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

of obtaining the related waivers, due mainly to delays in obtaining administrative authorisations
and other similar situations affecting the start-up of projects. In these cases, the debt was
classified as current and was in no case significant.
In 2011 and 2010 there were no defaults or other non-payments of principal, interest or
repayments of bank borrowings. The Real Estate division classifies its borrowings as current
liabilities based on the production cycle of the assets they finance, namely inventories, even
though some of these liabilities mature at more than twelve months.
The detail, by maturity, of non-current bank borrowings for the five years following the reporting
date is as follows:
2013 2014 2015 2016 Subsequent years Total
1,004,986 601,970 578,731 750,532 3,744,521 6,680,740
Obligations under finance leases
The detail of the Group's finance leases at 31 December 2011 and 2010 is as follows:
Minimum lease payments
Obligations under finance leases 2011 2010
Within one year 18,654 23,318
Between one and two years 14,771 21,986
Between two and five years 13,889 17,252
After five years 869 1,462
Total lease payments payable 48,183 64,018
Less: future finance charges 4,018 4,378
Present value of lease obligations 44,165 59,640
Less: amount due for settlement within twelve months (current liability) 18,000 21,273
Amount due for settlement after 12 months 26,165 38,367
It is the Group's policy to lease certain of its fixtures and equipment under finance leases. The
average lease term is three to five years. In the year ended 31 December 2011, the average
effective interest rate was the market rate. Interest rates are set at the lease date. All leases have
fixed repayments and no arrangements have been entered into for contingent rental payments.
The decrease in 2011 with respect to 2010 was due mainly to the payments made as established in
the leases.
19.- Risk management policy
The Acciona Group, in view of its geographical and business diversification, is exposed to certain
risks, which are managed appropriately through a Risk Management System. This System is
designed to identify potential events that might affect the organisation; to manage its risks through
the establishment of internal treatment and control systems that ensure the probability and impact
of these events occurring in kept within the established tolerance levels; and to provide reasonable
assurance in relation to the achievement of strategic business objectives.
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