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

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166 ongoing R&D+i projects were conducted by the Company's 3 technology centres in 2011, grouped together in the 13 research areas associated with the businesses of <strong>ACCIONA</strong>. 344 professionals were engaged in R&D activities in 2011. The EU Industrial R&D Investment Scoreboard, drawn up by the EU Directorate- General for Research, has become a benchmark for comparing the amounts earmarked for R&D. The results published in October 2011, analysing the data for 2010, rank Acciona among the leading Spanish companies in its industry in terms of absolute R&D expenditure. In 2011 there were changes in ministerial policies concerning R&D+i financing, including the elimination of the CENIT programme and its replacement with new financing initiatives. The INNPACTO programme is one of the most interesting initiative approved. In 2011 <strong>ACCIONA</strong> obtained ministerial approval for all the projects that it submitted in the call for applications for INNPACTO 2011 financing. Eight projects were submitted in this connection, receiving total financing of EUR 5.4 million: - The ESPROFAN and NANOBAC projects in the waste water treatment area within the framework of the optimisation of the energy balance sheet and the elimination of emerging pollutants. - The DECOCEL project, focusing on the potentiality of herbaceous and woody energy crops as a biomass supply, and the SUPERTURBINES, FLOATSOLUTIONS, WETSITE and IRHIS projects, focusing on superconductorbased WTGSs; the optimisation of off-shore structures; the characterisation of offshore sites; and the production of energy hydrogen in isolated systems, respectively. - The TRIPANTALLA project, in the Infrastructure area and conducted in cooperation with ADIF. As regards intellectual property, the objectives of the 2010-2015 Sustainability Master Plan continue to be met and at 31 December 2011 there were 78 patents, some of which were in the process of being published. In the R&D management field, in 2011 AENOR renewed the certification of the R&D+i Management System under the UNE 166.002:2006 standard obtained in 2007, which encompasses research, development and innovation in the Infrastructure, Energy, WTGS Manufacturing, Water and Facilities businesses, and was extended to the Engineering area. This certification ensures that all innovation activities are carried out in accordance with the very highest standards of excellence and quality. - Page 172-
Outlook The world economy continues to be characterised by the delicate state of the euro zone. In this context, in 2011 there was a significant increase in risk aversion in international financial markets and a worsening of growth prospects. The world economy slowed considerably in the second half of 2011, a situation which could continue in 2012. This was the result of weaker growth in Europe and the slowdown of emerging economies. The area causing the most concern at global economic level is Europe. EU authorities have been unable to stem the sovereign debt crisis problem, which is having a detrimental effect on the economic situation in the euro zone. In fact, the drop in economic activity in the second half of 2011 and a downgrade of expectations led the International Monetary Fund (IMF) to lower its growth forecasts for 2012. This is not the case in the US, where the projected 1.8% growth is underpinned by an increase in consumption. The emerging economies are expected to grow by 5.4%, with very high growth rates in China (8.2%), India (7.0%) and Brazil (3.0%), with more muted projections in the case of Eastern Europe as a result of its greater ties with the euro zone. A slight recession is forecast for the euro zone in 2012 with negative growth of 0.5%, due to the continued existence of high sovereign debt risk premiums, the effects of bank deleveraging on the real economy and the impact of the fiscal consolidation process announced by certain Member States, including Spain. The current economic situation requires committed action from the European authorities that will gradually reduce financial tensions in Europe and worldwide risk aversion and that will lay the foundations for the recovery of the world economy in the second half of 2012. However, a more important contribution towards recovery could be provided by the expansionist economic policies adopted by the emerging economies. Emerging Economies The cooling of the emerging economies in 2011 led their growth differential with respect to the more advanced economies to fall back to around 3% at the end of 2011, below the historical trend of 4% that had been witnessed since the beginning of the century. However, taking into account the situation of the world economy, this represents only a slight slowdown, since confidence in the emerging economies has proved to be very resilient. As a result, domestic demand has remained strong, even though some of the effects of greater worldwide risk aversion have led to a drop in capital inflows, adverse repercussions on international trade financing, a fall in asset prices and lower exchange rates. This global risk aversion should lessen as the economic situation in Europe becomes more stable. Lower inflation will provide some leeway for economic policy to place more emphasis on growth. These policies are likely to be more widely implemented in Asia than in Latin America, since inflation is expected to fall more in that region. Latin America is in a sound position from which to withstand the deterioration of the world economy. Since the end of 2010 there has been a drop in economic growth in the region. This has been due to higher inflation, which has reduced purchasing power, together with the increase in global risk aversion, which led to a drop in capital inflows, greater pressure on local currencies and heightened uncertainty. - Page 173-
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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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Beneficiaries: those persons who, a
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Vicente Santamaría de Paredes Cast
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Page 156 and 157: Thanks to the positive performance
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