Abengoa SA · OTC:AGOAF

Abengoa SA — Q1 2009 Earnings Presentation

13 slides from Abengoa SA's earnings presentation, May 7, 2009

1. Slide 1: First Quarter 2009 Earnings Presentation

   First Quarter 2009 Earnings Presentation May, 7th 2009

2. Slide 2: Forward-Looking Statement

   ABENGOA Forward-Looking Statement ƒ This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currently available to Abengoa. ƒ Such statements reflect the current views of Abe

3. Slide 3: Agenda

   ABENGOA Agenda 1. Q1 2009 Highlights 2. Q1 2009 Detailed Financial Analysis 3. Q&A 3

4. Slide 4: Q1 2009 Main Figures

   ABENGOA Q1 2009 Main Figures Profitable growth in P&L Main Figures (€ in Million) Q1 2009 YoY % Q1 2008 ‰ Sales 981 + 12% 876 ‰ Operating Cash Flow 223 + 22% 183 ‰ Ebitda 176 + 11% 158 ‰ Net Income 41 + 17% 35 ‰ Ebitda margin 18% 18% ‰ EPS 0.45 € + 17% 0.39 € 4

5. Slide 5: Q1 2009 Main Figures: P&L pro forma

   ABENGOA Q1 2009 Main Figures P&L pro forma Figures (€ in Million) (*) Q1 2009 YoY % Q1 2008 ‰ Sales 981 + 12% 876 ‰ Operating Cash Flow 223 + 56% 143 ‰ Ebitda 176 + 49% 118 ‰ Net Income 41 + 126% 18 ‰ Ebitda margin 18% 13% ‰ EPS 0.45 € + 126% 0.20 € (*) Excluding the effect of land divestment at Bef

6. Slide 6: Agenda

   ABENGOA Agenda 1. Q1 2009 Highlights 2. Q1 2009 Detailed Financial Analysis 3. Q&A 6

7. Slide 7: Q1 2009: Main Figures

   ABENGOA Q1 2009: Main Figures P&L Account (€ in Million) Q1 2009 Q1 2008 Var (%) Revenue 981,0 876,2 + 12% Operating Cash Flow (*) 223,9 182,8 + 22% Ebitda 176,1 158,0 + 11% Depreciation and amortization expense (64,4) (46,7) + 38% Net operating profit 111,7 111,3 + 0% Net financial loss (58,2) (55,

8. Slide 8: Contribution by Business Unit: Sales Growth

   ABENGOA Contribution by Business Unit Sales Growth € in Millions 1.200,0 + 212.2 (+53.8%) 1.100,0 (81.8) Increase in (-18.7%) execution: +10.3 Solar (65.9) 1.000,0 Renewables & (+152.2%) (internal sales) + 40.2 Transmission (+29.7%) -38.2 Bioenergy 981.0 Reduction in sales price 900,0 (+12,0%) (-17.

9. Slide 9: Contribution by Business Unit: Ebitda Growth

   ABENGOA Contribution by Business Unit Ebitda Growth € in Millions 240,0 + 61.8 (47.7) (+100.1%) (-67.4%) 220,0 Margin coming from improvement land divestment: 200,0 (40.0) (1.8) (5.0) (-9.8%) (elimination) 180,0 + 10.8 +1.3 Solar (+81.5%) (+120.2%) 176.1 -3.1 Bioenergy (+11.5%) 160,0 (-17.9%) (+49.2

10. Slide 10: Intragroup activities fully eliminated at Consolidated P&L

    ABENGOA ‰ Intragroup activities fully eliminated at Consolidated P&L… …but relevant for cash-flow generation perspective. ‰ Eliminated Net Profit is recovered over the life of the project as a lower depreciation charge. ‰ Elimination of 157.8 M€ of sales and 11.4 M€ of Ebitda in Engineering for work

11. Slide 11: Main Projects in execution

    ABENGOA Main Main Projects Projects in in execution execution Projects timeline 2008 2009 2010 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 PS 20 9 Start-up April, 28th Solnova 1 Start-up Q4 09 Solnova 3 Start-up Q2 10 Solar Algeria Q3 10 Start-up Solnova 4 Q4 10 APS Inves

12. Slide 12: Agenda

    ABENGOA Agenda 1. Q1 2009 Highlights 2. Q1 2009 Detailed Financial Analysis 3. Q&A 12

13. Slide 13: First Quarter 2009 Earnings Presentation

    First Quarter 2009 Earnings Presentation May, 7th 2009

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