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(1)WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. Consolidated Financial Statements and Directors’ Report.

(2) WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088.

(3) Acciona Cuentas Anuales e Informe de Gestión Consolidados 2009. // 4. contents WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. cuentas anuales 2009.

(4) CONSOLIDATED BALANCE SHEETS FOR 2010, 2009 AND 2008 07 CONSOLIDATED INCOME STATEMENTS FOR 2010 AND 2009 08 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR 2010 AND 2009 09 CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR 2010 AND 2009 10 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2010 AND 2009 12 1. GROUP ACTIVITIES 14 2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND BASIS OF CONSOLIDATION 15 2.1. Basis of presentation 15 2.2. Basis of consolidation 17 3. PRINCIPAL ACCOUNTING POLICIES 20 3.1. Adoption of new standards and interpretations issued 20 3.2. Accounting policies 22 3.3. Accounting estimates and judgments 40 3.4. Changes in accounting estimates and policies and correction of fundamental errors 41 4. PROPERTY, PLANT AND EQUIPMENT 42 5. INVESTMENT PROPERTY 44 6. GOODWILL 46 7. OTHER INTANGIBLE ASSETS 48 8. INVESTMENTS IN ASSOCIATES 49. 9. INTERESTS IN JOINT VENTURES 52 10. CURRENT AND NON-CURRENT FINANCIAL ASSETS 52 11. BIOLOGICAL ASSETS 56 12. NON-CURRENT RECEIVABLES AND OTHER NON-CURRENT ASSETS 56 13. INVENTORIES 58 14. TRADE AND OTHER RECEIVABLES 59 15. CASH AND CASH EQUIVALENTS 61 16. EQUITY 61 17. PROVISIONS 67 18. BANK BORROWINGS 70 19. RISK MANAGEMENT POLICY 72 20. DERIVATIVE FINANCIAL INSTRUMENTS 75 21. PREFERENCE SHARES, DEBT INSTRUMENTS AND OTHER HELD-FORTRADING FINANCIAL LIABILITIES 80 22. OTHER CURRENT AND NON-CURRENT LIABILITIES 82 23. TAX MATTERS 84 24. DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE 91 25. GUARANTEE COMMITMENTS TO THIRD PARTIES 95 26. INCOME 96 27. EXPENSES 99 28. SEGMENT REPORTING 103 29. FINANCE INCOME AND COSTS AND OTHER INCOME AND EXPENSES FOR THE YEAR 108 30. PROPOSED DISTRIBUTION OF PROFIT 109 31. ENVIRONMENTAL MATTERS 110. 32. EARNINGS PER SHARE 33. EVENTS AFTER THE REPORTING PERIOD 34. RELATED-PARTY TRANSACTIONS 35. REMUNERATION AND OTHER BENEFITS 36. OTHER DISCLOSURES CONCERNING THE BOARD OF DIRECTORS 37. LATE PAYMENTS 38. EXPLANATION ADDED FOR TRANSLATION TO ENGLISH APPENDICES I. GROUP COMPANIES II. JOINTLY CONTROLLED ENTITIES III. COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD IV. CHANGES IN THE SCOPE OF CONSOLIDATION V. DETAIL OF CONSOLIDATED RESERVES AND TRANSLATION DIFFERENCES. DIRECTORS’ REPORT CORPORATE GOVERNANCE REPORT. REMuNERATION POLICy REPORT. 111 111 112 117. 125 126 126. 127 140 143 144. 149 151 185. 253. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. CONSOLIDATED FINANCIAL STATEMENTS.

(5) WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. Consolidated Balance Sheets 2010.

(6) // 7. EQUITY AND LIABILITIES. CONSOLIDATED BALANCE SHEETS FOR 2010, 2009 AND 2008. Share capital. (Thousands of euros) ASSETS. 31/12/2009. 31/12/2008. 4. 10,168,146. 9,873,661. 16,538,653. Investment property. 5. 349,475. 551,593. 615,913. Goodwill. 6. 1,049,396. 1,047,360. 3,962,434. Other intangible assets. 7. 661,680. 1,009,160. 4,230,016. 10. 224,024. 280,519. 1,783,468. 8. 75,984. 71,758. 123,007. Investments accounted for using the equity method. 31/12/2009. 63,550. 63,550. 63,550. Accumulated gains. 5,887,482. 5,968,653. 4,854,558. Treasury shares. (263,672). (155,333). (159,978). 44,120. (27,511). (353,981). --. (67,996). --. 5,731,480. 5,781,364. 4,404,149. 331,917. 306,146. 1,929,165. 6,063,397. 6,087,510. 6,333,314. Translation differences NOTe 31/12/2010. Property, plant and equipment. Non-current financial assets. NOTe 31/12/2010. Biological assets. 11. 6,800. 6,747. 6,689. Deferred tax assets. 23. 715,337. 681,259. 1,019,458. Non-current receivables and other non-current assets. 12. 364,377. 529,219. 366,594. 13,615,219. 14,051,276. 28,646,232. Biological assets. 11. --. --. --. Inventories. 13. 1,616,401. 1,799,155. 2,217,375. NON-CURRENT ASSETS. Interim dividend Equity attributable to equity instrument holders of the Parent Non-controlling interests EQUITY. 16. Preference shares, debt instruments and other held-for-trading financial liabilities. 21. 57,537. 98,995. 2,980,774. Bank borrowings. 18. 4,938,782. 7,031,157. 15,448,610. Trade and other payables. 23. 905,847. 806,836. 2,346,808. Provisions. 17. 526,174. 483,707. 1,290,183. Other non-current liabilities. 22. NON-CURRENT LIABILITIES. --. 1,765. 155,140. 18. 3,215,195. 1,584,301. 2,384,897. 2,636,351. 3,082,155. 4,482,569. 205,160. 200,179. 450,223. 18,129. 23,012. 222,052. 616,295. 497,318. 902,870. 2,368,962. 2,578,282. 3,978,116. 10. 255,904. 115,381. 210,351. Trade and other payables. Non-current assets classified as held for sale and discontinued operations CURRENT ASSETS TOTAL ASSETS. 15 24. 59,109. 284,489. 153,574. Provisions. 239,053. 254,543. 344,429. Current income tax liabilities. 1,368,618. 1,335,648. 2,862,017. 978,925. 63,526. --. 6,886,972. 6,431,024. 9,765,862. 20,502,191. 20,482,300. 38,412,094. 1,414,654 23,481,029. 21. 14. Cash and cash equivalents. 556,929 8,977,624. Bank borrowings. Other current financial assets. Other current assets. 610,481 7,038,821. Preference shares, debt instruments and other held-for-trading financial liabilities. Trade and other receivables. Current income tax assets. 31/12/2008. Other current liabilities. 22. Liabilities classified as held for sale and discontinued operations. 24. CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES. 708,843. 28,436. --. 7,399,973. 5,417,166. 8,597,751. 20,502,191. 20,482,300. 38,412,094. The accompanying Notes 1 to 38 are an integral part of the consolidated balance sheet for 2010.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. ACCIONA, S.A. and subsidiaries.

