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

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- The concession operator receives revenue for the services provided either directly from the users or through the concession grantor. The most significant accounting methods used by the Acciona Group in relation to these concession arrangements are as follows: - The account receivable is recognised for the present value of the amount receivable from the grantor. - Borrowing costs are not capitalised, either during the construction phase or after the concession has started to operate. - Even during the construction phase the Group recognises interest income earned on the financial asset, based on its effective interest rate. - In virtually all of the concessions of the Acciona Group, the construction was carried out by Group companies. In this regard, the income and expenses corresponding to infrastructure construction or upgrade services are recognised at the gross amount thereof (recognition of the sales and the cost of sales in the consolidated financial statements of the Acciona Group), recognising the construction margin in the consolidated financial statements. If construction were not carried out by the Group itself, this fact would be taken into account for the purpose of recognising sales and the cost of sales in the consolidated financial statements. - There is no depreciation or amortisation charge since the arrangements constitute a financial asset. - Annual billings are divided into a financial asset component recognised in the balance sheet (and, therefore, not recognised as sales) and the component relating to services provided, which is recognised under “Revenue”. H) Financial instrument disclosures As a result of the adoption in 2007 of IFRS 7 and of the amendments to IAS 1 and IFRS 7, the qualitative and quantitative disclosures on financial instruments and risk and capital management were extended and are detailed in the following notes: - Financial asset and liability categories, including derivative financial instruments and accounting policies are detailed in Note 3.2-i. - Classification of the fair value measurements of financial assets and for derivative financial instruments consistent with the fair value hierarchy established in IFRS 7, detailed in Note 3.2-i. - (Qualitative and quantitative) disclosure requirements relating to capital are detailed in Note 16-g. - Risk accounting and management policies are detailed in Note 19. - Derivative financial instruments and hedge accounting are detailed in Note 20. - Transfers from equity to profit for the year of settlements of hedging derivative financial instrument transactions are detailed in Note 29. - Page 29 -
I) Financial instruments Non-current and current financial assets excluding hedging derivatives The financial assets held by the Group companies are classified as: - Loans and receivables: financial assets originated by the companies in exchange for supplying cash, goods or services directly to a debtor. These items are measured at amortised cost, which is basically the initial market value, minus principal repayments, plus the accrued interest receivable calculated using the effective interest method. - Held-to-maturity investments: assets with fixed or determinable payments and fixed maturity that the Group has the positive intention and ability to hold from the date of purchase to the date of maturity. This category includes mainly short-term deposits, which are measured at amortised cost, as indicated above. - Held-for-trading financial assets: assets acquired by the companies with the intention of generating a profit from short-term fluctuations in their prices or from differences between their purchase and sale prices. This heading also includes financial derivatives not considered to qualify for hedge accounting, as well as other assets which upon initial recognition are designated, as permitted under IFRSs, as financial assets at fair value through profit or loss. They are measured at fair value at the date of subsequent measurement where this can be determined reliably. In these cases, the gains and losses arising from changes in fair value are recognised in the income statement for the year. At 31 December 2011 and 2010, the Acciona Group did not have financial assets of this type. - Deposits and guarantees: in the specific case of the acquisition of vessels under finance lease agreements, as indicated in Note 3.2-F, the Compañía Trasmediterránea Subgroup is obliged to give deposits with a pre-established payment schedule and preset interest to cover future finance lease payments. These deposits are recognised under “Non-Current Financial Assets” and "Other Current Financial Assets” in the accompanying consolidated balance sheet, based on the dates on which the related lease payments payable fall due. Both headings include the amounts effectively delivered and interest until year-end calculated on a time proportion basis, which are taken to profit or loss over the term of the lease, also on a time proportion basis. In 2011 no interest earned on these deposits was netted off from the interest expenses on finance lease agreements under “Finance Costs” in the accompanying consolidated income statement for (2010: EUR 564 thousand). - Available-for-sale financial assets: these relate to securities acquired that are not classified in the other categories, substantially all of which relate to investments in the capital of companies. They are measured: - At acquisition cost, adjusted for any impairment losses disclosed, in the case of investments in unlisted companies, since it is not always possible to determine the fair value reliably. - Page 30 -
Page 1: ACCIONA, S.A. AND SUBSIDIARIES (Con
Page 4 and 5: 17. PROVISIONS 18. BANK BORROWINGS
Page 6 and 7: Translation of consolidated financi
Page 10 and 11: Beginning balance at 01/01/10 Adjus
Page 14 and 15: The Acciona Group's consolidated fi
Page 16 and 17: The financial statements of jointly
Page 18 and 19: Standards, amendments and interpret
Page 20 and 21: 3.2 Accounting policies The princip
Page 22 and 23: The assets and liabilities acquired
Page 24 and 25: - The infrastructure is operated by
Page 26 and 27: Goodwill of companies The Acciona G
Page 28 and 29: The rates used, by division and cou
Page 32 and 33: - At fair value when it is possible
Page 34 and 35: Group policy on hedging: At the inc
Page 36 and 37: These assets are valued at the cost
Page 38 and 39: At 31 December 2010, Acciona, S.A.
Page 40 and 41: For each of the plans, any positive
Page 42 and 43: Machinery whose useful life exceeds
Page 44 and 45: The deferred tax assets and liabili
Page 46 and 47: These assets or disposal groups are
Page 48 and 49: - The results for tax purposes of t
Page 50 and 51: At 31 December 2011, the Group comp
Page 52 and 53: 6.- Goodwill The changes in 2010 in
Page 54 and 55: In 2011, as in 2010, the main addit
Page 56 and 57: The Acciona Group's interests in as
Page 58 and 59: - Page 57 - Non-current Current Bal
Page 60 and 61: In 2011, since the lease expired, t
Page 62 and 63: At 31 December 2011, the Group comp
Page 64 and 65: The breakdown, by type of customer,
Page 66 and 67: c) Treasury shares The changes in 2
Page 68 and 69: The changes in the balance of this
Page 70 and 71: Leverage Millions of euros 2011 201
Page 72 and 73: isks and uncertainties which, inevi
Page 74 and 75: Provision for other longterm employ
Page 76 and 77: of obtaining the related waivers, d
Page 78 and 79: 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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36.- Other disclosures concerning t
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APPENDIX I GROUP COMPANIES The subs
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Group company Auditor Location Main
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Group company Auditor Operadora de
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APPENDIX II JOINTLY CONTROLLED ENTI
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Company Location Main business line
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APPENDIX V DETAIL OF CONSOLIDATED R
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Translation of a report originally
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% EBITDA Jan-Dec 10 Jan-Dec 11 Ener
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- The volume of business of the Rea
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ACCIONA Energy’s revenue increase
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Acciona Real Estate (Millions of eu
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Thanks to the positive performance
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Investments Net investments in 2011
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18 April 2011: sale of Chilean conc
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30 June 2011: ACCIONA submitted the
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Stock Market Data Share Capital Pri
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Before a decision is made to invest
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enhance environmental efficiency. I
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166 ongoing R&D+i projects were con
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However, the fall in growth has bee
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For the purposes of Royal Decree 13
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