Annual Report | 2009

Contents
Letter from the Chairman 4 The Elecnor Group in 2009 19

Board of Directors 7 Evolution of the Business 20

The Elecnor Group worldwide 8 Networks and Infrastructures 22

Group structure 10 Renewable Energies 34

Main aggregates 12 Technology and Information Systems 40

Balance Sheet Trends 16 Concessions 46

Stock Market information 18 International 49

Research, Development and Innovation 59 Auditor’s Report 69

Quality Management 60 Financial Information for the Elecnor Group 73

Environmental Management 61 Directors’ Report 147

Human Resources 63 Financial Statements for Elecnor, S.A. 155

Occupational Risk Prevention 66 Contacts 159

2009 ANNUAL REPORT - 3

Letter from the Chairman
Exhibition and Congress hall (Ávila). Installations.
Dear shareholders:
I am pleased to present, in my capacity as Chairman of the
Board of Directors of Elecnor, S.A., the 2009 Annual
Report of both the company and its group of companies.
When we started the 2009 financial year, we did so with
mixed feelings: on the one hand, we were confident about
Elecnor’s capacity to continue the growth in earnings and
in returns for its shareholders; and on the other, we were
concerned about the harsh economic environment that we
would unavoidably have to face.
Over the months, those initial sensations were confirmed.
Regarding the economic juncture, the crisis became
evident in full force, above all in the spanish market, which
continues to be the most relevant for our business
activities. In addition to factors that had an overall impact
(the largest drop in the GDP ever recorded in our country,
the drastic tightening of access to financing for individuals
and companies and the sudden cut-back in investment by
industries and public administrations), there was a specific
element that, as we already knew, would affect us directly:
the regulatory change instituted on 26 September 2008
through Royal Decree 1578/2008 for compensation of the
electric energy production activity through renewable
energies.
This Royal Decree sought to definitively regulate the growth
of the solar photovoltaic sector, which took off here in
2004 under the shelter of another, highly favourable Royal
Decree. The main gist of the new policy is to try to control
both the power that is installed every year and the expense
in premiums, while at the same time it started to give clear
priority to rooftop installations and, therefore, to energy
that is injected under a distributed scheme.
The truth is that the effect of the Royal Decree on the
photovoltaic sector has been devastating, given that it has
paralysed the sale of grid-connected photovoltaic modules.
In fact, our solar photovoltaic subsidiary, Atersa, had to
face 2009 with considerably reduced expectations in the
domestic market, which it only partially limited through
greater activity in markets abroad.
But the exceptional adversity of the environment was not
going to be enough for Elecnor to give up on the strategic
lines that have provided such good results during the last
and extended up cycle of the economy. In fact, our
strategic approaches are designed to take utmost
advantage of boom periods and accelerate our growth
capacity, but also to keep the company safe from collapses
caused by down cycles such as the current one.
In this situation, the consolidated bottom line of the
Elecnor Group grew 3.8% in 2009, ending at the 100
million euro threshold (specifically, 97.1 million euros,
versus 93.6 million in 2008). This balance is even better if
we focus on the parent company, Elecnor, S.A., whose
bottom line increased 10% and ended at 54.6 million
euros.
In turn, consolidated sales fell to just over 1.6 billion euros,
meaning 12.2% less than 2008, while sales by Elecnor,
S.A., dropped by a somewhat higher percentage (15.8%),
ending at over 1.2 billion euros.
The growth of the consolidated results, in contrast to the
reduced total sales, was possible due mainly to the greater
contribution by operations in foreign markets (in sales
revenues and in margins), which represent over 40% of
the Group’s business activity. In conjunction with this, we
should point out the overhead and bad debt containment
policy, thanks to an integrated risk management strategy
that is also serving to strengthen our solid position in the
financial markets, where we continue to enjoy top
credibility.

These data are especially noteworthy at times such as

these, when many companies are suffering from a major
correction in their profitability. Thus, one of the editorials
of the daily newspaper, Expansión, from 25 February 2010,
analysed Elecnor’s 2009 results as follows: “The Group has
shown that it has sufficient girth to adapt to changes in
the environment, whether by diverting its interests towards
other energy areas (it will develop three thermosolar plants
in Spain, a segment with growth expectations) or by
delving deeper into its concession business”.

The perception that Elecnor knows how to reach its

business objectives and take on challenges is an essential
source of confidence in the stock markets. This credibility
was translated to the stock price throughout 2009. After
the anomalous behaviour of our shares in 2008, when
many publicly traded companies that enjoyed good health
–including Elecnor– were washed away by the flood of the
international financial crisis, in 2009 the line of strong
gains observed in previous years continued. Specifically, the
share price advanced 60.65%, one of the highest
percentages in all our history.
While the reference indices (Ibex-35, the General Index of
the Madrid Stock Exchange [IGBM] or the Ibex Small Cap)
never exceeded a 30% gain, at the close of last year the
differential in favour of Elecnor had increased in the
medium term. Thus, our annual equivalent variation over 5
years is 22.08%, with the IGBM at 5.30%, the Ibex-35 at
5.63% and the Small Cap at 0.87%.
Elecnor shareholders have also seen profitability reinforced
through dividends. In the event that the proposal
submitted by Board of Directors to the General
Shareholders in 2010 is approved, consisting of the
payment of a second dividend amounting to 0.1784 euros
per share charged to the results of FY 2009, the total
interim dividend received will amount to 0.2305 euros per
share. This means an increase of 6.37% with respect to
what was distributed during FY 2008, involving a payout
of 36.72% and profitability of 3.93%.
would normally occur on 1 January 2011. Thus, during the
second semester of 2009 we got to work on being able to
launch the new plan at the start of 2010. Finally, on 26
February of this year we formally presented the 2010-2013
Strategic Plan approved by the Board of Directors.
Seven action priorities are established in our new Strategic
Plan: internationalisation, energy, leadership in the internal
market, innovation, investment capacity and agility, greater
institutional presence and conversion of the Elecnor Group
into a corporation. The combination of all these priorities
should allow us to reach a new scope within the
dimensions of the Elecnor Group, thereby consolidating its
leading role in the areas where it operates.
In this new four-year cycle that we have just started, all of
you –the shareholders– will continue to be a fundamental
point of reference. And, as always, achieving our
ambitious objectives will only be possible if we are
capable of maintaining the trust of our customers and
the motivation and dedication of the Elecnor Group’s
entire staff.
Sincerely,

As I announced in the letter in which I introduced the

previous annual report, at the close of 2008 –two years
before expected– we had already achieved the quantitative
objectives included in the 2006-2010 Strategic Plan, which
consisted of duplicating the sales figures and results
obtained in 2005, the base year for establishing these goals.

This two-year advance was the main reason for deciding to Fernando Azaola
also advance the effective date of the next plan, which Chairman

2009 ANNUAL REPORT - 5

Málaga Airport VIP room. Architecture, equipment and installations.
Board of Directors

CHAIRMAN AND CHIEF EXECUTIVE OFFICER MEMBERS

Mr. Fernando Azaola Arteche Mr. Gonzalo Cervera Earle

Mr. Joaquín Gómez de Olea y Mendaro

VICE-CHAIRMEN
Honourable Sir Cristóbal González de Aguilar Enrile
Mr. José María Prado García
Mr. Juan Landecho Sarabia
Mr. Jaime Real de Asúa Arteche
Mr. Fernando León Domecq

Mr. Miguel Morenés Giles

Mr. Gabriel de Oraa y Moyúa

SECRETARY COUNSEL

Mr. Rafael Prado Aranguren

2009 ANNUAL REPORT - 7

The Elecnor Group worldwide

BRANCHES Mexico Honduras

• Costa Rica
AND SUBSIDIARIES
• Cuba
OTHER COUNTRIES United States
• El Salvador
IN THE WORD
• Nicaragua
• Panama Canada

Brazil Uruguay

Argentina • Bolivia
Peru • Colombia
Chile Dominican Rep. • Paraguay

Venezuela

Ecuador
 • Belgium • Macedonia • China
• Bosnia • Romania • Fhilippines
• France • Russia • India
• Germany • Turkey • Israel
• Greece • Ukraine • Vietnam
• Italy • United Kingdom
Spain

Portugal Algeria

• Burkina Faso • Mali

• Cameroon • Marocco
• Congo • Mauritania
Angola United Arab Emirates • Egypt • Mozambique
• Ghana • Senegal
• Ivory Coast • South Africa
• Kenya • Tunisia

2009 ANNUAL REPORT - 9

Group structure

NETWORKS AND INFRASTRUCTURES

Elecnor
Adhorna Prefabricación
Ehisa Construcciones y Obras
Hidroambiente
Instalaciones y Proyectos de Gas
Internacional de Desarrollo Energético
Redes Eléctricas de Manresa
ST Redes de Levante
Elecen (Honduras)
Elecnor Chile
Elecnor de Argentina
Elecnor de México
Elecnor do Brazil
Elecnor Montagens Elétricas (Brazil)
Electrificaciones del Ecuador
Electrolíneas del Ecuador
Elecven Construcciones (Venezuela)
Isonor Transmision (Peru)
Montagem Elétricas da Serra (Brazil)
Montelecnor (Uruguay)
Omninstal Electricidade (Portugal)
Postes Orinoco (Venezuela)
Rasacaven (Venezuela)
Vilhena Montagens Elétricas (Brazil)

RENEWABLE ENERGIES

Aerogeneradores del Sur Eoliennes de L´Erable (Canada)

Atersa Galicia Vento
Coyote Wind (USA) Helios Almussafes
Elecnor Financiera Helios Almussafes II
Enerfín do Brasil Sociedad de Energia Helios Inversión y Promoción Solar
Enerfín Energy Company (USA) Parque Eólico Baix Ebre
Enerfín Energy Company of Canada Parque Eólico Gaviota
Enerfín Enervento Parque Eólico Malpica
Enerfín Sociedad de Energía Parques Eólicos Villanueva
Eólica Cabanillas Siberia Solar
Eólica Caparroso Sociedad Eólica de Andalucía
Eólica La Bandera Sociedad Eólica Los Lances
Eólica Montes del Cierzo Ventos do Sul Energia (Brazil)
Eólicas Páramo de Poza Zinertia Renovables
 CONCESSIONS

Celeo Concesiones e Inversiones

Brilhante Transmissora de Energia (Brazil)
Cachoeira Paulista Transmissora de Energia (Brazil)
Caraveli Cotaruse Transmisora de Energía (Peru)
Coqueiros Transmissora de Energia (Brazil)
Elecnor Transmissao de Energia (Brazil)
Expansión Transmissao de Energia Elétrica (Brazil)
Expansión Transmissao Itumbiara Marimbondo (Brazil)
Itumbiara Transmissora de Energia (Brazil)
Jauru Transmissora de Energia (Brazil)
LT Triangulo (Brazil)
Pedras Transmissora de Energia (Brazil)
Poços de Caldas Transmissora de Energia (Brazil)
Porto Primavera Transmissora de Energia (Brazil)
Riberao Preto Transmissora de Energia (Brazil)
Serra da Mesa Transmissora de Energia (Brazil)
Serra Paracatu Transmissora de Energia (Brazil)
Sociedad Aragonesa de Aguas Residuales
Sociedad Aragonesa de Estaciones Depuradoras
Sociedad Aguas Residuales Pirineos
Vila do Conde Transmissora de Energia (Brazil)

TECHNOLOGY AND IT SYSTEMS

Cosinor
Deimos Aplicaciones Tecnológicas
Deimos Engenharia (Portugal)
Deimos Imaging
Deimos Space
Elecnor Seguridad

2009 ANNUAL REPORT - 11

Main aggregates

ELECNOR GROUP

At 31 December each year and in thousands of euros

Result figures 2005 2006 2007 2008 2009

Operation profit 39,714 78,196 118,865 151,188 137,104
EBITDA 64,253 111,232 189,287 228,345 178,698
Pre-tax profit 68,269 72,491 102,304 137,997 130,375
Cash-flow 47,285 54,853 73,554 93,593 97,126

Assets 2005 2006 2007 2008 2009

Share capital and reserves 193,776 215,039 292,556 299,070 429,767

Turnover 2005 2006 2007 2008 2009

Sales 781,403 1,095,554 1,650,234 1,911,347 1,677,886
Spain 618,052 845,006 1,337,920 1,498,557 987,548
Abroad 163,351 250,547 312,314 412,790 690,338

Other figures 2005 2006 2007 2008 2009

Employees 5,926 7,031 7,356 8,400 8,486

BBVA Headquarters on Gran Vía street, Bilbao (Vizcaya). Mechanical installations and refurbishment.
Sales 1,911,347 EBITDA
1,677,886 228,345

1,650,234 178,698
189,287

1,095,554
111,232
781,403
64,253

‘05 ‘06 ‘07 ‘08 ‘09 ‘05 ‘06 ‘07 ‘08 ‘09

97,126
Net Worth 429,767 Cash-flow
93,593

299,070
73,554
292,556 54,853
215,039

193,776 47,285

‘05 ‘06 ‘07 ‘08 ‘09 ‘05 ‘06 ‘07 ‘08 ‘09

Employees 8,400 8,486

7,356

7,031

5,926

‘05 ‘06 ‘07 ‘08 ‘09

2009 ANNUAL REPORT - 13

Main aggregates

ELECNOR, S.A.

At 31 December each year and in thousands of euros

Result figures 2005 2006 2007 2008 2009

Operating profit 20,567 15,919 26,624 25,123 45,246
EBITDA 26,427 22,523 34,264 71,898 59,324
Pre-tax profit 27,816 33,831 46,364 54,769 70,725
Cash-flow 26,759 30,932 38,900 49,652 54,604

Assets 2005 2006 2007 2008 2009

Share capital and reserves 149,154 155,183 176,330 202,424 237,550

Turnover 2005 2006 2007 2008 2009

Sales 637,586 815,603 1,360,379 1,468,494 1,236,059
Spain 564,009 688,192 1,175,822 1,256,347 890,608
Abroad 73,577 127,411 184,557 212,147 345,451

Other figures 2005 2006 2007 2008 2009

Employees 3,964 4,409 4,962 5,891 5,746

South Sector Library in Sabadell (Barcelona). Construction.

Sales 1,468,494 EBITDA
71,898
1,360,379 1,236,059 59,324

815,603
34,264

637,586
26,427
22,523

‘05 ‘06 ‘07 ‘08 ‘09 ‘05 ‘06 ‘07 ‘08 ‘09

Net Worth 237,550 Cash-flow 54,604

49,652
202,424
176,330 38,900
155,183
30,932
149,154

26,759

‘05 ‘06 ‘07 ‘08 ‘09 ‘05 ‘06 ‘07 ‘08 ‘09

Employees 5,891 5,746

4,962
4,409

3,964

‘05 ‘06 ‘07 ‘08 ‘09

2009 ANNUAL REPORT - 15

Balance Sheet Trends (thousands of euros)

ASSETS
2005 2006 2007 2008 2009
Goodwill 14,316 16,755 16,945 20,040 24,245
Property intangible 835 1,380 21,923 31,917 54,255
Property, plant and equipment 314,340 502,787 528,182 499,298 579,811
Investments accounted for using
the equity methood 40,869 104,354 175,468 202,683 301,084
Non-current financial assets 26,375 34,940 42,122 40,146 96,734
Deferred tax assets 12,744 12,024 20,287 43,306 56,319
Total not-current assets 409.479 672.240 804.927 837.390 1.112.448

Non-current assets held for sale 17,995 - - 4,460 4,611

Inventories 126,594 79,181 112,492 73,916 41,148
Trade and other receivables 399,253 705,432 910,111 790,664 784,846
Trade receivables from related companies 3,062 11,646 2,724 3,654 2,141
Tax receivables 24,430 29,680 29,460 38,128 36,372
Other receivables 35,633 11,073 14,543 26,344 35,032
Other current assets 966 1,530 2,247 1,805 1,308
Cash and cash equivalents 142,426 101,188 79,476 158,911 161,225

Total current assets 750,359 939,730 1,151,053 1,097,882 1,066,683

TOTAL ASSETS 1,159,838 1,611,970 1,955,980 1,935,272 2,179,131

Signs and control systems for the access roads to El Prat Airport (Barcelona).
EQUITY AND LIABILITIES
2005 2006 2007 2008 2009
Share capital 9,000 9,000 9,000 9,000 8,700
Reserves 140,281 154,426 213,890 201,143 328,471
Profit for the year attributable to the Parent 47,285 54,853 73,554 93,593 97,126
Interim dividend for the year (2,790) (3,240) (3,888) (4,666) (4,530)
193,776 215,039 292,556 299,070 429,767
Minority interests 43,927 50,539 53,075 50.143 46,730
Total equity 237,703 265,578 345,631 349,213 476,497

Deferred income 7 8,979 19,041 23,599 11,246

Provisions for contigencies and charges 2,722 2,890 30,634 64,624 46,118
Bak borrowings and other financial liabilities 310,405 388,167 434,568 440,706 566,198
Other non-current liabilities 2,124 3,863 4,175 8,149 25,497
Deferred tax liabilities 16,261 14,589 14,481 15,793 14,593
Total non-current liabilities 331,519 418,488 502,899 552,871 663,652

Bank borrowings and other financial liabilities 81,446 76,386 110,998 69,402 81,118
Trade payables to associates and
related companies 3,127 4,689 4,768 2,983 593
Trade and other payables 439,547 786,140 913,606 862,338 845,865
Other liabilities 66,496 60,689 78,078 98,465 111,406
Total current liabilities 590,616 927,904 1,107,450 1,033,188 1,038,982

TOTAL EQUITY AND LIABILITIES 1,159,838 1,611,970 1,955,980 1,935,272 2,179,131

2009 ANNUAL REPORT - 17

Stock Market information

MONTHLY QUOTATION AND TRADING TRENDS IN 2009

Monthly Trading volume
Days listed Maximun Minimum Average Closing Shares Cash
JANUARY 21 7.91 6.30 7.04 6.75 315,258 2,218,742.36
FEBRUARY 20 6.75 5.50 6.16 6.30 255,766 1,575,963.22
MARCH 22 7.05 5.26 6.15 6.40 332,895 2,048,254.44
APRIL 20 8.38 6.45 7.44 8.16 474,694 3,529,797.36
MAY 20 9.50 8.06 8.65 8.32 451,718 3,907,020.02
JUNE 22 8.95 8.12 8.46 8.37 279,269 2,362,830.63
JULY 23 9.59 7.56 8.55 9.49 613,690 5,246,607.57
AUGUST 21 10.60 9.60 10.20 10.15 186,035 1,897,690.74
SEPTEMBER 22 13.09 9.90 11.96 12.52 336,055 4,020,099.96
OCTOBER 22 12.79 10.81 12.25 12.10 261,362 3,202,378.10
NOVEMBER 21 12.56 11.25 12.17 11.79 218,103 2,653,514.12
DECEMBER 20 12.15 11.06 11.57 11.39 324,751 3,756,703.50
TOTAL 2009 254 13.09 5.26 8.99 11.39 4,049,596 36,419,602.02

DIVIDEND PER SHARE 2005 2006 2007 2008 2009

Dividend per Share 0.104 0.133 0.204* 0.217 0.231
Interim 0.031 0.036 0.043 0.052 0.052
Extra 0.073 0.097 0.116 0.165 0.178**
Dividend on net profit (PAY-OUT) (%) 33.81 37.27 34.38 37.96 36.72

(*) An extraordinary dividend of €0.045 was also paid out on the occasion of Elecnor’s 50th anniversary, charged to the 2007 fiscal year.
(**) Proposal of the Board of Directors to the Shareholder’s Meeting

Annual equivalent variation over 5 years

+22,08%

+5,30% +5,63%
+0,87%

ELECNOR IGBM IBEX SMALL

The Elecnor Group in 2009

Sea Rescue Coordination Centre (La Coruña).

Maintenance.

2009 ANNUAL REPORT - 19

Evolution of the Business
The environment around the global economic situation
was far different at the close of 2009 than it was one year
before. In fact, from the perspective of hindsight, it can be
affirmed that the hardest part of the worst recession that
the world has known in over half a century took place
between September 2008, a moment symbolised by the
bankruptcy of Lehman Brothers, and March 2009, when
the world’s stock markets touched bottom.
With difficulties and major uncertainties that are not yet
entirely overcome, the truth is that the recovery started
throughout the second semester of 2009, at least in some
affected countries, given that others (including Spain) still
have negative growth rates.
The departure from the most critical phase of the crisis
(which occurred faster than it could have been imagined)
has been due to the coordinated economic stimulus
measures adopted throughout the entire world, in both
the monetary and tax spheres. How and when to
withdraw this aid is precisely the crucial question that
experts and monetary authorities were debating at the
start of 2010, with everyone knowing that maintaining
them for too long would neither be sustainable nor
desirable in view of the strong growth in the deficit and
public debt levels in most industrialised nations.
Within this context of uncertainty, there is the growing
sensation that a new global scenario will arise from the
current crisis, a scenario that is different from the one we
knew before. Emerging economies have gained
protagonism, demonstrating a greater capacity to resist
depression thanks to their lower exposure to the factors
that triggered it and thanks to their use of monetary and
tax policies to counteract the negative pressure on
demand. Linked to this is the relative recovery of global
trade and of raw materials prices as 2009 advanced. Thus,
countries such as China, Brazil, India and Mexico seem to
be called upon to constitute the new engine of the global
economy.
Inauguration of the Villanueva I and II
wind farms in Jarafuel (Valencia).
Deimos-1 satellite launch event in the
Parque Tecnológico de Boecillo (Valladolid).
Presumably, things in Spain will also be different. The end
of an economic model, one protagonised by the
construction industry, seems to be unavoidable. But what
we cannot yet clearly see is the alternative. What does
seem likely, according to the predictions of all international
entities, is that overcoming the crisis in our country will be
slower and more difficult than in the rest of the OECD.
The Elecnor Group, with stable presence in over 20
countries, had to face different economic environments
depending on the market. Specifically, the spanish market
was characterised by overall lethargy and by the almost
absolute stoppage of a sector that, years before, had been
one of the most dynamic ones in the domestic economy:
the solar photovoltaic sector, affected by new, restrictive
legislation introduced in September 2008.
These conditioning factors did not prevent us from
reaching a new level in the consolidated bottom line,
which grew by 3.8% and ended at 97.1 million euros. In
2008 the bottom line was 93.6 million.
In turn, the earnings of the parent company, Elecnor, S.A.,
amounted to 54.6 million euros, which represented a 10%
increase with respect to the previous financial year.
Meanwhile, consolidated sales at 31 December 2009
amounted to over 1.6 billion euros, which represents a 12.2%
decrease. The backslide by Elecnor, S.A. was somewhat
greater: 15.8% less, ending at over 1.2 billion euros.
The favourable behaviour of the results within a
framework of receding sales was possible thanks to the
greater contribution by operations in foreign markets (in
both total sales and in margins), which represent over
40% of the Group’s activity. The risk management policy
has also had a decisive influence, which, within the current
framework of a crisis, has taken special precautions and
applied special controls in order to minimise the impact of
bad debt. But the fundamental key is once again, as in
previous financial years, the Group’s configuration around
a set of activities and markets while ensuring careful
diversification that accelerates growth in boom periods
and avoids collapse in down cycles such as the current
one.
Considering this diversification, Elecnor’s evolution should
be analysed, to be truly complete and reliable, according
to three criteria: the territories within which it operates,
the companies of which it is composed and the sectors in
which they operate:
• Territorial balance sheet: In 2009, as in 2008, foreign
markets were more dynamic than the Spanish market,
which was harshly affected by the greatest recession in
its history. In fact, the Group’s consolidated sales in the
internal market suffered a 34.1% decrease with
respect to 2008, while sales abroad grew by 67.2%.
Thus, the difference in the weight of one region or
another within the overall business figure was reduced
to less than 18 percentage points in favour of the
internal market, when in 2008 it was almost 57
percentage points. Specifically, sales in Spain
represented 58.9%, versus 41.1% earned outside our
borders.
In 2009, the Elecnor Group continued its expansion
and consolidation plans on the international map by
covering all the strategic markets, with special
attention in Latin America and Africa. By business
areas, the Group emphasised renewable energy
projects and network and infrastructure projects, and
significant advances in the concession market were
made. One highlight is a project, together with
Iberdrola Ingeniería y Construcción (Iberinco), to build
a 1000 megawatt, gas combined cycle power plant in
Cumaná in the state of Sucre (Venezuela). Likewise,
the Venezuelan company Electricidad de Caracas (EDC)
awarded Elecnor the construction of four substations
and the related interconnection, amounting to 141
million euros.
The results in the rest of the Latin American market
have likewise been satisfactory. Within this section, we
should mention the award of the Ancoa-Alto Jahuel
transmission line in Chile under a concession scheme.
And in Brazil, the award of a project to develop five
wind farms totalling 96 MW of power.
Changing scenarios, the Elecnor Group has continued
to grow in another strategic area –North Africa– where
it was awarded in various tenders, such as the one by
the Algerian Development Enterprise (ADE) to execute
the water connection infrastructures between the
Souk-Tleta Desalination Plant and the region of
Tlemcen, in the Western part of the Maghrebian
country.
The unbalanced evolution between the domestic and
foreign markets during 2009 has shown signs of
settling in terms of the order book. Thus, at the start of
2010, the Group’s order book in Spain was greater
than the previous year by 10.3%, while the order book
corresponding to foreign markets grew by 3.3%,
thereby resulting in an overall increase of 6.7% with
respect to the start of 2009.
• Balance sheet by companies: After consolidation, the Group’s
parent company, Elecnor, S.A., maintained its traditional
weighting with respect to the relative weight in the sales total
(73.7%), although it dropped 3 percentage points with
respect to 2008 as a result of lower sales. The Group’s
second-leading company by sales volume, Atersa, also
suffered a notable decline, whose market share ended at 6%
versus the 11.7% in 2008. Enerfín, the Group’s company in
charge of the wind energy activity, repeated in third place at
2.6% of the sales total.
The most notable phenomenon was the boom by the
companies winning concessions for electric
transmission lines in Brazil, which overall represented
6.9% of the Group’s sales, almost tripling the 2008
figure. We should also highlight the excellent
performance outside our borders by the subsidiaries in
Venezuela, Brazil and Argentina.
• Balance sheet by sectors: After two consecutive
financial years (2007 and 2008) in which the sector
with the greatest share index of the Group’s total sales
was Renewable Energies, in 2009 it was the Electric
sector that led the ranking as a result of concentrating
40.7% of total consolidated sales. It was followed by
Construction, Environment and Water (18.3%), with
Renewables and Industry coming in third (16.4%).
The 2009 balance sheet represents full achievement of the
objectives established in the 2006-2010 Strategic Plan,
which consisted of doubling the total sales and results
obtained in FY 2005. In fact, reaching these objectives
early led to putting the new plan into force early, which
covers the 2010-2013 period.
2009 ANNUAL REPORT - 21
Networks and Infrastructures

ELECTRICITY

Throughout last year, Elecnor continued to maintain its
notable presence in the domestic market and increased its
presence abroad with contracts that are detailed in the
International chapter.
In Spain, and through the main electric companies, Elecnor
remained firm and consolidated its presence another year
in all of Spain’s Autonomous Communities, where it
ensured professionalism, reliability and solvency in
performing the electric activities for which it is known in
the market.
Despite the significant drop in investment by companies in
the sector, Elecnor has known –not without effort– how to
react and how to combine and adapt its resources in view
of this decline in investment, while continuing to meet all
required quality and safety requisites.
pedestrian walkways on several streets and the installation
traffic guidance equipment in traffic circles using LED
lighting in Majadahonda (Madrid); the illumination of the
exterior area of the 4 towers of the old “Sports City” of
the Real Madrid football club; and replacement of all the
lighting in the town of Biar (Alicante) using LED
technology.
Highlights of the jobs performed for private and public
customers in the domestic market include the
Urbanización Son Quint in Palma de Mallorca and the
burying of the 45 kV power lines at the Los Ángeles
Industrial Complex for the city government of Getafe
(Madrid).

2009 was a year that served to boost the lighting activity

at different Business Divisions (which for years has been
developed at the Central Division). Through this measure
and others, Elecnor would like be the leader in this activity.
Highlights of lighting projects include the illumination of

400 kV Penagos (Cantabria)-Güeñes (Vizcaya) line.


4 tower complex on the Paseo de la Castellana (Madrid). Lighting.
Other projects include the following:
• The 30 kV electric line and transformer substations for
new maintenance and storage facilities in Lebario
(Vizcaya) for Euskal Trenbide Sarea.
• By-passes of 66 kV and 13 kV lines for building the
new “Norte II” Central Penitentiary in Pamplona
(Navarra) for the Sociedad Estatal de Infraestructuras y
Equipamientos Penitenciarios.
• An electric substation for the Mercadona Logistics
Centre in Villadangos (León).
• Electric installations at the pastry dough factory in
Medina del Campo and at the sliced bread factory in
Aguilar de Campoo (Palencia) for Grupo Siro.
And regarding transmission lines for electric companies
(REE), we should highlight the construction of the 400 kV
lines between Segovia and Galapagar (Madrid) and the
construction of sections 4 and 5 of the Arcos–Roda line.
For Iberdrola, the Puebla-Guillena line (also 400 kV) and
the 220 kV line between Novelda–Saladas (Alicante),
among others.
GAS
Elecnor is one of the main suppliers for gas development in
Spain. It is present in most fields of application, which
range from gas transport to distribution designed for both
domestic and industrial consumption.
Elecnor’s ties to the main players in the sector continue to
be fully in tact. Specifically, it works for:
• Grupo Gas Natural
• Enagás
• Endesa
• Gas Extremadura
• Naturgas
• Hidrocantábrico
400 kV Segovia-Galapagar (Madrid) line.
As a relevant novelty, it has started working with Endesa in
the gas distribution sector.
With respect to specific customers related to the Gas Natural
Group, the most significant fact was our presence in the new
framework agreement corresponding to the “Construction of
New Pipelines and the Maintenance of Networks and Service
Connections with an MOP of 10 bar”, in addition to the
contract for the “Construction of Steel Networks and Service
Connections” for a period of 4 years, meaning until 2013, in
which the following distributors of the Group were awarded:
• GN Distribución.- Madrid and Barcelona.
• GN Andalucía.- Huelva and Sevilla.
• GN Castilla y León.- Burgos and León.
• GN Castilla La Mancha.- Guadalajara and Toledo.
• Gas Galicia.- Pontevedra.
• Gas Navarra.- Navarra.
• Gas Rioja.- La Rioja.
We should also point out that business activities have
started in Sevilla, León, Pontevedra and Navarra. Likewise,
our business activities have been consolidated in the
following framework agreements:
• Maintenance service for distribution networks,
regulation and measurement stations and elements
associated with the Gas Natural Group in Cataluña.
• Periodic inspection service for domestic and industrial
installations of gas customers, also in Cataluña.
• Emergency service in the province of Huelva.
With respect to projects contracted with Gas Natural, the
following could be mentioned:
• Modification of 2 regulation stations in L´Hospitalet
(Barcelona).
• Construction of 11 regulation and measurement
stations located on the Nájera-Ezcaray gas pipeline.
• Remote control of 26 valve node units for Gas
Natural’s control and distribution centre.
2009 ANNUAL REPORT - 23
Networks and Infrastructures
Regarding Gas Natural’s expansion of its distribution
network, a contract was signed to execute the distribution
and marketing activity in two new towns: Oliva (Valencia)
and San Pedro de Alcántara (Málaga).
And within Gas Natural’s commercial activity to bring on
line and win over new customers, we should point out
how the activity has been consolidated by winning over
5000 new supply points, located mainly in Valencia,
Barcelona, Huelva, Madrid, Burgos and Logroño.
With respect to Enagás, Elecnor contracted the following:
• New Location 5.D.03.04 and the modification of
Location A.36 in Besós (Barcelona).
• Modification of Location 15 in Tibias (Tarragona).
• Modification of Location 15.11 in Sagunto (Valencia).
• Supply and installation of a regulation and
measurement station at the regasification plant in
Musel (Gijón).
• Electrical assembly and instrumentation at the
Barcelona plant.
• Expansion and remodelling of the compression station
building in Crevillente (Alicante).
• Other building remodelling projects at centres in
Burgos and Castellón.
An agreement to build the following was also reached
with Enagás:
• Output and input locations (Denia-Ibiza-Mallorca)
• Modification of Location K.13 at Arcos de la Frontera
(Cádiz).
• Modification of Location A.3.4 and supply and
installation of regulation and measurement station G-
400. Supply and installation of regulation and
measurement station G-250 at the Denia and Montesa
compression stations.
• Turbine calibration bench at the Zaragoza R&D Centre.
• Assembly and commissioning of the electric and
instrumentation installation at the Lumbier
compression station (Navarra).
• Assembly and commissioning of the electric and
instrumentation installation for expansion of the Haro
compression station (La Rioja).
And within the scope of the framework agreements with
Enagás, we could highlight the following:
• Maintenance and security for the basic gas pipeline
network in the East zone (Murcia, Alicante, Valencia,
Castellón, Barcelona, Huesca and Zaragoza).
• Maintenance of the electric lines and transformer
substations of the basic network of national gas
pipelines (nationally).
New Terminal Building at Málaga Airport.
Equipment and installations.
With Endesa, activity started in the gas distribution sector,
specifically in the areas of Teruel and Zaragoza, by signing
the following framework agreements (2009-2010):
• Construction and maintenance of gas distribution
installations.
• Customer service at receiving facilities.
• Maintenance at gas transport facilities.
• Marketing and construction of receiving installations in
inhabited buildings.
In addition, we should mention construction of the
regulation and measurement station, of the service
connection line and of the interior distribution feed lines to
the turbines of the Son Reus Power Plant (Mallorca).
With respect to Gas Extremadura, framework agreements
continued in the following areas:
• Construction and maintenance services at distribution
facilities in Badajoz, Olivenza and Montijo.
• Emergency services at the facilities of Gas Extremadura
Transportista.
Regarding the remaining customers, we should point out
the following:
• Naturgas: construction of the gas distribution network,
receiving facilities, individual installations and marketing
in the city limit of Villarejo de Salvanés (Madrid), within
the framework agreement (2008-2010).
• Técnicas Reunidas: Construction of the regulation and
measurement stations for the combined cycle plant of the
Barcelona port, owned by Gas Natural, and for the combined
cycle plant of Besós, owned by Endesa in Barcelona.
• CLH: Contract for the electrical installation and
instrumentation corresponding to the project for
“Expansion of storage capacity in Gijón”.
• Repsol: contract to build section II corresponding to
widening of the Cartagena–Puertollano oil pipeline
(14”, 77 km).

Synchrotron particle accelerator in Cerdanyola del Vallès (Barcelona). Installations.
INSTALLATIONS
Elecnor has demonstrated its technical competency one
more year by successfully taking on the most ambitious
projects in integrated installations, thereby remaining an
outstanding and undisputed benchmark in the sector.
Elecnor is characterised in this area by its capabilities in
diverse business activities. It is committed to integrated
project management and always contributes the best
solutions for developing large infrastructures such as airports,
buildings, hotels, hospitals, malls, offices, solar farms, wind
farms and others. And it is committed to keeping its
leadership in tact in electrical, control and air conditioning
installations; in mechanical and electromechanical
installations; in fire-fighting systems; in communications; in
security; in solar energy; etc., all with clear lines of work:
continuous research and development, execution quality,
occupational risk prevention, environmental management
and a decided commitment to the environment.
Among the unique projects undertaken in 2009, we
should point out the consolidation of our presence at
spanish airports. Among the multiple contracts that were
awarded in 2009, we could cite major electrical
infrastructures, such as remodelling of the electrical
Redes e Infraestructuras
system of the Lanzarote airport in the amount of 13
million euros. This project serves as a future benchmark
for showing the company’s classic business activity. In
addition, Elecnor was the successful bidder of major
projects regarding maintenance services at airports, such
as the maintenance service for the low-voltage
installations of Madrid’s Barajas airport; the maintenance
service for the production and distribution network at
Barajas; the service for scheduling and executing
maintenance activities in the movement and access areas
of the same airport; the maintenance service of the air
conditioning systems at the Sevilla airport; and the
maintenance service for the fire detection and
extinguishing systems at the Tenerife airport.
Various construction and remodelling projects were won at
different airports: construction of the maintenance shop in
the industrial zone of the Valencia airport; remodelling of
SEI toilets and dressing rooms at the Málaga airport, etc.
At the same time, we continued to supply equipment,
furniture and decoration elements. This is the case of the
new terminal building in Málaga.
2009 ANNUAL REPORT - 25
Redes e Infraestructuras

One of the most important airport projects inaugurated

last year was the power plant of the new air terminal and
interconnection between the plant and substations within
the Barcelona airport, which amounted to over 26 million
euros. Integrated installations were executed here: LV/MV
electricity, with 40 MVA installed; 25 kV interconnection
rings between plants and substations; air conditioning
installation; plumbing installation; fire detection and
extinguishing installation; sewer installation; etc.

The various projects that are currently being executed and that
have been developed during 2009 include the installation of
traffic guidance equipment at the Jerez airport, which should
position Elecnor as the company to watch among leading
installers of this type of airport-specific installations, given that
this project will have a point-to-point control system that is
only available at the most advanced airports in the world and
for which there are currently only a few examples of
installations operating in Spain in the testing phase.

Another noteworthy reference within airports is the project for

command and control of the Jerez airport power plant. There,
despite the technical difficulties of executing the project, all
jobs were performed while maintaining operational capacity at
all times: the airport’s normal operation was not affected.

Port Aventura Convention Centre in Salou (Tarragona). Comprehensive installations.

New T-1 Terminal Area in El Prat

Airport (Barcelona). Comprehensive
installations.

Aside from the airport sector, Elecnor was able to establish
itself with customers who have remained (counter-current)
very active in their investments during 2009, despite the
current market recession. This is the case of Ikea and its
affiliate, Interikea (in charge of the entire commercial
business surrounding Ikea centres), in Jerez de la Frontera.
Another one of the unique projects executed during 2009
was the Synchrotron located in Cerdanyola del Valles,
Barcelona. Electrical, communications, fire extinguishing
and detection, CCTV, intrusion and security and special
installations were executed there.
Another highlight of the projects executed during 2009
was the corporate headquarters of Laboratorio Grifols. It is
located in Sant Cugat del Vallés, Barcelona. Electrical, air
conditioning and ventilation, mechanical, sewer, voice and
data (telecommunications), fire detection and
extinguishing systems were executed on this project.
Another highlight from 2009 is the Port Aventura
Convention Centre in Salou, Tarragona, executed for
Comsa.
Networks and Infrastructures
TELECOMMUNICATIONS INFRASTRUCTURES
Regarding telecommunications infrastructures, the
company’s offer of services includes the following:
• Viability studies and business plans.
• Engineering and design.
• Site location and network planning.
• Management of permits and licenses with public and
private entities.
• Supply of telecommunications materials, equipment
and systems.
• Pipelines and auxiliary civil works.
• Installation and connections.
• Testing and commissioning of equipment and systems.
• Operation and maintenance.
• Customer service.
• Comprehensive project financing.
All these services make Elecnor a turnkey supplier, a
fundamental characteristic in the telecommunications
sector.
Numerous jobs and projects on telecommunications
infrastructures were taken on in 2009. In the domestic
market, we could highlight the following:
• Overall customer loop contract for Telefónica de
España in 12 provinces: Valladolid, Burgos, Vizcaya,
Álava, La Rioja, Navarra, Zaragoza, Huesca, Teruel,
Gerona, Valencia and Murcia. This contract covers the
entire deployment and maintenance of the telephone
distribution network and scatternet in these 12
provinces. Elecnor is one of the main companies
collaborating with Telefónica de España on this
contract.
• Deployment of the new fibre to the home (FTTH)
network for Telefónica de España in the cities of
Bilbao, Vitoria, Valladolid, Zaragoza and Murcia.
• Construction and maintenance contract for Ono in the
Comunidad de Madrid.
• Framework agreements for developing the fibre optic
cable network for Adif and Gas Natural.
• Execution of the inventory-taking and comprehensive
maintenance service of the telecommunications
network of the Sociedad Estatal de Correos y
Telégrafos for Correos Telecom.
• Framework agreement for developing the construction
project of the fixed and mobile network of France
Telecom España (Orange) in zone 1 (Madrid and
surrounding provinces) and zone 2 (Cataluña,
Zaragoza and Huesca).
2009 ANNUAL REPORT - 27
Redes e Infraestructuras

4 tower complex on the Paseo de la Castellana (Madrid). Maintenance.


MAINTENANCE
For the Elecnor Group, maintenance activities are
becoming increasingly important, given that they complete
the link with certain types of customers with whom a
relationship has already been established in other areas,
and they are a way to enter new sectors and win over new
customers.
Specifically, Elecnor provides maintenance to hospitals,
business parks, malls, bank branches, office buildings,
administrative offices, airports, thermal power plants,
nuclear power plants, wind farms, solar farms, factories
and universities, among others.
With respect to maintenance activities themselves, the
most relevant are the following:
• Building maintenance.
• Daily operation.
• Preventive and technical-legal maintenance of high- and
low-voltage installations.
• Air conditioning and heating.
• Fire-fighting systems.
• Highly qualified predictive maintenance such as thermo-
graphy, vibration analysis and air quality studies.
• Jobs pertaining to a specialised technical office, such as
energy audits, small remodelling jobs, procedural studies
and computerised management for maintenance.
Madrid North Area Dams. Infrastructure maintenance.
Networks and Infrastructures
Among the projects executed in 2009, we could highlight
the following:
• For AENA, maintenance of the low-voltage systems,
substations, transformer substations and high-voltage
lines of the Madrid airport.
• For Telefónica, maintenance of the air conditioning and
the low- and medium-voltage installations of its Módulo
Madrid III buildings at the Parque Empresarial Julián Ca-
marillo.
• Also for Telefónica, maintenance of the air conditioning
and the low and medium-voltage installations of its buil-
dings in Galicia, Castilla y León and Madrid (Edificio de
Gran Vía) and the framework real estate agreement at
the Ciudad de las Comunicaciones (Madrid).
• For Canal de Isabel II, electromechanical maintenance of
the installations of the East and West zones and of the
dams of the North zone.
• For the Almaraz nuclear power plant, electromechanical
maintenance and replenishing.
• In the hospital sector, integrated maintenance of the
Monte San Isidro and Santa Isabel buildings of the León
Hospital and of the Játiva Hospital (Valencia).
• In the legal area, comprehensive upkeep and mainte-
nance of court buildings associated with the Principado
de Asturias.
• For the Ayuntamiento de La Coruña, modernisation and
efficient improvement of public lighting in the Sagrada
Familia zone, the Plaza Comercio, Villa de Negreira and
the surroundings.
• For INSALUD, upkeep, maintenance and landscaping of
the health centres in the Servicio Madrileño de Salud,
Area 7 of Gerencia de Atención Primaria.
• On the Madrid-Toledo motorway, preventive mainte-
nance, predictive maintenance and 24 hour service for
the transformer substations.
• And for the Congreso de los Diputados, maintenance of
the security and fire-protection installations.
In addition to these contracts, we perform other
maintenance jobs for various customers such as the Base
Naval de Rota, Disalfarm, Gobierno Vasco, Gisa, Petronor,
T-Systems, Vital Kutxa, Ayuntamiento de Córdoba, etc.
2009 ANNUAL REPORT - 29
CONSTRUCTION AND WATER

In 2009, the construction sector continued the negative
trend that had started in 2008. Nevertheless, the Elecnor
Group maintained its solid position in the activity and
increased its contracting volume. Following the strategy
started in previous years, an important part of this activity
was channelled through Ehisa, as the brand of the Elecnor
Group specialising in the construction industry.
Given the difficult situation in which private investment is
immersed, especially investments related to real estate
development, management efforts have been directed at
public development projects, an important part of which
are the tenders requested by city governments through the
Spanish government’s “Plan E”. A customer consolidation
strategy has been followed, thereby attempting to satisfy
all the infrastructure needs of customers.
Interior design and furnishings have become solid
specialities that complement the value offer made by
Elecnor to its customers, provided through a specific
company of the Elecnor Group called Área 3.
In turn, construction, operation and maintenance jobs on
water networks for water utilities and for Public
Administrations represented an important part of total
sales. The projects performed for the Spanish hydrographic
confederations, for Canal de Isabel II and for Aguas de
Valencia should be highlighted.
• Water supply to the Mancomunidad de Campo Arañuelo
(Cáceres) for the Confederación Hidrográfica del Tajo.
• Expansion of the Instituto Metal-Mecánico of Valencia.
• Construction of a sports complex for the Ayuntamiento
de Castellbisbal (Barcelona).
• Remodelling of the Irún train station (Guipúzcoa) for
Adif.
• Silos civic centre for the Ayuntamiento de Álcala de Gua-
daira (Sevilla).
• Water supply to Llanera for the Confederación Hidrográ-
fica del Norte.
• Expansion of the fair grounds of the Ayuntamiento de
Requena (Valencia).
• Urban development of sector UBZ-1 (Walaig) in Mon-
forte del Cid (Alicante).
• Urban development of the Les Creus sector in Banyeres
de Mariola (Alicante).
• Water supply connection to the Altet Airport (Alicante).
• Municipal library for the Ayuntamiento de Benifayó (Va-
lencia).
• Quarters of the Guardia Civil in Felanitx (Islas Baleares).
• Remodelling of the Aena warehouse in Mallorca.
• Widening of sidewalks for the Ayuntamiento de Marto-
rell (Barcelona).
• Urban development of the sports complex for Ayunta-
miento de Sant Just Desverns (Barcelona).
• Civil works for the Almatret wind farm (Lerida).

And construction of the water infrastructure for salt water

desalination for the Algerian state enterprise, E.P. Water supply to the Mancomunidad de Campo Arañuelo
in Navalmoral de la Mata (Cáceres).
Algérienne des Eaux, merits special attention, which
consisted of the following: a pipe network totalling 168.4
km of cast pipe, with diameters ranging from 450 to 1400
mm, including five pumping stations, six regulating
reservoirs and the remote management system. The scope
of the work included the corresponding construction
engineering.

Despite the serious difficulties that the real estate sector is

having, Elecnor continued to act as an Urban Development
Agent, developing its portfolio of land pending
development as the conditions and solvency of the market
have allowed. It should be pointed out that in 2009 Ehisa
became the Urban Development Agent of the Montepinar
de Orihuela Housing Development (Alicante).

Non-residential building is a field where work is in

progress, especially unique buildings that have a
considerable degree of energy efficiency and that
incorporate bioclimatic elements. The Elecnor Group
integrates all capabilities so that it can maintain a leading
position in this speciality.

The following can be underscored as the most significant

projects undertaken throughout the year:

IES C2 in Los Palacios y Villafranca (Sevilla). Construction.
In the construction area, we include all aspects related to the
Group’s subsidiary, Adhorna. For this company, FY 2009 was
especially complicated because of the drop in projects from
private customers and the sudden brake put on public works.
Total sales dropped by 25.7% with respect to 2008. At
the close of the financial year, the portfolio amounted to
8.6 million euros, a volume that covered the production
from a third of the year.
During 2009, the decreases were the following, by
product: 8.28% in concrete posts; 23.2% in gate
chambers and utility boxes; 11.2% in sheds and buildings;
77.3% in transformer substations; and 45.2% in civil
works. The only increase was in FRP (specifically, 45%).
The very acute drop in gate chambers and utility boxes was
due to the deceleration in construction (both residential and
industrial), and the drop in transformer substations was due
to the stoppage of solar farm construction. The decrease in
civil works was determined by the stoppage of scheduled
works in Cataluña (the “Diagonal” axis and the “Transversal”
axis, among others), which will not start to be executed until
Networks and Infrastructures
mid 2010. The increase in FRP sales was due to the greater
presence of this material on the market and due to “Plan E”.
Some of the unique projects executed in 2009 include the
civil work on the double, 600-m tunnel of the Lérida-Huesca
A22 motorway and several arch sections of the high-speed
train (AVE) between Barcelona and the French border, as
well as wall construction for the Supersur in Vizcaya.
In buildings, the substations of Prado de Santo Domingo
(Madrid), Irún (Guipúzcoa) and Ormaiztegui (Guipúzcoa)
were executed for Iberdrola. For Hidroeléctrica del
Cantábrico, the Salas substation (Asturias).
In FRP, we have 1330, seven-metre columns for lighting
with solar energy on the island of Ibiza; 618, ten-metre
columns for the Les Carrases industrial complex in Liria
(Valencia), and the expansion of the Saladas industrial
complex with 588, twelve-metre columns.
Likewise, throughout the year over 1000 columns with
heights between 4 and 10 metres were sold in Portugal
(mainly Lisboa).
2009 ANNUAL REPORT - 31
ENVIRONMENT
Despite the fact that, in general, investments in
infrastructures were affected by problems of the current
economic juncture, those related to the environment
maintained a level that was similar to previous years. We
could highlight the construction of tertiary treatment
plants for waste water purification and plants for the
classification and recovery of solid urban waste. As a
result, the Elecnor Group’s strategy continues to be the
commitment to increasing its presence as a developer,
builder and operator of all types of environmental
infrastructures, especially those in which energy efficiency
is the determining factor.
In 2009, Elecnor’s Environmental Division reinforced its
specialised capacity to treat all kinds of urban and rural
waste. The subsidiary, Hidroambiente, is responsible for
industrial waste treatment. Thus, the Group has the
competitive and reliable capacity to take on waste water
purification projects (industrial, urban and rural); tertiary
purification treatment plants; water treatments plants for
urban and process water supply; plants for the
classification and recovery of solid urban and
construction waste; and green points and soil
contamination.
Elecnor-Hidroambiente’s participation in the Asagua
association (Asociación Española de Empresas de Tecnología
del Agua), as a founding member, reinforces the Elecnor
Group’s capacities and its presence in the environmental
market by combining the experience of a relevant group of
leading companies in the water treatment industry.
The company was awarded a competitive bid, called by the
Ultrafiltration system of the Guadalhorce WPP (Málaga).
Instituto Aragones del Agua, to draft the design,
construction, maintenance and operation of the necessary
infrastructures for purification of the waste water of Zone
2 for the Plan Integral de Depuración del Pirineo Aragonés
(Gállego River basing). This project represented another
step forward in Elecnor’s strategy to achieve a volume of
activity consisting of concessions related to the
environment.
The following can be underscored as the most significant
projects undertaken throughout the year:
• Construction of the Guadalhorce waste water
treatment plant for Gas Natural in Málaga.
• The L’Ampolla settling tank for the Consorcio de
Aguas de Tarragona.
• The solid urban waste plant of Arico for the Cabildo
Insular de Tenerife.
• The water supply treatment plant for the Enagás
combined cycle power plant in Málaga for Alstom
Power.
• Water supply to the Mancomunidad de Campo
Arañuelo for the Confederación Hidrográfica del Tajo.
• The legionella treatment plant of the Huelva prison for
the Secretaria de Estado de Asuntos Penitenciarios.
• The Tordesillas waste water treatment plant for the
Consejería de Medio Ambiente de la Junta de Castilla y
León.
• Commissioning and operation of the waste water
treatment plants of zones 4 and 6 of Plan Especial de
Aragón.
• Water system of underground containers for the
Ayuntamiento de Martorell.

Line 6 of the Madrid underground. Catenary replacement.
RAILWAYS
As a cutting-edge company in the railway field, Elecnor
continues to work with the various Railway
Administrations and in various fields of activity.
The following, most significant projects are among those
that we have executed:
• Construction project of the Villasequilla-Villacañas
section (Toledo). Track and electrification renovation
for Adif.
• Contract to execute the construction and installations
for replacing conventional catenary line with rigid
catenary on line 6, batches 1, 2 and 3, of the Madrid
underground.
• Construction work for modernising the catenary on
the Ripoll-Puigcerdá-French board section. Line:
Barcelona-Puigcerdá for Adif.
• Design, manufacture, supply and installation of the
superstructure systems of the Portugalete-Santurtzi
section for the Consorcio de Transportes de Bizkaia.
• Replacement of the contact wire and suspension wire on
several sections of the standard catenary for Euskotren.
• Sevilla-Cádiz high speed line. Jerez de la Frontera-
Cádiz airport section, San Fernando sub-section.
• Project for installing 1,500 VDC electric substations on
the new Metronorte line (Madrid) for Mintra.
• Construction project and maintenance of the 4
traction substations and associated auto-transformer
substations and power system remote control for the
Motilla del Palancar-Valencia and Motilla del Palancar–
Albacete sections for Adif.
Networks and Infrastructures
• Construction project and maintenance of the 4
traction substations and associated auto-transformer
substations and power system remote control for the
Torrejón de Velasco–Motilla del Palancar section of the
new, Levante high speed railway access of Madrid–
Castilla La Mancha–Comunidad Valenciana–Region of
Murcia for Adif.
• Assembly of the electric substation of the Santo
Domingo underground for Siemens.
• Air conditioning at the Pacific station for the Madrid
underground.
• Maintenance work on the track catenary of lines 1 and
2 (Etxebarria-Plentzia and San Inazio-Santurtzi) for the
Bilbao underground.
• Comprehensive maintenance of the Vitoria tram
electrical installations.
• Preventive and corrective maintenance of the
Euskotren installations.
• Maintenance of the Overhead Contact Line on the
high speed lines of Madrid-Sevilla, La Sagra-Toledo and
Córdoba-Málaga for Adif.
In the information systems field, the following projects
were carried out:
• Passenger information system in the Valencia urban
train area for Renfe Operadora.
• Supply, installation and maintenance of a passenger
information system using loudspeakers and data
display monitors in the Málaga urban train area for
Renfe Operadora.
2009 ANNUAL REPORT - 33
Renewable Energies
WIND ENERGY

With 19,149 MW, Spain holds fourth place in the global

ranking of installed wind power, behind the United States,
Germany and China.

For 2010, it is estimated that the power to be installed will

decrease, a consequence of the publication of Royal
Decree-Law 6/2009 in May 2009, which caused a slow-
down in the processing of projects during the second half
of the year and which is going to condition wind energy
development over the next three-year period.

However, the proposal of a “Political Agreement for the

recovery of economic growth and the creation of employment”
announced by the Government places wind energy as the main
pillar of the electric system, and it establishes the objective of
reaching 35,000 MW of land-based wind energy and 5000
MW of sea-based wind energy by the year 2020. This proposal
likewise includes a review of the system of incentives for
renewable energies before December 2010.

Enerfín Sociedad de Energía, a subsidiary of the Elecnor

Group with over 15 years of experience, operates in the
wind energy sector. It participates in the development,
construction and operation of over 1000 MW located in
Spain and on the American continents.
Villanueva II Wind Farm in Jarafuel (Valencia).
Its technological independence allows it to incorporate the
most innovative and efficient solution for every project. By
combining technology with respect for the environment,
Enerfín’s projects have elements that make them unique,
which is one of the keys to its success.
During 2009, Enerfín inaugurated the Villanueva I and II
wind farms (Jarafuel, Valencia), which total 66.7 MW of
power, out of the total of 356 MW in the Wind Energy
Plan of the Comunidad Valenciana.
Likewise, it has continued its development activity in Spain,
mainly in Cantabria, where it has presented its proposal for
200 MW in the wind energy competitive bid called for by
community, as well as in Castilla y León.
Committed to achieving greater international expansion,
Enerfín has carried out intense promotion and
development activity, mainly in Brazil, Canada and the
United States.
In Brazil, where it has had 150 MW in operation since
2006, it was awarded with another 96 MW in the wind
energy auction held by the Agencia Nacional de Energía
Eléctrica (ANEEL) in December 2009. These new projects,
together with another 8 MW already assigned in the
PROINFA program (commissioning is planned in 2010),
consolidate Enerfín as the leader in this wind energy
market.
In the United States, Enerfín has obtained all the
administrative authorisations for starting work on the 79.2
MW Coyote wind farm in Montana (United States), and
the development of another 300 MW has been started in
Washington and Oregon.
Simultaneously, it has continued to process its 100 MW
L’Erable wind farm, awarded in May 2008 in the public
invitation to tender by the electric company Hydro Québec
Distribution de Canada. The start of construction is
planned for next year.
With these megawatts and the new projects that Enerfín is
promoting in these and other markets such as Mexico,
Uruguay and Chile, within the upcoming 4 years it
endeavours to duplicate the power that it currently has
operating, thereby consolidating its position in the
international market.
Osorio Wind Farm (Brazil).
2009 ANNUAL REPORT - 35
SOLAR
The solar photovoltaic sector took a hard blow in Spain
during 2009. After 2008, when over 2600 MW were
installed –representing 340% growth with respect to the
previous year– development of the market under Royal
Decree 1578/2008 of 26 September has been practically
non-existent.
The power quota system established in the regulation has
meant limitations on accessibility to projects, in addition to
reduction of the market volume to 500 MW. Construction
on less than a quarter of this will start in 2010. Moreover,
the conditions marked by the global economic situation
have made it difficult for potential promoters to have
access to financing, the result of which has been even a
more acute slow-down in the sector.
This has meant that 2009 was a year of major difficulties
for companies in the sector, involving the stoppage of
business activities by a large number of those companies.
The Elecnor Group has not been unaffected by these
circumstances, although it has continued its business
activity and has maintained a tenacious base of
specialisation and knowledge that will allow it continue
consolidating its position as one of the leaders in the sector.
Solar installation on the cover of the Mercado Abastecedor da Região of Lisboa (Portugal).
The current regulation seeks to favour roof-top
installations in detriment to ground-based installations.
The Group has moved in this direction and has a stake in
the shareholdings of the development company Zinertia
Renovables, which during 2009 closed a deal with the
company Eroski to develop up to 8 MW on the roofs of
several of its commercial outlets.
With respect to ground-based installations, the most
significant project that we could mention is the 5 MWp
installation built as a turnkey project for Solvanti in
Plasencia de Jalón (Zaragoza), which was successfully
executed and connected during 2009.
Internationally, the 6 MWp project on the roofs and slopes
of the Mercado Abastecedor da Região of Lisboa (MARL)
was successfully completed, one of the largest, urban
ground-based installations in the world. It was inaugurated
on 24 November 2009 by the Prime Minister of Portugal,
José Sócrates.
During 2009, the Group also channelled its activity on
contracting projects through its subsidiary Atersa in Milan
by giving it greater resources.

Another market where the Elecnor Group has focussed its
efforts is in North America. The photovoltaic sector in the
USA was closely followed in 2009, and it is sure to be one
of the protagonists in upcoming years.
In turn, Atersa, the Group’s subsidiary that develops and
manufactures the necessary components for configuring
solar photovoltaic systems, has logically had a difficult year,
given the aforementioned market situation. Moreover, it
has witnessed an unfavourable trend in the price of the
raw materials that it acquires for the photovoltaic module
that it markets, considering that even though the price of
both concepts have dropped, the latter has done so much
more rapidly than the former.
Solar plant in Zuera (Zaragoza).
Renewable Energies
Thus, the power manufactured by Atersa in 2009
amounted to 43 MWp, which represented a 14% drop
with respect to the 50 MWp in FY 2008. With respect to
marketing, the decrease was even more acute, given that
it went from 111 MWp in 2008 to 41 MWp last year, all in
its own manufactured items. All of this had a major impact
on total sales, which ended at 102 million euros, versus
the 422 million in 2008.
Nevertheless, the drop was partially limited thanks to the
effort made in international markets: Atersa marketed
65% of its power abroad, thereby allowing it, together
with other actions, to evade the crisis better than other
companies in the sector.
2009 ANNUAL REPORT - 37
Energías Renovables
Solar plant in Zuera (Zaragoza).
Regarding thermoelectric solar energy, 2009 was a year
marked by the regulatory change implemented by Royal
Decree-Law 6/2009 and by the subsequent resolution of
19 November, which culminated in the month of
December with the recording of a significant number of
projects totalling 2,339 MW in the Pre-assignment Register
of installations under the special scheme. The spanish
market thus constitutes the most important market in the
world in the short term.
Elecnor has maintained its cooperation agreement with the
Israeli company, Ener-t, which has experience originating
from the SEG plants that were built in California in the 80s
and 90s. It has also expanded its own capacities regarding
the development of the conceptual and basic engineering
that it has applied on the projects in which it has
participated, where it has cooperated with top-level
engineering firms and has concluded supply contracts for
main equipment with benchmark suppliers in the sector.
These technical capacities, linked with its financial capacity
to back up the guaranties linked to EPC (Engineering,
Procurement and Construction) contracts, have allowed
Elecnor to successfully pass the due diligence processes of
financial entities. Thus, during this period Elecnor has
become one of the benchmark EPC contractors, having
been required by a significant number of developers.
Nevertheless, it was the combination of these capacities as
an EPC supplier, with participation in the development
activity, that has positioned Elecnor as one of the main
players in the thermosolar market. Elecnor, together with
its partners, Eiser Global Infrastructure Fund and Aries
Ingeniería y Sistemas, obtained the pre-allocation of 150
thermosolar megawatts on the following three projects:
• ASTEXOL-2, a 50-MW plant based on cylinder-parabolic
collectors, located in the city limit of Badajoz.
• The ASTE-1A project, a 50-MW plant based on cylinder-
parabolic collectors, located in the city limit of Alcázar
de San Juan (Ciudad Real).
• The ASTE-1B project, a 50-MW plant based on cylinder-
parabolic collectors, located in the city limit of Alcázar
de San Juan (Ciudad Real).
In all these projects, Elecnor has a majority shareholding in
the promoting company, and it is a full party to the EPC
contract for construction of the plants. Elecnor has
participated in the phase for obtaining permits and
authorisations, and it has led negotiations with financial
entities. The start of construction on these plants will take
place in the first quarter of 2010.
Looking ahead to the new regulatory framework that will
regulate the thermosolar market after development of the
pre-assigned projects, Elecnor is promoting two
thermosolar plants, together with Ascia Renovables, in the
city limits of Manzanares and Alcázar de San Juan (both in
Ciudad Real).
We have also started to take actions that will allow Elecnor
to actively participate in the technological evolution and in
the necessary cost reductions with respect to consolidating
these types of plants within both the national and global
energy mix.

HYDROELECTRIC PLANTS
In this area, apart from the projects that Elecnor develops
in Central America (which are listed in the International
chapter), the most noteworthy point is Elecnor’s
participation on the emblematic project to set up the
island of El Hierro with 100% renewable electricity. This is
a project that forms a part of the European strategy for
sustainable development and that represents a benchmark
for many other sites of similar characteristics. The
development company of the project is called Gorona del
Viento, and it consists of the following partners: Unelco-
Endesa, the Cabildo de El Hierro and the Instituto
Tecnológico de Canarias.
Hydrowind Plant Project on El Hierro island (Santa Cruz de Tenerife).
Renewable Energies
The project consists of creating a system that combines
wind energy and hydropower to supply the electricity
needs of the island of El Hierro. The wind farm captures
and transforms wind energy into electric power. The
hydropower system, operating as a pump, accumulates the
surplus power. Operating as a generator, it acts as an
electric power producer and regulator of the electric
system on the island.
Elecnor is participating in the supply and assembly of four,
2830 kW Pelton turbines; six, 500 kW pumping units; two,
1500 kW pumping units; and the main transformers.
2009 ANNUAL REPORT - 39
Technology and Information Systems
The Elecnor Group, aware of the evolution that the
information society has experienced in recent years, has
made the determined commitment to technological
systems, thereby positioning itself in national and
international markets as a benchmark integrator in
telecommunications systems.
During 2009, the groundwork for carrying out the decisions
made in the Innovation Plan defined during 2008 were
established: unifying all activities related to telecommunications
systems developed within the Elecnor Group.
This is the context within which the activities of Deimos
Space, Deimos Aplicaciones Tecnológicas, Deimos Imaging,
Deimos Engenharia, Cosinor, Elecnor Seguridad and the
technological groups that have been growing in Elecnor’s
various Business Divisions have been grouped together, with
Cryosat 2 satellite image, where DEIMOS collaborates with various Ground Segment systems (ESA image).
the objective of creating a leading company in the market.
Deimos is therefore defined as the technological company
of the Elecnor Group, operating in the areas of aerospace,
automation, remote control, information systems,
telecommunications networks, security and technological
infrastructures development.
Deimos is organised in 4 business units:
• Aerospace and Defence.
• Automation and Control.
• Systems and Networks.
• Technological Infrastructures.
Regarding the specific actions carried out during 2009, the
activity of each of these units is described briefly below:
 Picture taken by the Deimos-1 satellite on 12 August 2009 at 10:24:17, western part of the peninsula (Portugal and Extremadura).
AEROSPACE AND DEFENCE
The spanish companies in the space industry earn a
substantial part of their sales in the European market.
However, the main decision centres are not located in
Spain, in a context in which the four large industrial
groups of the sector already represent 70% of the jobs in
the sector in Western Europe. Moreover, the ESA’s
programs, where there are guaranties of industrial returns
from the Spanish contribution, are giving way to
community programs in which this return does not exist.
All of this will force spanish companies to redouble their
efforts to improve their competitiveness.
After the ESA’s 2008 Ministerial Conference in the
Hague, which represented consolidation of the
participating states’ commitments to the ESA’s programs
in progress, the green light was given to new activities in
areas of special interest for the company, such as the
space environment monitoring program. All of this,
together with the priorities indicated by the EU in the
field of applications (particularly Galileo and GMES),
means that we can consider a scenario of stable growth
for Deimos in the near future, given that many of the
approved budget priorities occurred in areas where
Elecnor’s subsidiary has experience and potential.
Moreover, the EU made the decision to assume the whole
budget for the deployment phase of the Galileo system’s
constellation, thereby guaranteeing the financing for this
stage and therefore the continuity of the activities started
in the previous phase.
Nevertheless, the delay in starting up the approved
activities due to the complex decision-making process
related to inter-governmental organisations has put a
brake on growth this year, which should not hinder the
medium-term development.
Highlights by program include the following:
• The space environment monitoring program, designed
to provide information that contributes to protecting Eu-
ropean space from space debris and the influence of an
adverse space climate. Spain’s commitment in this area,
in which Deimos has acknowledged experience, will
allow having a line of activity with financing that mat-
ches its capacities.
• The exploration program, which has allowed the com-
pany to play an increasing role in studying future plane-
tary exploration missions. It is now present in the
development phase, when it had traditionally been in
the preliminary study phase.
• The general studies and technology program has conti-
nued to lead to contracts in the areas of engineering and
mission analysis, one of the company’s traditional ni-
ches.
• Execution of the C/D phase of in-orbit validation of the
Galileo satellite navigation program, which continues to
be a significant part of the company’s business. Simul-
taneously, activities related to the deployment phase of
the complete operational constellation have already star-
ted.
• The ESA’s earth observation framework program, where
Deimos has accumulated experience that allows it to be
a benchmark in fields such as mission planning, simula-
tion or data processing.
2009 ANNUAL REPORT - 41
 Earth-imaging Deimos-1 satellite.
The Spanish Earth Observation System deserves special
mention, which is managed by the ESA and jointly
financed by the Ministry of Defence and the Ministry of
Industry of Spain. This system of two satellites (one with
optical sensors and another equipped with synthetic
aperture radar technology) represents a quantitative and
qualitative leap of huge importance in public support for
the space sector. This public commitment fits within the
company’s strategic lines, given that the subsidiary Deimos
Imaging was created for the purpose of vertical integration
of the Earth observation value chain, starting with the
flight segment (including the supply and operation of a
satellite), going through the ground segment and finally
ending with the user segment. In 2009, Deimos continued
to provide strong support to this subsidiary, with great
synergy on activities in which the parent company has
acknowledged experience, such as system engineering and
elements of the flight segment and ground segment.
These activities have culminated this year with the launch
and successful placement in orbit of the Deimos-1 satellite,
Europe’s first, totally private Earth observation satellite.
Launched on 29 July 2009 from the Kazakhstan base of
Baikonur, Deimos-1 is sending very high resolution images
for subsequent processing and use in various applications
(precision environmental management, fire prevention and
follow-up, monitoring of urban areas, border control,
location of ships in the open sea, etc.).
 Technology and Information Systems
AUTOMATION AND CONTROL
With 30 years of experience in the industry, the
Automation and Control business unit, derived from the
subsidiary Cosinor, continues to be the national leader in
remote control of electrical systems, photovoltaic plants,
irrigation systems, etc.
Throughout 2009 it combined systems development in
traditional sectors with the launch of new products of its
own based on its permanent investment in R&D&IT, thereby
allowing notable diversification of its fields of action.
Thus, it developed the electric control system of the Reus
airport and the electric control system and electric
Controlling round roads, tunnels and pumping wells in Barcelona.
generator units for the Gerona airport. This latter system
constitutes an initial point of reference for Aena regarding
electric generator units, which will certainly facilitate
similar projects in the future at Spanish airports.
On the other hand, energy meters were installed at the
Málaga airport. This project is important, not so much
because of the amount, but because of its high innovative
component, given that it concerned the development of a
Wonderware expansion model to help operations. This
represents the launch of a new activity in addition to the
business unit’s traditional activity.
2009 ANNUAL REPORT - 43
IMAGES OF THE APPLICATION DEVELOPED BY COSINOR
to control, process and store data on the Zuera solar plant (Zaragoza).
The application allows access to both the data recorded by the SCADA system,
developed by Cosinor, and real-time solar plant data.
The recorded data will be as
many as the customer wishes.
The image shows a few of the
possible variables: production,
functioning parameters,
meteorological variables, etc.
Regarding unique buildings, Deimos has been executing
turnkey projects of telecommunications installations,
where energy efficiency plays a determining role, given the
Group’s commitment to sustainable development and the
environment. In this regard, we should highlight the initial
air conditioning control projects that were won (Santander
airport, Northern factory of Altadis and the Kubik Building
at the Parque Tecnológico de Labein in Vizcaya).
After the experiences with tunnel control for the AVE at
the entry into Málaga and with the Iberian gauge tunnel,
the control system was expanded in 2009 by integrating
the monitoring of the urban trains tunnel of Málaga. This
does nothing but confirm the Group’s experience in tunnel
management.
In the environmental sector, Deimos continues to
position itself as a leader in Spain in water control
systems. W ithin this area, it continued with the
The application processes the
recorded data, generating
graphics, statistics and reports
according to the indicated
variable.
commissioning of 3 sectors of irrigation remote control
on the Navarra Canal, one of the largest projects of this
type in Spain. On the other hand, progress continues
with the automation of gate valves on the Aragón and
Cataluña canals.
In the area of photovoltaic energy, the monitoring of
Zuera’s photovoltaic farm was expanded, current meters
were installed at the Tinajeros farm and control systems
were supplied to 4 of Naturener’s plants.
To conclude, in the wind energy area the control systems
of Enerfín’s wind farms in the Comunidad Valenciana were
developed, Vestas’s wind farms were connected to the
Spanish Electric Grid and turbine testing took place at the
Sierra Alaiz experimental wind farm for CENER (Centro
Nacional de Energías Renovables), a project that earned
the “National Instrument” award for the best application
in 2009.
 Technology and Information Systems
SYSTEMS AND NETWORKS
This Business Unit uses technology transfer to merge the
software development capacities derived from the
capacities acquired in the space industry, the capacities of
positioning systems derived from Deimos Aplicaciones
Tecnológicas and the capacities acquired from network
engineering in order to create a business unit that is
capable of providing complex turnkey systems that bring
together integration and specific development. Within this
context, Deimos has increased its presence in systems
development and turnkey applications for the
telecommunications, mobility, transport, industry,
environment and health sectors. Highlights of the most
representative projects undertaken in 2009 include the
automated information systems for the Valencia and
Barcelona urban train centres in the transport area; the
Enerdata project in the environmental area, which is
capable of providing useful and unified management
information in real time from various wind farms
established in Spain and Latin America; in the fields of
Internet and mobility, the development of Mobos, a set of
applications for mobile phones that allows the automation
of events that can be configured by the user, which
received international awards last year from Microsoft and
Nokia for the best mobility application; and in the field of
positioning, the development of the Kyros 3.0 platform,
which offers a huge technological leap in the world of
positioning.
Finally, in the health area, we should highlight the ALZ PIE
Project, which is capable of detecting Alzheimers using
external probes and mathematical algorithms.
Deimos, always proactive in research and development,
has been leading the CENIT Project, “España Virtual”,
since 2009 and will do so until 2012. This project groups
together 7 companies and 10 spanish universities, and its
objective is to research what the Internet will be like in the
future.
TECHNOLOGICAL INFRASTRUCTURES
Elecnor’s and Deimos’s commitment to the development
of technological infrastructures continued in 2009, based
on the demonstrated capacities of systems integration and
turnkey projects. Thus, the following jobs were
undertaken, among others:
• An installation management system for the new Fira
2000 fair grounds of Barcelona.
• Maintenance of the ICT infrastructures of the Barcelona-
El Prat airport.
• Adaptation of the remote management devices of the
medium voltage bays at the power plants of the Barce-
lona-El Prat airport.
• Maintenance of the public address system of the new
Terminal 1 at the Barcelona-El Prat airport.
• Public address systems at the new terminal of the Ali-
cante airport.
• A WiFi Mesh network of 640 nodes for the Ayunta-
miento de Barcelona.
• Installation of ICT points in 4 school zones of Andalucía.
• Another highlight is the special installations project in
the Los Casares tunnel (Valencia), which integrated fire
detection, ventilation, signalling, wiring, network elec-
tronics and communications systems with the Ayunta-
miento de Valencia in the event of crisis situations.
The Group’s presence in security systems has been
maintained, including the following projects:
• Perimeter security system of the Plasencia de Jalón solar
farm (Zaragoza).
• Security systems for the solar farms of Villamañán, Al-
hama de Murcia and Villanueva de la Serena.
• Integration of the security systems of several heritage
buildings in the area of El Escorial and Valle de los Caídos
for National Heritage.
• Perimeter security systems at several train stations in the
Comunidad de Madrid for Adif.
In brief, the 2009 financial year was one of transition, with
a strong increase in the income coming from the financing
of research and development projects. In this regard,
consolidating all the telecommunications systems activities
developed up to now in the various business divisions of
the Elecnor Group under a single organisation (Deimos)
will allow technical, commercial and organisational
synergies to be achieved. Deimos is thus taking advantage
of the current economic juncture to reinforce its
competitive position, with the aim of facing future
financial years with strong growth potential, not only in
the Group’s traditional and consolidated areas, but also in
new customers and markets.
2009 ANNUAL REPORT - 45
Concessions

In the area of concessions, the Elecnor Group’s investment

push focuses on the areas of environment, water and
waste management, generation plants and electric energy
transmission systems, where its extensive experience in
constructing and operating infrastructures constitutes
differentiated value.

In 2009, the Elecnor Group reorganised its investment and

concession businesses, thereby keeping the investment
activity in wind energy generation under Enerfín Sociedad de
Energía, establishing a new Concession and Investment
Promotion Division and forming a new company called Celeo
Concesiones e Inversiones. Its purpose is to be the holder of
all other investment and concession assets of the Group.

ENERGY TRANSMISSION AND

DISTRIBUTION SYSTEMS

In Brazil, the company continued to grow in the area of

energy transmission concessions.
Five concessions were put into commercial operation
during 2009, thereby adding a total of 1,746 km of lines
and a transformation capacity of 8125 MVA to the
Brazilian electric network.
The Group’s participation in the Brazilian market totals
fifteen concessions, amounting to 6,646 km of electric
lines and 44 substations, with 2,315 km attributable
directly to the Group. All this represents an investment that
exceeds 2.5 billion euros.
One highlight of the concessions contracted in 2009 is the
Brilhante Transmisora de Energía concession, which added
another 618 km of lines and 7 substations, with a total
transformation capacity of 3000 MVA.
several years, but new development expectations are also
opened up in the country.
During 2009 in Peru, the Group handled the pre-
construction activities, made arrangements to obtain
financing and took care of the procedures for obtaining
the operational and maintenance licences for the
concessions of the 500 kV Mantaro-Caraveli-Montalvo
transmission line and the 220 kV Machupicchu-Cotaruse
transmission line (with a length of 964 km), in addition to
the associated substations.
In the public lighting sector, it continued to work on the
concessions in several cities of Chile for the supply, installation
and maintenance of their lighting systems. In Spain, it has
contracted with the city of Telde on Gran Canaria for the
concession to manage the public lighting service for 12 years.

We should point out the major drive in the concession

business in Chile, where we were awarded with the 230 kV Duplo Circuit Villena-Jaurú line. 345 km (Brazil).
development and operation of the Ancoa-Alto Jahuel
electric line and the associated substations, with an
expected investment of over 200 million dollars and a
commercial start-up deadline of 39 months.

The Group will provide this country with its extensive

experience on 500 kV lines, for which it will develop this
important 260 km interconnection throughout three
regions (Área Metropolitana, Libertador Bernardo
O’Higgings and Maule), thereby becoming the becoming
the biggest planned investment in the Central Inter-
connected System and the largest 500 kV line in Chile.

With this stimulus, not only is the traditional business of

supplying, installing and maintaining city lighting
reinforced, which the Group has been developing for
ENERGY GENERATION
2009 saw the Group consolidate its firm commitment to
be the benchmark investor on energy generation projects
by diversifying its renewable energy portfolio through solar
photovoltaic and thermoelectric energy projects.
Through its subsidiary Helios Inversiones y Promoción Solar
it participates on the Siberia Solar project, which was
recorded in the Register of Advance Allocation of
Compensation associated with the invitation to tender in
the fourth quarter of 2009. It is a 10 MW photovoltaic
farm with a fixed structure and modules supplied by the
subsidiary Atersa, which will start to be built in
Valdecaballeros (Badajoz) during this year. Likewise, a
company was acquired to promote the Lalueza solar
photovoltaic farm, with an installed power of 1 MW, for
which the corresponding recording in the Advance
Allocation Register has already been requested.
Throughout 2009, we started promoting solar photovoltaic
generation in Italy and France, thereby consolidating what
had already been started in the United States.
Regarding roof-top solar photovoltaic installations,
Elecnor has signed contracts through its investee
company, Zinertia Renovables, to promote projects
amounting to over 13 MW of installed power, and it has
filed for recording in the Registro de Preasignación de
Retribucción para Instlaciones Fotovoltaicas (Prefo) of the
Ministerio de Industria, Turismo y Comercio for the first 2
MW.
In the solar thermoelectric generation area, it is important
to highlight the concession from the Ministry of Industry,
Tourism and Commerce for advance allocation of Astexol’s
50-MW thermosolar plants, located in the city limit of
Badajoz, and of the Aste 1A and Aste 1B plants, also 50
MW each, located in Alcázar de San Juan (Ciudad Real), in
which the Group is the majority holder. The overall
investment exceeds 900 million euros.
Construction work on the plants will start during
2010, which Elecnor will execute 100% as a turnkey
project.
2009 ANNUAL REPORT - 47
Concessions
WPP in San Mateo de Gállego (Zaragoza).
ENVIRONMENT
Throughout 2009, the Group has continued to develop the
public works concessions awarded by the Instituto Aragonés
del Agua during 2006 and 2007. It started this task in 2008
with the entry into operation of 10 purification stations,
continuing in 2009 with 4 more entering operation. All these
actions have taken place within the framework of the Plan
Especial de Depuración del Gobierno de Aragón corresponding
to the cities that are located along the Gállego river.
The Group has maintained its determination to stay in the
environmental area by increasing its commitment to
winning the award for a new public works concession
contract to design, build and operate (for 20 years) the 57
water purification plants included in Zone P2 of the Plan
Integral de Depuración del Pirineo Aragones, which
incorporates actions in the Alto Gállego and La Jacetania
districts.
To develop this project, the company Sociedad Aguas
Residuales Pirineos was formed, in which the Group has a
shareholding. Work on drafting the construction projects
began in the last quarter of 2009, and construction of the
first purification plants will start during the second
semester of 2010.

