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

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Stock Market Data Share Capital Price at 31 December 2011 (EUR/share) 66.73 Price at 1 January 2011 (EUR/share) 53.11 Minimum 2011 price (10/01/11) 51.43 Maximum 2011 price (30/03/11) 80.47 Average daily trading volume (no. of shares) 322,769 Average daily trading volume (euros) 22,006,745 Number of shares 63,550,000 Market capitalisation at 31 December 2011 (millions of euros) 4,241 At 31 December 2011, the share capital of ACCIONA amounted to EUR 63,550,000, represented by 63,550,000 ordinary shares of EUR 1 par value each. At 31 December 2011, the Group held 5,598,867 treasury shares representing 8.81% of the share capital. In 2011 Grupo Entrecanales, S.A. and its subsidiaries Servicios Urbanos Integrales, S.A., Tivafen, S.A. and Ósmosis Internacional, S.A. which, together, owned 59.63% of the shares of ACCIONA, S.A., were dissolved without liquidation, as a result of the approval by the shareholders at the General Meeting of the merger by absorption of these companies into ACCIONA, S.A. As a result of this merger, the shareholders of Grupo Entrecanales, S.A. became direct shareholders of ACCIONA, S.A. Following is a detail, based on the notifications received by the Company, of the owners of significant direct and indirect equity interests at 31 December 2011 and 2010: 31/12/11 31/12/10 Tussen de Grachten, BV (1) 25.05% -- Entreazca, BV (1) 24.72% -- Jelico Netherlands, BV (1) 3.16% -- Grupo Entrecanales, S.A. -- 59.63% (1) Shareholders of the dissolved Grupo Entrecanales, S.A. Main Risks Associated with the ACCIONA Group’s Business Activities ACCIONA's presence in various business areas and in different countries with varying regulatory, political and social frameworks gives rise to very diverse risks to be identified and managed. The Risk Management System is designed to identify potential events that might affect the organisation; to manage its risks through the establishment of internal treatment and control systems that enable the probability and impact of these events occurring to be kept within the established tolerance levels; and to provide reasonable assurance in relation to the achievement of strategic business objectives. - Page 166-
The main risks that might affect the achievement of ACCIONA's objectives are as follows: Economic and Financial Risks Should they materialise, these risks would have a direct impact on the Company's earnings. They relate mainly to: foreign currency risk; interest rate and financial market risk; the risk of fluctuations in the price of raw materials; liquidity risk, cash flow risk; default risk; and the risk of loss of customers. Since ACCIONA has an international presence, it is exposed to foreign currency risk as a result of its transactions in the currencies of the countries in which it operates. Interest rate risk is particularly important in relation to the financing of infrastructure projects, concession contracts, the construction of wind farms or solar facilities and other projects that have a long maturation period in which changes in interest rates have a significant impact on project profitability. ACCIONA is exposed to the risk of fluctuations in the price of the construction materials used in its infrastructure, water and power generating facility construction activities, and in fuel prices in its road and sea transport business. Credit risk is mitigated by negotiating transactions with solvent third parties, using criteria generally accepted by the market (ratings, history of commercial relations with the counterparty in question, etc.). Also, depending on the type of transaction or type of counterparty, ACCIONA negotiates the obtainment of sufficient guarantees to mitigate the risk of financial losses in the event of default. These risks are adequately managed by seeking natural hedges between income and expenses and assets and liabilities. When this is not possible, hedging transactions are carried out and derivatives are arranged with the aim of avoiding high earnings volatility. However, these transactions do not guarantee fully effective hedging in terms of the total elimination of exposure to changes in interest rates and foreign currency exchange rates, and such changes could adversely affect the Group’s financial position and results. Also, a system of hedging exposure to material risks is established in the form of complementary insurance policies that reduce the possibility of situations, in which general risks arise, jeopardising the Group's financial solvency. Strategic Risks The consequences of strategic risks are that the Company's objectives are not met and its growth is reduced. These risks include organisational changes, investments and divestments, threats posed by competitors, economic, political and regulatory changes, the effect of new technologies and research and development. ACCIONA minimises risks of this nature through its own strategy and business model; through the industry and geographical diversification of its business; through the performance of exhaustive studies of the market, competitors and the countries in which it carries on its business activities; and through a firm commitment to research and development. - Page 167-
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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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C) ENERGY. In addition to the costs
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Expenses and income Significant sha
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35.- Remuneration and other benefit
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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
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Page 152 and 153: ACCIONA Energy’s revenue increase
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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
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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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