Acciona Energy

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(1)WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6.

(2) 9m08 Results (Jan-Sept). Contents 1. KEY FINANCIAL FIGURES 2. CONSOLIDATED INCOME STATEMENT 3. RESULTS BY DIVISION 3.1.. Acciona Infrastructures. 3.2.. Acciona Real Estate. 3.3.. Acciona Energy. 3.4.. Acciona Logistics & Transport Services. 3.5.. Acciona Urban & Environmental Services. 3.6.. Other Businesses and Financial Results. 3.7.. Endesa. 4. CONSOLIDATED BALANCE SHEET. 5.1.. Significant communication to the stock market. 5.2.. Dividend. 5.3.. Share data. 5.4.. Share price performance 9m08. 6. CONTACT. 2. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. 5. ANNEX.

(3) 9m08 Results (Jan-Sept) In accordance with Regulation 1606/2002 of the European Parliament and of the Council of 19 July 2002, for each financial year starting on or after 1 January 2005, companies governed by the law of a Member State must prepare their consolidated accounts in conformity with the International Financial Reporting Standards (IFRS) adopted by the European Union if their securities are admitted to trading on a regulated market. The ACCIONA Group's consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) approved by the European Parliament to date. The financial statements were based on the individual accounts of Acciona, S.A. and its Group companies and they include the necessary adjustments and reclassifications to adapt them to IFRS.. 3. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. This information was prepared internally by the Acciona Group and has not been audited. Therefore, it is subject to changes, in terms of both the balance sheet and the income statement, as a result of changes in the applicable standards, estimates or any other similar circumstances..

(4) 9m08 Results (Jan-Sept). 1. KEY FINANCIAL FIGURES . Revenues increased by 89.4% EBITDA amounted to €2,100 million representing an increase of 193.8% year on year growth Net profit increased by 2.8% and EBIT increased by 212.5% Capital expenditure in the period amounted to €1,937 million. Income statement summary Jan-Sep 07. Jan-Sep 08. Chg. (%). 4,937. 9,353. 89.4. EBITDA. 715. 2,100. 193.8. EBIT. 457. 1,429. 212.5. Net profit. 401. 413. 2.8. 31-Dec-07. 30-Sep-08. Chg. (%). 6,456. 6,526. 1.1. Net debt. -17,804. -17,543. -1.5. Net debt ex regulatory receivables pending collection. -16,957. -16,460. -2.9. Financial Gearing. -276%. -269%. n.a.. Jan-Sep 07. Jan-Sep 08. 1,105. 1,937. Jan-Sep 07. Jan-Sep 08. Chg. (%). 5,421. 7,630. 40.7. 192. 54. -71.8. (Million euro) Revenues. Balance sheet data (Million euro) Equity. (Million euro) Capital expenditure. (Million euro) Infrastructure backlog Residential property pre-sales Land purchases. 124. 104. -16.1. 3,604. 4,105. 13.9. Passengers served. 3,003,176. 3,126,405. 4.1. Cargo handled (linear meters). 5,072,337. 4,709,964. -7.1. 35,566. 41,098. 15.6. Total Wind Installed Capacity (MW). Average workforce. 4. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Operating data.

(5) 9m08 Results (Jan-Sept) The results are presented in accordance with International Financial Reporting Standards (IFRS). Acciona reports in accordance with its business structure, which comprises six divisions:. Acciona Infrastructure: construction, engineering and transport and hospital concessions. Acciona Real Estate: property rental, development and parkings. Acciona Energy: development, construction, operation and maintenance of renewable energy installations and related manufacturing activities. Acciona Logistics & Transport Services: end-to-end passenger and cargo transport by land, sea and air. Acciona Urban & Environmental Services: water, urban services and environment protection services Other Businesses and Financial: fund management, securities brokering, wine production and other businesses. 5. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Additionally, Acciona proportionally consolidates its 25% stake in Endesa since 4Q07..

(6) 9m08 Results (Jan-Sept) The 193.8% EBITDA increase is mainly a consequence of Endesa’s proportional consolidation during 9m0, as well as the increase in contribution of Acciona Energy and Acciona Urban and Environmental Services. Regarding the EBITDA contribution by divisions in 9m08, the electricity business contributed 84.1% (64.2% Endesa and 19.9% Acciona Energy). Acciona Infrastructures contributed 7.5%, Acciona Real Estate 3.2% and the Services divisions and Other Businesses 5.3%. % EBITDA. Jan-Sep 07. Jan-Sep 08. Acciona Infraestructures*. 29.6%. 7.5%. Acciona Real Estate*. 14.2%. 3.2%. Acciona Energy. 35.5%. 19.9%. Acciona Logistics & Transport Services. 11.6%. 2.3%. Acciona Urban & Enviromental Services*. 4.8%. 2.0%. Other Business and Financial. 4.4%. 1.0%. Endesa. 64.2%. Note: Since 4Q07, hospital concessions are included in Acciona Infrastructure, whereas previously were consolidated as part of Acciona Urban and Environmental Services and the parking activity consolidates as part of Acciona Real Estate. Previously both activities were consolidated as part of Acciona Urban and Environmental Services. 9m07 figures included in this report have been adjusted to make them comparable to those of 9m08.. 6. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Capital investment totalled €1,937 million including €1,080 million corresponding to organic growth of Acciona Energy and €598 million to investments by Endesa. The remaining divisions had a total capital expenditure of €259 million. Acciona's continuing capital expenditure strategy and Endesa’s proportional consolidation have lead to a net financial debt position at 30th September 2008 of €17,543 million, 54.6% without recourse (€16,460 million ex regulatory receivables pending collection by Endesa) and 269% gearing ratio..