The 2009 financial year was also difficult internationally.
However, the Group’s foreign trade activity, through both
the parent company and its national and international
subsidiaries, was favourable in various aspects.
Two projects under the concession scheme merit special
mention: one for electric power transmission in Chile (the
first contract of this kind obtained in the country), and
another wind energy generation project in Brazil, which
will allow increasing our presence in the Brazilian wind
energy market by 104 MW.
Meanwhile, the wind energy and photovoltaic operations
in Canada and the United States have continued their
normal development, as well as the electricity and gas
infrastructure construction activities in the Mexican,
Dominican Republic and Central American markets.
Water transport network from the Souk Tleta desalination plant
to the Tlemcen region (Algeria).
International
On the other hand, regarding traditional power
generation, we could highlight the completion and
commissioning of the Masparro Hydroelectric Plant
(Venezuela), as well as the contract, in association with
Iberdrola Ingeniería y Construcción, to build the Cumaná
Combined Cycle Plant (Venezuela), with two, 500 MW
units. Likewise, in Angola work has started on repowering
and rehabilitating the Gove Hydroelectric Plant, with three,
20 MW units.
General contractor activities in the energy and
environmental fields were intensified during the year, by
both Elecnor and its South American subsidiaries in
Ecuador, Chile, Brazil, Argentina and Uruguay.
Regarding the African market, a rural electrification
contract came into force in Ghana, as well as several
electric transmission and distribution operations in Angola
and Algeria. In this latter country, the first phase of the
desalinated water transport contract was concluded, which
contract was won in 2008.
Finally and in order to expand both the geographic scope
and the scope of activities, commercial prospecting has
continued in several countries, highlights of which include
the opening of a permanent establishment in Abu Dhabi
to take care of countries in the area, as well as the signing
of a cooperation agreement with a major Chinese
industrial group.
A more detailed view of the Group’s activities abroad is
offered below:
ALGERIA
In Algeria, the Tilghmet–Djelfa project was concluded,
which involved a 400 kV line, single duplex circuit, with a
length of 205 km. Construction work on a new project
also started, which consists of the 60 kV, Guerrara-
Ghardaia-Beriane lines that total 151 km, and a 70 km
long, 220 kV line in Ain Salah-ADE. Both are for Sonelgaz.
On the other hand, work started on the Raccordement
Aval de la Station de Dessalement d’eau de Mer de Souk
Tleta project in Wilaya de Tlemcen. It is a project for
transporting and pumping 200,000 m3 of salt water per
day from Souk Tleta. It includes 156 km of steel, cast and
PHDE pipe of various diameters between 150 mm and
1400 mm, 6 water tanks and 5 pumping stations, all
managed by a remote management system using 105 km
of optical fibre.
This is a project of vital importance for the Wilaya region,
given that it will be capable of supplying potable water, 24
hours a day to over 640,000 inhabitants.
2009 ANNUAL REPORT - 49
International
ARGENTINA
Elecnor de Argentina has successfully renewed a plant
maintenance contract with Telefónica de Argentina for five
years, thereby definitively establishing itself in the
telecommunications market. Its main activities include
installations of broadband networks, the replacement of
technology at switching centres and the maintenance of
dedicated networks.
On the other hand, the company continues to provide
service to the main petroleum companies operating in the
region, such as YPF, Chevron, Petrobás, Oxy and Chañares
Herrados. For the latter, the company performs integrated
maintenance of the electric lines that supply energy to its
fields in the Western basin, one of the main basins in the
country. In addition to ICT jobs, Elecnor de Argentina does
oil removal and analysis jobs on power transformers, and it
provides a visual and thermographic inspection service for
circuit breakers, isolating switches and instrument panels
and on medium and low-voltage lines.
Elecnor began to explore the downstream market some
years ago. Currently, it has won a series of major contracts
for these companies, such as adaptation of the fire-
fighting defence systems at the Luján de Cuyo refinery in
the province of Mendoza, and the blending work for
adaptation to the requirements of new legislation to
introduce 5% ethanol in liquid fuels.
ANGOLA
In Angola, Elecnor has executed two projects Gamek in
consortium with other companies:
• The Capanda-Lucala-Viana project, a triplex, s.c. 400
kV transmission line, 300 km in length. It is a highly
important line for Angola, given that it is the first at
this voltage level in the country. It was energised in
December 2009.
• The Lucala–Uige project: an s.c., 220 kV transmission line,
200 km long, the construction of which started in mid year.
In addition, two new projects were developed for the ENE:
• A project for electrification of the city of Gabela, which
includes a 70 km long, s.c. transmission line of 30 kV
between Porto Amboím and Longa River, with sections
of 30 kV distribution lines totalling 28 km in length on
concrete posts; and an overhead, low-voltage and
public lighting network of approximately 25 km in the
city of Gabela.
• The execution of a project for electrification of the
new football stadium in Benguela for the African
World Cup of Football, which includes a 17 km section
of a 60 kV, double circuit line, overhead distribution
sections and a 30 kV underground section.
Likewise, in 2009 Elecnor participated in the execution and
commissioning of the first 400 kV transmission system in
Angola, with 300 km of 400 kV transmission lines, 28 km
of 220 kV transmission lines, 4 new substations and
expansion of an existing substation.
Furthermore, the contract for medium and low-voltage
distribution in the areas of Lobito and Benguela concluded,
as well as the contract for renovating and repowering the
Quileva, Catumbela Biopio Hídrica and Biopio Térmica
substations in the same area.
Meanwhile, construction work continues on the
Cambambe and Gove hydroelectric plants (4x72 MVA and
3x20 MVA, respectively), which will provide stability to the
existing network.
Finally, in the city of Gabela work continues on the
medium and low-voltage distribution contract, which
includes twenty-five, 30/04 kV transformer stations and
approximately 1,000 service connections between homes,
hospitals, schools, fire stations, markets and factories,
thereby contributing to development of the area.
BRAZIL
During 2009 in Brazil, the turnkey work on the following
projects concluded, which included system studies,
engineering, civil work, electromechanical assembly and
commissioning:
• The Jaurú-Vilhena, 230 kV, double duplex circuit
transmission line, 345 km in length in the state of
Mato Grosso and 2 substations totalling 140 MVAR.
• The Poços de Caldas-Riberao Preto–Estreito–Jaguará,
500 kV, single triplex circuit transmission line, 308 km
in length in the states of Sao Paulo and Minas Gerais,
and four, 500/440 kV substations totalling 2800 MVA
of transformation and 260 MVAR.
• The Sao Simao–Marimbondo–Riberao Preto, 500 kV,
single triplex circuit transmission line, 411 km in length
in the states of Sao Paulo and Minas Gerais, and three,
500 kV substations totalling 133.33 MVAR.
• The Emborcaçao-Nova Ponte-Itumbiara-Sao Gotardo-
 Internacional

230 kV double circuit Jaurú-Vilhena TL (Brazil).

2009 ANNUAL REPORT - 51

International
230 kV Vilhena and Jaurú substations (Brazil).
Bom Despacho-Estreito, 500 kV, single triplex circuit
transmission line, 703 km in length in the states of
Goiás and Minas Gerais, and five, 500 kV substations
totalling 515 MVAR.
Three other projects were also started:
• The Barra dos Coqueiros–Itaguazú, 230 kV, single
duplex circuit transmission line, 49 km long, located in
the state of Goiás; the Itaguazú-San Simao, 500 kV,
single triplex circuit transmission line, 23 km long,
between the states of Goiás and Minas Gerais; and
three, 500/230/13.8 kV substations with an installed
transformation capacity of 900 MVA.
• The re-routing of a 230 kV, single duplex circuit line to
the Venda das Pedras substation, 49 km long, located
in the state of Río de Janeiro.
• The Anastacio-Sidrolandia-Imbirussu-Chapadao, 230
kV, single duplex circuit transmission line, 225 km
long, in the state of Mato Grosso do Sul.
In turn, Elecnor do Brasil solidified its position in the gas
market during 2009, as it had been doing in previous
years, above all with private customers such as Gas
Brasiliano (ENI Group), COMGAS (Shell and BG) and Gas
Natural.
The most significant projects that the company undertook
during the year included the execution of internal gas
installations and technical assistance in the city of Sao
Paulo for the company COMGAS (Shell Group and BG);
the construction of a 40 km long, 10” gas pipeline that
joins the cities of Ibitinga and Itápolis in the interior of the
state of Sao Paulo for the company Gas Brasiliano; and the
construction of a 12 km, 8” gas pipeline in the city of
Resende (Río de Janeiro) for the company CEG-RJ.
Given the good perspectives in the gas sector for 2010, the
subsidiary’s intention is to continue executing projects for
the aforementioned customers, in addition to participating
in offers for Petrobras, which in this sector is the company
that has the greatest potential. Currently, Elecnor do Brasil
is adapting to be able to work with this large customer, and
it expects to take the step during 2010.
Regarding electrical installations, Elecnor do Brasil was
responsible for electrical maintenance and operation of the
Osorio Wind Farm during 2009.
Finally, it should be underscored that during 2010 Elecnor
do Brasil will start construction of the Palmares wind farm
(30 MW), and during 2011 and 2012 an additional 74 MW
will be built.
CENTRAL AMERICA
Elecnor has been operating for over 30 years in Central
America. It first did so directly, and for some years now it
has been doing so through its subsidiary Elecnor
Centroamericana (Elecen), which is especially present in
Honduras, Guatemala and Nicaragua.
With its implementation in Honduras 21 years ago, Elecnor
continues to actively participate in all sectors of the
market, while diversifying the products it offers. Thus, in
addition to the traditional activities of energy generation,
distribution and transformation, it has entered other
sectors such as energy generation through renewable
resources, steam systems or supplies of specialised
equipment.
One highlight of the most relevant events during the year
is the fact that it was awarded with around 25% of the
projects for which tenders were requested by the
Honduran Administration. In the private sector, it won the
order to build the Mezapa hydroelectric plant in 2010, to
which other projects in this same field could be added,
such as those in the cities of Jilamito, Los Planes and
Pencaligue.
In Guatemala, Elecnor has been operating for 3 years
through a project management office in the country’s
capital. Since then, it has satisfactorily developed several
projects, thereby leaving a notable presence in this
Fondos Nórdicos Project. Enlargement of the San Pedro Sula Sur 138 kV transfer substation (Honduras).
country’s electric market. Thus, in the public sector, it
participated in several invitations to tender published by
the Instituto Nacional de Energía (INDE), and it was
partially awarded with a project designed to expand a
substation. Work on another substation in the country’s
capital has already started in 2010.
Finally, in Nicaragua there were several contracts with the
public entity, ENATREL. The most relevant was the contract
for the acquisition of spare parts, equipment and technical
services for rehabilitation of the Central American
hydroelectric plant.
CHILE
As it was highlighted in the Concessions section, last year
Elecnor was awarded with the development and operation
of the 260 km long, 500 kV, Ancoa-Alto Jahuel electric line
and its associated substations.
In turn, Elecnor de Chile continued with its traditional
business to supply, install and maintain lighting in several
municipalities in the country, and it likewise signed a contract
for improvement of the public lighting in Padre Las Casas.
The Chilean subsidiary also started construction of a
substation for the Licán hydroelectric plant.
2009 ANNUAL REPORT - 53
International
ECUADOR
During 2009, Elecdor continued to participate actively in
the manufacture and sale of reinforced and vibrated
concrete posts for electric companies and for
infrastructures in private housing developments. Elecnor
has provided service to the electric companies in Mountain
region 01 and along the coast within the framework of the
government’s policy of support for improvement of the
electric energy service to a large part of the population.
Regarding installation work, in addition to the jobs
performed in the private sector, we could highlight the
following projects, among others:
• The FERUM Marginal Urban-Rural Electrification
Project for the electric company, Ambato Regional
Centro Norte, which consisted of building and re-
building 13.8 kV medium voltage lines and the
installation of meters, and the supply, transport and
installation of 18 m and 20 m posts for the Puyo
Mushullacta sub-transmission line.
• For the Riobamba electric company, electromechanical
laying of the 69 kV, Alausí-Multitud sub-transmission
line, consisting of metal structures and reinforced
concrete posts.
• For the Quito electric company, the laying of 6 km of
fibre optic cable.
IMSS Hospital de Gineco-Obstetricia in Guadalajara (Mexico). Enlargement and alteration of rooms and electrical substation.
MEXICO
During 2009, Elecnor started an engineering, supply,
construction and commissioning project for the Federal
Electricity Commission under the turnkey mode for the
Laguna Verde electric substation, which is located at the
Laguna Verde Nuclear Power Plant in the city of Alto
Lucero, in the state of Veracruz.
Work on the Villa Juárez Banco 1 electric substation was also
started in 2009 for the Federal Electricity Commission. The
substation is located in Villa Juárez, in the state of Aguascalientes.
Elecnor de México started an engineering, supply,
construction and commissioning project for the Federal
Electricity Commission under the turnkey mode for two
high-voltage transmission lines located in the cities of
Villahermosa and Tule, in the states of Tabasco and
Oaxaca, respectively. They form a part of the Mexican
government’s energy transmission network modernisation
program in regions affected by weather catastrophes.
Within the same government plan for modernisation of
the electric system in the states of Tabasco and Oaxaca, a
project for the engineering, partial supply, construction
and commissioning of the Tule Bco. 1 and Villahermosa
Centro Bco. 1 electric substations was executed under the
turnkey subcontract mode for Siemens Innovaciones.
Administrative offices of the IMSS Colima Local Office (Mexico). Construction.
Projects in progress include those pertaining to the public
health sector, specifically those for the Instituto Mexicano
del Seguro Social (IMSS). The following were delivered to
the customer at the end of the year:
• The expansion and remodelling of operating theatres,
intensive therapy rooms, the emergency ramp and the
electric substation at the Gynaecological-Obstetrics
Hospital. This project is located in the city of
Guadalajara, in the state of Jalisco.
• Construction of the building for new IMSS
administrative offices in the city of Colima, in the state
of Colima.
In the electric sector, the following jobs were concluded:
• The civil work, electromechanical work, supply, installation
and pre-operational testing of the Tecali substation for
expansion of two bays, Bahía de Puebla II and Bahía de
Yautepec Pot., for the Federal Electricity Commission,
located in Tecali de la Herrera (state of Puebla).
• Construction of the Eurus substation, associated with
the Eurus Wind Farm, where civil and
electromechanical jobs were performed, including
supplies and pre-operational testing of two
transformer banks (230/34.5 kv, 125 MVA each), with
their respective high- and medium-voltage feeders.
This substation collects all the energy generated by the
wind farm, located in Juchitán (state of Oaxaca).
• Construction of the electric substation (115/34.5 kV,
20 MVA) and high and medium-voltage transmission
lines at the Siemens Testing Laboratory in Monterrey,
state of Nuevo León, the scope of which included
engineering, supply, construction and commissioning
under the turnkey mode.
In the petroleum sector, we could underscore the
continuation of the project for Petróleos Mexicanos to
replace and renovate the 20” DN pipe with 24” DN pipe
of carbon steel, as well as all the necessary pipe inspection
jobs, plus the 20”-36” DN fuel oil pipe used to supply the
thermoelectric plant located in the city of Manzanillo, in
the state of Colima.
2009 ANNUAL REPORT - 55
URUGUAY VENEZUELA

Since its beginning, Montelecnor has had a long history
in the electric sector with jobs for the Administración
Nacional de Usinas y Transmisiones Eléctricas (UTE), either
at low or medium voltage.
Several projects were in progress during 2009, which
include those developed in the district of Colonia and in
the Western Regional District and the service connections
in the cities of Tacuarembó and Rivera. The jobs consist of
laying overhead lines, installing underground cable,
installing overhead and interior substations, maintaining
different sites and maintaining earthing installations.
In Venezuela, Elecnor continues to develop projects for
Cadafe. On the one hand, Elecnor finalised projects that
were started in 2008, such as the 145 km long, 230 kV,
double circuit transmission line of the Calabozo-San
Fernando II project and the 6 line, 115 kV double circuit
totalling 222 km in the transmission project for the states
of Monagas and Delta Amaruco. On the other hand, two
new projects were started: the re-routing of the 230 kV
and 115 kV lines associated with the Juana La Avanzadora
substation, and the 115 kV, double circuit transmission line
of Jusepin–Cementera Cerro Azul (45 km long), also
located in the state of Monagas.

Likewise, public lighting work in the city of San José de
Mayo was completed, and work on public lighting at the
Playa Pascual spa was started, both of which are projects
for the Intendencia Municipal de San José.
The 60 kV overhead line for the project, “Satisfaction of
the Electric Energy Demand in Northern Uruguay”, was
completed for the Directorate of Development Projects,
which reports to the Office of Budget Planning.
Regarding water works, work on two contracts started in
2009 with the company, Administración de las Obras
Sanitarias del Estado. The work consisted of replacing
potable water pipe in the cities of Salto, Paysandú, Rivera,
Artigas and Tacuarembó. These contracts include the
supply and replacement of pipes, as well as the installation
of special valves and parts throughout the entire network.
In addition, Elecnor was awarded –together with Iberdrola
Ingeniería y Construcción– with a contract for the turnkey
construction of a combined cycle plant in Venezuela,
which will be located in the city of Cumaná, in the state of
Sucre. The project includes the design, construction and
commissioning of the plant, called Antonio José de Sucre,
which will consist of two, 500 MW modules each, using
natural gas as the base fuel. The execution of this project
will take approximately three and a half years, and it will
be carried out in two phases: the single cycle phase, which
Monagas Project. Jobo Mocho 115/34.5 kV 36 MW
substation (Venezuela).

In the civil works and buildings area, construction

continued on the building for a Data Processing Centre in
the city of Montevideo for the Administración Nacional de
Telecomunicaciones (ANTEL). The contract consists of the
turnkey construction of a building, including the supply of
a video security system and an access control and
recording system, together with armour reinforcement of
the masonry walls of the premises.

Finally, in the gas sector, 15 km of gas pipes in the so-

called Ciudad Vieja de Montevideo were renovated for the
Brazilian company OAS. The final customer of this contract
is the company Distribuidora de Gas Montevideo, which
belongs to the Petrobras Group.

includes only the gas turbines, and installation of the
complete combined cycle, with heat recovery boilers and
steam turbines.
In Venezuela, the Elecnor Group also has two operating
subsidiaries: Elecven and Rasacaven.
Regarding Elecven, we could cite the following projects as
the most relevant in 2009:
• The re-routing of three, 400 kV lines to make way for
flooding of the Tacoma dam in the state of Bolívar,
which is expected to enter service in 2012.
• Construction of the 115 kV DT transmission line, SE
Sector Petrolero (SP)-SE Complejo Criogénico de
Occidente (CCO), on the Eastern coast of Maracaibo
lake.
• A new, 69 kV transmission line from SE Criogénica to SE
Principal San Roque for Petróleos de Venezuela (PDVSA).
• Distribution work in the state of Monagas for Cadafe.
It will serve to guarantee the operation of the
distribution system not only in Monagas, but also in
the neighbouring state of Delta Amacuro.
International
Regarding Rasacaven, 2009 was a difficult year. Due to
the abrupt drop in oil prices and due to the global
economic crisis, one of its main customers, PDVSA
(Petróleos de Venezuela), had to reduce its planned
investments by 60%, which affected the contracting
portfolio.
Regarding the executed projects, Rasacaven concentrated
on its headquarters at Punto Fijo (Occidente), where it did
jobs for PDVSA at the Paraguaná Refining Centre,
including the following:
• Conclusion of the electrical and instrumentation work
at the FCC (Fraccionadora Craking Catalítica) plant of
the Cardón refinery, with remodelling and expansion
of 3 electric substations and 2 control rooms.
• Conclusion of construction work on the new salt water
pipe for cooling of the Amuay refinery plants.
• The routine and major maintenance contract in the
medium conversion area of the Cardón Refinery at the
FMAY and HDT-2 plants.
2009 ANNUAL REPORT - 57
 Research, Development and Innovation
As an example of the fact that Elecnor’s commitment to
innovation is an intrinsic and permanent characteristic of
its business philosophy, the main lines of actions planned
in this area continued their normal development
throughout 2009. Some of the most noteworthy projects
include the following:
• In September 2009, an MOU (Memorandum Of
Understanding) was signed with the Australian firm,
Biopower Systems. The MOU establishes an agreement
for the development of wave power projects using the
bioWAVE technology owned by BioPower in the main
regions of the Elecnor Group’s business: Spain,
Portugal and Latin America.
• Corporate Knowledge Management system: several
actions were carried out for optimising the
management of construction projects, bids, suppliers
and orders. These actions have specifically resulted in
the development of five applications considered in the
Strategic Plan: Project Management System; Job Order
System; HR, Training and Promotion Manager;
Production Control; and Expense Settlement.
• The design and development of a system for lifting
and guiding large diameter roof domes, due to the
very characteristics of rolled steel domes, up to a
distance of 36 metres between vertices and up to 100
MT in weight, with a quadrangular base and a
spherical shape.
• The Laser Project for investigating optical techniques
that could be applicable in optimising the process of
manufacturing the photovoltaic panels of the
subsidiary, Atersa.
• Atersa’s Solar Furniture Project for sizing photovoltaic
systems and developing light fixtures and optical
elements adapted to obtain a distribution of light flow
that is suited to the needs of urban solar furniture.
• SEI project: on the viability of optical analysis techniques
in the photovoltaic module manufacturing process.
• The ADDSAFE project, which is the first European
project in which our subsidiary, Deimos Space, holds
the coordinator role. It includes large industrial and
institutional players in the aerospace market as
partners. The objective of the project is to research an
advanced failure diagnostic system for improving
aircraft flight guidance and control.
• The España Virtual project. The objective of this
ambitious project is to study, evolve, mature and
design technologies, protocols, standards,
architectures and, in general, the bases that will allow
having a 3D interface for the content and services
present on the Internet. With a duration of four years,
the project will be executed by a consortium of seven
companies and ten national research centres of
recognised prestige, led by Deimos Space.
• The ENTASVE project, which endeavours to delve into
the knowledge of certain technological areas in the
field of spacewatch systems.
• The PLAREN project, endeavours to develop advanced
algorithms that will allow integrating GPS, Galileo and
EGNOS signals on the same receiver, thereby
implementing them on a real-time hardware platform
and testing them for different user environments, in
both the ground segment and in eventual space
applications.
• Cosinor, in turn, has developed a controller, with
respect to both hardware and embedded software,
that positions the parabolic cylinders of a thermosolar
plant with respect to the sun for concentrating solar
radiation with maximum precision on the central
collector tube and heating the oil to a high
temperature, the thermal energy of which will
subsequently be transformed into electricity.
• In order to optimise the operation and maintenance of
photovoltaic farms, thereby increasing the response
speed in the event of an incident, Cosinor has
developed a system (Heliada) that supervises the main
operating variables of the farm.
• SIGIREG is an integrated irrigation control system using
mobile communications based on GPRS technology
between a control centre equipped with software
specifically developed by Cosinor for this sector and
the SIGI+ remote control units.
• Real-time energy manager for buildings: within the
framework of cooperation between the Fundación
Labein and Cosinor, both parties are working on the
development of an energy manager designed to
efficiently manage buildings in real time, based on the
management of loads, energy sources and comfort
conditions, as well as the consumption forecast.
• Advanced Formate Oxidation in fluidised bed systems
(a project of our subsidiary, Hidroambiente, subsidised
by the Eraberritu Program of the Vizcaya Regional
Government).
• Finally, and through Hidroambiente, a new “Excel”
water clarification system is being developed within
the framework of a three-year project (2009-2011)
financed by the CDTI.
2009 ANNUAL REPORT - 59
Quality Management

Elecnor has had a Quality System certified by AENOR since

1995. During 2009, it has undertaken a series of activities
directed at the maintenance, renovation and improvement
thereof:

• Adaptation to the UNE-EN ISO 90001:2008 standard,

“Quality Management Systems. Requirements”.
• Revision of manuals, general procedures and
production procedures.
• Verification that the system is being applied and that
its efficiency is being improved through the following:

- The audit program, which has involved 51 internal

audits and 8 external audits.
- Review of and follow-up on the system at Elecnor’s
eight Business Divisions in committee meetings.

• The creation of Improvement Groups, which are

oriented at taking on the following jobs:

- Defining quality objectives and establishing goals for

achieving them.
- Proposing and analysing new models of Process
Maps.
- Application of indicators for the measurement of
processes.

After passing the AENOR audits, Elecnor’s eight Business

Divisions have maintained or renewed the certification of
their Quality Management Systems according to the UNE-
EN ISO 9001:2008 Standard.

• Energy and Railways Business Division, ER-0096/1995.

• East Business Division, ER-0175/1995.
Expo Zaragoza Congress Centre. Comprehensive installations.
• Central Business Division, ER-0313/1995.
• North Business Division, ER-0360/1995.
• Northeast Business Division, ER-0700/1996.
• Energy Transport Business Division, ER-0711/1996.
• South Business Division, ER-1766/2002.
• Construction and Environment Business Division,
ER-0122/2004.

Likewise, a series of synergic subsidiaries that have

adopted Elecnor’s Quality System cooperated on updating
the documentation, audits, reviews and follow-up on the
system. After performing the annual audit with AENOR,
they have maintained their certification according to the
UNE-EN ISO 9001:2008 Standard. These subsidiaries are
the following:

• Ehisa Construcciones y Obras, ER-2042/2004.

• Elecnor Seguridad, ER-1887/2007.
• Instalaciones y Proyectos de Gas, ER-1559/2008.
Environmental Management

Elecnor has had an Environmental Management System

certified by AENOR since the year 2000. This system is
integrated with the Quality System at both the
documentary and organisational levels. The following,
main activities were developed during 2009:

• Revision of the general procedures.

• Execution of internal and external audits integrated with
Quality.
• Revision of and follow-up on the system at committee
meetings that are integrated with Quality.
• Improvement Group for defining environmental mana-
gement objectives.

The AENOR audits were carried out based on the UNE-EN

ISO 14001:2004 Standard at Elecnor’s eight Business
Divisions.

• Energy and Railways Business Division, GA-2000/0294.

• Energy Transport Business Division, GA-2000/0295.
• North Business Division, GA-2002/0183.
• East Business Division, GA-2002/0225.
• Central Business Division, GA-2003/0220.
• Construction and Environment Business Division,
GA-2004/0040.
• Northeast Business Division, GA-2004/0041.
• South Business Division, GA-2004/0273.

There has also been cooperation with various synergic

subsidiaries that have adopted Elecnor’s Environmental
Management System, in conjunction with Quality. After
performing the annual audit with AENOR, they have
maintained their certification according to the UNE-EN ISO
14001:2004 Standard. These subsidiaries are the following:

• Ehisa Construcciones y Obras, GA-2006/0131.

• Elecnor Seguridad, GA-2007/0649.
• Instalaciones y Proyectos de Gas, GA-2008/0675.

2009 ANNUAL REPORT - 61

 Human Resources

Some of the actions carried out last year in the Recruiting
and Hiring area should be mentioned:
• Active cooperation and participation at universities and
vocational training schools to attract students and recent
graduates by participating in employment forums and
informative workshops.
• The search for improvement and greater efficiency in hi-
ring processes, thereby identifying and evaluating can-
didates objectively, achieving a better fit between the
profile and the position and reducing the time to cover
positions.
• Implementation of an employment portal on the Elecnor
Group’s web page.
• Participation on implementing the “Equality Plan” with
respect to personnel hiring aspects.
• Preparation and start-up of the action procedure for en-
suring compliance with the Data Protection Law with
respect to evaluation reports and curricula.
• Participation in international recruiting forums in order
to find professionals in particular countries, where they
can contribute to empowering and solidifying the Elec-
nor Group’s structures there.
• Improvement of internal processes with respect to fore-
casting hiring and contracting needs.
In the area of professional training and development, the
most representative objectives and activities were the
following:
• The creation of a new “Management System for Hiring,
Development and Promotion to management and tech-
nical positions”, which includes and integrates the com-
petency profiles of management and technical positions,
the new-hire welcome and integration plan, employee
performance and development and the management of
potential and promotion.
• Implementation of the New-Hire Welcome and Integra-
tion Plan (PAI) has continued at several Business Divi-
sions, and the remainder will be implemented in 2010.
The PAI, whose duration is two years, is directed at all
professionals who join Elecnor in management and tech-
nical positions, with greater scope and attention to pe-
ople who join project manager positions. It incorporates
a technical and management knowledge development
system directed at ensuring that professionals who join
Elecnor acquire the necessary information, knowledge
and skills for effectively performing their professional ac-
tivity on a daily basis.
• The “Management System for Project Supervisor Deve-
lopment and Promotion” has been updated. Its main
purposes are performance management and improve-
ment on a daily basis through the most suitable training
or retraining, based on the individual and/or collective
information provided by performance assessment. It is
likewise endeavoured to use the most qualified person-
nel to cover the needs of direct project supervisors and
recognise and promote the professionals whose actions
and results are those that are desired by the company.
• In accordance with the year’s training plan, 889 training
actions were carried out, with a total of 11,915 atten-
dees and 112,692 training hours:

AREA ATTENDEES HOURS

Management 1,948 16,726
Technology 3,008 46,150
Information systems 32 630
Lenguages 104 3,572
Quality and Environment 48 521
Occupational Risk Prevention 6,775 45,093
Total 11,915 112,692

Among the actions undertaken, the following are

highlights due to their purpose and/or the target group:
Executives:

• Continuation of the “Executive development program”,

with two new groups. It has been taken by a total of 53
Directors, C.P. managers and similar personnel.
• The “Leadership/Management of People and Teams”
program to reinforce the training of 173 executives on
this subject.

2009 ANNUAL REPORT - 63

Human Resources
Project managers and technicians of the support
department:
• The general programs established for the first stage of
professional development of these groups. Their main
purpose is to contribute to developing the values and
general competencies of the company. They have been
taken by a total of 374 attendees.
Project Supervisors: superintendents, managers, foremen
and team leaders:
• The programs for the “Development of Skills and Atti-
tudes for performing supervisor duties”. They have been
taken by a total of 183 promotable supervisors and ski-
lled workers.
• Annual re-training of this group, taken by 767 people,
has had the main purpose of improving their daily per-
formance/actions for preventing occupational risks and
eliminating accidents.
Technological/technical training for positions in different
business lines/activities of the company:
• “Assembly, commissioning and operation of solar
energy installations and combined cycle plants”. Training
programs have been implemented, which have been at-
tended by a total of 88 technicians.
• “Installation Maintenance”. A pilot plan has been star-
ted up, the recipients of which are the technicians, su-
pervisors and skilled workers involved with this activity.
The content for technicians is focussed from a manage-
ment and technical/regulatory point of view. The focus
for supervisors and skilled workers was job execution.
74 people have taken actions under this plan.
• “Telecommunications”. A training plan has been defined
and implemented in cooperation with Telefónica’s Trai-
ning Management Division to satisfy needs in activities
of the Global Contract. The corresponding training has
been taken by 102 people.
• “Railway Catenary Lines”: 92 people were involved in
the programs established by Adif, Metro de Madrid,
Metro de Bilbao and Eusko Trenbibdeak for working as
drivers/job foreman and for driving vehicles on the track.
Occupational Risk Prevention Training:
• We worked on the continuous training of all workers in
order to improve the integration of prevention in all ac-
tivities of the production process and to eliminate acci-
dents, especially serious accidents.
• The training program for the Performance of Occupatio-
nal Risk Prevention Duties – Basic Level. It was taken by
a total of 410 technicians and project supervisors.
• The Work at Heights module was taken by 520 opera-
tors.
• A total of 1974 attendees took the initial training or the
re-training on performing jobs with an electrical risk.
• The First Cycle of Initial Level Training of the Professional
Construction Card for the metal sector was taken by 577
supervisors and operators.
• We have worked with the Fundación Elecnor on desig-
ning a special program on “Operation and Maintenance
of Electrical Installations” for students who have com-
pleted the superior level studies of vocational training in
the electrotechnical installations speciality.
Finally, regarding human resources coordination, during
2009 both personnel administration and management of
the Organic Data Protection Law were integrated in the
Human Resources Coordination Department of the Elecnor
Group.
The following are some of the most relevant actions that
were taken:
• Publication of the new version of the Security Document
of the LOPD [Data Protection Law].
• Signing of commercial contracts with special employ-
ment centres to comply with the Law on Social Integra-
tion of the Disabled.
• Development of a computer application for processing
job orders and obtaining costs in real time.
• Improvement of the functions of the subcontractor con-
trol program.
• Participation in development of a new Human Resources
Manager that is useful for all users of the company, the-
reby integrating aspects related to personnel, hiring, trai-
ning, prevention, live electrical work, quality and the
environment.
• Integration of the administration of several subsidiaries
in the same computer of system of Elecnor.
• Grouping of the Group’s subsidiaries into two occupa-
tional accident mutual insurance companies to make cri-
teria uniform and take advantage of synergies.
• Updating and improvement of the compensation and
benefits systems.
 Human Resources

Variation of Elecnor Group workforce Elecnor, S.A. workforce in 2009 by age

8,400 8,486 1,818

7,356
7,031 1,505

5,926

502 469
360 380
168

‘05 ‘06 ‘07 ‘08 ‘09 18-25 26-35 36-45 46-50 51-55 56-60 61 and
above

Training hours given by Elecnor, S.A.

127,406
112,692

86,111
70,580
58,681

‘05 ‘06 ‘07 ‘08 ‘09

2009 ANNUAL REPORT - 65

Occupational Risk Prevention

With the goal of protecting the health and safety of all The Frequency Index represents the number of
workers – a basic and essential value of Elecnor – in occupational accidents resulting in medical leave with
accordance with the provisions set forth in the Integrated respect to total hours worked, proportional to the number
Environmental, Quality and Occupational Risk Prevention of workers.
Management Policy, during 2009 the following
noteworthy activities were undertaken: The Severity Index represents the total workdays lost due
to occupational accidents resulting in medical leave, with
• AENOR performed external follow-up audits, with satis- respect to the total hours worked.
factory results, on the OHSAS 18.001:2007 certificates
of Elecnor’s eight Business Divisions.
• The work of the Department of Internal Audits on project
accident prevention was expanded and intensified: 784
audits of construction projects were performed, versus
the 540 that were performed in 2008 (a 45% increase).
• 19,525 safety inspections were performed to control the
real conditions under which jobs are performed. The re-
sult is that over 9,150 corrective measures were imple-
mented to improve safety conditions.
• The scheduled worker training and information activities
continued, during which actions were taken with appro-
ximately 6500 attendees, the majority of whom atten-
ded more than one training action. We should highlight
one action on this aspect of training that was carried out
with Direct Project Supervisors. It was attended by a total
of 1005 people for the purpose of improving their men-
tal preparation and integrating prevention in their daily
work.
• The Prevention Training System was revised, thereby
adapting it to the requirements of the new Professional
Card of the Metal Sector for construction projects. Like-
wise, official approval for training as a training entity for
the Metal Foundation was applied for and obtained, an
essential requirement to impart training.
• The Occupational-Psychological and Organisational Risk
Evaluation was updated in the entire company, resulting
in an acceptable level of trivial risk.
• Control actions on subcontractor companies continued,
for which a large majority of prevention inspections and
audits were directed at the jobs performed by those
companies. Coordination and training meetings were
held with them, and the computer program for subcon-
tractor control was modified to facilitate these control
tasks.

All these activities were performed for the ultimate

purpose of continuing with the continuous improvement
process gover ned by the company’s Integrated
Management System, thereby giving rise to
improvement of the safety conditions under which
workers perform their duties. The most important
reflection of all this effort was that the best frequency
index since 1967 was achieved, which is the year when
these indices started to be compiled at our company.
Specifically, the 2009 frequency index was 23.8,
meaning 5 points less than in 2008.
2009 ANNUAL REPORT - 67
Auditor’s Report | 2009
ANUAL REPORT 2009 - 71
Independent Auditors' Report

Consolidated Financial Statements for the year ended 31 December 2009, prepared in accordance with International Financial
Reporting Standards as adopted by the European Union (EU-IFRSs), and Consolidated Directors' Report

Translation of a report originally issued in Spanish based on our work performed in accordance with generally accepted
auditing standards in Spain and of consolidated financial statements originally issued in Spanish and prepared in accordance
with IFRSs as adopted by the European Union (see Notes 2 and 30). In the event of a discrepancy, the Spanish-language version
prevails.
 Financial
information for the
Elecnor Group | 2009
ELECNOR, S.A. AND SUBSIDIARIES COMPOSING THE ELECNOR GROUP

CONSOLIDATED BALANCE SHEETS

AT 31 DECEMBER 2009 AND 2008 (NOTES 1 TO 6)

Thousands of Euros
ASSETS 31.12.09 31.12.08(*)
Non-current assets:
Intangible assets-
Goodwill (Note 7) 24,245 20,040
Other intangible assets, net (Note 8) 54,255 31,917
78,500 51,957

Property, plant and equipment, net (Note 9) 579,811 499,298

Investments accounted for using the equity method (Note 10) 301,084 202,683

Non-current financial assets (Note 11)-

Equity investments 10,241 9,922
Other financial assets 86,493 30,224
96,734 40,146
Deferred tax assets (Note 18) 56,319 43,306
Total non-current assets 1,112,448 837,390

Current assets:
Non-current assets classified as held for sale (Note 3-a) 4,611 4,460
Inventories (Note 3-l) 41,148 73,916
Trade and other receivables 784,846 790,664
Trade receivables from related companies (Note 26) 2,141 3,654
Tax receivables (Note 19) 36,372 38,128
Other receivables 35,032 26,344
Other current assets 1,308 1,805

Cash and cash equivalents (Note 12) 161,225 158,911

Total current assets 1,066,683 1,097,882

Total assets 2,179,131 1,935,272

(*) Presented for comparison purposes only.

The accompanying Notes 1 to 30 and the Appendices are an integral part of the consolidated balance sheet at 31 December 2009.
 Thousands of Euros
EQUITY AND LIABILITIES 31.12.09 31.12.08(*)
Equity (Note 13):
Of the Parent-
Share capital 8,700 9,000
Other reserves 338,259 211,226
Unrealised asset and liability revaluation reserve (9,788) (10,083)
Profit for the year attributable to the Parent 97,126 93,593
Interim dividend for the year (Note 5) (4,530) (4,666)
429,767 299,070

Of non-controlling interests 46,730 50,143

Total equity 476,497 349,213

Non-current liabilities:
Grants (Note 3-p) 4,677 4,209
Deferred income 6,569 19,390
Provisions for contingencies and charges (Note 16) 46,118 64,624
Bank borrowings and other financial liabilities (Notes 14 and 15) 566,198 440,706
Other non-current liabilities (Note 9) 25,497 8,149
Deferred tax liabilities (Note 18) 14,593 15,793
Total non-current liabilities 663,652 552,871

Current liabilities:
Bank borrowings and other financial liabilities (Notes 14 and 15) 81,118 69,402
Trade payables to associates and related companies (Note 26) 593 2,983
Trade and other payables-
Accounts payable for purchases and services 501,744 499,116
Customer advances and advance billings (Note 17) 344,121 363,222
845,865 862,338

Other payables-
Tax payables (Note 19) 70,001 71,229
Other current liabilities (Note 9) 41,405 27,236
111,406 98,465
Total current liabilities 1,038,982 1,033,188
Total equity and liabilities 2,179,131 1,935,272

ANUAL REPORT 2009 - 75

ELECNOR, S.A. AND SUBSIDIARIES COMPOSING THE ELECNOR GROUP

CONSOLIDATED INCOME STATEMENTS

FOR THE YEARS ENDED 31 DECEMBER 2009 AND 2008
(NOTES 1 TO 6)

Thousands of Euros (Debit) Credit

2009 2008(*)
Continuing operations:
Revenue (Note 11) 1,677,886 1,911,347
Changes in inventories of finished goods and work in progress (Note 3-l) (20,923) (33,055)
Procurements (Note 21) (986,836) (1,185,779)
Other operating income (Note 3-h) 58,322 52,220
Staff costs (Note 21) (330,121) (313,708)
Other operating expenses (219,477) (204,802)
Depreciation and amortisation charge and provisions (Note 21) (41,747) (75,035)
Profit from operations 137,104 151,188

Finance income (Note 21) 9,464 11,297

Finance costs (Note 21) (41,669) (41,158)
Exchange differences (6,516) 760
Net gains on disposal of non-current assets 4,106 86
Result of companies accounted for using the equity method (Note 10) 27,887 15,824
Profit before tax 130,376 137,997

Income tax (Note 19) (27,858) (36,103)

Profit for the year from continuing operations 102,518 101,894

Profit for the year 102,518 101,894

Attributable to:
Shareholders of the Parent 97,126 93,593
Non-controlling interests (Note 13) 5,392 8,301

Earnings per share (in euros) (Note 28)

Basic 1.13 1.08
Diluted 1.13 1.08

(*) Presented for comparison purposes only.

The accompanying Notes 1 to 30 and the Appendices are an integral part of the consolidated income statement for 2009.
ELECNOR, S.A. AND SUBSIDIARIES COMPOSING THE ELECNOR GROUP

CONSOLIDATED STATEMENTS OF RECOGNISED

INCOME AND EXPENSE FOR THE YEARS
ENDED 31 DECEMBER 2009 AND 2008

Thousands of Euros
2009 2008(*)
CONSOLIDATED PROFIT PER CONSOLIDATED INCOME STATEMENT (I) 102,518 101,894

Income and expense recognised directly in equity:

- Arising from cash flow hedges (Note 15) 2,058 (15,227)
- Tax effect (Notes 15 and 18) (126) 4,376
TOTAL INCOME AND EXPENSE RECOGNISED
DIRECTLY IN EQUITY (II) 1,932 (10,851)

TOTAL RECOGNISED INCOME AND EXPENSE (I+II) 104,450 91,043

a) Attributable to the Parent 97,421 83,433
b) Attributable to non-controlling interests 7,029 7,610

(*) Presented for comparison purposes only.

The accompanying Notes 1 to 30 and the Appendices are an integral part of the consolidated statement
of recognised income and expense for 2009.

ANUAL REPORT 2009 - 77

ELECNOR, S.A. AND SUBSIDIARIES COMPOSING THE ELECNOR GROUP

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR

THE YEARS ENDED 31 DECEMBER 2009 AND 2008

Thousands of Euros
Unrealised Asset Interim
and Liability Other Reserves at Dividend
Share Revaluation Legal Other Restricted Voluntary Consolidated Treasury Translation Total Net Profit Paid during Non-Controlling Total
Capital Reserve Reserve Reserves Voluntarias Companies Shares Differences Reserves for the Year the Year Interests Equity
Balances at 1 January 2008 (Note 13) 9,000 77 1,803 22,913 127,874 68,829 (22,898) 15,292 213,890 73,554 (3,888) 53,075 345,631
Total recognised income and expense in 2008 - (10,160) - - - - - - (10,160) 93,593 - 7,610 91,043
Distribution of profit
To reserves - - - - 21,905 33,315 - - 55,220 (55,220) - - -
Final dividend - - - - - - - - - (10,422) - (3,375) (13,797)
2007 interim dividend - - - - - - - - - (3,888) 3,888 - -
Extraordinary dividend - (4,024) (4,024)
Acquisition of treasury shares - - - - - - (6,098) - (6,098) - - - (6,098)
Sale of treasury shares - - - - - - 1,652 - 1,652 - - - 1,652
Interim dividend paid in 2008 - - - - - - - - - - (4,666) (1,200) (5,866)
Transfer between reserves - - - 4,446 (3,159) (1,287) - - - - - -
Translation of foreign currency
financial statements - - - - - - - (53,136) (53,136) - - (5,967) (59,103)
Changes in the scope of consolidation - - - - - - - - - - - - -
Other - - - - - (225) - - (225) - - - (225)
Balances at 31 December 2008 (Note 13) 9,000 (10,083) 1,803 27,359 146,620 100,632 (27,344) (37,844) 201,143 93,593 (4,666) 50,143 349,213
Total recognised income and expense in 2009 - 295 - - - - - - 295 97,126 - 7,029 104,450
Distribution of profit
To reserves - - - - 30,151 43,942 - - 74,093 (74,093) - - -
Final dividend - - - - - - - - - (14,834) - (3,258) (18,092)
2008 interim dividend - - - - - - - - - (4,666) 4,666 - -
Extraordinary dividend - - - - - - - - - - - - -
Acquisition of treasury shares - - - - - - (113) - (113) - - - (113)
Sale of treasury shares - - - (247) - - - - (247) - - - (247)
Capital reduction (Note 13) (300) - (60) (21,820) - - 22,180 - 300 - - - -
Interim dividend paid in 2009 - - - - - - - - - - (4,530) - (4,530)
Transfer between reserves - - - - 187 (187) - - - - - - -
Translation of foreign currency
financial statements - - - - - - - 73,002 73,002 - - (4,391) 68,611
Changes in the scope of consolidation - - - - - - - - - - - (2,793) (2,793)
Other - - - - - (20,002) - - (20,002) - - - (20,002)
Balances at 31 December 2009 (Note 13) 8,700 (9,788) 1,743 5,292 176,958 124,385 (5,277) 35,158 328,471 97,126 (4,530) 46,730 476,497

(*) Presented for comparison purposes only.

