Abengoa, S.A. is a technology company, and the head of a group of companies, which at the end of 2011 comprises the following companies:

• The holding parent company itself.
• 529 subsidiaries.
• 18 associates and 35 joint businesses as well as certain companies of the Group being involved in 241 Temporary joint ventures. Further, the companies of the Group have shareholding in other entities of less than 20%.

Independent from the legal organization, management of Abengoa is undertaken as discussed below.

Abengoa is an international company that applies innovative technical solutions for the sustainable development, primarily in the environment and energy sectors, obtaining energy from the sun, producing biofuels, desalinating sea water or recycling industrial waste.

During the 2011 fiscal year, the changes that occurred in the organization of the Group entailed, among other things, the re-definition of the activities and segments considered by the Group and the re-definition of its Chief Operating Decision Maker in the figure of the Chairperson and CEO of the Company in line with the applicable accounting standards. Consequently, 8 operating segments have been identified. They are grouped into 3 main business activities (Engineering and construction, Concession-type Infrastructures and Industrial Production).

These activities are focused in the energy and environmental industries and integrate operations in the value chain including R+D+i, projects development, engineering and construction, operating and maintaining the assets of the company and of third parties.

Abengoa’s activities are organized to take advantage of its presence worldwide and to use the experience in engineering and technology to strengthen its leadership position.

Based on the above, Abengoa’s activity and the internal and external management of financial information are configured under these three activities and the eight operating segments making them up in accordance with the IFRS 8:

Engineering and Construction

Relates to the segment that incorporates all of the company’s traditional activities in engineering and construction in the energy and environmental sectors, with over 70 years of experience in the market, in which the Company specializes in executing complex turn-key projects for solar-thermal power stations; hybrid gas-solar power plants; conventional power plants and biofuel plants, hydraulic infrastructures, including complex desalination plants; electrical transmission lines, etc. This activity covers the operating segment.

Concession-type Infrastructures

Relates to the activity that groups together the company’s proprietary concession assets, in which revenues are regulated via long term sale contracts, such as take-or-pay agreements, or power or water purchase agreements. This activity includes the operation of electricity generation plants (solar, co-generation or wind) and desalination plants, as well as transmission lines. These assets generate no demand risk and our efforts can therefore focus on operating them as efficiently as possible.

This activity currently comprises four operating segments:

• Solar – Operation and maintenance of solar energy plants, mainly using solar-thermal technology;
• Transmission – Operation and maintenance of high-voltage transmission line infrastructures;
•  Water – Operation and maintenance of facilities for generating, transporting, treating and managing water, including desalination and water treatment and purification plants;
•  Cogeneration – Operation and maintenance of conventional electricity plants.

Industrial Production

Relates to the activity that groups Abengoa’s businesses with a high technological component, such as biofuels, industrial waste recycling or the development of solar-thermal technology. The company holds an important leadership position in these activities in the geographical markets in which it operates.

This activity comprises three operating segments:

• Biofuels – Production and development of biofuels, mainly bioethanol for transport, which uses cereals, sugar cane and oil seeds (soya, rape and palm) as raw materials.
•  Recycling – Industrial waste recycling, principally steel dusts, aluminium and zinc.
• Other – This segment includes those activities related to the development of solar-thermal technology, water management technology and innovative technology businesses such as hydrogen energy or the management of energy crops.