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Abengoa Bioenergy Annual Report 2010 Contents Page Glossary 4 Main Figures 8 Our Commitment 12 Report from the Chairman 16 Annual Report Summary according to New Segmentation 22 Our Management Model 32 Business Units Activities 36 Solar 38 Bioenergy 58 Environmental Services 84 Information Technologies and Services 114 Industrial Engineering and Construction 136 Abengoa and the Innovation 166 Organizational Structure and Management Team 216 Annual Report 2010 Glossary 1 Annual Report 2010 Glossary Operating terms A Ampere bit Bit B Byte bar Bar bsh Bushel SCADA Supervisory Control And Data Acquisition CO2 Carbon dioxide DGS Distilled Grains and Solubles DMS Distributed Management System DNA Dynamic Network Applications EPC Engineering, Procurement and Construction ETBE Ethyl Tertiary Butyl Ether BTU British thermal unit g Gram gal Gallon GHG Greenhouse Gas GIS Geographic Information System h Hour ha Hectare Hz Hertz ISCC Integrated Solar Combined Cycle J Joule km/h Kilometer per hour L Liter m Meter m/s Meter per second m2 Square meter m3 Cubic meter N Newton Pa Pascal ppm Parts-per-million s Second t Metric ton V Volt VA Volt-ampere VAr Volt-ampere reactive W Watt We Electric watt Wh Watt hour Wth Thermal watt 6 Annual Report 2010 Glossary Financial terms € Euro $ US Dollar BRL Brazilian Real CAGR Compound Annual Growth Rate EBITDA Earnings Before Interest, Tax, Depreciation and Amortization GDP Gross Domestic Product PCAOB Public Company Accounting Oversight Board ROE Return On Equity SOX Sarbanes Oxley Prefixes according to the International Metric System m Mili 10-3 c Centi 10-2 d Deci 10-1 h Hecto 102 k Kilo 103 M Mega 106 G Giga 109 T Tera 1012 7 Annual Report 2010 Main Figures 2 Annual Report 2010 Main Figures During the period 2000-2010 Abengoa’s revenue has been growing at a compound annual rate of 17 %, the EBITDA by 22 % and earnings per share by 19 %. Economic-Financial 2010 %Var. 2009 2000 %CAGR Data (10-09) (10-00) (1) (1) CAGR: Compound Income Statement (€M) Annual Growth Rate. (2) EBITDA: earnings Revenues 5,566 34.2 4,147 1,205 16.5 before interest, tax, EBITDA(2) 942 25.6 750 126 22.3 depreciation, and amortization. Net Income 207 21.6 170 36 19.1 (3) Net earnings/ Balance Sheet (€M) Shareholder’s funds. Total Assets 16,974 37.2 12,370 1,885 24.6 Equity 1,630 39.2 1,171 302 18.4 Net Debt (Cash) ex Project 1,166 (7.2) 1,257 177 20.8 Finance Significant Ratios (%) Operating Margin (Ebitda / 16.9 - 18.1 10.5 - Revenues) Return on Equity (ROE) (3) 16.1 - 17.3 12.0 - Data per Share (€) Earnings per Share 2.29 21.6 1.88 0.40 19.1 Dividend per Share 0.20 5.3 0.19 0.12 5.2 Quotation on the last day 18.38 (18.7) 22.60 8.50 8.0 of the year Capitalization on the last day of 1,662 (18.7) 2,045 769 8.0 the year (€M) Daily Average Trading Volume 10.7 83.1 5.9 2.0 18.2 (€M) 10 Annual Report 2010 Main Figures Types of Activities, Business Units & Geographies Evolution 2010 – 2000 Three Types of Activities Engineering Company 2010 2000 (1) EBITDA: earnings Areas of Activity (%) Revenues EBITDA(1) Revenues EBITDA(1) before interest, tax, Engineering and depreciation, and 56.1 44.0 81.0 69.6 Construction amortization. Concession-type 5.5 22.1 3.1 8.6 Infrastructures Industrial Production 38.4 33.9 15.9 21.8 Consolidated Total 100.0 100.0 100.0 100.0 Business Units (%) Solar 3.0 7.5 - - Bioenergy 28.3 22.5 3.5 5.2 Environmental Services 15.0 13.6 16.1 21.3 Information Technology and 13.3 13.7 20.5 29.6 Services Industrial Engineering and 40.4 42.7 59.9 43.9 Construction Consolidated Total 100.0 100.0 100.0 100.0 Geographies (%) USA 15.9 18.1 0.2 0.0 Latin America 34.3 38.3 29.2 19.9 Europe (excluding Spain) 15.7 11.1 6.3 2.9 Africa 3.7 2.0 1.2 1.1 Asia 4.6 0.8 0.9 0.7 Oceania 0.1 0.0 - - Spain 25.7 29.7 62.2 75.4 Consolidated Total 100.0 100.0 100.0 100.0 11 Annual Report 2010 Our Commitment 3 Annual Report 2010 Our Commitment Our Commitment At Abengoa, we believe that the world needs solutions to pave the way for more sustainable development. Scientists tell us that climate change is a reality and at Abengoa we believe that now is the time to seek out solutions and put them into practice. Over ten years ago, Abengoa made the strategic decision to focus its growth on the creation of new technologies geared towards sustainable development: Generating energy from renewable resources. Recycling industrial waste and generating and managing water. Creating infrastructures that eliminate the need for new investments in assets that generate emissions. Creating information systems that help to manage existing infrastructures more efficiently. Creating new horizons for development and innovation. To this end, we invest in Research, Development and Innovation, R&D&I, globally expand those technologies with the greatest potential, and attract and develop the necessary talent. In a similar vein, we channel human and financial resources into the Focus-Abengoa Foundation to promote social action policies that champion social and human progress. By following this approach, we create long-term value for our shareholders, ensure the growth of the companies through which we operate and help to make the world a better and more sustainable place for future generations. 