Memoria Al Andalus 2012 Sin Revisar Deloitte Saeta Yield-Books Pdf

Memoria AL ANDALUS 2012 Sin Revisar Deloitte Saeta Yield
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AL ANDALUS WIND POWER S L,Financial Statements for the year. ended 31 December 2012,and Directors Report,AL ANDALUS WIND POWER S L. BALANCE SHEET AT 31 DECEMBER 2012,Expressed in euros. ASSETS Notes 2012 2011,NON CURRENT ASSETS 324 107 016 341 971 618. Intangible assets 5 3 035 906 3 150 300,Administrative concessions 3 035 906 3 150 300.
Property plant and equipment 6 306 163 790 327 912 838. Land and buildings 306 163 790 327 912 838,Deferred tax assets 13 4 14 907 320 10 908 480. CURRENT ASSETS 69 074 076 65 744 138,Inventories 8 1 089 318 462 858. Trade and other receivables 7 5 066 965 3 476 685, Trade receivables for sales and services 5 059 848 3 471 223. Other accounts receivable from public,authorities 13 7 117 5 462. Current investments in Group companies and,associates 29 861 959 34 862 857.
Current financial assets 7 29 861 959 34 862 857, Current financial investments 14 634 050 14 669 160. Current financial assets 7 14 634 050 14 669 160,Cash and cash equivalents 9 18 421 784 12 272 578. TOTAL ASSETS 393 181 092 407 715 756, The accompanying Notes 1 to 19 are an integral part of the balance sheet at 31 December 2012. AL ANDALUS WIND POWER S L,BALANCE SHEET AT 31 December 2012. Expressed in euros,EQUITY AND LIABILITIES Notes 2012 2011.
EQUITY 44 839 060 30 925 704,Shareholders equity 11 14 530 270 5 472 584. Share capital 17 155 410 17 155 410,Reserves 968 548 736 941. Previous years earnings 23 364 935 13 930 747,Profit Loss for the year 9 289 293 9 434 188. ADJUSTMENTS FOR CHANGES IN VALUE 30 308 790 25 453 120. NON CURRENT LIABILITIES 394 829 940 404 457 068,Non current liabilities 311 730 430 320 054 792. Bank borrowings 12 268 432 158 283 693 190,Derivatives 10 and 12 43 298 271 36 361 602.
Non current liabilities to Group companies and,associates 62 615 420 62 615 420. Non current liabilities to Group companies and,associates 12 62 615 420 62 615 420. Deferred tax liabilities 20 484 090 21 786 856,CURRENT LIABILITIES 43 190 212 34 184 392. Current liabilities 21 550 543 19 871 414,Bank borrowings 12 21 550 543 19 871 414. Current liabilities to Group companies and,associates 11 997 985 8 474 162.
Current liabilities to Group companies 12 11 997 985 8 474 162. Trade and other payables 9 641 684 5 838 816, Payable to suppliers Group companies 12 7 507 221 3 791 567. Sundry accounts payable 12 2 129 868 2 040 350,Remuneration payable 12 2 327. Other accounts payable to public authorities 12 and 13 2 307 6 899. TOTAL EQUITY AND LIABILITIES 393 181 092 407 715 756. The accompanying Notes 1 to 19 are an integral part of the balance sheet at 31 December 2012. AL ANDALUS WIND POWER S L, INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012. Expressed in euros,Notes 2012 2011,CONTINUING OPERATIONS. Revenue 15 1 37 890 097 35 184 127, Capitalised expenses of in house work on assets 7 226 167 314 412.
Procurements 441 696,Other operating income,Staff costs 15 3 109 675 161 018. Other operating expenses 15 4 12 131 240 9 320 714. Depreciation and amortisation charge 5 and 6 22 321 215 22 295 021. OPERATING INCOME 3 554 134 3 280 091,Finance income 15 2 70 369 137 771. Finance costs 15 2 16 854 152 16 895 274,FINANCIAL RESULTS 16 783 783 16 757 503. PROFIT LOSS BEFORE TAX 13 229 649 13 477 412,Income tax 13 3 940 356 4 043 224. PROFIT LOSS FOR THE PERIOD FROM CONTINUING,OPERATIONS 9 289 293 9 434 188.
