ACS Group Annual Report - Grupo ACS

Consolidated
Financial Statements
10.04. Other financial assets
This statement of fi nancial position heading relates to short-term deposits amounting toEUR 2,465,888 thousand (EUR
1,891,484 thousand on 31 December 2009). Of this amount, noteworthy is the EUR 947,299 thousand (EUR 712,052
thousand at 31 December 2009), contributed by the ACS Group to meet the coverage ratio relating to the acquisition of
Iberdrola, S.A. shares through the use of derivative fi nancial instruments. These amounts are remunerated at market rates
and their availability depends upon the meeting of coverage ratios. This amount is recognized under the current fi nancial
liabilities incurred to meet these commitments. The Group has considered that due to the existence of the coverage ratios
on the value of the Iberdrola, S.A. and Hochtief A.G. shares in the loans for the fi nancing of the aforementioned shares
(including the equity swap on Iberdrola, S.A.) The Company believe the aforementioned amounts are most fairly presented
under this heading rather than under the cash heading, since when the shares are delisted, these amounts would be used
to meet and maintain the aforementioned ratios.
The balance of this heading also includes the current account with the asset securitisation funds (Note 12) and the balance
of the reserve account relating to project activity.
11. Inventories
El desglose del epígrafe de existencias es el siguiente:
Thousands of euros
Balance at 31/12/2010 Balance at 31/12/2009
Merchandise 222,291 219,962
Raw materials and other procurements 215,538 234,349
Work in progress 38,223 54,899
Finished goods 4,211 5,583
By-products, waste and recovered materials 217 209
Advances to suppliers and subcontractors 137,545 138,725
Total 618,025 653,727
Inventories with a carrying amount of EUR 10,423 thousand have been pledged or mortgaged in 2010 (EUR 12,050 thousand
in 2009) as security for the repayment of debts.
The total impairment losses on inventories recognised and reversed in the income statement relating to the different ACS
Group companies, amounted to EUR 2,360 thousand and EUR 1,311 thousand respectively in 2010 (EUR 2,000 thousand and
EUR 2,053 thousand respectively in 2009).
100
ANNUAL REPORT 2010
ACS GROUP