annual report 2007 WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 annual report 2007 Published: ACCIONA, S. A. Department of Institutional Relations, Corporate Marketing and CSR. Avda. Europa, 18 Parque Empresarial La Moraleja 28108 Alcobendas (Madrid) Spain Produced by: MRM Worldwide Spain, S. A. Legal deposit: M-25389-2008 WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 index Principal Dimensions 4 ACCIONA Energy 58 Letter from the Chairman 6 ACCIONA Agua 78 Mission, vision and values 8 ACCIONA Environmental and Urban Services 84 Milestones in 2007 12 ACCIONA Logistics and Transport Services 88 Organigram 16 Other businesses 98 ACCIONA International 18 Human Resources 102 ACCIONA in 2007 26 Innovation 110 ACCIONA Infrastructures 32 Corporate Responsibility 120 50 Corporate Gobernance 128 ACCIONA Real Estate WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 Graphics of Stock in 2007 compared to IBEX-35 and DJSI (% of revaluation) Dividend distribution Million euro 231.9* 183.7 147 ACCIONA 2005 2006 2007 (*) Subject to approval of General Shareholders’ Meeting 2008 Stock exchange information January-December IBEX-35 2007 Price 1 January 2007 143.05 Price 31 December 2007 216.65 Performance 51.45% DJSI Minimum 136.8 Maximum 241.9 (Million euro) JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Capitalization 13,768 Sales Million euro EBITDA Million euro BAI Million euro 2006 2007 Var. (%) 2006 2007 Var. (%) 2006 2007 Var. (%) Infrastructures 3,558 3,639 2.3 Infrastructures 279 284 1.7 Infrastructures 208 219 5.3 Real Estate 446 446 0.0 Real Estate 121 125 3.4 Real Estate 87 82 -5.9 Energy 851 1,093 28.4 Energy 369 392 6.3 Energy 164 117 -28.3 Logistic and Transport Services 960 925 -3.8 Logistic and Transport Services 117 69 -40.7 Logistic and Transport Services 64 -2 -103.4 Environmental and Urban Environmental and Urban Environmental and Urban Services 585 757 29.4 Services 48 46 -3.8 Services 29 15 -45.0 Other business 121 165 37.2 Other business 39 72 86.8 Other business 66 83 26.0 Endesa 0 1,203 n/a Endesa 0 429 n/a Endesa 112 318 183.3 Adjustments -249 -275 Adjustments -13 -11 Adjustments -18 -14 EBITDA 960 1,407 46.6 BAI 713 820 15.0 SALES 6,272 7,953 26.8 WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 Sales Million euro EBITDA Million euro Pretax profit Million euro 7,953.0 8,000 1,500 1,407 1,000 7,000 820 6,272.0 1,200 800 6,000 960 4,853 630 5,000 900 600 512 3,864.90 4,045.70 743 4,000 3,414.70 2,873.00 3,025.90 568.7 3,000 600 400 333.2 411.4 258.5 2,000 287.6 218.8 244.3 288.3 193.8 300 200 161.2 1,000 0 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007 Profit per share euro Dividend per share euro Capital resources per share euro 35 4.0 3.65* 101.6 3.5 30 100 2.89 30.6 3.0 25 21.6 80 72.9 2.5 2.32 20 2.0 60 53.9 15.3 1.67 15 41.5 43.7 1.5 1.38 1.2 40 10 1.0 5.1 0.6 0.7 20 5 3.6 11.7 10.7 12.2 1.8 2.2 2.5 0.5 0 0.0 0 2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007 Pay-out % ROE % Rate of return on dividend % 9.8 50 48 47 80 10 45.5 70 40 8 60 33.3 6.5 50 30 6 73.8 5.1 23.8* 40 31.8 4.3 4.0 29.6 3.8 3.6 20 30 4 3.3 13.4 20.6 20.5 20 15.4 15.1 10 9.5 2 4.5 10 8.1 0 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007 (*) Subject to approval of General Shareholders’ Meeting 2008 WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 dear shareholders LETTER FROM THE CHAIRMAN LETTER FROM Our commitment to sustainability over In terms of our fi nancial results, the consolidated frastructures, which has been boosted by, amongst the past three years has resulted in our company’s revenues grew by 26.8% to 7.953 billion euro, other factors, the strong fl ow of capital from Eu- leadership position and produced an indisputably while EBITDA totalled 1.407 billion euro, repre- rope and the United States to regions rich in raw positive outcome in our triple bottom line ac- senting an increase of 46.6%. Our net profi t materials. ACCIONA Infrastructures, together with counting – economic, social and environmental excluding extraordinary items has grown by 53% other divisions, is driving eco-effi cient building, in – which we have incorporated as an essential to 676 million euro. which ACCIONA Real Estate’s eco-effi