ACCIONA Energy revenues increased 27.7% reaching €2,107 million in FY 2012. It is to be highlighted the positive performance of generation revenues which increased by 22.0% due to the new capacity installed during the year (224MW), a higher national and international wind load factor, thus offsetting the lower hidraulicity and the decrease of the average pool price vs. FY 2011.

The EBITDA of the Energy division in FY 2012 increased by 17.8% reaching €1,125 million. The EBITDA margin reduction, to 53.4%, is mainly due to a lower generation margin explained by:

• Increase of the commercialization of energy, activity with low margin.
• Lower hydraulicity during 2012 vs. 2011.

However, the adjusted generation EBITDA margin, that excludes the energy commercialization activity, increased 170bp reaching 77.4%. The division EBT amounted to €166 million, a 64.6% higher than in 2011. During FY 2012 ACCIONA Energy has installed 224MW: 174MW wind (74MW in Spain, 64MW in Italy, 30MW in Croatia and 6MW in the United States) as well as 50MW solar thermoelectric in Spain.

1Q 2013 Results

ACCIONA Energy revenues increased 21.9% reaching €613 million in 1Q 2013. t is to be highlighted the positive performance of generation revenues which increased by 16.3% due to the new capacity installed in the last twelve months (263MW) and higher wind and hydraulic load factors in Spain. These factors compensated the lower international wind production, the lower solar production, and the negative impact of the Royal Decree Law 2/2013 which translated in a 13.2% lower net average wind electricity price in Spain vs Q1 2012.

The division's EBITDA margin decreased 12 percentage points to 45.3% vs 57.4% in Q1 2012. This significant drop was due to the mentioned negative impact of regulatory changes, which were only partially compensated by a strong growth both in wind production in Spain (+26.4%), as well as hydraulic production (+72.6%) EBT amounted to €40 million 26.1% lower vs. same period last year.