Abengoa is committed to a business strategy focused on creating long-term, sustainable value for all of its stakeholders, encompassing suppliers, customers, shareholders, employees and society in general, and also for the communities where the company operates through its business groups.

At Abengoa, the creation of value for shareholders materializes, fundamentally, in the payment of dividends and by maintaining growing profits, which help bring about a sustained increase in company share value.

The dividend paid out by Abengoa to its shareholders in 2009 climbed for the fifth consecutive year to reach 0.18 € per share.

For over a decade now, Abengoa has been reporting double-digit growth in its key figures and this has undoubtedly had an impact on the increased value of its shares.

Share Performance

According to the information provided to Abengoa by the Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. (Securities Registry, Clearing and Settlement Management Company) on occasion of the last Extraordinary Shareholders’ Meeting held on October 19, 2009, Abengoa, S.A. shareholders amounted to 10,982.

As of December 31, 2009, the company reported its free-float capital at 43.96%, after deducting the equity held by the shareholders Inversión Corporativa I.C.S.A. and its subsidiary Finarpisa (56.04%).


Abengoa’s shares closed fiscal year 2009 trading at 22.6€, up 91.5% on figures for December 31, 2008 (11.80€).

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Share Performance since Going Public in 1996

For purposes of historical reference, since Abengoa began trading shares on the stock market on November 29, 1996, the company’s stock has appreciated by 961.7%, equivalent to 10.6 times the initial share price. During this same period, the IBEX-35 index has appreciated by 155.8%.

New Market Challenges

Combating climate change requires new solutions aimed at achieving sustainable development. Renewable energies and improvements to energy efficiency are in need of new investments in power transmission and smart grids in both advanced and emerging countries.

Innovative technological solutions geared towards sustainable development enable Abengoa to keep growing through new alliances with strategic partners and access to new markets. Abengoa continues to foster R&D&i as a prerequisite for creating long-term value.

Abengoa’s process of internationalization allows the company to gain access to new opportunities, including hybrid CSP plants, desalination plants, new bioethanol and biomass plants, high-voltage power lines and smart grids.

Given the current financial crisis, diversification of financing sources is essential to ensure the proper structuring of the liabilities side of the balance sheet. Abengoa combines long-term non-recourse financing for new products, with access to capital markets and public funding (financing, R&D investment grants and tax deductions), supplemented with funds secured from strategic alliances.


In terms of future prospects, objectives of profitable growth and value creation remain on track and are expected to maintain similar levels to those reported over the last decade.

2009 Milestones
  • Access to capital markets.
  • Agreements with strategic partners.
  • Support and information provided to holders of the newly issued bonds.
  • Abengoa’s Department of Shareholder and Investor Relations attended a variety of seminars and meetings with private and institutional investors over the course of the year.

Furthermore, Abengoa has signed partnership agreements over the last several years that have allowed the company to forge strategic alliances in different lines of business and geographical regions. This has been particularly pronounced in 2009, and the following are prominent examples:

  • E.On (Spain): Abengoa Solar and E.ON Climate & Renewables set up a joint venture to develop and operate two 50-MW CSP plants. Both plants, which are already under construction, are located in Écija (Seville), in southern Spain, one of Europe’s regions with the most solar radiation.

This 50% joint venture will invest approximately 550 M€ in the two power stations, start-up of which is scheduled for 2011 and 2012, respectively. These solar installations will generate enough solar power to supply 52,000 households, while curbing emissions by the equivalent of 63,000 tons of CO2.

  • Eletrobras (Brazil): Abeinsa finalized agreements with Eletrobras to build, operate and maintain high-voltage lines in Brazil.
  • General Electric (Mexico): Petróleos Mexicanos (PEMEX), the state-owned energy company, awarded a contract to the consortium made up of Abener and Abengoa Mexico for the construction and 20-year concession of a 300-MW cogeneration plant in the State of Tabasco.

Investment in this project, which is part of the global electrical power generation plan promoted by PEMEX, totals $633 M, and revenues over the course of the 20-year period of operation are estimated to reach $2,018 M. This financial transaction takes into account the creation of a consortium through Abener Energy and Abengoa Mexico with shareholding by General Electric.

  • Sonotrach (Algeria): Abener finalized an agreement to build a hybrid combined-cycle power station in Algeria. The project is under promotion by Solar Power Plant One (SPP1), the joint venture constituted for this purpose between Abener and NEAL. This involves a 25-year period of operation and exploitation, with all of the energy produced to be purchased by the Algerian state-owned Sonatrach.

The plant will feature a 25 MW parabolic trough technology-based solar field, supplying supplementary thermal energy to a 130-MW combined cycle. The reflective surface area of the solar field exceeds 180,000 m2, with the novel aspect of the project being the electrical use of the heat generated in the same steam turbine that employs the residual heat from the gas turbine. This configuration is doubly efficient; given the elements in common with the combined cycle, it minimizes the solar field investment, while at the same time lowering the CO2emissions associated with conventional plants.

Abegoa’s shares ended fiscal year 2009 trading at 22.60€, up 91.5% from December 31, 2008 (11.80€) and 961.7% over the IPO that took place on November 29, 1996