PROFIT LOSS FOR THE PERIOD 9 289 293 9 434 188, The accompanying Notes 1 to 19 are an integral part of the income statement for 2012. AL ANDALUS WIND POWER S L,STATEMENT OF CHANGES IN EQUITY. Expressed in euros, A STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE YEAR ENDED 31. DECEMBER 2012, PROFIT LOSS PER ABRIDGED INCOME STATEMENT 9 289 293 9 434 188. Income and expense recognised directly in equity,Cash flow hedges 14 991 498 15 958 830.
Tax effect 4 497 448 4 787 649,TOTAL INCOME AND EXPENSE RECOGNISED DIRECTLY IN. EQUITY 10 494 050 11 171 181,Transfers to profit or loss. Cash flow hedges 8 054 829 7 737 540,Tax effect 2 416 449 2 321 262. TOTAL TRANSFERS TO PROFIT OR LOSS 5 638 380 5 416 278. TOTAL RECOGNISED INCOME AND EXPENSE 14 144 963 15 189 091. The accompanying Notes 1 to 19 are an integral part of the statement of changes in equity for 2012. AL ANDALUS WIND POWER S L,STATEMENT OF CHANGES IN EQUITY. Expressed in euros, B STATEMENT OF CHANGES IN TOTAL EQUITY FOR THE YEAR ENDED 31 December 2012.
Adjustment,Registered Previous s for,share years Profit Loss changes in. capital Reserves earnings for the year value Total. Beginning balance at 31 December 25 453 12, 2011 17 155 410 736 941 13 930 747 9 434 188 0 30 925 704. I Total recognised income and expense 9 289 293 4 855 670 14 144 963. III Other changes in equity 231 607 9 434 188 9 434 188 231 607. Balance at 31 December 2012 17 155 410 968 548 23 364 935 9 289 293 0 44 839 060. Registered Previous Adjustments,share years Profit Loss for changes. capital Reserves earnings for the year in value Total. Beginning balance as at 31 December, 2010 17 155 410 736 941 7 509 142 6 421 605 19 698 217 15 736 613. I Total recognised income and expense 9 434 188 5 754 903 15 189 091. III Other changes in equity 6 421 605 6 421 605, Balance at 31 December 2011 17 155 410 736 941 13 930 747 9 434 188 25 453 120 30 925 704.
The accompanying Notes 1 to 19 are an integral part of the statement of changes in equity for 2012. AL ANDALUS WIND POWER S L,CASH FLOW STATEMENT 2012. Expressed in euros,A CASH FLOWS FROM OPERATING ACTIVITIES. 1 Profit Loss before tax 13 229 649 13 477 412, 2 Adjustments to profit loss 39 104 998 38 990 797. a Depreciation and amortisation 22 321 215 22 295 021. c Finance costs 16 854 152 16 895 021,g Finance income 70 369 137 771. 3 Changes in working capital 1 581 473 9 403 049,a Inventories 626 460.
b Trade and other receivables 1 590 280 3 728 722,c Other current assets 8 527 270. d Payable to suppliers 3 798 213 2 852 943, 4 Other cash flows from operating activities 14 114 521 12 539 221. a Interest payable 14 183 937 12 676 992,c Interest received 69 416 137 771. 5 Cash flows from operating activities 1 2 3 4 13 342 301 22 377 214. B CASH FLOWS FROM INVESTING ACTIVITIES,6 Investment payables 226 167 314 412. c Property plant and equipment 226 167 314 412,7 Proceeds from disposals 4 589 653.
a Group companies and associates 4 554 543,e Current financial assets 35 110. 8 Cash flows from investing activities 7 6 4 363 486 314 412. C CASH FLOWS FROM FINANCING ACTIVITIES, 9 Proceeds and payments relating to equity instruments. 10 Liabilities instrument proceeds and payments 11 556 581 40 216 184. 2 Bank borrowings,b Refund and repayment of,2 Bank borrowings 13 581 902 14 134 388. 3 Borrowing from Group companies and associates 2 025 321 26 081 796. 5 Other payables, 11 Dividends paid and remuneration relating to other equity. instruments,c Capital increase, 12 Cash flows from financing activities 9 10 11 11 556 581 40 216 184.
