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

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- The volume of business of the Real Estate division fell by 48.9% due largely to the drop in property sales in the Spanish market. - Revenue of the Logistics and Transport Services division was down by 8.1% as a result of the reduction in the activity of Trasmediterránea. Gross Profit from Operations (EBITDA) EBITDA at December 2011 stood at EUR 1,312 million, an increase of 8.3%, due mainly to the sound performance of the Energy division (16.4%), which contributed 72.8% of the Group’s EBITDA. EBITDA as a margin of sales increased slightly from 19.3% in 2010 to 19.7% in 2011. The rise in the EBITDA margin was achieved mainly because of the greater weight of the Energy division, whose margin also improved, from 54.9% to 57.9%. Net Profit from Operations (EBIT) EBIT grew by 20% in 2011 from EUR 527 million to EUR 632 million, thanks largely to the aforementioned positive performance of Energy division. Also, this profit includes: - A gain on the sale of the Chilean concession companies and their operator amounting to EUR 201 million, and a gain of EUR 76 million on the sale of the Group's car parks business. - Impairment losses on the Group's assets totalling EUR 259 million. Profit before Tax from Continuing Operations (EBT) EBT amounted to EUR 224 million in 2011, down 6.8% from 2010, due mainly to the positive effect of exchange differences in 2010. Attributable Net Profit The attributable net profit of EUR 202 million represented an improvement of 20.8% with respect to 2010, as a result of the effect of the loss attributable to non-controlling interests. - Page 152-
Earnings by Business Area: (Millions of euros) Jan-Dec 10 Jan-Dec 11 Change (%) Amount % Sales Amount % Sales Revenue 6,263 100.0 6,646 100.0 6.1 Energy 1,497 23.9 1,650 24.8 10.2 Infrastructure 3,121 49.8 3,522 53.0 12.8 Real Estate 204 3.3 104 1.6 (48.9) Logistics and Transport Services 777 12.4 714 10.7 (8.1) Urban and Environmental Services 732 11.7 697 10.5 (4.8) Other Businesses 119 1.9 135 2.0 13.6 Consolidation adjustments (187) (3.0) (176) (2.7) 5.8 (Millions of euros) Jan-Dec 10 Jan-Dec 11 Change (%) Amount % Sales Amount % Sales EBITDA 1,211 19.3 1,312 19.7 8.3 Energy 821 54.8 956 57.9 16.4 Infrastructure 204 6.5 215 6.1 5.6 Real Estate 23 11.3 12 11.2 (49.7) Logistics and Transport Services 74 9.5 25 3.4 (66.6) Urban and Environmental Services 60 8.2 55 7.8 (8.6) Other Businesses 46 38.7 55 40.7 19.6 Consolidation adjustments (17) 8.8 (6) 2.7 71.7 (Millions of euros) Jan-Dec 10 Jan-Dec 11 Change (%) Amount % Sales Amount % Sales EBT Energy 81 5.4 101 6.1 24.0 Infrastructure 97 3.1 123 3.5 26.5 Real Estate (6) (2.9) (51) (48.6) (684.9) Logistics and Transport Services 10 1.3 (34) (4.7) (427.1) Urban and Environmental Services 23 3.1 18 2.5 (22.5) Other Businesses 47 39.5 58 42.5 23.9 Consolidation adjustments (12) 6.4 (3) 1.5 (77.0) Ordinary EBT 240 3.8 212 3.2 (11.6) Extraordinary items 0 N/A 12 N/A TOTAL EBT 240 3.8 224 3.4 (6.8) Acciona Energy (Millions of euros) Jan-Dec 10 Jan-Dec 11 Change (%) Generation 1,307 1,522 16.5% Industrial, development and other 190 128 33.2% Revenue 1,497 1,650 10.2% Generation 913 1,059 16.0% Industrial, development and other (92) (103) 12.2% EBITDA 821 956 16.4% Margin (%) 54.9% 57.9% EBT 81 101 24.0% Margin (%) 5.4% 6.1% - Page 153-
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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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The breakdown, by geographical area
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Page 108 and 109: C) ENERGY. In addition to the costs
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Page 114 and 115: a) For each director belonging to t
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Page 122 and 123: APPENDIX I GROUP COMPANIES The subs
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Page 132 and 133: Group company Auditor Operadora de
Page 136 and 137: APPENDIX II JOINTLY CONTROLLED ENTI
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Page 144 and 145: APPENDIX V DETAIL OF CONSOLIDATED R
Page 146 and 147: Translation of a report originally
Page 148 and 149: % EBITDA Jan-Dec 10 Jan-Dec 11 Ener
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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