Graham & Whiteside

Manufacturing and Industrial Building Construction

Financial Data

Financials in:	EUR(mil)
Revenue:	6,407.7
Net Income:	207.2
Assets:	16,973.8
Long Term Debt:	7,999.7
Total Liabilities:	15,784.2
Working Capital:	-0.1
Date of Financial Data:	31-Dec-2010

1 Year Growth

18.2%

21.6%

37.2%

Market Data

Quote Symbol:	ABG
Exchange:	Mercado Continuo Espana
Currency:	EUR
Stock Price:	17.7
Stock Price Date:	12-09-2011
52 Week Price Change %:	-3.2
Market Value (mil):	1,603,575.0
SEDOL:	7174823
ISIN:	ES0105200416
Equity and Dept Distribution:
5/2011, Nominal value changed from EUR 0.25.

Subsidiaries

Company	Percentage Owned	Country
Abeinsa IngenierÃa y Construcción Industrial, S.A.	100%	SPAIN
Instalaciones Inabensa, S.A.	100%	SPAIN
Abengoa Finance	100%	SPAIN
Abengoa Puerto Rico SA	100%	PUERTO RICO
Abengoa Solar SA	100%	SPAIN
Simosa IT SA	100%	SPAIN
Soc. Inver. En. Ener. Y Medioambiente SA	100%	SPAIN
Befesa Medio Ambiente, S.A.	97.38%	SPAIN
Abengoa BioenergÃa, S.A.	97.30%	SPAIN
Bargoa S.A.	99.98%	BRAZIL

Branch Offices
Location Calle Marques De Encinares 5 Madrid, 28029 Tel: +(34) 913158718 Location Calle San Roque (De) 4 Molar (El), 28710 Tel: +(34) 918410557		Location Calle Sierra De Guadarrama (De La) 41 Poligono De San Fernando De Henares, 28830 Location Calle Poeta Altet 18 Valencia, 46020 Tel: +(34) 963602804

Shareholders

Major Shareholders

Inversión Corporativa IC SA (56.04%); Finarpisa SA (6.04%)

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Bank:	Caja De Ahorros De Santander Y Cantabria, Barclays Bank, S.A., Banco Santander Central Hispano, S.A., Banesto Banco De Emisiones, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Calyon, S.E., Banco De Andalucia, S.A., Deutsche Bank A.G., S.E., Caja General De Ahorros De Granada (Caja Granada), Caja Rural De Granada, S.C.C.
Auditor:	PricewaterhouseCoopers Auditores SL, PricewaterhouseCoopers LLP, Pricewaterhousecoopers Auditores Sl

Strategic Initiatives

Partnerships

New Solar Power ProjectAbengoa's solar business will bring four power plants into operation in 2010, for a total of 300 MW – three 50-MW parabolic trough technology plants located in Spain, and a gas-solar hybrid plant in Algeria. The company also hopes to start building several of the ten new 50-MW solar plants that entered into the Compensation Preallocation Registry (solar tariff) in Spain and which, therefore, already have the required construction permits. Work on several of these plants will involve collaboration with business partners, including the multinational electric utility E.ON, with whom we are already building two solar power plants in Écija (Spain). With regard to the promotion of new projects, 13 plants (650 MW) have been included in the register created by the Ministry of Industry, Tourism and Trade, which guarantees them the existing regulatory and tariff framework. Abengoa Solar has become the leading company in Spain for its portfolio of solar energy projects.

Further, Befesa Medio Ambiente S.A. Entered into an agreement with Abeinsa, Ingenieria y Construction Industrial SA, a subsidiary of Abengoa SA agreement, to sell its business unit of water project engineering and construction. The net purchase price amounted to €144.3m. Abengoa SA signed a collaboration agreement with the Irish power company Wavebob for the research, development and commercialisation of ocean waves energy systems. These mergers and acquisitions would provide various growth and expansion opportunities to the company.Volatility in Cereal MarketCommodities markets have historically been extremely volatile which exposes the company to price fluctuation. Abengoa produces bioethanol and biodiesel using biomass such as cereals, cellulosic biomass, and oleaginous seeds as raw materials.

Strengths/Weaknesses (SWOT)

Abengoa SA

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Strong Financial Performance · Global Reach · Business Diversification	Weaknesses · Increase in Total Debt · Limited Liquidity Position
External Origin (attributes of the environment)	Opportunities · New Contracts · Merger & Acquisitions · Growing Importance of Renewable Energy · Air Quality Market · New Solar Power Project · Strategic Partnerships	Threats · Challenges in Solar PV Market · Volatility in Cereal Market · Government Regulations

Overview

Abengoa provides integrated solutions for the energy, engineering, and information technology sectors. The company has developed various renewable energy technologies that helped reduce carbon emissions and improve its production capacities. Its strong foothold in various sectors has increased its global presence and overcome the influence of various policy changes. However. limited liquidity and increasing total debt are a cause of concern for the company. Internationally, the company expanded rapidly by tapping untapped and growing markets after incurring debt. The company's increases international operations is paving the way for its growth and development.

Strengths

Strong Financial Performance

Abengoa reported strong financial performance for the fiscal year ended December 2010, reflecting its ability to fulfill operational and business expansion needs. The company reported revenue of €5,566.15m for the fiscal year ended December 2010, indicating an increase of 34.21% over revenue in 2009. The company posted operating profit of €621.79m in 2010, reflecting an increase of 44.27% over operating profit in 2009. The company recorded net profit of €207.16m in 2010, indicating an increase of 36.85% over net profit in 2009. This was due to impressive performance of the company's industrial engineering and construction segment. The segment contributed about 40.38% of the company's total revenue, an increase of 46% over the previous year. The increase in the operating and net profit improved the company’s profitability. The operating margin of the company increased to 9.70% in 2010 from 7.94% in 2009. The company's return on fixed assets increased to 5.89 in 2010 from 5.39 in 2009. Substantial increase in profitability ratios indicates that the company performed well and would be able to deliver value as expected by its shareholders. Such a strong financial performance would enhance the company’s expansion plans and growth.

Global Reach

Wider reach in terms of geography would mean reaping more benefits, eventually improving the profit margins, attaining economies of scale and recognition on a worldwide basis. Abengoa has a diverse portfolio of projects at various stages of development and operation located throughout US, Europe, Latin America, Africa, Asia and Oceania. In 2010, the US market contributed 15.9% of the total revenue, Latin America contributed 34.3%, Europe (excluding Spain) contributed 15.7%, Africa 3.7%, Asia 4.6%, Oceania 0.1% and Spain contributed about 25.7% Geographical diversification enables the company to position itself in markets where demand for green electricity is strongest whilst at the same time limiting exposure to risks associated with local weather conditions and local regulatory risks. In addition, these markets differ in the respective maturities of solar power, bioenergy and environmental services (including water and industrial waste recycling) industries, providing Abengoa with a balance of mature markets (America and Africa), currently higher growth markets for its projects and lower growth in Spain. This mix of geographical market focus is key to Abengoa long term investment strategy and its commitment to sustainable energy generation.

Business Diversification

Abengoa’s business model reflects well diversified operations across various segments. It offers integrated solutions across various industries and sectors including Energy, Transport, Telecommunications, Industry, Services and Environment sectors. The company has five reportable segments, namely, industrial engineering and construction, bioenergy, information technologies, environmental services and solar. For the fiscal year ended December 2010, these segments contributed about 40.38%, 28.29%, 13.15%, 14.96% and 3.1% respectively of the company's total revenue. Business diversification across various segments makes the company independent and not relied upon particular segment.

Weaknesses

Increase in Total Debt

High financial liabilities increase the interest payment obligations of the company and decrease the profitability of the company. Abengoa's total debt has been increasing over the last five years. For the fiscal year ended December 2010, the company reported total debt of €9211.71, an increase of 47.80%, as against €6232.81m in 2009. The company's total liabilities increased to €15,784.15m, an increase of 36.45%, as against €11,567.16m in 2009. Increasing liabilities limits the profitability and the growth of the company.

Limited Liquidity Position

Limited liquidity lends financial instability to the company and makes it difficult for the company to meet short-term obligations. For the fiscal year ended December 2010, The company's current ratio was 1.005. This was below the Energy Equipment & Services sector average of 2.95. A lower than sector average current ratio indicates that the company is in a weaker liquidity position than other companies in the sector. However, company's liquidity was improved over the previous year. In 2010, its quick ratio and cash ratio increased to 0.945 and 0.612 respectively as against 0.80 and 0.402 in 2009. Limited liquidity hinders the company to meet its short term obligations.

Opportunities

New Contracts

New contracts and agreements provide various growth and expansion opportunities to the company. Abengoa signed a contract with ApaServ Alexandria and ApaBrasov to develop the expansion and rehabilitation of two sewage treatment plants in Romania. The project is amounting to over €20m. The company and Grana y Montero SAA entered into a contract for expansion and improvement of a drinking water system in Peru for $118m. Its subsidiaries, Abengoa SA Sucursal del Peru and Abengoa Peru SA, signed a contract for the Pachacutec-Ventanilla Project (el Macro Proyecto Pachacutec-Ventanilla) for the expansion and improvement of water and sewer systems. The company entered into an agreement with Bharat Heavy Electricals Limited to altogether develop thermo-solar projects in India, through an Engineering, Procurement and Construction (EPC) contract for the implementation of thermo-solar power plants. It also entered into a contract for the development of 250 MW solar-thermal power plant, on about 1,700 acres of private desert land, which is located approximately at 100 miles east of Los Angeles. These new contracts open new avenues for revenue growth.

Merger & Acquisitions

Merger and Acquisitions helps the company to grow inorganically. In 2011, Befesa Medio Ambiente SA signed an agreement with Abeinsa, Ingenieria y Construction Industrial SA, a subsidiary of Abengoa SA, to sell its engineering and construction business of water project for €159m. Further, Befesa Medio Ambiente S.A. Entered into an agreement with Abeinsa, Ingenieria y Construction Industrial SA, a subsidiary of Abengoa SA agreement, to sell its business unit of water project engineering and construction. The net purchase price amounted to €144.3m. Abengoa SA signed a collaboration agreement with the Irish power company Wavebob for the research, development and commercialisation of ocean waves energy systems. These mergers and acquisitions would provide various growth and expansion opportunities to the company.

Growing Importance of Renewable Energy

The world’s focus on climate change is increasing and the demand for environment friendly energy too. It is estimated that the global energy consumption may rise more than 50% by 2030. The non-renewable energy sources such as oil and coal are going to have 80% of the market share. Such energy-related carbon dioxide emissions shall increase from 26 billion tons in 2004 to 40 billion tons in 2030. Even the Kyoto Protocol envisions generating electricity of 10,000 MW by 2010 using the renewable energy sources. In EU Solar power generation shall rise to 4% by 2010 of which PV would be 200 MW and CSP 30 GW respectively. Abengoa is already providing sustainable energy supplies through its biomass, and solar energy power plants. It has opportunities to exploit the growing demand for environment-friendly energy by increasing the supply of biomass, WTE power solar power, hydro power and wind power. Currently, the company has plans to construct five own solar thermal plants in Spain and Algeria and construct three bioenergy plants in the US and Holland, as well as two biomass-based cogeneration plants in Brazil. It also has plan to complete four water plants, which are under construction in Algeria and India and to commence construction of a plant in China.

Air Quality Market

Air quality monitoring and management is an upcoming segment and is untapped. The company’s subsidiary Telvent has received a contract to supply, operate and maintain an air quality and weather data monitoring station. It is international leader in the energy, traffic, transport and environment sectors. This is the first and foremost contract for Abengoa in the Brazilian air quality sector and draws a great opportunity for growth in yet to be tapped market.

New Solar Power Project

Abengoa's solar business will bring four power plants into operation in 2010, for a total of 300 MW – three 50-MW parabolic trough technology plants located in Spain, and a gas-solar hybrid plant in Algeria. The company also hopes to start building several of the ten new 50-MW solar plants that entered into the Compensation Preallocation Registry (solar tariff) in Spain and which, therefore, already have the required construction permits. Work on several of these plants will involve collaboration with business partners, including the multinational electric utility E.ON, with whom we are already building two solar power plants in Écija (Spain). With regard to the promotion of new projects, 13 plants (650 MW) have been included in the register created by the Ministry of Industry, Tourism and Trade, which guarantees them the existing regulatory and tariff framework. Abengoa Solar has become the leading company in Spain for its portfolio of solar energy projects. All of the plants will be operational by 2013, although they will be rolled out gradually starting in 2010. This solar power project expansion will add to the current capacity of the company may help to increase its revenue

Strategic Partnerships

Abengoa entered into a strategic partnership with Ghesa Andalucia formed Abener Ghenova, to provide engineering services for renewable energy projects. This strategic partnership will allow them to assume a leading position in the engineering sector by developing innovative initiatives that promote sustainable development. The new company also plans to do promote installations in the bio-fuel sector. The company is currently developing world’s largest solar platform, with a capacity of 300 megawatts located in Sanlucar la Mayor, includes a total of nine thermosolar and photovoltaic plants, and will prevent the emission of 600,000 tons of CO2 into the atmosphere every year. The company through this strategic agreement aims to strengthen its position in solar energies and bio-fuels. Similarly, the company also entered into joint venture with DMS Group to increase the energy efficiency through network management. The new co-formed joint venture, named Telvent DMS LLC Novi Sad. This venture will support company’s smart grid initiative by integration of OASyS SCADA, the geographic information system ArcFM, the outage management Responder OMS, and the named DMS functionality. This synergy enables the company to leverage the excellence of different components by working fully integrated company. GE's GE Energy Financial Services and Abengoa have come together to invest $180m to develop the cogeneration power plant in Mexico. The 300 megawatt gas fired facility with a total project cost of $640m will be located at the Nuevo Pemex gas processing complex, owned by Pemex Gas y PetroquÃmica Básica, a subsidiary of Mexican state oil company Pemex. Located near Villahermosa, Tabasco, the plant will supply Nuevo Pemex with power and steam under a 20 year services agreement. Powered by cleaner burning natural gas, the facility will help the Mexican government meet its commitment to reduce greenhouse gas emissions by 50% below 2002 levels by the year 2050.

Threats

Challenges in Solar PV Market

The phenomenal growth in the Solar PV market demands that companies such as this should come up with market-leading innovations to sustain their growth. To compete effectively, the companies in the Solar PV market have to rapidly expand their module manufacturing capacity and introduce new products and solutions. They are also required to manufacture large volumes of inverters in order to cater to different segments. To cater to the rural Solar PV market, companies are expected to introduce innovative and cost-effective solar products such as solar powered ATMs, solar powered water pumps, and solar mobile charging kiosks. The absence of innovative and low-cost high-volume portfolio could impede the company’s growth.

Volatility in Cereal Market

Commodities markets have historically been extremely volatile which exposes the company to price fluctuation. Abengoa produces bioethanol and biodiesel using biomass such as cereals, cellulosic biomass, and oleaginous seeds as raw materials. In Europe, the company’s three plants in operation consume a total of 1,225,000 tons of cereals annually. In the US, it has three plants which consume the same levels of cereal for producing ethanol. Further, the company is constructing new plants which shall increase the consumption of cereals. Abengoa procures these cereals through its subsidiary Ecoagricola. Ecoagricola has entered into sufficient contracts with it large farmers and suppliers for the supply of cereals. The fluctuation in prices of commodities may increase the procurement cost for the company, resulting in increased production cost and affect the profit margins of the company.

Government Regulations

Abengoa is subject to rules and regulations of U.S. department of Energy, the European Union, Spanish government and other national governmental authorities. There is always a possibility of changes in the policies of the government related to IT, Renewable energy and other sectors. Abengoa has many of its projects under various phases of development and any such change in the policies may lead to incurring high expenses. Such high expenses could adversely affect the profitability and the results of operations of the company and pose a threat to its operations.

Corporate Family	Corporate Structure News:
	Inversion Corporativa I C Sa Abengoa SA
Abengoa SA Total Corporate Family Members: 104 Excluded Small Branches and/or Trading Addresses: 4 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Inversion Corporativa I C Sa	Parent	Madrid	Spain	Commercial Banks	13.1	2
Abengoa SA	Subsidiary	SEVILLA	Spain	Construction Services	8,486.2	25,370
Abengoa BioenergÃa, S.A.	Subsidiary	Sevilla	Spain	Chemical Manufacturing	2,086.1	5,190
Instalaciones Inabensa Sa	Subsidiary	Sevilla	Spain	Construction Services	794.6	1,999
Hynergreen Technologies Sa	Subsidiary	Sevilla	Spain	Biotechnology and Drugs	3.7	16
Inabensa France Sas	Subsidiary	Vitrolles	France	Construction Services	25.3	14
Inabensa Pty. Ltd.	Subsidiary	Sydney, NSW	Australia	Construction Services
Inabensa Electric & Electronic	Subsidiary	Tianjin	China	Construction Services
Inabensa Bharat Private Limited	Subsidiary	New Delhi	India	Engineering Consultants
Inabensa Maroc, S.A.	Subsidiary	Casablanca	Morocco	Construction Services
Inabensa Portugal, S.A.	Subsidiary	Lisbon	Portugal	Construction Services
Inabensa Saudi Arabia, Ltd.	Subsidiary	Dammam	Saudi Arabia	Construction Services
Empresa Mixta De Servicios Municipales De El Ejido Sa	Subsidiary	El Ejido, Almeria	Spain	Water Utilities	47.2	239
Telvent Outsourcing Sa	Subsidiary	Alcobendas, Madrid	Spain	Computer Services	66.6	134
Abengoa Bioenergy Corp	Subsidiary	Chesterfield, MO	United States	Oil and Gas Operations	259.2	120
Abengoa Bioenergy	Branch	York, NE	United States	Oil and Gas Operations	331.1	68
Abengoa Bioenergy	Branch	Colwich, KS	United States	Natural Gas Utilities	224.0	46
Abengoa Solar S.A	Subsidiary	Sevilla	Spain	Electric Utilities	18.0	100
Europea De Construcciones Metalicas Sa	Subsidiary	Utrera, Sevilla	Spain	Engineering Consultants	95.1	256
Construcciones Metalicas Mexicanas	Subsidiary	Apasco el Grande	Mexico	Engineering Consultants
Abengoa Solar New Technologies Sa	Subsidiary	Sevilla	Spain	Electric Utilities	71.4	95
Simosa Servicios Integrales De Mantenimiento Y Operacion, Sa.	Subsidiary	Sevilla	Spain	Business Services	10.5	77
Befesa Escorias Salinas Sa	Subsidiary	Valladolid	Spain	Waste Management Services	17.3	58
Abengoa Bioenergia Sa	Subsidiary	Sevilla	Spain	Commercial Banks	102.0	34
Abeinsa Ingenieria Y Construccion Industrial S.A	Subsidiary	Sevilla	Spain	Construction Services	91.1	13
Abentel Telecomunicaciones Sa	Subsidiary	Sevilla	Spain	Engineering Consultants	71.2	633
Bargoa S.A.	Subsidiary	Rio de Janeiro, RJ	Brazil	Electronic Instruments and Controls		500
Abener Energia Sa	Subsidiary	Sevilla	Spain	Construction Services	984.4	486
Solar Power Plant One	Subsidiary	Hydra	Algeria	Electric Utilities
Energoprojekt-Gliwice S.A.	Subsidiary	Gliwice	Poland	Engineering Consultants
Teyma Gestion De Contratos De Construccion E Ingenieria Sa	Subsidiary	Sevilla	Spain	Construction Services	376.1	193
Abencor Suministros Sa	Subsidiary	Sevilla	Spain	Electronic Instruments and Controls	39.9	100
Abengoa Peru SA	Subsidiary	Lima	Peru	Engineering Consultants		100
Abengoa Transmisión Norte, S.A.	Subsidiary	Lima	Peru	Engineering Consultants
Negocios Industriales Y Comerciales Sa	Subsidiary	Madrid	Spain	Miscellaneous Fabricated Products	73.8	52
Nicsa Fornecimiento de Materiais	Subsidiary	Barra da Tijuca	Brazil	Miscellaneous Fabricated Products
Nicsa Mexico, S.A. de C.V.	Subsidiary	Mexico	Mexico	Miscellaneous Fabricated Products
Asa Iberoamerica Sl	Subsidiary	Sevilla	Spain	Public Sector and Government	13.5	19
Abengoa México, S.A.	Subsidiary	Mexico City, Distrito Federal	Mexico	Engineering Consultants	20.0	13
Aprovechamientos Energeticos Furesa Sa	Subsidiary	Alcantarilla, Murcia	Spain	Engineering Consultants	7.9	9
Cogeneracion Villaricos Sa	Subsidiary	Sevilla	Spain	Engineering Consultants	14.3	3
Enernova Ayamonte Sa	Subsidiary	Ayamonte, Huelva	Spain	Engineering Consultants	17.0
Abener México, S.A. de C.V.	Subsidiary	Mexico	Mexico	Engineering Consultants
Abengoa Construção Brasil, Ltda.	Subsidiary	Barra da Tijuca	Brazil	Engineering Consultants
Abengoa Concessoes Brasil Holding SA	Subsidiary	Barra de Tijuca	Brazil	Engineering Consultants
Zero Emissions Technologies, S.A.	Subsidiary	Seville	Spain	Biotechnology and Drugs
Abencs Engineering Pvt. Ltd.	Subsidiary	Mumbai	India	Engineering Consultants
Teyma Uruguay Holding, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Construcciones, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Forestal, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Internacional, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Medioambiente, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Befesa Medio Ambiente Sa.	Subsidiary	Erandio, Vizcaya	Spain	Waste Management Services	50.4	8
Abeinsa Infraestructuras Medio Ambiente Sociedad Anonima	Subsidiary	Sevilla	Spain	Construction Services	302.5	482
Procesos Ecologicos Vilches Sa	Subsidiary	Sevilla	Spain	Public Sector and Government	9.7	3
Befesa Agua Qingdao S.L.	Subsidiary	Qingdao	China	Public Sector and Government
Iniciativas Hidroeléctricas S.A.	Subsidiary	Seville	Spain	Public Sector and Government
Befesa Infrastructure India Pvt Ltd.	Subsidiary	Chennai	India	Public Sector and Government
Befesa Plasticos Sl	Subsidiary	Alhama De Murcia, Murcia	Spain	Waste Management Services	10.2	52
Befesa Desulfuracion Sociedad Anonima	Subsidiary	Barakaldo, Vizcaya	Spain	Waste Management Services	24.8	42
Befesa Servicios Corporativos Sa	Subsidiary	Madrid	Spain	Business Services	5.7	30
Befesa Zinc Sondika Sociedad Anonima	Subsidiary	Sondika, Vizcaya	Spain	Waste Management Services	18.0	22
Construcciones Y Depuraciones Sociedad Anonima	Subsidiary	Sevilla	Spain	Miscellaneous Capital Goods	26.3	17
Befesa Zinc Comercial Sociedad Anonima	Subsidiary	Erandio, Vizcaya	Spain	Waste Management Services	104.8	5
Centro Tecnologico Palmas Altas Sa	Subsidiary	Sevilla	Spain	Real Estate Operations	18.3	2
Befesa S.A.	Subsidiary	Asua-Erandio	Spain	Waste Management Services	506.2
Befesa Aluminio Sociedad Limitada	Subsidiary	Erandio, Vizcaya	Spain	Miscellaneous Fabricated Products	302.1	214
Befesa Salzschlacke GmbH	Subsidiary	Hannover, Niedersachsen	Germany	Waste Management Services	47.5	110
Befesa Salszchalcke Süd GmbH	Subsidiary	Töging am Inn	Germany	Waste Management Services
Befesa Zinc Freiberg GmbH	Subsidiary	Freiberg, Sachsen	Germany	Waste Management Services	54.2	80
Befesa Zinc Aser Sociedad Anonima	Subsidiary	Erandio, Vizcaya	Spain	Metal Mining	49.4	60
Befesa Zinc Duisburg GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Waste Management Services	16.9	48
Befesa Zinc Amorebieta Sociedad Anonima	Subsidiary	Amorebieta-Echano, Vizcaya	Spain	Waste Management Services	12.6	23
Befesa Gestion Pcb Sa	Subsidiary	Cartagena, Murcia	Spain	Waste Management Services	4.3	16
Befesa Argentina, S.A.	Subsidiary	Buenos Aires	Argentina	Waste Management Services
Teyma Abengoa S.A.	Subsidiary	Buenos Aires	Argentina	Engineering Consultants	75.0
Soluciones Ambientales del Norte	Subsidiary	Antofagasta	Chile	Public Sector and Government
Aguas de Skikda Spa	Subsidiary	Argel	Algeria	Public Sector and Government
Befesa México, S.A. de C.V.	Subsidiary	México	Mexico	Public Sector and Government
Befesa Perú, S.A.	Subsidiary	Lima	Peru	Waste Management Services
Befesa Scandust AB	Subsidiary	Landskrona	Sweden	Waste Management Services
Telvent Corporation Sl	Subsidiary	Alcobendas, Madrid	Spain	Construction Services	15.0
Abengoa Solar, S.A.	Subsidiary	Madrid	Spain	Electric Utilities
Abengoa Solar Internacional, S.A.	Subsidiary	Almeria	Spain	Electric Utilities
Abengoa Solar PV, S.A.	Subsidiary	Madrid	Spain	Electric Utilities
Abengoa Bioenergia, S.A.	Subsidiary	Sevilla	Sweden	Retail (Specialty)
Abengoa Bio Energia Agro Industria Ltda	Subsidiary	Pirassununga, Sao Paulo	Brazil	Retail (Specialty)		2,000
Biocarburantes De Castilla Y Leon Sa	Subsidiary	Babilafuente, Salamanca	Spain	Retail (Specialty)	187.8	109
Bioetanol Galicia Sa	Subsidiary	Curtis, La Coruña	Spain	Chemical Manufacturing	318.1	80
Ecocarburantes Españoles Sa	Subsidiary	Cartagena, Murcia	Spain	Chemical Manufacturing	152.9	75
Abengoa Bioenergy France Sa	Subsidiary	Mont	France	Chemical Manufacturing	215.4	74
Abengoa Bioenergia Nuevas Tecnologias Sociedad Anonima	Subsidiary	Sevilla	Spain	Retail (Specialty)	4.6	36
Ecoagricola Sa	Subsidiary	Cartagena, Murcia	Spain	Retail (Specialty)	352.2	20
Abengoa Bioenergy Trading Europe BV	Subsidiary	Rotterdam	Netherlands	Consumer Financial Services
Abengoa Bioenergia AgrÃcola Ltda.	Subsidiary	São-Paulo	Brazil	Retail (Specialty)
Abengoa Bioenergia Brasil S.A.	Subsidiary	São Paulo	Brazil	Retail (Specialty)
Abengoa Bioenergia São João Ltda.	Subsidiary	São João da Boa Vista	Brazil	Retail (Specialty)
Abengoa BioenergÃa San Roque, S.A.	Subsidiary	San Roque	Spain	Retail (Specialty)
Bioetanol Galicia Novas Tecnoloxias	Subsidiary	La Coruña	Spain	Retail (Specialty)
Abengoa Bioenergy Netherlands B.V.	Subsidiary	Rotterdam	Netherlands	Retail (Specialty)

