ACCIONA invested a total 989 million euros in FY2011, giving continuity to the Company's growth policy in the face of adverse circumstances.

The Company's investment efforts have supported the growth strategy in its three strategic areas. The lion's share of Group investments went to ACCIONA Energy, with a total 802 million euros aimed at boosting organic growth. ACCIONA Infrastructure followed, accounting for 275 million euros mainly for the concessions business. ACCIONA Agua and Environment Services accounted for 84 million euros' worth of investment. As for other divisions, one of the year's main features was the gross divestment in the Company's real estate business to the tune of 182 million euros, arising mainly from last October's sell-off of the Splau! shopping mall.

This solid investment pace was combined with a policy aimed at containing debt, helping to consolidate ACCIONA's healthy financial position. Subsequently, the Company has partially financed its high investment levels by generating cash flow; this led to net debt at year-end 2011 of 6,991 million euros, a slight increase of 6.1% on December 2010.
ACCIONA FY2011 revenues came to a total 6,646 million euros in 2011, 6.1% higher than the previous year's figure; EBITDA came to 1,312 million euros, 8.3% up on FY2010. Net attributable profit rose by 20.8% to 202 million euros.

These results display positive progress in the Company's strategic businesses, especially Energy and Infrastructure. ACCIONA Energy's results were lifted by the evolution of prices in Spain's national electricity market in 2011, the increased international wind load factor and the contribution of the 701MW installed in FY2011. As regards ACCIONA Infrastructure, the division's internationalization process has led to a 12.9% increase in revenues and EBITDA of 5.6%.

This positive evolution of ACCIONA's businesses was also abetted by capital gains totaling 280 million euros obtained from the rotation of the Company's assets, fundamentally owing to the sell-off of two concessions in Chile (the
"Américo Vespucio Sur" and "Red Litoral Central" roadways and the Company's car park business.