Abengoa’s consolidated revenues to December, 31 2011 reached €7,089 M, a 46% increase from the previous year, mainly due to:
Abengoa’s EBITDA figure to December, 31 2011 reached €1,103 M, a 36% increase from the previous year, mainly due to:
Net financial expenses increased from -€348 M in 2010 to -€695 M in 2011 primarily due to new solar plants, ethanol plants and transmission lines, coming online in the year with financial cost being taken to P&L; increase in interests accrued by bonds of Abengoa and interest expenses on the bonds that were issued in the last quarter of 2010, as well as the negative valuation of the embedded derivatives in Abengoa’s convertible bonds and the time value of the interest rate caps.
Corporate income tax benefit increased from €6 M in 2010 to €29 M in 2011. This figure was affected by various incentives for exporting goods and services from Spain, for investment and commitments to R&D+i activities, the contribution to Abengoa’s profit from results from other countries, as well as prevailing tax legislation.
Given the above, Abengoa’s income from continuing operations decreased by -15% in 2011 from €215 M in 2010 to €182 M in 2011.
Excluding the after-tax effect of the capital gains recorded in 2010 and 2011 derived from the sale of transmission lines in Brazil (€+43 M in 2011 and €+46 M in 2010), the negative valuation of the embedded derivative of the convertible bonds (€-21 M in 2011 and €+30 M in 2010), as well as the time value of the interest rate hedging caps (€-47 M in 2011), profit for the year from continuing operations for the year ended December 31, 2011 would amount to €207 M in comparison to €140 M for the year ended December 31, 2010, resulting in a 48% increase.
This heading includes the net impact of €91 M (including gain) from the sale of the remaining stake in Telvent GIT. Likewise, 2010 Telvent figures have been reclassified and are now considered as discontinued operations for comparative purposes.
The profit attributable to Abengoa’s parent company increased by 24% from €207 M achieved in 2010 to €207 M in 2011. Excluding the same impacts outlined above, as well as discontinued operations, it would have increased by 75%.