(7) Acciona Consolidated Financial Statements and Directors’ Report 2010. ACCIONA, S.A. and subsidiaries. Losses on changes in value of financial instruments at fair value. CONSOLIDATED INCOME STATEMENTS FOR 2010 AND 2009. Revenue. 26. Other income Changes in inventories of finished goods and work in progress. 2010. Profit of companies accounted for using the equity method 2009. 6,263,027. 6,515,111. 727,779. 1,101,429. (82,011). 65,356. Procurements. 27. (1,580,568). (2,161,096). Staff costs. 27. (1.258.474). (1,247,335). Other operating expenses. 27. (2,858,577). (3,230,424). 5, 6 & 8. (683,223). (579,099). 26. 4,836. (47,301). (6,232). 13,767. 526,557. Depreciation and amortiZation charge and changes in provisions Impairment and gains or losses on disposals of non-current assets. (4,410). (6,076). --. --. 8. 1,845. 8,512. 240,189. 220,755. 23. (55,979). (44,766). 184,210. 175,989. --. 1,119,001. 184,210. 1.294,990. (16,991). (26,597). 167,219. 1,268,393. PROFIT BEFORE TAX FROM CONTINUING OPERATIONS Income tax expense PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS Profit after tax of discontinued operations. 24. PROFIT FOR THE YEAR Non-controlling interests. 16. PROFIT ATTRIBUTABLE TO THE PARENT. Other gains or losses PROFIT FROM OPERATIONS. BASIC EARNINGS PER SHARE OF CONTINUING OPERATIONS. 32. 2.73. 2.41. 430,408. DILUTED EARNINGS PER SHARE OF CONTINUING OPERATIONS. 32. 2.73. 2.41. BASIC EARNINGS PER SHARE (Euros). 32. 2.73. 20.44. DILUTED EARNINGS PER SHARE (Euros). 32. 2.73. 20.44. Finance income. 29. 82,650. 119,537. Finance costs. 29. (415,766). (335,462). 49,313. 3,836. Exchange differences. 20. Gains/losses from changes in value of nonfinancial assets at fair value. (Thousands of euros). NOTe. // 8. The accompanying Notes 1 to 38 are an integral part of the consolidated income statement for 2010.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidAted balance sheets 2010.

(8) // 9. ACCIONA, S.A. and subsidiaries. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR 2010 (Thousands of euros). 2009 AmOuNT. TAx EffEcT. TOTAl. AmOuNT. TAx EffEcT. TOTAl. A) cONSOlidATEd PrOfiT fOr ThE yEAr. NOTE. --. --. 184,210. A) cONSOlidATEd PrOfiT fOr ThE yEAr. --. --. 1,294,990. 1. PrOfiT ATTribuTAblE TO ThE PArENT. --. --. 167,219. 1. PrOfiT ATTribuTAblE TO ThE PArENT. --. --. 1,268,393. 2. NON-cONTrOlliNG iNTErESTS. --. --. 16,991. 2. NON-cONTrOlliNG iNTErESTS. --. --. 26,597. (74,727). 22,423. (52,304). (78,036). 23,358. (54,678). b) iNcOmE ANd ExPENSES rEcOGNiZEd dirEcTly iN EquiTy: 1. rEvAluATiON/(rEvErSAl Of ThE rEvAluATiON) Of PrOPErTy, PlANT ANd EquiPmENT ANd iNTANGiblE ASSETS 2. mEASurEmENT Of fiNANciAl iNSTrumENTS: a) AvAilAblE-fOr-SAlE fiNANciAl ASSETS. 10. b) OThEr iNcOmE/(ExPENSES) 3. cASh flOw hEdGES. 20. 4. TrANSlATiON diffErENcES 5. AcTuAriAl GAiNS ANd lOSSES ANd OThEr AdjuSTmENTS. 17. 6. cOmPANiES AccOuNTEd fOr uSiNG ThE EquiTy mEThOd 7. OThEr iNcOmE ANd ExPENSE rEcOGNiZEd dirEcTly iN EquiTy. 1. rEvAluATiON/(rEvErSAl Of ThE rEvAluATiON) Of PrOPErTy, PlANT ANd EquiPmENT ANd iNTANGiblE ASSETS. --. --. --. 1,136. (2,650). 2. mEASurEmENT Of fiNANciAl iNSTrumENTS:. (3,786). 1,136. (2,650). a) AvAilAblE-fOr-SAlE fiNANciAl ASSETS. --. --. --. (191,530). 57,459. (134,071). 120,404. (36,121). 84,282. 3. cASh flOw hEdGES. (51). 134. --. --. 6. cOmPANiES AccOuNTEd fOr uSiNG ThE EquiTy mEThOd 7. OThEr iNcOmE ANd ExPENSE rEcOGNiZEd dirEcTly iN EquiTy. --. -79,612. 1. mEASurEmENT Of fiNANciAl iNSTrumENTS:. --. --. --. a) AvAilAblE-fOr-SAlE fiNANciAl ASSETS. --. --. --. --. --. --. --. --. (109). 253. 362. (109). 253. --. --. --. 20. (220,594). 66,178. (154,416). 195,031. (58,509). 136,522. 17. (52,835). 15,798. (37,037). --. --. --. 10. 4. TrANSlATiON diffErENcES. --. (34,120). -362. b) OThEr iNcOmE/(ExPENSES). 185. --. b) OThEr iNcOmE/(ExPENSES). b) iNcOmE ANd ExPENSES rEcOGNiZEd dirEcTly iN EquiTy:. (3,786). 113,732. c) TrANSfErS TO ThE cONSOlidATEd iNcOmE STATEmENT:. NOTE. 5. AcTuAriAl GAiNS ANd lOSSES ANd OThEr AdjuSTmENTS. --. --. --. 621,577. (186,473). 435,104. 1. mEASurEmENT Of fiNANciAl iNSTrumENTS:. --. --. --. a) AvAilAblE-fOr-SAlE fiNANciAl ASSETS. --. --. --. b) OThEr iNcOmE/(ExPENSES). --. --. --. c) TrANSfErS TO ThE cONSOlidATEd iNcOmE STATEmENT:. 113,732. (34,120). 79,612. 2. cASh flOw hEdGES. 20. 353,255. (105,977). 247,278. 3. TrANSlATiON diffErENcES. --. --. --. 3. TrANSlATiON diffErENcES. 24. 268,322. (80,496). 187,826. 4. cOmPANiES AccOuNTEd fOr uSiNG ThE EquiTy mEThOd. --. --. --. 4. cOmPANiES AccOuNTEd fOr uSiNG ThE EquiTy mEThOd. --. --. --. 5. OThEr iNcOmE ANd ExPENSE rEcOGNiZEd dirEcTly iN EquiTy. 2. cASh flOw hEdGES. 5. OThEr iNcOmE ANd ExPENSE rEcOGNiZEd dirEcTly iN EquiTy. 20. --. --. --. 39,005. (11,697). 211,519. a) ATTribuTAblE TO ThE PArENT. 20,834. (6,246). 181,808. b) ATTribuTAblE TO NON-cONTrOlliNG iNTErESTS. 18,171. (5,451). 29,711. TOTAl rEcOGNiZEd iNcOmE/(ExPENSES) (A+b+c). The accompanying notes 1 to 38 are an integral part of the consolidated statement of comprehensive income for 2010.. TOTAl rEcOGNiZEd iNcOmE/(ExPENSES) (A+b+c). --. --. --. 543,541. (163,115). 1,675,416. (162,603). 1,647,622. (512). 27,794. a) ATTribuTAblE TO ThE PArENT b) ATTribuTAblE TO NON-cONTrOlliNG iNTErESTS. 1,709. The accompanying notes 1 to 38 are an integral part of the consolidated statement of comprehensive income for 2010. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. 2010.

(9) consolidated balance sheets 2010. Acciona Consolidated Financial Statements and Directors’ Report 2010. // 10. ACCIONA, S.A. and subsidiaries. CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY AT 31 DECEMBER 2010 (Thousands of euros) Equity attributable to the Parent Equity. Beginning balance at 01/01/10. Treasury shares. Profit for the year attributable to the Parent. 4,765,862. (155,333). 1,268,393. 63,550. Other equity instruments --. Valuation adjustments. Noncontrolling interests. Total equity. (161,108). 306,146. 6,087,510. Adjustments due to changes in accounting policies. --. Adjustments due to errors. --. Adjusted beginning balance. 63,550. 4,765,862. (155,333). Total recognized income/(expense) Transactions with shareholders. 1,268,393. --. 167,219 --. (121,587). (108,339). --. --. (161,108). 306,146. 14,589. 29,711. 6,087,510 211,519. --. (6,279). (236,205). Capital increases/(reductions). --. Conversion of financial liabilities into equity. --. Dividends paid. (120,554). Treasury share transactions (net). (174,765). Increases/(Decreases) due to business combinations. (5,855) (108,339). --. --. (424). (424). --. 2,339. 573. Other transactions with shareholders Other changes in equity. ---. 1,266,627. --. (1,268,393). --. Share-based payment. --. Transfers between equity items. 1,268,393. Other changes Ending balance at 31/12/10. (126,409) (1,687,861). (1,268,393). --. (1.766) 63,550. The accompanying Notes 1 to 38 are an integral part of the consolidated statement of changes in total equity for 2010.. 5,910,902. (263,672). 167,219. --. (146,519). 2,339. 573. 331,917. 6,063,397. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. Share capital. Share premium, reserves and interim dividend.

