SEVILLE, Spain, Feb. 27, 2012 /PRNewswire/ -- Abengoa, the international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, recorded revenues of euro 7,089 million in 2011, an increase of 46% compared to the previous year. EBITDA increased by 36% to euro 1,103 million, while net income increased by 24% to euro 257 million. Bookings for the period in the Engineering and Construction (E&C) division amounted to euro 4,343 million, growing backlog to euro 7,535 million as of December 31, 2011.
The Company generated cash from operating activities of euro 1,353 million during the period, while also reducing its net corporate leverage from 3.8x at the end of 2010 to 2.1x in December 2011, and total leverage from 5.5x to 5.0x for the same period.
Abengoa's dedicated and ongoing commitment to geographic diversification in new markets continues to be one of the key factors behind its continued growth. The company's international businesses recorded revenues of euro 5,175 million and accounted for 73% of the total revenues, with a strong presence in the Americas, which accounted for 51% of revenues, in particular Brazil and the U.S., with 21% and 19%, respectively.
Based on these excellent results, the Board of Directors has proposed a dividend of euro 0.35 per share, implying a pay-out ratio of 15%, which represents an increase of 75% from the previous year.Financial TargetsAbengoa has provided financial targets for 2012, with revenues expected to range from euro 7,550 to euro 7,750 million, and EBITDA from euro 1,275 to euro 1,325 million, the midpoints of which represent an increase of 8% and 18% from 2011, respectively. Corporate EBITDA is expected to range from euro 780 to euro 800 million. In addition, the Company has indicated net corporate leverage should remain in the range of 3x in 2012, while it continues to target an alignment of corporate EBITDA to capital expenditures (capex) by 2013. Finally, the Company has indicated the dividend payout going forward is expected to remain above the currently proposed 15%.
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