(7) 9m08 Results (Jan-Sept). 2. CONSOLIDATED INCOME STATEMENT Jan-Sep 2007. Jan-Sep 2008. Chg.(%). Amount. % Revenue. Amount. % Revenue. 4,937. 100.0%. 9,353. 100.0%. 89.4. Other revenues. 488. 9.9%. 1,090. 11.7%. 123.3. Changes in inventories of finished goods and work in progress. 160. 3.2%. 181. 1.9%. 13.7. Total production value. 5,585. 113.1%. 10,624. 113.6%. 90.2. Cost of goods sold. -1,452. -29.4%. -4,207. -45.0%. 189.7. -919. -18.6%. -1,295. -13.8%. 40.8. -2,498. -50.6%. -3,022. -32.3%. 21.0. EBITDA. 715. 14.5%. 2,100. 22.5%. 193.8. Depreciation and amortisation. -258. -5.2%. -671. -7.2%. 160.5. EBIT. 457. 9.3%. 1,429. 15.3%. 212.5. Financial revenues. 557. 11.3%. 243. 2.6%. -56.3. Financial expenses. -437. -8.9%. -928. -9.9%. 112.3. Exchange differences (net). -8. -0.2%. -6. -0.1%. -34.4. Results on change in financ.instruments at fair value. 0. 0.0%. Results on impairment / release of assets. -1. 0.0%. -87. -0.9%. 6582.5 219.3. Revenue. Personnel expenses Other expenses. Income from associated companies. 0.0. 7. 0.1%. 21. 0.2%. Income on sale of non-current assets. 18. 0.4%. 23. 0.2%. 25.1. Other gains or losses. -19. -0.4%. -5. 0.0%. -76.4. EBT. 573. 11.6%. 691. 7.4%. 20.8. Income tax. -159. -3.2%. -182. -1.9%. 14.3. Profit from continuing activities. 413. 8.4%. 509. 5.4%. 23.2. Profit after taxes fromo non-current activities. 0. 0.0%. 85. 0.0. 0.0. 413. 8.4%. 594. 6.4%. 43.8. Minority interest. -12. -0.2%. -182. -1.9%. 1,408.0. Attributable net profit. 401. 8.1%. 413. 4.4%. 2.8. Profit after taxes. 7. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. (Million Euro).

(8) 9m08 Results (Jan-Sept) Revenues Consolidated sales increased by 89.4% to €9,353 million mainly due to Endesa’s proportional consolidation during the period and to the good performance of Acciona Energy. Acciona Energy boosted sales by 79.6% due to pool prices increase during the first part of the year vs. the same period last year, the 10% organic growth of energy generation and the positive contribution of the wind and solar industrial businesses. Endesa contributed €4,145 million to the group’s 9m08 total revenues.. EBITDA By the 30th September EBITDA amounted to €2,100 million, a 193.8% increase, and the EBITDA margin was 22.5%. The incorporation of Endesa represents €1,353 million of the total amount.. EBIT EBIT amounted to €1,429 million, i.e. 212.5% more than same period last year, after a 160.5% increase in amortisation. The EBIT margin was 15.3%.. EBT From Continuing Activities This figure increased by 20.8% to €691 million.. Attributable Net Profit. 8. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Attributable net profit amounted to €413 million, a 2.8% higher than same period last year..