(10) // 11. ACCIONA, S.A. and subsidiaries. CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY AT 31 DECEMBER 2009 (Thousands of euros) Equity attributable to the Parent Equity. Beginning balance at 01/01/09. Share capital. Share premium, reserves and interim dividend. Treasury shares. Profit for the year attributable to the Parent. 63,550. 4,723,623. (159,978). 464,470. Changes in accounting policies: IFRIC 12. Other equity instruments. --. 20,508. Valuation adjustments. Noncontrolling interests. Total equity. (701,645). 1,928,998. 6,319,018. (6,379). 167. 14,296. 1,929,165. 6,333,314. Adjustments due to errors Adjusted beginning balance. 63,550. 4,744,131. (159,978). 464,470. --. (708,024). Total recognized income/(expense). --. --. --. 1,268,393. --. 379,229. 27,794. 1,675,416. Transactions with shareholders. --. (428,697). 4,645. --. --. 167,687. (1,683,377). (1,939,742). (2,594). (256,151). Capital increases/(reductions). Dividends paid. (253,557) (375). Treasury share transactions (net) Increases/(decreases) due to business combinations. 4,645. 4,270. (174,765). 167,687. (1,680,783). (1,687,861). --. 32,564. 18,522. 32,564. 18,522. 306,146. 6,087,510. Other transactions with shareholders Other changes in equity. --. 450,428. --. (464,470). --. Share-based payments Transfers between equity items. 464,470. Other changes. (14,042). Ending balance at 31/12/09. 63,550. The accompanying Notes 1 to 38 are an integral part of the consolidated statement of changes in total equity for 2010. 4,765,862. (464,470). (155,333). 1,268,393. --. (161,108). WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. Conversion of financial liabilities into equity.

(11) consolidated balance sheets 2010. Acciona Consolidated Financial Statements and Directors’ Report 2010. // 12. ACCIONA, S.A. and subsidiaries. 2010. 2009. 1,240,101. 200,885. Profit before tax from continuing operations. 240,189. 220,755. Adjustments for:. 911,351. 485,518. CASH FLOWS FROM OPERATING ACTIVITIES. Depreciation and amortization charge. 715,679. 684,015. Other adjustments to profit (net). 195,672. (198,497). Changes in working capital Other cash flows from operating activities: Interest paid. 99,861. (147,384). (11,300). (358,004). (420,104). (361,388). Interest received. 130,356. 150,416. Income tax recovered/(paid). 209,892. (289,602). Other amounts received/(paid) relating to operating activities CASH FLOWS FROM INVESTING ACTIVITIES Payments due to investment: Group companies, associates and business units Property, plant and equipment, intangible assets and investment property Proceeds from disposal: Group companies, associates and business units Property, plant and equipment, intangible assets and investment property Other cash flows from investing activities: Dividends received Other amounts received/(paid) relating to investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds and (payments) relating to equity instruments: Purchases Disposals Proceeds and (payments) relating to financial liability instruments: Proceeds from issue. 68,556. 142,570. (962,742). 5,821,229. (1,156,741). (4,371,636). (5,431). (31,098). (1,151,310). (4,340,538). 171,192. 10,130,665. 4,886. 10,002,783. 166,306. 127,882. 22,807. 62,200. 4,437. 6,236. 18,370. 55,964. (277,644). (7,558,862). (113,749). (574). (113,749). (574). --. --. 179,501. (7,262,552). 1,831,488. --. (1,651,987). (7,262,552). Dividends and returns on other equity instruments paid. (126,409). (256,151). Other cash flows from financing activities. (216,987). (39,585). (216,987). (39,585). Repayment. Other amounts received/(paid) relating to financing activities EFFECT OF FOREIGN EXCHANGE RATE CHANGES. 33,256. 10,379. NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS. 32,971. (1,526,369). CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR. 1,335,648. 2,862,017. CASH AND CASH EQUIVALENTS AT END OF YEAR. 1,368,619. 1,335,648. Cash on hand and at banks. 899,244. 810,732. Other financial assets. 469,375. 524,916. 1,368,619. 1,335,648. COMPONENTS OF CASH AND CASH EQUIVALENTS AT END oF YEAR. TOTAL CASH AND CASH EQUIVALENTS AT END OF YEAR The accompanying Notes 1 to 38 are an integral part of the consolidated statement of cash flows for 2010.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. CONSOLIDATED CASH FLOW STATEMENTS FOR 2010 AND 2009 (Thousands of euros).

(12) WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. Notes to the Consolidated Financial Statements for the Year Ended 31 December 2010 of acciona, s.a. and subsidiaries (consolidated group).

(13) Acciona Consolidated Financial Statements and Directors’ Report 2010. // 14. 1. Group activities ACCIONA, S.A. (“the Parent” or “the Company”) and its subsidiaries compose the ACCIONA Group (“ACCIONA” or “the Group”). ACCIONA, S.A.’s registered office and headquarters are in Alcobendas (Madrid), at Av. Europa, 18. The ACCIONA Group companies operate in several industries through the following major divisions: ACCIONA INfrASTruCTurE: including construction and engineering activities, transport and hospital concessions. ACCIONA rEAl ESTATE: real estate portfolio, property development and parking lot operation. ACCIONA ENErGy: including the various industrial and commercial activities of the electricity business, ranging from the construction of wind farms to the generation, distribution and retailing of various energy sources. ACCIONA lOGISTIC ANd TrANSPOrT SErvICES: this division is an integral provider of passenger and goods transportation services (land, sea and air). ACCIONA WATEr ANd ENvIrONMENTAl SErvICES: carries on activities relating to urban services and environmental protection, and also performs all kinds of activities, work and services, specific or related to the water cycle.. Other activities: businesses relating to fund management and stock market brokerage, wine production and other investments. In 2007 a new segment arose from the ACCIONA Group’s ownership interest in Endesa, since in that year it acquired joint control of Endesa with a 25.01% ownership interest therein (see Note 2.2-h). The Endesa Group’s object is to carry on activities in the electricity business in its various areas. With respect to the ownership interest in Endesa, on 20 February 2009 an agreement was entered into between the ACCIONA Group and Enel, S.p.A. whereby all the shares held by the ACCIONA Group in Endesa, S.A. were to be transferred to Enel, S.p.A. and, accordingly, the Endesa segment was classified from 1 January 2009 as a discontinued operation. The agreement, which was subject to the fulfilment of certain conditions precedent, also provided for the dissolution of the agreements reached to exercise joint control over Endesa, S.A. and gave rise to the exclusion of Endesa, S.A. from the scope of consolidation of the ACCIONA Group in 2009, once all of the conditions precedent on which the effectiveness of the transfer depended, were met, as indicated in Note 24. Also, the debt relating to the acquisition of Endesa was offset by the amounts received as a result of this transaction.. In accordance with IFRS 3, the resulting effects and the related gains were recognized when the agreements became effective. Note 28 to the accompanying Consolidated Financial Statements, “Segment Reporting”, includes detailed information relating to the assets, liabilities and transactions carried out in each of the above business divisions that compose the ACCIONA Group.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(14) // 15. 2. Basis of presentation of financial statements and basis of consolidation. These Consolidated Financial Statements were prepared in accordance with the regulatory financial reporting framework applicable to the Group and, in particular, with International Financial Reporting Standards (IFRSs) as adopted by the European Union, in conformity with Regulation (EC) no. 1606/2002 of the European Parliament and of the Council. The principal mandatory accounting policies and measurement bases applied, the alternative treatments permitted by the relevant legislation in this connection and the standards and interpretations issued but not yet in force at the date of formal preparation of these Consolidated Financial Statements are summarised in Note 3. These Consolidated Financial Statements were prepared on the basis of the accounting. records kept by the Parent and by the other Group companies. These records include the figures relating to the joint ventures, groupings and consortia in which the Group companies participate, which are proportionately consolidated through the inclusion of the proportion of the assets, liabilities and transactions of these entities relating to the Group’s ownership interest therein, after the appropriate eliminations of asset and liability balances and inter-company transactions in the year. The ACCIONA Group’s Consolidated Financial Statements for 2009 were approved by the shareholders at the Annual General Meeting on 10 June 2010. The Consolidated Financial Statements for 2010 of the ACCIONA Group and the separate financial statements for 2010 of the companies composing the Group have not yet been approved by the shareholders at the respective Annual General Meetings. However, the Parent’s Board of Directors considers that the aforementioned financial statements will be approved without any material changes. On 1 January 2010, the Group adopted IFRIC 12, Service Concession Arrangements. This interpretation regulates the accounting treatment of service concession arrangements, which are arrangements whereby a government or other public body grants contracts for the supply of public. services, such as roads, hospitals or water supply to private operators. The government retains control over the assets but the private operator is responsible for the construction, management and maintenance of the public infrastructure. In accordance with the new interpretation, instead of being recognized under “Property, Plant and Equipment” these contracts are recognized under “Intangible Assets”, mainly when the operator assumes the asset’s risk of recovery, or under “Financial Assets”, when the grantor guarantees the asset’s recovery. Bifurcated models combine both types of asset. The principal measurement bases used in each model are as follows (see Notes 3.2-d and 3.2-g for further details): Intangible assets: The full initial investment in infrastructure, which will subsequently revert to the government body and includes compulsory purchase costs and borrowing costs capitalized during the construction period, is recognized as an intangible asset and amortized on a straight-line basis over the concession term. Financial assets: Concessions without demand risk, which carry unconditional asset collection rights, are recognized as financial assets. The account receivable, i.e. the amount of the right of collection from the government body, is recognized at present value and annually. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. 2.1 Basis of presentation and comparative information The Consolidated Financial Statements for 2010 of the ACCIONA Group were prepared by the directors of ACCIONA, S.A. at the Board of Directors Meeting held on 24 February 2011, and present fairly the Group’s consolidated equity and financial position at 31 December 2010, and the results of its operations, the changes in the consolidated statement of comprehensive income, the changes in the consolidated equity and the consolidated cash flows in the year then ended..

