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

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Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanishlanguage version prevails. Main Aggregates ACCIONA, S.A. AND SUBSIDIARIES (CONSOLIDATED GROUP) DIRECTORS' REPORT FOR 2011 - Revenue amounted to EUR 6,646 million in 2011, 6.1% up on 2010. - EBITDA totalled EUR 1,312 million, an increase of 8.3% with respect to 2010. - Profit before tax stood at EUR 224 million, down 6.8% from 2010. - The net profit attributable to the Parent amounted to EUR 202 million, 20.8% higher than in the preceding year. - The Group invested a net amount of EUR 989 million in 2011, in line with the EUR 986 million invested in 2010. Also, in 2011 extraordinary divestments of EUR 425 million were made. - The net financial debt increased from EUR 6,587 million at 31 December 2010 to EUR 6,991 million at 31 December 2011. The increase was mainly attributable to the Energy division as a result of the financing of projects in progress. The leverage ratio (measured as net financial debt/equity) rose from 109% at 2010 year-end to 124% at December 2011. Income Statement Aggregates (Millions of Euros) Jan-Dec 10 Jan-Dec 11 Change (%) Revenue 6,263 6,646 6.1% EBITDA 1,211 1,312 8.3% Profit from operations (EBIT) 527 632 20.0% Profit before tax (EBT) 240 224 (6.8%) Attributable profit 167 202 20.8% Balance Sheet Aggregates (Millions of Euros) 31/12/10 31/12/11 Change (%) Equity 6,063 5,645 (6.9%) Net debt 6,587 6,991 6.1% Leverage ratio 109% 124% 15pp - Page 148- Jan-Dec 10 Jan-Dec 11 Change (%) Net investment 986 989 0.4%
Operating Aggregates - Page 149- Jan-Dec 10 Jan-Dec 11 Change (%) Infrastructure portfolio (millions of euros) 7,258 6,497 (10.5%) Water services portfolio (millions of euros) 4,812 4,783 (0.6%) Total installed wind capacity (MW) 6,270 6,921 10.4% Total output (GWh) 18,574 17,749 (4.4%) Passengers handled 3,090,398 2,643,497 (14.5%) Cargo handled (linear metres) 5,797,608 5,361,484 (7.5%) Average number of employees 31,687 31,857 0.5% Earnings are presented in accordance with International Financial Reporting Standards (IFRSs). - ACCIONA Infrastructure: including construction and engineering activities and transport and hospital concessions. - ACCIONA Real Estate: real estate portfolio, property development and car parks. - ACCIONA Energy: this division engages in the development, construction, exploitation, maintenance and industrial operation of renewable energy facilities. - ACCIONA Logistics and Transport Services: passenger and cargo transportation services (land, sea and air). - ACCIONA Urban and Environmental Services: water and urban-related services and activities and environmental protection. - Other Businesses: businesses relating to fund management and stock market brokerage, wine production and other investments. EBITDA in 2011 was up 8.3% on 2010, due mainly to the positive performance of the Energy division, owing to: - An average pool price in Spain that was 34.9% higher in 2011 than in 2010. - An increase in the attributable international output (18.4%), due in part to the installation of 604.1 new MW. - This was offset by an 11.9% drop in attributable Spanish output in 2011, as a result of less wind and lower rainfall than in 2010. The Group’s EBITDA margin improved to stand at 19.7%, due mainly to the greater weight and better margins of the Energy division. As regards the contribution of the various divisions, the principal contribution to EBITDA came from Energy (72.8%), followed by Infrastructure (16.4%), Real Estate (0.9%) and Services and Other Businesses (9.9%).
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ACCIONA, S.A. AND SUBSIDIARIES (Con
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17. PROVISIONS 18. BANK BORROWINGS
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Translation of consolidated financi
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Beginning balance at 01/01/10 Adjus
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The Acciona Group's consolidated fi
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The financial statements of jointly
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Standards, amendments and interpret
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3.2 Accounting policies The princip
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The assets and liabilities acquired
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- The infrastructure is operated by
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Goodwill of companies The Acciona G
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The rates used, by division and cou
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- The concession operator receives
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- At fair value when it is possible
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Group policy on hedging: At the inc
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These assets are valued at the cost
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At 31 December 2010, Acciona, S.A.
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For each of the plans, any positive
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Machinery whose useful life exceeds
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The deferred tax assets and liabili
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These assets or disposal groups are
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- The results for tax purposes of t
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At 31 December 2011, the Group comp
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6.- Goodwill The changes in 2010 in
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In 2011, as in 2010, the main addit
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The Acciona Group's interests in as
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- Page 57 - Non-current Current Bal
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In 2011, since the lease expired, t
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At 31 December 2011, the Group comp
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The breakdown, by type of customer,
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c) Treasury shares The changes in 2
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The changes in the balance of this
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Leverage Millions of euros 2011 201
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isks and uncertainties which, inevi
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Provision for other longterm employ
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of obtaining the related waivers, d
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Foreign currency risk 31/12/11 +0.5
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Economic risk vs. budget variances
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In 2011, through its subsidiary Com
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Summary of effects on valuation adj
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22.- Other non-current and current
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On 12 February 2009, this Tribunal
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Reconciliation of the accounting pr
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At 2011 year-end, the period for of
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- Merger by absorption of Grupo Ent
Page 96 and 97: The detail of the cumulative income
Page 98 and 99: The breakdown, by geographical area
Page 100 and 101: 27.- Expenses The detail of the Gro
Page 102 and 103: 2011 (thousands of euros) Vessel Da
Page 104 and 105: 2011 Infrastructure Real Estate Ene
Page 106 and 107: The detail of certain of the Group'
Page 108 and 109: C) ENERGY. In addition to the costs
Page 110 and 111: Expenses and income Significant sha
Page 112 and 113: 35.- Remuneration and other benefit
Page 114 and 115: a) For each director belonging to t
Page 116 and 117: Beneficiaries: those persons who, a
Page 118 and 119: Vicente Santamaría de Paredes Cast
Page 120 and 121: 36.- Other disclosures concerning t
Page 122 and 123: APPENDIX I GROUP COMPANIES The subs
Page 124 and 125: Group company Auditor Location Main
Page 132 and 133: Group company Auditor Operadora de
Page 136 and 137: APPENDIX II JOINTLY CONTROLLED ENTI
Page 142 and 143: Company Location Main business line
Page 144 and 145: APPENDIX V DETAIL OF CONSOLIDATED R
Page 148 and 149: % EBITDA Jan-Dec 10 Jan-Dec 11 Ener
Page 150 and 151: - The volume of business of the Rea
Page 152 and 153: ACCIONA Energy’s revenue increase
Page 154 and 155: Acciona Real Estate (Millions of eu
Page 156 and 157: Thanks to the positive performance
Page 158 and 159: Investments Net investments in 2011
Page 160 and 161: 18 April 2011: sale of Chilean conc
Page 162 and 163: 30 June 2011: ACCIONA submitted the
Page 164 and 165: Stock Market Data Share Capital Pri
Page 166 and 167: Before a decision is made to invest
Page 168 and 169: enhance environmental efficiency. I
Page 170 and 171: 166 ongoing R&D+i projects were con
Page 172 and 173: However, the fall in growth has bee
Page 174 and 175: For the purposes of Royal Decree 13
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