Executive report

Board of Directors

Name	Title	Function
Felipe Benjumea Llorente	Executive Chairman of the Board, Chief Executive Officer	Chairman
Reuters Biography (Abengoa SA) Mr. Felipe Benjumea Llorente has served as Executive Chairman of the Board and Chief Executive Officer of Abengoa SA since 1991. He has been Member of the Company's Board since June 25, 1983. In 1989, he was appointed Managing Director of the Company. He is Board Member of the University Cooperation Society of Loyola AndalucÃa University, Board Member of Garanair and the Technology and Science Advisory Board of the Ministry of Education and Science, and Board Member of the US – Spain Council, Council of the Universidad Pontificia de Salamanca, Foundation CEDE, Sacred Family of Vocational Schools Foundation and Loyola Andalucia University Foundation. He was Member of the Board of Directors at Sociedad General de Cablevision from 1993 till 1996, La Papelera Espanola from 1987 till 1995, Thyssen Industrie from 1989 till 1993, Hispano Inmobiliaria de Gestion from 1989 till 1998, Banco Santander Central Hispano from 1990 till 2002, Iberia from 2007 till 2010, and the Operating Company of the Spanish Electricity Market (OMEL) from 1998 till 2011. Mr. Benjumea Llorente obtained a degree in Law from Universidad de Deusto. Law, Universidad de Deusto
Jose B Terceiro Lomba	Chairman of the Advisory Board	Chairman
Reuters Biography (Abengoa SA) Prof. Jose Buenaventura Terceiro Lomba serves as Executive Deputy Chairman of the Board of Abengoa SA, representing Aplicaciones Digitales, S.L. He has been on the Company's Board since April 4, 2007. He is also Member of the Audit Committee and Nominating and Remuneration Committee of the Company. He serves as Member of the Board of Directors of Grupo Prisa, Iberia Lineas Aereas de Espana and Corporacion Caixa Galicia. He was Sub-Secretary of the Cabinet Office from 1981 till 1982 and received the Prizes CEOE to Economic Sciences and King James I to Economics. He works as Professor of Applied Economics at Universidad Complutense de Madrid.
Digitales Sl Aplicaciones	Member Of The Board, Vice Chairman	Vice-Chairman
Jose Joaquin Abaurre Llorente	Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Jose Joaquin Abaurre Llorente has served as Member of the Board of Directors of Abengoa SA since June 25, 1988. He is also Member of the Audit Committee of the Company. He also acts as Board Member of Telvent Trafico y Transporte SA.
Jose Luis Aya Abaurre	Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Jose Luis Aya Abaurre has served as Member of the Board of Directors of Abengoa SA since June 25, 1983. He also is Member of the Nominating and Remuneration Committee of the Company. Moreover, he acts as Board Member of Inversion Corporativa ICSA. Mr. Aya Abaurre is Technical Agricultural Engineer.
Maria Teresa Benjumea Llorente	Director	Director/Board Member
Reuters Biography (Abengoa SA) Ms. Maria Teresa Benjumea Llorente has served as Member of the Board of Directors of Abengoa SA since April 14, 2007. She serves as Member of the Company’s Nominating and Remuneration Committee. She also acts as Board Member of Telvent Trafico y Transporte SA.
Javier Benjumea Llorente	Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Javier Benjumea Llorente has served as Member of the Board of Directors of Abengoa SA since June 25, 1983. He joined the Company in 1980 as Deputy Chairman. In 1986, he was appointed Managing Director and was Co-Chairman from 1995 until 2007. He also acts as Board Member of Inversion Corporativa IC SA, serving as its Chairman until July 2008. Moreover, he serves as Vice Chairman of Sevillana-Endesa and Member of the Board of Telefonica de Argentina S.A., the newspaper ABC, Estudios de Politica Exterior S.A. and the Association for Managerial Progress. Mr. Benjumea Llorente has acted as Chairman of the Board of Trustees of the Sagrada Familia Professional Schools Foundation (SAFA), Member of the Board of Trustees of the Focus-Abengoa Foundation and Member of the Governing Body and the Board of Trustees of the Comillas-ICAI University Foundation. He is Permanent Academician of the Andalusian Academy of Social Sciences and the Environment, Member of the Board of Trustees of the Royal Palace of Seville and of the Andalusian Association of Foundations, as well as Member of the Board of Trustees of the Forja XXI Foundation. He graduated in Business Administration, with a Masters in Senior Company Management.
Francisco Javier Benjumea Llorente	Member Of The Board, Chief Executive Officer	Director/Board Member
Jose Borrell Fontelles	Independent Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Jose Borrell Fontelles has served as Independent Member of the Board of Directors of Abengoa SA since July 27, 2009. He is Professor of Introduction to Economic Analysis at Universidad Complutense de Madrid and is to be the next Chairman of the European University Institute in Florence. He worked as Engineer at Compania Espanola de Petroleos from 1972 until 1981. From 1982 to 1996, he was Budget General Secretary, Secretary of State for Finance, Minister for Public Works, Telecommunications, Transport and the Environment. During the first half of the 2004-2009 legislature, he was Chairperson of the European Parliament and Chairperson of the Development Assistance Committee over the second. Mr. Borrell Fontelles graduated in Aeronautics Engineering from Universidad Politecnica de Madrid. He holds a Doctorate degree in Economic Sciences from Universidad Complutense de Madrid, a Masters degree in Operations Research from the Stanford University, as well as a Masters degree in Energy Economics from Paris French Petroleum Institute at Universite Paris VI Pierre et Marie Curie. M Operations Research, Stanford University M Energy, Universite Paris VI Pierre et Marie Curie Economic Sciences, Universidad Complutense de Madrid
Ignacio de Polanco Moreno	Director	Director/Board Member
Rafael Escudero Rodriguez	Member Of The Board	Director/Board Member
Carlos Sebastian Gascon	Independent Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Carlos Sebastian Gascon has served as Independent Member of the Board of Directors of Abengoa SA since June 26, 2005. He is Chairman of the Audit Committee and Member of the Nominating and Remuneration Committee of the Company. He has worked as Professor of Economics at Universidad Complutense de Madrid since 1984. He served at the Spanish Ministry of the Economy as Director General of Planning. He has been Director of Fundacion de Estudios de Economia Aplicada (FEDEA) and Consultant and Director of various private companies. He currently sits on the Boards of Abengoa Bioenergia, S.A. and Gesif, S.A. He is likewise Member of the Boards of Trustee of Fundacion Real Madrid and of the Scientific Committee of Fundacion de Estudios Financieros. He has written many articles and papers on macroeconomics, the workplace, economic growth and the institutional economy and is also a regular Columnist for the Cinco Dias economic newspaper. He studied at the University of Essex and London School of Economics, as well as at the Universities of Madrid.
Mercedes Gracia Diez	Independent Director	Director/Board Member
Reuters Biography (Abengoa SA) Prof. Mercedes Gracia Diez has served as Independent Member of the Board of Directors of Abengoa SA since December 12, 2005. She is also Member of the Audit Committee of the Company. She is Professor in Econometrics at Universidad Complutense de Madrid and at Centro Universitario de Estudios Financieros. Moreover, she acted as Director of Balance Management at Caja Madrid from 1996 until 1999. Between 1993 and 1996, she served as Head of Economics and Law Division of Agencia Nacional de Evaluacion y Prospectiva. She has had her scientific work published in the Journal of Business and Economic Statistics, Review of Labor Economics and Industrial Relations, Applied Economics and the Journal of Systems and Information Technology.
Ricardo Martinez Rico	Independent Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Ricardo Martinez Rico serves as Independent Member of the Board of Directors of Abengoa SA since October 24, 2011. He is also Founding Partner and Executive President of Equipo Economico SL. He has directed the Office of the Economy and Trade Commission of Spain in Washington and has been Secretary of State for Budget and Expenditure from 2003 to 2004. He holds a Bachelors degree in Business Sciences.
Manuel Sanchez Ortega	Chief Executive Officer, Executive Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Manuel Sanchez Ortega has served as Chief Executive Officer and Executive Director of Abengoa SA since January 1, 2011. He also was appointed as Executive Member of the Board of Directors of the Company on October 25, 2010. Moreover, he has acted as Chairman of Telvent SA within the Company since 2004. In 2001, he was appointed as General Manager of Telvent, and he has been the company’s Chief Executive Officer since 2002. He has also been Member of Abengoa Bioenergy’s Board of Directors since 2007. He joined Telvent in 1989 as Software Engineer. Mr. Manuel Sanchez Ortega obtained a Bachelor of Science degree in Electrical Engineering from Universidad Pontifica Comillas and a Masters degree in Business Administration from Insitituto Panamericano de Alta Direccion de Empresa (IPADE). M Business Administration, Instituto Panamericano de Alta Direccion de Empresa (IPADE) BS Electrical Engineering, Universidad Pontifica Comillas
Ignacio Solis Guardiola	Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Ignacio Solis Guardiola has served as Member of the Board of Directors of Abengoa SA since April 15, 2007. He also serves as Member of the Company’s Nominating and Remuneration Committee. He worked as Business Manager at Arrocerias Darsena and at Banco Atlantico, and from 1989, he occupies the posts of Branch Manager and Regional Director of Lloyds Bank. He is also Director of Private Banking of International Lloyds Bank and Director of Playas de Cortadura S.A. and Inversion Corporativa I.C., S.A. He holds a degree in Law from Universidad de Sevilla. Law, Universidad de Sevilla
Fernando Solis Martinez-Campos	Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Fernando Solis Martinez-Campos has served as Member of the Board of Directors of Abengoa SA since April 15, 2007. He serves as Member of the Company’s Nominating and Remuneration Committee. He acts also as Board Member of Concesur and Cabimar. He graduated in Law and holds postgraduate degrees from Instituto de Empresa, University of Colorado, INBEAR and Harvard University. , Instituto de Empresa , University of Colorado , Harvard University
Carlos Sundheim Losada	Director	Director/Board Member
Reuters Biography (Abengoa SA) Mr. Carlos Sundheim Losada has served as Member of the Board of Directors of Abengoa SA since April 15, 2007. He also serves as Member of the Company’s Nominating and Remuneration Committee. He has been employed at different departments of Banco Urquijo-Hispano Americano LMTD. He acted as Production Manager and Maintenance of Minas de Herrerias, S.A., Commercial Deputy Director in Export of Rio Tinto Minera, S.A., Manager of Algebra, S.L. and General Manager of Abecomsa S.A. Moreover, he acts as Managing Director of Befesa. He graduated in Industrial Engineering from Escuela Tecnica Superior de Ingenierias Informatica y de Telecomunicacion (ETSIIT). Industrial Engineering, Escuela Tecnica Superior de Ingenierias Informatica y de Telecomunicacion (ETSIIT)
Alicia Velarde Valiente	Independent Director	Director/Board Member
Reuters Biography (Abengoa SA) Ms. Alicia Velarde Valiente has served as Independent Member of the Board of Directors of Abengoa SA since April 6, 2008. She is Member of the Nominating and Remuneration Committee of Abengoa SA, and on October 24, 2011 she was appointed Member of the Company’s Audit Committee. She graduated in Law from San Pablo University Studies Centre (Universidad Complutense de Madrid) in 1987. In 1990, she passed the Notary exams and became a Public Notary. From 1994 to 1995, she taught Civil Law at Universidad Francisco de Vitoria, where she remained until 1999. She is still connected with this University where from 1999 to the present, she teaches Master Lectures in the Masters in Canon Law under the Directorship of Mr. Jose Maria Iglesias Altuna. Law, Universidad Complutense de Madrid
Daniel Villalba Vila	Director	Director/Board Member

Executives

Name	Title	Function
Francisco Javier Benjumea Llorente	Member Of The Board, Chief Executive Officer	Chief Executive Officer
Felipe Benjumea Llorente	Executive Chairman of the Board, Chief Executive Officer	Chief Executive Officer
Reuters Biography (Abengoa SA) Mr. Felipe Benjumea Llorente has served as Executive Chairman of the Board and Chief Executive Officer of Abengoa SA since 1991. He has been Member of the Company's Board since June 25, 1983. In 1989, he was appointed Managing Director of the Company. He is Board Member of the University Cooperation Society of Loyola AndalucÃa University, Board Member of Garanair and the Technology and Science Advisory Board of the Ministry of Education and Science, and Board Member of the US – Spain Council, Council of the Universidad Pontificia de Salamanca, Foundation CEDE, Sacred Family of Vocational Schools Foundation and Loyola Andalucia University Foundation. He was Member of the Board of Directors at Sociedad General de Cablevision from 1993 till 1996, La Papelera Espanola from 1987 till 1995, Thyssen Industrie from 1989 till 1993, Hispano Inmobiliaria de Gestion from 1989 till 1998, Banco Santander Central Hispano from 1990 till 2002, Iberia from 2007 till 2010, and the Operating Company of the Spanish Electricity Market (OMEL) from 1998 till 2011. Mr. Benjumea Llorente obtained a degree in Law from Universidad de Deusto. Law, Universidad de Deusto
Manuel Sanchez Ortega	Chief Executive Officer, Executive Director	Chief Executive Officer
Reuters Biography (Abengoa SA) Mr. Manuel Sanchez Ortega has served as Chief Executive Officer and Executive Director of Abengoa SA since January 1, 2011. He also was appointed as Executive Member of the Board of Directors of the Company on October 25, 2010. Moreover, he has acted as Chairman of Telvent SA within the Company since 2004. In 2001, he was appointed as General Manager of Telvent, and he has been the company’s Chief Executive Officer since 2002. He has also been Member of Abengoa Bioenergy’s Board of Directors since 2007. He joined Telvent in 1989 as Software Engineer. Mr. Manuel Sanchez Ortega obtained a Bachelor of Science degree in Electrical Engineering from Universidad Pontifica Comillas and a Masters degree in Business Administration from Insitituto Panamericano de Alta Direccion de Empresa (IPADE). M Business Administration, Instituto Panamericano de Alta Direccion de Empresa (IPADE) BS Electrical Engineering, Universidad Pontifica Comillas
Ignacio Dominguez Gonzalez	Chief Executive Officer of Telvent SA	Division Head Executive
MBA , Instituto Internacional San Telmo Industrial Engineering, Universidad de Sevilla
Alfonso Gonzalez Dominguez	Chief Executive Officer of Abeinsa SA	Division Head Executive
Reuters Biography (Abengoa SA) Mr. Alfonso Gonzalez Dominguez serves as Chief Executive Officer of Abeinsa SA within Abengoa SA. He joined the Company in 1990 and has held this post since 2006.
Javier Molina Montes	Chief Executive Officer of Befesa SA	Division Head Executive
Reuters Biography (Abengoa SA) Mr. Javier Molina Montes serves as Chief Executive Officer of Befesa SA within Abengoa SA. He joined the Company in 1994 and has held this post since 2000.
Anabel Morillo Leon	Head of Foundation Focus-Abengoa	Division Head Executive
Javier Salgado Leirado	Chief Executive Officer of Abengoa Bioenergy	Division Head Executive
Reuters Biography (Abengoa SA) Mr. Javier Salgado Leirado serves as Chief Executive Officer of Abengoa Bioenergy of Abengoa SA. He joined the Company in 1991 and has held this post since 2002.
Santiago Seage Medela	Chief Executive Officer of Abengoa Solar SA	Division Head Executive
Reuters Biography (Abengoa SA) Mr. Santiago Seage Medela serves as Chief Executive Officer of Abengoa Solar SA of Abengoa SA. He has held this post since 2006. Mr. Seage Medela joined the Company in 2005. In addition, he served as Director of Strategy & Business Development of the Company until December 31, 2008. In the past, he acted as Partner of McKinsey.
Fernando de las Cuevas Teran	Vice Secretary	Company Secretary
Miguel Angel Jimenez-Velasco Mazario	General Secretary	Company Secretary
Reuters Biography (Abengoa SA) Mr. Miguel Angel Jimenez-Velasco Mazario serves as General Secretary of Abengoa SA. He acted as Member of the Company's Board from April 15, 2007 until July 27, 2009. Since 1996, he has acted as General Counsel of Abengoa SA and in 2003, he was appointed Secretary and Advisory Lawyer of the Board of Director of Abengoa. He obtained a degree in Law from Universitat de Barcelona (Universidad de Barcelona) in 1989. He received a Masters degree in Senior Business Management and Finances from Instituto Internacional de Empresas of Universidad de Deusto in 1991. M Business Management - Finance, Universidad de Deusto Law, Universitat de Barcelona
Jesus Angel Garcia-Quilez Gomez	Director of Corporate Finance	Finance Executive
Perez Rodriguez Jesus	Financial Director	Finance Executive
Vicente Jorro de Inza	Director of Structured Finance	Finance Executive
Ana Maria Plaza Arregui	Director de AuditorÃa	Finance Executive
Amando Sanchez Falcon	Chief Economics and Financial Officer	Finance Executive
Luis Enrique Pizarro Maqueda	Director of Internal Audit	Accounting Executive
German Bejarano Garcia	Director of Institutional Relations, Assistant to the Chairman	Investment Executive
Asier ZarramonandÃa Ayo	Controller	Controller
Luengo Luis	Human Resources Manager	Human Resources Executive
Alvaro Polo Guerrero	Director Human Resources	Human Resources Executive
Alberto Aza Arias	International Advisor to the Board	International Executive
Reuters Biography (Abengoa SA) Mr. Alberto Aza Arias serves as International Advisor to the Board of Directors of Abengoa SA since October 24, 2011. He is a diplomat and was Ambassador in London, Belize, Mexico and the OAS (Organization of American States) and Head of the household of His Majesty the King of Spain.
Fernando Medina	Director Internacional	International Executive
Viciana Cuartara Jesus	Marketing Director	Marketing Executive
Patricia Malo de Molina Melendez	Director of Communications	Corporate Communications Executive
Cristina Ponce Quintana	Directora de Comunicación	Corporate Communications Executive
Barbara Zubiria Furest	Director of Investor Relations and Reporting	Investor Relations Executive
Enrique Aroca Moreno	Director of Information Systems	Information Executive
Jose Dominguez Abascal	Technical General Secretary	Engineering/Technical Executive
Ruiz De La Torre Jose Luis	Technical Manager	Engineering/Technical Executive
Francisco Morillo León	Director de IngenierÃa	Engineering/Technical Executive
Javier Camacho Donezar	Director of Strategy and Corporate Development	Business Development Executive
Juan Carlos Jimenez Lora	Director of Planning and Control	Planning Executive
Julian Aguilar GarcÃa	Asesor JurÃdico	Legal Executive
Maarten Hoogstraate	Legal Counsel	Legal Executive
Luis Fernandez Mateo	Director of Organization, Quality & Budgets	Quality Executive
Jesús Viciana Cuartara	Director Organización Calidad y Presupues	Quality Executive
Rogelio Bautista Guardeno	Director of Risk Management	Other
Enrique Borrajo Lovera	Director of Consolidation	Other
Carlos Bousono Crespo	Director of Corporate Social Responsibility	Other
Jose Marcos Romero	Director Of Appointments and Remuneration	Other
Fernando Martinez Salcedo	General Secretary for Sustainability	Other

Significant Developments

FuelCell Energy, Inc. Enters Into Partnership Agreement With Abengoa SA To Develop Localized Fuel Cell Power Plants For Europe And Latin America Dec 12, 2011

FuelCell Energy, Inc. announced a partnership agreement with Abengoa S.A. to develop localized stationary fuel cell power plants for markets in Europe and Latin America. Abengoa will develop, manufacture and market stationary fuel cell power plants using fuel cell modules provided by FuelCell Energy. The initial pilot installation will be at the Abengoa headquarters in Palmas Campus Palmas Altas, Spain using a 300 kilowatt Direct FuelCell (DFC) module supplied by FuelCell Energy and balance of plant designed and manufactured by Abengoa. Renewable biogas markets will be targeted and the parties will cooperate to enhance the capability and market opportunities for DFC power plants operating on liquid biofuels.

Abengoa SA To Build Power Plant In Mexico-Reuters Dec 05, 2011

Reuters reported that Abengoa SA (Abengoa) has won a contract from the Mexican state to build a power plant in the country for USD 440 million. The 640 megawatt gas-fired combined-cycle plant will be in Centro Morelos in central Mexico and is expected to come on stream in two years.

Transmissora Alianca de Energia Eletrica SA Completes Acquisition of Abengoa SA's Assets Dec 01, 2011

Transmissora Alianca de Energia Eletrica SA announced that on November 30, 2011, it concluded the acquisition of the assets of Abengoa SA (Abengoa), as previously announced on June 2, 2011. The Company acquired the stake of 50% of the shares held by Abengoa Concessoes Brasil Holding SA in the share capital of Abengoa Participacoes Holding SA which is holder of 100% of the share capital of STE-Sul Transmissora de Energia SA, ATE Transmissora de Energia SA, ATE II Transmissora de Energia SA and ATE III Transmissora de Energia SA. It also concluded the acquisition of 100% of the shares held by Abengoa Concessoes Brasil Holding SA and by Abengoa Construcao Brasil Ltda in the share capital of NTE - Nordeste Transmissora de Energia SA. The price of the transaction was BRL 1,162,886,530.72 with the proceeds from its fourth issuance of promissory notes.

Transmissora Alianca de Energia Eletrica SA Informs on Acquisition of Abengoa's Assets Nov 25, 2011

Transmissora Alianca de Energia Eletrica SA announced that it obtained, on November 23, 2011, all necessary approvals for the completion of the operation of acquisition of the assets of Abengoa, as previously announced on June 2, 2011. The Company expects to complete such acquisition on November 30, 2011, and it will pay for the acquisition with the resources obtained on its issuance of promissory notes, approved on October 10, 2011, in the total value of BRL 1.17 billion.

