04. BUSINESS DIVISIONS

Services: Valoriza

Multiservicios: Servicio de recogida de residuos en Torrejón de Ardoz. Madrid

c. Multi-services

The companies in the multi-services unit include:

• Valoriza Facilities: The core business is facility management for buildings (cleaning, maintenance, security, etc.).

In 2011, the company made a major effort to optimise contract management with a special focus on cash management. As a result, revenue growth was somewhat slower than in previous years, standing at 137 million in 2011. However, the approach succeeded in boosting profit before tax by 5.5% to €7.4 million and in reducing borrowings. 100% of 2010 profit was distributed as dividends.

The selection of creditworthy clients has led to a reduction in the companies' receivables.

A standout this year was the investee Valoriza Servicios Sociosanitarios (VSS), 52% of which is held by Valoriza Facilities and 48% by SEPIDES. Operating within the scope of the Dependent Persons Law (Ley de Dependencia), VSS provides home assistance services to the elderly and manages nursing homes.

The central government's PLAN 2000 ESE, which will involve competitive tenders to optimise the energy use of around 2,000 public buildings over the next five years, will require Valoriza Facilities to get ready to step up to the plate.

To this end, Valoriza created a new energy services business (ESE), which has been.

The main contracts awarded to Valoriza Facilities in 2011 were:

• Integrated Management of the "Las Fuentes" senior citizens' home and day centre (Zaragoza) for the government of Aragón (13.5 million of euros, 10 year contract);

• Home assistance service, Alava provincial government 9.1 million of euros, two year contract);

• Home assistance service, Albacete city government (7.7 million of euros, four year contract);

• Cleaning services for the University of Cordoba (5.2 million of euros, four year contract);

• Cleaning services for Hospital Nuestra Señora del Prado in Talavera de la Reina, Toledo (3.8 million of euros, two year contract);

• Cleaning of municipal buildings for the San Sebastián City Council (3.8 million of euros, two year contract);

• Maintenance of Oviedo University's facilities ( €2.6 million of euros, two year contract);

• Bilbao City Council building maintenance (4.2 million of euros).