D EFFECT OF CHANGES IN EXCHANGE RATES, E NET INCREASE DECREASE IN CASH AND CASH EQUIVALENTS. 5 8 12 D 6 149 206 18 153 382, Cash and cash equivalents at beginning of year 12 272 578 30 425 960. Cash and cash equivalents at end of year 18 421 784 12 272 578. The accompanying Notes 1 to 19 are an integral part of the cash flow statement for 2012. AL ANDALUS WIND POWER S L, Notes to Financial Statements for the year ended 31 December 2012. 1 Company activities, AL ANDALUS WIND POWER S L was incorporated in Madrid on 20 April 2007 before Madrid notary Mr. Ignacio Manrique Plaza under number 3 901 of his notary record under the name GALEASA ENERGIAS. AMBIENTALES DE GALICIA S L which was changed in Madrid on 4 October 2007 before Madrid notary Mr. Segismundo lvarez Royo Villanova under number 9 619 of his notary record. The Company s current registered office is at calle Cardenal Marcelo Sp nola n 10 28016 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. On 15 November 2007 the share capital was increased with a share premium through a non monetary. contribution with a charge to various financial investments. On 27 December 2007 and effective for accounting purposes on 1 January 2007 Al Andalus Wind Power. S L P E Santa Ana S L Sistemas Energ ticos Ser n S A U Sistemas Energ ticos T jola S A U. Sistemas Energ ticos Tinadas S A U P E El Colmenar II S L P E La Noguera S L P E Las Vegas S L. P E Los Isletes S L and Agrupaci n E lica Granadina S L This merger qualified for the special mergers and. absorption tax regime Consequently the balance sheets and income statements of the absorbed companies. are included in those of the absorbing company using the same amounts which would have been recognised. in them Information regarding the mergers and the tax benefits contributed by the absorbed companies were. included in the financial statements for 2007, As a result of this merger Al Andalus Wind Power S L became the owner of the various wind farms P E El.
Colmenar II P E Ser n I P E Ser n II P E Tijola P E La Noguera P E Santa Ana P E Las Vegas and. P E Los Isletes At 31 December 2012 all of the wind farms are in operation. The Company object is the construction and subsequent operation including the sale of the electricity. obtained of wind farms located in the provinces of Almeria Cadiz and Albacete. The activities that compose the company object may be carried out by the Company either directly or. indirectly and through its ownership of other companies with an identical or similar company object. The Company belongs to a group of companies ACS Group which is managed in accordance with the. Group s criteria The ACS Group company Urbaenerg a S L is the primary shareholder of the Company which. is in turn 100 owned by the ACS Group company Cobra Gesti n de Infraestrucutras. Regulatory Framework, The special regime electricity production business in Spain is regulated by Spanish Electricity Industry Law. 54 1997 of 27 November and by the subsequent implementing regulations which are as follows. Royal Decree 436 2004 in force from 1 April 2004 to 1 June 2007. Royal Decree 661 2007 in force from 1 June 2007 The remuneration framework supporting. renewable energies under the special regime for facilities which were registered in the pre. assignment register at 28 January 2012 was regulated up until this year by this royal decree This. royal decree stipulates two tariff regimes for solar thermal facilities the market price option through a. representative where upper limits ceilings and lower limits floors are established at the. aggregate price market price plus the premium applicable to the sale of energy on the market and. the tariff option in which the regulated tariff is received The facilities may choose the sale option for. periods of no less than one year, Likewise Royal Decree 661 2007 recognises in its transitional provision one that solar thermal. facilities among others which started up prior to 1 January 2008 have the right to maintain the. premiums and incentives established under the previous regime RD 436 2004 of 12 March until 31. December 2012 in the market price sale option, In addition Royal Decree 6 2009 of 30 