118 Annual Report 2011

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1 Annual Report 2011

2 Legal, economic and financial report We manage waste in a manner that is respectful to the environment by creating infrastructures for efficient waste management that is respectful to the environment.

3 120 Annual Report 2011

4 Consolidated financial statements for the 2011 financial year

5 122 Annual Report 2011

6 R. M. Madrid, hoja , folio 75, tomo 9.267, libro 8.054, sección 3ª Inscrita en el R.O.A.C. con el número S CIF: B Annual Report 2011

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87 Accrued income tax expense 204 Annual Report 2011

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97 Euro thousand (31/12/2011) Entity Registered business address Business Ownership interest Auditor Capital Reserves Translation differences Profit (loss) Interim dividend 1. AMA Subgroup- Alianza Medioambiental, S.L. Erandio (Vizcaya) Holdco 100% PwC 39,359 42,613 - (1,408) - - Befesa Valorización de Azufre, S.L.U. Zierbena (Vizcaya) Manufacture of sulphuric acid from waste sulphur 100% PwC 43,803 (1,013) - (79) - - Befesa Gestión de PCB, S.A. Espinardo (Murcia) Decontamination of transformers 100% PwC 1,211 3, Befesa Plásticos, S.L. Murcia Recovery of plastics 93% PwC 4,797 (300) - (74) - - Befesa Desulfuración, S.A. Baracaldo (Vizcaya) Manufacture of sulphuric acid from sulphur 90% PwC 23,504 67,145-2, Befesa Servicios, S.A. Buenos Aires (Argentina) Aires Environmental services 51% PwC 1,365 (73) (25) (184) - - Befesa Argentina, S.A. Buenos Aires (Argentina) Aires Incineration, inerting and safe storage 100% PwC 8,328 1,179 (7,655) Befesa Gestión de Residuos Industriales, S.L. Trápaga (Vizcaya) Physical-chemical processing of oil 100% PwC 4,804 51,797 - (3,611) - Residuos Industriales de la Madera de Córdoba Industrial waste management 71% (2) Córdoba, S.A.. Ecología Canaria, S.A. (2) Las Palmas (Canary Islands) Collection, transportation, storage, treatment and elimination of industrial waste 45% (2) 150 2, Befesa Perú, S.A. (1) Lima (Peru) Environmental services 100% PwC 639 1, Befesa México, S.A. de C.V. (1) Mexico City (Mexico) Environmental services 50% PwC 2,171 (793) (219) (279) -. Sistemas de Desarrollo Sustentable, S.A. de C.V. (3) Mexico City (Mexico) Environmental services 65% PwC 2,218 (1,944) 315 (5,113) - - Befesa Brasil, S.A. (1) Rio de Janeiro (Brazil) Environmental services 50% Deloitte 539 (789) (69) (118) - - Soluciones Ambientales del Norte Lmtda, S.A. (1) Chile Waste treatment 100% PwC 189 (502) (264) 1, Befesa Servicios Corporativos, S.A. Madrid End-to-end corporate management services 100% PwC (327) - 3. Agua y Gestión de Servicios Ambientales, S.A. (2) Seville Management of water resources and of all manner of services related to those resources and to the end-to-end water cycle in any of its phases 37% Deloitte 13,500 13, Annual Report 2011

