The results are presented in accordance with International Financial Reporting Standards (IFRS).
The 100.9% EBITDA increase is mainly a consequence of Endesa's proportional consolidation during 2008, as well as the increase in contribution of ACCIONA Energy and ACCIONA Urban and Environmental Services.
Regarding the EBITDA contribution by divisions in 2008, the electricity business contributed 82.8% (62.0% Endesa and 20.8% ACCIONA Energy).ACCIONA Infrastructures contributed 8.6%, ACCIONA Real Estate 3.0% and the Services divisions and Other Businesses the remaining 5.6%.
Note*: Since 4Q07, hospital concessions are included in ACCIONA Infrastructure and the parking activity consolidates as part of ACCIONA Real Estate. Previously both activities were consolidated as part of ACCIONA Urban and Environmental Services. 2007 figures included in this report have been adjusted to make them comparable to those of 2008.
Capital expenditure totalled €3,152 million including €1,762 million corresponding to ACCIONA Energy's organic growth and €972 million to investments by Endesa. The remaining divisions had a total capital expenditure of €418 million.
ACCIONA's continuing capital expenditure strategy and Endesa's proportional consolidation have lead to a net financial debt position at 31st December 2008 of €17,897 million, 50.3% without recourse (€16,612 million ex regulatory receivables pending collection by Endesa) and 283% gearing ratio.