April introduces the pre assignment system such that it limits. the pre assigned facilities to the amounts and premiums set forth in RD 661 2007 as well as for those. established going forward once the objectives of the 2020 Renewable Energies Plan are reached. The objective of Royal Decree 1614 2010 of 7 December is to modify and regulate matters related to. electricity production from solar thermal and wind technologies in a deficit control scenario The main. developments are the establishment of a limit on the equivalent operating hours entitled to a premium. for solar thermal and wind power technologies the obligation of the solar thermal energy industry to. sell at a regulated tariff for the 12 months following the entry into force of the RD or the start up of the. plant if it were subsequent thereto and a 35 reduction of the premiums for wind power technology. qualifying under RD 661 2007 and for the period between the approval of the RD and 31 December. On 28 January 2012 Royal Decree Law 1 2012 RDL 1 2012 was published in the Official State. Gazette Bolet n Oficial del Estado BOE taking effect on the same day which eliminated the pre. assignment remuneration process and the economic incentives for new facilities which produce. electricity from cogeneration renewable energy sources and waste. On 28 December 2012 Law 15 2012 of 27 December on tax measures for energy sustainability was. published in the BOE which affects all facilities which produce electricity in Spain from 2013. Noteworthy among these measures is the creation of a 7 tax on activities related to the production. and incorporation of electricity measured at power station busbars in the electric system mainland. island and non mainland Likewise this law also amends the current economic framework of certain. renewable energy facilities excluding from the premium economic regime energy attributable to the. use of fuel produced in facilities which use non consumable renewable energy as a primary source. unless they are hybrid facilities which use non consumable and consumable renewable energy. sources in which case the energy attributable to the use of the consumable renewable source could. have the right to the premium economic regime and the Ministry of Industry Energy and Tourism is. responsible for establishing the methodology for calculating the aforementioned energy. The El Colmenar II wind farm qualifies under Royal Decree 436 2004 pursuant to transitional provision one of. Royal Decree 661 2007 which regulates the production of electricity under the special regime since it started. up prior to 1 January 2008 The wind farm sells its energy at market price. The Abuela Santa Ana Ser n I Ser n II T jola La Noguera Las Vegas and Los Isletes wind farms qualify. under Royal Decree 661 2007 of 28 May 2007 The Abuela Santa Ana Ser n I Ser n II T jola La Noguera. Los Isletes and Las Vegas wind farms sold at the regulated tariff during all of 2012. The regulatory modifications described above were included in the Company s business plan The sole director. considers that its impact has not reduced the recoverable amount of property plant and equipment to below its. carrying amount, In addition to the regulatory amendment made to Law 15 2012 establishing the 7 tax on the income from the. sale of energy which was taken into account by the Company in its impairment test on 31 12 2012 in 2013 a. new RD was published which is described in Note 19 Events after the reporting period the effects of which. are being assessed by the Company in order to take them under appropriate consideration in 2013. 2 Basis of presentation of the abridged financial statements. 2 1 Regulatory financial reporting framework applicable to the Company. These financial statements were prepared by the sole director in accordance with the regulatory financial. reporting framework applicable to the Company which consists of. a The Spanish Commercial Code and all other Spanish corporate law. b The Spanish National Chart of Accounts approved by Royal Decree 1514 2007 and its industry. adaptations, c The mandatory rules approved by the Spanish Accounting and Audit Institute in order to implement.