98 Euro thousand (31/12/2011) Entity Registered business address Business Ownership interest Auditor Capital Reserves Translation differences Profit (loss) Interim dividend 4. Abengoa Water Subgroup Seville Development of hydraulic infrastructure, water treatment and end-to-end management of the water cycle 100% PwC 2,040 13,681 - (4,911) - - Geida Skikda, S.A. Madrid Water treatment 67% (2) 11,310 (884) - (193) -. Aguas de Skikda, Spa. Algiers (Algeria) Water treatment 51% (2) 20,980 3,174 (685) 2, Geida Tlemcen, S.L. (1) Madrid Water treatment 50% (2) 21,040 (932) - (173) -. Myah Bahr Honaine, S.P.A. (1) Algeria Water treatment 51% 39,116 (1,333) (2,216) NRS Consulting Engineers, Ltd. Harlingen (USA) Development of hydraulic infrastructure 51% PwC 7 (527) (44) (572) - - Waterbuild, Inc. Harlingen (USA) Development of hydraulic infrastructure 51% PwC 674 (1,042) (22) (92) - - Befesa Agua Tenes, S.L. Madrid Water treatment 100% (2) 9,905 (125) - (24) -. Shariket Tenes Lilmiyah Spa Algeria Water treatment 51% (2) 19,165 (461) 429 (256) - - Befesa CTA Quingdao, S.L. Madrid Water treatment 100% (2) 34,595 (169) - (8) -. Quingdao BCTA Desalination Co, Ltd Quingdao (China) Water treatment 91% (2) 3, MRH, Residuos Metálicos, S.L. Erandio (Vizcaya) Holdco 100% (2) 15,600 (11,589) - 92,325 (70,000) - Befesa Zinc Sondika, S.A. Sondika (Vizcaya) Recovery of metals 100% PwC 1,102 2, Befesa Zinc Amorebieta, S.A. Amorebieta (Vizcaya) Recovery of metals 100% PwC 180 7, Befesa Salzschlacke GmbH Germany Aluminium waste treatment 100% PwC 25 11,287-9, Befesa Silvermet Turkey S.L. Erandio (Vizcaya) Holdco 55,9% (2) - - Befesa Iskenderum Turkey Recovery of metals 100% (2) (571) Annual Report 2011

99 Euro thousand (31/12/2011) Entity Registered business address Business Ownership interest Auditor Capital Reserves Translation differences Profit (loss) Interim dividend 6. Befesa Zinc Subgroup- - Befesa Zinc, S.A.. Befesa Zinc Comercial S.A. Erandio (Vizcaya) Erandio (Vizcaya) Holdco Sales of recycled waste 100% 100% PwC PwC 25, ,204 1,001 25,452 10,693. Befesa Zinc Aser, S.A. Erandio (Vizcaya) Recovery of metal and mineral waste 100% PwC 4,260 26,256-9,417 (5,500). Befesa Zinc Sur, S.L. Villafranca de los Barros (Badajoz) Recovery of metal and mineral waste 100% (2) B.U.S. Group AB Subgroup. Befesa Scandust AB Sweden Recovery of metals 100% PwC 5,310 4, B.U.S. Germany GmbH Germany Holdco 100% PwC 25 60,597-27,506 (20,000). Befesa Steel Services GmbH Germany Holdco 100% PwC 2,045 65, Befesa Zinc Freiberg GmbH & Co. KG Germany Recovery of metals 100% PwC 1,000 29,946 - (353) - - Recytech, S.A. (1) Germany Recovery of metals 50% Deloitte 6, , Befesa Zinc Duisburg GmbH Germany Recovery of metals 100% PwC 5,113 22,686 - (108) -. Befesa Valera SAS. France Holdco 100% PwC 8,000 8,084 - (2,823) - Befesa Reciclaje de Residuos de Aluminio S.L. Erandio (Vizcaya) Aluminium waste treatment 98% PwC ,830 - (2,856) - - Befesa Aluminio, S.L. Erandio (Vizcaya) Recovery of metals 100% PwC 4,767 30,928 1,558 4, Befesa Escorias Salinas, S.A. Valladolid Aluminium waste treatment 100% PwC 5,523 8,703-2, Befesa Salt Slags, Ltd. Great Britain Recovery of metals 100% RSM Tenon 21,399 (13,673) (2,348) 3, Annual Report 2011

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114 R. M. Madrid, hoja , folio 75, tomo 9.267, libro 8.054, sección 3ª. Inscrita en el R.O.A.C. con el número S CIF: B Annual Report 2011

115 R. M. Madrid, hoja , folio 75, tomo 9.267, libro 8.054, sección 3ª. Inscrita en el R.O.A.C. con el número S CIF: B Annual Report 2011

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120 Independent review report on the design and effective application of the risk management system

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