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

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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: - Page 95 - 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.
Lastly, in the Real Estate division, on 7 October 2011 an agreement was entered into to sell the Splau! shopping centre, located in Cornellá, to the Unibail- Rodamco real estate group for EUR 185 million. This amount included a net financial debt of EUR 141 million and gave rise to a consolidated gain of EUR 1.2 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. In relation to the assets which at 31 December 2011 were still classified under this heading, in 2011 circumstances arose which had previously been considered improbable and, as a result, the sales plans could not be completed at the end of the period. Nevertheless, Group management remains committed to the sales plans and all of the assets are actively being marketed at a fair price, higher than their carrying amounts. Accordingly, it is considered highly probably that they will be sold within the next twelve months. 25.- Guarantee commitments to third parties At 31 December 2011, the companies had provided guarantees of EUR 2,671,647 thousand to third parties to customers, public agencies and financial institutions (2010: EUR 2,946,368 thousand). Most of the guarantees provided were construction project performance bonds arranged by the Infrastructure division. The companies consider that the liabilities, if any, that might arise from the guarantees provided would not be material. 26.- Income The detail of the Group's revenue is as follows: Thousands of euros 2011 2010 Infrastructure 3,521,934 3,120,798 Real Estate 104,214 204,097 Energy 1,649,922 1,497,282 Logistics and Transport Services 713,838 776,957 Urban and Environmental Services 697,316 732,129 Other Businesses 135,419 119,238 Consolidation adjustments (176,648) (187,474) Total revenue 6,645,995 6,263,027 - Page 96 -
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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
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The deferred tax assets and liabili
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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
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Page 60 and 61: In 2011, since the lease expired, t
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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
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Page 108 and 109: C) ENERGY. In addition to the costs
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Page 122 and 123: APPENDIX I GROUP COMPANIES The subs
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Page 144 and 145: 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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