ACCIONA, S.A. AND SUBSIDIARIES (Consolidated Group ...

The Acciona Group's consolidated financial statements for 2011 were approved by the
shareholders at the Annual General Meeting on 9 June 2011. The consolidated financial
statements for 2011 of the Acciona Group and the separate financial statements for 2011 of the
companies composing the Group have not yet been approved by the shareholders at the respective
Annual General Meetings. However, the Parent's Board of Directors considers that the
aforementioned financial statements will be approved without any material changes.
These consolidated financial statements are presented in thousands of euros (unless otherwise
indicated) because the euro is the functional currency of the principal economic area in which the
Acciona Group operates. Foreign operations are accounted for in accordance with the policies
established in Notes 2.2-g and 3.2-q.
2.2 Basis of consolidation
a. Consolidation methods
The Group's subsidiaries, considered to be the companies over which effective control is
exercised by virtue of ownership of a majority of the voting rights in their representation and
decision-making bodies, were fully consolidated (see Appendix I). Joint ventures -entities
managed jointly with third parties on the basis of contractual arrangements- were
proportionately consolidated (see Appendix II). Associates, i.e. companies not classified as
subsidiaries or joint ventures over whose management the Group is in a position to exercise
significant influence, were accounted for using the equity method (see Appendix III). As a
general rule, associates are deemed to be companies in which the Group holds more than 20%
of the share capital or of the voting power in their governing bodies. In addition, certain
companies were considered to be associates, even though the aforementioned percentage was
not reached, because significant influence is deemed to exist (basically through membership of
the Board of Directors and/or significant transactions with the associate).
b. Eliminations on consolidation
All material balances and effects of the transactions performed by the subsidiaries with
associates and joint ventures were eliminated on consolidation.
The corresponding gains on transactions with associates and jointly controlled entities are
eliminated to the extent of the Group's ownership interest in the share capital thereof.
Exceptionally, the profits and losses on internal transactions with Group companies, jointly
controlled entities or associates in connection with certain concession-related activities were
not eliminated.
- Page 13 -