A summary of Abengoa’s Consolidated Balance Sheet at the end of the 2009, 2008 and 2007 financial years, with the main variations in the Balance Sheet, is shown below:

  • Non-current assets increased by 41.5 % to €7,993.7 M primarily due to the increase in the fixed assets of projects under construction for the solar business area (Solar plants in Spain and Algeria), Bioenergy (plants in Rotterdam, Indiana and Illinois), power transmission line concessions in Brazil and Peru, and desalination plants in Algeria, India and China, as well as due to the appreciation of the Brazilian Real and the increase in deferred tax assets (DAEX, R&D and tax credits).
  • Current assets increased by 5.6 % to €4,376.2 M mainly driven by the increase in accounts receivable (increases in the implementation of Information Technologies and Industrial Engineering and Construction projects) and in cash (bond issues).
  • Shareholders’ equity has increased by 86.6 % to €1,171.0 M, primarily due to the better results for the year, the positive impact of the exchange rate differences arising from the appreciation of the Brazilian Real, and the increase in external shareholders following the sale of a minority stake in Telvent during the year.
  • Non-current liabilities increased by 21.3 % to €6,157.7 M, mainly due to the increase in long term non-recourse financing, which rose from €2,023.9 M in 2008 to €2,748.0 M in 2009 and from the two bond issues carried out by Abengoa in 2009 which had a €442.4 M impact on this heading.
  • Current liabilities increased by 23.2 % to €5,041.1 M, driven mainly by the increase in suppliers and other accounts payable related to various engineering projects and due to the increase in debt with credit entities after the maturity of €266.7 M of syndicated loan was reclassified as short-term.
  • At consolidated level, Net Debt amounted to €1,257.2 M, compared to a net debt position of €529.9 M in 2008.

It is important to take into account that of Abengoa’s total net debt (€4,190.5 M), a total of €2,372.9 M relates to debt on projects that are under construction and which will therefore generate cash flows in future years. Excluding this pre-operational debt, the net debt figure for Abengoa would be €1,817.6 M.


For further information, refer to the Consolidated Balance Sheet and the Notes to the Consolidated Annual Accounts.