(15) Acciona Consolidated Financial Statements and Directors’ Report 2010. adjusted to the financial asset’s effective interest rate. The return on the asset is recognized under “Revenue”. The account receivable is reclassified from “Non-Current Receivables and Other NonCurrent Assets” to “Trade and Other Receivables” based on the anticipated amounts to be received in the following twelve months. For the ACCIONA Group, the adoption of this interpretation principally gave rise to a reclassification of assets recognized under “Property, Plant and Equipment” to “Other Intangible Assets”, “Non-Current Receivables and Other Non-Current Assets” and “Trade and Other Receivables”. Additionally, when the Group’s investments in associates accounted for using the equity method are reduced to zero, the additional losses are recognized under “Non-Current Liabilities - Provisions” in the consolidated balance sheet, as indicated in paragraph 30 of IAS 28. In these cases, the losses are recognized under “Net Impairment Losses” instead of “Profit/Loss of Companies Accounted for Using the Equity Method”, under which they were formerly recognized. Similarly, in the accompanying consolidated income statements for 2010 and 2009 “Net Impairment Losses Recognized/Reversed”, “Gains or Losses on Disposals of Non-Current Financial Assets” and “Other Gains or Losses” are presented within “Profit from Operations”.. Previously, in accordance with the general policies of the industry, these headings did not form part of “Profit/Loss from Operations”. This reclassification did not have a significant impact on the subtotals of the aforementioned income statements. As a result of the retrospective application of the criteria described in the two preceding. // 16. paragraphs and of IFRIC 12, and in accordance with IAS 1, three balance sheets were presented: one relating to the restated financial information at the beginning of the comparative period, one relating to year-end and one relating to the end of the comparative period. Accordingly, the balance sheets at 31 December 2009 and 2008, included in these Consolidated Financial Statements, were restated as follows:. Effect of IFRIC 12 (in thousands of euros) Property, plant and equipment Other intangible assets Investments accounted for using the equity method Deferred tax assets. Impact of the restatement at 31/12/09. Impact of the restatement at 31/12/08. (964,630). (697,817). 460,779. 384,407. 21,015. 14,427. 9,307. 3,348. Non-current receivables and other non-current assets. 380,748. 234,332. Non-current assets. (92,781). (61,303). Trade and other receivables. 42,655. 15,028. Current assets. 42,655. 15,028. (50,126). (46,275). Total assets Accumulated gains. 25,709. 20,508. Translation differences. (2,065). (6,379). Non-controlling interests. 200. 167. Equity. 23,844. 14,296. Deferred tax liabilities. 11,485. 9,441. Provisions. 21,015. 14,427. (106,097). (84,439). (73,597). (60,571). Other current liabilities. (373). --. Current liabilities. (373). --. (50,126). (46,275). Other non-current liabilities Non-current liabilities. Total liabilities. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(16) // 17. Impact of the restatement at 31/12/09. Effect of IFRIC 12 (in thousands of euros) Revenue. 2,806. Other income. (2,738). Depreciation and amortization charge. 15,654. Impairment losses. (10,146). Other gains or losses Profit from operations. (1,626) 3,950. Financial loss. (8,230). Profit of companies accounted for using the equity method. 10,219. Income tax expense. (705). Non-controlling interests Profit attributable to the Parent. (32) 5,202. These Consolidated Financial Statements are presented in thousands of euros (unless otherwise indicated) because the euro is the functional currency of the principal economic area in which the ACCIONA Group operates. Foreign operations are accounted for in accordance with the policies established in Notes 2.2-g and 3.2-q. 2.2 Basis of consolidation a. Consolidation methods The Group’s subsidiaries, considered to be the companies over which effective. control is exercised by virtue of ownership of a majority of the voting rights in their representation and decision-making bodies, were fully consolidated (see Appendix I). Joint ventures - entities managed jointly with third parties on the basis of contractual arrangements - were proportionately consolidated (see Appendix II). Associates, i.e. companies not classified as subsidiaries or joint ventures over whose management the Group is in a position to exercise significant influence, were accounted for using the equity method (see Appendix III). As a general rule, associates are deemed to be those companies in which the Group holds more than 20% of the share capital or of the voting power in its governing bodies. In addition, certain companies were considered to be associates, even though the aforementioned percentage was not reached, because significant influence is deemed to exist (basically through membership of the Board of Directors and/or significant transactions with the associate). b. Eliminations on consolidation All material balances and effects of the transactions performed among the subsidiaries, associates and joint ventures were eliminated on consolidation. The corresponding gains on transactions with associates and jointly controlled. entities are eliminated to the extent of the Group’s ownership interest in the share capital thereof. Exceptionally, the profits and losses on internal transactions with Group companies, jointly controlled entities or associates in connection with certain concession-related activities were not eliminated. c. Uniformity The Spanish resident companies included in the scope of consolidation were consolidated on the basis of their separate financial statements prepared in accordance with the Spanish National Chart of Accounts and foreign companies were consolidated in accordance with local standards. All material adjustments required to adapt these financial statements to International Financial Reporting Standards and/or make them compliant with the Group’s accounting policies were considered in the consolidation process. d. Subsidiaries “Subsidiaries” are defined as companies over which the Parent has the capacity to exercise effective control; control is, in general but not exclusively, presumed to exist when the Parent owns directly or indirectly more than half of the voting power of the investee. In accordance with IAS 27, control is the power to govern the financial and operating policies of a company so as to obtain benefits from its activities. The financial statements of the subsidiaries. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. The consolidated income statement at 31 December 2009, included in these Consolidated Financial Statements, was restated as follows:.

