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

The rates used, by division and country, within a maximum and minimum range based on the
leverage ratio of the project, are as follows:
F) Leases
Cost of capital
(minimum leverage)
Energy
Logistics
Services
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Infrastructure
Urban
Services
Spain 10.9% 10.0% 10.0% 9.1%
Poland 11.3% - 10.3% -
Italy 12.0% 11.1% 11.1% 10.3%
Mexico 10.3% - 10.5% 9.6%
Chile 10.8% 9.9% 9.9% 9.0%
Brazil - 12.9% 12.9% -
USA 10.1% - - 9.4%
Canada 10.3% - 10.7% 9.7%
India 12.9% - - -
Australia 10.9% - 11.8% 10.5%
Cost of capital
(maximum leverage)
Energy
Logistics
Services
Infrastructure
Urban
Services
Spain 13.0% 11.8% 11.8% 10.5%
Poland 13.7% - 12.4% -
Italy 14.1% 12.9% 12.9% 11.6%
Mexico 11.7% - 12.2% 11.0%
Chile 12.7% 11.5% 11.5% 10.3%
Brazil - 14.5% 14.5% -
USA 11.4% - - 11.4%
Canada 11.7% - 13.4% 11.9%
India 13.7% - - -
Australia 13.0% - 17.0% 14.7%
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership of the leased asset to the lessee. All other leases are classified as
operating leases.
Finance leases
When the consolidated companies act as the lessee, they present the cost of the leased assets in the
consolidated balance sheet, based on the nature of the leased asset, and, simultaneously, recognise
a liability for the same amount (which will be the lower of the fair value of the leased asset and
the aggregate present values of the amounts payable to the lessor plus, where applicable, the price
of exercising the purchase option). These assets are depreciated using the same criteria as those
applied to similar items of property, plant and equipment that are owned.
The finance charges arising under finance lease agreements are charged to the consolidated
income statement so as to reflect a constant periodic finance cost over the term of the losses.