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

At 31 December 2011, the Group companies had commitments to acquire property, plant and
equipment amounting to EUR 334 million, mainly for wind farm and solar thermal plant projects
undertaken in the Energy division. The commitments at 31 December 2010 totalled EUR 581
million.
The Group has taken out insurance policies to cover the possible risks to which its property, plant
and equipment are subject and the claims that might be filed against it for carrying on its business
activities. These policies are considered to adequately cover the related risks.
The carrying amount of the Group's property, plant and equipment includes EUR 305
million/gross (2010: EUR 394 million) in respect of assets held under finance leases. A portion of
this amount relates to certain vessels belonging to the Compañía Trasmediterránea Subgroup
which have been mortgaged to secure repayment of the loans granted by a bank. The acquisition
cost of these vessels is EUR 82 million (2010: EUR 163 million).
The Group has mortgaged land and buildings totalling EUR 35 million (2010: EUR 23 million) to
secure credit facilities granted to the Group by banks. In addition, at 31 December 2011, certain
vessels with a carrying amount of EUR 340 million (2010: EUR 361 million) had been mortgaged
to secure repayment of the loans received for their acquisition.
5.- Investment property
The Group's investment property relates mainly to properties held to earn rentals.
The changes in 2011 and 2010 in the Group's investment property were as follows:
Investment property Thousands of euros
Cost
Accumulated
depreciation and
impairment losses Total
Balance at 31/12/09 632,537 (80,944) 551,593
Additions 195 (20,897) (20,702)
Disposals (91,072) 11,529 (79,543)
Transfers (117,937) 16,056 (101,881)
Other changes 8 -- 8
Balance at 31/12/10 423,731 (74,256) 349,475
Additions 226 (7,576) (7,350)
Disposals (3,591) 393 (3,198)
Transfers 4,882 (1,099) 3,783
Other changes (26) (826) (852)
Balance at 31/12/11 425,222 (83,364) 341,858
In 2011 the most significant change was the inclusion, through a transfer from “Property, Plant
and Equipment in the Course of Construction”, of an amount net of impairment losses totalling
EUR 4,379 thousand relating to the facilities adjacent to a hotel which at year-end had not yet
come into service.
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