Sustainability report

"2016, a year of solid financial results. Stability, good operating performance, strong balance sheet are just some of the objectives that have characterised the year.

"2015 marked a turning point for ACCIONA, vindicating the measures adopted during the crisis."

"2014 was a year in which the global economy continued to recover, although not all countries did so at the same pace."

"The difficulties faced by the Company in recent years have not prevented us from solidifying and confirming our business model, and that encourages us to look to the future with confidence and assurance."

"ACCIONA has responded flexibly and with great energy, launching an Action Plan to mitigate the impact of regulatory change and maintain its line of growth and value creation in Energy and Infrastructure".

"Overall, 2012 was a year fraught with difficulties for the business community worldwide. Positive events were few and far between, economic activity weakened throughout the year and Europe saw its member nations either teeter on the brink of recession or succumb to it directly; the situation was not only adverse but also volatile, marked by increased financial market instability during the first half of FY2012."

"The year 2011 stood out for rising international financial and economic tensions, particularly in the European Union where we have witnessed the introduction of extremely austere fiscal policies, the progressive deleveraging of the banking sector and, consequently, increasing difficulties to obtain credit; at the same time, marked uncertainty has surrounded thesovereign debt of the Euro zone overall."