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

The changes in 2011 were as follows (in thousands of euros):
Company
Balance at
31/12/10
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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: