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

In 2011, through its subsidiary Compañía Trasmediterránea, the Group hedged fuel oil price
fluctuations by arranging at 31 December 2010 three derivatives which ensure a fixed exchange
rate for fuel oil purchases amounting to USD 60 million. The Group designated the related
hedging relationships at the start of the hedge and they were fully effective. These hedging
relationships cover the risk of price fluctuations of the fuel oil hedged.
The settlements of these derivatives in 2011 were unfavourable to the Group and a cost of EUR
325 thousand relating to the contracts that matured during the year was recognised in the
consolidated income statement as an addition to the cost of procurements. These derivatives
expired on 31 December 2011.
In 2010 gas oil and fuel oil purchases were not hedged. Also, at 31 December 2011, no hedges
had been arranged for gas oil and fuel oil purchases in 2012.
Foreign currency hedges
The Group uses currency derivatives to hedge significant future transactions and cash flows. In
2011 and 2010 the Group hedged a portion of its US dollar purchases and payments to creditors
through tunnel options and foreign currency hedges, and a portion of its sales denominated in
Australian dollars and Polish zlotys through foreign currency hedges.
The Group is a party to a variety of forward foreign currency contracts and options in the
management of its foreign currency risks. The instruments purchased are denominated mainly in
US dollars and Australian dollars.
The detail of the transactions outstanding at 31 December 2011 and 2010 is as follows (in
thousands of euros):
2011 2010
Effect of
Effect of
Amount measurement Amount measurement
Currency Expiry date arranged at market value arranged at market value
Foreign currency purchase AUD 08/08/11 -- -- 34,835 7,834
Foreign currency purchase USD 11/03/11 -- -- 1,016 (26)
Foreign currency purchase USD 30/12/11 -- -- 138,310 (11,992)
Foreign currency purchase PLN 26.04/11 -- -- 3,815 (106)
Foreign currency purchase PLN 08/02/12 1,127 12 -- --
Foreign currency purchase USD 30/08/13 24,937 2,370 -- --
Total 26,064 2,382 177,976 (4,290)
At 31 December 2011, changes in the market values of foreign currency hedges were recognised
under “Non-Current Financial Derivatives at Fair Value" and "Current Financial Derivatives at
Fair Value" for amounts of EUR 2,078 thousand and EUR 304 thousand, respectively (see Note
10). The amounts recognised by the Group are based on the market values of equivalent
instruments at the reporting date. Substantially all the currency purchase transactions are
designated and effective as cash flow hedges and changes in the fair value thereof are deferred in
equity.
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