the Spanish National Chart of Accounts and its supplementary rules. d All other applicable Spanish accounting legislation. 2 2 Fair presentation, The financial statements which were obtained from the accounting records of AL ANDALUS WIND POWER. S L are presented in accordance with Royal Decree 1514 2007 approving the Spanish National Chart of. Accounts and accordingly present fairly the Company s equity financial position and results of operations. These financial statements at 31 December 2012 which were formally prepared by the Company s sole. director will be submitted for approval by the sole shareholder and it is considered that they will be approved. without any changes The financial statements for 2011 were approved by the shareholders on 25 May 2012. 2 3 Going concern principle of accounting, The Farms currently being operated by the Company have not yet reached the optimum profitability. established in the business plan and consequently the Company suffered a loss for the year which was. greater than expected leading to an equity deficit at 31 December 2012 In this context as indicated in Notes. 10 and 11 2 the Company s shareholders have granted a long term participating loan to it for the purpose of. restoring the equity balance As a result since the Company also has the financial support of the Group to. which it belongs for its normal course of business and taking into account that in accordance with the. Company s business plan it expects to generate future funds the sole shareholder submits the financial. statements in accordance with the going concern principle of accounting. 2 4 Accounting policies, The financial statements were prepared in accordance with the generally accepted accounting principles and. measurement bases described in Note 4 All obligatory accounting principles with a material impact on the. abridged financial statements were applied, 2 5 Key issues in relation to the measurement and estimation of uncertainty. In preparing the accompanying financial statements estimates were made by the Company s sole director in. order to quantify certain of the assets liabilities income expenses and obligations reported herein These. estimates relate basically to the following, The useful life of the property plant and equipment Note 4 1.
Impairment of non current assets Note 4 1, The fair value of certain financial instruments Note 4 3. The recovery of deferred tax assets recognised Note 4 4. Credit risk management Note 20 1, Although these estimates were made on the basis of the best information available at the date of preparation of. these financial statements on the events analysed events that take place in the future might make it necessary. to change these estimates in coming years Changes in accounting estimates would be applied prospectively. recognising the effects of the change in estimates in the financial statements. 2 6 Comparative information, The information relating to 2012 included in these notes to the financial statements is presented for. comparison purposes with that relating to 2011,2 7 Joint property entity. The Company participates in the joint property entity Promotora Zede Arcos At 31 December 2012 and. 2011 however the Company did not include its 8 31 ownership of the aforementioned joint property entity in. its financial statements due to its understanding that the effect that its proportional inclusion would have would. be entirely immaterial as can be seen below in the analysis of the figures from the most recent financial. statements from 31 December 2011,Thousands of euros Zede Arcos.
Total assets 49 164,Sales 1 376,Profit Loss for 2011 Loss 3 615. 2 8 Grouping of items, Certain items in the balance sheet income statement statement of changes in equity and cash flow statement. are grouped together to facilitate their understanding however whenever the amounts involved are material. the information is broken down in the related notes to the financial statements. 2 9 Changes in accounting policies, In 2012 there were no significant changes in accounting policies with respect to the policies applied in 2011. 2 10 Correction of errors, In preparing the accompanying financial statements no significant errors were detected that would have made. it necessary to restate the amounts included in the financial statements for 2011. 3 Allocation of profit losses, The allocation of 2012 loss proposed by the Company s sole director is as follows.
Profit Loss for 2012 Loss 9 289 293,Allocation of profit loss. Prior years losses 9 289 293,3 1 Restrictions on the distribution of dividends. As stated in Note 11 in accordance with the financing agreement entered into with various financial. institutions there are restrictions on the distribution of dividends to shareholders unless the conditions. established in provision 14 is met The provisions are. A Debt Service Coverage Ratio of more than 1 1 in the annual verification of the audited data. corresponding to the previous year, No early maturity event has arisen and the distribution to shareholders does not give rise to any of the. aforementioned events, Any other significant debts owed by the borrowers which have matured have been settled in full including. those arising from the main credit facility, The first instalment of the main credit facility has been repaid.
The debt service reserve account is funded at any given time according to that envisaged in the financing. 4 Accounting Policies, The principal measurement bases applied by AL ANDALUS WIND POWER S L in preparing its financial. statements in accordance with the Spanish National Chart of Accounts were as follows. 4 1 Intangible assets, This account includes the positive difference arising from the merger which took place in 2009 as a result of. the Company s merger with several investees, This merger goodwill was credited to intangible assets as it corresponded mainly to administrative. authorisations of certain of the farms developed by the Companies administrative concession see Note 5.


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