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

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- Merger by absorption of Grupo Entrecanales, S.A., Servicios Urbanos Integrales, S.A., Tivafen, S.A.U. and Osmosis Internacional, S.A.U. into Acciona, S.A. recorded in a public deed on 11 July 2011 with retroactive effect from 1 January 2011. As stipulated in Article 93.3 of the Consolidated Spanish Corporation Tax Law, the disclosures required for the transactions carried out in prior years appear in the notes to the corresponding separate financial statements approved after they were carried out. In 2008, 2009, 2010 and 2011 various companies in the tax group deducted the tax credit for impairment losses on ownership interests in Group companies, jointly controlled entities and associates provided for in Article 12.3 of Legislative Royal Decree 4/2004 (Consolidated Spanish Corporation Tax Law). The notes to these companies' separate financial statements include the disclosures required by tax legislation concerning the amounts deducted, the change in the year in the investees' equity, the amounts included in the taxable profit (tax loss) and the amounts yet to be included. 24.- Non-current assets and liabilities classified as held for sale At its meeting on 16 December 2010 the Board of Directors of Acciona, S.A. formalised the plan for the sale of certain non-strategic assets and certain concession assets. These were classified at 31 December 2010 under “Non-Current Assets Classified as Held for Sale and Discontinued Operations" in the accompanying consolidated balance sheet, since their amount will be recovered mainly through a sale transaction and not through their continued use. Similarly, the liabilities associated with these assets were classified under “Liabilities Associated with Non-Current Assets Classified as Held for Sale” in the accompanying consolidated balance sheet. These assets do not constitute discontinued operations since they do not represent a line of business. The assets put up for sale were non-strategic real estate assets and parking lots belonging to the Real Estate division, and concession assets already in operation belonging to the Infrastructure division. Also, in 2010 the Compañía Trasmediterránea Subgroup took out of service and put up for sale several vessels, and at 2010 year-end five of these were classified as assets held-for-sale. At 31 December 2011, the Compañía Trasmediterránea Subgroup transferred a vessel to "Non- Current Assets" and another from "Non-Current Assets" to "Non-Current Assets Classified as Held for Sale and Discontinued Operations". As a result, at year-end five vessels continued to be classified as held for sale. The Group has appraisals made in January 2012 by naval brokers for amounts that exceed the carrying amounts of the vessels held for sale at 31 December 2011. - Page 93 -
The detail of “Non-Current Assets Classified as Held for Sale" in the accompanying consolidated balance sheets at 31 December 2011 and 2010 is as follows: - Page 94 - Balance at 31/12/11 Balance at 31/12/10 Logistics division assets (vessels) 93,691 77,327 Real Estate division assets (real estate assets) 99,656 405,869 Infrastructure division assets (concession assets) 198,600 495,729 Total non-current assets classified as held for sale 391,947 978,925 At 31 December 2011, the detail, by division, of the main items under “Assets Classified as Held for Sale” is as follows: Logistics division Real Estate division Infrastructure division TOTAL Property, plant and equipment 93,691 -- 268 93,959 Investment property -- 99,656 -- 99,656 Other intangible assets -- -- 89,757 89,757 Deferred tax assets -- -- 11,261 11,261 Other non-current assets -- -- 64,125 64,125 Trade and other receivables -- -- 9,981 9,981 Cash and cash equivalents -- -- 13,567 13,567 Other assets -- -- 9,641 9,641 Assets classified as held for sale 93,691 99,656 198,600 391,947 Also, the detail of “Liabilities Associated with Non-Current Assets Classified as Held for Sale" in the accompanying consolidated balance sheet is as follows: Balance at 31/12/11 Balance at 31/12/10 Logistics division liabilities (vessels) -- 3,750 Real Estate division liabilities (real estate assets) 59,761 262,999 Infrastructure division liabilities (concession assets) 158,403 442,094 Total non-current liabilities classified as held for sale 218,164 708,843 At 31 December 2011, the detail, by division, of the main items under “Liabilities Associated with Non-Current Assets Classified as Held for Sale” is as follows: Logistics division Real Estate division Infrastructure division TOTAL Current and non-current bank borrowings -- 59,761 141,215 200,976 Other liabilities -- -- 17,188 17,188 Liabilities classified as held for sale -- 59,761 158,403 218,164
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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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These assets are valued at the cost
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At 31 December 2010, Acciona, S.A.
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For each of the plans, any positive
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Machinery whose useful life exceeds
Page 44 and 45: The deferred tax assets and liabili
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
Page 68 and 69: The changes in the balance of this
Page 70 and 71: Leverage Millions of euros 2011 201
Page 72 and 73: isks and uncertainties which, inevi
Page 74 and 75: Provision for other longterm employ
Page 76 and 77: of obtaining the related waivers, d
Page 78 and 79: Foreign currency risk 31/12/11 +0.5
Page 80 and 81: Economic risk vs. budget variances
Page 82 and 83: In 2011, through its subsidiary Com
Page 84 and 85: Summary of effects on valuation adj
Page 86 and 87: 22.- Other non-current and current
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 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
Page 106 and 107: The detail of certain of the Group'
Page 108 and 109: C) ENERGY. In addition to the costs
Page 110 and 111: Expenses and income Significant sha
Page 112 and 113: 35.- Remuneration and other benefit
Page 114 and 115: a) For each director belonging to t
Page 116 and 117: Beneficiaries: those persons who, a
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
Page 124 and 125: Group company Auditor Location Main
Page 132 and 133: Group company Auditor Operadora de
Page 136 and 137: APPENDIX II JOINTLY CONTROLLED ENTI
Page 142 and 143: 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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