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

The detail of the cumulative income and expenses recognised directly in equity at 31 December
2011 in relation to assets classified as held for sale is as follows:
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Cash flow
hedges
Translation
differences Total
Logistics division (vessels) -- -- --
Real Estate division (real estate assets) -- -- --
Infrastructure division (concession assets) (11,121) (1,519) (12,640)
Total recognised income/(expense) (11,121) (1,519) (12,640)
The main changes in 2011 were as follows:
In the Infrastructure division (concession assets), on 18 April 2011, an agreement was entered into
between Acciona, S.A. and the Atlantia Group for the transfer of the shares held by the Acciona
Group in the following Chilean concession operators and their operating company (all of which
are 50%-owned by the Acciona Group): Concesionaria Autopista Vespucio Sur, S.A., Sociedad
Concesionaria Litoral Central, S.A. and Sociedad de Operación y Logística de Infraestructuras,
S.A. The price agreed upon was EUR 281.5 million in cash and subrogation to debt of EUR 11.9
million.
The conditions precedent established in the agreement on which the effectiveness of the transfer
was subject corresponded mainly to the obtainment of authorisations from the concession
grantors. The aforementioned conditions precedent were met on 30 June 2011, on which date the
transfer was made, giving rise to a gain for the Group of EUR 204 million, of which EUR 201
million were recognised under “Impairment and Gains or Losses on Disposals of Non-Current
Assets” and EUR 3 million under "Exchange Differences" in the accompanying consolidated
income statement for the year ended 31 December 2011.
In the Real Estate division, the Acciona Group sold to the Brazilian company Horapark Sistema
de Estacionamiento Rotatito Ltda. its 60% ownership interest in Estacionamientos Cinelandia,
S.A., a company owning a car park located in Río de Janeiro, for EUR 10 million, giving rise to a
consolidated gain of EUR 4.5 million, which was recognised under “Impairment and Gains or
Losses on Disposals of Non-Current Assets” in the accompanying consolidated income statement
for the year ended 31 December 2011.
On 23 May 2011, the Acciona Group entered into an agreement for the transfer of the car park
concessions located in Spain and Andorra to the EQT Infrastructure Limited investment fund for a
total asset amount of EUR 180 million. This amount included a net financial debt of EUR 40
million, working capital and investments not yet completed of EUR 2 million and a payment
subject to earnings of EUR 5 million. On 21 July 2011, following the Spanish Competition
Commission's approval of the operation, the transfer took place giving rise to a gain for the Group
of EUR 71.8 million, which was recognised under “Impairment and Gains or Losses on Disposals
of Non-Current Assets” in the accompanying consolidated income statement for the year ended 31
December 2011.