(9) 9m08 Results (Jan-Sept). 3. RESULTS BY DIVISION. Acciona Infraestructures. Jan-Sep 07. Jan-Sep 08. Amount. % Reven.. Amount. % Reven.. Chg.(%). 2,767. 56.0. 2,624. 28.1. -5.2. Acciona Real Estate. 345. 7.0. 200. 2.1. -42.1. Acciona Energy. 688. 13.9. 1,236. 13.2. 79.6. Acciona Logistics & Transport Services. 718. 14.5. 735. 7.9. 2.3. Acciona Urban & Enviromental Services. 496. 10.1. 564. 6.0. 13.5. Other Business and Financial. 114. 2.3. 106. 1.1. -7.5. -. -. 4,145. 44.3. n.a.. Endesa Consolidation Adjustments. -192. -3.9. -257. -2.7. 33.4. TOTAL Revenues. 4,937. 100.0. 9,353. 100.0. 89.4. EBITDA. Jan-Sep 07. Jan-Sep 08. Chg.(%). Amount. % Reven.. Amount. Acciona Infraestructures. 215. 7.8. 157. 6.0. -26.8. Acciona Real Estate. 103. 29.8. 103. 29.8. -34.7. Acciona Energy. 258. 37.5. 418. 33.8. 62.2. 84. 11.7. 48. 6.5. -43.1. (Million Euro). Acciona Logistics & Transport Services. % Reven.. Acciona Urban & Enviromental Services. 35. 7.1. 42. 7.4. 18.3. Other Business and Financial. 32. 27.8. 21. 19.9. -33.8. Endesa. -. -. 1,353. 32.6. n.a.. Consolidation Adjustments. -12. 6.3. -6. 2.5. -47.2. TOTAL EBITDA. 715. 14.5. 2,100. 22.5. 193.8. EBT (Million Euro) Acciona Infraestructures. Jan-Sep 07 Amount. % Reven.. Jan-Sep 08 Amount. Chg.(%). % Reven.. 173. 6.3. 94. 3.6. -46.0. Acciona Real Estate. 69. 20.0. -78. -39.0. -213.2. Acciona Energy. 60. 8.7. 141. 11.4. 135.7. Acciona Logistics & Transport Services. 35. 4.9. -15. -2.1. -143.6. Acciona Urban & Enviromental Services. 16. 3.2. 14. 2.5. -8.8. Other Business and Financial. 45. 39.4. 39. 37.2. -12.7. Endesa. 158. -. 486. 11.7. 208.1. Consolidation Adjustments. -18. 9.3. -9. 3.6. -49.0. Extraordinaries. 35. -. 19. -. -43.7. 573. 11.6. 691. 7.4. 20.8. TOTAL EBT. 9. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Revenues (Million Euro).

(10) 9m08 Results (Jan-Sept). 3.1. Acciona Infrastructures (Million Euro) Construction & Engineering Concessions. Revenue Construction & Engineering Concessions. EBITDA Margin (%) EBT Margin (%). Jan-Sep 07. Jan-Sep 08. Chg. (%). 2,742. 2,579. -6.0%. 25. 45. 78.2%. 2,767. 2,624. -5.2%. 206. 135. -34.5%. 9. 22. 156.6%. 215. 157. -26.8%. 7.8%. 6.0%. 173. 94. 6.3%. 3.6%. -46.0%. Revenues amounted to €2,624 million, a 5.2% decrease year on year. EBITDA decreased by 26.8% to €157 million, and the EBITDA margin was 6.0%. In line with these figures, earnings before taxes (EBT) decreased by 46.0% to €94 million, and the margin fell by 270 basis points. The concessions business remained strong during the period with a revenue increase of 78.2% regarding income and EBITDA up by 156.6%. Since 4Q07 concessions to hospital services are added to Acciona Infrastructure, whereas previously were consolidated as part of Acciona Urban and Environmental Services. 9m07 figures included in this report have been adjusted to make them comparable to those of 9m08. The construction backlog in September amounted to €7,630 million, 40.8% increase year on year.. Civil Engineering. . JV Lav Sector Sant Andreu (high speed train Cataluña) – Spain JV Sabadell Tunnel (train tunnel) – Spain Atlantic Axis Platform Vilagarcía-Catoira (75%) – Spain Dual Carriageway A-33 Cieza-Font La Figuera. Section A-31/A-35 Valencia – Spain Dual Carriageway Tarragona-Montblanc –Spain Extensión Underground Line 2 Barrio de Las Rosas,Madrid (50%) –Spain Solar Plant PALMA DEL RIO -Spain Access dual carriageway A. Coruña As Lonzas a Zapateira- Spain Thermosolar Plant Majadas, Caceres – Spain By-pass in Aranda – Spain JV Road Icod-El Tanque (TF) – Spain Graneles Fiochi Terminal, Santander – Spain Improvement of C-51. Albinyana-Valls. Tarragona (80%) - Spain Core supply in Entrepeñas – Spain. 10. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Main contracts obtained in January-September 2008.