The accompanying Notes 1 to 30 and the Appendices are an integral part of the consolidated statement of changes in equity for the year ended 31 December 2009.
ELECNOR, S.A. AND SUBSIDIARIES COMPOSING THE ELECNOR GROUP

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER 2009 AND 2008

Thousands of Euros
2009 2008 (*)
Cash flows from operating activities:
Consolidated profit for the year before tax 130,376 137,997
Adjustments for-
Depreciation and amortisation and changes in non-current
asset provisions (Notes 8, 9 and 21) 45,418 42,744
Changes in provisions (Note 16) (3,671) 29,909
Allocation of deferred income (12,821) (900)
Net result of companies accounted for using the equity method (Note 10) (27,887) (15,824)
Net gains/losses on disposal of non-current assets (Note 21) (4,106) 2,382
Finance income and costs (Note 21) 32,205 29,015
Cash flows from operating activities 159,514 225,323
Changes in working capital:
Change in trade receivables and other current assets (7,058) 115,353
Change in inventories 32,768 38,576
Change in trade and other payables (18,863) (47,608)
Effect of translation differences on the working capital of foreign companies 1,573 (892)
Change in other current receivables and payables 23,257 (11,359)
Income tax paid (58,868) (30,179)
Net cash flows from operating activities (I) 132,323 289,214
Cash flows from investing activities:
Investments in subsidiaries, net of existing cash items (Notes 2-g, 7 and 10) (68,399) (66,531)
Investments in intangible assets (Note 8) (19,177) (10,482)
Investments in equity instruments and other non-current financial assets (Note 11) (62,688) (5,513)
Grants related to assets 468 717
Investments in property, plant and equipment (Note 9) (76,919) (72,777)
Dividends received from associates (Note 10) 25,822 8,940
Interest received 9,464 12,143
Proceeds from disposal of property, plant and equipment,
intangible assets and non-current assets (Notes 8 and 9) 3,196 768
Proceeds from disposal of financial assets, net (Notes 2-g and 11) 11,024 3,134
Net cash flows from investing activities (II) (177,209) (129,601)
Cash flows from financing activities:
Cash inflows from non-current borrowings (Note 14) 162,997 57,469
Interest paid (Note 14) (38,612) (39,826)
Repayment of bank borrowings and other non-current liabilities (Note 14) (54,450) (70,467)
Dividends paid (22,622) (22,909)
Net cash outflows due to the purchase and sale of treasury shares (Note 13) (113) (4,445)
Net cash flows from financing activities (III) 47,200 (80,178)
Net increase in cash and cash equivalents (I+II+III) 2,314 79,435
Cash and cash equivalents at beginning of year 158,911 79,476
Cash and cash equivalents at end of year 161,225 158,911

(*) Presented for comparison purposes only.

The accompanying Notes 1 to 30 and the Appendices are an integral part of the consolidated statement of cash flows for the year ended 31 December 2009.

ANUAL REPORT 2009 - 79

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with IFRSs as adopted by the European Union (see Notes 2
and 30). In the event of a discrepancy, the Spanish-language version prevails.

ELECNOR, S.A. AND SUBSIDIARIES COMPOSING THE ELECNOR GROUP (CONSOLIDATED)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2009

1. GROUP COMPANIES AND ASSOCIATES

Elecnor, S.A., the Parent, was incorporated for an indefinite period of time on 6 June 1958, and its registered office is at calle
Marqués de Mondéjar 33, Madrid.
The company object of the Parent, per its bylaws, is:
• Commercial activity in the broadest sense, in connection with the engineering, design, construction, erection, repair, main-
tenance and upkeep of all manner of construction projects and installation work in the broadest sense, i.e. the entire exe-
cution thereof with or without the supply of materials, for its own account or for the account of third parties, on an exclusive
basis or through associations of any kind.
• The provision of public and private services in relation to the collection of all types of waste; sweeping and cleaning of
streets; transfer and transport of waste to the place of end disposal; recycling, treatment and deposit of public, private, in-
dustrial, hospital and pathological waste; cleaning, maintenance and upkeep of sewers; and, in general, urban water tre-
atment services and all other ancillary services related directly or indirectly to the aforementioned services in their broadest
sense.
• The design, research, development, construction, operation, maintenance and marketing of waste treatment, recovery and
elimination facilities, and the purchase and sale of the by-products originating from these treatments.
• The design, research, development, construction, operation, maintenance and marketing of plants and facilities for the
treatment of water, wastewater and waste, the recovery and elimination of waste, and the purchase and sale of the by-
products originating from these treatments.
• The use, transformation and marketing of water of all types.
The aforementioned business activities can also be fully or partially carried on indirectly by the Company through investments
in other companies with a similar company object, both in Spain and abroad. The ELECNOR Group may not carry on any business
activity for which the related legislation provides for specific conditions or limitations unless it fully meets such conditions.
The subsidiaries engage basically in the business activities composing the aforementioned company object, and in the
operation of wind generation facilities, the provision of aeronautical and aerospace software research, advisory and
development services and the manufacture and distribution of solar panels and solar PV farms.
The Company bylaws and other related public information may be viewed on the website www.elecnor.es and at the
registered office.
In addition to the operations it performs directly, Elecnor, S.A. is the head of a group of subsidiaries engaging in various
business activities which compose, together with it, the ELECNOR Group (“the Group” or the “ELECNOR Group”). Therefore,
the Parent is obliged to prepare, in addition to its own separate financial statements, the Group's consolidated financial
statements, which also include the interests in joint ventures and investments in associates.
The consolidated Group companies and associates and data relating thereto at 31 December 2009 and 2008, after unification
and, where appropriate, translation to euros, of their respective individual financial statements, prior to conversion to
International Financial Reporting Standards (EU-IFRSs), are as follows:
 Thousands of Euros
Porcentage
Location of direct and Net Interim
Registered indirect Share profit (loss) dividend
2009 office Auditor Line of business ownership capital Reserves for 2009 for 2009
Consolidated investees:
Fully consolidated companies-
Internacional de Desarrollo Madrid (***) Trading 100% 1,202 77 - -
Energético, S.A. (IDDE) (**)
Omninstal Electricidade, S.A. Portugal Auren Auditores Construction and assembly work 100% 1,053 (6) 50 -
& Assocados SROC, S.A.
Cosinor, S.A. Bilbao KPMG Auditores, S.L Industrial control 100% 373 2,515 594 -
Elecnor de Argentina, S.A. Argentina Deloitte Construction and assembly work 99.09% 8,002 (6,493) 292 -
Electrolíneas del Ecuador, S.A. Ecuador Atig Auditores . Construction and assembly work 100% 1,272 748 219 -
Asesores Cía. Ltda
Electrificaciones del Ecuador, S.A. Ecuador Atig Auditores Construction and assembly work 100% 530 (201) 65 -
Asesores Cía. Ltda.
Zogu, S.A. (*) Ecuador Atig Auditores Construction and assembly work 100% 316 1,640 (7) -
Asesores Cía. Ltda.
Elecven Construcciones, S.A. Venezuela Deloitte Construction and assembly work 96.2% 3,299 740 2,375 -
Rasacaven, S.A. Venezuela Deloitte Construction and assembly work 93.72% 2,731 (240) 146 -
Postes Orinoco, S.A. (*) Venezuela Muñoz y Asociados Construction and assembly work 96.2% 586 (318) 18 -
Corporación L.N.C.A. (*) Venezuela (***) Construction and assembly work 100% 385 (221) (2) -
Corporación Electrade, C.A. Venezuela Muñoz y Asociados Construction and assembly work 100% 799 (758) 43 -
Adhorna Prefabricación, S.A. Bilbao Deloitte Manufacture of fibreglass-reinforced
cement and polyester products 84.44% 1,082 11,122 506 -
Elecnor Chile, S.A. (**) Chile (***) Construction and assembly work 100% 6,406 (2,326) (47) -
Hidroambiente, S.A.U. Getxo KPMG Auditores, S.L Environmental activities 100% 210 2,813 457 -
(Vizcaya)
Elecnor do Brasil, Ltda. Brazil Price Waterhouse Coopers Construction and assembly work 100% 4,136 (1,877) 2,467 -
Elecnor Montagens Elétricas, Ltda. (**) Brazil (***) Construction and assembly work 100% 6 2,599 625 -
Enerfin Enervento, S.A. Madrid Deloitte Company management and administration 70% 46,900 40,685 23,617 (10,300)
Elecnor de México, S.A. de C.V. Mexico Ernst & Young Construction and assembly work 100% 910 49 230 -
Montelecnor, S.A. Uruguay Ernst & Young Construction and assembly work 100% 486 1,628 121 -
Aerogeneradores del Sur, S.A. (*) Seville Deloitte Construction, operation and use 76% 2,912 1,168 641 -
of wind-power resources
Redes Eléctricas de Manresa, S.L. Manresa (***) Installation and assembly of all manner 100% 31 2,275 26 -
of work involving electricity
Eólica de Chantada, S.L. (*) Lugo (***) Operation of power plants 100% 7 2 (1) -
Ehisa Construcciones y Obras, S.A. Zaragoza Luis Ruiz Apilanez Construction and assembly work 100% 600 1,963 144 -
Deimos Space, S.L.U. Madrid KPMG Auditores, S.L Analysis, engineering and development 100% 500 4,693 (346) -
of space missions and software
Elecnor Transmissao de Energia, S.A. Brazil Deloitte Construction and assembly work 100% 216,448 54,455 13,516 -
Galicia Vento, S.L. (*) Lugo Deloitte Operation of power plants 69.44% 8,250 1,994 4,948 -
Ventos do Sul Energia, S.A. (*) Brazil Deloitte Operation of power plants 63.70% 47,123 9,711 1,092 -
Eólicas Páramo de Poza, S.A. (*) Madrid Deloitte Operation of power plants 55% 601 8,677 1,009 -
Enervento Biodiesel, S.A. (*) Madrid (***) Biodiesel energy production 70% 500 (375) - -
Aplicaciones Técnicas Valencia Deloitte Solar energy 100% 24,535 46,352 (3,885) -
de la Energía, S.L. (ATERSA)
Muiño do Vicedo, S.L. (*) Santiago de (***) Operation of power plants 94% 3 (1) - -
Compostela
Enervento, Sociedad de Energía, S.L. (*) Madrid (***) Company management and administration 100% 3 (1) - -
Enerfera, S.R.L. (*) (**) Italy (***) Construction, operation and use of 100% 10 2 5 -
wind-power resources
Enerfin Do Brasil Sociedad Brazil (***) Operation of power plants 99.80% - 617 164 -
de Energia, Ltda. (*) (**)
Enerfin Sociedad de Energía, S.L. Madrid Deloitte Company management and administration 100% 25,000 29,315 8,420 -

ANUAL REPORT 2009 - 81

 Thousands of Euros
Porcentage
Location of direct and Net Interim
Registered indirect Share profit (loss) dividend
2009 office Auditor Line of business ownership capital Reserves for 2009 for 2009
Consolidated investees:
Fully consolidated companies-
Sociedad Aragonesa de Zaragoza KPMG Auditores, S.L Construction and operation 100% 6,600 (105) (277) -
Aguas Residuales, S.A.U. of water treatment plants
Instalaciones y Proyectos Zaragoza (***) Installation and repair of gas networks 100% 60 1,586 92 -
de Gas, S.A.U. (**)
Elecnor Seguridad, S.L. Madrid (***) Installation and maintenance 100% 120 236 71 -
of fire safety systems
Elecnor Financiera, S.L. Bilbao Deloitte Corporate administration and counselling 100% 12,000 7,961 6,012 -
Sociedad Aragonesa de Zaragoza KPMG Auditores, S.L Performance of Special Water 60% 6,000 (46) (20) -
Estaciones Depuradoras, S.A. (**) Treatment Plan projects
ST Redes de Levante, S.A.U. Valencia KPMG Auditores, S.L. Installation and assembly of telephone 100% 1,500 2,044 (88) -
networks and after-sales service
Deimos Aplicaciones Valladolid (***) Telecommunications and wind 100% 100 59 (2,104) -
Tecnológicas, S.L.U. (*) power services and research
Deimos Imaging , S.L. (*) Valladolid KPMG Auditores, S.L Development of software, engineering 73.89% 400 451 86 -
and technical assistance in the field
of remote sensing
Enervento Galicia, S.L. A Coruña (***) Construction, installation, sale and 59.50% 10 (4) (3) -
management of wind farms
and facilities in Galicia
Montagem Elétricas da Serra, Ltda. (**) Brazil (***) Construction and assembly work 100% 7 147 3,434 (1,898)
Vilhena Montagens Elétricas, Ltda. (**) Brazil (***) Construction and assembly work 100% 7 6,621 400 -
Parque Eólico Cofrentes, S.L.U. (*) Valencia (***) Operation of power plants 100% 10 - - -
Parques Eólicos Villanueva, S.L.U. (*) Valencia (***) Operation of power plants 100% 5,000 20,355 1,876 -
Helios Almussafes, S.L.U. (*) Valencia (***) Operation of renewable energy facilities 100% 10 (1) 57 (11)
Helios Almusafes II, S.L.U. (*) Valencia (***) Operation of renewable energy facilities 100% 10 2 55 (11)
Helios Inversión y Promoción Solar, S.L.U. Madrid (***) Development, construction and 100% 60 (11) (5) -
operation of solar PV farms
Enerfin Energy Company, LLC (*) US (***) Operation of power plants 100% 3,725 95 10 -
Enerfin Energy Company Canada (***) Operation of power plants 100% 2,578 126 (10) -
of Canada, Inc. (*)
Coyote Wind, LLC (*) US (***) Operation of power plants 95% 830 66 - -
Eoliennes de Lerable, Inc. (*) Canada (***) Operation of power plants 100% 2,454 126 (116) -
Infraestructuras Villanueva, S.L. (****) Valencia (***) Operation of power plants 59.47% 3 - - -
Deimos Engenharia, S.A. (*) Portugal ESAC Espirito Services in the areas of telecommunications, 80% 250 480 245 -
Santo Associados energy, aeronautics and space.
Pedras Transmissora Brazil (***) Operation of public service concessions 100% 15,045 807 - -
de Energía, S.A. (****) for electricity transmission
Coqueiros Transmissora Brazil (***) Operation of public service concessions 100% 24,820 1,460 (17) -
de Energía, S.A. (****) for electricity transmission
Companies accounted for using the equity method (Note 10)-
Cosemel Ingeniería, A.I.E. Madrid (***) Promotion, marketing and development 33.33% 9 381 368 -
of high-speed railway installation
and electrification activities
Eólica Cabanillas, S.L. (*) Tudela Auditores Asociados Construction and subsequent 35% 2,404 481 483 -
(Navarre) del Norte, S.L. operation of power plants
Eólica Montes del Cierzo, S.L. (*) Tudela Auditores Asociados Operation of power plants 35% 4,313 3,155 2,562 -
(Navarre) del Norte, S.L.
Eólica La Bandera, S.L. (*) Tudela Auditores Asociados Operation of power plants 35% 806 2,885 1,354 -
(Navarre) del Norte, S.L.
Eólica Caparroso, S.L. (*) Tudela Auditores Asociados Operation of power plants 35% 2,410 1,165 1,036 -
(Navarre) del Norte, S.L.
 Thousands of Euros
Porcentage
Location of direct and Net Interim
Registered indirect Share profit (loss) dividend
2009 office Auditor Line of business ownership capital Reserves for 2009 for 2009
Parque Eólico Gaviota, S.A. (*) Canary Ernst & Young Operation of power plants 34.53% 1,352 541 708 -
Islands
Parque Eólico Malpica, S.A. (*) A Coruña Stemper auditores Operation of power plants 33.22% 950 217 813 -
Expansión Transmissao Brazil Deloitte Operation of public service concessions 25% 22,974 15,265 20,649 -
de Energía Elétrica, S.A. (*) for electricity transmission
Expansión Transmissao Itumbiara Brazil Deloitte Operation of public service concessions 25% 16,465 11,103 10,201 -
Marimbondo, S.A. (*) for electricity transmission
Cachoeira Paulista Transmissora Brazil Deloitte Operation of public service concessions 33.33% 17,216 12,317 10,300 -
de Energía, S.A. (*) for electricity transmission
Itumbiara Transmissora Brazil Deloitte Operation of public service concessions 33.33% 137,497 12,879 16,475 (8,482)
de Energía, S.A. (*) for electricity transmission
Vila do Conde Transmissora Brazil Deloitte Operation of public service concessions 33.33% 38,163 3,676 5,614 (3,034)
de Energia, S.A. (*) for electricity transmission
Porto Primavera Transmissora Brazil Deloitte Operation of public service concessions 33.33% 71,042 6,928 7,260 (3,987)
de Energia, S.A. (*) for electricity transmission
Serra da Mesa Transmissora Brazil Deloitte Operation of public service concessions 33.33% 103,763 6,110 3,902 -
de Energía, S.A (*) for electricity transmission
LT Triangulo, S.A. (*) Brazil Deloitte Operation of public service concessions 33.33% 86,387 (2,150) 3,799 -
for electricity transmission
Consorcio Eólico Marino Cádiz (***) Development, installation, implementation 35% 200 (10) (8) -
Cabo de Trafalgar, S.L. (*) and management of wind farms and
plants in the land and sea public domain.
Jauru Transmissora de Energia, S.A. (*) Brazil Deloitte Operation of public service concessions 33.33% 10,036 1,839 (1,161) -
for electricity transmission
Serra Paracatu Transmissora Brazil Deloitte Operation of public service concessions 33.33% 68,901 (3,037) 431 -
de Energia, S.A. (*) for electricity transmission
Poços de Caldas Transmissora Brazil Deloitte Operation of public service concessions 33.33% 86,977 (4,121) (1,139) -
de Energia, S.A. (*) for electricity transmission
Riberao Preto Transmissora Brazil Deloitte Operation of public service concessions 33.33% 69,536 (1,498) (95) -
de Energia, S.A. for electricity transmission
Sociedad Aguas Residuales Zaragoza (***) Construction and operation 50% 2,250 (397) (2) -
Pirineos, S.A. (****) of water treatment plants
Zinertia Renovables, S.L. (****) Madrid (***) Development, construction and 40% 600 (222) (10) -
operation of solar PV farms

(*) Companies indirectly owned by Elecnor, S.A., through Electrolíneas del Ecuador, S.A. in the case of Zogu, S.A.; Electrolíneas del Ecuador, S.A. in the case of Corporación L.N.C.A.; Elecven Construcciones, S.A. in the case of Postes Orinoco,
S.A.; Enerfin Enervento, S.A. in the case of Aerogeneradores del Sur, S.A., Eólica Cabanillas, S.L., Eólicas Páramo de Poza, S.A., Eólica Montes del Cierzo, S.L., Eólica La Bandera, S.L., Eólica Caparroso, S.L., Galicia Vento, S.L., Ventos do Sul
Energía, S.A., Enervento Biodiesel, S.A., Parque Eólico Gaviota, S.A, Parque Eólico Malpica, S.A., Consorcio Eólico Marino Cabo de Trafalgar, S.L. and Enervento Galicia, S.L.U.; Elecnor Transmissao de Energía, Ltda. in the case of Expansión
de Energía Energía Eléctrica, S.A., Cachoeira Paulista Transmissora de Energía, S.A., Expansión Transmissao Itumbiara Marimbondo, S.A., Itumbiara Transmissora de Energía, S.A., Vila do Conde Transmissora de Energía, S.A., Porto Primavera
Transmissora de Energía, S.A., Serra da Mesa Transmissora de Energía, S.A, LT Triangulo, S.A., Jauru Transmissora de Energía, S.A., Serra Paracatu Transmissora de Energía, S.A., Poços de Caldas Transmissora de Energía, S.A. and Riberao
Preto Transmissora de Energía, S.A.; Elecnor Financiera S.L., in the case of Aerogeneradores del Sur, S.A., Galicia Vento, S.L., Eólicas Páramo de Poza, S.A., Parques Eólicos La Gaviota, S.A. and Parque Eólico de Malpica, S.A.; Enerfin Sociedad
de Energía S.A. in the case of Eólica Chantada, S.L., Infraestructuras Villanueva, S.L., Enerfín do Brasil Sociedad de Energía Limitada, Muiño do Vicedo, S.L., Enerfera S.R.L., Enervento Sociedad de Energía, S.L, Parque Eólico Cofrentes, S.L.,
Enerfin Energy Company of Canada, Inc., Enerfin Energy Company, LLC and Parques Eólicos Villanueva, S.L.; Deimos Espace, S.L., in the case of Deimos Engenharia, S.A., Deimos Aplicaciones Tecnológicas, S.L. and Deimos Imaging, S.L.;
Enerfin Energy Company of Canada, Inc. in the case of Eoliennes de Lerable, Inc.; Enerfin Energy Company, LLC in the case of Coyote Wind, LLC and Helios Inversión and Promoción Solar, S.L.U. in the case of Helios Almussafes, S.L.U., Helios
Almussafes II, S.L.U. and Zinertia Renovables, S.L.

(**) Companies at which Deloitte performs a limited review of (unaudited) financial statements for the purposes of the consolidated financial statements of Elecnor, S.A.
(***) Companies not subject to statutory audit requirements.
(****) Companies included in consolidation in 2009.

ANUAL REPORT 2009 - 83

 Thousands of Euros
Porcentage
Location of direct and Net Interim
Registered indirect Share profit (loss) dividend
2008 office Auditor Line of business ownership capital Reserves for 2008 for 2008
Consolidated investees:
Fully consolidated companies-
Internacional de Desarrollo Madrid (***) Trading 100% 1,202 81 (4) -
Energético, S.A. (IDDE) (**)
Omninstal Electricidade, S.A. Portugal Auren Auditores Construction and assembly work 100% 1,053 1,001 (1,006) -
& Assocados SROC, S.A.
Cosinor, S.A. Bilbao KPMG Auditores, S.L. Industrial control 100% 373 2,831 683 -
Elecnor de Argentina, S.A. Argentina Deloitte Construction and assembly work 99.09% 8,002 (6,153) 38 -
Electrolíneas del Ecuador, S.A. Ecuador Atig Auditores Construction and assembly work 100% 1,272 1,047 506 -
Asesores Cía. Ltda.
Electrificaciones del Ecuador, S.A. Ecuador Atig Auditores Construction and assembly work 100% 530 (129) (36) -
Asesores Cía. Ltda.
Zogu, S.A. (*) Ecuador Atig Auditores Construction and assembly work 100% 316 1,815 275 -
Asesores Cía. Ltda.
Elecven Construcciones, S.A. Venezuela Deloitte Construction and assembly work 96.2% 3,299 301 665 -
Rasacaven, S.A. Venezuela Deloitte Construction and assembly work 93.72% 2,731 (21) 57 -
Postes Orinoco, S.A. (*) Venezuela Muñoz y Asociados Construction and assembly work 96.2% 586 (314) 22 -
Corporación L.N.C.A. (*) Venezuela (***) Construction and assembly work 100% 385 (203) (1) -
Corporación Electrade, C.A. Venezuela Muñoz y Asociados Construction and assembly work 100% 799 (760) 41 -
Adhorna Prefabricación, S.A. Bilbao Deloitte Manufacture of fibreglass-reinforced 84.44% 1,082 10,373 980 -
(formerly Postes Nervión, S.A.) cement and polyester products
Elecnor Chile, S.A. (**) Chile (***) Construction and assembly work 100% 15,237 (5,438) (47) -
Hidroambiente, S.A. Getxo KPMG Auditores, S.L. Environmental activities 93% 210 2,409 405 -
(Vizcaya)
Elecnor do Brasil, Ltda. Brazil Price Waterhouse Coopers Construction and assembly work 100% 4,136 (1,770) (674) -
Elecnor Montagens Elétricas, Ltda. (**) Brazil (***) Construction and assembly work 100% 6 2,298 34 -
Enerfin Enervento, S.A. Madrid Deloitte Company management and administration 70% 46,900 53,314 10,853 (4,000)
Elecnor de México, S.A. de C.V. Mexico Ernst & Young Construction and assembly work 100% 910 (15) 107 -
Montelecnor, S.A. Uruguay Ernst & Young Construction and assembly work 100% 486 1,140 160 -
Aerogeneradores del Sur, S.A. (*) Seville Deloitte Construction, operation and use 76% 2,912 1,168 2,694 -
of wind-power resources
Redes Eléctricas de Manresa, S.L. Manresa (***) Installation and assembly of all 100% 31 2,261 8 -
manner of work involving electricity
Eólica de Chantada, S.L. (*) Lugo (***) Operation of power plants 100% 7 3 (1) -
Ehisa Construcciones y Obras, S.A. Zaragoza Luis Ruiz Apilanez Construction and assembly work 100% 600 1,771 192 -
Deimos Space, S.L. Madrid KPMG Auditores, S.L Analysis, engineering and development 50.5% 500 3,841 1,136 -
of space missions and software
Elecnor Transmissao de Energia, S.A. Brazil Deloitte Construction and assembly work 100% 173,243 (8,120) 7,923 -
Galicia Vento, S.L. (*) Lugo Deloitte Operation of power plants 69.44% 8,250 1,994 10,995 -
Ventos do Sul Energia, S.A. (*) Brazil Deloitte Operation of power plants 63.70% 47,123 (4,981) 1,688 -
Eólicas Páramo de Poza, S.A. (*) Madrid Deloitte Operation of power plants 55% 601 8,677 3,304 -
Enervento Biodiesel, S.A. (*) Madrid (***) Biodiesel energy production 70% 500 (199) (176) -
Aplicaciones Técnicas Valencia Deloitte Solar energy 100% 24,535 23,513 40,137 (17,298)
de la Energía, S.L. (ATERSA)
Muiño do Vicedo, S.L. (*) Santiago de (***) Operation of power plants 94% 3 (1) - -
Compostela
Enervento, Sociedad de Energía, S.L. (*) Madrid (***) Company management and administration 100% 3 (1) - -
Enerfera, S.R.L. (*) (**) Italy (***) Construction, operation and use 100% 10 137 902 -
of wind-power resources
Enerfin Do Brasil Sociedad Brazil (***) Operation of power plants 99.80% - (105) 929 (359)
de Energia, Ltda. (*) (**)
 Thousands of Euros
Porcentage
Location of direct and Net Interim
Registered indirect Share profit (loss) dividend
2008 office Auditor Line of business ownership capital Reserves for 2008 for 2008
Consolidated investees:
Fully consolidated companies-
Enerfin Sociedad de Energía, S.A. Madrid Deloitte Company management and administration 100% 5,000 2,211 2,579 -
Sociedad Aragonesa de Zaragoza KPMG Auditores, S.L. Construction and operation 100% 6,600 (55) (50) -
Aguas Residuales, S.A.U. of water treatment plants
Instalaciones y Proyectos Zaragoza (***) Installation and repair of gas networks 100% 60 1,281 306 -
de Gas, S.A.U. (**)
Elecnor Seguridad, S.L. Madrid (***) Installation and maintenance 100% 120 188 48 -
of fire safety systems
Elecnor Financiera, S.L. Bilbao Deloitte Corporate administration and counselling 100% 12,000 3,551 457 -
Sociedad Aragonesa de Zaragoza (***) Performance of Special Water 55.80% 6,000 (47) 1 -
Estaciones Depuradoras, S.A. (**) Treatment Plan projects
ST Redes de Levante, S.A.U. Valencia KPMG Auditores, S.L. Installation and assembly of telephone 100% 1,500 1,699 345 -
networks and after-sales service
Deimos Aplicaciones Tecnológicas, S.L. (*) Valladolid (***) Telecommunications and wind power 47.97% 100 352 (293) -
services and research
Deimos Imaging , S.L. (*) Valladolid KPMG Auditores, S.L. Development of software, engineering 37.31% 400 89 362 -
and technical assistance in the field
of remote sensing
Enervento Galicia, S.L. A Coruña (***) Construction, installation, sale and 59.50% 10 - (4) -
management of wind farms
and facilities in Galicia
Montagem Elétricas da Serra, Ltda. (**) Brazil (***) Construction and assembly work 100% 7 (969) 7,027 (1,158)
Vilhena Montagens Elétricas, Ltda. (**) Brazil (***) Construction and assembly work 100% - (1,016) 5,971 -
Parque Eólico Cofrentes, S.L.U. (*) (****) Valencia (***) Operation of power plants 100% 10 - - -
Parques Eólicos Valencia (***) Operation of power plants 100% 5,000 20,321 33 -
Villanueva, S.L.U. (*) (****)
Helios Almussafes, S.L.U. (*) (****) Valencia (***) Operation of renewable energy facilities 100% 10 (1) - -
Helios Almussafes II, S.L.U. (*) (****) Valencia (***) Operation of renewable energy facilities 100% 10 (1) 3 -
Helios Inversión y Madrid (***) Development, construction and 100% 60 (1) (10) -
Promoción Solar, S.L.U. (****) operation of solar PV farms
Enerfin Energy Company, LLC (*) (****) US (***) Operation of power plants 100% 1,465 (298) 1 -
Enerfin Energy Company Canada (***) Operation of power plants 100% 816 (3) (6) -
of Canada, Inc. (*) (****)
Coyote Wind, LLC (*) (****) US (***) Operation of power plants 95% 805 94 - -
Eoliennes de Lerable, Inc. (*) (****) Canada (***) Operation of power plants 100% 753 (94) (19) -
Companies accounted for using the equity method (Note 10)-
Cosemel Ingeniería, A.I.E. Madrid (***) Promotion, marketing and development 33.33% 9 223 618 -
of high-speed railway installation
and electrification activities
Eólica Cabanillas, S.L. (*) Tudela Auditores Asociados Construction and subsequent 35% 2,404 2,773 1,121 -
(Navarre) del Norte, S.L. operation of power plants
Eólica Montes del Cierzo, S.L. (*) Tudela Auditores Asociados Operation of power plants 35% 4,313 863 3,821 -
(Navarre) del Norte, S.L.
Eólica La Bandera, S.L. (*) Tudela Auditores Asociados Operation of power plants 35% 806 2,885 2,202 -
(Navarre) del Norte, S.L.
Eólica Caparroso, S.L. (*) Tudela Auditores Asociados Operation of power plants 35% 2,410 1,165 1,240 -
(Navarre) del Norte, S.L.
Guadalaviar Consorcio Madrid (***) Operation of power plants 50% 60 4 - -
Eólico Alabe Enerfín, S.A. (*)
Parque Eólico Gaviota, S.A. (*) Canary Ernst & Young Operation of power plants 34.53% 1,352 547 495 -
Islands
Parque Eólico Malpica, S.A. (*) A Coruña Auren Auditores Operation of power plants 33.22% 950 217 751 -
& assocados

ANUAL REPORT 2009 - 85

 Thousands of Euros
Porcentage
Location of direct and Net Interim
Registered indirect Share profit (loss) dividend
2008 office Auditor Line of business ownership capital Reserves for 2008 for 2008
Expansión Transmissao de Brazil Deloitte Operation of public service 25% 22,974 8,959 13,306 -
Energía Elétrica, S.A. (*) concessions for electricity transmission
Expansión Transmissao Itumbiara Brazil Deloitte Operation of public service concessions 25% 16,465 7,461 6,878 -
Marimbondo, S.A. (*) for electricity transmission
Cachoeira Paulista Transmissora Brazil Deloitte Operation of public service concessions 33.33% 17,216 5,438 6,372 -
de Energía, S.A. (*) for electricity transmission
Itumbiara Transmissora Brazil Deloitte Operation of public service concessions 33.33% 142,987 (19,792) 2,091 -
de Energía, S.A. (*) for electricity transmission
Vila do Conde Transmissora Brazil Deloitte Operation of public service concessions 33.33% 38,163 (4,980) 1,199 -
de Energia, S.A. (*) for electricity transmission
Porto Primavera Transmissora Brazil Deloitte Operation of public service concessions 33.33% 72,845 (9,745) 1,290 -
de Energia, S.A. (*) for electricity transmission
Serra da Mesa Transmissora Brazil Deloitte Operation of public service concessions 33.33% 101,157 (18,116) 3,376 -
de Energía, S.A (*) for electricity transmission
LT Triangulo, S.A. (*) Brazil (***) Operation of public service concessions 33.33% 77,985 (18,321) (1,119) -
for electricity transmission
Deimos Engenharia, S.A. (*) Portugal (***) Services in the areas of 12.12% 250 307 216 -
telecommunications, energy,
aeronautics and space.
Consorcio Eólico Marino Cádiz (***) Development, installation, implementation 35% 200 (13) - -
Cabo de Trafalgar, S.L. (*) and management of wind farms and plants
in the land and sea public domain.
Jauru Transmissora de Brazil (***) Operation of public service concessions 33.33% 36 (4) - -
Energia, S.A. (*) (****) for electricity transmission
Serra Paracatu Transmissora Brazil (***) Operation of public service concessions 33.33% 62,808 (15,755) - -
de Energia, S.A. (*) (****) for electricity transmission
Poços de Caldas Transmissora Brazil (***) Operation of public service concessions 33.33% 17,467 (4,386) - -
de Energia, S.A. (*) (****) for electricity transmission
Riberao Preto Transmissora Brazil (***) Operation of public service concessions for electricity transmission33.33%24,852 (5,842) --
de Energia, S.A. (*) (****)

(*) Companies indirectly owned by Elecnor, S.A., through Electrolíneas del Ecuador, S.A. in the case of Zogu, S.A.; Electrolíneas del Ecuador, S.A. in the case of Corporación L.N.C.A.; Elecven Construcciones, S.A. in the case of Postes Orinoco, S.A.;
Enerfin Enervento, S.A. in the case of Aerogeneradores del Sur, S.A., Eólica Cabanillas, S.L., Eólicas Páramo de Poza, S.A., Eólica Montes del Cierzo, S.L., Eólica La Bandera, S.L., Eólica Caparroso, S.L., Galicia Vento, S.L., Ventos do Sul Energía, S.A.,
Enervento Biodiesel, S.A., Parque Eólico Gaviota, S.A, Parque Eólico Malpica, S.A., Consorcio Eólico Marino Cabo de Trafalgar, S.L. and Enervento Galicia, S.L.U.; Elecnor Transmissao de Energía, Ltda. in the case of Expansión de Energía Energía
Eléctrica, S.A., Cachoeira Paulista Transmissora de Energía, S.A., Expansión Transmissao Itumbiara Marimbondo, S.A., Itumbiara Transmissora de Energía, S.A., Vila do Conde Transmissora de Energía, S.A., Porto Primavera Transmissora de Energía,
S.A., Serra da Mesa Transmissora de Energía, S.A, LT Triangulo, S.A., Jauru Transmissora de Energía, S.A., Serra Paracatu Transmissora de Energía, S.A., Poços de Caldas Transmissora de Energía, S.A. and Riberao Preto Transmissora de Energía, S.A.;
Elecnor Financiera S.L., in the case of Aerogeneradores del Sur, S.A., Galicia Vento, S.L., Eólicas Páramo de Poza, S.A., Parques Eólicos La Gaviota, S.A. and Parque Eólico de Malpica, S.A.; Enerfin Sociedad de Energía S.A. in the case of Eólica
Chantada, S.L., Guadalaviar Consorcio Eólico Alabe Enerfín, S.A., Enerfín do Brasil Sociedad de Energía Limitada, Muiño do Vicedo, S.L., Enerfera S.R.L., Enervento Sociedad de Energía, S.L, Parque Eólico Cofrentes, S.L., Enerfin Energy Company
of Canada, Inc., Enerfin Energy Company, LLC and Parques Eólicos Villanueva, S.L.; Deimos Espace, S.L., in the case of Deimos Engenharia, S.A., Deimos Aplicaciones Tecnológicas, S.L. and Deimos Imaging, S.L.; Enerfin Energy Company of Canada,
Inc. in the case of Eoliennes de Lerable, Inc.; Enerfin Energy Company, LLC in the case of Coyote Wind, LLC and Helios Inversión y Promoción Solar, S.L.U. in the case of Helios Almussafes, S.L.U. and Helios Almussafes II, S.L.U.

(**) Companies at which Deloitte performs a limited review of (unaudited) financial statements for the purposes of the consolidated financial statements of Elecnor, S.A.
(***) Companies not subject to statutory audit requirements.
(****) Companies included in consolidation in 2008.

The information in the foregoing table was provided by the Group companies and their equity position is reflected in their
separate financial statements, although, where appropriate, it is presented in the foregoing table including the unifying
adjustments required for consolidation.
2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND BASIS OF CONSOLIDATION
a) Basis of presentation-
1. The consolidated financial statements for 2009 of the ELECNOR Group were prepared:
• By the directors of Elecnor, at its Board of Directors Meeting held on 17 February 2010.
• In accordance 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, including the International Accounting
Standards (IASs) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC)
and by the Standing Interpretations Committee (SIC). The principal accounting policies and measurement bases applied in
preparing the ELECNOR Group's consolidated financial statements for 2009 are summarised in Note 3.
• Taking into account all the mandatory accounting policies and rules and measurement bases with a material effect on the
consolidated financial statements, as well as the alternatives in this connection, which are specified in Note 2-b to the ELEC-
NOR Group’s consolidated financial statements.
• So that they present fairly the ELECNOR Group's consolidated equity and financial position at 31 December 2009 and the
results of its operations, the changes in consolidated equity and the consolidated cash flows in the year then ended.
• On the basis of the accounting records kept by Elecnor and by the other Group companies, which include the unincorporated
temporary joint ventures (“UTEs”) in which they had interests at 31 December 2009 and 2008. However, since the accounting
policies and measurement bases used in preparing the Group's consolidated financial statements for 2009 (IFRSs) differ
from those used by the Group companies (local standards), the required adjustments and reclassifications were made on
consolidation to unify the policies and methods used and to make them compliant with International Financial Reporting
Standards.
The ELECNOR Group's consolidated financial statements for 2008 were approved by the shareholders at the Annual General
Meeting of Elecnor on 20 May 2009. The 2009 consolidated financial statements of the Group and the 2009 financial statements
of the Group companies have not yet been approved by their shareholders at the respective Annual General Meetings. However,
the Board of Directors of Elecnor considers that the aforementioned financial statements will be approved without any changes.

b) Adoption of International Financial Reporting Standards (IFRSs)-

IFRSs establish certain alternatives in their application, including most notably the following:
i) Investments in joint ventures may be proportionately consolidated or accounted for using the equity method, provided
that the same method is applied to all the interests in joint ventures held by the Group.
The Group opted to account for all the companies over which control is shared with the other shareholders using the equity
method, except for the UTEs, which were proportionately consolidated, as in the separate financial statements of the Parent.
ii) Both intangible assets and assets classified under “Non-Current Assets - Property, Plant and Equipment, Net” may be
measured at market value or at acquisition cost less any accumulated depreciation and amortisation and any accumulated
impairment losses.
The Group opted to recognise the aforementioned assets at adjusted acquisition cost.
iii) Grants related to assets may be recognised by deducting the amount of the grants related to assets received for the
acquisition of the assets from the carrying amount of an asset or they may be presented as a non-current liability on the
balance sheet.
The Group opted for the latter.
iv) As permitted by IFRSs, it was decided not to apply IFRS 3 retrospectively to business combinations that occurred before 1
January 2004.
v) The translation differences arising prior to 1 January 2004 were classified under “Equity - Other Reserves”.

Standards and interpretations applicable in 2009

In 2009 new accounting standards came into force and were therefore taken into account when preparing the accompanying
consolidated financial statements.
The following standards were applied in these consolidated financial statements but did not have a significant impact on
the figures reported or on the presentation and disclosures made in the consolidated financial statements:

ANUAL REPORT 2009 - 87

IFRS 8, Operating Segments-
The main new development introduced by this new standard, which replaces IAS 14, is that it requires an entity to adopt a
management approach when reporting on the financial performance of its business segments. Generally, the information to
be reported will be that used internally by management to assess segment performance and allocate resources to them.
Since the Group had already adopted a management approach in defining its business segments the application of IFRS 8
did not have any impact.

Revision of IAS 23, Borrowing Costs-

The principal change in this new revised version of IAS 23 is the elimination of the option of immediate recognition as an ex-
pense of borrowing costs associated with an asset that takes a substantial period of time to get ready for its intended use or
sale. These costs must now be capitalised.
Since the Group had already adopted the accounting policy of capitalising these costs, the application of this revised standard
did not have any impact.

Revision of IAS 1, Presentation of Financial Statements-

The purpose of the fundamental changes to this standard is to improve the presentation of the information so that users of
consolidated financial statements can analyse changes in equity arising from transactions with the owners acting in their capa-
city as owners (e.g. dividends and the repayment of capital) separately from non-owner changes (e.g. transactions with third
parties or income and expenses recognised directly in equity). The revised standard provides the option of presenting all the
income and expenses in one statement with subtotals, or in two statements (a separate income statement and a statement of
recognised income and expense). The latter option was chosen by the Group and, since a statement of consolidated compre-
hensive income was not presented in previous years (it was included in the consolidated statement of changes in equity), it
gave rise to the inclusion of this new financial statement in the consolidated financial statements.
IAS 1 also introduces new reporting requirements (presenting the balance sheet at an additional date) when the entity applies
an accounting policy retrospectively, makes a restatement or reclassifies items in previously issued financial statements. This re-
quirement did not have an impact in 2009 since the situation did not arise.