Abengoa SA To Acquire 38% Stake In Its Aluminum Waste Recycling Business From Qualitas Venture Capital-Reuters Nov 02, 2011

Reuters reported that Abengoa SA (Abengoa) has reached an agreement with Qualitas Venture Capital (QVC) to acquire its 38% stake in the waste recycling business for EUR 34 million. In 2007 Abengoa and QVC integrated their respective aluminum waste recycling activities in the Abengoa division responsible for this business. The transaction gave Abengoa a 60.25% stake in the company. Following the signing of the agreement, Abengoa will own 98.25% of the business.

Abengoa SA Obtains USD 566 Million Contract to Build Aqueduct In Mexico-Reuters Oct 18, 2011

Reuters reported that Abengoa SA has obtained a USD 566 million contract from the Mexican National Water Commission to build a 139 kilometers aqueduct between the Mexican states of Jalisco and Guanajuato, which will supply drinking water to approximately 1.5 million of habitants. Other details were not disclosed.

Abengoa SA To Construct Bioethanol Plant In Uruguay; Abengoa SA And Alcoholes de Uruguay To Establish New Company-Reuters Oct 14, 2011

Reuters reported that Abengoa SA will construct a bioethanol plant in Uruguay for USD 120 million. The plant, built for the local company Alcoholes de Uruguay (ALUR) in the Department of Paysandu, will have the production capacity of 70 MI of ethanol annually. The contract also includes construction of an adjacent cogeneration plant with a production capacity of eight megawatts from biomass, which will produce the energy needed to operate the ethanol plant. The construction works are expected to last 22 months. Abengoa SA and Alcoholes de Uruguay will form a new company for the operation and maintenance of the two plants.

Abengoa SA Issues Shares For Stake Acquisition By First Reserve Corporation Oct 04, 2011

Abengoa SA announced that it has signed an agreement with First Reserve Corporation (FRC), by which Abengoa will issue 17,142,858 class B shares with a nominal value of EUR 0.01 per share and a nominal price plus premium of EUR 17.5 per share, which will be acquired by FRC through an investment of EUR 300 million. The terms of the agreement also include that FRC will not sell its stake in Abengoa for a period of two years and a half. Additionally, Abengoa will issue 4,020,124 Class B stock warrants at an exercise price of EUR 0.01 per warrant, which will be transferable, and grant FRC the right to subscribe for one Class B share for each Abengoa warrant and receive an amount equivalent a dividend per share, for a period of 5 years.

Santander Brazil and Abengoa SA To Develop Three Wind Farms In Brazil-Reuters Sep 30, 2011

Reuters reported that Abengoa SA was been awarded to developed, in joint venture with Santander Brazil, three wind farms of 64 megawatts (MW) for the National Electric Energy Agency of Brazil. Financial details were not provided.

Fitch Ratings Affirms Its Credit Rating On Abengoa SA-Reuters Sep 05, 2011

Reuters reported that Fitch Ratings has affirmed Abengoa SA's long-term Issuer Default Rating (IDR) and senior unsecured rating at BB. The outlook for the long-term IDR is stable.

Befesa Medio Ambiente SA To Be Delisted After Stake Acquisition By Abengoa SA-Reuters Aug 25, 2011

Reuters reported that Befesa Medio Ambiente SA's have been delisted after the final purchase by its parent company Abengoa SA. Other details were not disclosed. Other details were not disclosed.

Abengoa SA Receives USD 133.9 Million Loan Aid from The U.S. Energy Department for a Cellulosic Ethanol Plant in Kansas-Reuters Aug 19, 2011

Reuters reported that the U.S. Energy Department has offered to Abengoa SA, a conditional commitment for USD 133.9 million in loan aid for a cellulosic ethanol plant in Kansas. The project is expected to convert about 300,000 tons of corn crop waste into about 23 million gallons of ethanol per year.

Abengoa SA Signs Purchase Options For Its Shares To Provide Partial Coverage Of Bonds Under Bond Issuance Program Aug 19, 2011

Abengoa SA announced that it has signed purchase option for its 450,000 shares at a value of EUR 30.27 per share to provide a partial coverage of the Company's bonds under Exchangeable Bond Issuance Program from February 2010 in the total amount of EUR 250,000,000 and with a maturity on February 3, 2017.

U.S. Interior Department Approves Abengoa S.A., Edison International Renewable Energy Projects-DJ Jul 14, 2011

Dow Jones reported that the U.S. Interior Department has issued permits for four new renewable-energy projects, including a solar-power plant proposed by Abengoa SA and a transmission project planned by Edison International. Interior Secretary Ken Salazar said the department has approved permits supporting Abengoa's plans to build a 250-megawatt solar-thermal power plant in the California desert and plans by Edison's Southern California Edison utility to build 150 miles of high-voltage transmission lines that would connect desert solar farms to the southern California grid. The agency also approved permits for two other renewable energy projects: a 200 MW California solar farm being developed by privately held Tenaska, and a 100 MW central Oregon wind farm planned by West Butte Wind Power LLC.

Standard & Poor's Affirms Its Corporate Ratings on Abengoa SA Jun 30, 2011

Abengoa SA announced that Standard & Poor's has affirmed its long-term corporate credit ratings on Abengoa SA of B+. The outlook is stable.

Abengoa SA Wins USD 91 Million Contract In Mexico-Reuters Jun 16, 2011

Reuters reported that Abengoa SA has been awarded by the Federal Commission of Electricity in Mexico the development of a power generation plant for USD 91 million. The plant will have a capacity of 42.7 megawatts per year and is expected to be operational within 23 months.

Abengoa SA Obtains Guarantee For USD 1.2 Billion-Reuters Jun 15, 2011

Reuters reported that Abengoa SA has been granted by the Department of Energy United States a temporary collateral for a loan of USD 1.2 billion , which will be used in the construction of a solar plant in California. Other details were not disclosed.

Abengoa SA To Develop Its First Concentrating Solar Power Plant In Chile Jun 13, 2011

Abengoa SA (Abengoa) announced that it will undertake its first concentrating solar power (CSP) project using parabolic trough technology in the Atacama Desert in Chile. The Desert is considered to have one of the highest levels of solar radiation on the planet. The plant, which will require an investment of $12 million, will be capable of supplying heat in an efficient and sustainable way to the production processes of Minera El Tesoro, a subsidiary of Antofagasta Minerals based in northern Chile. Abengoa will be responsible for the engineering, design and start-up of the new solar-thermal plant in the Atacama Desert, which will comprise a solar field of 1,280 parabolic trough collectors. In energy terms, the plant will enable Minera El Tesoro to further reduce its current use of fossil fuels by more than 50%.

Abengoa SA To Develop Concentrated Solar Power (CSP) Plant In Agua Prieta, Mexico Jun 09, 2011

Abengoa SA (Abengoa) announced that it will develop the new solar field of the Agua Prieta II plant located in the town of Agua Prieta, in the state of Sonora, Mexico. The project, the first in Mexico, has been promoted by the Mexican Federal Electricity Commission (CFE) and supported by the Global Environment Facility (GEF) of the United Nations' Development Program. It is expected to come into operation within approximately 22 months. Abengoa will carry out the engineering, design and start-up of the innovative solar-gas hybrid technology in the new Agua Prieta II concentrated solar power (CSP) plant, comprised of a 12 megawatt solar field of parabolic trough collectors. The second phase of the project will be completed with a combined cycle plant capable of producing up to 464.4 megawatts of power, which will comprise two gas turbines, one steam turbine, a heat exchanger; cooling, condensing and power systems; and auxiliary equipment and systems. The Agua Prieta II CSP plant is the first hybrid solar-gas plant in Mexico and the third that Abengoa has undertaken in the world.

SEC Reports Insider Trading Regarding Acquisition Of Stake In Abengoa SA's Subsidiary, Telvent Git SA-Reuters Jun 08, 2011

Reuters reported that the US regulator the SEC (the Securities and Exchange Commission) has an order to freeze suspicious negotiations for the purchase of stake in Abengoa SA'a subsidiary, Telvent Git SA (Telvent). The SEC announced that a federal judge in Manhattan ordered a temporary restriction after the SEC revealed that there was an insider trading for buying shares of Telvent. According to the complaint by the SEC, unknown investors acquired 1,200 contracts for purchase of Telvent options between April 29, 2011 and May 27, 2011, nearly one month before Schneider announced its offer on June 1, 2011 with a premium of 16% over the previous closing value of Telvent. About two thirds of the options were purchased during two trading days preceding the announcement of the takeover, and in one case the price jumped 480%, according to the SEC, yielding about USD 475,000 for investors. In addition to freeze the money, the court also ordered the investors, who bought the options through an account of Pershing, a unit of BNY Mellon's, to identify themselves, and prohibited them to destroy documents, according to the statement from the SEC dated June 6, 20 Abengoa SA To Sell Its Stake in Telvent To Cemig Distribuicao SA-Reuters Jun 03, 2011

Reuters reported that Abengoa SA has decided to sell its entire stake in Telvent to Cemig Distribuicao SA at a total value of EUR 656 million. Other details were not disclosed.

Abengoa SA Reaches Strategic Agreement With Companhia Energetica Minas Gerais Through Compania Transmissora Alianca de Energia Electrica SA ; To Sell Stakes In Transmission Lines In Brazil Jun 02, 2011

Abengoa SA (Abengoa) announced that it has reached an agreement with Companhia Energetica Minas Gerais (CEMIG), through the entity Compania Transmissora Alianca de Energia Electrica SA (TAESA), to create a joint venture that will combine four transmission concessions currently owned by Abengoa: STE, ATE, ATEII and ATE III, in which CEMIG will now take a 50% stake. The new company will become a strategic vehicle for Abengoa in the electricity transmission business in Brazil. Abengoa will also sell 100% of the concession company NTE to CEMIG. The assets in the transaction cover 2,518 kilometres and have been in operation for an average of five years. Of this total, Abengoa will continue to participate in the management of 2,138 kilometres, through the creation of the joint venture with CEMIG, which will enable it to continue growing through this activity in Brazil and other Latin American countries. The concession for these assets was granted to Abengoa by ANEEL (the national electricity agency) and they came into operation between 2004 and 2008. The deal will strengthen Abengoa's balance sheet, generating EUR 485 million (depending on the foreign exchange rate used) in cash, reducing its consolidated net debt position by approximately EUR 656 million and the estimated net gain from the sale will be in the range of EUR 27 million to EUR 30 million.

Abengoa S.A. Announces FY 2010 Dividend Payment Jun 02, 2011

Abengoa SA announced that it has approved the distribution of a dividend for fiscal year 2010 at a gross value of

EUR 0.20 per share (net value EUR 0.162 per share). The dividend will be paid out as of July 5, 2011.

Abengoa SA To Book Capital Gains Of EUR 135 Million-EUR 145 Million From Telvent Git SA-Reuters Jun 01, 2011

Reuters reported that Abengoa SA expects to book net capital gains of between EUR 135 million and EUR 145 million from the sale of 40% stake in Telvent Git SA.

Abengoa S.A. Agrees To Sale Of 40% Stake In Telvent GIT, S.A. To Schneider Electric SA Jun 01, 2011

Abengoa S.A. announced that it has reached an agreement to sell its 40% stake in Telvent GIT, S.A. to Schneider Electric SA at a price of USD40.00 per share. The transaction is subject to approvals from the European and U.S. competition authorities. The sale will be made as part of a tender offer that Schneider Electric will be launching within ten business days. Abengoa will receive EUR421 million in net cash from this deal, including a EUR51 million repayment of a credit line to Telvent, and will reduce its net debt by EUR 774 million

.

Comision Nacional del Mercado de Valores Begins Delisting Process Of Abengoa SA's Befesa Medio Ambiente SA-Reuters May 26, 2011

Reuters reported that the Spanish stock market regulator CNMV (Comision Nacional del Mercado de Valores) has begun processing the OPA (Public Offering of shares) launched by Abengoa SA (Abengoa) to acquire the remaining shares of its subsidiary Befesa Medio Ambiente SA (Befesa). Abengoa 's shareholders approved the company to launch a bid for the capital held by minority stockholders in Befesa at a price not exceeding EUR 26. Currently, Abengoa holds a stake of 97.4% in Befesa.

Abengoa SA Announces Share Repurchase To Provide Partial Coverage For Convertible Bonds May 25, 2011

Abengoa SA announced a share repurchase of 1,750,000 shares at a value of EUR 30.27 per share. The share repurchase option is intended to provide partial coverage for the Company's bonds under the convertible bond issuance, reported on February 2010, for the total amount of EUR 250,000,000 and with a maturity on February 3, 2017.

Abengoa SA Issues FY 2011 Biofuel Sales Guidance-Reuters May 11, 2011

Reuters reported that Abengoa SA expects to report for fiscal year 2011sales of 3,000 million liters of biofuel. Other details were not disclosed.

Abengoa S.A. Wins Ghana Water Contract-Reuters Apr 29, 2011

Reuters reported that Abengoa S.A. has signed a contract with Ghana Water Limited Company to build and operate for 25 years a desalination plant located in Ghana. The investment costs USD 115 million.

Abengoa SA Announces FY 2010 Dividend Payment; Appoints New Auditor Apr 11, 2011

Abengoa SA announced that it has been approved the distribution of a dividend worth EUR 18,093,936, which will be available from July 15, 2011. It was also announced that the Company has appointed Pricewaterhouse Coopers SL as its auditor for fiscal year 2011.

Abengoa SA Wins EUR 20 Million Contract In Romania-Reuters Mar 31, 2011

Reuters reported that Abengoa SA will develop the expansion and rehabilitation of two sewage treatment plants in Romania, amounting to over EUR 20 million, awarded by the public enterprises ApaServ Alexandria and ApaBrasov. Further details were not disclosed.

Befesa Medio Ambiente S.A. Announces Further Details On Sale Of Its Engineering and Construction Business To Abengoa SA's Abeinsa, Ingenieria y Construccion Industrial SA Mar 29, 2011

Befesa Medio Ambiente S.A. announced that it has formalized the agreement to sell its business unit of water project engineering and construction to Abeinsa, Ingenieria y Construccion Industrial SA, a subsidiary of Abengoa SA. The net purchase price amounted to EUR 144.3 million, the result of deducting the debt associated with the business unit, which amounted to EUR 14.7 million.

Abengoa SA And Grana y Montero SAA Win Contract In Peru-Reuters Mar 25, 2011

Reuters reported that Abengoa SA and Grana y Montero SAA have won a contract for expansion and improvement of a drinking water system in Peru for USD 118 million.

Abengoa SA Signs Collaboration Agreement With Wavebob-Reuters Mar 21, 2011

Reuters reported that Abengoa SA has reached a collaboration agreement with the Irish power company Wavebob for the research, development and commercialisation of ocean waves energy systems. Further details were not disclosed.

Abengoa SA And Grana y Montero SAA's Subsidiaries Win Contract For Pachacutec-Ventanilla Project Mar 11, 2011

Grana y Montero SAA announced that the consortium composed of its subsidiaries, GyM and GMI (50%) and Abengoa SA's subsidiaries, Abengoa SA Sucursal del Peru and Abengoa Peru SA (50%) have won a contract for the Pachacutec-Ventanilla Project (el Macro Proyecto Pachacutec-Ventanilla) for the expansion and improvement of water and sewer systems. The total amount of the contract is PEN 326,346,781.55.

Bharat Heavy Electricals Limited And Abengoa SA In Pact To Develop Solar Power Projects-DJ Feb 07, 2011

Dow Jones reported that Bharat Heavy Electricals Limited has signed an agreement with Abengoa SA to bid for construction of solar power plants in India. The two companies could also explore opportunities in other countries.

Abengoa SA Reaches Agreement With Bharat Heavy Electricals Limited To Develop Thermo-Solar Projects in India-Reuters Jan 26, 2011

Reuters reported that Abengoa SA has reached an agreement with Bharat Heavy Electricals Limited to altogether develop thermo-solar projects in India, through an Engineering, Procurement and Construction (EPC) contract for the implementation of thermo-solar power plants. Other details were not disclosed.

Befesa Medio Ambiente S.A. To Sell Its Engineering and Construction Business To Abengoa SA's Abeinsa, Ingenieria y Construccion Industrial SA Dec 30, 2010

Befesa Medio Ambiente SA announced that it has signed an agreement with Abeinsa, Ingenieria y Construccion Industrial SA, a subsidiary of Abengoa SA, to sell its engineering and construction business of water project for EUR 159 million.

Consortium Including Abengoa SA, Abeinsa, Mitsui & Co Ltd And Abu Dhabi National Energy Company PJSC Preselected For 500 Megawatt Project In Morocco-Reuters Dec 29, 2010

Reuters reported that Abengoa SA and ACS Activ. de Constuc. y Servicios SA have been preselected for a 500 megawatt project in Morocco. Abengoa SA and its subsidiary Abeinsa are part of the consortium that also comprises Mitsui & Co Ltd and Abu Dhabi National Energy Company PJSC. ACS Activ. de Constuc. y Servicios SA is part of the consortium that also comprises ACS SCE (part of ACS Group) and Enel SpA.

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Charges	608.3	570.2	552.2
Stock Reduction	4.5	-	-
Supplies	83.3	220.1	206.5
Consumption of Raw Materials	38.1	182.4	204.9
Miscellaneous External Expenditures	45.2	37.8	1.6
Staff Costs	24.0	20.6	25.4
Wages and Salaries	22.8	19.5	24.4
Social Security Costs	1.2	1.1	1.1
Depreciation	0.4	0.4	0.4
Other Operating Charges	43.4	56.8	42.7
External Services	26.3	16.9	32.2
Taxes	9.4	1.4	1.4
Other Operating Expenses	7.7	38.5	9.0
Operating Benefits	497.1	316.2	-
Financials and Similar Charges	421.3	193.2	264.2
Due to Liabilities With Group Companies	123.0	75.3	41.2
Due to Other Liabilities	298.3	117.9	223.0
Losses from Financial Investments	-	0.0	0.0
Changes in Financial Investment Provisions	0.0	59.3	19.8
Exchange Losses	-	3.3	-
Net Financial Income	-	-	43.6
Profit From Ordinary Activities	178.6	84.6	39.9
Changes in Provisions for Assets	0.0	0.0	-24.2
Losses From Assets and Securities Portfolio	0.0	-	-
Extraordinary Profit	-	-	24.2
Profit Before Taxes	178.6	84.6	64.1
Corporation Tax	31.4	16.5	17.4
Financial Year Result (Profit)	147.2	68.1	46.7
Income	755.4	638.3	598.9
Net Total Sales	640.3	603.0	199.5
Rendering of Services	640.3	603.0	199.5
Increase in Stocks	-	3.6	1.4
Miscellaneous Operating Income	12.3	7.4	70.4
Auxiliary Income From Current Management	6.0	7.4	70.4
Charges for Provisions	6.3	-	-
Operating Losses	-	-	3.7
Income From Equity Investment	0.0	0.1	54.6
In Group Companies	-	-	54.5
Third Parties	0.0	0.1	0.1
Income From Other Securities and Receivables	6.1	13.3	49.9
From Non-Group Companies	6.1	13.3	49.9
Income From Miscellaneous Interests	93.5	10.8	196.8
From Group Companies	-	-	156.6
Miscellaneous Interests	4.9	10.8	40.3
Profit on Financial Investment	88.6	-	-
Gains from Exchange Rate	3.2	-	26.3
Negative Financial Results	318.4	231.5	-
Negative Extraordinary Results	0.0	0.0	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Concessions, Patents, Trademarks	1.1	1.2	1.2
Total Intangible Fixed Assets	1.1	1.2	1.2
Land and Construction	26.1	21.5	20.8
Other Installations, Tools, and Furniture	0.1	0.1	0.1
Tangible Fixed Assets Under Construction	-	-	0.1
Other Tangible Assets	0.1	0.1	0.1
Total Tangible Fixed Assets	26.3	21.7	21.1
Investments in Group Companies	520.8	552.2	531.3
Receivables from Group Companies	5,116.7	4,573.2	-
Investments in Associated Companies	0.1	0.2	0.1
Other Receivables	1.0	1.3	1.5
Long-Term Guarantees and Deposits	0.0	0.2	0.2
Financial Investments	5,638.7	5,127.0	533.1
Own Shares	5.6	4.7	38.5
Total Fixed Assets	5,671.6	5,154.6	593.9
Goods in Process	-	4.9	1.1
Payments on Account	-	-	124.7
Total Stocks	-	4.9	125.8
Trade Debtors	60.4	159.2	179.0
Receivables, Group Companies	3.7	4.3	4.9
Staff	0.3	0.4	0.2
Public Bodies	102.4	77.5	123.3
Total Debtors	166.7	241.4	307.4
Receivables from Group Companies	-	-	3,418.2
Short-Term Securities Portfolio	2,040.4	222.9	539.2
Other Receivables	12.5	10.8	24.9
Short-Term Guarantees and Deposits	1.0	0.1	7.0
Total Short-Term Investments	2,053.9	233.8	3,989.2
Cash	685.6	458.2	219.8
Prepayments and Accrued Income	-	-	0.0
Total Current Assets	2,906.3	938.3	4,642.2
Total Assets	8,577.9	6,092.9	5,236.1
Revaluation Reserves	3.5	5.7	5.9
Legal Reserve	6.1	6.5	6.3
Miscellaneous Reserves	355.4	461.9	261.9
Total Reserves	361.5	468.4	268.2
Profit or Loss for the Financial Year	149.1	70.3	77.4
Total Equity	692.0	734.6	535.9
Provisions for Pension Fund	6.8	5.8	4.3
Other Provisions	-	6.8	6.6
Total Provisions for Liabilities and Charges	6.8	12.6	10.9
Non-Convertible Debentures	1,496.6	634.7	-
Total Issued Debentures and Other Securities	1,496.6	634.7	-
Loans and Other Liabilities	2,904.1	2,581.9	2,867.8
Total Amounts Owed to Credit Institutions	2,904.1	2,581.9	2,867.8
Amounts Owed to Group Companies	2,677.0	1,274.4	-
Total Debts with Group or Affiliated Companies	2,677.0	1,274.4	-
Long-Term Guarantees and Deposits Received	29.2	26.8	41.9
Long-Term Payables to Public Bodies	14.8	3.2	2.7
Total Other Creditors	44.0	30.0	44.6
Total Long Term Liabilities	7,121.7	4,521.1	2,912.3
Non-Convertible Debentures	31.6	12.0	-
Total Issued Debentures and Other Securities	31.6	12.0	-
Loans and Other Liabilities	605.0	604.9	215.0
Total Amounts Owed to Credit Institutions	605.0	604.9	215.0
Amounts Owed to Group Companies	43.0	30.5	1,311.8
Amounts Owed to Associated Companies	0.0	0.0	0.0
Total Short-Term Amounts Owed to Group and Associa	43.0	30.5	1,311.8
Advanced Payments from Customers	7.5	107.5	196.3
Amounts Owed for Purchases of Goods or Services	13.0	10.2	11.9
Total Trade Creditors	20.5	117.6	208.2
Public Bodies	45.2	58.1	40.8
Miscellaneous Debts	12.0	1.3	1.2
Wages and Salaries Payable	0.1	0.1	0.1
Total Other Creditors	57.3	59.5	42.1
Total Short Term Creditors	757.5	824.6	1,777.1
Total Liabilities and Equity	8,577.9	6,092.9	5,236.1

