Message from the Chairman & CEO
ACCIONA is the leading company in development and sustainability, the result of an ongoing process that began years ago.
In 2008, economies throughout the world saw themselves seriously affected by the financial crisis and a strong falling off of activity. The global dimension of this crisis, and the interaction between difficulties in the financial system and the real economy, make for a situation of such complexity that it has no precedent.
In this uncertain environment, ACCIONA's performance illustrates the solidity of our business model and is fruit of our commitment to sustainability over the past four years. Moreover, I am fully confident of the great opportunity that our strategic positioning presents in the current circumstances.
Our Company's business model is none other than to lead the transition towards sustainable development from the front and by innovating. ACCIONA is contributing to building a development model that does not threaten the ecological limits of the planet and which promotes social cohesion. Our products and services contribute to giving a sustainable solution to some of the most difficult challenges faced by humanity: the creation of infrastructure for economic development and social organisation, the definition of a new global energy architecture and to extend and improve the availability of water.
Our commitment to a business model based on sustainability has this year seen ACCIONA confirmed, for the second consecutive year, by the Dow Jones Sustainability Index, as the most successful company in the world in its sector in the area of sustainability. This comes as acknowledgement of our way of doing things, and it spurs us on to improving and to standing by our vision and principles.
Similarly, our business lines and internal management practices are geared to building sustainable development. For this reason, we have prepared an Environmental Efficiency Plan for the years 2008-2012, which has as its main objective to structure and organise the various environmental improvement initiatives. During 2008, true to our commitment to achieving a low-carbon economy and a subsequent improvement in our climate footprint, we also consolidated our Energy Efficiency Plan, which has allowed us to reduce by 24% our own CO2 emissions with respect to the year before. Additionally in 2008, ACCIONA's products and services avoided the emission to the atmosphere of 6,872,252 tonnes of CO2, in net terms 17% more than in the year before.
As far as our main economic figures are concerned, consolidated revenues grew by 59% to 12.665 billion euros and gross operating profit was over 2.8 billion euros, double the year before. These results were driven by the proportional consolidation, in 2008, for the first time during a full fiscal year, of our participation in Endesa. At the same time, ACCIONA's results without the contribution of Endesa demonstrated the strength of the business model of our Company, even in the most adverse market circumstances, where sales increased 7% to more than 7.2 billion euros and gross operating profit by 9% to just over 1 billion euros.
Our strategic positioning is based on our capacity to innovate and anticipate as much the challenges in our environment as the competition. This moves us to maintain and increase our investment effort in R&D&I, which in 2008 amounted to 71 million euros, 82% more than in 2007 and saw one third of net profit going to research. This investment has been made over 91 projects, 36% more than in 2007, and in the application for 48 patents.
In the current, extremely complex economic and financial environment, I would like to translate my confidence to you in the Company model and business project which I am proud to oversee. We are positioned, as leaders, pioneers and innovators, at the epicentre of the motors of growth of the near future: Infrastructure, Energy and Water. Not in vain have developed and developing country governments, where ACCIONA already has a local operation, focused stimulus packages on these areas.
With the commitment of our exceptional team of professionals and managers, and that of the Board of Directors which I have the honour of chairing, ACCIONA will emerge stronger from the current situation, knowing how to make the most of the opportunities the same situation is creating, always by contributing to a model of balanced development for the benefit of future generations.