Amendments to IFRS 7, Financial Instruments – Disclosures-

The fundamental amendments to IFRS 7 relate to the requirement to provide enhanced disclosures about fair value measu-
rements and liquidity risk, the most significant of the former being the obligation to make disclosures about financial instru-
ments measured at fair value using a fair value hierarchy. Since the Group does not hold financial instruments classified under
this category, the entry into force of these amendments did not have a significant impact on these consolidated financial sta-
tements.
The other standards that came into force in 2009 did not have any impact on these consolidated financial statements since
they relate to transactions or items outside the scope of the Group’s activities.

IFRS 3 and IAS 27 -

The Group also opted to apply early the revised IFRS 3, Business Combinations and the amendments to IAS 27, Consolidated
and Separate Financial Statements. These standards entail very significant changes in several matters relating to accounting
for business combinations which, in general, place greater emphasis on the use of fair value. Some of the most significant chan-
ges relate to the treatment of acquisition costs, which will be accounted for as expenses rather than considered to an increase
in the cost of the business combination as per the current accounting treatment; step acquisitions, in which the acquirer revalues
the previous investment at fair value on the date control is obtained; transactions between the Parent and non-controlling in-
terests (transactions subsequent to obtaining control in which the Parent acquires further ownership interests from non-con-
trolling interests or disposes of investments without losing control), which are accounted for as transactions with equity
instruments; or the option to measure at fair value the non-controlling interests in the acquiree rather than measure them at
the proportional part of the fair value of the net assets acquired as per the only current accounting treatment.
Although these standards are of obligatory application for years beginning on or after 1 July 2009, they may both be adopted
prospectively for years beginning on or after 30 June 2007. Consequently, as indicated above, the Group applied all the above
standards to the transactions that fall within their scope, performed on or after 1 January 2009. The most significant impacts
of this prospective application in the year ended 31 December 2009 are described in Note 2-g (it had no significant impacts on
2008).

IFRIC 12-
The Group has been applying IFRIC 12, Service Concession Arrangements, which establishes how the concession operators
must apply the existing IFRSs when accounting for the rights and obligations assumed under arrangements of this type, for se-
veral years. The main impact arising from the application of this interpretation is the recognition at fair value of the amount
received or receivable for the construction of the infrastructure to be operated and the accounting of this amount as a financial
asset if the concession operator has an unconditional contractual right to receive these amounts from the concession grantor,
i.e. regardless of the use of the service concerned by the public, or as an intangible asset if the receipt of these amounts is con-
tingent on the demand for the service.

Standards and interpretations issued but not yet in force

At the date of preparation of these consolidated financial statements, the following most significant standards and inter-
pretations had been published by the IASB (International Accounting Standards Board) but had not yet come into force at 31
December 2009, either because their effective date is subsequent to the date of the consolidated financial statements or because
they had not yet been adopted by the European Union:

Obligatory Application in the Years Beginning On or After

Standards and amendments to standards:
Revision of IFRS 3 (3) Business Combinations 1 July 2009
Amendments to IAS 27 (3) Changes in Ownership Interests 1 July 2009
Amendments to IAS 39 Eligible Hedged Items 1 July 2009
Amendments to IAS 32 Classification of Rights Issues 1 February 2010
IFRS 9 (1) Financial Instruments: Classification and Measurement 1 January 2013
Amendments to IFRS 2 (1) Share-based Payment Transactions among Group Entities 1 January 2010
Revision of IAS 24 (1) Related Party Disclosures 1 January 2011

Interpretations:
IFRIC 12 (2) (3) Service Concession Arrangements 1 April 2009
IFRIC 15 (2) Agreements for the Construction of Real Estate 1 January 2010
IFRIC 17 (2) Distribution of Non-Cash Assets to Owners 1 November 2009
IFRIC 18 (2) Transfers of Assets from Customers 1 November 2009
Amendments to IFRIC 14 (1) Prepayments of a Minimum Funding Requirement 1 January 2011
IFRIC 19 (1) Extinguishing Financial Liabilities with Equity
Instruments 1 July 2010

(1) Standards and interpretations not yet adopted by the European Union at the date of formal preparation of these consolidated financial statements.
(2) Date of obligatory application as approved in the Official Journal of the European Union.
(3) Standards and interpretations applied early by the Group.

Amendment to IAS 39, Eligible Hedged Items-

This amendment to IAS 39 aims to clarify two specific hedge accounting issues: (a) when inflation can be a hedged risk, and
(b) when purchased options can be designated as hedges. According to the amendment inflation may only be hedged if it is a
contractually specified portion of the cash flows to be hedged. Only the intrinsic risk and not the time value of an option may
be hedged. The directors of the ELECNOR Group consider that the entry into force of this amendment will not have a significant
effect on the Group’s consolidated financial statements because it has not arranged any hedges of the type affected by the
amendment.

ANUAL REPORT 2009 - 89

Amendment to IAS 32, Classification of Rights Issues-
This amendment relates to the classification of foreign currency denominated rights issues (rights, options or warrants). Pur-
suant to this amendment, when these rights are to acquire a fixed number of shares in exchange for a fixed amount, they are
equity instruments, irrespective of the currency in which that fixed amount is denominated and provided that other require-
ments of the standard are fulfilled.
The ELECNOR Group did not issue instruments of this kind that would give rise to a significant impact on the consolidated
financial statements.

IFRS 9, Financial Instruments: Classification and Measurement-

IFRS 9 will in the future replace the current part of IAS 39 relating to classification and measurement. There are very significant
differences with respect to the current standard, including the approval of a new classification model based on only two cate-
gories, namely instruments measured at amortised 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 mea-
sured at amortised cost and the non-separation of embedded derivatives in financial contracts.
At the reporting date, the future impact of the adoption of this standard had still not been analysed.

Amendments to IFRS 2, Share-based Payment-

These amendments relate to the recognition of share-based payment transactions among group entities. The main change
is that the amendments supersede IFRIC 8 and IFRIC 11 and, accordingly, these interpretations will be repealed since their
content is included in the main body of the standard. It is clarified that an entity that receives services from employees or sup-
pliers should account for the transaction even if another group entity settles the arrangement and irrespective of whether it is
cash-settled or equity-settled.
In view of the nature of these amendments, they are not expected to have a significant impact on the Group’s consolidated
financial statements.

Revision of IAS 24, Related Party Disclosures-

The revision of IAS 24 addresses related party disclosures in financial statements. There are two new basic features. The first
provides a partial exemption from certain disclosure requirements when the transactions are between state-controlled entities
or government-related entities (or an equivalent government institution) and the definition of a related party was simplified,
clarifying its intended meaning and eliminating inconsistencies from the definition. The impact of these amendments was
analysed and it will not give rise to any changes in the related parties as currently defined by the ELECNOR Group.

IFRIC 15, Agreements for the Construction of Real Estate-

This interpretation applies to the accounting for revenue and associated expenses by entities that undertake the construction
of real estate, helping to clarify when an agreement for the construction of real estate is within the scope of IAS 11, Construction
Contracts and when it is within the scope of IAS 18, Revenue and, therefore, depending on the nature of the agreement, when
and how the revenue should be recognised.
The directors consider that the entry into force of this interpretation will not affect the consolidated financial statements
since the Company has been applying policies that are in line with those that have now been established in the interpretation.

IFRIC 17, Distributions of Non-cash Assets to Owners-

This interpretation applies to the accounting treatment of distributions of non-cash assets to an entity's owners (“dividends
payable”) although distributions of assets within the same group or between entities under common control are excluded from
its scope. The interpretation states that an entity must measure such liabilities at the fair value of the asset to be distributed
and that any difference between the carrying amount of the dividend payable and the carrying amount of the asset distributed
must be recognised in profit or loss.
The directors consider that the entry into force of this interpretation will not affect the consolidated financial statements
since the Company applied policies that were in line with those that have now been established in the interpretation when it
performed a transaction of this nature.
IFRIC 18, Transfers of Assets from Customers-
This interpretation applies to the accounting of agreements in which an entity receives from a customer an asset that the
entity must then use to provide the customer with access to supplies of goods or services (usual in the case of electricity, gas or
water for example).
The ELECNOR Group does not hold any assets of this kind and, therefore, this amendment will not have any impact.

IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments-

This interpretation addresses the accounting by a debtor when all or part of a financial liability is extinguished through the
issue of equity instruments to the creditor. The interpretation does not apply to transactions in situations where the counter-
parties in question are shareholders or related parties, acting in their capacity as such, or where extinguishing the financial lia-
bility by issuing equity instruments is in accordance with the original terms of the financial liability. In this case, the equity
instruments issued are measured at fair value at the date the liability is extinguished and any difference between this value
and the carrying amount of the liability is recognised in profit or loss.
The ELECNOR Group does not expect this interpretation to give rise to any change in its accounting policies since it has not
performed transactions of this nature in the past.

c) Functional currency-
These consolidated financial statements are presented in thousands of euros, since the euro is the currency used in the main
economic area in which the Group operates. Foreign operations are recognised in accordance with the policies established in
Note 3-f.

d) Responsibility for the information and use of estimates-

The information in these consolidated financial statements is the responsibility of the Board of Directors of ELECNOR.
In the ELECNOR Group's consolidated financial statements for 2009 estimates were occasionally made by the senior executives
of the Group and of the consolidated companies, later ratified by the directors, in order to quantify certain of the assets, lia-
bilities, income, expenses and obligations reported herein. These estimates relate basically to the following:
• The evaluation of possible impairment losses on certain assets (see Notes 7, 8, 9 and 11);
• The evaluation of possible losses on projects in progress and/or the committed order backlog;
• The result relating to the percentage of completion of the projects;
• The useful life of property, plant and equipment and intangible assets (see Notes 8 and 9);
• The probability of occurrence and the amount of liabilities of uncertain amount or contingent liabilities (see Note 16).
• The measurement of goodwill (see Note 7); and
• The fair value of certain unquoted assets (see Notes 11 and 15).
Although these estimates were made on the basis of the best information available at 31 December 2009 on the events analy-
sed, events that take place in the future might make it necessary to change these estimates (upwards or downwards) in coming
years. Changes in accounting estimates would be applied prospectively in accordance with the requirements of IAS 8, recognising
the effects of the change in estimates in the related consolidated income statement.

e) Comparative information-
As required by IAS 1, the information relating to 2009 contained in these notes to the consolidated financial statements is
presented, for comparison purposes, with similar information relating to 2008 and, accordingly, it does not constitute in itself
the ELECNOR Group's statutory consolidated financial statements for 2008.

f) Basis of consolidation-
Scope
The consolidated financial statements of the ELECNOR Group include all the subsidiaries of Elecnor, S.A. Control is presumed
to exist when the Parent owns directly or indirectly over half of the voting power of another company, except for exceptional
circumstances where it can be clearly demonstrated that this ownership does not imply control. Control is also deemed to exist
when the Parent holds half or less of the voting power of a company and has:

ANUAL REPORT 2009 - 91

 - power over half of the voting rights as a result of an agreement with other investors;
- the power to govern the financial and operating policies of the company under a legal or bylaw provision or by virtue of
an agreement;
- the power to appoint or remove the majority of the members of the Board of Directors;
- the power to issue the majority of the votes at Board meetings.

Procedures
The subsidiaries are fully consolidated and, therefore, all intra-Group balances, transactions, income and expenses are elimi-
nated.
In addition, all the financial statements used by the Parent and the subsidiaries relate to the same date and were prepared
using uniform accounting policies.
Non-controlling interests in the net assets of the subsidiaries are recognised in equity separately from the Parent’s equity.
Changes in the ownership interest in a subsidiary that do not give rise to a loss of control are accounted for as equity trans-
actions, i.e. any difference is recognised directly in equity.

Business combinations
The Group is considered to carry out a business combination when the assets acquired and liabilities assumed constitute a
business. The Group recognises business combinations by using the acquisition method, which entails identifying the acquirer,
determining the acquisition date (that on which control is obtained), recognising and measuring the identifiable assets acquired,
the liabilities assumed and any non-controlling interest and recognising and measuring the gains.
The identifiable assets acquired and the liabilities assumed are measured at fair value at the acquisition date and non-con-
trolling interests are measured at fair value or at the proportional part of the interest in the identifiable net assets.
The Group recognises gains or goodwill as of the acquisition date measured as the excess of (a) over (b) below:
- (a): (i) the consideration transferred measured at acquisition-date fair value.
(ii) the amount of any non-controlling interest.
(iii) in a business combination achieved in stages, the acquisition-date fair value of the Group’s previously held equity
interest in the acquiree (the difference with respect to the previous cost is recognised in profit or loss).
- (b): the net identifiable assets acquired and liabilities assumed.
In the event that there is no excess and (b) is higher than (a), the Group repeats the analysis of all the elements in order to
determine whether the acquisition was made in truly advantageous conditions, in which case the difference is recognised in
profit or loss.

Loss of control
When the Group loses control over a subsidiary, it derecognises the subsidiary’s assets (including goodwill) and liabilities and
the non-controlling interest at the carrying amount thereof at the date on which control is lost. The consideration received
and the interest maintained in the aforementioned company are recognised at fair value at the date on which control is lost
and any difference is recognised.

Interests in joint ventures and investments in associates

The Elecnor Group consolidates its interests in joint ventures (except for UTEs) and its investments in associates using the
equity method: a joint venture is where control is shared with the other shareholders and an associate is a company over which
significant influence is exercised.
According to this method, the investment is recognised initially at cost and is increased or decreased in accordance with the
corresponding portion of the results obtained by the company. The distributions received reduce the amount of the investment.
If the share in the losses exceeds the amount of the interest, the share of further losses is not recognised and a liability is re-
cognised, if applicable, in the event of legal or constructive obligations.
Regardless of the losses recognised as described above, the Group analyses any additional impairment according to the rules
governing financial assets (see Note 3-o), taking into account the investment as a whole and not only any associated goodwill.
UTEs are proportionately consolidated and the relevant percentage of the assets and liabilities of the corresponding entity
are recognised under the appropriate consolidated balance sheet and consolidated income statement headings together with
the portion corresponding to fully consolidated companies (see Note 1).

g) Changes in the scope of consolidation-

The most significant changes in the scope of consolidation in 2009 were as follows:

Inclusion of companies in the scope of consolidation and increases in ownership interests

• On 27 July 2008, the Parent Elecnor, S.A. acquired 49.50% of the shares of Deimos Space, S.L., thereby becoming the sole
shareholder. At the date of the transaction Deimos Space, S.L. owned 95%, 73.89% and 24% of the share capital of Deimos
Aplicaciones Tecnológicas, S.L., Deimos Imaging, S.L. and Deimos Engenharia, S.A., respectively, which together form the
Deimos sub-group.
The payment for the transaction comprises a fixed component and a variable component. The fixed component, amoun-
ting to EUR 7,704 thousand, was paid in 2009. The variable component will be calculated on the basis of the Deimos sub-
group’s profit over the next five years (2009-2013, inclusive) and its relation with the sub-group’s profit for 2008, after
making certain adjustments. The price calculated in this manner, from which the fixed component already paid will be de-
ducted, will be paid within seven months following 2013 year-end.
The Parent’s directors consider that the present value of the variable component, after deducting the fixed component,
is approximately EUR 12,418 thousand, which coincides with the maximum amount payable and is based on the assumption
that profit after tax of the Deimos sub-group will double in the five-year period from 2009 to 2013 with respect to the
profit for 2008.
Since the ELECNOR Group already controlled the Deimos sub-group prior to the transaction (see Note 2-f), the difference
between the acquisition cost of this transaction, which amounted to approximately EUR 20,122 thousand, and the value of
the non-controlling interests, which totalled EUR 2,708 thousand (see Note 13-e), was recognised under “Equity – Of the
Parent – Other Reserves” on the liability side of the accompanying consolidated balance sheet.
• Also on 27 July 2009, the Parent acquired a further 56% interest in Deimos Engenharia, S.A. which, as indicated above, be-
longs to the Deimos sub-group, as a result of which it directly or indirectly controls 80% of the company’s share capital.
The method used to estimate the price of this transaction was the same as that used to acquire the 49.5% of the Deimos
sub-group described above. The fixed component, paid in 2009, amounted to approximately EUR 1,453 thousand and the
variable component, on the basis of the assumptions used by the Parent’s directors to estimate the variable component of
the previous transaction, totalled approximately EUR 2,181 thousand (present value: approximately EUR 1,948 thousand).
Since the ELECNOR Group obtained control of Deimos Engenharia, S.A. by means of this transaction, it was considered a
business combination (see Note 2-f). Consequently, in accordance with the bases of consolidation currently in force, the
ELECNOR Group first estimated the fair value at the date of the business combination of the Group’s indirect interest prior
to the acquisition date (24%), using the price calculated for the acquisition of the remaining 56% as a reference. The dif-
ference of approximately EUR 676 thousand between this fair value, which amounted to approximately EUR 1,458 thousand,
and the cost of the previous interest was credited to “Net Gains on Disposal of Non-Current Assets” in the consolidated in-
come statement for the year ended 31 December 2009.
The goodwill arising on the acquisition of this subsidiary, calculated as the sum of the consideration transferred, the
amount of non-controlling interests in the acquiree (measured as the percentage of ownership of the net assets) and the
fair value of the interest in the acquiree held previously by the acquirer over the net fair value of the identifiable net assets
recognised, which amounted to approximately EUR 4,227 thousand, was recognised under “Intangible Assets – Goodwill”
on the asset side of the consolidated balance sheet (see Note 7).
The impact of the revenue and profit generated for the ELECNOR Group by this company since 1 January 2009 was not
significant with respect to the Group’s total volume.
• On 27 August 2009, Sociedad Aguas Residuales Pirineos, S.A. was incorporated for an amount of EUR 9 million, 50% of
which was subscribed by the Parent, Elecnor, S.A. 25% of this amount, i.e. EUR 1,125 thousand, were paid on incorporation
of the company. The remaining 50% was subscribed by a third party. Sociedad Aguas Residuales Pirineos, S.A. is considered
to be a joint venture, to the extent that it is managed and administered jointly by the two shareholders.
The most significant changes in the scope of consolidation in 2008 were as follows:

ANUAL REPORT 2009 - 93

Inclusion of companies in the scope of consolidation and increases in ownership interests
• On 22 May and 21 July 2008, Caraveli Cotaruse Transmisora de Energía, S.A.C., wholly owned by the subsidiary Isonor Trans-
mission, S.A.C. (50% owned by Elecnor, S.A.), was incorporated in Peru and its capital was subsequently increased by PEN
14,516 thousand, equal to approximately EUR 1,644 thousand.
• Enerfín Energy Company, L.L.C. (USA) and Enerfín Energy Company of Canada, INC (CANADA) were incorporated with share
capital of EUR 1,465 thousand and EUR 816 thousand, respectively, both wholly owned. Also, Coyote Wind, L.L.C. (USA),
was acquired and Eoliennes de Lérable, INC (CANADA) was incorporated, both of which are investees of the aforementioned
companies.
• In June 2008 Placarmada, S.A. was merged by absorption into its sole shareholder Postes Nervión, S.A. and the company
name of the latter was subsequently changed to Adhorna Prefabricación, S.A.

Exclusion of companies from the scope of consolidation and decreases in ownership interests
• In 2008 the Group sold 16% of the subsidiary Enervento Galicia, S.L., which had previously been wholly owned by Enerfin
Enervento, S.A. This transaction did not give rise to significant proceeds.

3. ACCOUNTING PRINCIPLES AND POLICIES AND MEASUREMENT BASES APPLIED

a) Non-current assets classified as held for sale-
Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Non-current assets are classified as held for sale if their carrying amount will be recovered mainly through a sale transaction
rather than through use. This condition is regarded as met only when the sale is highly probable and the asset is available for
immediate sale in its present condition. Management of the ELECNOR Group must be committed to a sale plan, which should
be expected to be completed within one year from the date of classification. At 31 December 2009, approximately EUR 4,611
thousand were recognised under this asset heading in the accompanying consolidated balance sheet, relating mainly to the
cost of the former facilities of the subsidiary Aplicaciones Técnicas de la Energía, S.L. in Catarroja (Valencia).

b) Goodwill-
Goodwill arising on consolidation is calculated as explained in Note 2-f.
Goodwill acquired on or after 1 January 2004 is measured at acquisition cost and that acquired earlier is recognised at the
carrying amount at 31 December 2003 in accordance with the accounting policies applied until that date (see Note 2-f). In both
cases, goodwill has not been amortised since 1 January 2004, and at the end of each reporting period it is reviewed for impair-
ment (i.e. a reduction in its recoverable amount to below its carrying amount) and, if there is any impairment, the goodwill is
written down (see Note 3-k).
Any impairment losses recognised for goodwill must not be reversed in a subsequent period.

c) Revenue recognition-
Revenue from sales and services rendered is measured at the fair value of the assets or rights received as consideration for
the goods and services provided in the normal course of the Group companies' business, net of discounts and applicable taxes.

c.1 Construction contracts and the rendering of services-

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised
by reference to the stage of completion of the contract activity at the balance sheet date.
This means that the percentage of total estimated revenue that the costs incurred in the year represent in relation to total
estimated costs is recognised as revenue for the year.
Total revenue comprises the initial amount agreed in the contract and any highly probable variations and claims that can be
measured reliably.
Total costs comprise costs that relate directly to the specific contract, costs that are attributable to contract activity in general
and can be allocated to the specific contract and such other costs that are specifically chargeable to the customer under the
terms of the contract.
 Potential losses on projects in progress are recognised in full when they become known or can be estimated.
Progress billings and advances, which are recognised under “Trade and Other Payables - Customer Advances and Advance
Billings” on the liability side of the accompanying consolidated balance sheet, amounted to approximately EUR 292,604 thou-
sand at 31 December 2009 (31 December 2008: EUR 320,803 thousand) (see Note 17).
Revenue from the rendering of services is recognised when it can be estimated reliably, taking into account the stage of com-
pletion of the end service. If revenue cannot be estimated reliably, only an amount equal to the recognised expenses considered
to be recoverable is recognised.
In 2009 the ELECNOR Group recognised revenue in relation to various of its stage of completion contracts and the rendering
of services amounting to approximately EUR 1,556 million (2008: EUR 1,658 million) (see Note 21).
Lastly, the amounts relating to retentions made by customers amounted to approximately EUR 19,198 thousand in 2009
(2008: EUR 25,336 thousand) and are recognised under “Trade and Other Receivables” on the asset side of the accompanying
consolidated balance sheets.

c.2 Sales of goods-

Sales of goods are recognised when substantially all the risks and rewards of ownership of the goods have been transferred,
the Group does not retain control over them, revenue can be measured reliably and is likely to be received and the transaction
costs incurred or to be incurred can be measured reliably.

c.3 Interest income, royalties and dividend income-

Interest income, royalties and dividend income are recognised provided that it is likely that they will be received and they
can be measured reliably.
Interest income is recognised using the effective interest method, which is the rate that exactly discounts the estimated future
cash flows over the expected life of the financial asset to the carrying amount of the asset.
Royalties are recognised on an accrual basis in accordance with the substance of the agreement.
Dividend income from investments is recognised when the shareholder's rights to receive payment have been established.

d) Leases-
The ELECNOR Group classifies leases as finance leases whenever the lessor transfers substantially all the risks and rewards of
ownership to the lessee. All other leases are classified as operating leases.
Assets held under finance leases are classified in the appropriate non-current asset category based on their nature and func-
tion at the lower of the fair value of the leased asset and the aggregate present values of the amounts payable to the lessor
plus the price of exercising the purchase option, with a credit to “Bank Borrowings and Other Financial Liabilities” in the con-
solidated balance sheet. These assets are depreciated using similar criteria to those applied to the assets of the same nature
owned by the ELECNOR Group.
Expenses arising on operating leases are allocated to “Other Operating Expenses” in the consolidated income statement over
the term of the lease on an accrual basis. The leases are generally renewable on an annual basis.

e) Borrowing costs-
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial
period of time to get ready for their intended use or sale are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale (see Note 3-h). Investment income earned on the temporary investment of
specific cash borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for ca-
pitalisation.
All other borrowing costs are recognised in the consolidated income statement in the year in which they are incurred.

f) Foreign currency balances and transactions-

The ELECNOR Group's functional currency is the euro. Therefore, all balances and transactions in currencies other than the
euro are deemed to be “foreign currency transactions”.
131. Transactions in currencies other than the euro are translated to euros at the exchange rates prevailing at the date of

ANUAL REPORT 2009 - 95

the transaction. During the year, differences between the exchange rate used and the rate prevailing at the date of the collec-
tion or payment are recognised with a charge or credit to income, except in the following cases:
• Exchange differences arising from foreign currency loans that finance assets under construction. These exchange differences
are capitalised.
• Exchange differences arising from hedging transactions (see Note 15).
• Exchange differences arising from a liability denominated in a foreign currency which is treated for accounting purposes
as a hedge of the company’s net investment in a foreign operation.
Also, fixed-income securities and receivables and payables in currencies other than the euro at 31 December of each year
and other than the currencies in which the financial statements of the consolidated companies are denominated are translated
to euros at the exchange rates prevailing on the balance sheet date. Any exchange differences arising are recognised with a
charge or a credit, as appropriate, to “Exchange Differences” in the consolidated income statement.
Foreign currency transactions in which the ELECNOR Group has decided to reduce the foreign currency risk by arranging fi-
nancial derivatives or other hedging instruments are accounted for as described in Note 3-m.
None of the functional currencies of the consolidated subsidiaries and associates located abroad relate to hyperinflationary
economies as defined by IFRSs except in the case of Uruguay and, since the end of 2009, Venezuela. In any case, at 2009 year-
end, the financial statements of these companies were not adjusted for the effect of inflation since, in the opinion of the Pa-
rent’s directors, the impact would not be significant.
The detail of the equivalent euro value of the monetary assets and liabilities denominated in currencies other than the euro
of the ELECNOR Group at 31 December 2009 and 2008 is as follows:

Equivalent value in thousands of euros

2009 2008
Currency Assets Liabilities Assets Liabilities
Argentine peso 3,534 2,278 3,302 2,547
Brazilian real 71,132 80,693 39,995 38,439
US dollar 3,256 1,664 52,388 5,654
Canadian dollars 693 757 - -
Venezuelan bolivar 54,418 34,876 35,676 12,927
Chilean peso 1,715 1,575 5,346 2,602
Mexican peso 6,465 1,990 3,940 1,757
Uruguayan peso 4,256 2,666 3,488 2,079
Moroccan dirham - - - 570
Algerian dinar 61,945 15,619 7,154 786
Honduran lempira 546 480 634 -
Angolan kwanza 18,369 11,598 506 66
Dominican peso 3,261 4,676 1,517 156
Other 2,191 194 84 438
Total 231,781 159,066 154,030 68,021

The detail, by nature, of the main foreign currency balances is as follows:

Equivalent value in thousands of euros

2009 2008
Nature of the balances Assets Liabilities Assets Liabilities
Accounts receivable 188,544 - 96,555 -
Cash and cash equivalents 43,237 - 57,475 -
Accounts payable - 138,995 - 48,143
Bank borrowings (Note 14) - 20,071 - 19,878
Total 231,781 159,066 154,030 68,021
g) Income tax-
The expense for Spanish corporation tax and similar taxes applicable to the foreign consolidated companies is recognised in
the consolidated income statement unless it arises from a transaction the results of which are recognised directly in equity, in
which case the related tax is also recognised in equity.
The income tax expense is accounted for using the balance sheet liability method. This method consists of determining de-
ferred tax assets and liabilities on the basis of the differences between the carrying amounts of assets and liabilities and their
tax base, using the tax rates that can objectively be expected to apply when the assets are realised and the liabilities are settled
(see Notes 18 and 19). Since 1 January 2008, the standard Spanish corporation tax rate has been 30%.
Deferred tax assets and liabilities arising from direct charges or credits to equity accounts are also accounted for with a charge
or credit to equity.
Deferred tax liabilities are recognised for all taxable temporary differences, unless the temporary difference arises from the
initial recognition of goodwill, goodwill for which amortisation is not deductible for tax purposes, or from the initial recognition
(except in the case of a business combination) of other assets and liabilities in a transaction that affects neither accounting
profit nor taxable profit.
The ELECNOR Group recognises deferred tax assets to the extent that it is considered probable that there will be sufficient
taxable profits in the future against which the deferred tax assets can be utilised.
Also, double taxation tax credits and other tax credits and tax relief earned as a result of economic events occurring in the
year are deducted from the income tax expense, unless there are doubts as to whether they can be realised.
Under IFRSs, deferred taxes are classified as non-current assets or liabilities even if they are expected to be realised in the
next twelve months.
The income tax expense represents the sum of the current tax expense and the changes in the deferred tax assets and liabilities
that are not recognised in equity (see Notes 18 and 19).
The deferred tax assets and liabilities recognised are reassessed at each balance sheet date in order to ascertain whether
they still exist, and the appropriate adjustments are made on the basis of the findings of the analyses performed.

h) Property, plant and equipment-

Property, plant and equipment, which are all for own use, are stated in the consolidated balance sheet at acquisition cost
less any accumulated depreciation and any recognised impairment losses. However, prior to 1 January 2004, the ELECNOR Group
revalued certain items of property, plant and equipment as permitted by the applicable legislation. The ELECNOR Group, in
conformity with IFRSs, treated the amount of these revaluations as part of the cost of these assets because it considered that
the revaluations reflected the effect of inflation (see Note 2-b).
With respect to the costs incurred after the start-up of the asset, the following should be taken into account:
- The costs arising from maintaining the asset, i.e. repairs and upkeep, are recognised directly as period expenses.
- The cost of replacements is recognised as an asset and the cost of the replaced item is derecognised.
The capitalised costs include the borrowing costs incurred in the construction period in construction work lasting for more
than one year. Total capitalised borrowing costs included under “Property, Plant and Equipment, Net” on the asset side of the
accompanying consolidated balance sheet at 31 December 2009 and 2008 were not significant since most of the wind farms
were already being operated prior to these years.
Group work on non-current assets is recognised at accumulated cost (external costs plus in-house costs, determined on the
basis of in-house warehouse materials consumption, and manufacturing costs allocated using hourly absorption rates similar
to those used for the measurement of inventories). In 2009 approximately EUR 47,737 thousand were recognised in this con-
nection, under “Other Operating Income” in the consolidated income statement, relating mostly to the construction of wind
farms and water treatment plants. This income amounted to approximately EUR 44,972 thousand in 2008, and related mainly
to items similar to those of 2009.
The ELECNOR Group generally depreciates its property, plant and equipment using the straight-line method, distributing the
cost of the assets over the following years of estimated useful life:

ANUAL REPORT 2009 - 97

 Average years of estimated useful life
Buildings 33-50
Plant and machinery (*) 10-20
Hand and machine tools 3 -10
Furniture 3-10
Computer hardware 3-5
Transport equipment 2-10
Other items of property, plant and equipment 3-10

(*) Including the machinery and fixtures allocated to wind power projects, basically WTGSs, which are depreciated over a period of between 15 and 20 years.

The Parent's directors consider that the carrying amount of the assets does not exceed their recoverable amount, which is
calculated on the basis of the future cash flows that the assets will generate (see Note 3-k).
Since the ELECNOR Group does not have to incur significant costs in relation to the closure of its facilities, the accompanying
consolidated balance sheet does not include any provision in this connection.

i) Other intangible assets-

The other intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal
transaction or which are developed internally by the Group companies. They are recognised initially at acquisition or production
cost and are subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses, provided
that it is probable that they will generate economic benefits and their cost can be measured reliably.

Intangible assets developed internally

Expenditure on research activities is recognised as an expense in the year in which it is incurred.
The expenses incurred in the development of various projects are recognised as an asset provided that they meet the following
conditions:
• The expenditure is specifically identified and controlled by project and its distribution over time is clearly defined.
• The directors are able to demonstrate how the project will generate benefits in the future.
• The development cost of the asset, which includes, where applicable, the ELECNOR Group's staff costs relating to employees
working on these projects, can be measured reliably.
Internally generated intangible assets are amortised on a straight-line basis over their useful lives.
Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in
the year in which it is incurred.

Intangible assets acquired separately

These items are recognised at acquisition cost and are amortised on a straight-line basis over their useful life, which is gene-
rally five years.

j) Administrative concessions-
The Group considers that the items relating to the administrative concessions that it holds cannot be classified as property,
plant and equipment since the contracts do not grant the right to use these assets but rather gives access to them in order to
provide a public service on behalf of the concession grantor.
Given that the Group provides various services (construction, maintenance and operation) under these contracts, income is
recognised in accordance with the fair value of each service rendered.

Construction services
The Group first analyses whether the consideration consists of a right over a financial asset or an intangible asset, depending
on whether it has the unconditional right to receive cash or another financial asset for a specific or determinable amount or
the right to charge the public for a service, in which case the collections will depend on the use of the service rendered.
 These rights are accounted for as described above for each type of asset (see Notes 3-i and 3-m).

Maintenance and operation services

These services are accounted for as set forth in Note 3-c.

k) Asset impairment-
At each balance sheet date, the ELECNOR Group reviews the non-current assets to determine whether there is any indication
that those assets 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 ELECNOR Group estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
If the recoverable amount of an asset is less than its carrying amount, an impairment loss is recognised for the difference
with a charge to “Depreciation and Amortisation Charge and Impairment Losses” in the consolidated income statement. Im-
pairment losses recognised for an asset in prior years are reversed with a credit to the aforementioned heading when there is
a change in the estimates concerning the recoverable amount of the asset, increasing the carrying amount of the asset, but so
that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised, except in the case of the impairment of goodwill, which is not reversible.

l) Inventories-
“Inventories” in the consolidated balance sheet includes the assets that the ELECNOR Group:
• Holds for sale in the ordinary course of its business;
• Has in the course of production, construction or development to this end, except for construction in progress for which re-
venue is recognised as indicated in Note 3-c; or
• Expects to consume in the production process or in the provision of services.
Inventories are stated at the lower of cost and net realisable value. Cost includes all acquisition and processing costs, including
those incurred in bringing the inventories to their present location and condition.
If the inventories are not ordinarily interchangeable items, a specific cost is established for them whereas the weighted ave-
rage cost is used for the rest.
Net realisable value is the estimated selling price net of the estimated costs required to complete the production of inventories
and to sell them.
The detail of “Inventories” of the Elecnor Group for 2009 and 2008 is as follows:

Thousands of euros
31/12/09 31/12/08
Raw materials and other supplies 13,545 21,462
Goods held for resale 539 591
Semi-finished and finished goods 9,138 28,920
Advances to suppliers 17,926 22,943
41,148 73,916

m) Financial instruments-
Financial assets and liabilities are recognised when the Group becomes party to a contract, in accordance with the contractual
clauses of the related instrument.

Financial assets
Financial assets are initially recognised at fair value plus, unless the asset is recognised as a held-for-trading financial asset,
the transaction costs.
The ELECNOR Group classifies its current and non-current financial assets in four categories:
• Held-for-trading financial assets. Assets acquired with the intention of generating a profit from short-term fluctuations in

ANUAL REPORT 2009 - 99

 their prices or from differences between their purchase and sale prices, and financial derivatives that have not been desig-
nated as effective hedging instruments. The assets included in this category are stated in the consolidated balance sheet at
fair value, and the gains and losses from changes in fair value are recognised in the net profit or loss for the year.
Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties
in an arm's length transaction. Notes 11 and 12 explain the methods used by the Group to obtain the corresponding fair value.
• Held-to-maturity financial assets. These are financial assets with fixed or determinable payments and fixed maturity that
the ELECNOR Group has the positive intention and ability to hold from the date of purchase to the date of maturity. Held-
to-maturity investments are measured at amortised cost, and the interest income is recognised in profit or loss on the basis
of the effective interest rate.
The amortised cost is understood to be the initial cost minus principal repayments, plus or minus, as appropriate, the cumu-
lative amortisation, using the effective interest rate method, of any difference between that initial amount and the maturity
amount, and minus any reduction for impairment or uncollectibility.
The effective interest rate is taken to be the discount rate that, at the acquisition date of the asset, exactly matches the initial
carrying amount of a financial instrument to all its estimated cash flows of all kinds through its residual life.
• Originated loans and receivables. These are financial assets of a fixed or determined amount originated by the companies
in exchange for supplying cash, goods or services directly to a debtor. These financial assets are measured at amortised cost.
• Available-for-sale financial assets. These are all the financial assets that are not included in any of the aforementioned three
categories and relate substantially in full to equity securities. These investments are recognised in the consolidated balance
sheet at fair value. Changes in this market value, except for impairment losses, are recognised with a charge or credit to
“Unrealised Asset and Liability Revaluation Reserve” in the consolidated balance sheet, until these investments are disposed
of, when the accumulated balance of this heading relating to these investments is allocated in full to the consolidated in-
come statement.
Management of the ELECNOR Group decides on the most appropriate classification for each asset on acquisition and reviews
the classification at each balance sheet date.
The ELECNOR Group derecognises financial assets if the contractual rights to receive a cash flow from the assets have expired
or if the assets are sold or transferred to another company, transferring all the risks and rewards associated with those assets.

Impairment of financial assets

Except for the financial assets classified as at fair value through profit or loss, the financial assets are analysed by ELECNOR
Group management in order to test them for impairment periodically and at least at the end of each reporting period. A fi-
nancial asset is impaired if there is objective evidence that the estimated future cash flows of the asset have been affected as
a result of one or more events that occurred after the initial recognition of the financial asset.
For the other financial assets, the ELECNOR Group considers the following to be objective indicators of impairment:
• Financial difficulty of the issuer or significant counterparty.
• Shortfall or delays in payment.
• Probability that the borrower will become bankrupt or be subject to a financial reorganisation.

Cash and cash equivalents

“Cash and Cash Equivalents” in the consolidated balance sheet includes cash, demand deposits and other highly liquid short-
term investments that can be realised in cash quickly and are not subject to a risk of changes in value.

Financial liabilities
Financial liabilities are classified as financial liabilities held for trading and other financial liabilities.

Financial liabilities held for trading

Financial liabilities held for trading are liabilities acquired with the objective of repurchasing them in the short term or de-
rivatives that have not been designated as effective hedging instruments. They are measured at fair value and any gains or
losses generated are recognised in profit or loss for the corresponding year.
Other financial liabilities
The other financial liabilities, including loans, debentures and other similar liabilities, are initially recognised at fair value,
net of direct issue costs, and are subsequently measured at amortised cost using the effective interest method.

