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

c) Treasury shares
The changes in 2011 and 2010 in treasury shares were as follows:
2011 2010
Number
of shares Cost
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Number
of shares Cost
Beginning balance 3,287,669 263,672 1,487,612 155,333
Additions 2,379,616 154,565 1,851,904 113,749
Disposals (68,418) (7,108) (51,847) (5,410)
Ending balance 5,598,867 411,129 3,287,669 263,672
In 2011 68,418 shares were disposed of (2010: 51,847 shares), giving rise to a gain of EUR 2,542
thousand (2010: a loss of EUR 1,748 thousand), and this amount was recognised in reserves for
the year.
In 2011 there was a reduction of 49,324 shares due to the delivery of shares to senior executives
under the Share-Based Payment Plan approved by the shareholders at the Annual General
Meeting (see Note 35). 30,389 shares were delivered under this Plan at 31 December 2010.
d) Reserves of consolidated companies and translation differences
The detail, by line of business, of the consolidation reserves contributed by subsidiaries, joint
ventures and associates and of the related translation differences at 31 December 2011 and 2010 is
as follows (in thousands of euros):
Line of business
Consolidated
reserves
2011 2010
Translation
differences
Consolidated
reserves
Translation
differences
Infrastructure 244,227 (1,886) 310,113 6,818
Real Estate (46,813) (11,236) (31,001) 372
Energy 515,864 36,278 571,266 34,486
Logistics and Transport
Services
Urban and
Environmental Services
(23,918) 408 (19,222) 1,014
32,511 368 28,701 701
Other Businesses 535,890 (303) 690,326 729
Consolidation
adjustments
(46,900) -- (40,124) --
Total 1,210,861 23,629 1,510,059 44,120