cient homes part of our business. are an outstanding example (1st development Endesa has contributed substantially to these launched last year). With regards to the environment, the activities results. In addition to this contribution, in Endesa and business of ACCIONA over the past year have we are consolidating the strategic objectives ACCIONA Energy was the leading division in avoided the net emission of 4.77 million tonnes which we established on becoming major share- terms of EBITDA in 2007, contributing 392 million of CO² into the atmosphere, a 20% increase on holders: to take on the management leadership; to euro, or 27% to the group’s total. During the 2006. create a global leader in renewable energy; and to year it reinforced its global position in renewable drive the transition towards a model of sustain- energy with the installation of a total of 1,025 MW, Within society we have strengthened our able energy. With regards the last objective, I am which increased the company’s installed power at infl uence and visibility as a sustainable company, convinced that I have a privileged platform from the year end to 4,090 MW and electricity genera- receiving national and international recognition. It which to infl uence this transition; from within tion to almost 9,000 MW. is worth highlighting our outstanding position as one of the best companies in the energy sector leaders in our sector in the European and World- worldwide. Desalination is one of the solutions offered by wide Dow Jones Sustainability Index. At a national ACCIONA Agua to combat water shortage, in level, the fact that ACCIONA is among the top ten Regarding our business divisions, ACCIONA Infrastruc- which we are working to fi nd processes that are companies in the Monitoring of Corporate Reputa- tures continues to be the largest division in terms of even more environmentally and energy effi cient. tion (MERCO) demonstrates that we are fulfi lling revenue, with 3.639 billion euro (45.8% of the total). In 2007 ACCIONA Agua plants were responsible our objective of being a company that makes an In this fi nancial year we have laid the foundations for the desalination of a total of 53 HM³, demonstra- active contribution to social wellbeing. to participate in the global development of in- ting the trend of growth in this activity. 6 ANNUAL REPORT /LETTER FROM THE CHAIRMAN WorldReginfo - d167a22e-6fef-498a-8cf5-afe9eb78e963 In the service divisions the commitment to ment in R&D across 67 current projects by The market recognises that our business model sustainability has resulted in innovative proposals almost 72%, all within a new framework – the represents a strategic position with great poten- such as the new route for intermodal cargo trans- Strategic Innovation Plan, which will guide tial. During last year, the share price increased by portation of ACCIONA Trasmediterranea between our activities until 2015 and which has a total 51.5%. Additionally a dividend of 3.65 euro per Algiers and Barcelona, and the fi rst contracts to investment forecast of 500 million euro until share will be presented for approval at the Annual improve the energy effi ciency and complete waste 2010. General Meeting, representing an increase of management of ACCIONA Facility Services. 26.2% with respect to 2006. Total capital expenditure during the past fi nan- The consolidation of our sustainable project isn’t cial year rose to 3.115 billion euro, principally I am extremely proud to state with conviction however an end in itself, but rather, the fi rst step for the acquisition of an additional stake in that as our business challenges grow so too does towards a new phase of our business. The glo- Endesa and to drive organic growth in the rest our ability to surpass them. It is the best sign balisation of our combined offer of Infrastructure, of the divisions. The net debt at year end rose that we have a business that is vital, dynamic Energy and Water is the natural path of expan- to 17.804 billion euro. Of this, 5.312 billion and forward looking. With your confi dence, our sion which we will accelerate in the immediate euro corresponds to the proportionate consoli- exceptional team of professionals and the Board future.