Economic and Financial Report - Grupo ACS

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22.1 Directors’ Report on the Consolidated Group Economic and Financial Report 2.1.1.3 Consolidated Balance Sheet Consolidated balance sheet 2006 % 2007 % Var. 07/06 Millions of Euros Property. plant and equipment 2,917.2 11.6% 18,294.2 36.9% +527.1% Goodwill 1,086.6 4.3% 2,950.4 5.9% +171.5% Intangible assets 397.6 1.6% 1,670.4 3.4% +320.1% Financial assets 10,227.5 40.6% 10,299.7 20.8% +0.7% Other non-current assets 454.9 1.8% 1,406.1 2.8% +209.1% Non-Current assets 15,083.9 59.9% 34,620.9 69.8% +129.5% Inventories 738.3 2.9% 896.8 1.8% +21.5% Accounts receivables 5,946.1 23.6% 8,243.6 16.6% +38.6% Current finacial assets 1,880.9 7.5% 1,420.9 2.9% -24.5% Cash and cash equivalents 926.6 3.7% 2,651.6 5.3% +186.1% Other current assets 586.0 2.3% 1,164.5 2.3% +98.7% Current assets 10,078.0 40.0% 14,377.4 29.0% +42.7% Available-for-sale non current assets 20.8 0.1% 595.2 1.2% n.a. Total assets 25,182.7 100.0% 49,593.4 100.0% +96.9% Shareholders' equity 3,115.7 12.4% 4,653.8 9.4% +49.4% Minority interests 140.7 0.6% 5,787.3 11.7% n.a. Equity 3,256.4 12.9% 10,441.0 21.1% +220.6% Capital subsidies 81.1 0.3% 810.6 1.6% +900.0% Bond Issues - - 1,219.2 2.5% n.a. Bank borrowings 3,291.3 13.1% 6,258.5 12.6% +90.2% Non-recourse financing 6,797.6 27.0% 9,278.3 18.7% +36.5% Other financial liabilities 32.0 0.1% 48.5 0.1% +51.5% Other non-current liabilities 524.3 2.1% 3,845.7 7.8% +633.5% Non-current liabilities 10,645.1 42.3% 20,650.1 41.6% +94.0% Bond Issues - - 597.1 1.2% n.a. Bank borrowings 1,228.9 4.9% 2,763.4 5.6% +124.9% Non-recourse financing 195.4 0.8% 363.2 0.7% +85.9% Trade payables 7,984.4 31.7% 10,535.1 21.2% +31.9% Other financial liabilities 8.8 0.0% 118.9 0.2% n.a. Other current liabilities 1,782.8 7.1% 3,210.9 6.5% +80.1% Current liabilities 11,200.2 44.5% 17,588.4 35.5% +57.0% Liabilities linked to assets on sale - - 103.2 0.2% n.a. Total equity & liabilities 25,182.7 100.0% 49,593.4 100.0% +96.9% 10
2.1.1.3.1 Non-current assets Property, plant and equipment rose to EUR 18,294.2 million. This figure increased substantially due to the full consolidation of Unión Fenosa, which contributed EUR 14,227.2 million. The main effect of the increase in goodwill, which rose by EUR 1,863.8 million, was a result of the change in the method by which the electricity utility was consolidated in the Group's accounts. The financial assets relate mainly to the ACS Group’s strategic holdings in the listed companies Abertis, Hochtief and Iberdrola, as well as the financial investments made by Unión Fenosa. Annual Report 2007 ACS Group The increase of somewhat more than EUR 950 million in Other non-current assets relates mainly to the deferred tax assets recorded by Unión Fenosa. The available-for-sale non-current assets amounted to EUR 595.2 million, and related mainly to the following: • 9% of the Philippine company Meralco in which Unión Fenosa has a shareholding, the sale of which was closed in January 2008. • The shareholding of 2.5% in Auna, which Unión Fenosa has sold in 2008 as a result of agreements entered into with France Telecom. • The carrying value per books of Desarrollo de Concessions Aeroportuarias S.L., whose sale is expected to be closed in 2008. 2.1.1.3.2 Working capital Net working capital payable amounted to EUR 3,441 million. The increase of EUR 944.3 million with respect to the 2006 figure is the result of two factors: • The change in the method by which Unión Fenosa was consolidated at the start of the year. The effect of fully consolidating this company was an increase of EUR 541.7 million. • The improvement in the management of the Group’s net working capital in 2007 gave rise to an additional working capital balance of EUR 402.6 million. This figure includes the EUR 164.0 million recorded as a result of the accrual in December of the interim dividend paid at the beginning of the year. 11
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22.4 Historical Performance Economi
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Project Director and Editor ACS Gro
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Economic and Financial Report - Grupo ACS

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