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

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Thanks to the positive performance of Bestinver, revenue grew by 13.6% compared with 2010 and EBITDA rose by 19.6% to EUR 55 million. Consolidated Balance Sheet - Page 158- 31/12/10 31/12/11 (Millions of euros) Amount % Total Amount % Total Property, plant and equipment, intangible assets and investment property 11,179 54.6 11,505 56.6 Non-current financial assets 300 1.5 222 1.1 Goodwill 1,049 5.1 1,049 5.2 Other non-current assets 1,087 5.3 1,244 6.1 NON-CURRENT ASSETS 13,615 66.4 14,020 69.0 Inventories 1,616 7.9 1,211 6.0 Trade and other receivables 2,369 11.6 2,474 12.2 Other current assets 298 1.5 267 1.3 Current financial assets 256 1.2 421 2.1 Cash and cash equivalents 1,369 6.7 1,542 7.6 Assets classified as held for sale 979 4.8 392 1.9 CURRENT ASSETS 6,887 33.6 6,307 31.0 TOTAL ASSETS 20,502 100.0 20,327 100.0 Share capital 64 0.3 64 0.3 Reserves 5,764 28.1 5,489 27.0 Profit attributable to the Parent 167 0.8 202 1.0 Treasury shares (264) (1.3) (411) (2.0) Interim dividend 0 0.0 - ATTRIBUTABLE EQUITY 5,731 28.0 5,344 26.3 NON-CONTROLLING INTERESTS 332 1.6 301 1.5 EQUITY 6,063 29.6 5,645 27.8 Bank borrowings 4,996 24.4 6,681 32.9 Other non-current liabilities 2,043 10.0 2,104 10.4 NON-CURRENT LIABILITIES 7,039 34.3 8,785 43.2 Bank borrowings 3,215 15.7 2,217 10.9 Trade payables 2,636 12.9 2,493 12.3 Other current liabilities 840 4.1 969 4.8 Liabilities associated with assets classified as held for sale 709 3.5 218 1.1 CURRENT LIABILITIES 7,400 36.1 5,897 29.0 TOTAL EQUITY AND LIABILITIES 20,502 100.0 20,327 100.0
Attributable Equity The attributable equity of ACCIONA at 31 December 2011 amounted to EUR 5,344 million, a reduction of 6.8% from December 2010, due mainly to the effect of the payment of dividends amounting to EUR 191 million, the acquisition of treasury shares totalling EUR 148 million, the attributable profit for the year of EUR 202 million and the negative effect of EUR 284 million relating to changes in the fair value of cash flow hedges and to translation losses. Net Financial Debt 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 net financial debt associated with non-current assets classified as held for sale, which in the consolidated balance sheet is included under "Non-Current Assets Classified as Held for Sale and Discontinued Operations" and "Liabilities Associated with Non-Current Assets Classified as Held for Sale and Discontinued Operations", amounted to EUR 187 million at 2011 year-end. At the end of 2010 this net financial debt totalled EUR 607 million. - Page 159- 31/12/10 31/12/11 Change (%) (Millions of euros) Amount % Total Amount % Total Cash + current financial assets 1,625 N/A 1,963 N/A 338 Non-recourse financial debt 4,490 54.7 6,061 67.7 1,571 Recourse financial debt 3,722 45.3 2,893 32.3 (829) Total financial debt* 8,212 100.0 8,954 100.0 742 Net financial debt 6,587 6,991 404 * Financial debt includes debentures and bonds. The increase in the non-recourse financial debt at 31 December 2011 was due mainly to the arrangement by the ACCIONA Group of the syndicated loan of EUR 1,324 million on 7 April 2011 to serve as long-term financing for certain wind and hydro generating assets acquired from the Endesa Group in 2009. This financing was used to repay the bridge financing that was originally arranged to acquire the aforementioned assets and was due to be repaid in a single instalment on 18 June 2011. The quarterly changes in the leverage ratio in 2011 were as follows: 31/12/10 31/03/11 30/06/11 30/09/11 31/12/11 Net Debt (Millions of euros) 6,587 6,703 6,657 6,886 6,991 Leverage ratio (net debt/equity) 109% 110% 110% 118% 124%
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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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2011 (thousands of euros) Vessel Da
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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 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
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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 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 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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