(17) Acciona Consolidated Financial Statements and Directors’ Report 2010. are fully consolidated with those of the Parent. Accordingly, all material balances and effects of the transactions between consolidated companies are eliminated on consolidation. On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition on which control is obtained, as indicated in IFRS 3, Business Combinations. Any excess of the cost of acquisition over the fair values of the identifiable net assets is recognized as goodwill. If the cost of acquisition is less than the fair value of the identifiable net assets, the difference is credited to profit or loss on the acquisition date.. presented under “Non-Controlling Interests” in the consolidated income statement.. taking into account the dividends received therefrom and other equity eliminations.. e. Joint ventures Joint ventures are deemed to be ventures in which the investee (jointly controlled entity) is jointly managed by a Group company and one or several unrelated third parties. All parties share control over strategic decisions, which require the unanimous consent thereof.. The value of these investments in the consolidated balance sheet includes, where applicable, the goodwill arising on the acquisition thereof.. The financial statements of jointly controlled entities are proportionately consolidated with those of the Parent and, therefore, the aggregation of balances and subsequent eliminations are only made in proportion to the Group’s ownership interest in the capital of these entities.. In order to present results uniformly, the Group’s share of the profit or loss before and after tax of associates is disclosed in the consolidated income statement.. The interest of non-controlling shareholders is stated at their proportion of the fair values of the assets and liabilities recognized.. The assets and liabilities relating to jointly controlled operations and the Group’s share of the jointly controlled assets are recognized in the consolidated balance sheet, classified according to their specific nature. Similarly, the Group’s share of the income and expenses of joint ventures is recognized in the consolidated income statement on the basis of the nature of the related items.. g. Translation differences On consolidation, the assets and liabilities of the Group’s foreign operations with a functional currency other than the euro are translated to euros at the exchange rates prevailing on the consolidated balance sheet date. Income and expense items are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly. Equity and reserves are translated at the historical exchange rates. Any translation differences arising are classified as equity. Such translation differences are recognized as income or as expenses in the year in which the investment is realized or disposed of.. The share of third parties of the equity of their investees is presented within the Group’s equity under “Non-Controlling Interests” in the consolidated balance sheet. Similarly, their share of the profit or loss for the year is. f. Equity method In the Consolidated Financial Statements, investments in associates are accounted for using the equity method, i.e. at the Group’s share of net assets of the investee, after. h. Changes in the scope of consolidation In 2010 there were no significant changes in the scope of consolidation. Appendix IV includes the changes in the scope of consolidation in 2010 and 2009.. The results of subsidiaries acquired during the year are included in the consolidated income statement from the date of acquisition to year-end. Similarly, the results of subsidiaries disposed of during the year are included in the consolidated income statement from the beginning of the year to the date of disposal.. // 18. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(18) // 19. The most significant impacts on the consolidated balance sheet and income statement arising from this sale are detailed in each of the relevant Notes to the Consolidated Financial Statements, as well as in Note 24.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. The main changes in the scope of consolidation in 2009 were due to the agreement entered into on 20 February 2009 between ACCIONA, S.A. and Enel S.p.A., which provided for both the transfer to Enel, S.p.A. of the 25.01% ownership interest in Endesa, S.A. held by the ACCIONA Group and the integration in the ACCIONA Group of certain assets and renewable energy production companies owned by Endesa, S.A. (see Notes 6 and 24)..

(19) Acciona Consolidated Financial Statements and Directors’ Report 2010. // 20. 3. Principal accounting policies 3.1 Adoption of new standards, interpretations issued Standards and interpretations applicable in 2010 In 2010 new accounting standards came into force, which, accordingly, were taken into account in the preparation of the accompanying Consolidated Financial Statements. The following standards and interpretations were applied in these Consolidated Financial Statements but did not have a significant impact on the figures presented or on the presentation and disclosures of these Consolidated Financial Statements, either because they entailed no significant changes or because they referred to economic events that do not affect the ACCIONA Group. Revision of IFRS 3, Business Combinations (revised). Amendment to IAS 27, Consolidated and Separate financial Statements Amendment to IAS 39, financial Instruments: recognition and Measurement Eligible hedged Items Amendment to IfrS 2, Share-based Payment Improvements to IfrSs (published in May 2008 and in April 2009) IfrIC 15, Agreements for the Construction of real Estate IfrIC 16, hedges of a Net Investment in a foreign Operation IfrIC 17, distribution of Non-Cash Assets to Owners IfrIC 18, Transfers of Assets from Customers The Group has also been applying the following standards and interpretations, since their entry into force on 1 January 2010, giving rise to a change in its accounting policies. IfrIC 12, Service Concession Arrangements. This interpretation regulates the accounting treatment of service concession arrangements, which are arrangements whereby a government or other body grants contracts for the supply of public services, such as roads, hospitals or water supply to private operators. The government retains control over the assets but the private operator is responsible for the construction, management and maintenance of the public infrastructure. IFRIC 12 establishes how concession operators must apply the existing IFRSs when accounting for the rights and obligations assumed under arrangements of this type, which, in accordance with the interpretation, may give rise to the recognition of financial assets, intangible assets or both types of assets, depending on the terms and conditions of each arrangement. Note 2.1., Basis of presentation of the Consolidated Financial Statements, details the effects of the application of this new standard for the Group.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(20) // 21. Standards and interpretations issued but not yet in force At the date of preparation of these Consolidated Financial Statements, the most significant standards and interpretations. published by the IASB but not yet in force, either because their effective date is subsequent to the date of the Consolidated Financial Statements or because they have not yet been adopted by the European Union, are as follows:. Obligatory application in years beginning on or after. Standards, amendments and interpretations Amendments to IAS 32. Financial instruments: presentation - classification of rights issues. 1 February 2010. Revision of IAS 24. Related-party disclosures. 1 January 2011. Amendments to IFRIC 14. Prepayments of minimum funding requirements. 1 January 2011. IFRIC 19. Extinguishing financial liabilities with equity instruments. 1 July 2010. Not yet approved for use in the European Union IFRS 9. Financial instruments: Classification and measurement (published in November 2009 and in October 2010). Improvements to IFRSs (published in May 2010). Amendments to various standards. Amendments to IFRS 7. Financial instruments: Disclosures - Transfers of financial assets. 1 July 2011. Amendments to IAS 12. Deferred taxes relating to investment property. 1 January 2012. 1 January 2013 Various (mainly 1 January 2011). WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. Approved for use by the EU.

