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Extresol 1 2011 EN EXTRESOL 1, S.L. Financial Statements for the year ended 31 December 2011 Extresol 1, S.L. BALANCE SHEET AT 31 DECEMBER 2011 AND 2010 Euros A S S E T S 2011 2010 NON-CURRENT ASSETS 342,128,537 355,794,799 Property, plant and equipment (Note 5) 330,630,881 349,073,207 . Land and buildings 330,630,881 349,073,207 Non-current financial investments (Note 6) 23,710 12,404 . Other financial assets 23,710 12,404 Deferred tax assets (Note 12) 11,473,946 6,709,188 CURRENT ASSETS 69,917,415 95,311,102 Trade and other receivables 4,258,226 5,236,320 . Trade receivables 4,258,226 5,115,491 . Sundry accounts receivable - 98,988 . Staff costs - 21,841 Current investments in Group companies and associates 33,859,916 70,709,606 . Loans to Group companies and associates (Note 7) 33,859,916 70,709,606 Current financial investments (Note 6) 12,509,500 11,536,526 . Other financial assets 12,509,500 11,536,526 Cash and cash equivalents (Note 8) 19,289,773 7,828,650 TOTAL ASSETS 412,045,952 451,105,901 The accompanying Notes 1 to 18 are an integral part of the balance sheet at 31 December 2011. Extresol 1, S.L. BALANCE SHEET AT 31 DECEMBER 2011 AND 2010 Euros E Q U I T Y A N D L I A B I L I T I E S 2011 2010 EQUITY (Note 10) (15,494,225) (2,681,079) Shareholders' equity 11,278,317 12,973,693 . Share Capital 8,918,931 8,918,931 . Legal reserve 666,263 - . Voluntary reserve 5,996,368 (61,812) . Previous years’ earnings (2,607,869) (2,546,057) . Profit not specifically appropriated (5) - . Profit/(Loss) for the year (1,695,371) 6,662,631 Adjustments for changes in value (26,772,542) (15,654,772) . Hedging instruments (26,772,542) (15,654,772) NON-CURRENT LIABILITIES 401,316,165 396,722,386 Non-current liabilities (Note 11) 336,329,015 335,200,288 . Bank borrowings 298,082,526 312,836,328 . Derivatives (Note 9) 38,246,489 22,363,960 Non-current payables to Group companies and associates (Note 7) 27,054,890 27,054,890 Deferred tax liabilities (Note 12) 37,932,260 34,467,208 CURRENT LIABILITIES 26,224,012 57,064,594 Current liabilities (Note 11) 10,375,217 39,651,039 . Bank borrowings 10,375,217 39,651,039 Current payables to Group companies and associates (Note 7) 4,970,604 12,866,451 . Current payables to Group companies and associates 4,970,604 12,866,451 Payable to suppliers 10,878,191 4,547,104 . Payable to suppliers - Group companies (Note 7) 8,082,768 2,943,787 . Sundry accounts payable 2,772,094 1,554,431 . Staff costs 17,662 - . Other accounts payable to public authorities (Note 12) 5,667 48,886 TOTAL EQUITY AND LIABILITIES 412,045,952 451,105,901 The accompanying Notes 1 to 18 are an integral part of the balance sheet at 31 December 2011. Extresol 1, S.L. INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2011 AND 2010 Euros 2011 2010 CONTINUING OPERATIONS Revenue (Note 14.1) 46,076,790 35,064,708 Procurements (Note 14.2) (32,812) (1,712,304) Other operating income 11,687 - Staff costs (Note 14.5) (879,882) (1,318,934) Other operating expenses (Note 14.3) (11,771,344) (12,286,346) Depreciation and amortisation charge (19,648,782) (13,816,577) OPERATING INCOME 13,755,657 5,930,547 Finance income 587,341 3,569 Finance costs (Note 14.4) (16,545,512) (16,473,009) FINANCIAL RESULTS (15,958,171) (16,469,440) PROFIT/(LOSS) BEFORE TAX (2,202,514) (10,538,893) Income tax 507,143 17,201,524 PROFIT/(LOSS) FOR THE PERIOD (1,695,371) 6,662,631 The accompanying Notes 1 to 18 are an integral part of the income statement for 2011. Extresol 1, S.L. STATEMENTS OF CHANGES IN EQUITY FOR 2011 AND 2010 A) STATEMENTS OF RECOGNISED INCOME AND EXPENSE FOR 2011 AND 2010 Euros 2011 2010 A) PROFIT/(LOSS) PER INCOME STATEMENT (1,695,371) 6,662,631 INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY II. Cash flow hedges (22,718,730) (14,989,537) V. Tax effect 6,815,619 4,496,861 B) TOTAL INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY (15,903,111) (10,492,676) TRANSFERS TO PROFIT OR LOSS VII. Cash flow hedges 6,836,201 8,151,784 IX. Tax effect (2,050,860) (2,445,535) C) TOTAL TRANSFERS TO PROFIT OR LOSS 4,785,341 5,706,249 TOTAL RECOGNISED INCOME AND EXPENSE (12,813,141) 1,876,204 The accompanying Notes 1 to 18 are an integral part of the statement of recognised income and expense for 2011. Extresol 1, S.L. STATEMENTS OF CHANGES IN EQUITY FOR 2011 AND 2010 B) STATEMENTS OF CHANGES IN TOTAL EQUITY FOR 2011 AND 2010 Euros Share capital Adjustments Prior years’ Profit/(Loss) for changes Registered profit/(loss) for the year in value Total Beginning balance at 31 December 2010 8,918,931 (2,607,869) 6,662,631 (15,654,772) (2,681,079) Distribution of profit/(losses) - - (6,662,631) - (6,662,631) Profit not specifically appropriated - (5) - - (5) Legal reserve - 666,263 - - 666,263 Voluntary reserve - 5,996,368 - - 5,996,368 Recognised income and expense - - (1,695,371) (11,117,770) (12,813,141) Balance at 31 December 2011 8,918,931 4,054,757 (1,695,371) (26,772,542) (15,494,225) Euros Share capital Voluntary reserve / Adjustments Prior years’ Profit/(Loss) for changes Registered profit/(loss) for the year in value Total Beginning balance at 31 December 2009 5,442,682 (2,434,180) (135,016) (10,868,345) (7,994,859) Capital contribution 3,476,249 - - - 3,476,249 Previous years’ earnings - (135,016) 135,016 - - Capital increase expenses - (38,673) - - (38,673) Recognised income and expense - - 6,662,631 (4,786,427) 1,876,204 Balance at 31 December 2010 8,918,931 (2,607,869) 6,662,631 (15,654,772) (2,681,079) The accompanying Notes 1 to 18 are an integral part of the statement of changes in equity for 2011. Extresol 1, S.L. CASH FLOW STATEMENTS FOR 2011 AND 2010 31/12/2011 31/12/2010 CASH FLOWS FROM OPERATING ACTIVITIES (I): 81,275,527 (2,321,040) Profit/(loss) for the year before tax (2,202,514) (10,538,893) Adjustmentsto profit / (loss): - Depreciation and amortisation charge 19,648,782 13,816,577 - Finance income (587,341) (3,569) - Finance costs 16,545,512 16,473,009 Changes in working capital - Trade and other receivables 978,094 3,671,867 - Other current assets 190,046 (194,300) - Payable to suppliers 6,330,354 (22,474,092) Other cash flows from operating activities: - Interest payable (15,493,883) (14,311,768) - Interest received 3,239 3,569 - (+/-) Income tax recovered/(paid) 55,863,238 11,236,560 CASH FLOWS FROM INVESTING ACTIVITIES (II) (16,472,551) (3,397,207) Investment payables - Group companies and associates (14,457,255) - - Property, plant and equipment (1,206,456) (11,564,318) - Other financial assets (808,840) (1,132,792) Proceeds from disposal - Group companies and associates - 9,299,903 CASH FLOWS FROM FINANCING ACTIVITIES (III) (52,976,367) 1,837,899 Proceeds and payments relating to equity instruments - Proceeds from issue of borrowings from Group companies and associates - 5,582,685 - Repayment of bank borrowings (43,837,772) (3,744,786) - Repayment of borrowings from Group companies and associates (9,138,595) - NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III+IV) 11,826,609 (3,880,348) Cash and cash equivalents at beginning of year 7,828,650 11,708,998 Cash and cash equivalents at end of year 19,655,259 7,828,650 The accompanying Notes 1 to 18 are an integral part of the cash flows statement for 2011. Extresol 1, S.L. Notes to the Financial Statements for the year ended 31 December 2011 1. Company activities The Company was incorporated on 28 July 2006, as recorded in a public deed executed before Madrid notary Mr. Segismundo Álvarez Royo-Villanova under number 5,248 of his notary record registered in the Mercantile Registry of Madrid in volume 23,115, book 0, page 106, sheet M-414274, entry no. 1, with the company name EXTRESOL 1, S.L. The Company's registered office is at C/ Cardenal Marcelo Spínola, 10, Madrid. The Company object is the promotion, management, design, construction, operation and maintenance of facilities engaged in the production of alternative and renewable energies. The production, sale and/or operation of the energy generated by the facilities described above and, where appropriate, avail itself of the current and/or future legislation to promote the production of alternative and renewable energies. The performance of studies, consulting, projects, research and development services related to the aforementioned services. The activities mentioned may be carried out by the Company directly or through its ownership of other companies with an identical or similar company object. The 50 MW solar thermal plant located in Torre de Miguel Sesmero (Badajoz) entered into service on 18 December 2009 and, therefore, its guarantee period came to an end on 18 December 2011 and no relevant defects attributable to the contractor were found. The plant was registered in the administrative registry of special regime production facilities established by Royal Decree 661/2007 on 31 March 2010.
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