(11) 9m08 Results (Jan-Sept) . Building of 5th GPL storage tank. Cartagena´s Plant (50%) – Spain Restoring of Wharf 2 in Rota´s Naval Base – Spain JV By-pass in Roquetas – Spain Housing Estate Sector Suz 55-1 . Zaragoza – Spain Restoring of route Cortes Frontera-San Pablo Buceite. Malaga ADIF (50%) – Spain Preservation A-5 Almaraz-Jaraiceco. Caceres – Spain JV 2nd phase Ferrol´s Port – Spain Extension of Repsol refinery, Cartagena-Spain Repsol pluvial net, Puertollano- Spain Water piping c.t. Andesa Besos – Spain Highway A-30. Chateauguay –Vaudreuil – Canada Most Wroclaw – Poland Route 160. Section: Tres Pinos – North Access to Coronel. - Chile Konotopa Road 407210 – 217210 – 207210 – Poland BR-393 Road – Brazil Biala Polswska – Poland Extension of purifier Wieliszen – Poland Mod. Lodz Stadium – Poland Rozbudowa instalacji TDI – Poland Osiedle Ogrody Hallera – Poland Budowa budynkow mieszkalnych we wroclawiu -Poland. . JV combined cycle Compostilla – Spain Phase 2 Shopping Mall in Cornella – Toledo – Spain National Archaeological Museum – Spain Infrastructure of Salvaterra´s Industrial Logistic Platform, Pontevedra -Spain Tlp Building aerial base in Albacete – Spain Las Rozas Business Centre (facilities) - Spain Industrial warehouse in Lumbier. Navarra – Spain Faculty of Fine Arts, new building – Spain Vestas Nacelles Leon Factory - Spain JV Rural Environment and Enology - Spain Building in Glez. Tablas Street. Pamplona – Spain El Miradero de Toledo, Phase 2 – Spain Virgen de la Victoria Hospital - Spain Interior spaces, 2F. Exhibition Building. Toledo – Spain Royal Jubilee Hospital – Canada Structure C.C. Wgorze -Poland Focus Park – Poland Banska – Poland Rzeszow Gallery - Poland Shopping Mall in Jastrezebie Zdroj - Poland Parking plus building block Eolian Budynek A – Poland Convention Centre Campeche – Mexico. Residential Building. . 122 Acciona Houses in Alicante – Spain Penedo housing - Brazil. 11. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Non Residential Building.

(12) 9m08 Results (Jan-Sept). 3.2. Acciona Real Estate Jan-Sep 07. Jan-Sep 08. Chg. (%). Revenue. 345. 200. -42.1%. EBITDA. 103. 67. -34.7%. 29.8%. 33.6%. 69. -78. 20.0%. -39.0%. (Million Euro). Margin (%) EBT Margin (%). -213.2%. Acciona Real Estate revenues amounted to €200 million. EBITDA decreased by 34.7% to €67 million. Since 4Q07, the parking activity consolidates as part of Acciona Real Estate, whereas previously were consolidated as part of Acciona Urban and Environmental Services. 9m07 figures included in this report have been adjusted to make them comparable to those of 9m08. Acciona has provisioned €86 million related to the deterioration of the value of Real Estate assets (land, development and rental), which had a negative impact on EBT in 9m08. Jan-Sep 07. Jan-Sep 08. Chg. (%). Residential property pre-sales. 192. 54. -71.8. Land purchases. 124. 104. -16.1. (Million Euro). 12. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Residential property pre-sales amounted to €54 million. Land purchases amounted €104 million and were concentrated in Mexico, where Acciona bought out from Grupo Concord the 50% of Parque Reforma Estate Agency which still did not own, Brazil and Spain, where Acciona has acquired land for official protection buildings (“VPO”)..

(13) 9m08 Results (Jan-Sept). 3.3. Acciona Energy Jan-Sep 07. Jan-Sep 08. Chg. (%). Generation Revenues. 400. 588. 47.0%. Industrial and Other. 288. 648. 124.9%. 688. 1,236. 79.6%. Generation Revenues. 237. 368. 55.3%. Industrial and Other. 21. 50. 140.4%. 258. 418. 62.2%. 37.5%. 33.8%. 60. 141. 8.7%. 11.4%. (Million Euro). Revenues. EBITDA Margin (%) EBT Margin (%). 135.7%. Acciona Energy revenues increased by 79.6% to €1,236 million which was mainly due to an increase in the wind energy pool price in 9m08, the escalation in energy production and to the good performance of the wind and solar industrial businesses. Acciona Energy EBITDA amounted to €418 million which represents an increase of 62.2%. Installed wind power capacity increased by 13.9% in attributable terms and attributable wind power output (in GWh) increased by 14.2%. Breakdown of installed capacity and production as of 30th September 2008, by technology, was as follows: 30-Sep-08. Total. Attributable. (GWh produced). Total. Wind power in Spain. 3,117. 2,495. Attributable. Wind power in Spain. 4,784. 989. 791. 3,821. Wind power in other countries. 1,056. USA. 302. 228. 799. USA. 257. 257. Canada. 136. 58. Australia. 159. 126. Canada. 280. 117. Australia. 151. Germany. 148. 148. 76. Germany. 178. 178. Italy. 71. 71. Greece. 37. 37. Italy. 27. 27. Greece. 63. Portugal. 26. 63. 26. Portugal. 46. Hungary. 46. 24. 11. Hungary. 34. 16. India. 30. 30. India. 20. 20. Mexico. 32. 32. Mexico. -. -. Korea. 24. 24. Korea. -. -. Total Wind. 4,105. 3,285. Total Wind. 5,840. 4,620. Wind power in other countries. Minihydro. 59. 59. Minihydro. 169. 169. Biomass. 33. 33. Biomass. 182. 182. Solar PV. 49. 49. Solar Fotovoltaica. Solar Thermoelectric. 64. 64. Solar Termoeléctrica. 7. 7. 119. 119. Cogeneration. 100. 100. Cogeneration. 512. 510. Total other technologies. 305. 305. Total other technologies. 989. 988. 4,411. 3,590. 6,829. 5,608. Total Energy. Total Energy. The percentage of attributable capacity (MW) is 81% overall, 80% in wind and 100% in other technologies.. 13. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. 30-Sep-08 (MW installed).