14 Annual Report 2010 Our Commitment 15 Annual Report 2010 Report from the ChairmanGlosario 4 17 Annual Report 2010 Report from the Chairman 2010 was yet another good year for Abengoa. In spite of the economic and financial crisis plaguing some of our markets, we continued to report double-digit growth. Revenues increased by 34 % in comparison to 2009 to total €5,566 M, EBITDA climbed by 26 % to €942 M, and net profit rose by 22 % for a total of €207 M. Our strategy focuses on offering innovative technological solutions for sustainable development in the energy and environment sectors. Coupled with our geographic diversification, this has enabled us to report consistent double-digit growth over the last fifteen years. We believe that demand for our solutions will continue to increase as the world becomes increasingly more aware of the overriding need for sustainable development. The two factors we consider essential in order for a solution to be accepted at Abengoa are technology, which is hugely important and affords us a competitive edge, and global leadership. We are convinced that industrial innovation is key to forging a more sustainable world. In our case, we ended the year with 99 patents that had either been granted or which were in the process of being approved. In this regard, 2010 marked several important milestones for Abengoa, including commencement of construction of Solana, in the United States, which boasts 280 MW of installed power and six hours of molten salt storage; initiation of work on the 100 MW solar thermal power plant in Abu Dhabi, and the operational roll-out in Spain of a further three such plants, each with 50 MW of installed power. In the biofuel area, we fulfilled our present first-generation bioethanol investment plan by starting up three new plants in Illinois and Indiana (USA), and in Rotterdam (the Netherlands), with a combined annual production capacity of 300 Mgal -1,150 ML-. To this we may add the successful operation of our second-generation biomass-ethanol production plant in Salamanca, Spain. In India, we completed construction and start-up of a desalination plant in Chennai with a capacity of 100,000 m3 per day. Work also got underway on the 2,350 km Porto Velho - Araraquara 600 kV direct current power transmission line. Furthermore, together with twenty other partners, the company entered into an agreement to constitute Medgrid, an initiative aimed at developing and promoting a Euro-Mediterranean power grid to encourage the transmission of power produced in countries located on the southern shores of the Mediterranean to the European market. For the first time, Abengoa features this year the three segments that best reflect the company’s reality, stemming from its evolution and transformation over the last fifteen years. The parameters guiding the company at that time are no longer valid today. Nevertheless, the bulk of this Annual Report has been structured for the last time around the company’s five traditional business units. In this Report, we have continued to gradually migrate towards the approach to reporting activities we initiated in our presentation of results for the third quarter of 2010. To this end, we have included a table illustrating the key figures in accordance with the new segment composition, as well as a summary of the Activity Report prepared from this new perspective. We achieved significant growth this year in our three business segments (Engineering and construction, Concession type infrastructures and Industrial production). Backed by 70 years of experience in the industry, Engineering and construction draws together our traditional engineering activity associated with energy, water and information technologies. We specialize in the execution of complex turnkey projects involving concentrating solar power plants; solar-gas hybrid plants; conventional generating plants; power transmission lines; hydraulic infrastructure, including, among others, major desalinating plants; biofuel plants; and critical infrastructure control systems. 18 Annual Report 2010 Report from the Chairman In this segment revenues totaled €3,121 M in 2010, up 26 % on 2009, and EBITDA increased by 7 % year-on-year to reach €415 M.
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