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. To hedge
these exposures, the ELECNOR Group uses foreign currency hedges, cross currency swaps and interest rate swaps for hedging
purposes.
Financial derivatives are initially recognised at acquisition cost in the consolidated balance sheet and the required valuation
adjustments are subsequently made to reflect their fair value at all times. Gains and losses arising from these changes are re-
cognised in the consolidated income statement, unless the derivative has been designated as a hedge which is highly effective,
in which case it is recognised as follows:
• In the case of fair value hedges, if any, changes in the fair value of the derivative financial instruments designated as hedges
and changes in the fair value of a hedged item due to the hedged risk are recognised with a charge or credit, as appropriate,
to the consolidated income statement.
• In the case of cash flow hedges, if any, the changes in the fair value of the hedging derivatives are recognised, in respect
of the ineffective portion of the hedges, in the consolidated income statement, and the effective portion is recognised
under “Unrealised Asset and Liability Revaluation Reserve” and “Translation Differences”, as appropriate, in the consolida-
ted balance sheet. The accumulated loss or gain under these headings is recognised in the consolidated income statement
in the same period as that in which the hedged item affects net profit or loss or in the year it is disposed of.
If a hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or a non-finan-
cial liability, this balance is taken into account in the initial measurement of the asset or liability arising from the hedged
transaction. If a hedge of a firm commitment or forecasted transaction does not result in the recognition of a non-financial
asset or a non-financial liability, the amounts credited or charged, respectively, to “Unrealised Asset and Liability Revaluation
Reserve” in the consolidated balance sheet are recognised in the consolidated income statement in the same period as that
in which the hedged item affects the net profit or loss.
The ELECNOR Group periodically tests the effectiveness of its hedges, and the related tests are performed prospectively
and retrospectively. All hedging transactions are submitted for approval to the Board of Directors of the Group company
in question and are documented and signed by the corresponding financial manager, as required by IAS 39.
• When hedge accounting is discontinued, any cumulative loss or gain at that date recognised under “Unrealised Asset and
Liability Revaluation Reserve” is retained under that heading until the hedged transaction occurs, at which time the loss or
gain on the transaction will be adjusted. If a hedged transaction is no longer expected to occur, the gain or loss recognised
under the aforementioned heading is transferred to profit or loss.
Derivatives embedded in other financial instruments, if any, are treated as separate derivatives when their characteristics
and risks are not closely related to those of the host contracts and the host contracts are not carried at fair value with un-
realised gains or losses reported with a charge or a credit to the consolidated income statement.

n) Treasury shares-
The treasury shares held by the ELECNOR Group at year-end, which amounted to approximately EUR 5,277 thousand (31 De-
cember 2008: EUR 27,344 thousand), are recognised at acquisition cost and are deducted from “Equity - Other Reserves” in the
consolidated balance sheet. At 31 December 2009, they represented 0.82% (31 December 2008: 4.1%) of the issued share capital
at that date (see Note 13).
The gains and losses obtained by the ELECNOR Group on the disposal of treasury shares are recognised with a charge or a
credit to “Equity - Other Reserves” in the accompanying consolidated balance sheet.

o) Provisions-
The Group recognises provisions for the estimated amount required to suitably meet its liability, whether it be legal or cons-
tructive, probable or certain, arising from contingencies, litigation in process or obligations, which arise as a result of past
events, for which it is probable that an outflow of resources will be required, provided that it is possible to make a reasonable

ANUAL REPORT 2009 - 101

estimate of the amount in question. Provisions are recognised when the liability or obligation arises (see Note 16) with a charge
to the relevant heading in the consolidated income statement based on the nature of the obligation, for the present value of
the provision when the effect of discounting the obligation is material.
Contingent liabilities relating to possible obligations (depending on the occurrence or non-occurrence of uncertain future
events) or to present obligations that do not qualify for the recognition of a provision (because they are improbable or they
cannot be measured reliably) (see Note 16) are not recognised.

p) Government grants-
Non-refundable grants related to assets awarded by official bodies are recognised at the time of the award for the amount
awarded under “Non-Current Liabilities – Grants” and will be allocated to profit or loss each year in proportion to the accoun-
ting depreciation taken in the period on the financed assets.
At 31 December 2009, the ELECNOR Group had received grants related to assets amounting to approximately EUR 4.7 million.
Grants related to assets of EUR 4.5 million were awarded by the Castilla y León Autonomous Community Government to the
subsidiary Deimos Imaging, S.L. in relation to a project to construct a satellite that is under way. The ELECNOR Group will start
to recognise this grant in income when the construction project is completed and the associated assets start to be depreciated.
Grants related to income are allocated to income in the year in which the related expenses are incurred. “Other Operating
Income” in the consolidated income statements for 2009 and 2008 includes approximately EUR 3,431 thousand and EUR 3,482
thousand, respectively, in this connection. Most of the grants related to income received by the ELECNOR Group in 2009 related
to the costs borne by Deimos Space, S.L.U. and its subsidiaries in the performance of their activities.

q) Equity instruments-
Equity instruments issued by the ELECNOR Group companies are recognised in equity at the proceeds received, net of direct
issue costs.
r) Consolidated statement of changes in equity-
The applicable regulations establish that certain categories of assets and liabilities must be recognised at fair value through
equity. The amounts recognised in equity, known as valuation adjustments, are included in the Group’s equity net of the related
tax effect, which was recognised as deferred tax assets or liabilities, as appropriate. The consolidated statement of changes in
equity presents the changes that have arisen in the year in valuation adjustments, plus the results generated in the year
plus/minus, as appropriate, the adjustments made for changes in accounting policies or due to prior years’ errors. The changes
in capital and reserves during the year are also included.

s) Consolidated statement of cash flows-

The following terms are used in the consolidated statement of cash flows, which were prepared using the indirect method,
with the meanings specified:
• Cash flows. Inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments that are
subject to an insignificant risk of changes in value.
• Operating activities. The principal revenue-producing activities of the ELECNOR Group companies and other activities that
are not investing or financing activities.
• Investing activities. The acquisition and disposal of long-term assets and other investments not included in cash and cash
equivalents.
• Financing activities. Activities that result in changes in the size and composition of the equity and borrowings that are not
operating activities.

t) Earnings per share-

Basic earnings per share are calculated by dividing the net profit for the year attributable to the ELECNOR Group by the
weighted average number of ordinary shares outstanding during the year, excluding the average number of ELECNOR shares
held in the year.
Diluted earnings per share are calculated by dividing the profit or loss for the year attributable to ordinary shareholders by
the weighted average number of ordinary shares outstanding during the year, adjusted by the weighted average number of
ordinary shares that would have been outstanding assuming the conversion of all the potential ordinary shares into ordinary
shares of the Company.
At 31 December 2009 and 2008, basic earnings per share coincided with diluted earnings per share, since there were no po-
tential shares outstanding during the years then ended.

u) Dividends-
The interim dividend approved by the Board of Directors in 2009 is presented as a deduction from the ELECNOR Group's
equity. However, the final dividend proposed by the Board of Directors of ELECNOR to the shareholders at the Annual General
Meeting is not deducted from equity until it has been approved by the latter.

4. FINANCIAL RISK MANAGEMENT POLICY

The ELECNOR Group is exposed to certain financial risks that it manages by grouping together risk identification, measure-
ment, concentration limitation and supervision systems. The ELECNOR Corporate Division and the business units coordinate
the management and limitation of financial risks. The financial risk management activities are approved at the highest executive
level, in accordance with the established rules, policies and procedures.

a) Market risk (mainly foreign currency and other price risks)-

This risk arises as a result of the international transactions carried out by the ELECNOR Group in the ordinary course of its bu-
siness. Certain of its revenues and procurement costs are denominated in US dollars, or in a currency whose value is closely
linked to that of the US dollar or which relates to an economy that is highly dependent on the US dollar, although a variable
portion of the expenses may be denominated in euros. Therefore, fluctuations in the value of financial instruments denominated
in currencies other than the euro as a result of foreign operations due to exchange rate fluctuations could affect the Group's
future earnings (see Note 3-f).
In order to manage and minimise this risk, the ELECNOR Group uses hedging strategies, since its objective is to generate
profits only through its ordinary business, and not by speculating in relation to exchange rate fluctuations.
The ELECNOR Group assigns a portion of the future cash flows to hedge the net exposure in US dollars at short term on the
basis of the firm backlog.
Each Business Division evaluates the risk arising from the exchange rate on a transaction or a project and if it is considered
necessary to hedge the exposure to foreign currency risk, authorisation is requested from the Group’s Corporate Finance Divi-
sion, which in turn submits it through the corresponding note to the Board of Directors of the Parent which will ultimately
have to decide whether or not to approve the related hedging transaction.
The instruments used to establish this hedging are basically debt tied to the currency in which collections under the contract
are made, foreign currency hedges and swaps, through which the ELECNOR Group and the bank exchange flows from a loan
in euros for flows from another loan in US dollars.
The Group is also exposed to the risk that its cash flows and results may be affected by, inter alia, the evolution of energy
prices. In order to manage and minimise this risk the Group occasionally uses hedging strategies (see Note 15).

b) Interest rate risk-

Interest rate fluctuations change the fair value of assets and liabilities that bear interest at fixed rates and the future flows
from assets and liabilities tied to floating interest rates. The ELECNOR Group has arranged borrowings to enable it to carry on
its operations, mainly in connection with the development, construction and subsequent operation of wind farms, which it
does under a project financing arrangement. Under financing of this nature, in the case of wind farms located in Spain, interest
rate risk must be hedged contractually through the arrangement of interest rate hedging instruments.
Borrowings are arranged nominally at a floating rate tied mainly to Euribor (euro zone) and Libor, using, where appropriate,
hedging instruments to minimise the risk on long-term financing. The hedging instruments, which are specifically assigned to
debt instruments and are limited to the same nominal value as the latter and the same maturity dates as the hedged items, re-
late basically to IRSs, the aim of which is to convert loans originally arranged at floating rates to fixed rates. Note 14 contains
disclosures on the sensitivity of debt to interest rate fluctuations.

ANUAL REPORT 2009 - 103

c) Liquidity risk-
The ELECNOR Group holds cash and highly liquid non-speculative short-term instruments, such as Treasury bills under non-
optional reverse repurchase agreement and very short-term deposits, through leading banks, in order to be able to meet its
future commitments, and arranges committed credit facilities of a sufficient amount to cover its projected needs. In this regard,
at 2009 year-end the Group had unused committed credit facilities amounting to approximately EUR 209,659 thousand (2008
year-end: approximately EUR 220,102 thousand) (see Note 14).

d) Credit risk-
The ELECNOR Group's credit risk is primarily attributable to its trade receivables, to the extent that a counterparty or customer
does not meet its contractual obligations. Therefore, products and services are only sold to customers with an appropriate
credit track record. Although the Group’s customers have good credit rating, the general downturn in the economic and fi-
nancial situation, the effect of which started to be felt in the first half of 2008, made it advisable for the Parent to take out a
credit insurance policy. This policy was in force from May 2008 and was arranged for a term of one year, insuring a sum of EUR
5 million. It was not renewed on expiration. Also, instruments such as factoring without recourse arrangements are used, whe-
reby the related collection risk is transferred to the related factors.
Additionally, in the case of international sales to non-recurring customers, mechanisms such as irrevocable letters of credit
and documentary credits are used to ensure collection. Also, the financial solvency of customers is analysed and specific terms
and conditions are included in contracts aimed at guaranteeing payment of the stipulated price.
In the case of the wind farms, the power produced, in accordance with the legislative framework for the electricity industry
in force, is sold to the electricity distributor in each area, which generally belongs to corporate groups of acknowledged solvency.
Ventos do Sul Energia, S.A. (Brazil) had entered into a twelve-year agreement for the sale of the electricity it produces to the
Brazilian electricity distributor.
The ELECNOR Group carries out periodic analyses of its exposure to credit risk, recognising the corresponding provisions (see
Note 3-k).

5. DISTRIBUTION OF PROFIT
At its meeting in March 2010, as in prior years, the Board of Directors of ELECNOR, S.A. (Parent of the ELECNOR Group) will
propose the distribution of 2009 profit and will therefore establish the portion thereof that will be paid as a final dividend and
that which will be allocated to voluntary reserves.
In this regard, at the meeting held on 15 October 2009, the Board of Directors of the Parent resolved to distribute an interim
dividend for 2009 of approximately EUR 4,530 thousand, which was recognised as a reduction in equity under “Interim Dividend
for the Year” on the liability side of the accompanying consolidated balance sheet. This dividend was paid in full in 2009.
The provisional accounting statement prepared by the Parent in accordance with legal requirements (Article 216 of the Con-
solidated Spanish Public Limited Liability Companies Law) evidencing the existence of sufficient liquidity for the distribution of
the dividend was as follows:
 WORKING CAPITAL POSITION AT 30 SEPTEMBER 2009
(Excluding inventories, prepayments and accrued income and accrued expenses and deferred income)

Thousands of euros
Realisable values -
Trade receivables 707,621
Other accounts 88,074
795,695
Current liabilities -
Payable to suppliers 350,223
Short-term loans 59,219
Other accounts 95,072
504,514
Total net working capital 291,181
Liquidity available at 30 September 2009-
Cash on hand and at banks (including foreign currency) 48,398
Total liquidity available 48,398
Gross interim dividend proposed-
(EUR 0.05206 on 87,000,000 shares) 4,530
% of net profit at 30 September 2009 9.95%
% of working capital + liquidity available 1.33%

6. SEGMENT REPORTING
The Group has adopted IFRS 8, which requires operating segments to be identified on the basis of the management infor-
mation used internally. The directors consider that this explanation does not entail any change with respect to the previous
standard since the segmentation applied in previous years is used.
The directors consider that the segments that must be reported, since they form the basis on which decisions are taken for
allocating resources and assessing performance, are Spain and Abroad. In each of these markets the Group obtains revenue
corresponding to Elecnor’s various business activities.

a) Information on operating segments-

Assets and liabilities of general use and the income and expenses arising therefrom were not attributed to the other segments.
Similarly, the reconciling items arising from the comparison of the result of integrating the financial statements of the various
business segments (which were established on the basis of management criteria) with the consolidated financial statements of
the ELECNOR Group were not allocated. These items are included under the heading “Corporate Unit” in the information
shown below.
Segment information is presented below:
a) The breakdown, by segment, of consolidated revenue for the years ended 31 December 2009 and 2008 is as follows:

Thousands of euros
Segment 2009 2008
Spain 987,548 1,498,557
Abroad 690,338 412,790
Revenue 1,677,886 1,911,347

b) The breakdown, by segment, of the contribution to the profit after tax for the years ended 31 December 2009 and 2008
is as follows:

ANUAL REPORT 2009 - 105

 Thousands of euros
Segment 2009 2008
Spain (**) 82,957 140,264
Abroad (***) 98,914 60,253
Corporate unit (*) (84,745) (106,924)
Profit for the year attributable to the Parent 97,126 93,593

(*) Including basically “Finance Costs” and “Finance Income”, “Net Gains on Disposal of Non-Current Assets” and “Income Tax”.
(**) Including profit of companies accounted for using the equity method amounting to EUR 5,045 thousand and EUR 6,390 thousand in 2009 and 2008, respectively.
(***) Including profit of companies accounted for using the equity method amounting to EUR 22,842 thousand and EUR 9,434 thousand in 2009 and 2008, respecti-
vely.

c) The detail of the assets and liabilities by segment at 31 December 2009 and 2008 is as follows:

Thousands of euros
Spain Abroad Corporate Unit Total at
31/12/09
Assets-
Property, plant and equipment 343,202 225,517 11,092 579,811
Intangible assets 72,962 3,099 2,438 78,499
Deferred tax assets 40,335 15,984 - 56,319
Inventories 26,015 15,133 - 41,148
Accounts receivable 479,162 226,690 153,847 859,699
Investments accounted for using the equity method 22,287 277,669 1,128 301,084
Non-current financial assets 21,637 72,939 2,159 96,735
Non-current assets held for sale 4,081 - 530 4,611
Other assets (*) 75,539 68,593 17,093 161,225
Total assets 1,085,220 905,624 188,287 2,179,131
Liabilities and equity-
Non-current bank borrowings and
other financial liabilities 371,637 194,561 - 566,198
Provisions for contingencies and charges 38,082 7,882 154 46,118
Deferred income 11,246 - - 11,246
Other non-current liabilities 6,982 4,030 14,485 25,497
Deferred tax liabilities 12,793 1,800 - 14,593
Current bank borrowings and other financial liabilities 43,319 21,398 16,402 81,119
Current non-financial liabilities 627,929 315,383 14,551 957,863
Other liabilities and equity - - 476,497 476,497
Total liabilities and equity 1,111,988 545,054 522,089 2,179,131

(*) Including mainly “Cash and Cash Equivalents”.

 Thousands of euros
Spain Abroad Corporate Unit Total at
31/12/08
Assets-
Property, plant and equipment 299,045 189,412 10,841 499,298
Intangible assets 48,052 3,131 774 51,957
Deferred tax assets 28,208 14,715 383 43,306
Inventories 62,992 10,896 28 73,916
Accounts receivable 697,921 162,674 - 860,595
Investments accounted for using the equity method 21,985 180,698 - 202,683
Non-current financial assets 21,475 17,816 855 40,146
Non-current assets held for sale 4,081 - 379 4,460
Other assets (*) - - 158,911 158,911
Total assets 1,183,759 579,342 172,171 1,935,272
Liabilities and equity-
Non-current bank borrowings and
other financial liabilities 284,163 154,331 - 438,494
Provisions for contingencies and charges 57,568 6,902 154 64,624
Deferred income 5,187 18,412 - 23,599
Other non-current liabilities 6,115 4,152 94 10,361
Deferred tax liabilities 12,120 3,673 - 15,793
Current bank borrowings and other financial liabilities 40,910 25,896 2,596 69,402
Current non-financial liabilities 709,608 244,903 9,275 963,786
Other liabilities and equity - - 349,213 349,213
Total liabilities and equity 1,115,671 458,269 361,332 1,935,272

(*) Including mainly “Cash and Cash Equivalents”.

d) The detail of the total cost incurred in the acquisition of property, plant and equipment and other non-current intangible
assets in the years ended 31 December 2009 and 2008 is as follows:

Thousands of euros
Segment 2009 2008
Spain 86,286 71,910
Abroad 8,050 8,931
Corporate unit 1,745 1,223
Total 96,081 82,064

e) The breakdown, by segment, of the depreciation and amortisation charge in 2009 and 2008 is as follows:

Thousands of euros
Segment 2009 2008
Spain 23,894 27,068
Abroad 20,561 14,944
Corporate unit 963 732
Total 45,418 42,744

The information on finance costs and taxes is not disclosed since it is not included in the information supplied to Group ma-
nagement for management purposes.

ANUAL REPORT 2009 - 107

 Broadly speaking, the geographical location of the ELECNOR Group’s customers does not differ significantly from the geo-
graphical location of the assets of the primary segments considered.

b) Information on products and services-

The Elecnor Group’s business lines are as follows:
• Electricity
• Facilities
• Gas
• Renewable Energy and Industry
• Railways
• Construction and Water
• Telecommunications Infrastructure
• Telecommunications Systems
• Maintenance
The generation of electricity (within the Renewable Energy and Industry segment) using wind farms is one of the lines of bu-
siness of the ELECNOR Group which is carried on through the dependent subgroups of which Enerfín Enervento, S.A., Enerfín
Sociedad de Energía, S.A. and Elecnor Financiera, S.L. are the parents.
The electricity generation business of the ELECNOR Group's Spanish subsidiaries is regulated by Electricity Industry Law
54/1997, of 27 November, and by the subsequent implementing regulations.
Royal Decree 436/2004, of 12 March, was published on 27 March 2004. This Royal Decree established the methodology for
updating, systematising and consolidating the legal and economic regime governing the production of electricity under the
special regime. This Royal Decree established two remuneration options for facilities producing electricity under the special re-
gime. The first consists of the sale of the power produced to the electricity distributor at a fixed price consisting of a percentage
of the average electricity tariff defined in Article 2 of Royal Decree 1432/2002, of 27 December, which is between 90% and
80% throughout the life of the facility. The second consists of the sale of the power in the wholesale market at the market
price plus an incentive and a premium of 10% and 40%, respectively, of the average electricity tariff.
This regime came into force on 28 March 2004, and there is a transitional period until 1 January 2007 for facilities subject to
Royal Decree 2818/1998, during which the new economic regime would not apply to them unless they decided otherwise by
expressly waiving their entitlement to the previous regime, which they could not choose to apply again once such a decision
had been taken. The Group did not avail itself of this transitional regime.
Royal Decree 661/2007, of 25 May, regulating the production of electricity under the special regime, was published on 26
May 2007. This Royal Decree established two remuneration options for facilities producing electricity under the special regime.
The first option is based on the sale of all the power produced to the electricity distributor at a fixed price not tied to the
average electricity tariff. The second option consists of selling the energy on the electricity production market, receiving the
market price plus a premium, with a mechanism whereby the remuneration of the premium varies depending on the market
price, setting minimum and maximum limits for the end price to be received by the producer.
This regime came into force on 1 January 2008, and there is a transitional period until 31 December 2012 for facilities subject
to Royal Decree 436/2004, during which the new economic regime will not apply to them unless they decide otherwise by ex-
pressly waiving their entitlement to the previous regime. The Directorate-General of Energy Policy and Mines must be informed
of the choice of the economic regime before 1 January 2009.
By virtue of the provisions of aforementioned Royal Decree 436/2004, of 12 March, which governed the activities of all the
Spanish subsidiaries of the ENERFÍN ENERVENTO Subgroup and those of Elecnor Financiera, S.L. until 2008, the Group opted to
sell the power produced by the various wind farms on the electricity production market. Availing itself of the transitional pro-
vision established in the aforementioned Royal Decree 661/2007, of 25 May, the Group opted to continue applying the regime
established under the former Royal Decree during the transitional period. Therefore, their revenue is currently obtained from
three different sources. On the one hand, revenue from power sales and variances settled and billed to OMEL (Operador del
Mercado Ibérico de Energía - Polo Español, S.A.) and MEFF (Mercado Español de Futuros Financieros), respectively, and, on the
other, the regulated revenue (premium, incentive and supplementary payments) settled and billed to the distributor with which
the related facilities are connected, as established by the aforementioned Royal Decree in this connection.
 Royal Decree 1011/2009 was published on 20 June 2009. This Decree provides that the Spanish National Energy Commission
(CNE) is responsible for monitoring compliance with the legislation and procedures governing changes in supplier and for the
activities of the Supplier Switching Office. This change means that regulated revenue (premium, incentive and supplementary
payments) is settled and billed through the CNE, which acts as an intermediary between electricity producers that produce
under the special regime and the market’s distributors.
Also, Ventos do Sul Energía, S.A. is empowered under the “Programa de Incentivo às Fontes Alternativas de Energía Eléc-
trica- PROINFA” programme and has the authorisation of Agencia Nacional de Energía Eléctrica- ANEEL (National Electricity
Agency) to act as an independent power producer, and has entered into an agreement for the sale of the power produced at
its three wind farms to Electrobrás - Centrais Elétricas Brasileiras.
Information on the business lines is presented below:

a) The breakdown of revenue by type of business at 31 December 2009 and 2008 is as follows:

Thousands of euros
Amount at % Amount at %
Type of business 31/12/09 31/12/08
Electricity 683,039 40.7% 628,095 32.8%
Facilities 127,450 7.6% 181,071 9.5%
Gas 61,203 3.6% 77,620 4.1%
Renewable Energy and Industry 275,331 16.4% 685,740 35.9%
Railways 70,399 4.2% 40,584 2.1%
Construction and Water 307,177 18.3% 150,652 7.9%
Telecommunications Infrastructure 69,105 4.1% 89,691 4.7%
Telecommunications Systems 44,541 2.7% 25,024 1.3%
Maintenance 39,641 2.4% 32,870 1.7%
1,677,886 100% 1,911,347 100%

b) The breakdown of total property, plant and equipment, net, by type of business at 31 December 2009 and 2008 is as fo-
llows:

Thousands of euros
Balance at Balance at
Type of business 31/12/09 31/12/08
Electricity 72,037 38,844
Facilities 743 7,334
Gas 244 2,466
Renewable Energy and Industry 491,690 428,532
Railways 358 2,966
Construction and Water 1,305 5,494
Telecommunications Infrastructure 645 3,441
Telecommunications Systems 12,389 8,676
Maintenance 400 1,545
579,811 499,298

c) The breakdown of total investments in property, plant and equipment, by type of business, at 31 December 2009 and 2008
is as follows:

ANUAL REPORT 2009 - 109

 Thousands of euros
Type of business 2009 2008
Electricity 5,036 11,546
Facilities 839 2,827
Gas 549 820
Renewable Energy and Industry 62,231 51,064
Railways 459 482
Construction and Water 2,145 1,945
Telecommunications Infrastructure 741 1,542
Telecommunications Systems 4,639 660
Maintenance 277 696
76,916 71,582

c) Information by geographical area-

Since the segments are based on geographical criteria, the directors consider that no further information is required.

7. GOODWILL
The detail, by company, of the balance of “Intangible Assets - Goodwill” in the consolidated balance sheets for 2009 and
2008 and of the changes therein in those years is as follows:

Thousands of euros
Balance at Additions Balance at Additions Balance at
31/12/07 (Note 2-g) 31/12/08 (Note 2-g) Other 31/12/09
Fully consolidated companies:
- Deimos Space, S.L.U. 158 - 158 - - 158
- Deimos Engenharia, S.A. - - - 4,227 - 4,227
- Ehisa Construcciones y Obras, S.A. 1,932 - 1,932 - - 1,932
- Eólicas Páramo de Poza, S.A. 1,104 - 1,104 - - 1,104
- Galicia Vento, S.L. 8,702 - 8,702 - - 8,702
- Aerogeneradores del Sur, S.A. 3,630 - 3,630 - - 3,630
- Hidroambiente, S.A.U. 388 - 388 - - 388
- Instalaciones y Proyectos de Gas, S.A.U. 1,031 - 1,031 - - 1,031
- Coyote Wind, LLC. - 3,095 3,095 - (22) 3,073
16,945 3,095 20,040 4,227 (22) 24,245

As indicated in Note 3-b, at each balance sheet date the Group reviews goodwill for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use, which is deemed to be the present value of
the estimated future cash flows considered to be reasonable by Group management and approved by it. In assessing value in
use, the assumptions used include discount rates, growth rates and expected changes in selling prices and costs. The directors
estimate the pre-tax discount rates that reflect the time value of money and the risks specific to the cash-generating unit, which
are between 11.4% and 17.14% (before taking into consideration any tax effect). The growth rates and the changes in selling
prices and costs are based on in-house and industry forecasts and experience and future expectations, respectively, and in no
case do they exceed 10%. Also, the Elecnor Group carries out the related sensitivity analyses on its projection studies, modifying
the variables that have most impact on cash flows; specifically, discount rates and expected growth figures. The results obtained
from these sensitivity analyses did not disclose any possible impairment.
In 2009 and 2008 there were no significant impairment losses.
8. OTHER INTANGIBLE ASSETS
The changes in “Other Intangible Assets” in the consolidated balance sheet in 2009 and 2008 were as follows:

Thousands of euros
Development Intellectual Computer Administrative
expenditure property software concessions Total
Cost -
Balance at 01/01/08 451 27 3,261 21,094 24,833
Additions 147 10 910 9,415 10,482
Disposals (253) - (24) - (277)
Transfers - - 1 - 1
Balance at 31/12/08 345 37 4,148 30,509 35,039
Changes in the scope of consolidation
(Note 2-g) - - - 4,880 4,880
Additions 1,141 - 1,137 16,899 19,177
Disposals - - (680) - (680)
Transfers - - - - -
Translation differences - - 46 - 46
Balance at 31/12/09 1,486 37 4,651 52,288 58,462
Accumulated amortisation -
Balance at 01/01/08 354 19 2,504 33 2,910
Charge for the year (Note 21) 3 16 385 84 488
Disposals (253) - (24) - (277)
Transfers - - 1 - 1
Balance at 31/12/08 104 35 2,866 117 3,122
Changes in the scope of consolidation
(Note 2-g) - - 6 - 6
Charge for the year (Note 21) - 2 679 985 1,666
Disposals - - (627) - (627)
Transfers - - - - -
Translation differences - - 40 - 40
Balance at 31/12/09 104 37 2,964 1,102 4,207
Total other intangible assets, net 1,382 - 1,687 51,186 54,255

“Administrative Concessions” includes approximately EUR 46,244 thousand relating to the administrative concessions granted
by the Aragón Water Institute. Under these concessions, the ELECNOR Group will operate certain water treatment plants ob-
taining future revenue on the basis of the volume of cubic metres of water treated. At 31 December 2009, 7 additional plants
to the 19 in the course of construction had entered into service (a further 7 water treatment plants entered into service in
2008). The Elecnor Group expects that the water treatment plants in the course of construction in 2009 will be brought into
service in 2010.

The term of the concession is 20 years and the related fair value was calculated on the basis of the fair value of the construc-
tion of the water treatment plants. The income generated by these concessions amounted to approximately EUR 7,293 thou-
sand, and were recognised under “Revenue” in the accompanying consolidated income statement.
The fully amortised intangible assets in use at 31 December 2009 amounted to approximately EUR 4,040 thousand (31 De-
cember 2008: EUR 3,496 thousand).

ANUAL REPORT 2009 - 111

9. PROPERTY, PLANT AND EQUIPMENT
The changes in “Property, Plant and Equipment” in the consolidated balance sheet in 2009 and 2008 were as follows:

Thousands of euros
Property
Other items plant and
Buildings, of property, equipment in
plant and Hand and Furniture and Computer Transport plant and the course of
Land machinery machine tools equipment hardware equipment equipment construction Total
COST:
Balance at 1 January 2008 23,906 601,242 11,555 5,341 7,233 6,458 2,432 10,188 668,355
Additions 798 23,525 3,567 720 983 1,485 709 39,795 71,582
Disposals - (5,120) (2,155) (76) (330) (775) (12) - (8,468)
Transfers (2,787) (599) 7 (9) - 35 (292) (4,040) (7,685)
Translation differences (Note 13) 19 (51,493) 49 (42) (98) 59 (8) (71) (51,585)
Balance at 31 December 2008 21,936 567,555 13,023 5,934 7,788 7,262 2,829 45,872 672,199
Changes in the scope of
consolidation (Note 2-g) - 5,781 - - - - 370 - 6,151
Additions 432 17,618 2,748 138 756 874 161 54,192 76,919
Disposals - (2,895) (2,018) (7) (811) (75) (20) (860) (6,686)
Transfers - 78,963 264 61 1 5 (924) (78,637) (267)
Translation differences (Note 13) (16) 60,252 (48) 67 98 (157) 15 114 60,325
Balance at 31 December 2009 22,352 727,274 13,969 6,193 7,832 7,909 2,431 20,681 808,641
ACCUMULATED DEPRECIATION:
Balance at 1 January 2008 - 122,473 5,003 3,262 5,220 3,912 303 - 140,173
Charge for the year - 39,299 613 360 1,026 814 144 - 42,256
Disposals - (4,536) (18) (76) (344) (343) (1) - (5,318)
Transfers - (622) 1 (1) - - - - (622)
Translation differences (Note 13) - (3,575) 21 (15) (83) 64 - - (3,588)
Balance at 31 December 2008 - 153,039 5,620 3,530 5,819 4,447 446 - 172,901
Changes in the scope of
consolidation (Note 2-g) - 117 - - - - 180 - 297
Charge for the year - 40,555 710 450 880 937 220 - 43,752
Disposals - (2,628) (41) (250) (817) (63) (10) - (3,809)
Transfers - 13 (11) (2) - - 1 - 1
Translation differences (Note 13) - 15,709 (10) 17 84 (117) 5 - 15,688
Balance at 31 December 2009 - 206,805 6,268 3,745 5,966 5,204 842 - 228,830
Carrying amount at
31 December 2009 22,352 520,469 7,701 2,448 1,866 2,705 1,589 20,681 579,811
 “Buildings, Plant and Machinery” includes mainly the gross carrying amount and accumulated depreciation of wind farms in
operation built in prior years. In 2008 construction of Parques Eólicos de Villanueva, S.L.U.’s facilities commenced, giving rise to
an increase of approximately EUR 35,458 thousand in “Property, Plant and Equipment”. In 2009 investments in these facilities
amounted to approximately EUR 40,813 thousand and construction of the aforementioned wind farm was completed. The
other wind farms owned by the ELECNOR Group were in operation at 31 December 2009. The wind generators of the Spanish
wind farms are under warranty for two years from their reception date and those of the Brazilian wind farms are under warranty
for three years.
In addition, the ELECNOR Group has completed the construction of a communications satellite through its subsidiary Deimos
Imaging, S.L., having invested approximately EUR 11.6 million to date, of which approximately EUR 3,511 thousand relate to
2009. The ELECNOR Group received a grant related to assets in connection with this project (see Note 3-p).
Lastly, the ELECNOR Group made various investments in machinery and plant required to implement its construction projects
amounting to approximately EUR 17.7 million.
On 12 June 2007, Elecnor, S.A. leased certain offices located in Bilbao under a finance lease for approximately EUR 9 million.
The term of the lease is 240 months and will therefore end in 2027 with the final lease payment, which will correspond to the
exercise of the purchase option. Elecnor, S.A.’s directors do not have any doubt that the purchase option will be exercised. Pre-
viously, Elecnor, S.A. had used these offices under an operating lease.
At 31 December 2009, the property, plant and equipment securing certain bank loans relating mainly to the wind power
projects undertaken by Group companies amounted to approximately EUR 490.7 million (see Note 14).
The offices used by the Group in carrying on its business activities, except for those leased in 2007 under the aforementioned
finance lease, are mostly rented.
The Group’s fully depreciated property, plant and equipment in use amounted to approximately EUR 35,961 thousand and
EUR 36,083 thousand at 31 December 2009 and 2008, respectively. EUR 25,371 thousand and EUR 22,223 thousand, respectively,
of these amounts relate to the Parent. The detail of the Parent’s fully depreciated property, plant and equipment at the end
of 2009 and 2008 is as follows:

Thousands of euros
2009 2008
Buildings, plant and machinery 22,738 19,134
Furniture and fixtures 786 930
Computer hardware 1,723 2,033
Transport equipment 124 126
25,371 22,223

At 31 December 2009, certain property, plant and equipment items included approximately EUR 11,703 thousand (31 De-
cember 2008: EUR 12,273 thousand), relating to the carrying amount of various ELECNOR Group assets held under finance
leases. At 31 December 2009, the ELECNOR Group was using the following items of property, plant and equipment held under
finance leases:

Thousands of euros
Original cost
excluding Principal paid Value of
purchase Principal outstanding (*) purchase
Lessee option Paid (Note 14) option
Machinery Adhorna Prefabricación, S.A. 1,069 487 602 20
Tools Adhorna Prefabricación, S.A. 180 99 85 4
Transport equipment Adhorna Prefabricación, S.A. 44 14 31 1
Facilities Adhorna Prefabricación, S.A. 2,058 836 1,258 36
Furniture Adhorna Prefabricación, S.A. 89 40 51 2
Land and buildings Elecnor, S.A. 8,232 675 8,297 900
11,672 2,151 10,324 963

(*) The principal outstanding shown in the foregoing table does not include the amount of the interest added to each payment.

ANUAL REPORT 2009 - 113

 At 31 December 2009, approximately EUR 791 thousand (31 December 2008: EUR 1,567 thousand), arising from the acquisition
of non-current assets remained outstanding, and this amount is recognised under “Other Non-Current Liabilities” and “Other
Payables – Other Current Liabilities” on the liability side of the accompanying consolidated balance sheet.
The Group takes out insurance policies to cover the possible risks to which its property, plant and equipment are subject and
the claims that might be filed against it for carrying on its business activities. These policies are considered to adequately cover
the related risks.

10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

The detail of the ELECNOR Group's investments in associates at 31 December 2009 and 2008, which were accounted for using
the equity method (see Note 2-f), is as follows:

Thousands of euros
Company 2009 2008
Eólica Cabanillas, S.L. 5,269 5,034
Eólica Montes del Cierzo, S.L. 6,562 6,435
Eólica La Bandera, S.L. 4,077 4,188
Eólica Caparroso, S.L. 2,981 2,713
Cosemel Ingeniería, A.I.E. 396 399
Deimos Engenharia, S.A. (Note 2-g) - 180
Consorcio Eólico Marino Cabo de Trafalgar, S.L. 105 105
Guadalaviar Consorcio Eólico Alabe Enerfín, S.A. - 32
Parques Eólicos Gaviota, S.A. 1,454 1,436
Parque Eólico de Malpica, S.A. 1,496 1,474
Expansión - Transmissao de Energía Elétrica, S.A. 14,722 11,311
Cachoeira Paulista Transmissora de Energía, S.A. 13,278 9,672
Expansión - Transmissao Itumbiara Marimbondo, S.A. 9,443 7,702
Porto Primavera Transmissora de Energía, S.A. 27,081 21,461
Vila do Conde Transmissora de Energía, S.A. 14,807 11,460
Itumbiara Transmissora de Energía, S.A. 52,790 41,758
Serra da Mesa Transmissora de Energia, S.A. 37,925 28,802
LT Triángulo, S.A. 32,067 22,141
Serra Paracatu Transmissora de Energía, S.A. 22,098 15,683
Riberao Preto Transmissora de Energía, S.A. 22,648 6,336
Poços de Caldas Transmissora de Energía, S.A. 27,239 4,361
Jauru Transmissora de Energía, S.A. 3,571 -
Zinertia Renovables, S.L. 147 -
Sociedad Aguas Residuales Pirineos, S.A. (Nota 2-g) 928 -
301,084 202,683

The gross changes in 2009 and 2008 in “Investments Accounted for using the Equity Method” in the consolidated balance
sheet were as follows:
 Thousands of euros
2009 2008
Beginning balance 202,683 175,468
Profit for the year 27,887 15,824
Capital increases 46,872 64,427
Translation differences 48,601 (44,096)
Dividends (25,822) (8,940)
Changes in the scope of consolidation: 863 -
Ending balance 301,084 202,683

In 2009, the ELECNOR Group, together with its other shareholders, subscribed various capital increases at its 33.33%-owned
concession-holder subsidiaries: LT Triángulo, S.A., Jauru Transmissora de Energía, S.A., Serra Paracatu Transmissora de Energía,
S.A., Poços de Caldas Transmissora de Energía, S.A. and Riberao Preto Transmissora de Energía, S.A. for BRL 6,200 thousand,
BRL 10,000 thousand, BRL 5,100 thousand, BRL 4,450 thousand and BRL 6,962 thousand totalling approximately EUR 11,961
thousand. At 31 December 2009 these capital increases had been paid in full.
In 2008 the Elecnor Group, together with its other shareholders, subscribed various capital increases at its 33.33%-owned
concession-holder subsidiaries: Serra da Mesa Transsmisora de Energía, S.A., LT Triángulo, S.A., Serra Paracatu Transmissora de
Energía, S.A., Poços de Caldas Transmissora de Energía, S.A., Riberao Preto Transmissora de Energía, S.A., Pedras Transmissora
de Energía, S.A. and Coqueiros Transmissora de Energía, S.A., for BRL 10,000 thousand, BRL 65,000 thousand, BRL 49,500 thou-
sand, BRL 64,500 thousand, BRL 49,500 thousand, BRL 281 thousand and BRL 1,049 thousand, totalling EUR 98,778 thousand.
At 31 December 2008, EUR 34,458 thousand had not yet been paid (see Note 2-g).
In 2009 the appreciation of the Brazilian real against the euro increased the equity of the Brazilian companies accounted for
using the equity method in the process of translation of their financial statements to the Group's functional currency whereas
in 2008 the depreciation of the real gave rise to the reverse effect (see Notes 2-c and 2-f).
In 2008 the depreciation of the Brazilian real against the euro reduced the equity of the Brazilian companies accounted for
using the equity method in the process of translation of their financial statements to the Group's functional currency (see Notes
2-c and 2-f).
A security interest in the Group’s investments in the wind farms of Eólica Cabanillas, S.L., Eólica Montes del Cierzo, S.L., Eólica
La Bandera, S.L., Eólica Caparroso, S.L., Parque Eólico Malpica, S.A. and Parque Eólico Gaviota, S.A. has been given to the related
banks to secure performance of all the payment obligations under the loans that these companies have arranged, in general,
under a project financing arrangement. The Parent’s directors consider that these obligations are being met normally (see Note
14).
Note 1 includes a list of the investments in associates together with the most significant legal and financial information the-
reon.

11. OTHER NON-CURRENT FINANCIAL ASSETS

The detail of the non-current financial assets other than the investments in companies accounted for using the equity method
is as follows:

ANUAL REPORT 2009 - 115

 Thousands of euros
Equity investments Other financial assets
Derivative
Net financial
equity instruments Long-term Long-to Customer Other
investments (Note 15) loans employees financing assets Total
Balance at 1 January 2008 9,183 2,723 2,451 91 - 27,674 42,122
Additions 1,838 - 789 - - 4,724 7,351
Disposals - (2,723) (225) (91) - (2,818) (5,857)
Transfers - - (1,418) - 1,418 - -
Translation differences (1,099) - - - - (2,371) (3,470)
Balance at 31 December 2008 9,922 - 1,597 - 1,418 27,209 40,146
Additions 5,362 - 722 - 55 56,549 62,688
Disposals (5,316) - (516) - (676) (410) (6,918)
Translation differences 273 - - - - 545 818
Balance at 31 December 2009 10,241 - 1,803 - 797 83,893 96,734

a) Equity investments-
The most significant data on the most representative equity investments in companies not included in the scope of consoli-
dation at 31 December 2009 and 2008 are shown in Appendix I.
The fair value of the investments under this heading was determined using in-house estimates made by the Group since
there are no quoted prices on an organised market.
In 2009 the most significant addition relates to the capital increase of the investee Brilhante Transmissora de Energía, Ltda.,
which contributed approximately EUR 5,250 thousand.
The most significant derecognition corresponds to the sale for USD 12 million of the South American company Energía Ibener,
S.A., the carrying amount of which amounted to EUR 4,733 thousand at 31 December 2008. The disposal of this company gave
rise to a profit of approximately EUR 2.5 million after taking into account the exchange rate prevailing at the transaction date.
The most significant change in 2008 related to a capital increase of EUR 1,644 thousand at Isonor Transmission, S.A.C. on 19
July 2008. Also, Pedras Transmissora de Energía, Ltda. and Coqueiros Transmissora de Energía, Ltda. were incorporated with a
contribution of approximately EUR 417 thousand at 2008 year-end.
The translation differences arose from the ownership interest held by the subsidiary Elecnor Chile, S.A. in Iberoamericana de
Energía Ibener, S.A., due to the depreciation of the Chilean peso against the euro.

b) Long-term loans-
“Long-Term Loans” in the accompanying consolidated balance sheet at 31 December 2009 relates mainly to various loans
granted to ELECNOR Group associates and to a loan which currently amounts to EUR 924 thousand (31 December 2008: EUR
870 thousand) granted in 2007 to Eólicas Montes del Cierzo, S.L. (see Notes 10 and 26). The most significant addition relates to
two loans of EUR 200 thousand each, granted to Termosolar Manzanares, S.L. and Termosolar Alcazar de San Juan, S.L.
The Parent's directors consider that none of the aforementioned loans will be repaid at short term and, therefore, they are clas-
sified as non-current assets in the accompanying consolidated balance sheet, and there are no doubts that they will be recovered.

c) Other non-current financial assets-

The detail of “Other Assets” is as follows:

Thousands of euros
2009 2008
Administrative concessions 53,283 -
Debt service reserve account 23,732 23,170
Guarantees 1,249 233
Other 5,629 3,806
83,893 27,209
 At 31 December 2009, EUR 53,283 thousand were included in connection with the Brazilian concession operators Pedras Trans-
missora de Energía, S.A. and Coqueiros Transmissora de Energía, S.A. for EUR 19,747 thousand and EUR 33,536 thousand, res-
pectively. These amounts relate to the discounted value of the long-term receivable maturing at approximately 30 years. These
administrative concessions were considered financial assets in accordance with the measurement bases described in Note 3-j.
“Debt Service Reserve Account” amounted to approximately EUR 3,606 thousand, EUR 2,500 thousand, EUR 7,564 thousand
and EUR 10,062 thousand that the subsidiaries Eólicas Páramo de Poza, S.A., Aerogeneradores del Sur, S.A., Galicia Vento S.L.
and Ventos Do Sul Energía, S.A., respectively, must maintain in a bank deposit pursuant to the financing agreements entered
into by them (see Note 14).