(14) 9m08 Results (Jan-Sept). 3.4. Acciona Logistics & Transport Services (Million Euro). Jan-Sep 07. Jan-Sep 08. Chg. (%). Handling. 118. 119. 1.5%. Trasmediterránea. 487. 477. -1.9%. Other. 113. 139. 22.2%. Revenues. 718. 735. 2.4%. Handling. 20. 19. -2.8%. Trasmediterránea. 57. 17. -70.9%. 7. 12. 69.3%. 84. 48. -43.1%. 11.7%. 6.5%. 35. -15. 4.9%. -2.1%. Other. EBITDA Margin (%) EBT Margin (%). -143.6%. During 9m08, Acciona Logistics & Transport Services revenues increased by 2.4% reaching €735 million. The division’s EBITDA amounted to €48 million, 43.1% less than in the same period of last year. Trasmediterránea has continued to be affected by high oil prices during the period.. Jan-Sep 07. Jan-Sep 08. Chg. (%). Passengers served. 3,003,176. 3,126,405. 4.1. Cargo handled (linear metres). 5,072,337. 4,709,964. -7.1. 14. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. The number of passengers increased by 4.1%, whereas the cargo handled (linear metres) fell by 7.1%..

(15) 9m08 Results (Jan-Sept). 3.5. Acciona Urban & Environmental Services Jan-Sep 07. Jan-Sep 08. Chg. (%). Water. 185. 229. 23.6%. Other. 311. 335. 7.5%. Revenues. 496. 564. 13.5%. Water. 15. 18. 22.0%. Other. 20. 24. 17.5%. 35. 42. 18.3%. 7.0%. 7.4%. 16. 14. 3.2%. 2.5%. (Million Euro). EBITDA Margin (%) EBT Margin (%). -8.8%. The 13.5% increase in sales is due to the organic growth of the activities included in this division: water, facility services and funerary services. During the 4Q of 2007 the activities regarding parking and hospital services concessions were pulled out from the perimeter of the division’s consolidation. 9m07 figures included in this report have been adjusted to make them comparable to those of 9m08.. 15. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. EBITDA increased by 18.3% to €42 million, while EBITDA margin remained in line with 2007..

(16) 9m08 Results (Jan-Sept). 3.6. Other Businesses and Financial Results (Million Euro) Revenues EBITDA Margin (%) EBT Margin (%). Jan-Sep 07. Jan-Sep 08. Chg. (%). 114. 106. -7.5%. 32. 21. -33.7%. 28.3%. 20.3%. 45. 39. 39.4%. 37.2%. -12.7%. The activities included in this area are: i) Fund management through Bestinver, which reached €3,296 million under management at 30th September 2008; ii) Wine production and marketing; and iii) Media (GPD, which is fully consolidated).. 16. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Revenues decreased by 7.5% in 9m08 vs. 9m07. EBITDA decreased by 33.7% to €21 million..

