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

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The changes in the balance of this item in 2011 and 2010 were as follows: - Page 67 - 2011 2010 Balance at 1 January (200,789) (146,263) Increases in value in the year (332,541) (134,138) Decreases in value in the year -- -- Transfer to income for the year 68,583 79,612 Transfer due to changes in the scope of consolidation 4,754 -- Balance at 31 December (459,993) (200,789) f) Non-controlling interests The balance of “Non-Controlling Interests” in the accompanying consolidated balance sheet reflects the equity of non-controlling interests in the subsidiaries. Also, “Non-Controlling Interests” in the accompanying consolidated income statement reflects the share of noncontrolling interests of the profit or loss for the year. The changes in 2010 were as follows (in thousands of euros): Company Balance at 31/12/09 Additions and changes in ownership interests Difference - prior years and other Profit (Loss) for 2010 Balance at 31/12/10 Hospital del Norte 462 -- (34) 48 476 Mostostal Warszawa Subgroup 74,268 -- (2,853) 6,464 77,879 Parque Reforma 5,300 -- 615 (288) 5,627 Acciona Energía Subgroup 130,759 -- 12,388 8,870 152,017 Ineuropa de Cogeneración Subgroup 66 -- (547) (1,623) (2,104) Acciona Infraestructuras Subgroup 645 -- 154 1,306 2,105 Acciona Agua Subgroup 388 (388) -- -- -- Acciona Forwarding Subgroup 57 -- (103) -- (46) Trasmediterránea Subgroup 87,294 (20) 38 731 88,043 Biogás Gestión Madrid 200 -- (82) 9 127 Ceatesalas Subgroup 6,707 (15) (373) 1,474 7,793 Total non-controlling interests 306,146 (423) 9,203 16,991 331,917
The changes in 2011 were as follows (in thousands of euros): Company Balance at 31/12/10 - Page 68 - Additions and changes in ownership interests Difference - prior years and other Profit (Loss) for 2011 Balance at 31/12/11 Hospital del Norte 476 -- (85) 154 545 Mostostal Warszawa Subgroup 77,879 -- (9,168) (14,936) 53,775 Parque Reforma 5,627 -- (29) (735) 4,863 Acciona Energía Subgroup 152,017 (4,819) 13,661 803 161,662 Ineuropa de Cogeneración Subgroup (2,104) 2,313 (316) 106 (1) Acciona Infraestructuras Subgroup 2,105 380 (68) 342 2,759 Acciona Agua Subgroup -- -- -- -- -- Acciona Forwarding Subgroup (46) 368 (17) 149 454 Trasmediterránea Subgroup 88,043 -- (382) (18,582) 69,079 Biogás Gestión Madrid 127 (94) (33) -- -- Ceatesalas Subgroup 7,793 -- (1,326) 1,059 7,526 Total non-controlling interests 331,917 (1,852) 2,237 (31,640) 300,662 g) Capital management The main objectives of the Group's capital management are to safeguard its capacity to continue operating as a going concern so that it can continue to provide returns to shareholders and to benefit other stakeholders, and also to maintain an optimal financial and equity structure to reduce the cost of capital. As a result of this policy, creating value for the shareholder is compatible with access to financial markets at a competitive cost in order to cover both debt refinancing and investment plan financing needs not covered by funds generated by the business. In order to maintain and adjust the capital structure, the Group may vary the amounts of the dividends payable to the shareholders, return capital, issue shares or sell assets to reduce debt. In line with other groups in the industries in which the Acciona Group operates, the capital structure is controlled on the basis of the leverage ratio, which is calculated as the result of dividing net debt by equity. Net debt is calculated as the sum of current and non-current bank borrowings, excluding those relating to held-for-sale assets, less current financial assets and cash and cash equivalents. The directors of the Acciona Group consider that the leverage ratio at 31 December 2011 was adequate, the detail being as follows:
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ACCIONA, S.A. AND SUBSIDIARIES (Con
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17. PROVISIONS 18. BANK BORROWINGS
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Translation of consolidated financi
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Beginning balance at 01/01/10 Adjus
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The Acciona Group's consolidated fi
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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 40 and 41: For each of the plans, any positive
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 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
Page 102 and 103: 2011 (thousands of euros) Vessel Da
Page 104 and 105: 2011 Infrastructure Real Estate Ene
Page 106 and 107: The detail of certain of the Group'
Page 108 and 109: C) ENERGY. In addition to the costs
Page 110 and 111: Expenses and income Significant sha
Page 112 and 113: 35.- Remuneration and other benefit
Page 114 and 115: a) For each director belonging to t
Page 116 and 117: 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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Group company Auditor Operadora de
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APPENDIX II JOINTLY CONTROLLED ENTI
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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
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Acciona Real Estate (Millions of eu
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Thanks to the positive performance
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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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