A summary of the Consolidated Cash Flow Statement of Abengoa at the close of 2009, 2008 and 2007 with the main variations per item, is given below:

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Net cash flows from operations increased by 5.5 % to €803.5 M compared to €761.5 M the year before. It is worth highlighting the increase in cash from operations which totaled €535.3 M in 2009 and the management of working capital which generated €268.2 M in cash.

In terms of net cash flows from investment activities, the most significant investments were in the construction of bioethanol plants in Europe and the USA; in solar thermal plants in Spain; and in the construction of desalination plants in Algeria, India and China and high-voltage lines in Brazil and Peru.

In terms of net cash flows from financing activities, it is worth noting that the Group managed to arrange financing for €1,230.2 M under difficult financing conditions, taking the figure for net cash flows from financing activities to €1,149.8 M. It is worth noting the two bond issues carried out by Abengoa in 2009 which allowed the company to raise €500 M in long-term financing in the capital markets.