(17) 9m08 Results (Jan-Sept). 3.7. Endesa As of 30th September 2008, Acciona owned 264,793,905 shares of Endesa, representing 25.01% of its capital stock, acquired for an amount of €9,278 million, i.e. approximately €35 per Endesa share. The investment is part of the strategic plan to expand in the electricity business. Jan-Sep 07. Jan-Sep 08. Chg. (%). Revenues. 0. 4,145. n.a.. EBITDA. 0. 1,353. n.a.. (Million Euro). Margin (%) EBT. 32.6% 158. Margin (%). 486. n.m.. 11.7%. The impact of Endesa on revenues and EBITDA corresponds to the proportional consolidation of Endesa’s 25% during 9m08. 9m07 EBT corresponds to the dividends on the Endesa shares, net of expenses associated to the transaction, while the 9m08 EBT figure corresponds to proportional consolidation of Endesa’s 25%. At the date of preparation of this presentation the valuation of the assets and liabilities of Endesa with a view to definitively allocating the goodwill had not been completed. Therefore, until the fair value of the assets and liabilities has been definitely determined, the difference between the cost of acquisition and the carrying amount of the company acquired is recognised provisionally as goodwill.. Business highlights in Spain and Portugal: . Generation costs rose across the board in the first 9m of the year, due to the lower rainfall, higher fuel prices and the increased cost of CO2 emission rights. The increase in generation costs triggered a 71.9% rise in average wholesale prices.. . Endesa sold 64.3% of its mainland output under ordinary regime to deregulated customers: 20.9% in regulatory stipulated auctions and the remainder on the wholesale market.. 17. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. The valuation of the assets and liabilities is in a very advanced stage and by the end of the fiscal year the analysis will be completed and the goodwill will be definitely allocated, with its consequent impact on the balance sheet (mainly fixed assets, minorities and deferred taxes) and on the P&L account (principally because of a significant charge in the amortization item).

(18) 9m08 Results (Jan-Sept) . Demand for electricity in the Spanish mainland grew by 2% in 9m08 vs 9m07. This growth in demand was met with a 14.4% increase in energy generated from renewable sources, which accounted for 23.1% of the total, and a 1.4% increase in ordinary regime output.. . In the first nine months of 2008, electricity demand varied unevenly, growing 10.4% in Peru, 4% in Brazil, 2.7% in Argentina and 2.2% in Colombia and 0.1% in Chile.. . Electricity sales were 46,868 GWh, a rise of 2% vs. 9m07.. . In the generation business, the year 2008 is still characterised by natural gas supply problems, which cause an important increase in thermoelectric generation costs.. . Lower rainfall and continuing gas supply issues triggered higher load factors at the fossil thermal powered stations, specifically high use of liquid fuels which in turn pushed generation costs higher. Nonetheless, Endesa’s favourable generation mix in Latin America and higher sale prices in most of the markets where its subsidiaries operate led to a 45.3% increase in the unit margin.. . Energy distribution losses were 10.8% in 9m08, an improvement of 0.5bp on the same period last year. We would like to highlight the improvements made in Brazil and Colombia (1.3bp and 0.8bp respectively).. 18. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Business highlights in Latin America:.

(19) 9m08 Results (Jan-Sept). 4. CONSOLIDATED BALANCE SHEET 31-Dec-07. 30-Sep-08. Amount. % Total. Amount. % Total. 15,006. 41.4. 16,435. 45.0. FINANCIAL ASSETS. 1,486. 4.1. 1,516. 4.1. GOODWILL. 8,105. 22.3. 7,037. 19.3. OTHER NON-CURRENT ASSETS. 1,002. 2.76. 1,076. 2.9. 25,599. 70.57. 26,063. 71.3. PROPERTY, PLANT & EQUIPMENT, AND INTANGIBLE ASSETS. NON-CURRENT ASSETS. Inventories. 2,142. 5.9. 2,511. 6.9. Accounts receivable. 4,157. 11.46. 4,703. 12.9. Other current assets. 583. 1.6. 603. 1.6 0.8. Current financial assets. 256. 0.7. 279. Cash and Cash equivalents. 1,566. 4.3. 2,382. 6.5. Assets held for sale. 1,974. 5.4. 0. 0.0. CURRENT ASSETS. 10,677. 29.43. 10,478. 28.7. TOTAL ASSETS. 36,276. 100. 36,541. 100.0. Capital Reserves. 64. 0.2. 64. 0.2. 4,061. 11.2. 4,708. 12.9. Profit attributable to equitly holders of the parent. 974. 2.7. 413. 1.1. Own Securities. -154. -0.4. -157. -0.4. Interim dividend. -85. -0.2. 0. -. EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT. 4,860. 13.4. 5,027. 13.8. MINORITY INTERESTS. 1,596. 4.4. 1,499. 4.1. EQUITY. 6,456. 17.8. 6,526. 17.9. Interest-bearing borrowings. 15,898. 43.82. 17,705. 48.5. Other non-currrent liabilities. 3,619. 10.0. 3,826. 10.5. 19,517. 53.8. 21,531. 58.9. Interest-bearing borrowings. 3,728. 10.3. 2,499. 6.8. Trade payables. 4,325. 11.9. 4,474. 12.2. Other current liabilities. 1,558. 4.3. 1,511. 4.1. 692. 1.9. -. -. CURRENT LIABILITIES. 10,303. 28.4. 8,484. 23.2. TOTAL LIABILITIES AND EQUITY. 36,276. 100.0. 36,541. 100.0. NON-CURRENT LIABILITIES. Liabilities associated to assets held for sale. Acciona's equity at 30th September 2008 amounted to €6,526 million, which represents an increase of 17.9% vs. to December 2007.. 19. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. (Million Euro).

