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

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ACCIONA Energy’s revenue increased by 10.2% in 2011 to EUR 1,650 million. Notable was the sound performance of generation revenue, which increased by 16.5%, thanks to an increase in energy selling prices in 2011 with respect to 2010. This offset a 4.3% drop in attributable output, largely as a result of less wind and lower rainfall: - The Spanish wind power load factor was 26.5% in 2011 (2010: 27.4%). - The international wind power load factor was 33.3% in 2011 (2010: 30.9%). - The hydro load factor was 24.9% in 2011 (2010: 36%). As a result of all the foregoing, annual output was 11.9% lower than in 2010 (output fell by 11.9% in Spain, whereas it increased by 18.4% abroad). In 2011 701 MW of capacity were installed, of which 651 MW related to wind power (46.5 MW in Spain and 604.1 MW abroad) and 50 MW related to solar thermal power. The industrial, development and other business fell back by 33.2% to EUR 128 million. The EBITDA margin rose from 54.9% to 57.9%, and the margin of the generation business was very similar to that of 2010 at 69.6%. Thus, the EBITDA of ACCIONA Energy amounted to EUR 956 million in 2011, up 16.4% on 2010. The detail of installed capacity and output, by type of technology used by ACCIONA Energy, at 31 December 2011 is as follows: 31/12/11 31/12/11 (Installed MW) Total Attributable (GWh produced) Total Attributable Wind power in Spain 4,637 3,969 Wind power in Spain 9,518 8,075 Wind power abroad 2,283 2,085 Wind power abroad 5,292 4,656 US 622 547 US 1,635 1,360 Australia 305 272 Australia 914 825 Mexico 557 557 Mexico 1,046 1,046 Germany 150 150 Germany 289 289 Canada 181 103 Canada 518 270 Portugal 120 120 Portugal 271 271 Italy 92 92 Italy 123 123 Greece 48 48 Greece 107 107 India 86 86 India 141 141 Hungary 24 11 Hungary 45 21 Poland 38 38 Poland 0 0 Korea 62 62 Korea 203 203 Total wind power 6,921 6,054 Total wind power 14,810 12,731 Hydro under the special regime 232 232 Hydro under the special regime 628 628 Conventional hydro 680 680 Conventional hydro 1,306 1,306 Biomass 57 57 Biomass 434 434 Solar PV 49 33 Solar PV 97 65 Solar thermal 264 264 Solar thermal 454 454 Combined heat and power 9 9 Combined heat and power 20 19 Total other technologies 1,291 1,275 Total other technologies 2,939 2,906 Total energy 8,211 7,329 Total energy 17,749 15,637 - Page 154-
Acciona Infrastructure (Millions of euros) Jan-Dec 10 Jan-Dec 11 Change (%) Construction and engineering 3,007 3,410 13.4% Concessions 114 112 (1.6%) Revenue 3,121 3,522 12.8% Construction and engineering 150 162 8.0% Concessions 54 53 (1.3%) EBITDA 204 215 5.6% Margin (%) 6.5% 6.1% EBT 97 123 26.5% Margin (%) 3.1% 3.5% The revenue of ACCIONA Infrastructure grew by 12.8% to EUR 3,522 million in 2011, due mainly to the increase in activity in the international construction business. EBITDA improved by 5.6% to EUR 215 million and EBT increased by 26.5% to EUR 123 million, due mainly to the contribution to profit of the concession businesses accounted for using the equity method. At 31 December 2011, the construction backlog amounted to EUR 6,497 million, down 10.5% from 2010 year-end, largely as a result of the increase in the contracts completed in the year, combined with a drastic fall in tenders for public works in the Spanish market. The weight of the international backlog with respect to the total backlog increased from 36.7% in 2010 to 41.2% in 2011. Breakdown of construction backlog (Millions of euros) 31/12/10 31/12/11 % change Percentage of total (%) Civil engineering work in Spain 3,129 2,581 17.5% 39.7% Civil engineering work abroad 2,176 2,106 (3.2%) 32.4% Total civil engineering work 5,305 4,687 (11.6%) 72.1% Residential building construction in Spain 63 89 41.3% 1.4% Residential building construction abroad 111 80 (27.9%) 1.2% Total residential building construction 174 169 (2.9%) 2.6% Non-residential building construction in Spain 882 800 (9,3%) 12.3% Non-residential building construction abroad 394 414 5.1% 6.4% Total non-residential building construction 1,276 1,214 (4.9%) 18.7% Own development projects in Spain 1 - - - Own development projects abroad 27 17 (37.0%) 0.3% Total own development projects 28 17 (39.3%) 0.3% Other * 475 410 (13.5%) 6.3% TOTAL 7,258 6,497 (10.5%) 100.0% * “Other” includes auxiliary construction and engineering. - Page 155-
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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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27.- Expenses The detail of the Gro
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Page 108 and 109: C) ENERGY. In addition to the costs
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Page 122 and 123: APPENDIX I GROUP COMPANIES The subs
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Page 144 and 145: APPENDIX V DETAIL OF CONSOLIDATED R
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Page 148 and 149: % EBITDA Jan-Dec 10 Jan-Dec 11 Ener
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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
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