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	7,371.6	5,767.8	5,513.1	3,634.8	3,359.2
Revenue	7,371.6	5,767.8	5,513.1	3,634.8	3,359.2
Other Revenue	1,114.6	1,774.1	1,550.9	455.1	169.0
Other Revenue, Total	1,114.6	1,774.1	1,550.9	455.1	169.0
Total Revenue	8,486.2	7,541.8	7,064.1	4,090.0	3,528.2
Cost of Revenue	4,933.7	4,285.3	4,324.0	2,537.2	2,061.7
Cost of Revenue, Total	4,933.7	4,285.3	4,324.0	2,537.2	2,061.7
Gross Profit	2,437.9	1,482.5	1,189.2	1,097.7	1,297.4
Labor & Related Expense	1,146.0	1,023.6	974.7	480.8	505.3
Total Selling/General/Administrative Expenses	1,146.0	1,023.6	974.7	480.8	505.3
Research & Development	69.0	71.1	61.0	28.7	29.2
Depreciation	424.5	444.2	260.9	122.6	86.2
Depreciation/Amortization	424.5	444.2	260.9	122.6	86.2
Other Operating Expense	1,089.5	1,118.1	912.8	601.3	570.8
Other Operating Expenses, Total	1,089.5	1,118.1	912.8	601.3	570.8
Total Operating Expense	7,662.7	6,942.5	6,533.4	3,770.6	3,253.2
Operating Income	823.5	599.4	530.7	319.4	275.0
Interest Expense - Non-Operating	-447.5	-260.3	-377.4	-225.4	-149.6
Interest Expense, Net Non-Operating	-447.5	-260.3	-377.4	-225.4	-149.6
Interest Income - Non-Operating	53.2	8.2	45.2	31.0	30.7
Investment Income - Non-Operating	-12.7	109.9	-75.7	33.1	19.8
Interest/Investment Income - Non-Operating	40.5	118.1	-30.5	64.1	50.5
Interest Income (Expense) - Net Non-Operating Total	-407.1	-142.2	-407.9	-161.3	-99.1
Other Non-Operating Income (Expense)	-68.3	-94.5	-37.7	-7.6	-6.7
Other, Net	-68.3	-94.5	-37.7	-7.6	-6.7
Income Before Tax	348.1	362.7	85.1	150.4	169.2
Total Income Tax	-0.6	80.7	-157.4	13.8	16.7
Income After Tax	348.7	282.0	242.5	136.7	152.5
Minority Interest	-74.4	-45.1	-37.1	28.1	-26.6
Net Income Before Extraord Items	274.4	236.8	205.4	164.8	125.9
Net Income	274.4	236.8	205.4	164.8	125.9
Income Available to Common Excl Extraord Items	274.4	236.8	205.4	164.8	125.9
Income Available to Common Incl Extraord Items	274.4	236.8	205.4	164.8	125.9
Basic/Primary Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Basic EPS Excl Extraord Items	3.03	2.62	2.27	1.82	1.39
Basic/Primary EPS Incl Extraord Items	3.03	2.62	2.27	1.82	1.39
Diluted Net Income	274.4	236.8	205.4	164.8	125.9
Diluted Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Diluted EPS Excl Extraord Items	3.03	2.62	2.27	1.82	1.39
Diluted EPS Incl Extraord Items	3.03	2.62	2.27	1.82	1.39
Dividends per Share - Common Stock Primary Issue	0.27	0.21	0.22	0.23	0.16
Gross Dividends - Common Stock	24.0	23.9	23.8	21.1	18.2
Interest Expense, Supplemental	447.5	260.3	377.4	225.4	149.6
Depreciation, Supplemental	245.0	160.2	123.2	55.9	47.1
Normalized Income Before Tax	348.1	362.7	85.1	150.4	169.2
Inc Tax Ex Impact of Sp Items	-0.6	80.7	-157.4	13.8	16.7
Normalized Income After Tax	348.7	282.0	242.5	136.7	152.5
Normalized Inc. Avail to Com.	274.4	236.8	205.4	164.8	125.9
Basic Normalized EPS	3.03	2.62	2.27	1.82	1.39
Diluted Normalized EPS	3.03	2.62	2.27	1.82	1.39
Amort of Intangibles, Supplemental	64.5	66.9	42.0	7.4	7.5
Rental Expenses	123.8	117.8	100.1	62.7	-
Research & Development Exp, Supplemental	69.0	71.1	61.0	28.7	29.2
Normalized EBIT	823.5	599.4	530.7	319.4	275.0
Normalized EBITDA	1,133.0	826.5	695.9	382.7	329.7
Current Tax - Total	12.1	72.0	-	-	-3.1
Current Tax - Total	12.1	72.0	-	-	-3.1
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Income Tax - Total	-0.6	80.7	-	-	16.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399	0.683971	0.758351
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	4,002.1	2,218.7	1,854.0	2,482.4	1,355.5
Short Term Investments	1,225.6	691.5	919.8	872.0	635.2
Cash and Short Term Investments	5,227.7	2,910.2	2,773.8	3,354.4	1,990.8
Accounts Receivable - Trade, Gross	1,972.0	2,124.7	1,293.3	1,712.8	951.2
Provision for Doubtful Accounts	-31.3	-30.7	-15.3	-37.6	-9.2
Trade Accounts Receivable - Net	1,940.7	2,094.0	1,277.9	1,675.2	942.1
Other Receivables	932.2	778.6	589.3	402.2	352.9
Total Receivables, Net	2,872.9	2,872.6	1,867.3	2,077.4	1,295.0
Inventories - Finished Goods	115.4	142.5	156.4	164.2	59.7
Inventories - Work In Progress	69.4	97.2	74.4	65.0	56.9
Inventories - Raw Materials	207.6	135.1	112.1	93.8	68.6
Inventories - Other	124.2	121.0	96.5	31.5	13.5
Total Inventory	516.5	495.8	439.4	354.5	198.8
Total Current Assets	8,617.1	6,278.7	5,080.4	5,786.3	3,484.5
Land/Improvements	763.2	562.2	438.6	399.0	286.4
Machinery/Equipment	1,829.1	1,607.3	1,021.6	1,066.8	778.3
Construction in Progress	254.0	1,112.5	336.9	178.6	59.8
Other Property/Plant/Equipment	4,426.2	2,866.3	2,437.1	1,654.8	763.7
Property/Plant/Equipment - Gross	7,272.4	6,148.3	4,234.1	3,299.3	1,888.3
Accumulated Depreciation	-1,544.2	-1,348.7	-899.2	-890.2	-560.3
Property/Plant/Equipment - Net	5,728.2	4,799.6	3,334.9	2,409.1	1,328.0
Goodwill, Net	1,914.8	1,910.2	1,345.1	1,629.3	785.3
Intangibles - Gross	5,107.9	3,620.0	1,463.6	1,532.5	1,115.0
Accumulated Intangible Amortization	-437.5	-317.6	-108.4	-108.6	-50.3
Intangibles, Net	4,670.5	3,302.4	1,355.2	1,423.9	1,064.6
LT Investment - Affiliate Companies	65.2	117.1	69.6	73.3	69.4
LT Investments - Other	587.3	375.4	425.9	257.1	122.1
Long Term Investments	652.5	492.5	495.4	330.5	191.4
Deferred Income Tax - Long Term Asset	1,188.2	964.3	568.9	278.5	301.9
Discontinued Operations - Long Term Asset	0.0	-	1,435.0	-	-
Other Long Term Assets, Total	1,188.2	964.3	2,003.9	278.5	301.9
Total Assets	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
Accounts Payable	4,935.5	4,342.2	3,987.2	3,391.2	2,190.1
Accrued Expenses	71.1	57.2	-	-	-
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	1,626.0	1,180.6	700.0	1,037.7	1,266.6
Customer Advances	723.6	601.6	-	-	-
Income Taxes Payable	460.1	420.1	254.6	232.6	178.4
Other Payables	616.5	480.9	-	-	-
Other Current Liabilities	142.1	150.3	111.5	20.9	80.7
Other Current liabilities, Total	1,942.2	1,652.9	366.1	253.5	259.1
Total Current Liabilities	8,574.8	7,232.8	5,053.3	4,682.3	3,715.9
Long Term Debt	10,683.3	7,713.2	5,987.4	5,549.8	2,400.8
Capital Lease Obligations	48.6	48.7	14.0	48.6	11.9
Total Long Term Debt	10,732.0	7,762.0	6,001.5	5,598.4	2,412.7
Total Debt	12,358.0	8,942.5	6,701.5	6,636.0	3,679.3
Deferred Income Tax - LT Liability	418.9	354.0	171.6	203.5	113.9
Deferred Income Tax	418.9	354.0	171.6	203.5	113.9
Minority Interest	591.2	528.4	306.8	263.9	199.1
Reserves	206.3	194.4	256.7	183.4	77.1
Other Long Term Liabilities	652.0	524.5	207.8	23.9	122.6
Discontinued Operations - Liabilities	-	-	1,052.0	-	-
Other Liabilities, Total	858.3	718.9	1,516.5	207.3	199.7
Total Liabilities	21,175.2	16,596.0	13,049.5	10,955.4	6,641.3
Common Stock	30.3	32.4	31.4	33.1	29.8
Common Stock	30.3	32.4	31.4	33.1	29.8
Retained Earnings (Accumulated Deficit)	1,208.1	1,069.8	881.7	846.5	494.2
Translation Adjustment	357.5	49.4	-347.7	22.5	-9.6
Other Equity, Total	357.5	49.4	-347.7	22.5	-9.6
Total Equity	1,596.0	1,151.7	565.5	902.1	514.4
Total Liabilities & Shareholders’ Equity	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
Shares Outstanding - Common Stock Primary Issue	90.2	90.3	88.3	90.5	90.5
Total Common Shares Outstanding	90.2	90.3	88.3	90.5	90.5
Treasury Shares - Common Stock Primary Issue	0.2	0.1	2.2	-	-
Employees	26,128	23,323	23,234	17,245	13,608
Accumulated Intangible Amort, Suppl.	437.5	124.8	16.4	35.0	18.9
Deferred Revenue - Current	723.6	601.6	-	-	-
Total Long Term Debt, Supplemental	4,382.2	3,888.0	2,964.6	4,449.5	2,411.6
Long Term Debt Maturing within 1 Year	848.9	878.6	346.5	1,019.1	1,260.2
Long Term Debt Maturing in Year 2	950.8	2,009.7	864.3	94.5	38.9
Long Term Debt Maturing in Year 3	1,926.7	454.7	113.6	436.5	14.9
Long Term Debt Maturing in Year 4	484.1	131.9	119.5	1,306.4	364.4
Long Term Debt Maturing in Year 5	56.7	203.4	120.5	1,007.7	364.4
Long Term Debt Maturing in Year 6	42.6	87.8	-	-	-
Long Term Debt Maturing in 2-3 Years	2,877.5	2,464.3	978.0	530.9	53.8
Long Term Debt Maturing in 4-5 Years	540.7	335.3	240.1	2,314.1	728.8
Long Term Debt Matur. in Year 6 & Beyond	115.0	209.8	1,400.0	585.3	368.8
Total Capital Leases, Supplemental	72.4	75.4	28.6	74.8	-
Capital Lease Payments Due in Year 1	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 2	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 3	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 4	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 5	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in 2-3 Years	23.2	29.5	10.7	29.1	-
Capital Lease Payments Due in 4-5 Years	23.2	29.5	10.7	29.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	14.4	1.7	1.9	2.0	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	348.7	282.0	242.5	185.9	152.5
Depreciation	424.5	444.2	260.9	201.2	86.2
Depreciation/Depletion	424.5	444.2	260.9	201.2	86.2
Discontinued Operations	-	-	-	0.0	-
Unusual Items	-153.4	-78.7	81.5	5.2	-28.2
Equity in Net Earnings (Loss)	-12.6	-15.6	-13.5	-5.8	-9.5
Other Non-Cash Items	394.4	286.5	-	-	-
Non-Cash Items	228.3	192.1	68.0	-0.6	-37.7
Accounts Receivable	-129.4	-181.7	-456.4	-569.6	-622.8
Inventories	-52.4	-1.4	-130.0	-46.4	-44.6
Accounts Payable	726.5	668.8	1,099.8	844.6	798.7
Taxes Payable	-0.6	80.7	-157.4	19.5	16.7
Other Assets & Liabilities, Net	-120.0	-199.4	187.7	-25.8	-58.0
Other Operating Cash Flow	-406.7	-275.8	-1.1	22.5	17.9
Changes in Working Capital	17.4	91.3	542.5	244.7	107.9
Cash from Operating Activities	1,019.0	1,009.6	1,113.9	631.3	308.8
Purchase of Fixed Assets	-1,701.1	-2,301.9	-2,147.2	-912.5	-379.3
Purchase/Acquisition of Intangibles	-1,338.8	-646.3	-631.8	-856.4	-823.9
Capital Expenditures	-3,039.9	-2,948.2	-2,779.0	-1,768.9	-1,203.3
Sale of Fixed Assets	9.2	183.9	150.5	50.4	29.4
Sale/Maturity of Investment	129.3	14.0	18.1	24.7	0.0
Purchase of Investments	-21.2	-29.0	-10.3	-11.1	0.0
Sale of Intangible Assets	3.5	31.7	93.4	92.1	46.6
Other Investing Cash Flow	90.7	236.7	21.7	19.3	26.6
Other Investing Cash Flow Items, Total	211.5	437.3	273.3	175.3	102.6
Cash from Investing Activities	-2,828.4	-2,510.9	-2,505.7	-1,593.6	-1,100.7
Other Financing Cash Flow	3,672.0	1,621.6	976.6	1,912.8	1,552.7
Financing Cash Flow Items	3,672.0	1,621.6	976.6	1,912.8	1,552.7
Cash Dividends Paid - Common	-22.8	-22.6	-22.5	-33.5	-17.3
Total Cash Dividends Paid	-22.8	-22.6	-22.5	-33.5	-17.3
Cash from Financing Activities	3,649.2	1,599.0	954.1	1,879.3	1,535.4
Foreign Exchange Effects	63.0	107.8	-	-	-
Net Change in Cash	1,902.7	205.5	-437.7	916.9	743.6
Net Cash - Beginning Balance	2,048.0	1,945.2	2,388.5	1,407.0	546.3
Net Cash - Ending Balance	3,950.8	2,150.7	1,950.8	2,323.8	1,289.8
Cash Interest Paid	424.9	260.3	-	-	-
Cash Taxes Paid	47.9	55.5	-	-	-

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Turnover	7,371.6	5,767.8	5,513.1	3,634.8	3,359.2
Other Income	1,114.6	1,774.1	1,550.9	455.1	169.0
Total Revenue	8,486.2	7,541.8	7,064.1	4,090.0	3,528.2
Decrease in Stocks	-36.2	32.9	-30.1	-36.9	-3.2
Materials Consumed	4,969.9	4,252.4	4,354.1	2,574.1	2,064.9
Personnel Expenses	1,146.0	1,023.6	974.7	480.8	505.3
Depreciation	424.5	444.2	260.9	122.6	86.2
Research and Development Costs	69.0	71.1	61.0	28.7	29.2
Other Expenses	1,089.5	1,118.1	912.8	601.3	570.8
Total Operating Expense	7,662.7	6,942.5	6,533.4	3,770.6	3,253.2
Interest Income	53.2	8.2	45.2	31.0	30.7
Interest Expense	-447.5	-260.3	-377.4	-225.4	-149.6
Financial Income	43.5	11.4	-	-	-
Other Financial Expense	-96.7	-36.0	-27.3	-	-
Exhange Difference, Net	-25.3	94.3	-89.3	27.3	10.4
Other Financials	-15.2	-69.9	-10.4	-7.6	-6.7
Income/Loss Associates	12.6	15.6	13.5	5.8	9.5
Net Income Before Taxes	348.1	362.7	85.1	150.4	169.2
Provision for Income Taxes	-0.6	80.7	-157.4	13.8	16.7
Net Income After Taxes	348.7	282.0	242.5	136.7	152.5
Minority Interests	-74.4	-45.1	-37.1	28.1	-26.6
Net Income Before Extra. Items	274.4	236.8	205.4	164.8	125.9
Net Income	274.4	236.8	205.4	164.8	125.9
Income Available to Com Excl ExtraOrd	274.4	236.8	205.4	164.8	125.9
Income Available to Com Incl ExtraOrd	274.4	236.8	205.4	164.8	125.9
Basic Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Basic EPS Excluding ExtraOrdinary Items	3.03	2.62	2.27	1.82	1.39
Basic EPS Including ExtraOrdinary Item	3.03	2.62	2.27	1.82	1.39
Diluted Net Income	274.4	236.8	205.4	164.8	125.9
Diluted Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Diluted EPS Excluding ExtraOrd Items	3.03	2.62	2.27	1.82	1.39
Diluted EPS Including ExtraOrd Items	3.03	2.62	2.27	1.82	1.39
DPS-Common Stock	0.27	0.21	0.22	0.23	0.16
Gross Dividends - Common Stock	24.0	23.9	23.8	21.1	18.2
Normalized Income Before Taxes	348.1	362.7	85.1	150.4	169.2
Inc Tax Ex Impact of Sp Items	-0.6	80.7	-157.4	13.8	16.7
Normalized Income After Taxes	348.7	282.0	242.5	136.7	152.5
Normalized Inc. Avail to Com.	274.4	236.8	205.4	164.8	125.9
Basic Normalized EPS	3.03	2.62	2.27	1.82	1.39
Diluted Normalized EPS	3.03	2.62	2.27	1.82	1.39
Research and Development	69.0	71.1	61.0	28.7	29.2
Interest Expense	447.5	260.3	377.4	225.4	149.6
Amort of Intangibles	28.5	49.7	42.0	7.4	7.5
Depreciation	96.9	262.4	123.2	55.9	47.1
Rental Expense	123.8	117.8	100.1	62.7	-
Current Tax - Total	12.1	72.0	-	-	-3.1
Current Tax - Total	12.1	72.0	-	-	-3.1
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Income Tax - Total	-0.6	80.7	-	-	16.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399	0.683971	0.758351
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Commercial Stock	21.8	34.8	29.1	44.5	5.3
Raw Materials	207.6	135.1	112.1	93.8	68.6
Product WIP	9.5	3.2	4.2	2.7	4.2
Project WIP	59.8	94.0	70.2	62.3	52.8
Finished Goods	93.6	107.7	127.3	119.8	54.3
Products	21.6	18.3	19.4	0.0	-
Stock Advance	102.6	102.6	77.1	31.5	13.5
Trade Receivable	1,972.0	2,124.7	1,293.3	1,712.8	951.2
Provisions	-31.3	-30.7	-15.3	-37.6	-9.2
Other Receivable	932.2	778.6	589.3	402.2	352.9
Financial Assets Fair Value	-	-	0.0	0.0	102.5
Financial Assets Held for Sale	40.1	62.4	62.9	90.5	43.8
Financial Instruments	28.6	36.3	103.9	181.4	40.6
Other Investment	1,157.0	592.8	752.9	600.1	448.4
Cash Hand/Bank	4,002.1	2,218.7	1,854.0	2,482.4	1,355.5
Total Current Assets	8,617.1	6,278.7	5,080.4	5,786.3	3,484.5
I & D Expenses	-	-	-	38.0	20.0
O. Intangibles	668.5	353.6	140.5	161.7	35.5
Intang.Amort.	-177.2	-124.8	-16.4	-35.0	-18.9
Land/Buildings	763.2	562.2	438.6	399.0	286.4
Machinery	1,829.1	1,607.3	1,021.6	1,066.8	778.3
Construction	254.0	1,112.5	336.9	178.6	59.8
Other Tangibles	177.6	424.8	298.1	345.1	188.9
Depreciation	-823.2	-1,032.1	-656.3	-716.3	-469.9
Project Intang.	4,439.4	3,266.4	1,323.2	1,332.8	1,059.4
Amortisation	-260.2	-192.8	-92.0	-73.6	-31.5
Project Tangible	4,248.6	2,441.5	2,139.0	1,309.7	574.8
Depreciation	-720.9	-316.6	-242.9	-173.9	-90.4
Inv.in Assoc.	65.2	117.1	69.6	73.3	69.4
LT Investments	67.7	78.2	103.4	82.4	62.1
Other Investment	348.5	232.1	183.8	173.7	60.0
Goodwill	1,914.8	1,910.2	1,345.1	1,629.3	785.3
Derivatives	171.1	65.2	138.7	1.0	0.0
Deferred Tax	1,188.2	964.3	568.9	278.5	301.9
Discountinued Operations	0.0	-	1,435.0	-	-
Total Assets	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
Current Port of LT Debt	660.2	265.9	346.5	735.6	603.7
ST Project Fin.	848.9	878.6	304.4	266.6	636.6
Loans	51.2	1.8	40.6	16.8	19.9
Bonds and Debentures	43.6	8.5	-	-	-
Financial Leasing	22.1	25.6	8.5	18.5	6.4
Trade Payables	4,935.5	4,342.2	3,987.2	3,391.2	2,190.1
Customer Advances	723.6	601.6	-	-	-
Accrued Expenses	71.1	57.2	-	-	-
Non Trade Pay.	552.9	312.0	-	-	-
Other Payables	63.5	168.8	-	-	-
Provisions	19.4	12.6	19.9	14.1	18.1
Taxes	460.1	420.1	254.6	232.6	178.4
Other Current Liabilities	122.7	137.7	91.6	6.9	62.6
Total Current Liabilities	8,574.8	7,232.8	5,053.3	4,682.3	3,715.9
LT Debt	4,773.2	3,942.7	2,618.1	1,734.0	1,049.7
LT Project Fin.	3,533.3	3,009.4	3,145.5	3,430.4	1,151.4
Financial Leasing	48.6	48.7	14.0	48.6	11.9
Loans	108.5	126.4	223.8	385.4	199.7
Bonds and Debentures	2,268.3	634.7	-	-	-
Total Long Term Debt	10,732.0	7,762.0	6,001.5	5,598.4	2,412.7
Other LT Liabilities	229.9	196.9	-	-	-
Minority Int.	591.2	528.4	306.8	263.9	199.1
Deferred Tax	418.9	354.0	171.6	203.5	113.9
Provisions	206.3	194.4	256.7	183.4	77.1
Financial Instruments	389.0	305.7	196.1	14.3	116.6
Other Liabilities	33.0	21.8	11.7	9.7	6.1
Discontinued Operation	-	-	1,052.0	-	-
Total Liabilities	21,175.2	16,596.0	13,049.5	10,955.4	6,641.3
Share Capital	30.3	32.4	31.4	33.1	29.8
Consolid.Reserve	432.0	419.4	317.7	347.1	298.9
Other Reserves	-132.7	-116.4	2.9	35.6	-105.1
Exchange Diference/ I.G I.P	355.6	45.4	-347.0	19.3	-13.4
Exchange Diference/ M.P.	2.0	4.0	-0.7	3.2	3.8
Net Income	908.9	766.9	561.1	463.8	300.4
Total Equity	1,596.0	1,151.7	565.5	902.1	514.4
Total Liabilities & Shareholders' Equity	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
S/O-Common Stock	90.2	90.3	88.3	90.5	90.5
Total Common Shares Outstanding	90.2	90.3	88.3	90.5	90.5
T/S-Common Stock	0.2	0.1	2.2	-	-
Accumulated Intangible Amortization	437.5	124.8	16.4	35.0	18.9
Deferred Revenue - Current	723.6	601.6	-	-	-
Full-Time Employees	26,128	23,323	23,234	17,245	13,608
LT Debt Maturing within 1 Year	848.9	878.6	346.5	1,019.1	1,260.2
LT Debt Maturing in 2 Years	950.8	2,009.7	864.3	94.5	38.9
LT Debt Maturing in 3 Years	1,926.7	454.7	113.6	436.5	14.9
LT Debt Maturing in 4 Years	484.1	131.9	119.5	1,306.4	364.4
LT Debt Maturing in 5 Years	56.7	203.4	120.5	1,007.7	364.4
LT Debt Maturing in 6 Years	42.6	87.8	-	-	-
LT Debt - Remaining Maturities	72.5	122.0	1,400.0	585.3	368.8
Total Long Term Debt, Supplemental	4,382.2	3,888.0	2,964.6	4,449.5	2,411.6
Capital Leases < 5 Years	58.1	73.7	26.7	72.7	-
Capital Leases >5 Years	14.4	1.7	1.9	2.0	-
Total Capital Leases	72.4	75.4	28.6	74.8	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	348.7	282.0	242.5	185.9	152.5
Depreciation	424.5	444.2	260.9	201.2	86.2
Taxes	-0.6	80.7	-157.4	19.5	16.7
Sale of Assets	-	-	0.0	0.7	0.0
Sale of Participations	-91.3	-78.3	-13.8	0.4	0.0
Investment Held for Sale	-	-	0.0	0.0	-1.9
Financial Assets	-	-	0.0	0.0	-20.6
Financial Instruments	-62.2	-0.4	95.3	4.2	-5.7
Gain/Loss Asociates	-12.6	-15.6	-13.5	-5.8	-9.5
Other Op.Activities	12.9	31.8	-1.1	22.5	17.9
Discontinued Operation	-	-	-	0.0	-
Change Inventories	-52.4	-1.4	-130.0	-46.4	-44.6
Trade Receivables	-129.4	-181.7	-456.4	-569.6	-622.8
Supplies	726.5	668.8	1,099.8	844.6	798.7
Other Current Assets/Liabilities	-120.0	-199.4	187.7	-25.8	-58.0
Other Income/Expense	394.4	286.5	-	-	-
Taxes Received/Paid	-47.9	-55.5	-	-	-
Interests Received	53.2	8.2	-	-	-
Interest Paid	-424.9	-260.3	-	-	-
Discontinued Operation	-	-	-	0.0	-
Cash from Operating Activities	1,019.0	1,009.6	1,113.9	631.3	308.8
Investment Asociates	-21.2	-29.0	-10.3	-11.1	0.0
Purchase of Tangibles	-1,434.9	-2,166.2	-1,750.8	-988.3	-328.2
Purchase of Intangibles	-1,338.8	-646.3	-631.8	-856.4	-823.9
Other Assets-Purchase	-266.2	-135.7	-396.4	75.8	-51.1
Discontinued Operation	-	-	-	0.0	-
Investment Associates	129.3	14.0	18.1	24.7	0.0
Sale Tangibles	9.2	65.9	99.4	32.5	2.0
Sale Intangibles	3.5	31.7	93.4	92.1	46.6
Other Assets-Sale	0.0	118.1	51.1	17.8	27.4
Perimeter Variation	90.7	236.7	21.7	19.3	26.6
Discontinued Operation	-	-	-	0.0	-
Cash from Investing Activities	-2,828.4	-2,510.9	-2,505.7	-1,593.6	-1,100.7
Own Funds	4,330.4	1,710.9	1,319.4	2,118.4	1,800.0
External Funds	-657.0	-124.2	-276.9	-220.2	-247.4
Dividends Paid	-22.8	-22.6	-22.5	-33.5	-17.3
Other Financing Activities	-1.5	34.9	-65.9	14.7	0.1
Discontinued Operation	-	-	-	0.0	-
Adjustment	0.0	-	-	-	-
Cash from Financing Activities	3,649.2	1,599.0	954.1	1,879.3	1,535.4
Foreign Exchange Effects	63.0	107.8	-	-	-
Net Change in Cash	1,902.7	205.5	-437.7	916.9	743.6
Net Cash-Beginning Balance	2,048.0	1,945.2	2,388.5	1,407.0	546.3
Net Cash-Ending Balance	3,950.8	2,150.7	1,950.8	2,323.8	1,289.8
Cash Interest Paid	424.9	260.3	-	-	-
Cash Taxes Paid	47.9	55.5	-	-	-