(20) 9m08 Results (Jan-Sept) Net financial debt as of 30th September 2008 amounted to €17.543 million (€16,460 million excluding Endesa´s regulatory receivables pending collection), i.e. 269% gearing, mainly due to the acquisition of a 25.01% stake in Endesa, the consolidation of 25.01% of its debt and the investment activity undergone to finance organic growth in the divisions. The deal was financed with two syndicated loans: i) a syndicated loan to Acciona, S.A. amounting to €2,513 million, against which €1,430 million have been drawn to finance part of the acquisition of Endesa, S.A. by subsidiary Finanzas Dos, S.A. This syndicated loan includes a cap of €1,083 million which is the maximum amount that Acciona, S.A. has undertaken to contribute to Finanzas Dos, S.A. in the event that the Senior Debt Coverage Ratio of Finanzas Dos, S.A. is less than 1.15. ii) Another syndicated loan, to Finanzas Dos, S.A., amounting to €5,678 million against which €5,496 million have been drawn to finance the acquisition of shares of Endesa, S.A. owned by Finanzas Dos, S.A. That loan is secured by a pledge on the shares of Endesa, S.A. owned by Finanzas Dos, S.A., thus enabling the company to retain its capacity to invest. The remaining 1.03% has been financed through corporate loans. The 3.97% acquired through the takeover bid was financed through a syndicated loan of €1,691 million. With reference to the above, on the 2nd July 2008 Acciona, S.A. signed a syndicated loan with 8 financial institutions for an amount of €1,704 million and two years maturity. This loan refinances the debt associated to the acquisition of the before mentioned 3.97% of Endesa´s S.A. capital, which Acciona acquired by means of a takeover bid along with Enel Energy Europe S.r.L.. Acciona is now in the process of negotiating with the syndicated bank group which financed the acquisition of the first 20% stake in Endesa S.A. The aim is to eliminate the contractual obligation of providing guarantees derived from Endesa´s share price in an extremely volatile environment. The definite conditions from that negotiation are still pending to be approved by both parties. (Million Euro). 31-Dec-07 Amount. % Total. 30-Sep-08 Amount. % Total. Chg. (%). Cash + Cash equivalents. 1,822. Interest-bearing borrowings without recourse. 10,778. 54.9. 11,041. 54.6. 2.4. 8,848. 45.1. 9,163. 45.4. 3.6. Total interest-bearing debt. 19,626. 100.0. 20,204. 100.0. 2.9. Net debt. -17,804. -17,543. -1.5. Net debt ex regulatory receivables pending collection. -16,957. -16,460. -2.9. Interest-bearing borrowings with recourse. 2,661. 20. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Due to this refinancing the annual cost of the total debt associated to the acquisition of 25.01% of Endesa´s S.A. capital owned by Acciona, has increased by 19 basic points (0.19%) to an approx. annual “all in” cost of 5.77% including associated interest coverage ratios..

(21) 9m08 Results (Jan-Sept) Net debt performed as follows in the period: 30-9-2007. 31-12-2007. 31-3-2008. 30-6-2008. 30-9-2008. Net debt (million euro ). -10,804. -17,804. -18,743. -17,137. -17,543. Gearing (Debt / Equity). -196%. -276%. -289%. -272%. -269%. (Million Euro). Capital expenditure amounted to €1,937 million in the period, from which €1,080 million were invested in the organic growth of Acciona Energía and €598 million correspond to investments carried out by Endesa. The rest of the areas’ capital expenditure amounted €259 million. (Million Euro). Investments Jan-Sep 08. Acciona Infraestructures. 85. Acciona Real Estate. 88. Acciona Energy. 1.080. Acciona Logistics & Transport Services. 17. Acciona Urban & Enviromental Services. 73. Endesa. 598. Other Business & Financial. -3. Total Capex. 1.937. Divestments (assets sold to E.On). -2.295. Total. -358. The financial terms agreed upon the sale of Endesa Europa, S.L. reflect an enterprise value of €10,750 million. Once adjusted by minorities and net debt, the final net proceeds reached €7,126 million. Along with Endesa Europe, E.On assumes the intragroup net debt of Endesa Europe and its participated companies with Endesa Financing Subsidiaries, for an amount (principal and interest) of €1,159 million. With reference to the sale of the coal thermal plant of Los Barrios and Tarragona’s combined cycle plant, the agreed price was of €769 million. The final cost implied gross capital gains of €4,552 million. Acciona proportionally consolidates 25% of this divestment. The resulting capital gain of €1,134 million has been corrected in the consolidated financial statements of 9m08 for the amount allocated as goodwill of the sold assets in the date of purchase.. 21. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Last June, Endesa sold Endesa Europa, S.L., the coal thermal plant of Los Barrios and Tarragona’s combined cycle plant to E.On A.G..

