413 millions d'euros de b?n?fices pour le groupe SACYR VALLEHERMOSO en 2005, une augmentation de 46,4 %

By geographic areas, Spain represents 74% of turnover, while the remaining 26% comes from Portugal, Chile, Brazil and Italy—in this order.

Turnover by geographical area	Millions €	%
Spain	3,093.5	74.1
Portugal	808.0	19.3
Chile	156.3	3.7
Brasil	35.2	0.8
Italy	23.2	0.5
Others	60.8	1.6
TOTAL	4,177	100

The group's investments in the period were 1,679.5 million euros, of which 627.8 millions relate to infrastructure concessions (purchase of an additional 30% of ENA and highways under development), 553.6 million to the purchase of land for housing development, 265.9 million to services (purchase of Sufi, Emalsa and Emmasa, principally) and 76.6 millon to Testa's projects under development. Consolidated cash flow reached 711.8 million euros, as opposed to 470.9 million in 2004 (up 51.2%).

The total value of the group's real estate assets totals 9,610 million euros, with latent capital gains of 3,510 million euros up 1,092.2 million (+45.2%). With regard to infrastructure concession assets, these total 5,354.2 million euros.

The concessions, rental property and services businesses, providing recurrent long-term revenues, already contribute 21.0% of the group's turnover and 53.2 of ebitda, while the construction and housing development businesses, which generate the greatest part of the group's cash flow, represent 79.0% of revenues and contribute 46.8% of ebitda. Worthy of emphasis is the growth in the contribution of the services division, both in revenues as well as in ebitda, and the consistency of all of the group's businesses, which ostensibly improved their forecasts.

% contribution	Turnover	Ebitda
Construction	51.1%	16.9%
Housing development	27.9%	29.9%
Subwhole	79.0%	46.8%
Concessions	8.1%	31.1%
Rental property	4.7%	17.8%
Services	8.23%	4.3%
Subwhole	21.0%	53.2%
Total	100%	100%

Thanks to these figures, the SyV consolidates its position in the sector with the best profitability ratios:

Ratio	2005	2004
Ebitda/turnover	22.1%	19.7%
Net income/turnover	9.9%	8%
ROE	22.5%	17.5%

In 2005, the works and services portfolio rose considerably, highlighting the special contracting effort in the areas of construction, rental property and services.

Million euros	Revenues	Ebitda margin	Ebitda
Sacyr (order book)	3,686.4	8.0%	295.7
Somague (order book)	813.5	4.4%	35.9
Vallehermoso (Pre-sales book)	2,023.7	22.2%	449.3
Itinere (Concessional Income)	50,925.5	79.1%	40,280.8
Testa (lease contracts to maturity)	3,712.5	78.7%	2,921.1
Valoriza (income order)	6,868.2	10.9%	750.0
TOTAL	68,029.7		44,732.8

Construction area (Sacyr+Somague).- Turnover improved 4.6% with respect to 2004, thanks to the favorable evolution of business activity in Spain, Italy and Chile (+17.5%), although in Portugal the market continues to be facing a stage of decline in public bidding (-14.6%). Net profit grew a significant 50.3%. Sacyr's and Somague's construction portfolio reached a record high of 4.5 billion euros (23.7 months of activity), bearing in mind that the last two contract awards in Italy have not been included (Messina bridge and Palermo tram), representing 821.5 million euros, to be included in the order book in 2006.

Million euros	2005	2004	Change %
Turnover	2,278.6	2,178.3	4.6
Ebitda	155.8	148.6	4.9
Net income	97.1	69.1	40.5
Works pending
of certification	-6.0	99.8

Housing Development area (Vallehermoso).- Its geographic and product diversification, brand image and on-track strategy have allowed Vallehermoso to obtain record profits, surpassing the most optimistic forecasts and increasing its primary residence market share, starting business in secondary residence and increasing its position in government-subsidized housing. The value of Vallehermoso's assets grew 52% to 6,130 million euros, and latent capital gains reached 2,338 million euros, 749 million euros more (+47.1%).