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	2,319.0	52.31%	8,486.2	18.16%	28.95%	25.49%
Research & Development1	12.6	-3.41%	69.0	1.84%	35.40%	23.26%
Operating Income1	300.6	77.41%	823.5	44.27%	38.64%	30.63%
Income Available to Common Excl Extraord Items1	5.2	-93.00%	274.4	21.64%	19.83%	25.70%
Basic EPS Excl Extraord Items1	0.06	-92.99%	3.03	21.64%	19.83%	25.70%
Capital Expenditures2	2,672.9	-	3,039.9	8.28%	21.10%	33.67%
Cash from Operating Activities2	1,317.8	-	1,019.0	5.99%	18.60%	31.04%
Free Cash Flow	-1,293.9	-	-2,047.2	-	-	-
Total Assets3	24,043.3	20.35%	22,771.2	37.22%	27.91%	38.57%
Total Liabilities3	22,639.1	26.64%	21,175.2	36.46%	28.19%	40.07%
Total Long Term Debt3	12,044.9	19.72%	10,732.0	47.87%	27.84%	49.44%
Employees3	-	-	26128	12.03%	14.85%	18.71%
Total Common Shares Outstanding3	90.2	-0.26%	90.2	-0.09%	-0.08%	-0.05%
1-ExchangeRate: EUR to USD Average for Period	0.707825	Â	0.755078	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.711706	Â	0.755078	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.745323	Â	0.745406	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	33.07%	25.70%	21.57%	30.20%	38.62%
Operating Margin	9.70%	7.95%	7.51%	7.81%	7.79%
Pretax Margin	4.10%	4.81%	1.20%	3.68%	4.80%
Net Profit Margin	3.23%	3.14%	2.91%	4.03%	3.57%
Financial Strength
Current Ratio	1.00	0.87	1.01	1.24	0.94
Long Term Debt/Equity	6.72	6.74	10.61	6.21	4.69
Total Debt/Equity	7.74	7.76	11.85	7.36	7.15
Management Effectiveness
Return on Assets	1.79%	1.83%	1.85%	1.48%	2.78%
Return on Equity	20.80%	28.16%	27.43%	23.91%	25.56%
Efficiency
Receivables Turnover	3.09	3.24	3.49	2.49	3.73
Inventory Turnover	10.20	9.31	10.59	9.43	11.39
Asset Turnover	0.44	0.49	0.54	0.44	0.64

Market Valuation USD (mil)
P/E (TTM)	9.24	.	Enterprise Value2	10,676.2
Price/Sales (TTM)	0.21	.	Enterprise Value/Revenue (TTM)	1.05
Price/Book (MRQ)	1.53	.	Enterprise Value/EBITDA (TTM)	9.55
Market Cap as of 09-Dec-20111	2,143.2	.
1-ExchangeRate: EUR to USD on 9-Dec-2011	0.748223
2-ExchangeRate: EUR to USD on 30-Sep-2011	0.745323

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	1.00	0.87	1.01	1.24	0.94
Quick/Acid Test Ratio	0.94	0.80	0.92	1.16	0.88
Working Capital1	42.2	-954.1	27.2	1,103.9	-231.4
Long Term Debt/Equity	6.72	6.74	10.61	6.21	4.69
Total Debt/Equity	7.74	7.76	11.85	7.36	7.15
Long Term Debt/Total Capital	0.77	0.77	0.83	0.74	0.58
Total Debt/Total Capital	0.89	0.89	0.92	0.88	0.88
Payout Ratio	8.75%	8.18%	9.51%	12.77%	11.72%
Effective Tax Rate	-0.17%	22.26%	-185.09%	9.16%	9.90%
Total Capital1	13,954.0	10,094.2	7,266.9	7,538.1	4,193.8
Efficiency
Asset Turnover	0.44	0.49	0.54	0.44	0.64
Inventory Turnover	10.20	9.31	10.59	9.43	11.39
Days In Inventory	35.79	39.19	34.48	38.71	32.05
Receivables Turnover	3.09	3.24	3.49	2.49	3.73
Days Receivables Outstanding	118.01	112.59	104.45	146.75	97.85
Revenue/Employee2	329,007	333,601	288,944	253,350	272,478
Operating Income/Employee2	31,926	26,512	21,708	19,784	21,238
EBITDA/Employee2	43,925	36,561	28,464	23,705	25,459
Profitability
Gross Margin	33.07%	25.70%	21.57%	30.20%	38.62%
Operating Margin	9.70%	7.95%	7.51%	7.81%	7.79%
EBITDA Margin	13.35%	10.96%	9.85%	9.36%	9.34%
EBIT Margin	9.70%	7.95%	7.51%	7.81%	7.79%
Pretax Margin	4.10%	4.81%	1.20%	3.68%	4.80%
Net Profit Margin	3.23%	3.14%	2.91%	4.03%	3.57%
R&D Expense/Revenue	0.81%	0.94%	0.86%	0.70%	0.83%
COGS/Revenue	58.14%	56.82%	61.21%	62.03%	58.44%
SG&A Expense/Revenue	13.50%	13.57%	13.80%	11.76%	14.32%
Management Effectiveness
Return on Assets	1.79%	1.83%	1.85%	1.48%	2.78%
Return on Equity	20.80%	28.16%	27.43%	23.91%	25.56%
Valuation
Free Cash Flow/Share2	-22.68	-22.14	-17.93	-13.43	-10.39
Operating Cash Flow/Share 2	11.44	11.53	11.99	7.45	3.59
1-ExchangeRate: EUR to USD Period End Date	0.745406	0.696986	0.719399	0.683971	0.758351
2-ExchangeRate: EUR to USD Average for Period	0.745406	0.696986	0.719399	0.683971	0.758351

Current Market Multiples
Market Cap/Earnings (TTM)	9.27
Market Cap/Equity (MRQ)	1.53
Market Cap/Revenue (TTM)	0.21
Market Cap/EBIT (TTM)	2.04
Market Cap/EBITDA (TTM)	1.92
Enterprise Value/Earnings (TTM)	45.98
Enterprise Value/Equity (MRQ)	7.60
Enterprise Value/Revenue (TTM)	1.05
Enterprise Value/EBIT (TTM)	10.15
Enterprise Value/EBITDA (TTM)	9.55

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	7,371.6	5,767.8	5,513.1	3,634.8	3,359.2
Revenue	7,371.6	5,767.8	5,513.1	3,634.8	3,359.2
Other Revenue	1,114.6	1,774.1	1,550.9	455.1	169.0
Other Revenue, Total	1,114.6	1,774.1	1,550.9	455.1	169.0
Total Revenue	8,486.2	7,541.8	7,064.1	4,090.0	3,528.2
Cost of Revenue	4,933.7	4,285.3	4,324.0	2,537.2	2,061.7
Cost of Revenue, Total	4,933.7	4,285.3	4,324.0	2,537.2	2,061.7
Gross Profit	2,437.9	1,482.5	1,189.2	1,097.7	1,297.4
Labor & Related Expense	1,146.0	1,023.6	974.7	480.8	505.3
Total Selling/General/Administrative Expenses	1,146.0	1,023.6	974.7	480.8	505.3
Research & Development	69.0	71.1	61.0	28.7	29.2
Depreciation	424.5	444.2	260.9	122.6	86.2
Depreciation/Amortization	424.5	444.2	260.9	122.6	86.2
Other Operating Expense	1,089.5	1,118.1	912.8	601.3	570.8
Other Operating Expenses, Total	1,089.5	1,118.1	912.8	601.3	570.8
Total Operating Expense	7,662.7	6,942.5	6,533.4	3,770.6	3,253.2
Operating Income	823.5	599.4	530.7	319.4	275.0
Interest Expense - Non-Operating	-447.5	-260.3	-377.4	-225.4	-149.6
Interest Expense, Net Non-Operating	-447.5	-260.3	-377.4	-225.4	-149.6
Interest Income - Non-Operating	53.2	8.2	45.2	31.0	30.7
Investment Income - Non-Operating	-12.7	109.9	-75.7	33.1	19.8
Interest/Investment Income - Non-Operating	40.5	118.1	-30.5	64.1	50.5
Interest Income (Expense) - Net Non-Operating Total	-407.1	-142.2	-407.9	-161.3	-99.1
Other Non-Operating Income (Expense)	-68.3	-94.5	-37.7	-7.6	-6.7
Other, Net	-68.3	-94.5	-37.7	-7.6	-6.7
Income Before Tax	348.1	362.7	85.1	150.4	169.2
Total Income Tax	-0.6	80.7	-157.4	13.8	16.7
Income After Tax	348.7	282.0	242.5	136.7	152.5
Minority Interest	-74.4	-45.1	-37.1	28.1	-26.6
Net Income Before Extraord Items	274.4	236.8	205.4	164.8	125.9
Net Income	274.4	236.8	205.4	164.8	125.9
Income Available to Common Excl Extraord Items	274.4	236.8	205.4	164.8	125.9
Income Available to Common Incl Extraord Items	274.4	236.8	205.4	164.8	125.9
Basic/Primary Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Basic EPS Excl Extraord Items	3.03	2.62	2.27	1.82	1.39
Basic/Primary EPS Incl Extraord Items	3.03	2.62	2.27	1.82	1.39
Diluted Net Income	274.4	236.8	205.4	164.8	125.9
Diluted Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Diluted EPS Excl Extraord Items	3.03	2.62	2.27	1.82	1.39
Diluted EPS Incl Extraord Items	3.03	2.62	2.27	1.82	1.39
Dividends per Share - Common Stock Primary Issue	0.27	0.21	0.22	0.23	0.16
Gross Dividends - Common Stock	24.0	23.9	23.8	21.1	18.2
Interest Expense, Supplemental	447.5	260.3	377.4	225.4	149.6
Depreciation, Supplemental	245.0	160.2	123.2	55.9	47.1
Normalized Income Before Tax	348.1	362.7	85.1	150.4	169.2
Inc Tax Ex Impact of Sp Items	-0.6	80.7	-157.4	13.8	16.7
Normalized Income After Tax	348.7	282.0	242.5	136.7	152.5
Normalized Inc. Avail to Com.	274.4	236.8	205.4	164.8	125.9
Basic Normalized EPS	3.03	2.62	2.27	1.82	1.39
Diluted Normalized EPS	3.03	2.62	2.27	1.82	1.39
Amort of Intangibles, Supplemental	64.5	66.9	42.0	7.4	7.5
Rental Expenses	123.8	117.8	100.1	62.7	-
Research & Development Exp, Supplemental	69.0	71.1	61.0	28.7	29.2
Normalized EBIT	823.5	599.4	530.7	319.4	275.0
Normalized EBITDA	1,133.0	826.5	695.9	382.7	329.7
Current Tax - Total	12.1	72.0	-	-	-3.1
Current Tax - Total	12.1	72.0	-	-	-3.1
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Income Tax - Total	-0.6	80.7	-	-	16.7

Interim income statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	6 Months	3 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Restated Normal 30-Sep-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.707825	0.713558	0.731463	0.75577	0.774922
Net Sales	2,319.0	4,404.2	2,264.4	3,675.1	1,390.8
Revenue	2,319.0	4,404.2	2,264.4	3,675.1	1,390.8
Other Revenue	-	629.9	-	820.8	-
Other Revenue, Total	-	629.9	-	820.8	-
Total Revenue	2,319.0	5,034.1	2,264.4	4,495.9	1,390.8
Cost of Revenue	2,018.4	3,325.7	-	2,622.5	1,063.1
Cost of Revenue, Total	2,018.4	3,325.7	-	2,622.5	1,063.1
Gross Profit	300.6	1,078.5	2,264.4	1,052.6	327.7
Labor & Related Expense	-	437.8	-	589.7	-
Total Selling/General/Administrative Expenses	-	437.8	-	589.7	-
Research & Development	12.6	16.0	-	37.8	11.9
Depreciation	95.4	169.6	91.7	228.9	84.3
Depreciation/Amortization	95.4	169.6	91.7	228.9	84.3
Other Operating Expense	-	604.6	1,916.7	555.8	-
Other, Net	-108.0	-	-	-	76.7
Other Operating Expenses, Total	-108.0	604.6	1,916.7	555.8	76.7
Total Operating Expense	2,018.5	4,553.7	2,008.4	4,034.7	1,236.0
Operating Income	300.6	480.4	255.9	461.2	154.8
Interest Expense - Non-Operating	-195.8	-327.0	-	-344.3	-156.1
Interest Expense, Net Non-Operating	-195.8	-327.0	-	-344.3	-156.1
Interest Income - Non-Operating	35.8	65.8	-	49.5	9.6
Investment Income - Non-Operating	-22.5	11.3	1.2	16.2	4.7
Interest/Investment Income - Non-Operating	13.3	77.1	1.2	65.7	14.3
Interest Income (Expense) - Net Non-Operating Total	-182.5	-249.8	1.2	-278.6	-141.8
Other Non-Operating Income (Expense)	-132.2	-109.8	-180.2	-59.4	70.6
Other, Net	-132.2	-109.8	-180.2	-59.4	70.6
Income Before Tax	-14.1	120.8	77.0	123.2	83.5
Total Income Tax	-38.3	-42.9	-7.0	-45.5	3.7
Income After Tax	24.2	163.6	83.9	168.7	79.8
Minority Interest	-19.0	-1.4	-6.8	-27.5	-11.8
Net Income Before Extraord Items	5.2	162.2	77.1	141.2	68.0
Discontinued Operations	148.5	-19.1	-	-	0.9
Total Extraord Items	148.5	-19.1	-	-	0.9
Net Income	153.7	143.1	77.1	141.2	68.9
Income Available to Common Excl Extraord Items	5.2	162.2	77.1	141.2	68.0
Income Available to Common Incl Extraord Items	153.7	143.1	77.1	141.2	68.9
Basic/Primary Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Basic EPS Excl Extraord Items	0.06	1.79	0.85	1.56	0.75
Basic/Primary EPS Incl Extraord Items	1.70	1.58	0.85	1.56	0.76
Diluted Net Income	153.7	143.1	77.1	141.2	68.9
Diluted Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Diluted EPS Excl Extraord Items	0.06	1.79	0.85	1.56	0.75
Diluted EPS Incl Extraord Items	1.70	1.58	0.85	1.56	0.76
Dividends per Share - Common Stock Primary Issue	-	-	-	0.27	-
Gross Dividends - Common Stock	-	-	-	23.9	-
Interest Expense, Supplemental	195.8	327.0	-	344.3	156.1
Depreciation, Supplemental	95.4	169.6	91.7	-98.5	84.3
Normalized Income Before Tax	-14.1	120.8	77.0	123.2	83.5
Inc Tax Ex Impact of Sp Items	-38.3	-42.9	-7.0	-45.5	3.7
Normalized Income After Tax	24.2	163.6	83.9	168.7	79.8
Normalized Inc. Avail to Com.	5.2	162.2	77.1	141.2	68.0
Basic Normalized EPS	0.06	1.79	0.85	1.56	0.75
Diluted Normalized EPS	0.06	1.79	0.85	1.56	0.75
Amort of Intangibles, Supplemental	-	-	-	28.4	-
Research & Development Exp, Supplemental	12.6	16.0	-	37.8	11.9
Normalized EBIT	300.6	480.4	255.9	461.2	154.8
Normalized EBITDA	396.0	650.0	347.7	391.2	239.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399	0.683971	0.758351
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	4,002.1	2,218.7	1,854.0	2,482.4	1,355.5
Short Term Investments	1,225.6	691.5	919.8	872.0	635.2
Cash and Short Term Investments	5,227.7	2,910.2	2,773.8	3,354.4	1,990.8
Accounts Receivable - Trade, Gross	1,972.0	2,124.7	1,293.3	1,712.8	951.2
Provision for Doubtful Accounts	-31.3	-30.7	-15.3	-37.6	-9.2
Trade Accounts Receivable - Net	1,940.7	2,094.0	1,277.9	1,675.2	942.1
Other Receivables	932.2	778.6	589.3	402.2	352.9
Total Receivables, Net	2,872.9	2,872.6	1,867.3	2,077.4	1,295.0
Inventories - Finished Goods	115.4	142.5	156.4	164.2	59.7
Inventories - Work In Progress	69.4	97.2	74.4	65.0	56.9
Inventories - Raw Materials	207.6	135.1	112.1	93.8	68.6
Inventories - Other	124.2	121.0	96.5	31.5	13.5
Total Inventory	516.5	495.8	439.4	354.5	198.8
Total Current Assets	8,617.1	6,278.7	5,080.4	5,786.3	3,484.5
Land/Improvements	763.2	562.2	438.6	399.0	286.4
Machinery/Equipment	1,829.1	1,607.3	1,021.6	1,066.8	778.3
Construction in Progress	254.0	1,112.5	336.9	178.6	59.8
Other Property/Plant/Equipment	4,426.2	2,866.3	2,437.1	1,654.8	763.7
Property/Plant/Equipment - Gross	7,272.4	6,148.3	4,234.1	3,299.3	1,888.3
Accumulated Depreciation	-1,544.2	-1,348.7	-899.2	-890.2	-560.3
Property/Plant/Equipment - Net	5,728.2	4,799.6	3,334.9	2,409.1	1,328.0
Goodwill, Net	1,914.8	1,910.2	1,345.1	1,629.3	785.3
Intangibles - Gross	5,107.9	3,620.0	1,463.6	1,532.5	1,115.0
Accumulated Intangible Amortization	-437.5	-317.6	-108.4	-108.6	-50.3
Intangibles, Net	4,670.5	3,302.4	1,355.2	1,423.9	1,064.6
LT Investment - Affiliate Companies	65.2	117.1	69.6	73.3	69.4
LT Investments - Other	587.3	375.4	425.9	257.1	122.1
Long Term Investments	652.5	492.5	495.4	330.5	191.4
Deferred Income Tax - Long Term Asset	1,188.2	964.3	568.9	278.5	301.9
Discontinued Operations - Long Term Asset	0.0	-	1,435.0	-	-
Other Long Term Assets, Total	1,188.2	964.3	2,003.9	278.5	301.9
Total Assets	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
Accounts Payable	4,935.5	4,342.2	3,987.2	3,391.2	2,190.1
Accrued Expenses	71.1	57.2	-	-	-
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	1,626.0	1,180.6	700.0	1,037.7	1,266.6
Customer Advances	723.6	601.6	-	-	-
Income Taxes Payable	460.1	420.1	254.6	232.6	178.4
Other Payables	616.5	480.9	-	-	-
Other Current Liabilities	142.1	150.3	111.5	20.9	80.7
Other Current liabilities, Total	1,942.2	1,652.9	366.1	253.5	259.1
Total Current Liabilities	8,574.8	7,232.8	5,053.3	4,682.3	3,715.9
Long Term Debt	10,683.3	7,713.2	5,987.4	5,549.8	2,400.8
Capital Lease Obligations	48.6	48.7	14.0	48.6	11.9
Total Long Term Debt	10,732.0	7,762.0	6,001.5	5,598.4	2,412.7
Total Debt	12,358.0	8,942.5	6,701.5	6,636.0	3,679.3
Deferred Income Tax - LT Liability	418.9	354.0	171.6	203.5	113.9
Deferred Income Tax	418.9	354.0	171.6	203.5	113.9
Minority Interest	591.2	528.4	306.8	263.9	199.1
Reserves	206.3	194.4	256.7	183.4	77.1
Other Long Term Liabilities	652.0	524.5	207.8	23.9	122.6
Discontinued Operations - Liabilities	-	-	1,052.0	-	-
Other Liabilities, Total	858.3	718.9	1,516.5	207.3	199.7
Total Liabilities	21,175.2	16,596.0	13,049.5	10,955.4	6,641.3
Common Stock	30.3	32.4	31.4	33.1	29.8
Common Stock	30.3	32.4	31.4	33.1	29.8
Retained Earnings (Accumulated Deficit)	1,208.1	1,069.8	881.7	846.5	494.2
Translation Adjustment	357.5	49.4	-347.7	22.5	-9.6
Other Equity, Total	357.5	49.4	-347.7	22.5	-9.6
Total Equity	1,596.0	1,151.7	565.5	902.1	514.4
Total Liabilities & Shareholders’ Equity	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
Shares Outstanding - Common Stock Primary Issue	90.2	90.3	88.3	90.5	90.5
Total Common Shares Outstanding	90.2	90.3	88.3	90.5	90.5
Treasury Shares - Common Stock Primary Issue	0.2	0.1	2.2	-	-
Employees	26,128	23,323	23,234	17,245	13,608
Accumulated Intangible Amort, Suppl.	437.5	124.8	16.4	35.0	18.9
Deferred Revenue - Current	723.6	601.6	-	-	-
Total Long Term Debt, Supplemental	4,382.2	3,888.0	2,964.6	4,449.5	2,411.6
Long Term Debt Maturing within 1 Year	848.9	878.6	346.5	1,019.1	1,260.2
Long Term Debt Maturing in Year 2	950.8	2,009.7	864.3	94.5	38.9
Long Term Debt Maturing in Year 3	1,926.7	454.7	113.6	436.5	14.9
Long Term Debt Maturing in Year 4	484.1	131.9	119.5	1,306.4	364.4
Long Term Debt Maturing in Year 5	56.7	203.4	120.5	1,007.7	364.4
Long Term Debt Maturing in Year 6	42.6	87.8	-	-	-
Long Term Debt Maturing in 2-3 Years	2,877.5	2,464.3	978.0	530.9	53.8
Long Term Debt Maturing in 4-5 Years	540.7	335.3	240.1	2,314.1	728.8
Long Term Debt Matur. in Year 6 & Beyond	115.0	209.8	1,400.0	585.3	368.8
Total Capital Leases, Supplemental	72.4	75.4	28.6	74.8	-
Capital Lease Payments Due in Year 1	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 2	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 3	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 4	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in Year 5	11.6	14.7	5.3	14.5	-
Capital Lease Payments Due in 2-3 Years	23.2	29.5	10.7	29.1	-
Capital Lease Payments Due in 4-5 Years	23.2	29.5	10.7	29.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	14.4	1.7	1.9	2.0	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745323	0.689727	0.704672	0.745406	0.732493
Cash & Equivalents	3,971.9	3,976.3	3,704.3	4,002.1	2,887.5
Short Term Investments	1,225.2	1,158.4	1,750.2	1,225.6	628.9
Cash and Short Term Investments	5,197.1	5,134.7	5,454.5	5,227.7	3,516.5
Accounts Receivable - Trade, Gross	2,626.6	3,199.1	-	1,972.0	-
Provision for Doubtful Accounts	-43.6	-48.0	-	-31.3	-
Trade Accounts Receivable - Net	2,583.1	3,151.2	3,204.9	1,940.7	2,852.3
Other Receivables	-	-	-	932.2	-
Total Receivables, Net	2,583.1	3,151.2	3,204.9	2,872.9	2,852.3
Inventories - Finished Goods	176.3	235.7	-	93.6	-
Inventories - Work In Progress	88.0	116.4	-	69.4	-
Inventories - Raw Materials	185.9	204.0	-	207.6	-
Inventories - Other	128.2	98.1	-	146.0	-
Total Inventory	578.5	654.1	656.9	516.5	572.2
Total Current Assets	8,358.6	8,940.0	9,316.2	8,617.1	6,940.9
Land/Improvements	1,252.0	1,385.9	-	-	-
Machinery/Equipment	3,673.2	5,054.9	-	-	-
Construction in Progress	240.8	1,156.3	-	-	-
Other Property/Plant/Equipment	511.9	534.0	-	-	-
Property/Plant/Equipment - Gross	5,677.8	8,131.2	-	7,272.4	-
Accumulated Depreciation	-1,561.7	-1,708.3	-	-1,544.2	-
Property/Plant/Equipment - Net	4,116.2	6,422.9	8,739.0	5,728.2	6,647.3
Goodwill, Net	1,476.4	1,654.3	-	1,914.8	-
Intangibles - Gross	7,437.0	5,313.9	-	5,107.9	-
Accumulated Intangible Amortization	-331.0	-289.4	-	-437.5	-
Intangibles, Net	7,106.0	5,024.4	4,657.2	4,670.5	5,073.8
LT Investments - Other	636.4	644.0	844.6	652.5	632.8
Long Term Investments	636.4	644.0	844.6	652.5	632.8
Deferred Income Tax - Long Term Asset	1,395.4	1,268.2	1,303.0	1,188.2	1,033.7
Discontinued Operations - Long Term Asset	954.3	2,858.6	-	-	-
Other Long Term Assets	-	-	-	-	-0.1
Other Long Term Assets, Total	2,349.7	4,126.8	1,303.0	1,188.2	1,033.6
Total Assets	24,043.3	26,812.4	24,860.1	22,771.2	20,328.4
Accounts Payable	4,311.2	4,518.9	6,722.3	6,346.6	5,279.1
Accrued Expenses	62.7	68.6	-	-	-
Notes Payable/Short Term Debt	0.0	88.9	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	1,249.3	1,669.3	1,849.7	1,626.0	1,009.3
Customer Advances	556.3	446.1	-	-	-
Income Taxes Payable	401.2	467.6	493.3	460.1	397.3
Other Payables	1,877.9	1,861.7	-	-	-
Discontinued Operations - Current Liability	381.9	1,701.3	-	-	-
Other Current Liabilities	70.0	124.1	115.2	142.1	156.3
Other Current liabilities, Total	3,287.3	4,600.9	608.5	602.2	553.6
Total Current Liabilities	8,910.4	10,946.7	9,180.4	8,574.8	6,842.0
Long Term Debt	11,999.0	12,267.2	11,953.6	10,732.0	10,237.2
Capital Lease Obligations	45.9	48.1	-	-	-
Total Long Term Debt	12,044.9	12,315.3	11,953.6	10,732.0	10,237.2
Total Debt	13,294.2	14,073.5	13,803.3	12,358.0	11,246.5
Deferred Income Tax - LT Liability	315.0	325.9	505.8	418.9	425.5
Deferred Income Tax	315.0	325.9	505.8	418.9	425.5
Minority Interest	427.5	700.9	-	591.2	-
Reserves	148.0	173.4	453.4	206.3	182.5
Other Long Term Liabilities	793.2	649.6	486.5	652.0	502.3
Other Liabilities, Total	941.2	822.9	939.9	858.3	684.8
Total Liabilities	22,639.1	25,111.7	22,579.7	21,175.2	18,189.5
Common Stock	121.4	131.2	-	30.3	-
Common Stock	121.4	131.2	-	30.3	-
Retained Earnings (Accumulated Deficit)	1,227.3	1,349.1	1,616.1	1,208.1	470.2
Translation Adjustment	55.6	220.5	-	357.5	-
Other Equity	-	-	664.3	-	1,668.7
Other Equity, Total	55.6	220.5	664.3	357.5	1,668.7
Total Equity	1,404.2	1,700.7	2,280.4	1,596.0	2,138.9
Total Liabilities & Shareholders’ Equity	24,043.3	26,812.4	24,860.1	22,771.2	20,328.4
Shares Outstanding - Common Stock Primary Issue	90.2	90.2	90.5	90.2	90.5
Total Common Shares Outstanding	90.2	90.2	90.5	90.2	90.5
Treasury Shares - Common Stock Primary Issue	0.2	0.2	-	0.2	-
Employees	25,370	26,292	-	26,128	25,971
Accumulated Intangible Amort, Suppl.	331.0	289.4	-	177.2	-
Deferred Revenue - Current	556.3	446.1	-	-	-
Total Long Term Debt, Supplemental	5,498.5	6,201.6	-	4,382.2	1,009.3
Long Term Debt Maturing within 1 Year	528.5	835.1	-	848.9	1,009.3
Long Term Debt Maturing in Year 2	927.2	975.1	-	950.8	-
Long Term Debt Maturing in Year 3	2,137.8	2,021.9	-	1,926.7	-
Long Term Debt Maturing in Year 4	685.5	1,022.7	-	484.1	-
Long Term Debt Maturing in Year 5	818.6	876.8	-	-	-
Long Term Debt Maturing in 2-3 Years	3,065.0	2,997.1	-	2,877.5	-
Long Term Debt Maturing in 4-5 Years	1,504.1	1,899.5	-	484.1	-
Long Term Debt Matur. in Year 6 & Beyond	400.8	469.9	-	171.7	0.0

