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

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% EBITDA Jan-Dec 10 Jan-Dec 11 Energy 66.9% 72.8% Infrastructure 16.6% 16.4% Real Estate 1.9% 0.9% Logistics and Transport Services 6.0% 1.9% Urban and Environmental Services 4.9% 4.2% Other Businesses 3.8% 3.8% Net investments in 2011 totalled EUR 989 million, which include mainly the EUR 802 million invested in the organic growth of the business activities of ACCIONA Energy, EUR 274 million earmarked for the Infrastructure division (mainly concessions) and the net amount of EUR 81 million invested in Water projects. The Real Estate division made a net divestment of EUR 182 million, due mainly to the sale in the year of a shopping centre in Cornellá de Llobregat (Barcelona) for EUR 185 million. Also, in 2011 extraordinary divestments totalling EUR 425 million were made, relating to the sale of two infrastructure concessions in Chile and of the Group's car parks business. The Group’s balance sheet at December 2011 shows a notable increase in the leverage ratio, which increased from 109% to 124% during the year. The increase in net financial debt from EUR 6,587 million in December 2010 to EUR 6,991 million in December 2011 was due mainly to the financing of projects in progress in the Energy division. - Page 150-
Consolidated Income Statement (Millions of euros) Jan-Dec 10 Jan-Dec 11 - Page 151- Amount % Sales Amount % Sales Change (%) Revenue 6,263 100.0% 6,646 100.0% 6.1% Other income 728 11.6% 752 11.3% 3.4% Changes in inventories of finished goods and work in progress (82) (1.3%) (33) (0.5%) (60.2%) Total production value 6,909 110.3% 7,365 110.8% 6.6% Procurements (1,581) (25.2%) (1,677) (25.2%) 6.1% Staff costs (1,258) (20.1%) (1,274) (19.2%) 1.2% Other expenses (2,859) (45.6%) (3,102) (46.7%) 8.5% Gross profit from operations (EBITDA) 1,211 19.3% 1,312 19.7% 8.3% Depreciation and amortisation charge changes in provisions and allowances (683) (10.9%) (717) (10.8%) 5.0% Impairment and gains or losses on disposals of non-current assets 5 0.1% 34 0.5% 597.1% Other gains or losses (6) (0.1%) 3 0.1% (154.6%) Profit from operations (EBIT) 527 8.4% 632 9.5% 20.0% Finance income 83 1.3% 57 0.9% (30.8%) Finance costs (420) (6.7%) (471) (7.1%) 12.3% Exchange differences (net) 49 0.8% 1 0.0% (96.8%) Share of results of associates 2 0.0% 5 0.1% 161.4% Profit before tax from continuing operations (EBT) 240 3.8% 224 3.4% (6.8%) Income tax expense (56) (0.9%) (54) (0.8%) (4.5%) Profit from continuing operations 184 2.9% 170 2.6% (7.5%) Profit after tax from discontinued operations -- - - - - Profit for the year 184 2.9% 170 2.6% (7.5%) Non-controlling interests (17) (0.3%) 32 0.5% (286.2%) Attributable net profit 167 2.7% 202 3.0% 20.8% Revenue Consolidated revenue increased by 6.1% in 2011 to EUR 6,646 million. The factors that contributed to the increase in revenue were as follows: - Sales of the Infrastructure division rose by 12.9% to EUR 3,522 million, due largely to the increase in the activity of the international construction business. - ACCIONA Energy's revenue was 10.2% higher at EUR 1,650 million, thanks mainly, on the one hand, to the increase in the attributable international output, partly as a result of the installation of 604.1 new MW, and, on the other, to the increase in the average pool price in Spain during the year.
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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
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The detail of the cumulative income
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Page 100 and 101: 27.- Expenses The detail of the Gro
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Page 104 and 105: 2011 Infrastructure Real Estate Ene
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Page 108 and 109: C) ENERGY. In addition to the costs
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Page 112 and 113: 35.- Remuneration and other benefit
Page 114 and 115: a) For each director belonging to t
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Page 118 and 119: Vicente Santamaría de Paredes Cast
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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 146 and 147: Translation of a report originally
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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