Million euros	2005	2004	Change %
Turnover	1,246.5	889.9	40.1
Ebitda	276.7	156.2	77.2
Net income	148.5	80.9	83.6
Total assets	6,13	4,025	52.3
Latent capital gains	2,338	1,589	47.1

Infrastructure concessions area (Itinere).- The increase in Itinere's stake in Ena (reaching 100% during 2005); the adjudication of four new concessions (shadow toll roads Valencia-Losa del Obispo and Oviedo-Gijón, Trakia Motorway in Bulgaria and Plaza Elíptica transport hub in Madrid) together with the significant increase in traffic and revenues both in Spain as well as in Chile and Brazil, have marked the year of the transport infrastructure concessions division, which continues at a strong rhythm of growth. The net profit was affected by the recording of interest expense and depreciation as per IAS's, and this year Itinere has spent 12 million euros due to refinancing operations. In 2005, Itinere has closed refinancing operations of 1,956.6 million euros that will represent interest payment savings of approximately 21 million euros since the 2006 fiscal year. Ebitda rose from 78.2% to 79.1% and cash flow improved 56% to 96.3 million euros.

Million euros	2005	2004	Change %
Turnover	363	322.91	12.4
Ebitda	287.1	252.6	13.7
Net income	-48	-56.9	15.6

Rental Property area (Testa).- Turnover for rents and services posted significant growth of 9.4. Ebitda improved from 62.8% to 78.6%. The strategic decision not to rotate assets during 2005 entailed a reduction in Testa's profits, but also a substantial increase in the value of its assets (+12.3% to 3,480 million euros) and of latent capital gains (+41.6% to 1,168 million euros, 332 million euros more). Testa has investments underway for more than 700 million euros.

Million euros	2005	2004	Change %
Turnover	210.0	192.0	9.4
Ebitda	165.2	145.3	13.7
Net income	60.7	154.8	-60.8
Total assets	3,480.6	3,099.9	12.3
Latent capital gains	1,169	837	39,7

Services area (Valoriza+Sufi).- The acquisition of Sufi and the significant contract awards obtained which are reflected in the portfolio have stimulated the turnover of this division, focused on environmental services (39% of the total) and multiservices (20% of the total), water (26% of the total) and energy (15% of the total). Both ebitda as well as the net profit already contribute significant figures to the group as a whole, which obtains important synergies from this area.

Million euros	2005	2004	Change %
Turnover	367.6	90.1	308.0
Ebitda	40.1	2.9	1,282.8
Net income	94.3	-0.4	23,675.0

CONSOLIDATED PROFIT AND LOSS	DECEMBER		Change
(Thousands €)	2005	2004	05-avr
Net Income	4,176,957	3,523,162	18.6%
Other Income	218,662	102,356	113.6%
Total Income	4,395,619	3,625,518	21.2%
External and operating expenses	(3,472,034)	(2,930,081)	18.5%
Gross Operating Profit	923,585	695,437	32.8%
Depreciation	(235,231)	(199,060)	18.2%
Trade Provisions	(68,584)	(13,776)	397.8%
Net Operating Profit	619,77	482,601	28.4%
Financial Results	(123,237)	(288,908)	57.3%
Financial expenses	24,49	3,361	628.7%
Results from equity accounted subsidiaries	(13,424)	(3,611)	271.8%
Provisions for Financial Investments	(4,609)	5,59
Change in Value of Financial Instruments	5,588	-5,019
Provision for Depreciation of Goodwill	0	0
Change in Value of Assets	9,757	18,586	-47.5%
Results from sales of non current assets	95,67	129,538	-26.1%
Other profit and losses	0	0
Ordinary Profit	614,005	342,138	79.5%
Corporate Tax	(191,660)	(51,749)	270.4%
TOTAL PROFIT	422,345	290,389	45.4%
Minorities	(9,219)	(8,160)	13.0%
NET ATTRIBUTABLE PROFIT	413,126	282,229	46.4%

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