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	348.7	282.0	242.5	185.9	152.5
Depreciation	424.5	444.2	260.9	201.2	86.2
Depreciation/Depletion	424.5	444.2	260.9	201.2	86.2
Discontinued Operations	-	-	-	0.0	-
Unusual Items	-153.4	-78.7	81.5	5.2	-28.2
Equity in Net Earnings (Loss)	-12.6	-15.6	-13.5	-5.8	-9.5
Other Non-Cash Items	394.4	286.5	-	-	-
Non-Cash Items	228.3	192.1	68.0	-0.6	-37.7
Accounts Receivable	-129.4	-181.7	-456.4	-569.6	-622.8
Inventories	-52.4	-1.4	-130.0	-46.4	-44.6
Accounts Payable	726.5	668.8	1,099.8	844.6	798.7
Taxes Payable	-0.6	80.7	-157.4	19.5	16.7
Other Assets & Liabilities, Net	-120.0	-199.4	187.7	-25.8	-58.0
Other Operating Cash Flow	-406.7	-275.8	-1.1	22.5	17.9
Changes in Working Capital	17.4	91.3	542.5	244.7	107.9
Cash from Operating Activities	1,019.0	1,009.6	1,113.9	631.3	308.8
Purchase of Fixed Assets	-1,701.1	-2,301.9	-2,147.2	-912.5	-379.3
Purchase/Acquisition of Intangibles	-1,338.8	-646.3	-631.8	-856.4	-823.9
Capital Expenditures	-3,039.9	-2,948.2	-2,779.0	-1,768.9	-1,203.3
Sale of Fixed Assets	9.2	183.9	150.5	50.4	29.4
Sale/Maturity of Investment	129.3	14.0	18.1	24.7	0.0
Purchase of Investments	-21.2	-29.0	-10.3	-11.1	0.0
Sale of Intangible Assets	3.5	31.7	93.4	92.1	46.6
Other Investing Cash Flow	90.7	236.7	21.7	19.3	26.6
Other Investing Cash Flow Items, Total	211.5	437.3	273.3	175.3	102.6
Cash from Investing Activities	-2,828.4	-2,510.9	-2,505.7	-1,593.6	-1,100.7
Other Financing Cash Flow	3,672.0	1,621.6	976.6	1,912.8	1,552.7
Financing Cash Flow Items	3,672.0	1,621.6	976.6	1,912.8	1,552.7
Cash Dividends Paid - Common	-22.8	-22.6	-22.5	-33.5	-17.3
Total Cash Dividends Paid	-22.8	-22.6	-22.5	-33.5	-17.3
Cash from Financing Activities	3,649.2	1,599.0	954.1	1,879.3	1,535.4
Foreign Exchange Effects	63.0	107.8	-	-	-
Net Change in Cash	1,902.7	205.5	-437.7	916.9	743.6
Net Cash - Beginning Balance	2,048.0	1,945.2	2,388.5	1,407.0	546.3
Net Cash - Ending Balance	3,950.8	2,150.7	1,950.8	2,323.8	1,289.8
Cash Interest Paid	424.9	260.3	-	-	-
Cash Taxes Paid	47.9	55.5	-	-	-

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Restated Normal 30-Sep-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.711706	0.713558	0.731463	0.755078	0.774922
Net Income/Starting Line	188.1	163.6	-	348.7	197.2
Depreciation	-	-	-	424.5	-
Depreciation/Depletion	-	-	-	424.5	-
Discontinued Operations	-57.2	-183.4	-	-	-17.8
Other Non-Cash Items	812.8	478.4	-	227.7	585.3
Non-Cash Items	755.5	295.0	-	227.7	567.5
Accounts Receivable	-	-	-	-129.4	-
Inventories	-	-	-	-52.4	-
Accounts Payable	-	-	-	726.5	-
Other Assets & Liabilities, Net	863.3	510.6	-81.5	-120.0	-21.3
Other Operating Cash Flow	-489.1	-325.4	191.9	-406.7	-439.2
Changes in Working Capital	374.2	185.2	110.5	17.9	-460.5
Cash from Operating Activities	1,317.8	643.8	110.5	1,019.0	304.1
Purchase of Fixed Assets	-	-	-820.0	-1,434.9	-
Purchase/Acquisition of Intangibles	-2,672.9	-1,872.1	-	-1,338.8	-1,909.1
Capital Expenditures	-2,672.9	-1,872.1	-820.0	-2,773.7	-1,909.1
Sale of Business	-	-	-	129.3	-
Sale of Fixed Assets	-	-	-	9.2	-
Sale/Maturity of Investment	-	-	-	0.0	-
Purchase of Investments	-16.6	-182.0	-253.1	-287.4	-214.9
Sale of Intangible Assets	-	-	-	3.5	-
Other Investing Cash Flow	12.7	-22.8	-	90.7	70.3
Other Investing Cash Flow Items, Total	-4.0	-204.9	-253.1	-54.6	-144.6
Cash from Investing Activities	-2,676.8	-2,076.9	-1,073.1	-2,828.4	-2,053.6
Other Financing Cash Flow	1,466.7	1,150.5	496.9	3,672.0	2,411.0
Financing Cash Flow Items	1,466.7	1,150.5	496.9	3,672.0	2,411.0
Cash Dividends Paid - Common	-25.4	0.0	-	-22.8	-22.2
Total Cash Dividends Paid	-25.4	0.0	-	-22.8	-22.2
Cash from Financing Activities	1,441.2	1,150.5	496.9	3,649.2	2,388.8
Foreign Exchange Effects	-23.9	-42.9	-44.0	63.0	46.5
Net Change in Cash	58.3	-325.4	-509.7	1,902.7	685.8
Net Cash - Beginning Balance	4,191.6	4,180.7	4,078.4	2,048.0	1,995.6
Net Cash - Ending Balance	4,170.9	3,855.2	3,568.6	3,950.8	2,565.7
Cash Interest Paid	405.0	254.3	-	424.9	346.8
Cash Taxes Paid	84.1	71.2	-	47.9	92.5

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Turnover	7,371.6	5,767.8	5,513.1	3,634.8	3,359.2
Other Income	1,114.6	1,774.1	1,550.9	455.1	169.0
Total Revenue	8,486.2	7,541.8	7,064.1	4,090.0	3,528.2
Decrease in Stocks	-36.2	32.9	-30.1	-36.9	-3.2
Materials Consumed	4,969.9	4,252.4	4,354.1	2,574.1	2,064.9
Personnel Expenses	1,146.0	1,023.6	974.7	480.8	505.3
Depreciation	424.5	444.2	260.9	122.6	86.2
Research and Development Costs	69.0	71.1	61.0	28.7	29.2
Other Expenses	1,089.5	1,118.1	912.8	601.3	570.8
Total Operating Expense	7,662.7	6,942.5	6,533.4	3,770.6	3,253.2
Interest Income	53.2	8.2	45.2	31.0	30.7
Interest Expense	-447.5	-260.3	-377.4	-225.4	-149.6
Financial Income	43.5	11.4	-	-	-
Other Financial Expense	-96.7	-36.0	-27.3	-	-
Exhange Difference, Net	-25.3	94.3	-89.3	27.3	10.4
Other Financials	-15.2	-69.9	-10.4	-7.6	-6.7
Income/Loss Associates	12.6	15.6	13.5	5.8	9.5
Net Income Before Taxes	348.1	362.7	85.1	150.4	169.2
Provision for Income Taxes	-0.6	80.7	-157.4	13.8	16.7
Net Income After Taxes	348.7	282.0	242.5	136.7	152.5
Minority Interests	-74.4	-45.1	-37.1	28.1	-26.6
Net Income Before Extra. Items	274.4	236.8	205.4	164.8	125.9
Net Income	274.4	236.8	205.4	164.8	125.9
Income Available to Com Excl ExtraOrd	274.4	236.8	205.4	164.8	125.9
Income Available to Com Incl ExtraOrd	274.4	236.8	205.4	164.8	125.9
Basic Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Basic EPS Excluding ExtraOrdinary Items	3.03	2.62	2.27	1.82	1.39
Basic EPS Including ExtraOrdinary Item	3.03	2.62	2.27	1.82	1.39
Diluted Net Income	274.4	236.8	205.4	164.8	125.9
Diluted Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Diluted EPS Excluding ExtraOrd Items	3.03	2.62	2.27	1.82	1.39
Diluted EPS Including ExtraOrd Items	3.03	2.62	2.27	1.82	1.39
DPS-Common Stock	0.27	0.21	0.22	0.23	0.16
Gross Dividends - Common Stock	24.0	23.9	23.8	21.1	18.2
Normalized Income Before Taxes	348.1	362.7	85.1	150.4	169.2
Inc Tax Ex Impact of Sp Items	-0.6	80.7	-157.4	13.8	16.7
Normalized Income After Taxes	348.7	282.0	242.5	136.7	152.5
Normalized Inc. Avail to Com.	274.4	236.8	205.4	164.8	125.9
Basic Normalized EPS	3.03	2.62	2.27	1.82	1.39
Diluted Normalized EPS	3.03	2.62	2.27	1.82	1.39
Research and Development	69.0	71.1	61.0	28.7	29.2
Interest Expense	447.5	260.3	377.4	225.4	149.6
Amort of Intangibles	28.5	49.7	42.0	7.4	7.5
Depreciation	96.9	262.4	123.2	55.9	47.1
Rental Expense	123.8	117.8	100.1	62.7	-
Current Tax - Total	12.1	72.0	-	-	-3.1
Current Tax - Total	12.1	72.0	-	-	-3.1
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Deferred Tax - Total	-12.7	8.8	-	-	19.9
Income Tax - Total	-0.6	80.7	-	-	16.7

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	6 Months	3 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Restated Normal 30-Jun-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.713558	0.731463	0.75577	0.774922	0.754409
Turnover	4,404.2	2,264.4	3,675.1	1,431.8	3,028.8
Other Income	629.9	-	820.8	-	405.4
Total Revenue	5,034.1	2,264.4	4,495.9	1,431.8	3,434.2
Increase in Stocks	-91.0	-	2.2	-	-34.0
Materials Consumed	3,416.6	-	2,620.3	-	2,185.9
Personnel Expenses	437.8	-	589.7	-	362.1
Depreciation	169.6	91.7	228.9	96.3	144.1
Research and Development	16.0	-	37.8	-	21.3
Other Operating Expense	604.6	1,916.7	555.8	1,148.4	446.5
Total Operating Expense	4,553.7	2,008.4	4,034.7	1,244.6	3,125.9
Interest Income	65.8	-	49.5	-	9.9
Investment Income	7.3	-	-	-	20.7
Financial Income	-	-	21.4	-	-
Interest Expenses	-327.0	-	-344.3	-	-207.8
Financial Expenses	-60.5	-	23.2	-	-4.9
Foreign Exchange	0.8	-	10.4	-	-26.8
Other Financials, Net	-49.3	-180.2	-104.0	-102.8	41.4
Share Equity Comp.	3.2	1.2	5.8	4.1	6.9
Net Income Before Taxes	120.8	77.0	123.2	88.5	147.6
Provision for Income Taxes	-42.9	-7.0	-45.5	5.2	27.1
Net Income After Taxes	163.6	83.9	168.7	83.2	120.6
Minority Interests	-1.4	-6.8	-27.5	-11.9	-47.2
Net Income Before Extra. Items	162.2	77.1	141.2	71.3	73.4
Discontinued Operations	-19.1	-	-	-	48.4
Net Income	143.1	77.1	141.2	71.3	121.8
Income Available to Com Excl ExtraOrd	162.2	77.1	141.2	71.3	73.4
Income Available to Com Incl ExtraOrd	143.1	77.1	141.2	71.3	121.8
Basic Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Basic EPS Excluding ExtraOrdinary Items	1.79	0.85	1.56	0.79	0.81
Basic EPS Including ExtraOrdinary Item	1.58	0.85	1.56	0.79	1.35
Diluted Net Income	143.1	77.1	141.2	71.3	121.8
Diluted Weighted Average Shares	90.5	90.5	90.5	90.5	90.5
Diluted EPS Excluding ExtraOrd Items	1.79	0.85	1.56	0.79	0.81
Diluted EPS Including ExtraOrd Items	1.58	0.85	1.56	0.79	1.35
DPS-Common Stock	-	-	0.27	-	0.00
Gross Dividends - Common Stock	-	-	23.9	-	0.0
Normalized Income Before Taxes	120.8	77.0	123.2	88.5	147.6
Inc Tax Ex Impact of Sp Items	-42.9	-7.0	-45.5	5.2	27.1
Normalized Income After Taxes	163.6	83.9	168.7	83.2	120.6
Normalized Inc. Avail to Com.	162.2	77.1	141.2	71.3	73.4
Basic Normalized EPS	1.79	0.85	1.56	0.79	0.81
Diluted Normalized EPS	1.79	0.85	1.56	0.79	0.81
Research and Development	16.0	-	37.8	-	21.3
Amort of Intangibles	-	-	28.4	-	-
Depreciation	169.6	91.7	-98.5	96.3	144.1
Interest Expense	327.0	-	344.3	-	207.8

