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

Following is a detail, based on the notifications received by the Company, of the owners of
significant direct and indirect equity interests at 31 December 2011 and 2010:
b) Share premium and reserves
31/12/11 31/12/10
Tussen de Grachten, BV (1) 25.05% --
Entreazca, BV (1) 24.72% --
Jelico Netherlands, BV (1) 3.16% --
Grupo Entrecanales, S.A. -- 59.63%
(1) Shareholders of the dissolved Grupo Entrecanales, S.A.
The balance of the "Share Premium" account, which at 31 December 2011 and 2010 amounted to
EUR 170,110 thousand, arose as a result of the capital increases with share premiums carried out
on various dates. The Consolidated Spanish Limited Liability Companies Law expressly permits
the use of the share premium account balance to increase capital and does not establish any
specific restrictions as to its use.
The detail of the share premium, reserves and valuation adjustments in the consolidated statement
of changes in equity is as follows:
2011 2010
Share premium 170,110 170,110
Revaluation reserves -- --
Legal reserve 13,248 13,248
Reserve for retired capital 4,163 4,163
Voluntary reserves 4,067,522 4,022,684
Reserve for treasury shares -- --
Consolidated reserves 1,210,861 1,510,059
Subtotal reserves 5,295,794 5,550,154
Translation differences 23,629 44,120
Total reserves 5,319,423 5,594,274
The legal reserve, to which transfers must be made until it reaches 20% of the share capital, can
be used to increase capital provided that the remaining reserve balance does not fall below 10% of
the increased share capital amount. Otherwise, until the legal reserve exceeds 20% of share
capital, it can only be used to offset losses, provided that sufficient other reserves are not available
for this purpose.
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