(22) 9m08 Results (Jan-Sept). 5. ANNEX 5.1. Significant communication to the stock market . Last 28th January, Acciona, S.A. acquired a 6.87% of Acciona Windpower Cesa, S.L. (previously called Corporación Eólica Cesa, S.L.) for €77 million. As a result of this acquisition, Acciona Group controls now 100% of Acciona Windpower Cesa, S.L.. . On 25th March Acciona’s Board of Directors reached the following agreements: -. On 13th May 2008 the company submitted to the CNMV (Securities and Investments Board): -. . 2007’s Corporate Governance Annual Report The official announcement of Annual General Meeting dated 19/06/2008 and proposal of agreements Amendment of Art. 55 of the Board of Director’s regulation with regard to “Board Director Remuneration”. The Annual General Meeting held on 19th June 2008 approved, among others, the following agreements: -. -. To pay out €2.31 complementary dividend per share To appoint Mrs. Consuelo Crespo Bofill as Independent Board Member. To approve the execution of the Shares Plan, the handing out of 11,213 Acciona, S.A. shares to those Acciona S.A. Board Members who perform executive duties and to some directors as part of their variable remuneration corresponding to the 2007 fiscal year. To authorise shares by back by Acciona S.A. or other group companies, cancelling the authorisation granted by 2007’s Ordinary General Meeting.. . Last 2nd July 2008, Acciona and eight financial institutions; Banco de Santander, BBVA, ING, La Caixa, RBS, Caja Madrid, Natixis and Calyon, signed a syndicated loan for an amount of €1,704 million and a period of two years to refinance the debt associated to the acquisition of 3.974% of Endesa´s share capital acquired as a result of the takeover bid carried out by Acciona, S.A. and Enel Energy Europe S.r.L.. . On the 14th August 2008, Acciona S.A. and C3 Investments II Sarl (investment vehicle of 3i Group Plc, and its investment funds under. 22. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. . To formulate Acciona, S.A.’s annual accounts for 2007 (individual and consolidated). To propose to the Annual General Shareholders meeting the distribution of €2.31 dividend per share against the results of the 2007 fiscal year, to be added to the €1.34 interim dividend per share approved on 27th December and paid on 15th January 2008..

(23) 9m08 Results (Jan-Sept) management of 3i Eurofund V) signed an agreement to transfer the 75% share capital of Memora Inversiones Funerarias, S.L. owned by Acciona. The agreement is subject to the compliance of some conditions including obtaining authorization from the National Commission of Competition. The agreed price (which includes share capital, subordinated debt and net financial debt) amounts to €330 million. . On the 2nd September 2008 Acciona, S.A., FCC Construcción, S.A. and Corporación Financiera Caja Madrid, S.A. signed an agreement to transfer the stake which Acciona Group owns in the following concessions companies: Concesiones de Madrid, S.A. (33.3%), Ruta de los Pantanos, S.A. (25%), Transportes Ferroviarios de Madrid, S.A. (12.18%), Tranvía de Parla (42.5%) y Túnel de Envalira, S.A. (40%). Such transfers will take place in accordance to several precedent conditions. The total price amounts to €101.3 million.. 5.2. Dividend On the 19th June 2008 the Annual General Meeting of Acciona, S.A. resolved the distribution of €2.31 complementary dividend against results of 2007 fiscal year. The payment of this dividend amounts to €146.8 million. The dividend was paid on 1st July 2008. This dividend along with the €1.34 dividend on account per share paid by the company last January, total €3.65 per share paid against the results of the 2007 fiscal year.. 5.3. Share data Share Data Sep-08 Price at January 1 2008 (€/share) Price at September 30. th. 2008 (€/share). 216.85 106.3. Low in 9m 2008 (29/09/2008). 104.85. High 9m 2008 (01/01/2008). 216.85. Average daily trading (shares). 338,322. Average daily trading (€). 53,687,907. Number of shares. 63,550,000. Market capitalisation 30. th. September (€ million). 6,755. 23. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. st.

(24) 9m08 Results (Jan-Sept). 5.4. Share price performance 9m 08 250. 200. 150. 100. 50. 0 1-1-08. 31-1-08. 1-3-08. 31-3-08. 30-4-08. 30-5-08. 29-6-08. 29-7-08. 28-8-08. 27-9-08. 6. CONTACT. Investor Relations Department -------------------Avda. Europa, 18 Parque Empresarial 28108 Alcobendas (Madrid) [email protected]. 24. WorldReginfo - fc0e90c6-2ae9-4788-83bb-97b1a2421cf6. Tel.: 91 623 10 59 Fax: 91 663 23 18.

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