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399	0.683971	0.758351
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Commercial Stock	21.8	34.8	29.1	44.5	5.3
Raw Materials	207.6	135.1	112.1	93.8	68.6
Product WIP	9.5	3.2	4.2	2.7	4.2
Project WIP	59.8	94.0	70.2	62.3	52.8
Finished Goods	93.6	107.7	127.3	119.8	54.3
Products	21.6	18.3	19.4	0.0	-
Stock Advance	102.6	102.6	77.1	31.5	13.5
Trade Receivable	1,972.0	2,124.7	1,293.3	1,712.8	951.2
Provisions	-31.3	-30.7	-15.3	-37.6	-9.2
Other Receivable	932.2	778.6	589.3	402.2	352.9
Financial Assets Fair Value	-	-	0.0	0.0	102.5
Financial Assets Held for Sale	40.1	62.4	62.9	90.5	43.8
Financial Instruments	28.6	36.3	103.9	181.4	40.6
Other Investment	1,157.0	592.8	752.9	600.1	448.4
Cash Hand/Bank	4,002.1	2,218.7	1,854.0	2,482.4	1,355.5
Total Current Assets	8,617.1	6,278.7	5,080.4	5,786.3	3,484.5
I & D Expenses	-	-	-	38.0	20.0
O. Intangibles	668.5	353.6	140.5	161.7	35.5
Intang.Amort.	-177.2	-124.8	-16.4	-35.0	-18.9
Land/Buildings	763.2	562.2	438.6	399.0	286.4
Machinery	1,829.1	1,607.3	1,021.6	1,066.8	778.3
Construction	254.0	1,112.5	336.9	178.6	59.8
Other Tangibles	177.6	424.8	298.1	345.1	188.9
Depreciation	-823.2	-1,032.1	-656.3	-716.3	-469.9
Project Intang.	4,439.4	3,266.4	1,323.2	1,332.8	1,059.4
Amortisation	-260.2	-192.8	-92.0	-73.6	-31.5
Project Tangible	4,248.6	2,441.5	2,139.0	1,309.7	574.8
Depreciation	-720.9	-316.6	-242.9	-173.9	-90.4
Inv.in Assoc.	65.2	117.1	69.6	73.3	69.4
LT Investments	67.7	78.2	103.4	82.4	62.1
Other Investment	348.5	232.1	183.8	173.7	60.0
Goodwill	1,914.8	1,910.2	1,345.1	1,629.3	785.3
Derivatives	171.1	65.2	138.7	1.0	0.0
Deferred Tax	1,188.2	964.3	568.9	278.5	301.9
Discountinued Operations	0.0	-	1,435.0	-	-
Total Assets	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
Current Port of LT Debt	660.2	265.9	346.5	735.6	603.7
ST Project Fin.	848.9	878.6	304.4	266.6	636.6
Loans	51.2	1.8	40.6	16.8	19.9
Bonds and Debentures	43.6	8.5	-	-	-
Financial Leasing	22.1	25.6	8.5	18.5	6.4
Trade Payables	4,935.5	4,342.2	3,987.2	3,391.2	2,190.1
Customer Advances	723.6	601.6	-	-	-
Accrued Expenses	71.1	57.2	-	-	-
Non Trade Pay.	552.9	312.0	-	-	-
Other Payables	63.5	168.8	-	-	-
Provisions	19.4	12.6	19.9	14.1	18.1
Taxes	460.1	420.1	254.6	232.6	178.4
Other Current Liabilities	122.7	137.7	91.6	6.9	62.6
Total Current Liabilities	8,574.8	7,232.8	5,053.3	4,682.3	3,715.9
LT Debt	4,773.2	3,942.7	2,618.1	1,734.0	1,049.7
LT Project Fin.	3,533.3	3,009.4	3,145.5	3,430.4	1,151.4
Financial Leasing	48.6	48.7	14.0	48.6	11.9
Loans	108.5	126.4	223.8	385.4	199.7
Bonds and Debentures	2,268.3	634.7	-	-	-
Total Long Term Debt	10,732.0	7,762.0	6,001.5	5,598.4	2,412.7
Other LT Liabilities	229.9	196.9	-	-	-
Minority Int.	591.2	528.4	306.8	263.9	199.1
Deferred Tax	418.9	354.0	171.6	203.5	113.9
Provisions	206.3	194.4	256.7	183.4	77.1
Financial Instruments	389.0	305.7	196.1	14.3	116.6
Other Liabilities	33.0	21.8	11.7	9.7	6.1
Discontinued Operation	-	-	1,052.0	-	-
Total Liabilities	21,175.2	16,596.0	13,049.5	10,955.4	6,641.3
Share Capital	30.3	32.4	31.4	33.1	29.8
Consolid.Reserve	432.0	419.4	317.7	347.1	298.9
Other Reserves	-132.7	-116.4	2.9	35.6	-105.1
Exchange Diference/ I.G I.P	355.6	45.4	-347.0	19.3	-13.4
Exchange Diference/ M.P.	2.0	4.0	-0.7	3.2	3.8
Net Income	908.9	766.9	561.1	463.8	300.4
Total Equity	1,596.0	1,151.7	565.5	902.1	514.4
Total Liabilities & Shareholders' Equity	22,771.2	17,747.7	13,615.0	11,857.5	7,155.8
S/O-Common Stock	90.2	90.3	88.3	90.5	90.5
Total Common Shares Outstanding	90.2	90.3	88.3	90.5	90.5
T/S-Common Stock	0.2	0.1	2.2	-	-
Accumulated Intangible Amortization	437.5	124.8	16.4	35.0	18.9
Deferred Revenue - Current	723.6	601.6	-	-	-
Full-Time Employees	26,128	23,323	23,234	17,245	13,608
LT Debt Maturing within 1 Year	848.9	878.6	346.5	1,019.1	1,260.2
LT Debt Maturing in 2 Years	950.8	2,009.7	864.3	94.5	38.9
LT Debt Maturing in 3 Years	1,926.7	454.7	113.6	436.5	14.9
LT Debt Maturing in 4 Years	484.1	131.9	119.5	1,306.4	364.4
LT Debt Maturing in 5 Years	56.7	203.4	120.5	1,007.7	364.4
LT Debt Maturing in 6 Years	42.6	87.8	-	-	-
LT Debt - Remaining Maturities	72.5	122.0	1,400.0	585.3	368.8
Total Long Term Debt, Supplemental	4,382.2	3,888.0	2,964.6	4,449.5	2,411.6
Capital Leases < 5 Years	58.1	73.7	26.7	72.7	-
Capital Leases >5 Years	14.4	1.7	1.9	2.0	-
Total Capital Leases	72.4	75.4	28.6	74.8	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.689727	0.704672	0.745406	0.732493	0.816393
Stocks	-	656.9	-	572.2	-
Commercials	21.1	-	21.8	-	27.8
Raw Materials	204.0	-	207.6	-	156.7
Goods in Progress	33.3	-	9.5	-	10.1
Projects in Progress	83.0	-	59.8	-	76.0
Finished Goods	235.7	-	93.6	-	145.0
Agriculture Products	10.6	-	21.6	-	5.3
Advances	66.4	-	102.6	-	82.7
Accounts Receivable	-	3,204.9	-	2,852.3	-
Trade Receivables, Gross	3,199.1	-	1,972.0	-	1,870.5
Provision for Doubtful Accounts	-48.0	-	-31.3	-	-28.0
Other Receivables	-	-	932.2	-	829.2
ST Investments	1,158.4	1,750.2	1,225.6	628.9	496.5
Cash and Equivalents	3,976.3	3,704.3	4,002.1	2,887.5	2,939.4
Total Current Assets	8,940.0	9,316.2	8,617.1	6,940.9	6,611.1
Intangibles, Gross	392.0	-	668.5	-	2,405.2
Amortisation of Intangibles	-122.0	-	-177.2	-	-150.9
Goodwill	1,654.3	-	1,914.8	-	-
Tangibles, Gross	-	-	3,023.8	-	3,651.1
Land & Buildings	720.3	-	-	-	-
Machinery	1,849.9	-	-	-	-
Tangibles in Progress	108.8	-	-	-	-
Other Tangibles	142.7	-	-	-	-
Depreciation	-850.4	-	-823.2	-	-999.5
Intangibles (Projects), Gross	4,921.9	-	4,439.4	-	2,663.5
Amortisation of Intangibles (Projects)	-167.4	-	-260.2	-	-199.8
Tangibles (Projects), Gross	-	-	4,248.6	-	3,601.5
Land & Buildings (Projects)	665.7	-	-	-	-
Machinery (Projects)	3,205.1	-	-	-	-
Tangibles in Progress (Projects)	1,047.6	-	-	-	-
Other Tangibles (Projects)	391.3	-	-	-	-
Depreciation (Projects)	-857.9	-	-720.9	-	-304.4
Intangibles & Tangibles	-	4,657.2	-	5,073.8	-
Tangibles/Projects	-	8,739.0	-	6,647.3	-
Financial Investments	-	844.6	-	632.8	-
LT Investments	644.0	-	481.4	-	497.0
Derivatives	-	-	171.1	-	-
Deferred Tax	1,268.2	1,303.0	1,188.2	1,033.7	913.5
Adjustment	-	-	-	-0.1	-
Assets Held for Sale	2,858.6	-	-	-	-
Total Assets	26,812.4	24,860.1	22,771.2	20,328.4	18,688.3
ST Financing	819.1	724.6	660.2	289.7	272.6
ST Bank Loans	835.1	1,125.1	965.8	719.6	659.3
ST Leases	15.1	-	-	-	-
ST Debt	88.9	-	-	-	-
Trade Payables	4,518.9	6,722.3	6,346.6	5,279.1	5,081.0
Other Payables	1,861.7	-	-	-	-
Customer Advances	446.1	-	-	-	-
Salaries	68.6	-	-	-	-
Liabilties Held For Sale	1,701.3	-	-	-	-
Provisions	18.5	24.1	19.4	0.8	0.7
Tax on Current Earnings	467.6	493.3	460.1	397.3	352.2
Derivatives	-	91.2	-	155.5	-
Other Current Liabilities	105.6	-	122.7	-	108.0
Adjustment	-	-0.1	-	-	-
Total Current Liabilities	10,946.7	9,180.4	8,574.8	6,842.0	6,473.8
LT Debt	5,767.2	6,471.1	4,773.2	4,407.0	3,928.6
LT Project Financing	6,500.0	5,482.6	5,958.8	5,830.2	5,198.2
LT Leases	48.1	-	-	-	-
Total Long Term Debt	12,315.3	11,953.6	10,732.0	10,237.2	9,126.8
Minority Interest	700.9	-	591.2	-	589.5
Other Financial Liabilites	222.8	-	229.9	-	-
Deferred Tax	325.9	505.8	418.9	425.5	353.1
Financial Instruments/Derivatives	366.0	486.5	389.0	502.4	383.9
Provisions	173.4	453.4	206.3	182.5	175.7
Other Liabilities	60.7	-	33.0	-	27.7
Adjustment	-	-	-	-0.1	-
Total Liabilities	25,111.7	22,579.7	21,175.2	18,189.5	17,130.6
Share Capital	131.2	-	30.3	-	27.7
Reserves to Parent Company	502.9	-	432.0	-	395.0
Other Reserves	-121.6	-	-132.7	-	-166.4
Translate Difference	220.5	-	357.5	-	431.1
Retained Earnings	967.7	-	908.9	-	870.3
Capital & Reserves	-	1,616.1	-	470.2	-
Other Equity	-	664.3	-	1,668.7	-
Total Equity	1,700.7	2,280.4	1,596.0	2,138.9	1,557.7
Total Liabilities & Shareholders' Equity	26,812.4	24,860.1	22,771.2	20,328.4	18,688.3
S/O-Common Stock	90.2	90.5	90.2	90.5	90.2
Total Common Shares Outstanding	90.2	90.5	90.2	90.5	90.2
T/S-Common Stock	0.2	-	0.2	-	0.2
Deferred Revenue - Current	446.1	-	-	-	-
Accumulated Intangible Amortisation	289.4	-	177.2	-	350.7
Full-Time Employees	26,292	-	26,128	25,971	25,697
Long Term Debt Maturing within 1 Year	835.1	-	848.9	1,009.3	272.6
Long Term Debt Maturing in Year 2	975.1	-	950.8	-	244.1
Long Term Debt Maturing in Year 3	2,021.9	-	1,926.7	-	253.4
Long Term Debt Maturing in Year 4	1,022.7	-	484.1	-	378.7
Long Term Debt Maturing in Year 5	876.8	-	-	-	-
Long Term Debt - Remaining Maturities	469.9	-	171.7	-	3,052.4
Total Long Term Debt, Supplemental	6,201.6	-	4,382.2	1,009.3	4,201.2

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	348.7	282.0	242.5	185.9	152.5
Depreciation	424.5	444.2	260.9	201.2	86.2
Taxes	-0.6	80.7	-157.4	19.5	16.7
Sale of Assets	-	-	0.0	0.7	0.0
Sale of Participations	-91.3	-78.3	-13.8	0.4	0.0
Investment Held for Sale	-	-	0.0	0.0	-1.9
Financial Assets	-	-	0.0	0.0	-20.6
Financial Instruments	-62.2	-0.4	95.3	4.2	-5.7
Gain/Loss Asociates	-12.6	-15.6	-13.5	-5.8	-9.5
Other Op.Activities	12.9	31.8	-1.1	22.5	17.9
Discontinued Operation	-	-	-	0.0	-
Change Inventories	-52.4	-1.4	-130.0	-46.4	-44.6
Trade Receivables	-129.4	-181.7	-456.4	-569.6	-622.8
Supplies	726.5	668.8	1,099.8	844.6	798.7
Other Current Assets/Liabilities	-120.0	-199.4	187.7	-25.8	-58.0
Other Income/Expense	394.4	286.5	-	-	-
Taxes Received/Paid	-47.9	-55.5	-	-	-
Interests Received	53.2	8.2	-	-	-
Interest Paid	-424.9	-260.3	-	-	-
Discontinued Operation	-	-	-	0.0	-
Cash from Operating Activities	1,019.0	1,009.6	1,113.9	631.3	308.8
Investment Asociates	-21.2	-29.0	-10.3	-11.1	0.0
Purchase of Tangibles	-1,434.9	-2,166.2	-1,750.8	-988.3	-328.2
Purchase of Intangibles	-1,338.8	-646.3	-631.8	-856.4	-823.9
Other Assets-Purchase	-266.2	-135.7	-396.4	75.8	-51.1
Discontinued Operation	-	-	-	0.0	-
Investment Associates	129.3	14.0	18.1	24.7	0.0
Sale Tangibles	9.2	65.9	99.4	32.5	2.0
Sale Intangibles	3.5	31.7	93.4	92.1	46.6
Other Assets-Sale	0.0	118.1	51.1	17.8	27.4
Perimeter Variation	90.7	236.7	21.7	19.3	26.6
Discontinued Operation	-	-	-	0.0	-
Cash from Investing Activities	-2,828.4	-2,510.9	-2,505.7	-1,593.6	-1,100.7
Own Funds	4,330.4	1,710.9	1,319.4	2,118.4	1,800.0
External Funds	-657.0	-124.2	-276.9	-220.2	-247.4
Dividends Paid	-22.8	-22.6	-22.5	-33.5	-17.3
Other Financing Activities	-1.5	34.9	-65.9	14.7	0.1
Discontinued Operation	-	-	-	0.0	-
Adjustment	0.0	-	-	-	-
Cash from Financing Activities	3,649.2	1,599.0	954.1	1,879.3	1,535.4
Foreign Exchange Effects	63.0	107.8	-	-	-
Net Change in Cash	1,902.7	205.5	-437.7	916.9	743.6
Net Cash-Beginning Balance	2,048.0	1,945.2	2,388.5	1,407.0	546.3
Net Cash-Ending Balance	3,950.8	2,150.7	1,950.8	2,323.8	1,289.8
Cash Interest Paid	424.9	260.3	-	-	-
Cash Taxes Paid	47.9	55.5	-	-	-

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Restated Normal 30-Jun-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.713558	0.731463	0.755078	0.761121	0.754409
Net Income	163.6	-	348.7	263.0	120.6
Depreciation	-	-	424.5	-	-
Non-Cash Items	478.4	-	394.4	228.0	272.2
Taxes, Own Work and Depreciation	-	-	-0.6	-	-
Sale of Participations	-	-	-91.3	-	-
Financial Assets	-	-	-62.2	-	-
Gain/Loss Asociates	-	-	-12.6	-	-
Discontinued Operations - Other	33.1	-	-	-	6.6
Other Op. Activities	-	336.9	12.9	-	-
Change Inventories	-	-	-52.4	-	-
Trade Receivables	-	-	-129.4	-	-
Suppliers	-	-	726.5	-	-
Discontinued Operations - Op. Activities	-137.7	-	-	-	62.7
Working Capital	510.6	-81.5	-	-85.1	83.5
Other Current Assets/Liabilities	-	-	-120.0	-	-
Interest & Taxes, Net	-	-144.8	-	-	-
Taxes Received/Paid	-71.2	-	-47.9	-	-54.3
Interest Received	-	-	53.2	-	-
Interest Paid	-254.3	-	-424.9	-	-167.9
Adjustment	-	-0.1	-	0.1	-
Discontinued Operations - Total Adj.	-78.8	-	-	-	-116.3
Cash from Operating Activities	643.8	110.5	1,019.0	406.0	207.2
Investment Asociates	-	-	-21.2	-	-
Purchase of Tangibles	-	-820.0	-1,434.9	-	-
Purchase of Intangibles	-1,872.1	-	-1,338.8	-	-1,433.8
Other Assets-Purchase	-182.0	-253.1	-266.2	-	144.4
Sale of Associates	-	-	129.3	-	-
Sale Tangibles	-	-	9.2	-	-
Sale Intangibles	-	-	3.5	-	-
Other Sale of Assets	-	-	0.0	-	-
Perimeter Variation	-	-	90.7	-	-
Discontinued Operation	-22.8	-	-	-	77.6
Other Investing Activities	-	-	-	-2,090.9	-
Cash from Investing Activities	-2,076.9	-1,073.1	-2,828.4	-2,090.9	-1,211.7
Own Funds	1,273.5	-	4,330.4	-	2,570.0
External Funds	-192.1	-	-657.0	-	-543.3
Dividends Paid	0.0	-	-22.8	-	0.0
Other Financing Activities	0.6	496.9	-1.5	2,432.1	-2.4
Discontinued Operation	68.5	-	-	-	-63.5
Adjustment	-	-	0.0	-	-
Cash from Financing Activities	1,150.5	496.9	3,649.2	2,432.1	1,960.8
Foreign Exchange Effects	-42.9	-44.0	63.0	-	93.6
Net Change in Cash	-325.4	-509.7	1,902.7	747.2	1,049.8
Net Cash-Beginning Balance	4,180.7	4,078.4	2,048.0	2,031.7	2,049.9
Net Cash-Ending Balance	3,855.2	3,568.6	3,950.8	2,778.9	3,099.7
Cash Interest Paid	254.3	-	424.9	-	167.9
Cash Taxes Paid	71.2	-	47.9	-	54.3

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Spain	1,894.3	25.7 %	1,802.9	31.3 %	2,567.3	38 %	1,379.1	37.9 %	1,477.3	44 %
Latin America	2,532.0	34.3 %	1,613.2	28 %	1,311.5	19.4 %	768.2	21.1 %	927.9	27.6 %
USA and Canada	1,171.1	15.9 %	802.3	13.9 %	1,114.5	16.5 %	445.9	12.3 %	357.3	10.6 %
European Union	1,156.9	15.7 %	892.1	15.5 %	1,056.2	15.6 %	712.9	19.6 %	400.3	11.9 %
Other Countries	617.3	8.4 %	657.3	11.4 %	701.1	10.4 %	328.7	9 %	196.5	5.8 %
OECD Countries	-	-	-	-	-	-	-	-	591.2	17.6 %
Segment Total	7,371.6	100 %	5,767.8	100 %	6,750.6	100 %	3,634.8	100 %	3,359.2	100 %
Eliminations	-	-	-1,738.2	-30.1 %	-1,237.5	-18.3 %	-	-	-	-
Consolidated Total	7,371.6	100 %	5,767.8	100 %	5,513.1	81.7 %	3,634.8	100 %	3,359.2	100 %
Exchange Rate: EUR to USD	0.755078		0.719047		0.683679		0.730637		0.796979
Total Revenue USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Spain	1,894.3	25.7 %	1,802.9	31.3 %	2,567.3	38 %	1,379.1	37.9 %	1,477.3	44 %
Latin America	2,532.0	34.3 %	1,613.2	28 %	1,311.5	19.4 %	768.2	21.1 %	927.9	27.6 %
USA and Canada	1,171.1	15.9 %	802.3	13.9 %	1,114.5	16.5 %	445.9	12.3 %	357.3	10.6 %
European Union	1,156.9	15.7 %	892.1	15.5 %	1,056.2	15.6 %	712.9	19.6 %	400.3	11.9 %
Other Countries	617.3	8.4 %	657.3	11.4 %	701.1	10.4 %	328.7	9 %	196.5	5.8 %
OECD Countries	-	-	-	-	-	-	-	-	591.2	17.6 %
Segment Total	7,371.6	100 %	5,767.8	100 %	6,750.6	100 %	3,634.8	100 %	3,359.2	100 %
Eliminations	-	-	-1,738.2	-30.1 %	-1,237.5	-18.3 %	-	-	-	-
Consolidated Total	7,371.6	100 %	5,767.8	100 %	5,513.1	81.7 %	3,634.8	100 %	3,359.2	100 %
Exchange Rate: EUR to USD	0.755078		0.719047		0.683679		0.730637		0.796979

Purchase of Fixed Assets USD (mil)
	31-Dec-09				31-Dec-08					31-Dec-07				31-Dec-06
Spain	2,374.4		30.2 %		1,367.8		26.7 %			830.6			23.1 %	634.2		27.9 %
Latin America	2,696.9		34.3 %		1,812.9		35.3 %			1,769.4			49.3 %	1,282.4		56.3 %
USA and Canada	997.2		12.7 %		713.1		13.9 %			377.0			10.5 %	191.5		8.4 %
European Union	1,130.3		14.4 %		847.2		16.5 %			491.8			13.7 %	165.0		7.2 %
Other Countries	654.7		8.3 %		390.0		7.6 %			119.4			3.3 %	3.6		0.2 %
Segment Total	7,853.4		100 %		5,131.1		100 %			3,588.1			100 %	2,276.7		100 %
Discontinued Operation	-		-		-195.9		-3.8 %			-			-	-		-
Consolidated Total	7,853.4		100 %		4,935.2		96.2 %			3,588.1			100 %	2,276.7		100 %
Exchange Rate: EUR to USD	0.719047				0.683679					0.730637				0.796979
Employees
		31-Dec-10				31-Dec-09			31-Dec-08			31-Dec-07			31-Dec-06
Spain		9,667.0		-		9,562.0		-	9,526.0		-	7,358.0		-	6,977.0		-
Europe (excluding Spain)		-		-		-		-	-		-	747.0		-	-		-
North America		-		-		-		-	-		-	1,417.0		-	-		-
Latin America		-		-		-		-	-		-	9,269.0		-	-		-
Africa		-		-		-		-	-		-	434.0		-	-		-
Asia		-		-		-		-	-		-	278.0		-	-		-
Oceania		-		-		-		-	-		-	46.0		-	-		-
Other Countries		16,461.0		-		13,761.0		-	13,708.0		-	9,887.0		-	6,631.0		-
Segment Total		26,128.0		-		23,323.0		-	23,234.0		-	17,245.0		-	13,608.0		-
Consolidated Total		26,128.0		-		23,323.0		-	23,234.0		-	17,245.0		-	13,608.0		-

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09
United States/Canada	793.5	18 %	-	-	287.5	9.5 %	1,163.7	39.7 %
Brazil	1,135.1	25.8 %	-	-	618.0	20.4 %	-	-
Iberoamerica (excluding Brazil)	447.8	10.2 %	-	-	525.6	17.4 %	-	-
Europe (excluding Spain)	782.8	17.8 %	-	-	526.9	17.4 %	-	-
Spain	982.1	22.3 %	705.7	19.2 %	789.0	26.1 %	805.3	26.3 %
European Union	-	-	655.3	17.8 %	486.0	16 %	557.1	18.2 %
Iberoamerica	-	-	-	-	-	-	1,638.2	55.9 %
All Other Countries	262.9	6 %	-	-	281.8	9.3 %	-52.3	-1.8 %
OECD Countries	-	-	963.2	26.2 %	758.8	25.1 %	377.5	12.3 %
Other Countries	-	-	1,351.0	36.8 %	1,262.5	41.7 %	1,318.8	43.1 %
Segment Total	4,404.2	100 %	3,675.1	100 %	3,028.8	100 %	3,058.8	100 %
Consolidated Total	4,404.2	100 %	3,675.1	100 %	3,028.8	100 %	3,058.8	100 %
Exchange Rate: EUR to USD	0.713558		0.755770		0.754409		0.688522
Total Revenue USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09
United States/Canada	793.5	18 %	-	-	287.5	9.5 %	1,163.7	39.7 %
Brazil	1,135.1	25.8 %	-	-	618.0	20.4 %	-	-
Iberoamerica (excluding Brazil)	447.8	10.2 %	-	-	525.6	17.4 %	-	-
Europe (excluding Spain)	782.8	17.8 %	-	-	526.9	17.4 %	-	-
Spain	982.1	22.3 %	705.7	19.2 %	789.0	26.1 %	805.3	26.3 %
European Union	-	-	655.3	17.8 %	486.0	16 %	557.1	18.2 %
Iberoamerica	-	-	-	-	-	-	1,638.2	55.9 %
All Other Countries	262.9	6 %	-	-	281.8	9.3 %	-52.3	-1.8 %
OECD Countries	-	-	963.2	26.2 %	758.8	25.1 %	377.5	12.3 %
Other Countries	-	-	1,351.0	36.8 %	1,262.5	41.7 %	1,318.8	43.1 %
Segment Total	4,404.2	100 %	3,675.1	100 %	3,028.8	100 %	3,058.8	100 %
Consolidated Total	4,404.2	100 %	3,675.1	100 %	3,028.8	100 %	3,058.8	100 %
Exchange Rate: EUR to USD	0.713558		0.755770		0.754409		0.688522

Employees
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Sep-09
Spain	8,413.0	-	9,667.0	-	8,136.0	-	9,562.0	-	9,674.0	-
All Other Countries	17,879.0	-	16,461.0	-	13,446.0	-	13,761.0	-	13,166.0	-
Segment Total	26,292.0	-	26,128.0	-	21,582.0	-	23,323.0	-	22,840.0	-
Consolidated Total	26,292.0	-	26,128.0	-	21,582.0	-	23,323.0	-	22,840.0	-

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08				31-Dec-07			31-Dec-06
Solar	150.6	2.1 %	57.1	1 %	95.1		1.4 %		24.3		0.6 %	0.0		0 %
Bioenergy	2,060.3	28.4 %	1,384.0	24.9 %	1,214.2		18.4 %		840.0		21.3 %	597.5		16.7 %
Environmental Services	1,089.3	15 %	989.8	17.8 %	1,277.6		19.4 %		1,053.4		26.7 %	696.7		19.4 %
Information Technologies	935.5	12.9 %	977.0	17.6 %	1,019.4		15.5 %		817.4		20.7 %	597.7		16.7 %
Engineering & Industrial Construction	3,030.3	41.7 %	2,141.0	38.6 %	2,984.8		45.3 %		2,033.0		51.5 %	1,695.1		47.3 %
Segment Total	7,266.1	100 %	5,548.9	100 %	6,590.9		100 %		3,950.6		100 %	3,587.0		100 %
Eliminations	105.6	1.5 %	218.9	3.9 %	-1,077.8		-16.4 %		-315.8		-8 %	-227.9		-6.4 %
Consolidated Total	7,371.6	101.5 %	5,767.8	103.9 %	5,513.1		83.6 %		3,634.8		92 %	3,359.2		93.6 %
Exchange Rate: EUR to USD	0.755078		0.719047		0.683679				0.730637			0.796979
Intersegment Revenue USD (mil)
						31-Dec-10				31-Dec-09
Solar						72.1		7.5 %		104.1			5.8 %
Bioenergy						25.8		2.7 %		20.6			1.1 %
Environmental Services						15.0		1.6 %		15.4			0.9 %
Information Technologies						46.8		4.9 %		78.5			4.3 %
Engineering & Industrial Construction						804.0		83.4 %		1,587.5			87.9 %
Segment Total						963.7		100 %		1,806.2			100 %
Eliminations						-963.7		-100 %		-1,806.2			-100 %
Consolidated Total						0.0		0 %		0.0			0 %
Exchange Rate: EUR to USD						0.755078				0.719047

