160,1 millions d'euros pour le groupe SACYR VALLEHERMOSO au cours du premier semestre 2006

- Le bénéfice net, avec les résultats Eiffage, atteint 190,1 millions d'euros

- Le chiffre d'affaires augmente de 23,6 % à 2.180,7 millions d'euros

Madrid, le 1 septembre 2006. – Le Groupe Sacyr Vallehermoso (SyV) a enregistré un résultat net de 160,1 millions d'euros pour le premier semestre 2006. Ce chiffre correspond à une augmentation de 98,2 % par rapport à la même période 2005, après élimination des résultats extraordinaires conséquence de la vente des actions de la BBVA, ainsi que de dividendes encaissés, qui ont atteint 102,8 millions d'euros (après imposition en 2005).

In this result it is not included the participation per equivalence of Eiffage results, a French company of construction and concessions where Sacyr Vallehermoso has a 32% of capital, given the fact that Eiffage will not make public its results until 6 of September, the net profit of Sacyr Vallehermoso, including Eiffage results, would amount to €190.1million (according to the estimate of market), which means an increase of 122% over the results of the first half of 2005.

The ebitda (benefits before taxes, interests, depreciation and amortization) has amounted to €485.7 million, a 20.2% more. The activities of recurrent income at a long term (concessions of infrastructures, real-state property for renting and services) mean the 56.8% of ebitda, 18.9% over the one of the same period in 2005. The results from exploitation (ebit) have improved a 30% until reaching €369.3 million.

The business figure has risen to €2,180.7 million, a 23.6% over the same period of the previous year. All activity areas have had increases in this apart standing out Sacyr with 34.7%, Valoriza with a 66.9%, Itinere with a 16.8% and Vallehermoso with a 24.5%. The gross margin (ebitda/ business figure) has been of 22.3% and net margin (net benefit/business figure) of 7.3%. From the total business turnover a 19.8% is produced in the international market and the 80.2% in Spain.

Turnover

Sacyr/Somague 51.4%
Vallehermoso 25.2%
Itinere 8.4%
Testa 5.0%
Valoriza 10.0%

Ebitda

Sacyr/Somague 16.7%
Vallehermoso 28.6%
Itinere 30.7%
Testa 18.6%
Valoriza 5.4%

The order book of construction and services amounts to €74,284 million, an 13.8% more, which is broken out like this:

- Construction: €5,643 million (+39.3%)

- Housing Development (pre-sales order book): €2,119 million (+11.6%)

- Concessions (order book): €53,068 million (+7.2%)

- Renting Property (renting on credit): €4,049 million (+15.2%)

- Services (order book): €9,404 million (+48.4%)

The order book has an implicit operative result of €47,081.2 million.

The total of the assets of the group Sacyr Vallehermoso as for 30 June was €17,140.5 million, a 28.3% over the year before, specially due to the investments of real-state assets of Testa (buildings in Paris and Miami) and Vallehermoso (acquisition of land for housing promotion), concessions projects in motion (more than 20 in motorways, hospitals, public transport stations, subway lines and public buildings), acquisition of Sufi, Emmasa and 8.6% of Itinere and the participation in Eiffage. The activities of recurrent income at a long term (concessions of infrastructures, real-state property for renting and services) mean the 54.7% of the group assets.

Construction (Sacyr+Somague).- The Group develops its activity of construction through Sacyr in Spain, Chile and Italy and through Somague in Portugal and Brazil. The business figure of the division rose to €1,205.4 million, which means an increase of 21.7%. They stand out the progression in sales (+34.7%) and ebitda (+18.5%) of Sacyr and ebitda (+9.8%) of Somague. It should be focused the important order book (€5,643.5 million), which is equivalent to 28 months of activity.

Real-State Promotion (Vallehermoso). - The activity of housing promotion which is developed by Vallehermoso has gone through a significant increase of the business figure, a 24.5% up to €592.7 million. The operating profit has improved in a 43% up to €148.7 million and the net benefit has reached €90.1million, which means an improvement of 61.7%. The order book of pre-sales (sales pending delivery) reaches €2,119.5 million (+11.6%), which is equivalent to 7,587 houses. This data, together with the net surface (19.6 million of total square metres with 5.2 million of building metres which is equivalent to more than 36,000 houses) highlight the recurrent and stable nature of the activity of Vallehermoso, first national property promoter.

Infrastructures Concessions (Itinere).- The contractor of transport infrastructures Itinere continues firmly in motion and at the same time develops new concessions and present itself up to tender in Europe and North America. The business figure has risen to 16.8% up to €196.4 million. Ebitda has risen to €154.7 million, a 16.3% better than the year before. Operative margin has reached a new maximun of 78.9%. The negative net result is €0.3 million due to the new accountancy of depreciation and financial costs. Itinere has 19 operative concessions and 17 being planning and in construction, which makes a total of 32. During the first half of the year, Itinere decided the disinvestment of its Brazilian concessionaire Vianorte for not being considered strategic. In the last weeks, Itinere has been selected as the best offer for the construction and exploitation of a toll motorway in Ireland (N6 Galway-Ballinasloe) and has awarded the motorway Málaga-Las Pedrizas, the most important one awarded by the Public Works Ministery in 2006.

Property to rent (Testa).- The company of the group dedicated to the rent of buildings, Testa, has carried out two important investments in this half in two office buildings in Miami (United States) and Paris (France), thus increasing its geographical diversification. In the case of France, the floating of its subsidiary Tesfran on the stock market will permit from 1 August the tax advantages which the companies of real-state investments have in France. Concerning the business figure of Testa in the half of the year, it increased in 10.8% up to €118.1 million, with an ebitda of €93.8 million, which means an increase of 9.5%. The net benefit has amounted to €29.3 million, a 5.4% more, without sales of assets.

Services (Valoriza). - The division of services has spectacularly increased its business figure and of results in the first half of 2006. The sales have reached €234.6 million, with an advance of 66.9% with respect to 2005, due to the acquisition of Sufi and Emmasa. The operating profit has been of €18.0 million, four times more, and the net benefit has reached €11.7 million against the losses of €0.3 million of the year before. In these accounts it stands out the contribution of the companies for management of water in Tenerife and Las Palmas and the contracts or urban cleaning together with the increasing activity in all the business. Of the total business figure, the 40% comes from the business of environment, the 30% from water, the 21% from multiservices and the 9% from energy.

Further information in www.gruposyv.com

Department of Communication Sacyr Vallehermoso
Phone number: 91 545 52 94/ 52 87
[email protected]