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

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Before a decision is made to invest in or sell a business, there is a preventative control and an assessment of the associated risks based on the projected economic information of the business; this information must be approved by the Investment Committee on the basis of certain business volume and profitability parameters based on the associated risk. Operational Risks These are risks associated with processes, persons and products. They are related to legislative, legal, regulatory and contractual compliance, control systems and procedures, the supply chain, auxiliary services, information systems, employee productivity and the loss of key personnel. In each business area specific systems are established that encompass business, process systematisation and documentation, quality and environmental management, operating, occupational risk prevention, planning and economic control requirements. The risk of failing to comply with current legislation, or the risks arising from changes in the regulatory framework, mainly that governing the electricity industry, are analysed jointly by the Regulation and Economic and Financial Departments, which monitor these risks on an ongoing basis. The conduct of the Group's business sometimes requires the obtainment of permits, licences and authorisations. Delays in obtaining these authorisations and adverse changes in the political or regulatory frameworks in the countries in which the Group operates may give rise to delays in the start-up of operations or deficiencies in the performance of projects and the rendering of services. Environmental risks are controlled by ACCIONA through its environmental and quality management systems. These systems comply with the requirements of the international ISO 9001 and ISO 14001 standards for quality and the environment, respectively, as well as other legal and internal corporate requirements, and are submitted to an ongoing monitoring and review process. Occupational risks are taken into account in all the business divisions, but particularly in the Infrastructure division. These risks are managed using the Occupational Risk Prevention Systems. ACCIONA has a Code of Conduct (revised and updated in 2011) that sets forth the basic principles and obligations that all the executives and employees of the divisions and suppliers and third parties with contact with the Company must comply with and observe in the performance of their activities. Risk of Accident These are risks associated with damage caused to the Company's assets and people that could have a detrimental effect on the Company's performance, such as fire, explosion, natural disasters, environmental pollution, damage to third parties and occupational risks. - Page 168-
ACCIONA's senior executives attach major importance to occupational risk factors in their conduct of business, particularly in the Infrastructure business. All the required preventative measures have been put in place in this connection. In order to improve the management of these risks, should they materialise, in 2011 the Crisis Management System documentation was reviewed and an internal communication and training plan was approved. Quality and the Environment Environmental protection is the cornerstone of ACCIONA's environmental strategy. Its various business activities have an impact on the environment. What sets ACCIONA apart from the rest is its quest to minimise the effects of its activities and compensate for the impact thereof, offering its customers and Society in general the best environmental solutions. Therefore, environmental conservation is a factor that constitutes a key competitive edge for ACCIONA's businesses and is incorporated into the day-to-day running of the Company. In 2011 ACCIONA sought to strengthen its commitment to protecting biodiversity and the environment, creating a specific organisational unit in this field, defining a Biodiversity Policy and setting up a panel of top-level experts to provide ongoing counselling. Thus, a core feature of ACCIONA's environmental strategy is the integral treatment of environmental impact, taking as a premise that a preventative approach must be taken in this connection, correcting any unavoidable effects and, where necessary, compensating for any residual effects. To this end, the creation of an environmental compensation mechanism is proposed for 2012 onwards, whereby, through various initiatives, the Company will be able to effectively manage compensatory measures that will also constitute a global improvement in the environmental field. The management systems established in each business envisage the monitoring and measurement of environmental endeavour in all processes, through increasingly stringent inspection plans and programmes. In 2011 Plan 10+ was launched to prevent environmental risks. In 2011 the time horizon of the Sustainability Master Plan was extended, with ambitious objectives in terms of broadening the reporting of the scope of emissions, reduction commitments and the creation of a redressing mechanism. In addition, a Sustainable Mobility Plan has been implemented focusing on three main areas: business trips, employee travel and the logistics chain. In 2011 ACCIONA continued to strive to improve energy efficiency and reduce emissions and water consumption. Diagnostic studies were carried out, with a particular focus on energy efficiency and water consumption in the most significant areas of activity, namely energy production, water treatment plants, construction and sea transport. The conclusions of these diagnoses envisage improvements in processes and good practices in their operation, as well as proposed improvements in facilities to - Page 169-
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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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a) For each director belonging to t
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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
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Page 162 and 163: 30 June 2011: ACCIONA submitted the
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