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

At 31 December 2011, the Group companies had commitments to acquire concession assets under
the financial asset model amounting to EUR 166 million, most of which related to concession
arrangements recently granted to the Infrastructure division (31 December 2010: EUR 276
million).
13.- Inventories
The detail of the Group's inventories at 31 December 2011 and 2010 is as follows (in thousands of
euros):
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2011 2010
Raw materials, other procurements and goods held for resale 370,103 481,955
Work in progress and semi-finished goods 31,824 54,539
Finished goods 3,824 1,532
Assets received in payment of loans 24,726 16,649
Construction materials, storable items and other 24 --
Land 859,264 872,778
Property developments in progress 13,597 5,657
Completed property developments 225,488 274,086
Advances paid 71,576 55,497
Write-downs (389,368) (146,292)
Total inventories 1,211,058 1,616,401
In 2011 the main change in "Inventories" was due to the decrease in the existing stock at Acciona
Windpower, S.A. and Acciona Windpower North America, L.L.C. for the assembly of wind
generators amounting to EUR 77 million. There was also a decrease in property inventories due to
the sale of housing units amounting to EUR 49 million.
Additionally, as indicated in Note 3.2-j, in 2011 the Group wrote-down Real Estate division
inventories by EUR 245,180 thousand (see Note 26). This write-down was made taking into
consideration the analysis carried out by the independent valuer SAVILLS in accordance with the
methodology and assumptions on the expected future performance of the real estate market, as
indicated in Note 26.
The fair value at 31 December 2011 and 2010 of the Group’s property inventories, including
inventories relating to the companies accounted for using the equity method, calculated based on
the appraisals carried out at those dates by SAVILLS, independent valuers not related to the
Group, amounted to EUR 1,112 million and EUR 1,188 million, respectively.
The write-downs recognised in the consolidated income statement are sufficient to reduce the
carrying amounts of the property inventories to the market values obtained in the appraisals made
at year-end.
At 31 December 2011 and 2010, the carrying amounts of mortgaged inventories were EUR
501,975 thousand and EUR 554,990 thousand, respectively, and related mostly to property
developments in progress or completed.