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

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22.- Other non-current and current liabilities The detail of “Other Non-Current Liabilities” and “Other Current Liabilities” in the consolidated balance sheet is as follows (in thousands of euros): Other liabilities Non-current Current 2011 2010 2011 2010 Obligations under finance leases 29,980 85,703 91,700 98,992 CO2 emission allowances -- -- -- -- Grants 118,495 128,174 -- -- Other deferred income 130,296 166,380 -- -- Remuneration payable -- -- 94,415 65,390 Other payables 262,385 230,224 514,285 451,913 Ending balance 541,156 610,481 700,400 616,295 "Other Deferred Income" relates mainly to certain incentives, established to promote the development of renewable energies in the US, which are similar in nature to grants for accounting purposes and which apply to two wind farms developed by the Energy division in the US. The detail of “Obligations under Finance Leases”, which relates mainly to outstanding lease payments, including the purchase option on certain vessels of the Compañía Trasmediterránea, S.A. Subgroup, is as follows: Minimum lease payments Amounts payable under leases 2011 2010 Within one year 94,514 99,015 Between one and two years 3,446 85,518 Between two and five years 9,918 210 After five years 49,989 -- Total lease payments payable 157,867 184,743 Less: future finance charges 36,187 48 Present value of lease obligations 121,680 184,695 Less: amount due for settlement within twelve months (current liability) 91,700 98,992 Amount due for settlement after 12 months 29,980 85,703 The main change relates to the exercise of the purchase option on the Jose Mª Entrecanales vessel for EUR 89 million. - Page 85 -
The changes in “Grants” in 2011 and 2010 were as follows: 23.- Tax matters <strong>Consolidated</strong> taxation Balance at 31/12/09 Grants 115,045 Additions 9,285 Variations due to changes in the scope of consolidation -- “Other Income” taken to profit or loss (7,188) Other 11,032 Balance at 31/12/10 128,174 Additions Variations due to changes in the scope of 19,559 consolidation (20,897) “Other Income” taken to profit or loss (8,135) Other (206) Balance at 31/12/11 118,495 Pursuant to current legislation, consolidated tax groups include the parent together with certain subsidiaries that meet the requirements provided for in Spanish tax legislation. Since 2009 there has been a single tax group in Spain that avails itself of this special taxation system, the Parent of which is Acciona, S.A. The other Acciona <strong>Group</strong> entities file separate tax returns in accordance with the tax legislation applicable in the Basque Country, Navarre, the rest of Spain or that in force in each country. Effective from 1 January 2008, the Company availed itself of the special consolidated tax regime for VAT purposes envisaged in Chapter IX of Title IX of VAT Law 37/1992, of 28 December. The Parent of the VAT group is Acciona, S.A. Years open for review by the tax authorities: In 2006 the tax audits initiated in 2005 in relation to income tax for 2000-2002 of Acciona, S.A. as the Parent of the tax group were completed. The tax assessments issued for these years were signed on a contested basis, since the Parent considered that there were no legal grounds for the assessments. In particular, the tax authorities did not accept the policy of recognising the results of the UTEs in the year in which the financial statements were approved. Economic-administrative appeals were filed against the tax assessments at the Central Economic-Administrative Tribunal (TEAC), requesting, in the alternative, that should the stance adopted by the Spanish tax authorities be upheld, the refund of the tax unduly paid arising from the tax return for 2003 - relating to the results of the UTEs for 2002 reported by the Parent in that year- be acknowledged ex officio through its ex officio offset against the tax deficiency claimed in the 2002 assessment. - Page 86 -
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ACCIONA, S.A. AND SUBSIDIARIES (Con
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17. PROVISIONS 18. BANK BORROWINGS
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Translation of consolidated financi
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Beginning balance at 01/01/10 Adjus
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The Acciona Group's consolidated fi
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The financial statements of jointly
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Standards, amendments and interpret
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3.2 Accounting policies The princip
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The assets and liabilities acquired
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- The infrastructure is operated by
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Goodwill of companies The Acciona G
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The rates used, by division and cou
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- The concession operator receives
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- At fair value when it is possible
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Group policy on hedging: At the inc
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Page 38 and 39: At 31 December 2010, Acciona, S.A.
Page 40 and 41: For each of the plans, any positive
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Page 46 and 47: These assets or disposal groups are
Page 48 and 49: - The results for tax purposes of t
Page 50 and 51: At 31 December 2011, the Group comp
Page 52 and 53: 6.- Goodwill The changes in 2010 in
Page 54 and 55: In 2011, as in 2010, the main addit
Page 56 and 57: The Acciona Group's interests in as
Page 58 and 59: - Page 57 - Non-current Current Bal
Page 60 and 61: In 2011, since the lease expired, t
Page 62 and 63: At 31 December 2011, the Group comp
Page 64 and 65: The breakdown, by type of customer,
Page 66 and 67: c) Treasury shares The changes in 2
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Page 70 and 71: Leverage Millions of euros 2011 201
Page 72 and 73: isks and uncertainties which, inevi
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Page 78 and 79: Foreign currency risk 31/12/11 +0.5
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Page 82 and 83: In 2011, through its subsidiary Com
Page 84 and 85: Summary of effects on valuation adj
Page 88 and 89: On 12 February 2009, this Tribunal
Page 90 and 91: Reconciliation of the accounting pr
Page 92 and 93: At 2011 year-end, the period for of
Page 94 and 95: - Merger by absorption of Grupo Ent
Page 96 and 97: The detail of the cumulative income
Page 98 and 99: The breakdown, by geographical area
Page 100 and 101: 27.- Expenses The detail of the Gro
Page 102 and 103: 2011 (thousands of euros) Vessel Da
Page 104 and 105: 2011 Infrastructure Real Estate Ene
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Page 108 and 109: C) ENERGY. In addition to the costs
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Page 112 and 113: 35.- Remuneration and other benefit
Page 114 and 115: a) For each director belonging to t
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Page 118 and 119: Vicente Santamaría de Paredes Cast
Page 120 and 121: 36.- Other disclosures concerning t
Page 122 and 123: APPENDIX I GROUP COMPANIES The subs
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Page 132 and 133: Group company Auditor Operadora de
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APPENDIX II JOINTLY CONTROLLED ENTI
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Group company Auditor Location Main
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Group company Auditor Location Main
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Company Location Main business line
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APPENDIX V DETAIL OF CONSOLIDATED R
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Translation of a report originally
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% EBITDA Jan-Dec 10 Jan-Dec 11 Ener
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- The volume of business of the Rea
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ACCIONA Energy’s revenue increase
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Acciona Real Estate (Millions of eu
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Thanks to the positive performance
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Investments Net investments in 2011
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18 April 2011: sale of Chilean conc
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30 June 2011: ACCIONA submitted the
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Stock Market Data Share Capital Pri
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Before a decision is made to invest
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enhance environmental efficiency. I
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166 ongoing R&D+i projects were con
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However, the fall in growth has bee
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For the purposes of Royal Decree 13
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