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

Deferred taxes
Thousands of euros
2011 2010
Translation differences 10,196 (36,121)
Fair value of financial instruments 115,334 23,339
Financial assets at fair value through equity (651) 1,136
Actuarial losses and gains on pension plans (76) (51)
Total 124,803 (11,697)
In conformity with the tax legislation in force in the countries in which the consolidated
companies are located, in 2011 and 2010 certain temporary differences arose that must be taken
into account when quantifying the related income tax expense.
The deferred taxes arose in 2011 and 2010 as a result of the following:
Thousands of euros
Deferred tax assets: 2011 2010
Tax loss carryforwards 115,128 124,320
Tax credit carryforwards 192,833 227,366
Derivative financial instruments 126,772 60,140
Translation differences 16,832 16,312
Impairment losses recognised on assets and equity interests 11,016 10,129
Relating to taxation under the pass-through regime (UTEs) 39,797 44,814
Other 356,649 232,256
Total deferred tax assets 859,027 715,337
Thousands of euros
Deferred tax liabilities: 2011 2010
Remeasurement of financial assets 5,196 4,545
Reversal of merger goodwill 489 489
Translation differences 29,675 25,903
Allocation of first-time consolidation differences to assets 324,142 340,793
Remeasurement of property, plant and equipment and investment property 32,098 37,892
Derivative financial instruments 747 8,413
Relating to taxation under the pass-through regime (UTEs) 45,845 35,453
Other 458,533 452,359
Total deferred tax liabilities 896,725 905,847
At 31 December 2011, the tax loss carryforwards generated by the subsidiaries before their
inclusion in the tax group of which Acciona, S.A. is the Parent amounted to EUR 176.9 million.
In 2010 this amount was EUR 183.5 million. The subsidiaries of the Compañía Trasmediterránea
Subgroup, which were included in the tax group in 2010, contributed most of this balance.
The Energy division subsidiaries in the US, Australia and Mexico also recognise tax loss
carryforwards.
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