(21) Acciona Consolidated Financial Statements and Directors’ Report 2010. ifrs 9, financial instruments: classification and measurement In the future IfrS 9 will replace the current part of IAS 39 relating to classification and measurement. There are very significant differences with respect to the current standard relating to financial assets, including, inter alia, the approval of a new classification model based on only two categories, namely instruments measured at amortized cost and those measured at fair value, the disappearance of the current “held-to-Maturity Investments” and “Available-for-Sale financial Assets” categories, impairment analyses only for assets measured at amortized cost and the non-separation of embedded derivatives in financial asset contracts. At the reporting date, the future impact of the adoption of this standard had not yet been analyzed. amendments to ifrs 7, financial instruments: disclosures - transfers of financial assets The disclosure requirements applicable to transfers of assets that are not derecognized or that qualify for derecognition but in which the Group still has continuing involvement are enhanced. At the reporting date, the future impact of the adoption of this standard had not yet been analyzed. With the exception of that indicated in the preceding paragraphs, the Group’s directors. do not expect any significant changes to arise as a result of the introduction of the other standards, amendments and interpretations published but not yet in force, since they are to be applied prospectively, the amendments relate to presentation and disclosure issues and/or the matters concerned are not applicable to the Group’s operations.. construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use. The interest rate used is that corresponding to specific-purpose financing or, in the absence thereof, the average financing rate of the company making the investment.. 3.2 Accounting policies The principal accounting policies used in preparing the Group’s Consolidated Financial Statements, in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, were as follows:. The acquisition cost of assets acquired before 31 December 2003 includes any asset revaluations permitted in the various countries to adjust the value of the property, plant and equipment due to the effect of inflation until that date.. A) Property, plant and equipment Property, plant and equipment acquired for use in the production or supply of goods or services or for administrative purposes are stated in the consolidated balance sheet at the lower of acquisition or production cost (less any accumulated depreciation) and their recoverable amounts. The costs of expansion, modernization or improvements leading to increased productivity, capacity or efficiency or to a lengthening of the useful lives of the assets are capitalized. Acquisition cost includes professional fees and borrowing costs incurred during the construction period that are directly attributable to the acquisition,. The balances of assets retired as a result of modernization or for any other reason are derecognized from the related cost and accumulated depreciation accounts. In-house work on non-current assets is recognized at accumulated cost (external costs, internal costs calculated on the basis of in-house consumption of warehouse materials, and manufacturing costs incurred). Upkeep and maintenance costs are charged to the consolidated income statement for the year in which they are incurred. Generally, depreciation is calculated using the straight-line method, on the basis of the acquisition cost of the assets less. // 22. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(22) // 23. depreciate their property, plant and equipment over the years of estimated useful life. The annual depreciation rates applicable in 2010 were as follows:. annual depreciation rates Buildings. wind farms. 5-7%. hydroelectric power plants. 1-2%. solar thermal plants. 4% 3%. vessels. 5-20%. remaining plant. 3-30%. machinery furniture. Investment property is stated at acquisition cost and for all purposes the Group applies the same policies as those used for property, plant and equipment of the same kind.. 2-10%. special plant:. Biomass plants. structures held either to earn rentals or for capital appreciation.. 5-33% 5-33%. computer hardware. 13-33%. transport equipment. 7-25%. other property, plant and equipment. 2-33%. Each year the Group determines the fair value of its investment property based on appraisals undertaken by independent valuers (see Note 5). Investment property is depreciated on a straight-line basis over the years of estimated useful life of the assets, which constitute the period over which the Group companies expect to use them. The average depreciation rate is as follows: annual depreciation rate Buildings held for rental. finance leases Assets held under finance leases are recorded in the corresponding asset category and are depreciated over their expected useful lives on the same basis as owned assets. B) Investment property “Investment Property” in the accompanying consolidated balance sheet reflects the net values (i.e. less any accumulated depreciation) of the land, buildings and other. 2-5%. C) Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s ownership interests in the fair value of the identifiable assets and liabilities of a subsidiary or jointly controlled entity at the date of acquisition or at the date on which control is obtained. The assets and liabilities acquired are measured provisionally at the date on. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. their residual value. The land on which the buildings and other structures stand has an indefinite useful life and, therefore, is not depreciated. The Group companies.

(23) Acciona Consolidated Financial Statements and Directors’ Report 2010. which control is acquired, and the resulting value is reviewed in a maximum period of one year from the date of acquisition. until the fair value of the assets and liabilities has been definitively determined, the difference between the cost of acquisition and the carrying amount of the company acquired is recognized provisionally as goodwill. Any excess of the cost of the investments in the consolidated companies over the corresponding underlying carrying amounts acquired, adjusted at the date of first-time consolidation, is allocated as follows: If it is attributable to specific assets and liabilities of the companies acquired, increasing the value of the assets (or reducing the value of the liabilities) whose market values were higher (lower) than the carrying amounts at which they had been recognized in their balance sheets and whose accounting treatment was similar to that of the same assets (liabilities) of the Group: amortization, accrual, etc. If it is attributable to specific intangible assets, recognizing it explicitly in the consolidated balance sheet provided that the fair value at the date of acquisition can be measured reliably. The remaining differences are recognized as goodwill, which is allocated to one or more specific cash-generating units.. Goodwill is only recognized when it has been acquired for consideration and represents, therefore, a payment made by the acquirer in anticipation of future economic benefits from assets of the acquired company that are not capable of being individually identified and separately recognized.. // 24. Intangible assets with finite useful lives are amortized over those useful lives using methods similar to those used to depreciate property, plant and equipment. The amortization rates, which were determined on the basis of the average years of estimated useful life of the assets, were basically as follows: Annual amortization rate. Goodwill acquired on or after 1 January 2004 is measured at acquisition cost and that acquired earlier is recognized at the carrying amount at 31 December 2003. On disposal of a subsidiary or jointly controlled entity, the attributable amount of goodwill is included in the determination of the gains or losses on disposal. Goodwill arising on the acquisition of companies with a functional currency other than the euro is translated to euros at the exchange rates prevailing at the date of the consolidated balance sheet. D) Other intangible assets Intangible assets are recognized initially at acquisition or production cost and are subsequently measured at cost less any accumulated amortization and any reductions required to reflect accumulated impairment losses. Intangible assets with indefinite useful lives are not amortized.. Development expenditure. 10-20%. Administrative concessions. 2-25%. Leasehold assignment rights. 10-20%. Computer software. 7-33%. The consolidated companies recognize any impairment loss on the carrying amount of these assets with a charge to “Net Impairment Losses” in the consolidated income statement. The criteria used to recognize the impairment losses on these assets and any subsequent recovery thereof are similar to those used for property, plant and equipment (see Note 3.2-E). Research and development expenditure As a general rule, expenditure on research activities is recognized as an expense in the year in which it is incurred, except in development projects in which an identifiable asset is created and it is probable that the asset will generate future economic benefits, and the development cost of the asset can be. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(24) // 25. Development expenditure is amortized on a straight-line basis over its useful life. Unless the aforementioned conditions for recognition as an asset are met, development expenditure is recognized as an expense in the year in which it is incurred. Administrative concessions “Administrative Concessions” includes the concessions that have been acquired by the Group for consideration (in the case of concessions that can be transferred) or for the amount of the expenses incurred to directly obtain the concession from the Government or from the related public agency. Administrative concessions are amortized on a straight-line basis over the term of the concession. Intangible assets relating to infrastructure projects Following its adoption of IFRIC 12 on 1 January 2010, which had retrospective effects, (see Note 2.1) the ACCIONA Group included concession business-related intangible assets, of which the investment recovery risk is borne by the operator, under “Administrative Concessions”. This type of concession-related activity was carried out through investments. mainly in transport, car park and water supply infrastructures that are operated by subsidiaries, jointly controlled entities or associates (concession operators), the detail being as follows: The concession assets are owned by the concession grantor in most cases; The concession grantor (which may be a public or private body) controls or regulates the service offered by the concession operator and the conditions under which it should be provided; The infrastructure is operated by the concession operator as established in the concession tender specifications for an established concession term. At the end of this period, the assets are returned to the concession grantor, and the concession operator has no right whatsoever over these assets; The concession operator receives revenue for the services provided either directly from the users or through the concession grantor. The most significant accounting methods used by the ACCIONA Group in relation to these concession arrangements are as follows: Capitalization of the borrowing costs incurred during the construction period and non-capitalization of the borrowing costs after the entry into service of the related assets. Depreciation of the concession. infrastructure on a straight-line basis over the concession term. Concession operators depreciate these assets so that the carrying amount of the investment made plus the costs considered necessary to return the assets in working order is zero at the end of the concession. Computer software The acquisition and development costs incurred in relation to the basic computer systems used in the Group’s management are recognized with a charge to “Other Intangible Assets” in the consolidated balance sheet. Computer system maintenance costs are recognized with a charge to the consolidated income statement for the year in which they are incurred. E) Impairment of property, plant and equipment, intangible assets, investment property and goodwill At each consolidated balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment, intangible assets and investment property to determine whether there is any indication that those assets might have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset itself does not. generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the smallest identifiable cash-generating unit to which the asset belongs. Additionally, goodwill and intangible assets with indefinite useful lives are tested for impairment on a yearly basis. Recoverable amount is the higher of fair value less costs to sell and value in use, which is taken to be the present value of the estimated future cash flows. Independent experts are consulted in certain divisions, particularly the Real Estate division. The principal methods used by these experts to determine fair value are described in Note 13. In assessing value in use, the Group prepares the projections of future pre-tax cash flows internally on the basis of the budgets most recently approved by the Parent’s directors. These budgets include the best available estimates of the income and costs of the cash-generating units using industry projections, past experience and future expectations. These projections cover the coming five years and the flows for future years are estimated by applying reasonable growth rates (generally between 0% and 2.5%), consistent with those obtained in prior years and in no case are. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. measured reliably. The Group’s development expenditure, which relates basically to the wind power business, is only recognized as an asset if that is the case..

