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

Summary of effects on valuation adjustments at 31 December 2011
The effects on equity of the re-measurement of derivative financial instruments at 31 December
2011 and 2010 are summarised below:
(Thousands of euros) 31/12/11 31/12/10
Financial liability due to interest rate hedge (Note 20) 425,889 190,079
Held-for-sale liability due to interest rate hedge (Note 20) 16,904 17,589
Financial asset due to interest rate hedge (Note 20) (695) (216)
Investment in associates due to interest rate hedge, net of tax
(Note 20)
151,033 61,953
Net deferred tax asset due to interest rate hedge (Note 20) (127,191) (57,700)
Other, mainly due to non-controlling interests in interest rate
hedging transactions
(11,009) (1,744)
Balance adjusted due to changes in value of interest rate hedging
transactions
454,931 209,961
Balance adjusted due to changes in value of fuel hedging transactions
(net of non-controlling interests and tax)
-- (1,381)
Balance adjusted due to changes in value of foreign currency hedging
transactions (net of non-controlling interests and tax)
(1,263) (7,566)
Balance adjusted due to changes in value of energy contract (net of
non-controlling interests and tax)
2,378 (9,455)
Balance adjusted due to changes in value of transactions with
discontinued hedging (net of tax)
7,161 8,748
Other, mainly due to translation differences on derivatives (3,214) 482
Total asset balance in relation to valuation adjustments at 31
December 2011 (Note 16)
459,993 200,789
21.- Preference shares, debt instruments and other marketable securities
The changes in the balances of these current and non-current liability items in the consolidated
balance sheets in 2011 and 2010 were as follows:
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Thousands of euros
2011 2010
Beginning balance 57,537 100,760
Net inclusion of companies in the Group -- 5,024
Issues -- 54,441
Accrued interest payable -- 7,124
Redemptions -- (2,975)
Other changes (1,042) (106,837)
Ending balance 56,495 57,537
In 2010 the main changes in “Preference Shares, Debt Instruments and Other Marketable
Securities” related to the placement of a private bond issue by the Canadian subsidiary Chinook
Roads Partnership amounting to EUR 54,441 thousand, to be used as described at the end of this
Note, and to the transfer of the current and non-current debt instrument balance amounting to
EUR 110,944 thousand to “Non-Current Liabilities – Liabilities Associated with Non-Current
Assets Classified as Held for Sale” for the concessions with outstanding issues which were
classified as such at 31 December 2010.