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08.30.2007

Befesa’s income after tax rises 101.4 percent in the first half

Barakaldo, 30 August 2007. Befesa’s consolidated sales for the first half of 2007 totalled 370.5 million euro, equivalent to a 70 percent increase over the previous year. This year’s figures include the incorporation of the BUS Group, which was acquired at the end of 2006. Excluding sales from BUS, growth was 66.5 million euro, 30.5 percent higher than first half of 2006. All of Befesa’s business areas recorded higher sales during the first six months.

The Aluminium Waste Recycling unit recorded sales of 123.7 million euro compared to 98.4 million euro the previous year, equivalent to a 25.7 percent increase. Sales in the Steel and Galvanisation Waste Recycling business unit totalled 131.1 million euro for the first half compared to 36.5 million euro in fist half 2006. Excluding sales from BUS of 86 million euro, this business unit grew by 23.5 percent principally as a result of the increase in production capacity from the construction and assembly of the new furnace (operational September 2006) as part of the plant’s modernisation project. The Industrial Waste Management business unit recorded sales of 61.3 million euro compared to 47.1 million euro the previous year, equivalent to a 30 percent increase. Finally, sales in the Water business unit were 54.2 million euro compared to 36.0 million euro the previous year, a 50.5 percent increase.

EBITDA increased by 110.7 percent to 47.2 million euro compared to 22.4 million euro the previous year as a result of the aforementioned improvements in sales. Excluding BUS’s contribution of 22.6 million euro, EBITDA rose by 9.8 percent over firs half of 2006 to 24.6 million euro.

Income after taxes attributable to the parent company was 14.1 million euro, an increase of 101.4 percent compared to 7.0 million euro from the first six months of 2006 (an increase of 31.4 percent excluding the 4.9 million euro from BUS).

The result represents earnings per share of €0.52 compared to €0.26/share in first half of 2006.

Befesa, the environmental services subsidiary of Abengoa, focuses on providing industrial environmental services and constructing environmental infrastructures. It is a public listed company with a market capitalisation in excess of 813 million euro (close 2006). (www.befesa.es).