The guarantees relate basically to the operation of the wind farms Eólicas Páramo de Poza S.A., Galicia Vento, S.L. and Ae-
rogeneradores del Sur, S.A. for approximately EUR 329 thousand, EUR 644 thousand and EUR 287 thousand, respectively.

12. CURRENT FINANCIAL ASSETS - CASH AND CASH EQUIVALENTS

The detail of “Cash and Cash Equivalents” in the accompanying consolidated balance sheet is as follows:

Thousands of euros
2009 2008
Short-term deposits 8,967 10,246
Fixed-income securities and other assets 18,349 36,984
Other current receivables 1,504 3,425
Cash 132,405 108,256
161,225 158,911

The ending balances of “Short-Term Deposits” and “Fixed-Income Securities and Other Assets” in the foregoing table relate
mainly to treasury bills acquired under non-optional fixed-date reverse repurchase agreements and to deposits, all at short
term, which earn interest at a market rate. On maturity, the related amounts are reinvested in assets of a similar nature and
term based on cash needs at any given time.

13. EQUITY OF THE PARENT

a) Share capital-
The shareholders at the Parent’s Annual General Meeting of 20 May 2009 approved the capital reduction of EUR 300 thousand
through the retirement of 3 million treasury shares, which represent 3.33% of its share capital and, therefore, the share capital
of Elecnor, S.A. is represented by a total of 87,000,000 shares of EUR 0.10 par value each.
The shares of Elecnor, S.A. are listed on the stock market (Bilbao, Madrid -Spanish Stock Market Interconnection System-,
Barcelona and Valencia).
At 31 December 2009 and 2008, the Parent's shareholder structure was as follows:

% of ownership
2009 2008

Cantiles XXI, S.L. 52.76% 51.00%

Caixa de Aforros de Vigo, Ourense
e Pontevedra (Caixanova) 6.89% 6.33%
Other (*) 40.35% 42.67%
100.00% 100.00%

(*) All with a percentage of ownership of less than 5%. The treasury shares of the Parent are also included, amounting to 0.82% in 2009 (2008: 4.1% (see Note 3-d)).

ANUAL REPORT 2009 - 117

b) Unrealised asset and liability revaluation reserve-
The changes in this reserve in 2009 and 2008 were as follows:

Thousands of euros
Discontinuation
Change Change of hedge
31/12/07 in fair value 31/12/08 in fair value accounting 31/12/09
Fully consolidated companies -
Cash flow hedges:
Interest rate swaps (Note 15-b) 1,240 (7,763) (6,523) (11,586) - (18,109)
Foreign currency hedges (Note 15-a) (1,059) (6,823) (7,882) 8,533 1,556 2,207
Commodities (Note 15-c) - - - 1,919 - 1,919
181 (14,586) (14,405) (1,134) 1,556 (13,983)
Deferred taxes arising on revaluation of
unrealised assets and liabilities (Note 19) (54) 4,376 4,322 340 (467) 4,195
Total revaluation reserves of fully
consolidated companies 127 (10,210) (10,083) (794) 1,089 (9,788)
Companies accounted for using
the equity method (50) 50 - - -
Total revaluation reserves 77 (10,160) (10,083) (794) 1,089 (9,788)

c) Other reserves-
The detail of the balance of “Other Reserves” in the consolidated balance sheet is as follows:

Thousands of euros
2009 2008
Restricted reserves -
Legal reserve 1,743 1,803
Reserve for redenomination of capital in euros 15 15
Reserve for treasury shares (Notes 3-n and 15-d) 5,277 27,344
7,035 29,162
Other reserves 177,018 146,620
Reserves of the Parent 184,053 175,782
Reserves of consolidated companies (*) 124,325 100,632
Translation differences 35,158 (37,844)
Treasury shares (5,277) (27,344)
Total 338,259 211,226

(*) Including consolidation adjustments and adjustments to IFRSs.

Legal reserve-
Under the Consolidated Spanish Public Limited Liability Companies Law, 10% of net profit for each year must be transferred
to the legal reserve until the balance of this reserve reaches at least 20% of the share capital. The legal reserve has reached the
stipulated level.
The legal reserve can be used to increase capital provided that the remaining reserve balance does not fall below 10% of the
increased share capital amount. Otherwise, until the legal reserve exceeds 20% of share capital, it can only be used to offset
losses, provided that sufficient other reserves are not available for this purpose.
Consolidation reserves-
The detail, by company, of the balance of "Reserves of Consolidated Companies" in the foregoing table at 31 December 2009
and 2008 is as follows:

Thousands of euros
Company or group of companies 2009 2008
Fully consolidated companies-
Internacional de Desarrollo Energético, S.A. (IDDE) 213 217
Omninstal Electricidade, S.A. (3,681) (2,674)
Cosinor, S.A. 361 (322)
Elecnor Seguridad, S.L. 235 188
Elecnor de Argentina, S.A. (2,811) (2,150)
Instalaciones y Proyectos de Gas, S.A.U. 581 323
Electrolíneas del Ecuador, S.A. 581 869
Electrificaciones del Ecuador, S.A. (466) (416)
Zogu, S.A. 615 714
Elecven Construcciones, S.A. 9,605 9,585
Rasacaven, S.A. 4,092 4,039
Postes Orinoco, S.A. 289 288
Corporación L.N.C.A. 495 502
Corporación Electrade, C.A. 54 65
Adhorna Prefabricación, S.A. 6,929 6,120
Galicia Vento, S.L. (433) (433)
Enerfín Enervento, S.A. 24,372 24,127
Elecnor Chile, S.A. (484) (767)
Hidroambiente, S.A.U. 1,085 1,548
Elecnor do Brasil, Ltda. 482 1,157
Redes Eléctricas de Manresa, S.L. 258 243
ST Redes de Levante, S.A.U. 260 -
Montelecnor, S.A. 1,605 1,444
Sociedad Aragonesa de Aguas Residuales, S.A.U. (105) (55)
Sociedad Aragonesa de Estaciones Depuradoras, S.A. (28) (26)
Deimos Space, S.L.U. (Note 2-g) 1,615 1,463
Deimos Aplicaciones Tecnológicas, S.L.U. (10) 169
Ehisa Construcciones y Obras, S.A. 693 511
Deimos Imaging, S.L. 555 145
Elecnor Transmissao de Energía, S.A. 45,294 18,772
Elecnor Montagens Elétricas, Ltda. 2,396 402
Montagem Elétricas da Serra, Ltda. - (1,953)
Vilhena Montagens Elétricas, Ltda. 6,251 180
Elecnor de México, S.A. de C.V. (8,568) (8,675)
Eólicas Páramo de Poza, S.A. 182 179
Ventos Do Sul Energía, S.A. 291 (784)
Aplicaciones Técnicas de la Energía, S.L. 54,099 32,450
Aerogeneradores del Sur, S.A. 108 108
Enerfera, S.R.L. (44) 49
Eólica de Chantada, S.A. 2 3
Enervento Biodiesel, S.A. (263) (139)
Enerfín do Brasil, Ltda. 556 (4,576)
Elecnor Financiera, S.L. 6,081 5,596

ANUAL REPORT 2009 - 119

 Thousands of euros
Company or group of companies 2009 2008
Fully consolidated companies (cont.)-
Enerfín Sociedad de Energía, S.L. 11,346 3,949
Parques Eólicos de Villanueva, S.L.U. (145) -
Helios Almussafes, S.L.U. (1) -
Helios Almusafes II, S.L.U. 2 -
Helios Inversión y Promoción Solar, S.L.U. (12) -
Enerfin Energy Company, LLC 1 -
Enerfin Energy Company of Canada, Inc. (6) -
Eoliennes de Lerable, Inc. (19) -
Muiño do Vicedo, S.L. (1) -
Enervento Sociedad de Energía, S.L. (1) -
Enervento Galicia, S.L. (2) -
Deimos Engenharia, S.A. - -
Companies accounted for using the equity method-
Eólica Cabanillas, S.L. (522) (501)
Eólica Montes del Cierzo, S.L. (366) (345)
Guadalaviar C.E. A.E, S.A. - 2
Eólica La Bandera, S.L. (403) (418)
Eólica Caparroso, S.L. (20) (42)
Parque Eólico Malpica, S.A. (229) (169)
Parques Eólicos Gaviota, S.A. (147) (177)
Deimos Engenharia, S.A. - 37
Expansión Transmissao do Energía Elétrica, S.A. 561 2,198
Expansión Transmissao Itumbiara Marimbondo, S.A. 682 1,909
Cachoeira Paulista Transmissora de Energía, S.A. 818 1,292
Itumbiara Transmissora de Energía, S.A. 243 704
Vila do Conde Transmissora de Energía, S.A. 89 287
Porto Primavera Transmissora de Energía, S.A. 120 370
Serra da Mesa Transmissora de Energia, S.A. 53 (1)
Jauru Transmissora de Energía, S.A. (376) 1
LT Triangulo, S.A. - -
Serra Paracatu Transmissora de Energía, S.A. (2) -
Poços da Caldas Transmissora de Energia, S.A. (3) -
Riberao Preto Transmissora de Energía, S.A. (2) -
Consolidation adjustments (*) (40,675) 3,050
124,325 100,632

(*): EUR 17,414 thousand correspond to the decrease in equity due to the acquisition of 49.50% of Deimos Space, S.L. (see Note 2-g). The remaining amount relates
to accounting entries from consolidation, particularly, eliminations of margins and dividends.

d) Treasury shares-
By virtue of the resolutions adopted successively at the Annual General Meetings of Elecnor, S.A. in recent years, various tre-
asury shares of the aforementioned company were acquired with a view to their gradual disposal in the market. Specifically,
in May 2009 and June 2008 the shareholders at the Annual General Meeting resolved to authorise the acquisition of shares is-
sued by the Parent, either by the Parent itself or by Group companies, up to a limit of 5% of the share capital (see Note 3-n),
provided that the purchase price was not 30% higher or lower than the market price of the shares.
In addition, as mentioned in Note 13-a) to these financial statements, the Group retired 3 million treasury shares to reduce
its share capital by EUR 300 thousand.
 The detail of the treasury shares and of the changes therein in 2009 is as follows:

No. of shares
Treasury shares at 31 December 2008 3,689,927
Acquisition of treasury shares 371,366
Sale of treasury shares (344,234)
Capital reduction (3,000,000)
Treasury shares at 31 December 2009 717,059

The purchase and sale of the treasury shares gave rise to approximately EUR 3,382 thousand and EUR 2,629 thousand, res-
pectively.
All the treasury shares held by the Parent at 31 December 2009 represented 0.82% (31 December 2008: 4.1%) of the total
share capital of Elecnor, S.A. at those dates.
At 31 December 2009 and 2008, a restricted reserve for treasury shares had been recorded for the amount of the Elecnor,
S.A. treasury shares held at those dates.

e) Non-controlling interests-
The detail of “Equity - Of Non-Controlling Interests” on the liability side of the accompanying consolidated balance sheets
in 2009 and 2008 is as follows:

Thousands of euros
2009 2008
Eólicas Páramo de Poza, S.A. 2,996 3,976
Galicia Vento, S.L. 605 3,012
Elecven Construcciones, S.A. 213 112
Rasacaven, S.A. 171 124
Postes Orinoco, S.A. 21 (43)
Adhorna Prefabricación, S.A. 2,004 1,882
Sociedad Aragonesa de Estaciones Depuradoras, S.A. 2,386 2,319
Hidroambiente, S.A.U. - 154
Deimos Space, S.L.U. - 2,519
Deimos Aplicaciones Tecnológicas, S.L.U. - 40
Deimos Imaging, S.L. - 484
Deimos Engenharia, S.A. 434 30
Elecnor Argentina, S.A. 28 (38)
Ventos Do Sul Energía, S.A. 7,808 2,670
Aerogeneradores del Sur, S.A. (398) 296
Enerfin-Enervento, S.A. 30,528 32,674
Enervento Biodiesel, S.A. (113) (113)
Coyote Wind, LLC. 45 45
Enervento Galicia, S.L.U. 1 -
Infraestructuras Villanueva, S.L.U. 1 -
46,730 50,143

ANUAL REPORT 2009 - 121

 The detail of the changes in 2009 and 2008 in this consolidated balance sheet item is as follows:

Thousands of euros
Balance at 1 January 2008 53,075
- Profit for the year 8,301
- Change in fair value of hedging instruments (1) (691)
- Translation differences (2) (5,967)
- Dividends paid (4,575)
Balance at 31 December 2008 50,143
- Profit for the year 5,392
- Change in fair value of hedging instruments (1) 1,637
- Dividends paid (3,258)
- Translation differences (2) (4,391)
Changes in the scope of consolidation (Note 2-f) (2,793)
Balance at 31 December 2009 46,730

(1) Relating to the changes in the value of the hedging swaps used by the ELECNOR Group (see Note 15).
(2) Relating mainly to the translation differences arising at Ventos do Sul Energía, S.A.

14. BANK BORROWINGS AND OTHER FINANCIAL LIABILITIES

Key to the Group’s strategy is its policy of maximum financial prudence. The target capital structure is defined by this com-
mitment to solvency and the aim of maximising shareholder returns.
However, certain projects, mainly the construction of wind farms and the related electricity interconnection lines and subs-
tations, as well as the electricity distribution infrastructures and wastewater treatment plants which the Group operates and
holds as a concession, are mainly financed with syndicated loans under project financing agreements. Under these loans the
subsidiaries that are owners of the aforementioned wind farms accept certain restrictions on the distribution of dividends,
which is conditional on certain requirements being met, such as the creation of a reserve account for debt servicing. Also, these
subsidiaries must achieve a given debt/equity ratio and a given equity structure.
The target capital structure, excluding the effect of the projects financed with non-recourse financing, is quantified at the
following ratio of net bank borrowings to equity:

Net financial debt

Net financial debt + Equity

Net financial debt includes the following line items in the consolidated balance sheet (having eliminated the effect of net fi-
nancial debt related to the projects financed with non-recourse financing):

Thousands of euros
2009 2008
Non-current liabilities – Bank borrowings and other
financial liabilities 119,759 88,302
Current liabilities – Bank borrowings and other
financial liabilities 42,146 35,582
Non-current financial assets - Other financial assets (28,820) (42,200)
Cash and cash equivalents (93,346) (87,532)
Net financial debt 39,739 (5,848)

The changes in this ratio are analysed on a permanent basis and prospective estimates thereof are also made as a key restric-
tive factor to be taken into account in the Group's investments strategy and dividends policy. At 31 December 2009, this ratio
stood at approximately 7.6% (31 December 2008: -1.7%).
 The detail of “Bank Borrowings and Other Financial Liabilities” under the non-current and current liability headings of the
accompanying consolidated balance sheets at 31 December 2009 and 2008 is as follows:

Thousands of euros
31/12/09 31/12/08
Non-current Current Non-current Current
maturity maturity maturity maturity
Syndicated loans and credit facilities 53,737 859 54,482 299
Loans to concessions 48,213 1,080 19,385 -
Syndicated loans - Wind farms 380,699 33,962 318,586 32,399
VAT credit facility - wind farms and concessions - 392 7,474 993
Derivative hedging instruments (Note 15)
Wind farms and concessions 17,527 - 6,961 -
Other 2,922 1,013 3,487 5,666
Unsecured loans 38,273 5,297 4,775 -
Mortgage loans 11,526 583 12,563 383
Unsecured credit facilities 3,210 30,013 2,000 22,726
Unmatured bills and notes - 3,963 - 6,127
Accrued interest payable
Wind farms and concessions - 3,538 - 428
Other - 27 - 80
Obligations under finance leases (Note 9) 10,091 391 10,993 301
Total 566,198 81,118 440,706 69,402

The non-current portion of the loans and credit facilities in 2009 and 2008 (excluding derivative hedging instruments) falls
due as follows (in thousands of euros):

Debts maturing in 31/12/09

2011 68,146
2012 94,257
2013 74,730
2014 60,176
2015 and subsequent years 248,440
Total 545,749

Debts maturing in 31/12/08

2010 41,077
2011 39,144
2012 63,556
2013 57,400
2014 and subsequent years 229,081
Total 430,258

Syndicated loans and credit facilities-

On 5 May 2005, the Parent arranged multicurrency bank financing aimed mainly at financing the construction of 811 km of elec-
tricity network between the cities of Cuiba and Itumbiara in Brazil. This financing is subdivided into two tranches: tranche A relates
to a long-term multicurrency syndicated loan of EUR 25,000 thousand; and tranche B relates to a long-term multicurrency credit
facility with a maximum drawable limit of EUR 25,000 thousand. At 31 December 2009, the Company had not drawn down any
amount against the credit facility. This financing arrangement bears interest at Euribor plus a spread, which is tied to the level of the
Net Financial Debt to (EBITDA + Project dividends) ratio, excluding the debt relating to projects financed with project financing.

ANUAL REPORT 2009 - 123

 The syndicated loan and the amount drawn down, if any, against the syndicated credit facility will be repaid in full on ma-
turity, on 5 May 2012.
On 29 June 2006, the Parent arranged multicurrency bank financing with the same conditions and characteristics as the 2005
syndicated loan, for the purpose of financing the development of projects consisting of the construction of electricity grids in
Brazil, with the only difference being that the loan and the amount drawn down against the syndicated credit facility, if any,
will be repaid in full on maturity on 29 June 2013. At 2009 year-end, as in the case of the 2005 financing, the Company had
used tranche A relating to the loan in full and had not drawn down any amount against the tranche B credit facility.
The Parent arranged four interest rate swaps, with a nominal amount of EUR 12.5 million each with various banks in order
to hedge against a possible rise in the interest rates on the two syndicated loans received. The maturity and interest settlement
dates of the swaps coincide with those of the loan agreements to which they are assigned (see Note 15).
The two agreements bore interest of approximately EUR 1,508 thousand in 2009 (2008: EUR 2,887 thousand), prior to taking
into consideration the effect of the hedges, which the Group recognised under “Finance Costs” in the accompanying 2009 con-
solidated income statement (see Note 21).
The Parent has undertaken to maintain over the term of the two bank financing agreements the interest coverage ratio (net
financial debt /adjusted equity) and the debt/equity ratio (net financial debt/EBITDA + project dividends) established in the
agreements for each year-end (calculated on the basis of the consolidated data of the Elecnor Group), non-compliance with
which could constitute grounds for termination of the agreements. At 31 December 2009, the conditions for being able to con-
tinue to classify this financing on the basis of the initially foreseen maturities were being met. All the aforementioned ratios
must be calculated net of the figures relating to the projects financed with non-recourse financing.

Loans to concessions-
On 21 July 2009, the concession operator Sociedad Aragonesa de Estaciones Depuradoras, S.A. arranged a loan with a limit
of EUR 15.5 million maturing on 31 December 2026. The concession operator has drawn down the loan in full. This loan bears
interest at Euribor plus a spread. The interest accrued on this loan amounted to EUR 213 thousand, of which EUR 164 thousand
was capitalised. This company arranged an interest rate swap of EUR 11,625 thousand to cover the possible rise in interest rates
on the loan and the interest settlement dates coincide with the interest settlement dates of the loan.

Syndicated loans - Wind farms-

At 31 December 2009, the bank borrowings under this heading related mainly to the balances drawn down against the syndi-
cated loans that Aerogeneradores del Sur, S.A., Eólicas Páramo de Poza, S.A., Galicia Vento, S.L., Ventos do Sul Energía S.A. and
Parques Eólicos de Villanueva, S.L.U. had arranged with several banks, having drawn down EUR 33,929 thousand, EUR 35,281
thousand, EUR 84,140 thousand, EUR 195,293 thousand and EUR 84,584 thousand (including accrued interest payable), respec-
tively, under a project financing arrangement. These loans were granted to finance the construction of wind farms and the re-
lated electric interconnection lines and substations owned by these companies.
The equivalent limit of the syndicated loan in Brazilian reais granted to Ventos do Sul Energía, S.A., of which Elecnor, S.A. is
the guarantor, is BRL 462,728 thousand (see Note 20). At 31 December 2007, this loan had been drawn down in full.
The syndicated loans granted to the subsidiaries Eólicas Páramo de Poza, S.A., Aerogeneradores del Sur, S.A., Galicia Vento
S.L. and Parques Eólicos de Villanueva, S.L.U., will be repaid in 25, 26, 25 and 37 half-yearly consecutive instalments whereas
the syndicated loan to Ventos Do Sul Energía, S.A. will be repaid in 144 monthly instalments. The first instalment was paid in
2003 in the case of Eólicas Páramo de Poza, S.A., in 2005 in the case of Aerogeneradores del Sur, S.A. and in 2006 in the case of
Galicia Vento, S.L. Parques Eólicos de Villanueva, S.L.U. will make its first repayment in 2010. The first instalment of the loan to
Ventos do Sul Energía, S.A. was paid in 2007 once the grace period had elapsed.
The Spanish syndicated loans bear interest at six-month EURIBOR plus a market spread, which may vary subsequently on the
basis of the audited principal debt service coverage ratio. In the case of the loan obtained in Brazilian reais by the subsidiary
Ventos do Sul Energía, S.A., the applicable interest rate is the result of adding a market spread to Brazil’s long-term floating
interest rate (“T.J.L.P.”). In order to mitigate interest rate risk on their respective syndicated loans, Eólicas Páramos de Poza,
S.A., Aerogeneradores del Sur, S.A., Galicia Vento, S.L. and Parques Eólicos de Villanueva, S.L.U. arranged interest rate swaps
with various banks at average fixed rates of 5.0%, 4.2%, 4.5% and 5.08%, respectively, which hedge substantially all the outs-
tanding debt of each of the aforementioned companies (see Note 15).
 Pursuant to the related financing deeds, the annual principal debt servicing ratio for the project finance syndicated loans of
the Spanish subsidiaries must be above a given value throughout the term of the loans, calculated basically as the ratio of the
cash flow available for debt servicing in a 12-month period to the debt serviced in that same period, as defined in the loan
agreements. Also, these companies must achieve a given debt/equity ratio and a given equity structure.
Within two years from the start-up of the wind farm, the Spanish subsidiaries are also obliged to set up a debt servicing
reserve account (in the form of a bank deposit) for the amount specifically determined in the related financing agreements
(see Note 11). Also, they have to arrange interest rate hedges, at the request of the agent bank, for a minimum of 65% of the
amount of the loan and with a minimum term of nine years. To comply with this requirement, the aforementioned swaps were
arranged. Ventos do Sul Energía, S.A., must also achieve certain debt coverage ratios within certain limits, and must deposit in
a reserve account a monetary amount that covers at least three monthly principal and interest payment instalments. The cove-
nants of Ventos do Sul Energía, S.A. came into force in 2008 and compliance therewith has not given rise to any problems, in
the opinion of the Parent's directors.
To secure each of the syndicated loans of the Spanish companies, the Group constituted a security interest in the shares of
the subsidiaries and, additionally, in the indemnification, compensation and, or penalties that might become payable to Eólicas
Páramo de Poza, S.A., Aerogeneradores del Sur, S.A., Galicia Vento, S.L. and Parques Eólicos de Villanueva, S.L.U. in connection
with the construction and operating management contracts and in all the cash accounts of the aforementioned wind power
companies. In relation to Ventos do Sul Energía, S.A., the Company arranged a security trust agreement over property, plant
and equipment with the related banks.
Also, the subsidiaries have certain limitations in relation to these loans consisting basically of restrictions on the disposal of
their property, plant and equipment and on the payment of dividends. These obligations depend on compliance with certain
conditions, such as ongoing fulfilment of the debt service coverage ratio established in the financing loan deeds and setting
up a debt servicing reserve account (see Note 11). The aforementioned conditions were met by all the Spanish companies and,
therefore, they were authorised to pay the dividends declared in 2009 and prior years.
The directors consider that all the conditions established in relation to the syndicated loans arranged are being met and that
project financing will be serviced with normality using the revenue generated by the business activity of each wind power pro-
ject.
Also, with a view to financing the repayment of a portion of the share capital to its shareholders the subsidiary Ventos do
Sul Energía, S.A. received a loan of EUR 25 million in 2008, bearing interest at 12-month Euribor plus a spread and with maturity
established at 30 September 2022.

VAT credit facility-

In previous years, Sociedad Aragonesa de Aguas Residuales, S.A.U. received a VAT-related credit facility amounting to EUR
4,000 thousand, against which approximately EUR 993 thousand had been drawn down at 31 December 2008 and which had
been repaid in full at 31 December 2009.
On 21 July 2009, the concession operator Sociedad Aragonesa de Estaciones Depuradoras, S.A. received a VAT credit facility
of EUR 2,800 thousand, of which EUR 392 thousand had been drawn down at 31 December 2009.
In 2009 Parques Eólicas de Villanueva, S.L.U. received a VAT credit facility amounting to EUR 15,600 thousand, against which
approximately EUR 7,474 thousand had been drawn down at 31 December 2008. In 2009 construction of the farm was completed
and the credit facility was repaid in full.

Unsecured loans-
In January 2009 the Parent drew down EUR 14 million against a loan, of which EUR 4 million mature in 2010, with final ma-
turity in December 2011. This loan bears interest at Euribor plus a spread. The interest accrued on this loan amounted to EUR
352 thousand.
On 1 April 2009, the Parent arranged a loan of EUR 20 million, maturing on 1 April 2012. This loan bears interest at Euribor
plus a spread. The interest accrued on this loan amounted to EUR 233 thousand.

Other financing-
In 2007 the ELECNOR Group arranged a mortgage loan in order to acquire an industrial building in Valencia in which to carry

ANUAL REPORT 2009 - 125

on its solar panel manufacturing business (see Note 9). The unmatured balance of this loan amounted to approximately EUR
12,109 thousand at 31 December 2009.
Also, at 31 December 2009, the Parent Elecnor, S.A had twelve credit lines outstanding with various banks with a maximum
total limit of EUR 210 million, against which at 31 December 2009 EUR 10,837 thousand had been drawn down. The credit lines
bear average interest of EURIBOR/LIBOR plus a market spread, and mature in three years. Also, certain credit lines and draft
discounting lines are held through the unincorporated temporary joint ventures in which the Group has interests, with a total
limit of approximately EUR 11.2 million.
Taken as a whole, at 31 December 2009, the Group had unused unsecured credit lines totalling approximately EUR 209,659
thousand (31 December 2008: approximately EUR 220,102 thousand) (see Note 4-c).
At 31 December 2009, the ELECNOR Group did not have any bank borrowings at fixed interest rates, except for the hedges
described in Note 15.
Also, the sensitivity of the non-current borrowings to interest rate fluctuations is scantly material (see Note 4-b), since, except
for the syndicated loan of Ventos do Sul Energía, S.A. and the new loans entered into in 2009, interest rate hedges have been
arranged for all the other borrowings. In the case of Ventos do Sul Energía, S.A., an upward or downward change of 0.25% in
the interest rate would have an impact on the annual borrowing costs of approximately EUR 488 thousand. A 2.5% increase in
the Brazilian real/euro exchange rate (the loans held by the Group in a currency other than the euro are denominated in Bra-
zilian reais) would represent an annual decrease in borrowing costs of approximately EUR 449 thousand, while a drop would
increase borrowing costs by approximately EUR 449 thousand.

15. DERIVATIVE FINANCIAL INSTRUMENTS

The ELECNOR Group uses derivative financial instruments to cover the risks to which its activities, operations and future cash
flows are exposed, arising from exchange rate, interest rate and electricity price fluctuations, which affect the results of wind
farms operated by the Group. The detail of the balances that reflect the measurement of derivatives in the consolidated
balance sheets at 31 December 2009 and 2008 is as follows:

Thousands of euros
2009 2008
Assets Liabilities Assets Liabilities
(Note 14) (Note 14)
INTEREST RATE HEDGES
Cash flow hedges:
Interest rate swap (Note 14) - 20,449 - 8,234
FOREIGN CURRENCY HEDGES:
Cash flow hedges:
Foreign currency hedge 3,220 5,175 - 7,880
PRICE HEDGE
Cash flow hedges:
Commodity price hedge 1,919 - - -
5,139 25,624 - 16,114

a) Foreign currency hedges-

The ELECNOR Group uses derivatives as foreign currency hedges mainly to mitigate the possible adverse effect of exchange
rate fluctuations on future cash flows relating to transactions of three types:
• Payments relating to supply agreements denominated in US dollars.
• Payments under construction contracts performed abroad and denominated in US dollars.
• Collections under construction contracts performed abroad and denominated in US dollars.
 At 31 December 2009 and 2008, the total nominal value of the liabilities on which foreign currency hedges had been arranged
was as follows:

Thousands
Currency 2009 2008
US dollars 57,023 150,243

Of the total nominal amounts hedged in 2009, USD 40,750 thousand relate to US dollar purchase hedges to hedge future
payment flows in US dollars and USD 16,273 thousand relate to US dollar sale hedges to hedge future collections in US dollars.
Of the total nominal amounts hedged in 2008, USD 131,297 thousand relate to US dollar purchase hedges to hedge future
payment flows in US dollars and USD 18,946 thousand relate to US dollar sale hedges to hedge future collections in US dollars.
The foreign currency hedges mature in 2010, coinciding with the actual flow of payments and collections that they are hed-
ging, and the risk of changes in the expected cash flows is very low since there are agreements which indicate the related pay-
ment and collection schedules.
In addition, in prior years the Parent arranged various foreign currency hedges with different maturities to hedge the capital
increases performed by its Brazilian subsidiary Elecnor Transmissao de Energía, S.A. at Brazilian companies accounted for using
the equity method (see Note 10). At 31 December 2008, BRL 153.6 million had not yet matured, BRL 127.3 million of which
were exercised during 2009 and BRL 26.3 million, with maturity in 2010, had not yet matured at the end of 2009. The settle-
ments made in 2009 gave rise to a positive difference of approximately EUR 3.2 million at the ELECNOR Group in 2009, which
was recognised as a decrease in the cost of the investment in the subsidiary.
In addition, in 2008 the Parent arranged various foreign currency hedges with different maturities to hedge various capital
increases performed by its Brazilian subsidiary Elecnor Transmissao de Energía, S.A. at Brazilian companies accounted for using
the equity method (see Note 10). The hedges arranged amounted to a nominal amount of BRL 232 million, of which BRL 153.6
million had not yet matured at 2008 year-end and which matured in 2009. The settlements made in 2008 gave rise to a negative
difference of approximately EUR 1.1 million at the Elecnor Group in 2008, which was recognised as an increase in the cost of
the subsidiary.
In 2009 the subsidiary Aplicaciones Técnicas de la Energía, S.L. had outstanding foreign currency hedges at 31 December 2009
with a nominal amount of USD 84,117 thousand (EUR 58,507 thousand) for the purchase of materials required for its activity.
In view of its business performance, the items qualifying for hedge accounting decreased and purchases were forecast to be
lower than those initially expected and, therefore, the Group decided not to recognise them as hedging transactions. These
hedges mature in 2010 and the value thereof at 31 December 2009 is EUR 4,162 thousand, which is recognised under “Other
Payables – Other Current Liabilities” in the consolidated balance sheet. The change in value was recognised under “Exchange
Differences” in the consolidated income statement.

b) Interest rate-
The ELECNOR Group performs interest rate hedging transactions in accordance with its risk management policy. The purpose
of these transactions is to mitigate the effect that changes in interest rates could have on future cash flows from certain long-
term credit facilities and loans tied to floating interest rates, generally associated with the financing obtained by the wind
farms, which cover the full amount thereof and for the whole term thereof. At 31 December 2009 and 2008, the total nominal
value of the liabilities on which interest rate hedges had been arranged was as follows:

Thousands of euros
Type of hedge 2009 2008
Cash flows - Interest rate swap 290,499 235,493

The interest rate swaps have the same, or lower, nominal amount as the outstanding principals of the hedged loans and the
same maturity as the interest settlements on the loans that they are hedging.
As in the case of the foreign currency hedges, in 2009 and 2008 no transactions took place or were planned for which initially
a hedge accounting policy was adopted when accounting for the derivatives but which is now not expected to be implemented.

ANUAL REPORT 2009 - 127

c) Price-
The Group uses derivative financial instruments to cover the risks of fluctuations in electricity prices, which impacts very sig-
nificantly on the results of the various wind farms in operation.
The effect of the settlements of these derivative financial instruments in 2009 gave rise to an increase in sales of EUR 2,458
thousand, which was recognised under “Revenue” in the accompanying 2009 consolidated income statement.
At 31 December 2009, the outstanding derivative financial instruments for electricity prices amount to EUR 1,920 thousand,
recognised under “Deferred Tax Assets” on the asset side of the accompanying consolidated balance sheet at 31 December
2009 (see Note 18).
At 31 December 2008, the Group did not hold any derivative financial instruments of this kind.
The market value of the various financial instruments is calculated as follows (see Note 15):
• The market value of derivatives quoted on an organised market is their market price at year-end.
• To measure derivatives not traded on an organised market, the ELECNOR Group uses assumptions based on year-end market
conditions. Specifically, the market value of interest rate swaps is calculated by discounting at a market interest rate the
difference between the swap rates, and the market value of foreign currency forward contracts is determined by discounting
the estimated future cash flows using the forward rates existing at year-end. In both cases, these measurements are verified
against those provided by the banks.
This procedure is also used, where appropriate, to determine the fair value of loans and receivables arising from cross currency
swaps, through which the Group and the related bank exchange the flows from a loan in euros for the flows from another
loan in US dollars, with any resulting difference being settled on maturity. At year-end, the Group translates the loan into US
dollars (plus the accrued interest) at the year-end exchange rate and compares it with the loan in euros (plus the accrued inte-
rest), and the net value (i.e. the difference) is recognised under “Other Current Assets”, “Non-Current Financial Assets” or
“Bank Borrowings and Other Financial Liabilities”, depending on whether the difference is positive or negative and on the
maturity thereof, giving rise to an exchange difference income or expense item as the balancing entry.
The financial assets and liabilities recognised as a result of the measurement at fair value of the aforementioned hedging
instruments gave rise to additions to “Non-Current Financial Assets” and “Bank Borrowings and Other Financial Liabilities”, as
indicated in Note 15.

16. PROVISIONS FOR CONTINGENCIES AND CHARGES

The detail of “Non-Current Liabilities - Provisions for Contingencies and Charges” in the accompanying consolidated balance
sheets and of the changes therein in 2009 and 2008 is as follows:

Thousands of euros
Provisions for Total provisions
litigation and third- Provisions for for contingencies
party liability warranties and charges
Balance at 1 January 2008 2,863 27,771 30,634
Period provisions charged to income 4,361 29,629 33,990
Balance at 31 December 2008 7,224 57,400 64,624
Period provisions charged to income 994 - 994
Reversals credited to income - (19,500) (19,500)
Balance at 31 December 2009 8,218 37,900 46,118

The Group estimates the amount of the liabilities arising from litigation and similar events. Although the Group considers
that the outflows of resources will take place in the next few years, it cannot predict when the litigation will end and, therefore,
it does not make an estimate of the specific dates of the outflows as it considers that the effect of any discount in this connection
would not be material.
In view of its activities, the Group is exposed to several claims and lawsuits, most of which are for amounts that are not ma-
terial. The directors estimated that the provision recognised reasonably covers the payments likely to arise in the future from
past events.
 Since 2007 year-end the ELECNOR Group has delivered various solar power production plants (solar PV farms). During the
period from the date of award of the Provisional Acceptance Certificate of the solar PV farm and the following three years –
when the customer will execute the Final Acceptance Certificate- the ELECNOR Group guarantees the electricity production of
each PV facility will reach a certain level of kWh in certain irradiation and temperature conditions during the aforementioned
warranty period. Should actual metered production fall below the guaranteed level, the contract price will be reduced, with
the concomitant obligation of the contractor, i.e. the ELECNOR Group, to pay the owner the stipulated amount of the afore-
mentioned penalty, which is established taking into account the percentage of the decrease in actual production with respect
to the guaranteed level and the contract price.
In addition, the ELECNOR Group undertakes to repair and/or replace the materials of the farms during a maximum period of
25 years where the electricity production stipulated in the agreement is not obtained due to the wear and tear thereof. It also
has a warranty from its main suppliers in this same connection.
The ELECNOR Group had recognised a provision of approximately EUR 37.9 million at 2009 year-end to cover the aforemen-
tioned risks, which is recognised under “Non-Current Liabilities - Provisions for Contingencies and Charges” in the accompanying
consolidated balance sheet. At 31 December 2009, this provision was calculated based on the best estimate of the Parent's di-
rectors of the possible losses that could arise therefrom as a result of the aforementioned warranties. In 2009 an amount was
reversed because the warranty periods on certain PV farms were coming to an end, and the Group considered that not so much
damage had arisen as initially expected.
At 31 December 2009, the Elecnor Group had the following contingent liabilities:
• In previous years, “Monte Vecinal en Mano Común Faro de Argozón” filed a claim against the Galicia Autonomous Com-
munity Government and Enerfín Enervento, S.A. (an ELECNOR Group company) in relation to the Chantada wind farm
owned by Galicia Vento, S.L. (also a subsidiary of the ELECNOR Group) at the Galicia High Court in connection with the
condemnation procedure for the wind farm located on the land of “Monte Vecinal en Mano Común Faro de Argozón”. On
31 January 2007, the Galicia High Court handed down a decision rendering void the condemnation and ordered Galicia
Vento, S.L., the owner of the wind farm, to dismantle the turbines situated on the land (which represent approximately
30% of the installed capacity) and to return the land to its original state prior to the construction of the wind farm. This
decision has been appealed against at the Supreme Court. The Galicia Autonomous Community Government, co-defendant
in the proceedings, has also filed a cassation appeal defending the argument put forward by the ELECNOR Group. The
Group's internal legal department and a prestigious law firm that prepared the related appeal to file with the Supreme
Court state that the cassation appeal is highly likely to be successful, since the decision appealed against has serious formal
defects and defects in substance. The Galicia Autonomous Community Government is obliged to maintain the appeal, and,
therefore, the hypothetical and highly unlikely upholding of the judgment by the Supreme Court would lead to the unli-
mited liability of the government, which would ultimately be obliged to compensate the ELECNOR Group for the damage
or loss caused by the removal of the wind generators that were installed in the past on the basis of the licences and permits
granted by the Galicia Autonomous Community Government. Therefore, the ELECNOR Group has not recognised any pro-
vision in relation to this claim.
On 21 October 2009, the Supreme Court handed down a judgment upholding the appeals filed and ordered the Galicia High
Court to hand down a new judgment and resolve all the points at issue, rendering the judgment of 31 January 2007 null and
void.
• In 2007 the subsidiary Parques Eólicos Gaviota, S.A. was notified of a decision of the Supreme Court of 22 March 2005, con-
firming the judgment of the Canary Islands High Court of 10 November 2000, rendering null and void the Order of the Mi-
nistry of Industry and Trade of 27 December 1996 relating to the allocation of power to the aforementioned subsidiary and
another entity. On 20 October 2008, the Ministry of Work, Industry and Trade rendered the allocated power null and void
and, accordingly, the aforementioned judgment was enforced. In 2009 the subsidiary filed an appeal with a higher admi-
nistrative body to the Minister of Industry and Energy but no decision had yet been handed down in this connection at the
date of issue of these financial statements. The Parent’s directors and the legal advisers of the aforementioned subsidiary
consider that the judgment handed down on the latest appeal filed will be favourable for the subsidiary and, in any case,
in the event that the power was ultimately rendered null and void, it would not have a significant effect on the rights and
interests of the ELECNOR Group and, therefore, it did not recognise any provision in this connection.

ANUAL REPORT 2009 - 129

17. CUSTOMER ADVANCES AND PREBILLINGS
The detail of these items under “Trade and Other Payables” in the accompanying consolidated balance sheet is as follows:

Thousands of euros
2009 2008
Prebillings (Note 3-c) 292,604 320,803
Customer advances 51,517 42,419
344,121 363,222

The prebillings consist of progress billings issued pursuant to the timing conditions stipulated in the contracts for projects
currently in progress.
The customer advances relate basically to prepayments by customers before commencement of performance of the related
contracts. These advances are discounted from the billings made during the performance of the contracts.

