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

At year-end there were no material unrecognised unused tax credits.
The Acciona Group expects to recover the tax loss and tax credit carryforwards recognised
through the companies’ ordinary activities without any risk of losses.
Most of the deferred tax assets included in “Other” relate to eliminations of intra-Group margins,
uniformity adjustments made in the consolidation process and the application of the specific
legislation of other countries.
The deferred tax liabilities included in “Other” arose mainly due to the accelerated depreciation
provided for in Additional Provision Eleven introduced in Legislative Royal Decree 4/2004
(Consolidated Spanish Corporation Tax Law) by Law 2/2008, of 23 December. The total amounts
arising from this incentive applied by the tax group companies were EUR 126,037 thousand in
2011 and EUR 85,319 thousand in 2010. “Other” also includes the effect of accelerated
depreciation and the application of specific legislation of other countries.
Reporting obligations
Current income tax legislation provides tax incentives to encourage certain investments. The
companies have availed themselves of the tax benefits envisaged under this legislation.
The Group, through its Parent and certain of its subsidiaries, is required to fulfil the obligations
assumed in connection with these tax incentives. Consequently, it must hold, for the stipulated
period, the assets for which the investment or reinvestment tax credits were taken.
In 2007, 2008, 2009, 2010 and 2011 the Parent and certain of the tax group companies availed
themselves of the tax credit for reinvestment of extraordinary income provided for by Article 42
of Legislative Royal Decree 4/2004 (Consolidated Spanish Corporation Tax Law). The income
qualifying for this tax credit amounted to EUR 4,988 thousand, EUR 147,388 thousand, EUR
147,744 thousand, EUR 86,550 thousand and EUR 151,880 thousand, respectively. The income
relating to 2007 was reinvested in 2007, the income relating to 2008 was reinvested in 2008, the
income relating to 2009 was reinvested in 2008 and 2009, the income relating to 2010 was
reinvested in 2009 and 2010 and the income relating to 2011 was reinvested in 2011. The assets in
which the income was reinvested are those listed in Article 42 of Legislative Royal Decree
4/2004, i.e., property, plant and equipment, intangible assets, investment property and securities
representing holdings of 5% or more in the share capital or equity of all manner of entities. The
income was reinvested by the companies belonging to tax group 30/96.
Pursuant to Article 42.10 of the Consolidated Spanish Corporation Tax Law, this information
must be disclosed in the notes to the consolidated financial statements during the period for which
the respective assets must be held as stipulated in Article 42.8 of the Law.
In accordance with Article 93 of Legislative Royal Decree 4/2004 (Consolidated Corporation Tax
Law), in 2011 certain Group companies carried out the transactions detailed below, which
qualified for taxation under the special regime for mergers, spin-offs, asset contributions and
share exchanges:
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