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

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For each of the plans, any positive difference between the actuarial liability for past services and the plan assets is recognised under “Provisions” in the consolidated balance sheet and any negative difference is recognised under “Trade and Other Receivables” on the asset side of the consolidated balance sheet, provided that such negative difference is recoverable by the Group, usually through a reduction in future contributions. Contributions to defined contribution plans are recognised as an expense in the consolidated income statement for the year, in line with the rendering of services by the employees. The Group recognises the full amount of the expenditure relating to these plans when the obligation arises by performing the appropriate actuarial studies to calculate the present actuarial obligation at year-end. The actuarial gains and losses disclosed each year are recognised in the consolidated income statement for that year. The impact of these plans on the consolidated income statement is not material (see Note 17). The Group recognises termination benefits when there is an individual or collective agreement with the employees or a genuine expectation that such an agreement will be reached that will enable the employees, unilaterally or by mutual agreement with the Group company, to cease working for the Group in exchange for a termination benefit. If a mutual agreement is required, a provision is only recorded in situations in which the Group has decided to consent to the termination of the employees when this has been requested by them. In all cases in which these provisions are recognised the employees have an expectation that these early retirements will take place. N) Grants Government grants related to assets to cover staff re-training costs are recognised as income once all the conditions attaching to them have been fulfilled over the periods necessary to match them with the related costs. Government grants related to property, plant and equipment and intangible assets are treated as deferred income, are classified under “Other Non-Current Liabilities” and are taken to income over the expected useful lives of the assets concerned under “Other Income”. O) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for the goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Sales of goods are recognised when substantially all the risks and rewards have been transferred. Following is a detail of certain of the particular features of the business activities carried on by the Group: - Page 39 -
Construction business: The Group companies recognise construction contract revenue and expenses by reference to the stage of completion of the contract activity at the consolidated balance sheet date, determined on the basis of an examination of the work performed. Under this method, contract revenue is recognised in the consolidated income statement in the accounting periods in which the contract work is performed, and contract costs are recognised as an expense in the accounting periods in which the work for which they are incurred is performed, provided that: - Total contract revenue and the costs to complete the contract can be measured reliably; where appropriate, estimated contract revenue and contract costs are reviewed and revised as the contract progresses. - It is probable that the economic benefits associated with the contract will be obtained. - The costs attributable to the contract can be clearly identified and measured reliably. In exceptional cases, where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised only to the extent of the probable recoverability of contract costs incurred. Revenue and expense recognition: In practice, revenue relates to the work completed in the year (as determined in the aforementioned examination), measured at the contract prices, provided that the work in question is included in the subject-matter of the main contract entered into with the customer. Since contracts can be subject to variations during the performance of the construction project - due to instructions from the customer to change the scope of the work to be performed- contract variations are only recognised as revenue when negotiations have reached an advanced stage and, therefore, it is sufficiently certain that the customer will approve the variation. Late-payment interest resulting from a delay in the payment of progress billings by the customer is only recognised when it can be measured reliably and its collection is reasonably assured. If, due either to a delay in collection or to the insolvency of the customer, uncertainty arises as to the collectability of an item already recognised as contract revenue, the related provision for uncollectable amounts is recorded on the basis of the estimated customer risk. Construction contract costs are recognised on an accrual basis, i.e. they are recognised as an expense in the year in which the work to which they relate is performed. Costs that relate to future activity on the contract, such as insurance premiums, site installations, fencing and enclosures, etc., are initially recognised as assets and are periodically charged to income on the basis of the stage of completion of the contract. As regards the depreciation of property, plant and equipment used in construction contracts, the assets whose estimated useful life coincides with the duration of the construction work are depreciated over the term of the contract so that they are fully depreciated upon completion thereof. - Page 40 -
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 30 and 31: - The concession operator receives
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 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
Page 80 and 81: Economic risk vs. budget variances
Page 82 and 83: In 2011, through its subsidiary Com
Page 84 and 85: Summary of effects on valuation adj
Page 86 and 87: 22.- Other non-current and current
Page 88 and 89: On 12 February 2009, this Tribunal
Page 90 and 91:
Reconciliation of the accounting pr
Page 92 and 93:
At 2011 year-end, the period for of
Page 94 and 95:
- Merger by absorption of Grupo Ent
Page 96 and 97:
The detail of the cumulative income
Page 98 and 99:
The breakdown, by geographical area
Page 100 and 101:
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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Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Group company Auditor Operadora de
Page 134 and 135:
Page 136 and 137:
APPENDIX II JOINTLY CONTROLLED ENTI
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Page 140 and 141:
Page 142 and 143:
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
Page 154 and 155:
Acciona Real Estate (Millions of eu
Page 156 and 157:
Thanks to the positive performance
Page 158 and 159:
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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