(25) Acciona Consolidated Financial Statements and Directors’ Report 2010. increasing rates or exceed the growth rates of prior years. In the particular case of concession assets or assets financed with project finance, a comprehensive economic and financial model is prepared and all the years of the concession or project’s full term are tested for impairment. These flows are discounted at a given rate after tax in order to calculate their present value. This rate reflects the cost of capital of the specific business in question and the geographical area in which it is carried on. The effective cost of the debt, gearing ratio (maximum and minimum ranges) and return required on own capital (taking into account the agreed-upon risk premiums and level of volatility) for each business and geographical area are taken into consideration when calculating discount rate. Variations in 2010 minimum and maximum discount rates are in the tables (right). Different discount rates are generated because ACCIONA Group operates in different regions and carries on different businesses. In general, higher rates relate to businesses carried on in higher risk countries. It is assumed there will be no changes which would be reasonably possible, in the main hypotheses used to test for impairment, that would give rise to any unrecognized impairment losses.. // 26. Minimum discount rate WATER & Environmental Real estate services. Energy. Logistic services. Spain. 7.1%. 5.7%. 6.0%. 5.0%. 6.4%. Poland. 8.3%. 6.7%. 7.2%. 5.9%. 7.3%. Infrastructure. Italy. 7.2%. 5.7%. 6.1%. 4.9%. 6.5%. Mexico. 8.1%. 6.4%. 6.9%. 5.5%. 7.2%. Chile. 8.2%. 6.7%. 7.2%. 6.0%. 7.2%. Brazil. 8.0%. 6.3%. 6.8%. 5.2%. 7.2%. USA. 6.4%. 5.0%. 5.3%. 4.2%. 5.9%. Canada. 6.8%. 5.4%. 5.7%. 4.7%. 6.2%. India. 8.3%. 6.5%. 7.0%. 5.3%. 7.4%. Australia. 7.0%. 5.6%. 5.9%. 4.9%. 6.3%. Maximum discount rate. Energy. Logistic services Infrastructure. WATER & Environmental Real estate services. Spain. 7.6%. 7.2%. 8.1%. 6.1%. 7.5%. Poland. 8.6%. 7.9%. 8.7%. 6.6%. 8.0%. Italy. 7.7%. 7.4%. 8.3%. 6.1%. 7.6%. Mexico. 8.6%. 8.1%. 9.1%. 6.6%. 8.3%. Chile. 8.4%. 7.7%. 8.5%. 6.6%. 7.8%. Brazil. 8.7%. 8.3%. 9.5%. 6.6%. 8.5%. USA. 7.0%. 6.9%. 7.9%. 5.7%. 7.2%. Canada. 7.3%. 7.0%. 7.9%. 5.9%. 7.3%. India. 8.9%. 8.5%. 9.8%. 6.7%. 8.8%. Australia. 7.4%. 7.1%. 7.9%. 6.0%. 7.3%. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(26) // 27. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. At the end of each reporting period, goodwill is reviewed for impairment (i.e. a reduction in its recoverable amount to below its carrying amount) and any impairment is written down with a charge to “Net Impairment Losses” in the consolidated income statement. An impairment loss recognized for goodwill must not be reversed in a subsequent period.. F) Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the lessee. All other leases are classified as operating leases. Finance leases When the consolidated companies act as the lessee, they present the cost of the leased assets in the consolidated balance sheet, based on the nature of the leased asset, and, simultaneously, recognize a liability for the same amount (which will be the lower of the fair value of the leased asset and the aggregate present values of the amounts payable to the lessor plus, where applicable, the price of exercising the purchase option). These assets are depreciated using the same criteria as those applied to similar items of property, plant and equipment that are owned. The finance charges arising under finance lease agreements are charged to the consolidated income statement so as to produce a constant periodic finance cost over the term of the agreements. When the Compañía Trasmediterránea subgroup acquires vessels under finance lease agreements, it is obliged to place deposits. with a pre-established payment schedule and preset interest to cover future finance lease payments, from the moment construction of the vessels begins. The finance costs arising from the financing obtained to arrange these deposits were capitalized as an addition to property, plant and equipment amounting to EUR 1 million at 31 December 2010 (31 December 2009: EUR 3 million). Operating leases In operating leases, the ownership of the leased asset and substantially all the risks and rewards relating to the leased assets remain with the lessor, which recognizes the assets at their acquisition cost. These assets are depreciated using a policy consistent with the lessor’s normal depreciation policy for similar items and lease income is recognized in the consolidated income statement on a straight-line basis. When the consolidated companies act as the lessee, lease costs, including any incentives granted by the lessor, are recognized as an expense on a straight-line basis. Amounts received and receivable as incentives for the arrangement of operating leases are also allocated on a straight-line basis over the term of the lease.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease..

(27) Acciona Consolidated Financial Statements and Directors’ Report 2010. G) Non-current receivables and other noncurrent assets “Other Non-Current Assets” includes trade receivables maturing at long term, mainly from public authorities and relating to trade receivable retentions arising principally in the Infrastructure division. Following its adoption of IFRIC 12 on 1 January 2010, which had retrospective effects, (see Note 2.1) the ACCIONA Group recognizes under “Other Non-Current Assets” concession business assets whose recovery is guaranteed in the concession contract by the grantor through the payment of a fixed or determinable amount and, accordingly, no demand risk is entailed for the operator. This type of concession-related activity was carried on through investments mainly in transport, water supply and hospital infrastructures that are operated by subsidiaries, jointly controlled entities or associates (concession operators), the detail being as follows: The concession assets are owned by the concession grantor in most cases; The concession grantor (which may be a public or private body) controls or regulates the service offered by the concession operator and the conditions under which it should be provided;. The infrastructure is operated by the concession operator as established in the concession tender specifications for an established concession term. At the end of this period, the assets are returned to the concession grantor, and the concession operator has no right whatsoever over these assets; The concession operator receives revenue for the services provided either directly from the users or through the concession grantor. The most significant accounting methods used by the ACCIONA Group in relation to these concession arrangements are as follows: The account receivable is recognized for the present value of the amount receivable from the government body; Borrowing costs are not capitalized, either during the construction phase or after the concession has started to operate; Even during the construction phase the Group recognizes interest income earned on the financial asset, based on its effective interest rate. These earnings are recognized under “Revenue”; There is no depreciation or amortization charge for the financial asset; Annual billings are divided into those relating to financial asset receivables recognized in the balance sheet (accordingly, they are not recognized as sales) and those. // 28. relating to services rendered, which are recognized under “Revenue”. H) Financial instrument disclosures As a result of the adoption in 2007 of IFRS 7 and of the amendments to IAS 1 and IFRS 7, the qualitative and quantitative disclosures of financial instruments and risk and capital management were extended and are detailed in the following notes: Financial asset and liability categories, including derivative financial instruments and accounting policies are detailed in Note 3.2-I; Classification of the fair value measurements of financial assets and for derivative financial instruments consistent with the hierarchy of fair value established in IFRS 7, detailed in Note 3.2-I; (Qualitative and quantitative) capital disclosure requirements are detailed in Note 16-h); Accounting and risk management policies are detailed in Note 19; Derivative financial instruments and hedge accounting are detailed in Note 20; Transfers from equity to profit for the year of settlements of hedging derivative financial instrument transactions are detailed in Note 29.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(28) // 29. Non-current and current financial assets excluding hedging derivatives The financial assets held by the Group companies are classified as: Loans and receivables: financial assets originated by the companies in exchange for supplying cash, goods or services directly to a debtor. These items are measured at amortized cost, which is basically the initial market value, minus principal repayments, plus the accrued interest receivable calculated using the effective interest method. Held-to-maturity investments: assets with fixed or determinable payments and fixed maturity. The Group has the positive intention and ability to hold them from the date of purchase to the date of maturity. This category includes mainly short-term deposits, which are measured at amortized cost, as indicated above. Held-for-trading financial assets: assets acquired by the Group companies with the intention of generating a profit from shortterm fluctuations in their prices or from differences between their purchase and sale prices. This heading also includes financial derivatives not considered to qualify for hedge accounting, as well as other assets which upon initial recognition are designated, as permitted under IFRSs, as financial assets at fair value through profit or loss. They. are measured at fair value at the date of subsequent measurement where this can be determined reliably. In these cases, the gains and losses arising from changes in fair value are recognized in the income statement for the year. At 31 December 2010 and 2009, the ACCIONA Group did not have financial assets of this type. Deposits and guarantees: in the specific case of the acquisition of vessels under finance lease agreements, as indicated in Note 3.2-F, the Compañía Trasmediterránea subgroup is obliged to give deposits with a pre-established payment schedule and preset interest to cover future finance lease payments. These deposits are recognized under “Non-Current Financial Assets” and “Other Current Financial Assets” in the accompanying consolidated balance sheet, based on the dates on which the related lease payments payable fall due. Both headings include the amounts effectively delivered and interest until year-end calculated on a time proportion basis and are taken to profit or loss over the term of the lease, also on a time proportion basis. The interest earned on these deposits was netted off from the interest expenses on finance lease agreements under “Finance Costs” in the accompanying consolidated income statement for 2010 (EUR 564 thousand and EUR 841 thousand in 2010 and 2009, respectively). Available-for-sale financial assets: these relate to securities acquired that are. not classified in the other categories, substantially all of which relate to investments in the capital of companies. They are measured: > At acquisition cost, adjusted for any impairment losses disclosed, in the case of investments in unlisted companies, since it is not always possible to determine the fair value reliably. > At fair value when it is possible to determine it reliably, based on either the market price or, in the absence thereof, using the price established in recent transactions or the discounted present value of the future cash flows. The gains and losses from changes in fair value are recognized directly in equity until the asset is disposed of, at which time the cumulative gains or losses previously recognized in equity are recognized in the consolidated income statement for the year. If fair value is lower than acquisition cost and there is objective evidence that the asset has suffered an impairment loss that cannot be considered reversible, the difference is recognized directly in the consolidated income statement. At 31 December 2010, available-for-sale financial assets were measured against listed (and unadjusted) market prices and placed on level one of the fair value measurement hierarchy established in IFRS 7.. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. I) Financial instruments.

