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

isks and uncertainties which, inevitably, surround most of the events and circumstances related
thereto. In this respect, the negative performance of the general market situation in the last few
years, as well as the economic and financial conditions of many of the countries in which the
Group operates, has given rise to great instability in general with a widespread impact and severe
uncertainty, which has not only continued but in fact worsened in the last year. In light of this
situation, the measurement of uncertainty was carried out with prudence and a certain degree of
precaution was taken in the making of necessary judgements, while preserving the fair
presentation of the consolidated financial statements.
Group management considers that no additional liabilities not provided for in the consolidated
financial statements at 31 December 2011 and 2010 will arise.
Provisions for pensions and similar obligations
The long-term provisions in the accompanying consolidated balance sheet include the provisions
for pensions and similar obligations that arose due to the acquisition of assets and/or companies
from the Endesa Group in 2009.
The changes in these provisions in 2011 and 2010 were as follows:
2011 2010
Balance at 1 January 8,544 8,652
Additions and period provisions 33 431
Reductions (752) (543)
Transfers -- --
Other changes (6) 4
Balance at 31 December 7,819 8,544
The main features of the plans assumed are as follows:
i) Defined benefit pension plan with salary increase rate tied to the increase in the CPI. This
plan is treated in exactly the same way as a defined benefit system. The assumptions used
in calculating the actuarial liability in respect of the uninsured defined benefit obligations
at 31 December 2011 and 2010 were as follows:
2011 2010
Interest rate 4.51% 3.61%
Mortality tables GRM/F 95 GRM/F 95
Expected rate of return on plan assets 0.7% 0.7%
Salary increase 2.3% 2.3%
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