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

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Investments 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 the Urban and Environmental Services division's 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 detail of the investments by division is as follows: Salient Events in the Year - Page 160- Investments Investments (Millions of euros) Jan-Dec 10 Jan-Dec 11 Energy 641 802 Infrastructure 214 275 Real Estate (71) (182) Logistics and Transport Services 140 8 Urban and Environmental Services 47 84 Other Businesses 15 2 Total net investment of divisions 986 989 Extraordinary divestments -- (425) Total net investment 986 564 13 January 2011: interim dividend - On 13 January 2011, the Board of Directors of ACCIONA declared an interim dividend of EUR 1.07 per share out of the 2010 profit to be approved at the next Annual General Meeting. The interim dividend payable in this connection totalled EUR 68 million. The interim dividend was paid on 21 January 2011.
24 February 2011: agreement to sell 15% of the shares of ACCIONA Termosolar to Mitsubishi - On 24 February 2011, ACCIONA Energía, S.A. and Mitsubishi Corporation (through its subsidiary Diamond Solar Europe, Ltd.) entered into an agreement for the transfer of 15% of the share capital of ACCIONA Termosolar, S.L., a subsidiary in the Energy division of ACCIONA, with the option of increasing the interest sold by an additional 2%. The transaction amounted to EUR 45.8 million (EUR 38.1 million relating to the price paid for the 15% ownership interest and EUR 7.7 million relating to a shareholder loan). As part of the transaction, ACCIONA Termosolar arranged a loan of EUR 300 million from Mizuho Corporate Bank Nederland, Bank of Tokyo Mitsubishi, Development Bank of Japan and Mitsubishi Corporation. 28 February 2011: Annual Corporate Governance Report - On 28 February 2011, the Company submitted its Annual Corporate Governance Report for 2010 to the Spanish National Securities Market Commission (CNMV). 28 February 2011: resolutions of the Board of Directors - On 24 February 2011, the Board of Directors of ACCIONA adopted, inter alia, the following resolutions: o To authorise for issue ACCIONA’s separate and consolidated financial statements and directors’ report for 2010. o To propose to the shareholders at the Annual General Meeting that a dividend of EUR 2.03 per share be paid out of the profit for 2010, in addition to the interim dividend of EUR 1.07 per share declared on 13 January 2011 and paid on 21 January 2011. 24 March 2011: absorption of GESA by ACCIONA - On 24 March 2011, the Board of Directors of ACCIONA resolved to approve the plan for the merger by absorption of Grupo Entrecanales, S.A. (GESA), Servicios Urbanos Integrales, S.A. (SEUINSA), Tivafén, S.A. (TIVAFÉN) and Ósmosis Internacional, S.A. (OSMOSIS) into ACCIONA, with the dissolution without liquidation of the absorbed companies and the transfer en bloc of all their assets and liabilities to the absorbing company, which would acquire, by universal succession, the rights and obligations of the absorbed companies. 7 April 2011: refinancing of the bridge loan - On 7 April 2011, ACCIONA arranged a syndicated project finance loan of EUR 1,421.2 million. The remaining amount up to the original amount of EUR 1,575 million was repaid with the cash flow generated in 2009/2011 by the assets acquired. This transaction was carried out to refinance at long term, with maturity in March 2029 (18 years), the bridge loan that the ACCIONA Group arranged in June 2009 in order to acquire wind and hydro assets with an installed capacity of 2,084 MW from Endesa. - Page 161-
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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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The detail of certain of the Group'
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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
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
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Page 156 and 157: Thanks to the positive performance
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
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