(29) Acciona Consolidated Financial Statements and Directors’ Report 2010. In 2010 and 2009 no financial assets among the categories defined in the preceding paragraphs were reclassified. Purchases and sales of financial assets are recognized using the trade date method. Transfers of financial assets The ACCIONA Group derecognizes financial assets when they expire or when the rights on the cash flows from the related assets and substantially all the risks and rewards of ownership have been transferred, such as firm sales of assets, assignments of commercial credits in factoring transactions in which the Company does not retain any credit or interest risk, sales of financial assets with a buy-back agreement at fair value or securitizations of financial assets in which the transferor does not retain any subordinate financing or award any type of guarantee or assume any other type of risk. Bank borrowings other than derivatives Interest-bearing bank loans and overdrafts are recognized at the proceeds received, net of direct issue costs. Borrowing costs, including premiums payable on settlement or redemption and direct issue costs, are recognized in the consolidated income statement on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the. extent that they are not settled in the period in which they arise. In subsequent periods, these obligations are measured at amortized cost using the effective interest method. In specific cases where liabilities are the underlying of a fair value hedge, they are measured, exceptionally, at fair value for the portion of the hedged risk. Derivative financial instruments and hedge accounting The Group’s activities expose it mainly to the financial risks of changes in foreign exchange rates and interest rates and in certain fuel stocks and fuel supplies. The Group uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Electricity and fuel price and supply hedging transactions are also arranged. The Group does not use derivative financial instruments for speculative purposes. The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors. Accounting policies Derivatives are recognized at fair value (see measurement procedures below) at the consolidated balance sheet date under “Current Financial Assets” or “Non-Current Financial Assets” if positive and under “Current Bank Borrowings” and “Non-Current. Bank Borrowings” if negative. Changes in the fair value of derivative financial instruments are recognized in the consolidated income statement as they arise. If the derivative has been designated as a hedge which is highly effective, it is recognized as follows: Fair value hedges: these hedges are arranged to fully or partially reduce the risk of fluctuations in the value of assets and liabilities (underlyings) recognized in the consolidated balance sheet. The portion of the underlying for which the risk is being hedged is measured at fair value, as is the related hedging instrument, and changes in the fair values of both items are recognized under the same heading in the consolidated income statement. At 31 December 2010, the Group had not arranged any fair value hedges. Cash flow hedges: these hedges are arranged to reduce the risk of potential changes in the cash flows associated with the interest payments on non-current floating-rate financial liabilities, exchange rates and fuel stock and fuel hedges. Changes in the fair value of derivatives are recognized, with respect to the effective portion of the hedge, under “Equity - Reserves - Changes in Value of Derivatives”. The cumulative gain or loss recognized in this heading is transferred to the consolidated income statement to the extent of the impact of the underlying (resulting from the risk hedged) on the consolidated income statement; thus this effect is netted off under the same heading in. // 30. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. consolidated balance sheets 2010.

(30) the consolidated income statement. Gains or losses on the ineffective portion of the hedges are recognized directly in the consolidated income statement. Hedges of a net investment in a foreign operation: changes in fair value are recognized, in respect of the effective portion of these hedges, net of the related tax effect, as “Translation Differences” in equity, and are transferred to the consolidated income statement when the hedged investment is disposed of. At 31 December 2010 the Group did not have any hedges relating to net investments in a foreign operation. Group policy on hedging At the inception of the transaction, the Group designates and formally documents the hedging relationship and its objective and strategy for arranging the hedge. Hedges are only recognized when the hedging relationship is expected, prospectively, to be highly effective from inception and in subsequent years it will be effective to offset the changes in the fair value or cash flows of the hedged item during the life of the hedge and, retrospectively, that the actual effectiveness of the hedge, which can be reliably calculated, is within a range of 80125% of the gain or loss on the hedged item. The Group does not hedge forecast transactions, but rather only firm financing commitments. If the cash flows of forecast. transactions were hedged, the Group would assess whether such transactions were highly probable and whether they were exposed to changes in cash flows that might ultimately affect profit for the year. If the cash flow hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or a non-financial liability, then, at the time the asset or liability is recognized, the associated gains or losses on the derivative that had previously been recognized in equity are included in the initial measurement of the asset or liability. Conversely, in the case of hedges that do not result in recognition of an asset or a liability, amounts deferred in equity are recognized in the income statement in the same period as that in which the hedged item affects net profit or loss. Compound financial instruments with multiple embedded derivatives The ACCIONA Group has not issued compound financial instruments with embedded derivatives. Accounting procedures At 31 December 2010, the changes in fair value in the various derivative financial instruments are at level two of the fair value measurement hierarchy established in IFRS 7, as they reflect observable inputs but not quoted prices. The fair value calculations for each type of financial instrument are as follows:. Interest rate swaps are valued by discounting future settlements between fixed and floating interest rates to their present value, in line with implicit market rates, obtained from long-term interest rate swap curves. Implicit volatility is used to calculate the fair values of caps and floors using option valuation models. Foreign currency hedging and option contracts are valued using the spot exchange rate, the forward interest rate curves of the related currencies and, in the case of options, implicit volatility until maturity. Commodities contracts (for fuel) are valued in a similar way, in this case, taking into account the futures prices of the underlying and the implicit volatility of the options. The Group measures derivatives not traded on an organized market by discounting the expected cash flows and using generally accepted option valuation models based on spot and futures market conditions at the end of each year. However, on 31 December 2010 and 2009, the Group did not have derivatives traded on an organized market. Trade payables Trade payables are not interest bearing and are stated at their nominal value, which does not vary substantially from their fair value. Current/Non-current classification In the accompanying consolidated balance sheet, assets and liabilities maturing within. WorldReginfo - 9dc541db-0d4f-44c0-8942-1e9515925088. // 31.

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