Total Revenue USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Solar	222.7	2.7 %	161.2	2.2 %	95.1	1.4 %	24.3	0.6 %	0.0	0 %
Bioenergy	2,086.1	25.3 %	1,404.6	19.1 %	1,214.2	18.4 %	840.0	21.3 %	597.5	16.7 %
Environmental Services	1,104.3	13.4 %	1,005.1	13.7 %	1,277.6	19.4 %	1,053.4	26.7 %	696.7	19.4 %
Information Technologies	982.4	11.9 %	1,055.6	14.4 %	1,019.4	15.5 %	817.4	20.7 %	597.7	16.7 %
Engineering & Industrial Construction	3,834.3	46.6 %	3,728.5	50.7 %	2,984.8	45.3 %	2,033.0	51.5 %	1,695.1	47.3 %
Segment Total	8,229.8	100 %	7,355.0	100 %	6,590.9	100 %	3,950.6	100 %	3,587.0	100 %
Eliminations	-858.1	-10.4 %	-1,587.2	-21.6 %	-1,077.8	-16.4 %	-315.8	-8 %	-227.9	-6.4 %
Consolidated Total	7,371.6	89.6 %	5,767.8	78.4 %	5,513.1	83.6 %	3,634.8	92 %	3,359.2	93.6 %
Exchange Rate: EUR to USD	0.755078		0.719047		0.683679		0.730637		0.796979
Earn. bef. Int., Tax & Depr. USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Solar	572.6	35 %	512.3	61.9 %	59.4	6.6 %	13.0	2.3 %	0.0	0 %
Bioenergy	579.2	35.5 %	786.8	95.1 %	163.2	18.1 %	109.2	19.1 %	62.6	16 %
Environmental Services	241.2	14.8 %	176.8	21.4 %	230.8	25.6 %	169.4	29.7 %	72.8	18.6 %
Information Technologies	177.6	10.9 %	181.5	21.9 %	119.8	13.3 %	76.6	13.4 %	53.1	13.6 %
Engineering & Industrial Construction	63.2	3.9 %	-829.8	-100.3 %	328.8	36.5 %	279.2	48.9 %	202.6	51.8 %
Segment Total	1,633.8	100 %	827.6	100 %	902.0	100 %	570.9	100 %	391.2	100 %
Eliminations	-385.7	-23.6 %	216.0	26.1 %	15.4	1.7 %	-35.0	-6.1 %	-30.0	-7.7 %
Consolidated Total	1,248.0	76.4 %	1,043.6	126.1 %	917.4	101.7 %	535.9	93.9 %	361.2	92.3 %
Exchange Rate: EUR to USD	0.755078		0.719047		0.683679		0.730637		0.796979

EBITDA Margin (%)
				31-Dec-10		31-Dec-09			31-Dec-08				31-Dec-07			31-Dec-06
Solar				257.1	-	317.7		-	62.5		-		53.7		-	-		-
Bioenergy				27.8	-	56.0		-	13.4		-		13.0		-	10.5		-
Environmental Services				21.8	-	17.6		-	18.1		-		16.1		-	10.5		-
Information Technologies				18.1	-	17.2		-	11.8		-		9.4		-	8.9		-
Engineering & Industrial Construction				1.6	-	-22.3		-	11.0		-		13.7		-	12.0		-
Segment Total				19.9	-	11.3		-	13.7		-		14.5		-	10.9		-
Eliminations				44.9	-	-13.6		-	-1.4		-		11.1		-	13.2		-
Consolidated Total				16.9	-	18.1		-	16.6		-		14.7		-	10.8		-
Depreciation USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08					31-Dec-07				31-Dec-06
Solar	54.7	12.9 %	117.5	30 %	30.9		13.2 %			23.8		17.1 %		0.0			0 %
Bioenergy	163.6	38.6 %	124.9	31.9 %	79.0		33.7 %			22.0		15.8 %		19.3			26 %
Environmental Services	75.0	17.7 %	46.4	11.9 %	62.6		26.7 %			36.4		26.2 %		16.3			21.9 %
Information Technologies	48.1	11.3 %	48.3	12.3 %	-		-			13.0		9.4 %		12.6			17 %
Engineering & Industrial Construction	82.9	19.5 %	54.0	13.8 %	61.9		26.4 %			56.7		40.9 %		26.0			35.1 %
Segment Total	424.3	100 %	391.2	100 %	234.4		100 %			138.9		100 %		74.2			100 %
Eliminations	0.2	0.1 %	53.1	13.6 %	4.2		1.8 %			-16.3		-11.7 %		11.9			16.1 %
Consolidated Total	424.5	100.1 %	444.2	113.6 %	238.6		101.8 %			122.6		88.3 %		86.2			116.1 %
Exchange Rate: EUR to USD	0.755078		0.719047		0.683679					0.730637				0.796979

Operating Income/Loss USD (mil)
	31-Dec-09		31-Dec-08		31-Dec-07				31-Dec-06
Solar	-87.5	-13.2 %	-17.3	-3.1 %	-9.9		-2.5 %		0.0		0 %
Bioenergy	46.7	7 %	53.6	9.5 %	52.4		13.2 %		43.4		13.8 %
Environmental Services	116.8	17.6 %	168.1	29.8 %	133.0		33.4 %		56.5		18 %
Information Technologies	193.7	29.2 %	93.1	16.5 %	63.5		16 %		38.5		12.3 %
Engineering & Industrial Construction	394.2	59.4 %	266.9	47.3 %	222.4		55.9 %		175.3		55.9 %
Segment Total	663.9	100 %	564.5	100 %	397.9		100 %		313.8		100 %
Eliminations	-64.6	-9.7 %	-33.8	-6 %	-78.5		-19.7 %		-38.8		-12.4 %
Consolidated Total	599.4	90.3 %	530.7	94 %	319.4		80.3 %		275.0		87.6 %
Exchange Rate: EUR to USD	0.719047		0.683679		0.730637				0.796979
Operating Margin (%)
			31-Dec-09		31-Dec-08			31-Dec-07		31-Dec-06
Solar			-54.3	-	-18.2	-		-41.0	-	-		-
Bioenergy			3.3	-	4.4	-		6.2	-	7.3		-
Environmental Services			11.6	-	13.2	-		12.6	-	8.1		-
Information Technologies			18.4	-	9.1	-		7.8	-	6.4		-
Engineering & Industrial Construction			10.6	-	8.9	-		10.9	-	10.3		-
Segment Total			9.0	-	8.6	-		10.1	-	8.7		-
Eliminations			4.1	-	3.1	-		24.9	-	17.0		-
Consolidated Total			10.4	-	9.6	-		8.8	-	8.2		-

Income Before Tax USD (mil)
	31-Dec-09		31-Dec-08		31-Dec-07				31-Dec-06
Solar	-147.5	-30.9 %	-39.1	-24.3 %	-21.2		-8.3 %		0.0		0 %
Bioenergy	-4.8	-1 %	-95.6	-59.5 %	24.9		9.7 %		34.2		16.3 %
Environmental Services	74.6	15.7 %	122.2	76 %	87.1		34 %		43.5		20.7 %
Information Technologies	131.5	27.6 %	58.4	36.3 %	42.5		16.6 %		28.6		13.6 %
Engineering & Industrial Construction	422.8	88.7 %	114.9	71.5 %	165.6		64.6 %		103.4		49.3 %
Segment Total	476.6	100 %	160.7	100 %	256.4		100 %		209.7		100 %
Eliminations	-113.9	-23.9 %	-75.6	-47.1 %	-106.0		-41.3 %		-40.5		-19.3 %
Consolidated Total	362.7	76.1 %	85.1	52.9 %	150.4		58.7 %		169.2		80.7 %
Exchange Rate: EUR to USD	0.719047		0.683679		0.730637				0.796979
Pre-Tax Margin (%)
			31-Dec-09		31-Dec-08			31-Dec-07		31-Dec-06
Solar			-91.5	-	-41.2	-		-87.2	-	-		-
Bioenergy			-0.3	-	-7.9	-		3.0	-	5.7		-
Environmental Services			7.4	-	9.6	-		8.3	-	6.2		-
Information Technologies			12.5	-	5.7	-		5.2	-	4.8		-
Engineering & Industrial Construction			11.3	-	3.8	-		8.1	-	6.1		-
Segment Total			6.5	-	2.4	-		6.5	-	5.8		-
Eliminations			7.2	-	7.0	-		33.6	-	17.8		-
Consolidated Total			6.3	-	1.5	-		4.1	-	5.0		-

Income After Tax USD (mil)
	31-Dec-09		31-Dec-08		31-Dec-07				31-Dec-06
Solar	-83.7	-24 %	-12.8	-5 %	-4.7		-2.5 %		0.0		0 %
Bioenergy	-17.3	-4.9 %	21.6	8.5 %	28.9		15.6 %		21.3		11.8 %
Environmental Services	56.8	16.3 %	85.9	33.7 %	63.5		34.2 %		33.2		18.4 %
Information Technologies	74.5	21.3 %	26.9	10.6 %	33.5		18 %		25.9		14.3 %
Engineering & Industrial Construction	319.1	91.3 %	133.5	52.3 %	98.2		52.8 %		100.5		55.5 %
Segment Total	349.5	100 %	255.0	100 %	185.9		100 %		181.0		100 %
Eliminations	-112.6	-32.2 %	-49.7	-19.5 %	-21.1		-11.4 %		-28.5		-15.8 %
Consolidated Total	236.8	67.8 %	205.4	80.5 %	164.8		88.6 %		152.5		84.2 %
Exchange Rate: EUR to USD	0.719047		0.683679		0.730637				0.796979
Net Profit Margin (%)
			31-Dec-09		31-Dec-08			31-Dec-07		31-Dec-06
Solar			-51.9	-	-13.5	-		-19.5	-	-		-
Bioenergy			-1.2	-	1.8	-		3.4	-	3.6		-
Environmental Services			5.7	-	6.7	-		6.0	-	4.8		-
Information Technologies			7.1	-	2.6	-		4.1	-	4.3		-
Engineering & Industrial Construction			8.6	-	4.5	-		4.8	-	5.9		-
Segment Total			4.8	-	3.9	-		4.7	-	5.0		-
Eliminations			7.1	-	4.6	-		6.7	-	12.5		-
Consolidated Total			4.1	-	3.7	-		4.5	-	4.5		-

Equity In Affiliates USD (mil)
	31-Dec-09		31-Dec-08			31-Dec-07				31-Dec-06
Solar	0.3	1.7 %	0.4		2.5 %	0.3		5 %		0.0		0 %
Bioenergy	0.0	0 %	0.0		0 %	0.0		0 %		0.0		0 %
Environmental Services	1.0	6.4 %	1.8		13 %	-2.6		-42.1 %		2.2		24.8 %
Information Technologies	0.0	0.2 %	-0.2		-1.5 %	0.0		0 %		0.0		0 %
Engineering & Industrial Construction	14.6	91.8 %	11.9		86 %	8.4		137.1 %		6.7		75.2 %
Segment Total	15.9	100 %	13.9		100 %	6.1		100 %		8.9		100 %
Eliminations	-0.3	-1.7 %	-0.4		-2.5 %	-0.3		-5 %		0.6		6.7 %
Consolidated Total	15.6	98.3 %	13.5		97.5 %	5.8		95 %		9.5		106.7 %
Exchange Rate: EUR to USD	0.719047		0.683679			0.730637				0.796979
Long Lived Assets USD (mil)
				31-Dec-10					31-Dec-09
Solar				2,691.0			17 %		1,607.2		14.5 %
Bioenergy				4,297.4			27.2 %		3,812.6		34.4 %
Environmental Services				1,748.5			11.1 %		1,613.1		14.6 %
Information Technologies				1,011.2			6.4 %		962.2		8.7 %
Engineering & Industrial Construction				6,068.3			38.4 %		3,075.8		27.8 %
Segment Total				15,816.4			100 %		11,070.8		100 %
Eliminations				-1,662.2			-10.5 %		398.1		3.6 %
Consolidated Total				14,154.2			89.5 %		11,469.0		103.6 %
Exchange Rate: EUR to USD				0.745406					0.696986

Total Assets USD (mil)
	31-Dec-10		31-Dec-09			31-Dec-08					31-Dec-07			31-Dec-06
Solar	3,706.9	16.7 %	2,263.1	12.6 %		1,688.5			12.1 %		735.9	6.7 %		0.0			0 %
Bioenergy	5,523.4	24.9 %	5,047.5	28.1 %		3,650.9			26.1 %		3,178.8	28.7 %		1,232.1			19.7 %
Environmental Services	2,463.6	11.1 %	2,251.1	12.6 %		2,058.5			14.7 %		1,732.3	15.7 %		1,458.5			23.3 %
Information Technologies	1,893.5	8.5 %	1,850.9	10.3 %		-			-		1,122.6	10.2 %		735.2			11.8 %
Engineering & Industrial Construction	8,574.5	38.7 %	6,521.6	36.4 %		5,161.8			36.9 %		4,288.0	38.8 %		2,830.5			45.2 %
Discountinued Operation	-	-	-	-		1,435.0			10.3 %		-	-		-			-
Segment Total	22,161.9	100 %	17,934.2	100 %		13,994.7			100 %		11,057.7	100 %		6,256.3			100 %
Eliminations	609.3	2.7 %	-186.5	-1 %		-379.7			-2.7 %		799.8	7.2 %		899.5			14.4 %
Consolidated Total	22,771.2	102.7 %	17,747.7	99 %		13,615.0			97.3 %		11,857.5	107.2 %		7,155.8			114.4 %
Exchange Rate: EUR to USD	0.745406		0.696986			0.719399					0.683971			0.758351
Operating Return on Assets (%)
					31-Dec-10			31-Dec-09			31-Dec-08		31-Dec-07			31-Dec-06
Solar					15.6		-	23.4		-	-1.0	-	-1.4		-	-		-
Bioenergy					10.6		-	16.1		-	1.4	-	1.8		-	3.7		-
Environmental Services					9.9		-	8.1		-	7.8	-	8.2		-	4.1		-
Information Technologies					9.5		-	10.1		-	-	-	6.0		-	5.5		-
Engineering & Industrial Construction					0.7		-	-13.1		-	4.9	-	5.5		-	6.5		-
Segment Total					7.5		-	4.8		-	3.8	-	3.8		-	5.3		-
Eliminations					-64.1		-	-119.5		-	8.5	-	-10.5		-	-4.5		-
Consolidated Total					5.6		-	6.1		-	3.7	-	2.9		-	4.0		-

Total Liabilities USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Solar	3,669.1	18.8 %	2,405.1	15.2 %	1,733.6	13.7 %	738.2	7.6 %	0.0	0 %
Bioenergy	5,032.6	25.8 %	4,670.6	29.5 %	3,562.2	28.1 %	2,921.9	30.2 %	987.8	18.4 %
Environmental Services	1,886.4	9.7 %	1,711.9	10.8 %	1,454.4	11.5 %	1,342.2	13.9 %	1,309.7	24.4 %
Information Technologies	1,344.6	6.9 %	1,364.7	8.6 %	-	-	843.7	8.7 %	512.8	9.6 %
Engineering & Industrial Construction	7,549.3	38.8 %	5,675.3	35.9 %	4,873.3	38.4 %	3,844.4	39.7 %	2,557.1	47.6 %
Discountinued Operation	-	-	-	-	1,052.0	8.3 %	-	-	-	-
Segment Total	19,482.0	100 %	15,827.6	100 %	12,675.5	100 %	9,690.4	100 %	5,367.5	100 %
Eliminations	1,102.1	5.7 %	240.0	1.5 %	67.3	0.5 %	1,001.1	10.3 %	1,074.7	20 %
Consolidated Total	20,584.1	105.7 %	16,067.6	101.5 %	12,742.8	100.5 %	10,691.5	110.3 %	6,442.2	120 %
Exchange Rate: EUR to USD	0.745406		0.696986		0.719399		0.683971		0.758351

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10
Engineering & Industrial Construction	3,029.3	45.1 %	2,198.5	49.9 %	-	-	1,079.8	31.9 %	2,153.4	48.7 %
Sun Energy	139.1	2.1 %	70.1	1.6 %	20.5	0.9 %	-4.1	-0.1 %	57.8	1.3 %
Transmission	-	-	161.9	3.7 %	-	-	-	-	-	-
Water	18.3	0.3 %	11.4	0.3 %	6.8	0.3 %	-	-	13.1	0.3 %
Cogeneration	-	-	25.6	0.6 %	-	-	-	-	-	-
Bioenergy	2,288.9	34.1 %	1,383.0	31.4 %	581.0	25.7 %	1,299.7	38.4 %	1,302.0	29.5 %
Recycling	670.2	10 %	453.8	10.3 %	235.1	10.4 %	-	-	543.9	12.3 %
Other Engineering	281.0	4.2 %	99.9	2.3 %	1,099.2	48.6 %	-	-	118.2	2.7 %
Telvent	-	-	-	-	231.0	10.2 %	-	-	-	-
LAT Concessions	258.5	3.8 %	-	-	79.3	3.5 %	-	-	199.7	4.5 %
Other Concessions	35.1	0.5 %	-	-	12.3	0.5 %	-	-	28.9	0.7 %
Environmental Services	-	-	-	-	-	-	530.4	15.7 %	788.3	17.8 %
Systems & Networks	-	-	-	-	-	-	477.0	14.1 %	679.3	15.4 %
Rounding Adjustment	1.4	0 %	-	-	-1.4	-0.1 %	-	-	1.3	0 %
Segment Total	6,721.9	100 %	4,404.2	100 %	2,264.0	100 %	3,382.8	100 %	4,418.5	100 %
Eliminations	-	-	-	-	-	-	292.3	8.6 %	-	-
Consolidated Total	6,721.9	100 %	4,404.2	100 %	2,264.0	100 %	3,675.1	108.6 %	4,418.5	100 %
Exchange Rate: EUR to USD	0.711706		0.713558		0.731463		0.755770		0.761121
Total Revenue USD (mil)
	30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10
Engineering & Industrial Construction	3,029.3	45.1 %	2,198.5	49.9 %	-	-	1,079.8	31.9 %	2,153.4	48.7 %
Sun Energy	139.1	2.1 %	70.1	1.6 %	20.5	0.9 %	-4.1	-0.1 %	57.8	1.3 %
Transmission	-	-	161.9	3.7 %	-	-	-	-	-	-
Water	18.3	0.3 %	11.4	0.3 %	6.8	0.3 %	-	-	13.1	0.3 %
Cogeneration	-	-	25.6	0.6 %	-	-	-	-	-	-
Bioenergy	2,288.9	34.1 %	1,383.0	31.4 %	581.0	25.7 %	1,299.7	38.4 %	1,302.0	29.5 %
Recycling	670.2	10 %	453.8	10.3 %	235.1	10.4 %	-	-	543.9	12.3 %
Other Engineering	281.0	4.2 %	99.9	2.3 %	1,099.2	48.6 %	-	-	118.2	2.7 %
Telvent	-	-	-	-	231.0	10.2 %	-	-	-	-
LAT Concessions	258.5	3.8 %	-	-	79.3	3.5 %	-	-	199.7	4.5 %
Other Concessions	35.1	0.5 %	-	-	12.3	0.5 %	-	-	28.9	0.7 %
Environmental Services	-	-	-	-	-	-	530.4	15.7 %	788.3	17.8 %
Systems & Networks	-	-	-	-	-	-	477.0	14.1 %	679.3	15.4 %
Rounding Adjustment	1.4	0 %	-	-	-1.4	-0.1 %	-	-	1.3	0 %
Segment Total	6,721.9	100 %	4,404.2	100 %	2,264.0	100 %	3,382.8	100 %	4,418.5	100 %
Eliminations	-	-	-	-	-	-	292.3	8.6 %	-	-
Consolidated Total	6,721.9	100 %	4,404.2	100 %	2,264.0	100 %	3,675.1	108.6 %	4,418.5	100 %
Exchange Rate: EUR to USD	0.711706		0.713558		0.731463		0.755770		0.761121

Earn. bef. Int., Tax & Depr. USD (mil)
	30-Sep-11		30-Jun-11			31-Mar-11			30-Sep-10
Engineering & Industrial Construction	370.9	35.5 %	256.6	39.5 %		-		-	226.0		32.6 %
Sun Energy	109.6	10.5 %	52.7	8.1 %		13.7		3.9 %	47.3		6.8 %
Transmission	-	-	128.3	19.7 %		-		-	-		-
Water	9.8	0.9 %	6.3	1 %		1.4		0.4 %	6.6		0.9 %
Cogeneration	-	-	2.3	0.3 %		-		-	-		-
Bioenergy	156.0	14.9 %	94.4	14.5 %		45.1		13 %	139.3		20.1 %
Recycling	119.4	11.4 %	83.4	12.8 %		43.7		12.6 %	97.2		14 %
Other Engineering	74.5	7.1 %	26.1	4 %		146.3		42.1 %	30.2		4.4 %
Telvent	-	-	-	-		30.1		8.7 %	-		-
LAT Concessions	202.3	19.4 %	-	-		67.0		19.3 %	144.5		20.9 %
Other Concessions	2.8	0.3 %	-	-		1.4		0.4 %	1.3		0.2 %
Environmental Services	-	-	-	-		-		-	120.9		17.5 %
Systems & Networks	-	-	-	-		-		-	114.3		16.5 %
Rounding Adjustment	-	-	-	-		-1.4		-0.4 %	1.3		0.2 %
Segment Total	1,045.4	100 %	650.0	100 %		347.2		100 %	692.4		100 %
Consolidated Total	1,045.4	100 %	650.0	100 %		347.2		100 %	692.4		100 %
Exchange Rate: EUR to USD	0.711706		0.713558			0.731463			0.761121
EBITDA Margin (%)
			30-Sep-11		30-Jun-11			31-Mar-11		30-Sep-10
Engineering & Industrial Construction			12.2	-	11.7		-	-	-	10.5		-
Sun Energy			78.8	-	75.2		-	66.7	-	81.8		-
Transmission			-	-	79.3		-	-	-	-		-
Water			53.8	-	54.9		-	20.0	-	50.0		-
Cogeneration			-	-	8.9		-	-	-	-		-
Bioenergy			6.8	-	6.8		-	7.8	-	10.7		-
Recycling			17.8	-	18.4		-	18.6	-	17.9		-
Other Engineering			26.5	-	26.2		-	13.3	-	25.6		-
Telvent			-	-	-		-	13.0	-	-		-
LAT Concessions			78.3	-	-		-	84.5	-	72.4		-
Other Concessions			8.0	-	-		-	11.1	-	4.5		-
Environmental Services			-	-	-		-	-	-	15.3		-
Systems & Networks			-	-	-		-	-	-	16.8		-
Rounding Adjustment			-	-	-		-	100.0	-	-		-
Segment Total			15.6	-	14.8		-	15.3	-	15.7		-
Consolidated Total			15.6	-	14.8		-	15.3	-	15.7		-

Total Assets USD (mil)
	30-Jun-11		31-Dec-10
Engineering & Industrial Construction	2,939.5	16.1 %	8,574.5	38.7 %
Sun Energy	3,994.3	21.9 %	3,706.9	16.7 %
Transmission	3,131.1	17.2 %	-	-
Water	573.0	3.1 %	-	-
Cogeneration	749.2	4.1 %	-	-
Bioenergy	5,083.6	27.9 %	5,523.4	24.9 %
Recycling	1,355.9	7.4 %	-	-
Other Engineering	409.7	2.2 %	-	-
Environmental Services	-	-	2,463.6	11.1 %
Systems & Networks	-	-	1,893.5	8.5 %
Segment Total	18,236.3	100 %	22,161.9	100 %
Eliminations	-	-	609.3	2.7 %
Consolidated Total	18,236.3	100 %	22,771.2	102.7 %
Exchange Rate: EUR to USD	0.689727		0.745406
Operating Return on Assets (%)
			30-Jun-11
Engineering & Industrial Construction			9.0	-
Sun Energy			1.4	-
Transmission			4.2	-
Water			1.1	-
Cogeneration			0.3	-
Bioenergy			1.9	-
Recycling			6.4	-
Other Engineering			6.6	-
Segment Total			3.7	-
Consolidated Total			3.7	-

Total Liabilities USD (mil)
	30-Jun-11			31-Dec-10
Engineering & Industrial Construction	2,436.0	17.8 %		7,549.3		38.8 %
Sun Energy	2,811.8	20.5 %		3,669.1		18.8 %
Transmission	1,421.5	10.4 %		-		-
Water	395.0	2.9 %		-		-
Cogeneration	616.9	4.5 %		-		-
Bioenergy	4,096.2	29.9 %		5,032.6		25.8 %
Recycling	585.9	4.3 %		-		-
Other Engineering	1,338.7	9.8 %		-		-
Environmental Services	-	-		1,886.4		9.7 %
Systems & Networks	-	-		1,344.6		6.9 %
Segment Total	13,702.0	100 %		19,482.0		100 %
Eliminations	-	-		1,102.1		5.7 %
Consolidated Total	13,702.0	100 %		20,584.1		105.7 %
Exchange Rate: EUR to USD	0.689727			0.745406
Purchase of Fixed Assets USD (mil)
			30-Jun-11
Engineering & Industrial Construction			77.8		4.1 %
Sun Energy			812.5		43.3 %
Transmission			651.8		34.8 %
Water			56.2		3 %
Cogeneration			192.5		10.3 %
Bioenergy			10.6		0.6 %
Recycling			48.6		2.6 %
Other Engineering			25.1		1.3 %
Segment Total			1,875.1		100 %
Consolidated Total			1,875.1		100 %
Exchange Rate: EUR to USD			0.713558

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.88

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.