18. LONG-TERM DEFERRED TAX ASSETS AND LIABILITIES

The detail of “Deferred Tax Assets” and “Deferred Tax Liabilities” in the accompanying consolidated balance sheet and of
the changes therein in 2009 and 2008 is as follows:

Thousands of euros
Credit Credit
(charge) to (charge) to
asset and asset and
Credit liability Credit liability
(charge) to revaluation Transfers (charge) to revaluation Transfers
01/01/08 income reserve Other (*) 31/12/08 income reserve Other (*) 31/12/09
Deferred tax assets:
Measurement of derivative
financial instruments (Note 15) 787 (556) 4,091 - - 4,322 (667) 2,084 - - 5,739
Allocation to income of
capitalised start-up costs 138 (138) - - - - - - - - -
Elimination of intra-
Group profits (**) 8,389 679 - - - 9,068 2,725 - - - 11,793
Tax assets 6,337 - 1,090 (2,464) - 4,963 8,721 - - - 13,684
Non-deductible provisions and
other deferred tax assets (Note 16) 4,590 - - 22,056 (1,693) 24,953 (1,992) - 2,142 - 25,103
20,241 (15) 5,181 19,592 (1,693) 43,306 8,787 2,084 2,142 - 56,319
Deferred tax liabilities:
Measurement of derivative
financial instruments (Note 15) 817 - (817) - - - - 966 - - 966
Exchange gains 54 (54) - - - - - - - - -
Revaluation of non-current assets 630 - - - - 630 - - - - 630
Disposal of Enerfin
Enervento, S.A. 10,586 - - - (941) 9,645 - - - - 9,645
Impairment losses 2,394 - - - - 2,394 - - - - 2,394
Other deferred tax liabilities - - - 2,925 199 3,124 (2,166) - - - 958
14,481 (54) (817) 2,925 (742) 15,793 (2,166) 966 - - 14,593

(*) Including transfers between items and transfers to “Current Assets - Tax Receivables” in the consolidated balance sheet at 31 December 2008 and 2007.
(**) Arising mainly from the construction of wind farms. This amount will be reversed to income over the useful life of the wind generators.
 “Non-deductible Provisions and Other Deferred Tax Assets” includes the tax effect of the provisions for warranties (see Note
16), which amounts to EUR 11,370 thousand. In addition, EUR 3 million relate to the impairment loss (see Note 21) recognised
by the Parent, since it is not considered deductible in 2009.
“Tax Assets" includes the tax loss and tax credit carryforwards of various subsidiaries. The most significant amount relates to
Ventos Do Sul Energía, S.A. which recognised approximately EUR 10,921 thousand, most of which correspond to the tax credits
earned as a result of carrying on electricity production activities.
“Disposal of Enerfin Enervento, S.A.” corresponds to the tax effect of the gain obtained by the Group at consolidated level
only in the capital increase performed at that company in 2005 subscribed by a third party, with a share premium.
The deferred tax assets and liabilities recognised are reassessed at each balance sheet date in order to ascertain whether
they still exist, and the appropriate adjustments are made on the basis of the findings of the analyses performed.

19. TAX RECEIVABLES AND TAX PAYABLES

The detail of “Current Assets - Tax Receivables” and “Other Payables - Tax Payables” on the asset and liability sides, respec-
tively, of the consolidated balance sheets at 31 December 2009 and 2008 is as follows:

Thousands of euros
2009 2008
Tax receivables-
VAT refundable 25,833 19,378
Tax withholdings and prepayments 8,552 4,662
Income tax refundable 206 444
Sundry tax receivables (*) 1,669 13,595
Social security taxes refundable 112 49
Total 36,372 38,128
Tax payables-
VAT payable 36,590 18,678
Tax withholdings payable 1,184 4,112
Income tax payable 11,331 28,817
Other tax payables (*) 18,606 13,256
Accrued social security taxes payable 2,290 6,366
Total 70,001 71,229

(*) Mainly from the unincorporated temporary joint ventures.

The Parent files tax returns pursuant to the regulations provided for by Legislative Royal Decree 4/2004, of 5 March, approving
Consolidated Corporation Tax Law 43/1995, of 27 December, and the related implementing regulations.
The Parent has the years since 2004 open for review by the tax authorities for the main taxes applicable to it. In general, the
main Group companies have the years established in the local legislation in each case (ranging from three to five years) open
for review for the main taxes applicable to them.

ANUAL REPORT 2009 - 131

 The income tax expense for 2009 and 2008 was determined as follows:

Thousands of euros
2009 2008
Consolidated profit before tax 130,376 137,997
Non-deductible expenses 5,849 7,051
Non-computable income (4,260) (315)
Net loss of companies accounted for using
the equity method (Note 10) (27,887) (15,824)
Tax losses (11) (1,052)
Adjusted accounting profit 104,067 127,857
Gross tax calculated at the tax rate in
force in each country (*) 28,465 36,619
Tax credits relating to incentives and other (430) (234)
Adjustment of prior year income tax expense (177) (282)
Income tax expense incurred 27,858 36,103

(*) The fully consolidated foreign subsidiaries calculate the income tax expense and the tax charges for the various taxes applicable to them in conformity with the
legislation of, and at the tax rates in force in, their respective countries.

The varying interpretations that can be made of current tax legislation could give rise to certain contingent liabilities which
cannot be objectively quantified. However, the Parent's directors consider that the possibility of such contingent liabilities
arising at the Group companies as a result of future tax audits is remote and that, in any case, the tax debt that might arise
therefrom would not materially affect the consolidated financial statements of the ELECNOR Group.

20. GUARANTEE COMMITMENTS TO THIRD PARTIES

At 31 December 2009 and 2008, the detail of the risk exposure relating to guarantees received and other project bid guaran-
tees, completion bonds and performance bonds, relating mainly to the Parent, is as follows:

Thousands of euros
2009 2008
Completion bonds 404,814 368,367
Advances on contracts:
Current 105,023 119,688
To be cancelled 972 1,765
Performance bonds 47,922 43,620
Project bid guarantees 47,585 41,673
Other 22,403 36,535
Total 628,719 611,648

Also, Elecnor S.A. has guaranteed the project financing amounting to approximately BRL 462,728 thousand received in 2005
by the Brazilian company Ventos do Sul Energía, S.A. (owned through Enerfín Enervento, S.A.) for the construction of a wind
farm in Brazil (see Note 14). This project financing has been drawn down in full. The guarantee provided by Elecnor will expire
in 2010, once the wind farm is in operation and the lenders have verified that the use to which the financing was put coincides
with that stipulated in the related agreement.
The Parent's directors consider that the liabilities, if any, that might arise from the guarantees provided would not give rise
to significant losses in the accompanying consolidated financial statements.
21. INCOME AND EXPENSES
Revenue-
The detail of “Revenue” in the 2009 and 2008 consolidated income statements is as follows:

Thousands of euros
2009 2008
Construction contracts and the provision of services 1,556,486 1,657,799
Sale of goods 121,400 253,548
Total 1,677,886 1,911,347

Procurements-
The detail of “Procurements” in the 2009 and 2008 consolidated income statements is as follows:

Thousands of euros
2009 2008
Purchases of raw materials and other supplies 978,867 1,150,063
Changes in inventories of merchandise,
raw materials and other goods 7,969 35,716
Total 986,836 1,185,779

Staff costs-
The detail of “Staff Costs” in the 2009 and 2008 consolidated income statements is as follows:

Thousands of euros
2009 2008
Wages and salaries 254,260 244,383
Employer social security costs 55,981 55,395
Other employee benefit costs 19,880 13,930
Total 330,121 313,708

The average number of employees, by professional category, in 2009 and 2008 was as follows:

Average number of employees

2009 2008
Senior management (Note 25) 5 4
Management 86 89
Other line personnel 1,702 1,657
Clerical staff 769 717
Middle management 521 490
Supervisors 3,624 3,855
Specialists 595 602
Manual workers 891 737
Messengers, etc. 293 249
Total 8,486 8,400

Of the Group's average headcount in 2009, 3,098 employees had temporary employment contracts (2008: 3,597 employees).
At 31 December 2009, there were 8,483 employees, of whom 7,549 were men and 934 were women.

ANUAL REPORT 2009 - 133

Depreciation and amortisation charge, provisions and impairment losses-
The detail of “Depreciation and Amortisation Charge, Provisions and Impairment Losses” in the 2009 and 2008 consolidated
income statements is as follows:

Thousands of euros
2009 2008
Property, plant and equipment depreciation charge
(Note 9) 43,752 42,256
Intangible asset amortisation charge (Note 8) 1,666 488
Changes in provisions for contingencies and
charges (Note 16) (19,500) 33,990
Changes in impairment losses 15,829 (1,699)
Total 41,747 75,035

In 2009 “Changes in Provisions” relates basically to the reversal of warranty provisions in connection with production and
operation of the solar energy plants that the ELECNOR Group delivered in 2009 (see Note 16).
“Changes in Impairment Losses” in 2009 relates basically to the period provision recognised as a result of the uncertainty as
to the collection of trade receivables.

Finance income -
The detail of “Finance Income” in the 2009 and 2008 consolidated income statements is as follows:

Thousands of euros
2009 2008
Income from other marketable securities and
loans to third parties 3,940 4,887
Other finance and similar income 5,524 6,410
Total 9,464 11,297

Finance costs -
The detail of “Finance Costs” in the 2009 and 2008 consolidated income statements is as follows:

Thousands of euros
2009 2008
Borrowing costs (*) (Note 14) 41,256 40,682
Other finance costs 413 476
41,669 41,158

(*) Arising mainly from wind farm project finance arrangements, Elecnor, S.A.’s syndicated loans and the interest rate swaps.

22. INTERESTS IN JOINT VENTURES - “UNINCORPORATED TEMPORARY JOINT VENTURES”

As indicated in Note 2-a, in 2009 and 2008 the balance sheets and the income statements of the unincorporated temporary
joint ventures in which Elecnor, S.A. or its subsidiaries hold interests were proportionately consolidated in the accompanying
consolidated financial statements, in accordance with IAS 31.
The detail of the unincorporated temporary joint ventures, of the Group’s percentage of ownership therein at 31 December
2009 and 2008, of the amount of the construction work performed in 2009 and 2008 and of the backlog at year-end is included
in Appendix II to these consolidated financial statements.
The detail of the contribution of the unincorporated temporary joint ventures to the various items in the accompanying con-
solidated balance sheet and consolidated income statement at 31 December 2009 and 2008 is as follows:
 Thousands of euros Thousands of euros
ASSETS 2009 2008 EQUITY AND LIABILITIES 2009 2008
Intangible assets 3 5
Property, plant and equipment 297 114 Profit for the year 9,076 2,700
Non-current financial assets 29 36 Deferred income - -
Inventories 800 2,114 Non-current liabilities - -
Accounts receivable 78,587 78,723 Current liabilities 107,633 102,578
Current financial assets 5,534 1,729
Cash 31,459 22,505
Prepayments and accrued income - 52
Total 116,709 105,278 Total 116,709 105,278

Thousands of euros
Income statement 2009 2008
Revenue 122,102 76,414
Increase in inventories of finished goods
and work in progress - 44
Procurements (99,775) (68,710)
Non-core income 196 164
Staff costs (5,070) (437)
Outside services (7,657) (5,394)
Taxes other than income tax (50) (609)
Impairments losses and change in operating
provisions and allowances (391) 698
Depreciation and amortisation charge (59) (36)
Finance income 407 751
Finance costs (627) (185)
Total 9,076 2,700

23. BACKLOG
The detail, by line of business, of the backlog of the Parent, excluding the unincorporated temporary joint ventures (see
Note 22), at 31 December 2009 and 2008 is as follows:

Thousands of euros
By geographical area 2009 2008
Spain 454,566 434,505
Abroad 471,867 415,430
Total 926,433 849,935
By line of business
Electricity 539,785 560,307
Facilities 37,359 28,455
Gas 86,210 30,456
Telecommunications and systems 23,629 66,873
Railways 41,366 59,265
Construction and water 132,126 53,763
Maintenance 62,770 5,994
Renewable energy and industry 3,188 44,822
Total 926,433 849,935

ANUAL REPORT 2009 - 135

 Also, at 31 December 2009, the backlog of the subsidiaries amounted to EUR 90,861 thousand (2008: EUR 103,323 thousand)
and related basically to companies in the electricity business.

24. REMUNERATION OF DIRECTORS

a) Remuneration and other benefits of directors-
In 2009 the members of the Parent’s Board of Directors received remuneration amounting to EUR 4,992 thousand in all con-
nections, including the remuneration received in their capacity as executives (2008: EUR 4,722 thousand).
The Parent paid approximately EUR 18 thousand in connection with life insurance arranged for former or current members
of its Board of Directors (2008: EUR 16 thousand).
In addition, at 31 December 2009, the Parent did not have any pension or guarantee obligations to former or current members
of the Board of Directors and no loans had been granted to them.
At 31 December 2009 and 2008, the Board of Directors of the Parent was made up of eleven members, all men.

b) Detail of investments in companies engaging in similar activities and of the performance, by the directors, as indepen-
dent professionals or as employees, of similar activities.
Pursuant to Article 127 ter.4 of the Spanish Public Limited Liability Companies Law, introduced by Law 26/2003, of 17 July,
which amends Securities Market Law 24/1988, of 28 July, and the Consolidated Spanish Public Limited Liability Companies Law,
in order to reinforce the transparency of listed corporations, following is a detail of the non-Group companies engaging in an
activity that is identical, similar or complementary to the activity that constitutes the company object of Elecnor S.A. in which
the members of the Board of Directors hold ownership interests, either directly or through related companies or parties, and
of the functions, if any, that they discharge thereat:

Owner Investee Activity Ownership Functions

Interest
Gonzalo Cervera Earle Ingeniería Estudios y Proyectos Nip, S.A. Engineering 1.88% -
José María Prado García Ingeniería Estudios y Proyectos Nip, S.A. Engineering 2.189% -
Cristóbal González de Aguilar Enrile Ingeniería Estudios y Proyectos Nip, S.A. Engineering 12.13% -
Fernando León Domecq Ingeniería Estudios y Proyectos Nip, S.A. Engineering 1.89% (*)
Juan Landecho Sarabia Ingeniería Estudios y Proyectos Nip, S.A. Engineering 0.50% (*)
Rafael Prado Aranguren Ingeniería Estudios y Proyectos Nip, S.A. Engineering 0.42% -
Miguel Morenés Giles Ingeniería Estudios y Proyectos Nip, S.A. Engineering 10.10% -

(*) Representatives on the Boards of Directors of companies related to them.

In addition, the directors of the Parent represent it as directors of most of the Group companies.
Since 17 July 2003, the date on which Law 26/2003 came into force, the former and current members of the Board of Directors
have not performed and are not currently performing, as independent professionals or as employees outside the corporate
Group to which Elecnor, S.A. belongs, any activity that is identical, similar or complementary to the activity that constitutes the
company object of the Parent, other than the activities indicated in the foregoing table.

25. REMUNERATION OF SENIOR EXECUTIVES

Staff costs (monetary remuneration, compensation in kind, social security contributions, etc.) relating to the Parent's general
managers and persons discharging similar duties (excluding those who are also members of the Board of Directors, whose re-
muneration is detailed above) amounted to approximately EUR 2,423 thousand in 2009 (2008: EUR 1,979 thousand).
In 2009 and 2008 there were no other transactions with executives outside the normal course of business.
At 31 December 2009 and 2008, all the Parent’s general managers were men.
26. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
All material balances between consolidated companies at year-end and the effects of the transactions performed between
them during the year were eliminated on consolidation (see Note 2-f).
The transactions carried out by the Group with the investees that were not fully or proportionately consolidated in 2009
were not material.
At 31 December 2009 and 2008, the breakdown of the balances receivable from and payable to these investees, arising from
the aforementioned transactions, and of the balances with other related companies is as follows (in thousands of euros):

2009 2008
Accounts receivable Accounts payable Accounts receivable
II I
Non-current Current Non-current Current Non-current Current Accounts
(Note 11) (Note 11) payable
Equity method
Vila Do Conde Transmissora de Energia, S.A. - 18 - - - 34 -
Porto Primavera Transmissora de Energía, S.A. - - - - - 17 -
Poços da Caldas Transmissora de Energia, S.A. - 116 - - - 363 -
Itumbiara Transmissora de Energía, S.A. - - - - - 152 -
Serra da Mesa Transmissora de Energia, S.A. - 30 - - - 263 -
Serra Paracatu Trasmissora de Energia, S.A. - 33 - - - - -
Riberao Preto Transmissora de Energia, S.A. - - - 33 - 97 26
Jauru Transmissora de Energia, S.A. - 203 - - - 199 -
Brilhante Transmissora de Energia, S.A. - 1,266 - - - - -
Eólica La Bandera, S.L. - - - - - 7 -
Eólica Cabanillas, S.L. - - - - - 12 -
Eólica Caparroso, S.L. - 1 - - - 25 -
Eólica Montes del Cierzo, S.L. (Note 11) 924 10 - - 870 14 -
Parque Eólico Malpica, S.A. 68 - - - 350 - -
Guadalaviar Consorcio Eólico Alabe Enerfín, S.A. - - - - - 808 -
LT Triangulo, S.A. - 4 - - - 709 -
Deimos Engenharia, S.A. - - - - - 306 346
Cosemel Ingeniería, A.I.E. - 28 - - - 21 (3)
Sociedad Aguas Residuales Pirineos, S.A. - 4 - - - - -
Consorcio Eólico Marino Cabo de Trafalgar, S.L. 250 4 - - - 217 -
Other companies:
Enertel, S.A. de C.V. - 16 - 161 - 11 52
Consorcio Elecnor-Atersa - - - - - 1 -
Empresa General de Instalaçoes Eléctricas, S.A. - 52 559 71 - 49 63
Elecen, S.A. de C.V. - 119 - 5 - 115 -
Atersa América, S.A. - - - - - 127 -
Ace Omninstal - Elecnor - 51 - 6 - 100 6
Cantiles XXI, S.L. (Note 13) - - - - - - 2,481
Centro Logístico Huerta del Peñón, S.L. 98 8 - - 157 7 -
Electrade Investment, Ltda. - 5 - 11 - - 12
Atersa América, S.A. de C.V. - 125 - - - - -
Consorcio Rasacaven-Elecven - - - 1 - - -
Elecdal, U.R.L. - - - 28 - - -
Dioxipe Solar, S.L. - 43 - - - - -
Área 3 equipamiento, diseño e interiorismo, S.L. - 2 - 277 - - -
Celeo concesiones e inversiones, S.L.U. - 1 - - - - -
Termosolar Manzanares, S.L. 200 1 - - - - -
Termosolar Alcazar de San Juan, S.L. 200 1 - - - - -
1,740 2,141 559 593 1,377 3,654 2,983

ANUAL REPORT 2009 - 137

27. AUDITORS' FEES
The fees for financial audit services provided to the various companies composing the ELECNOR Group and subsidiaries by
the principal auditor in Spain and abroad and by other Spanish entities related to the auditor during 2009 amounted to appro-
ximately EUR 591 thousand (2008: EUR 409 thousand). Also, the audit fees charged by other auditors participating in the audit
of the various Group companies totalled approximately EUR 170 thousand and EUR 152 thousand, respectively.
Also, other services were provided by the principal auditor the fees for which amounted to approximately EUR 142 thousand.
The fees for other professional services provided by the principal auditor and by other entities related to the principal auditor
in 2008 amounted to EUR 142 thousand.

28. EARNINGS PER SHARE

The basic earnings per share in 2009 and 2008 were as follows:

2009 2008
Net attributable profit (thousands of euros) 97,126 93,593
Total number of shares outstanding 87,000,000 90,000,000
Less - Treasury shares (Note 13) (717,059) (3,689,927)
Average number of shares outstanding 86,282,941 86,310,073
Basic earnings per share (euros) 1.13 1.08

At 31 December 2009 and 2008, Elecnor, S.A., the Parent of the ELECNOR Group, had not issued any financial instruments or
the like that entitle the holder to receive ordinary shares of the Company. Consequently, diluted earnings per share coincide
with basic earnings per share.

29. INFORMATION ON THE ENVIRONMENT

In view of the importance of respect for the environment to maintaining and improving the standard of living of present
and future generations, management of the Parent has been implementing best environmental practices based on compliance
with environmental legislation. With the entry into force of the UNE-EN ISO 14001 standard in 1996, the Group has incorporated
environmental management into the conduct of business of the Group, with a commitment to continuously reduce the envi-
ronmental impact of our products/services and production processes.
The expenses incurred by the Group in 2009 in connection with environmental activities were not material.
The main measures taken by the Group at its facilities and in its business activities were as follows:

Environmental management
The Group consolidated the implementation of the environmental management systems, retaining certification under the
AENOR UNE-EN ISO 14001: 2004 standard for each of the following business divisions:
• Power and Railways (GA-2000/0294)
• Power transmission (GA-2000/0295)
• North (GA-2002/0183)
• East (GA-2002/0225)
• Centre (GA-2003/0220)
• Construction and Environment (GA-2004/0030)
• Northeast (GA-2004/0031)
• South (GA-2004/0273)

Environmental activities
In 2009 various measures were taken to reduce noise pollution, minimise waste and improve its management, reduce the con-
sumption of paper and increase the use of recycled paper at the offices and warehouses of the various ELECNOR Group compa-
nies, all of which has led to respect and utmost care for the environment in relation to all the business activities carried on.
Environmental contingencies
The Parent's directors consider that the environmental contingencies that might arise are sufficiently covered by the third-
party liability insurance policies that it has taken out and the provisions recognised in this connection.

Detail of equity investments in 2009

Thousands of euros
Percentage of
direct and Net profit
indirect Share (loss) for
Location Line of business ownership Carrying amount capital Reserves 2009 (**)
NON-CURRENT FINANCIAL ASSETS
Investees of Elecnor, S.A.-
Empresa General de Instalaçoes Eléctricas, S.A. Portugal Dormant 100% 546 560 41 -
Electrificaciones del Norte, S.A. Madrid Dormant 100% 60 60 28 1
Elecred Servicios, S.A. Madrid Reading and registering of meters 100% 60 60 14 (1)
Elecdal, U.R.L. Algeria 100% 12 10 - (1)
Isonor Transmisión S.A.C. Peru Construction and assembly work 50% 1,644 2,031 20 8
Enertel, S.A. de C.V. Mexico Construction and assembly work 99.99% - 35 - 16
Eólica de la Patagonia, S.A. Argentina Operation and maintenance of wind farms 50% - 115 (2) 6
Elecnor, Inc. US Dormant 100% - 66 (59) (1)
Centro Logístico Huerta del Peñón, S.L. Marbella Operation and maintenance of waste
treatment and disposal plants 20% 1 178 (29) -
Elecnor Perú, S.A. Peru Construction and assembly work 100% - 194 - (7)
Consorcio Elecnor - Atersa Madrid Solar energy 100% 2 4 2 -
Elecnor Centroamericana, S.A. de C.V. Honduras Construction and assembly work 49% 1 6 1 561
Celeo Concesiones e Inversiones, S.L.U. (***) Madrid Company management and administration 100% 6 6 (1) (4)
Área 3 Equipamiento y Diseño
e Interiorismo, S.L.U. (***) Madrid Interior design work 100% 12 12 - 10
Celeo Termosolar, S.L. (***) Madrid Construction, development and subsequent
operation of solar thermal energy plants 70% 2 5 - -
Dioxipe Solar, S.L. Madrid Development, construction and operation
of solar thermal energy plants 10.97% - 3 (172) (1,746)
Investees of Corporación Electrade, S.A.-
Electrade Investment, Ltda. Venezuela Dormant 100% 12 83 74 -
Investees of Enerfín Sociedad de Energía, S.A.
Ecobi Uno, S.L. Chantada
(Lugo) Biomass under development 14.27% - 56 (24) -
Infraestructura Ayora, S.L. (***) Valencia Operation of power plants 15.28% - 3 - -
Investees of Elecnor Financiera, S.L.-
Parc Eolic Baix Ebre, S.A. Tarragona Construction and subsequent
operation of wind farms 25.3% 446 902 627 -
Sociedad Eólica Los Lances, S.A. Seville Construction and subsequent
operation of wind farms 10% 618 2,404 481 888
Sociedad Eólica de Andalucía, S.A. Seville Construction and subsequent
operation of wind farms 6.70% 1,200 4,508 5,901 1,628
Investees of Elecnor Transmissao de Energía, S.A.
Brilhante Transmissora de Energia, Ltda. Brazil Operation of public service concessions
for electricity transmission 33.33% 5,523 - - -
Investees of Helios Inversión y Promoción Solar, S.L.U.

ANUAL REPORT 2009 - 139

 Thousands of euros
Percentage of
direct and Net profit
indirect Share (loss) for
Location Line of business ownership Carrying amount capital Reserves 2009 (**)
Siberia Solar, S.L. Madrid Development, construction and
operation of solar PV farms 70% 4 4 (1) -
Fotovoltaica La Fernandina, S.L. Badajoz Development, construction and
operation of solar PV farms 70% - 4 (12) (9)
Termosolar Manzanares, S.L. (***) Madrid Construction and subsequent
operation of solar thermal plants 70% 3 4 (8) (90)
Termosolar Alcazar de San Juan, S.L. (***) Madrid Construction and subsequent
operation of solar thermal plants 70% 3 4 (7) (58)
Riotinto Energía Solar, S.L.U. (***) Madrid Development, construction and operation
of solar PV farms, wind and solar farms 100% 3 3 - -
Abedul Instalaciones Fotovoltaicas, S.L.U. (***) Zaragoza Development, construction and
operation of solar PV farms 100% 80 3 (1) (7)
Investees of Zinertia Renovables, S.L.
Zinertia Antequera, S.L.U. (***) Madrid Development, construction and
operation of solar PV farms 100% - 3 - -
Zinertia Renovables ELC, S.L.U. (***) Madrid Development, construction and
operation of solar PV farms 40% - 3 - -
Zinertia Renovables AASCV, S.L.U. (***) Madrid Development, construction and
operation of solar PV farms 40% - 3 - -
Zinertia Renovables AASCV 2, S.L.U. (***) Madrid Development, construction and
operation of solar PV farms 40% - 3 - -
Zinertia Renovables HAE, S.L.U. (***) Madrid Development, construction and
operation of solar PV farms 40% - 3 - -
Zinertia Renovables ERK, S.L.U. (***) Madrid Development, construction and
operation of solar PV farms 40% - 3 - -
Investees of Zogu, S.A.
Pidirelys, S.A. de C.V. Mexico Construction and assembly work 54% 3 3 - -
Investees of Isonor Transmisión, S.A.C.
Caraveli Cotaruse Transmisora de Energía, S.A.C. Peru Operation of public service concessions
for electricity transmission 50% - 2,031 - -
9,922

(*) Audited by PriceWaterhouseCoopers.

(**) Including the interim dividend.
(***) Companies incorporated in 2009.
Detail of equity investments in 2008

Thousands of euros
Percentage of
direct and Net profit
indirect Share (loss) for
Location Line of business ownership Carrying amount capital Reserves 2008 (**)
NON-CURRENT FINANCIAL ASSETS
Investees of Elecnor, S.A.-
Empresa General de Instalaçoes Eléctricas, S.A. Portugal Dormant 100% 546 560 42 -
Electrificaciones del Norte, S.A. Madrid Dormant 100% 60 60 27 1
Elecred Servicios, S.A. Madrid Reading and registering of meters 100% 60 60 13 1
Elecdal, U.R.L. (***) Algeria 100% 12 10 - -
Isonor Transmisión S.A.C. (***) Peru Construction and assembly work 50% 1,644 3,320 - -
Enertel, S.A. de C.V. Mexico Construction and assembly work 99.99% - 42 (3) -
Eólica de la Patagonia, S.A. Argentina Operation and maintenance of wind farms 50% - 35 (1) -
Abecnor Subestaciones, S.A. de C.V. Mexico Construction and assembly work 50% - 4 (1) -
Subestaciones 410, S.A. de C.V. Mexico Construction and assembly work 33.33% - 4 - -
Elecnor, Inc. US Dormant 100% - 68 (59) (2)
Líneas Baja California, S.A. de C.V. Mexico Construction and assembly work 50% - 4 (1) -
Centro Logístico Huerta del Peñón, S.L. Marbella Operation and maintenance of waste
treatment and disposal plants 20% 1 3 154 (58)
Líneas Altamira, S.A. de C.V. Mexico Construction and assembly work 50% - 4 - -
Parque Eólico El Goro-Telde, S.L. Las Palmas de Generation of wind energy 80% - 3 (3) -
Gran Canaria
Elecnor Perú, S.A. Peru Construction and assembly work 100% - 108 (108) (12)
Consorcio Elecnor - Atersa Madrid Solar energy 100% 5 4 2 -
Elecnor Centroamericana, S.A. de C.V. Honduras Construction and assembly work 49% - 6 - 369
Investees of Corporación Electrade, S.A.-
Electrade Investment, Ltda. Venezuela Dormant 100% 12 - 67 718,557
Investees of Elecnor Chile, S.A.-
Iberoamericana de Energía Ibener, S.A. (*) Chile Operation of power plants 5.26% 4,733 142,506 (7,672) 8,678
Investees of Enerfín Sociedad de Energía, S.A.
Ecobi Uno, S.L. Chantada Biomass under development 14.27% - 56 - -
(Lugo)
Investees of Elecnor Financiera, S.L.-
Parc Eolic Baix Ebre, S.A. Tarragona Construction and subsequent
operation of wind farms 25.3% 446 902 429 -
Sociedad Eólica Los Lances, S.A. Seville Construction and subsequent
operation of wind farms 10% 618 2,404 481 888
Sociedad Eólica de Andalucía, S.A. Seville Construction and subsequent
operation of wind farms 6.70% 1,200 4,508 5,303 533
Investees of Elecnor Transmissao de Energía, S.A.
Pedras Transmissora de Energia, Ltda. (***) Brazil Operation of public service concessions
for electricity transmission 33.33% 89 - - -
Coqueiros Transmissora de Energia, Ltda. (***) Brazil Operation of public service concessions
for electricity transmission 33.33% 329 697 - -
Brilhante Transmissora de Energia, Ltda. (***) Brazil Operation of public service concessions
for electricity transmission 33.33% - - - -
Investees of Helios Inversión y Promoción Solar, S.L.U.
Siberia Solar, S.L. (***) Madrid Development, construction and operation
of solar PV farms 70% 4 4 (1) -
Zinertia Renovables, S.L. (***) Madrid Development, construction and
operation of solar PV farms 40% 160 400 - (222)

ANUAL REPORT 2009 - 141

 Thousands of euros
Percentage of
direct and Net profit
indirect Share (loss) for
Location Line of business ownership Carrying amount capital Reserves 2008 (**)
Fotovoltaica La Fernandina, S.L. (***) Badajoz Development, construction and
operation of solar PV farms 70% 3 4 - (12)
Investees of Zogu, S.A.
Pidirelys, S.A. de C.V. Mexico Construction and assembly work 54% - 3 - -
Investees of Isonor Transmisión, S.A.C.
Caraveli Cotaruse Transmisora de Energía, S.A.C. Peru Operation of public service concessions
for electricity transmission 50% - 3,319 - -
9,922

(*) Audited by PriceWaterhouseCoopers.

(**) Including the interim dividend.
(***) Companies incorporated in 2008

APPENDIX II: List of consolidated UTEs

Thousands of euros
2009 2008
I
Unincorporated temporary joint Percentage of Construction Backlog not Construction Backlog not
venture (UTE) ownership work settled yet settled work settled yet settled
UTE Elecnor Llanera SUP5 50.00% - - 485 -
UTE Mantenimiento AT Barajas 70.00% 1,712 - 2,996 1,557
UTE Eurocat AV 22.00% 3,091 165 3,383 2,035
UTE Eurosub-2 AVE 22.00% 1,066 30 614 143
UTE Bartolome Ramón Elecnor 50.00% - 9 - 9
UTE Bidebi 50.00% 5 - 243 -
UTE Comsa Elecnor 30.00% 2,348 27 387 2,374
UTE Instalaciones1 Aeropuerto de Málaga 33.34% 719 1,177 5,821 437
UTE Estaciones Base E-GSM 50.00% - 168 2,020 100
UTE Gavelec 50.00% 303 46 2,484 -
UTE Puente Mayorga 50.00% 51 - 1,097 -
UTE Vestibul Fira 58.28% 3 - 1,173 -
UTE Castenor III 50.00% - 220 80 220
UTE Cenat Copcisa Elecnor 50.00% 10,930 1,331 9,144 12,261
UTE Terciario Guadalorce 60.00% 830 377 6,995 1,207
UTE EDAR Calamocha 100.00% 242 21 231 20
UTE JNG –Elecnor 50.00% - 8 - 8
UTE Control Aparcamiento 50.00% 4,630 - 1,484 1,913
UTE Hacienda-ETB 50.00% - - 68 -
UTE Proyecto Aranjuez 50.00% 1,684 - 7,988 -
UTE Edificio Hidrógeno 50.00% - - 340 -
UTE Auditorio Torrevieja 10.00% 14,395 25 6,491 12,348
UTE Aguilas 20.00% - 2,439 25 2,439
UTE Sincotron 50.00% 1,657 5,887 118 6,675
UTE Enertranvi 34.00% 2,089 281 5,848 2,513
UTE Elecnor Dominion 50.00% 802 - 1,816 802
 Thousands of euros
2009 2008
I
Unincorporated temporary joint Percentage of Construction Backlog not Construction Backlog not
venture (UTE) ownership work settled yet settled work settled yet settled
UTE Gost – Elecnor 50.00% 74 150 285 165
UTE Abast. Eje Villalba-Valdemorillo 80.00% 163 - 472 78
UTE Campo Arañuelo 50.00% - - 4,404 -
UTE China Exhibition Center 34.50% 711 - 1,610 711
UTE China International 34.50% - - 1,902 -
UTE Palacio de Congresos de Avila 50.00% 144 226 638 487
UTE Eje de pista 33l/15r 50.00% - - 936 -
UTE Deinor 80.00% 182 - 917 100
UTE Zona 07 A 60.00% 13,881 3,890 3,652 17,771
UTE Edifici Conei 50.00% 625 1 1,424 626
UTE Muvium 30.00% 310 2,879 - 3,189
UTE Inelcy 33.34% 187 135 2,466 91
UTE Instalaciones Tunel 33.33% - - 276 -
UTE Elecnor - Pastor 50.00% 1,964 - 455 1,737
UTE Portusan 50.00% 405 112 802 382
UTE Tsa-Elecnor-Floria 22.44% 541 123 5,693 952
UTE Ibarbengoa 50.00% 2 1,579 10 1,830
UTE Rota High School 50.00% 8,720 2,778 3,700 11,926
UTE Alcañiz 100.00% 974 - 297 701
UTE Remodelació Sotscentrals L3 40.00% 5,447 1,270 482 2,022
UTE Montesol – Elecnor 50.00% - 238 1,740 238
UTE Elecnor Osepsa 50.00% 426 4,224 1,050 5,562
UTE Can Colomer 50.00% 369 16,915 - 17,429
UTE Tecnocontrol - Elecnor 50.00% 1,985 120 792 1,562
UTE Villasequilla - Villacañas 21.00% 11,511 17,110 8,665 28,621
UTE Mingorria 25.00% 2,006 1,615 - 3,622
UTE Elecnor Planinter T.Sur Barcelona 75.00% 8,028 481 2,500 6,529
UTE Campus Justicia 50.00% - 26,116 - 26,116
UTE Centro Convenciones Port Aventura 50.00% 5,504 69 - 5,148
UTE Avele 22.00% 36,425 57,894 3,575 94,319
UTE Avele 2 22.00% 31,289 42,592 1,711 73,881
UTE RADIOENLACES 75.00% 6 10 - -
UTE Mt Celt Barajas 60.00% 652 - - 652
UTE Cobrelec II 50.00% 1,179 385 39 1,037
UTE Catenaria L6 25.00% 16,422 1,741 540 15,208
UTE Elecnor – Montreal 50.00% - 47,173 - 47,173
UTE Elecnor – Horinsa 50.00% 1,243 607 - 1,849
UTE Catenaria Albacete 50.00% 4,736 29 2,941 1,766
UTE Elecnor – Deimos 100.00% 83 297 - 380
UTE S/E BLANES 33.34% 1,061 2,579 - -
UTE MANTENIMIENTO BAJA TENSION 60.00% 1,356 845 - -
UTE SICE / ELECNOR-ENLLUMENAT BCN 50.00% 596 3,093 - -
UTE ELECNOR GTD 80.00% 375 139 - -
UTE CAMPO DE VUELO 30.00% 4,233 1,957 - -
UTE OIZ 33.34% 2,069 4,276 - -

ANUAL REPORT 2009 - 143

 Thousands of euros
2009 2008
I
Unincorporated temporary joint Percentage of Construction Backlog not Construction Backlog not
venture (UTE) ownership work settled yet settled work settled yet settled
UTE IGUZZINI 50.00% - 2,681 - -
UTE XARXA WIFI OUTDOOR 69.20% 1,156 1,173 - -
UTE SISTEMA ELECTRICO
AEROPUERTO LANZAROTE 50.00% 472 12,681 - -
UTE TORRE ABANDOIBARRA 50.00% 730 10,969 - -
UTE NIÑO DE ORO 100.00% 1,098 - - -
UTE RED ENERGIA AT 70.00% 758 1,485 - -
UTE EUROCAT SUR AV 41.20% 180 14,605 - -
UTE AVESUR 12.00% 370 6,944 - -
UTE ELYTE, SANTURTZI- KADAGUA 50.00% - 17,809 - -
UTE INSTALLACIONS TECNOCAMPUS 50.00% - 10,207 - -
UTE Arriondas 50.00% - 2,483 - -
UTE EXPLOTACION ZONA 07-A 60.00% 47 - - -
UTE EDAR ALHAMA 50.00% 568 1,158 - -
UTE enlace Valencia 20.00% 687 2,663 - -
ELECNOR-DYNATEC consortium 70.00% 3,171 1,242 - -
UTE Demolición cine invierno 100.00% 86 - - -
UTE Edificio Estancia diurna 100.00% - 740 - -
UTE IES Sant Joan 25.00% - 107 - 103
UTE Semelco Sub 33.33% 748 - - 158
UTE Elecnor-Secopsa C.S. Aldaia 50.00% - - - 36
UTE Hormigones Mtz-Elecnor
Casco Antiguo 30.00% 5 105 135 10
UTE Urbanizadora Riodel 50.00% - 383 851 383
UTE Efluentes Aeronaves 50.00% 125 - 1,122 90
UTE Overtal Elecnor 24.00% - 360 - 360
UTE S´olivera Comasa Elecnor 33.33% - 156 - 156
UTE Ibercat 27.50% 7,800 - 8,141 1,916
UTE Energía Línea 9 20.00% 18,840 87,574 21,008 106,414
UTE Aguaelecnor 20.00% 103 - - 103
Elecven – Elecnor Consortium 100.00% - - 345 -
UTE Macias Picavea 20.00% - 163 778 163
UTE Edar Noia 50.00% - - 456 -
UTE Urbanización y 12 viviendas luz 50.00% - 343 20 343
UTE Remolar 23.51% 31,528 32,092 28,365 63,621
UTE Elecnor-Teconsa 50.00% 287 - - 323
UTE Cal Paracuellos 50.00% 74 3,481 61 3,555
UTE Semelcosur 28.50% 4,880 - 14,040 4,338
UTE Elecnor Nip III 50.00% 341 59 449 400
UTE Elec-Int.Levante la asegurada 40.00% 3,345 182 1,891 1,871
UTE AG Urb 13 50.00% - 3,979 - 3,979
UTE Elecnor Semi 50.00% 10,150 380 1,209 10,183
UTE San Vicente 33.33% - - 33 -
UTE Ripoll 20.00% 1,403 - 3,416 817
UTE Serrano Elecnor Cansalades 40.00% - 124 55 124
 Thousands of euros
2009 2008
I
Unincorporated temporary joint Percentage of Construction Backlog not Construction Backlog not
venture (UTE) ownership work settled yet settled work settled yet settled
UTE Elecnor Gonzalez Soto 50.00% - 508 - 508
Semelco Group 33.33% 626 - 2,360 -
UTE Remod Aerop de Málga 55.00% 2,449 - 3,630 773
UTE Installacions Eix Central 54.48% - - 122 -
UTE Set Cortadura 50.00% - - 684 -
UTE Terminal Alicante 20.00% 127,416 10,750 56,329 98,664
UTE Installacions Fase V 25.00% - - 1,065 -
UTE Ripoll y Manlleu 25.00% 227 - - 2
UTE Urb S01-S11 Paracuellos 33.33% - 57 - 57
UTE Villagonzalo Z-3 35.00% - - 642 -
UTE Llanera Elecnor Sector Tullel 50.00% - 600 74 600
UTE Taraguilla 25.00% 497 - 253 498
UTE Quinto 60.00% - 91 34 143
UTE Solana 50.00% - - - 6,665
UTE Venta Alta 65.00% 1,017 78 2,489 658
UTE Larrate 50.00% 920 192 - 1,073
UTE Las Torcas 50.00% 368 59 753 58
UTE Escatron 50.00% 417 - 681 345
UTE Loscos 50.00% 1,133 - 254 929
UTE Binaced 50.00% 3,941 126 80 4,068
UTE ROEA EBRO 34.00% 586 40 - -
UTE Blanco Elecnor 50.00% 921 - 526 47
ACE Efacec Omnistal 50.00% 25,657 827 - -
UTE Atersa Socoin 89.05% 113 - 191 -
Rasacaven Elecven consortium
Cooperativa Cocorimet 70.00% 3,547 - - -

30. EXPLANATION ADDED FOR TRANSLATION TO ENGLISH

These consolidated financial statements are presented on the basis of IFRSs as adopted by the European Union. Certain ac-
counting practices applied by the Group that conform with IFRSs may not conform with other generally accepted accounting
principles.

ANUAL REPORT 2009 - 145

Directors’ Report | 2009
ELECNOR GROUP

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2009

The directors’ report for 2008 began with an account of the deep worldwide economic and financial crisis we found ourselves
in. 2008 year-end marked the halfway point of the recession with the period between September 2008 and March 2009 being
considered by various experts as the low point of the crisis.
However at 2009 year-end, it can be said that the world economies are stabilising and have begun to recover, although the
risk of a second downturn, particularly in the large economies, continues to be present. The various monetary and fiscal stimulus
measures, adopted throughout the world, contributed to this change of circumstance. The great majority of countries have
decreased their official interest rates and adopted measures such as extraordinary liquidity injections and asset purchases in
order to restore liquidity and credit conditions. The main decision currently facing the various economies is to determine at
which point and in which way these financial stabilising policies should be withdrawn. The ECB is considering how and when
the surplus excess liquidity injected should be withdrawn and, although very cautious of the overly optimistic opinions regarding
European economic recovery, it is concerned about the repercussions that the high level of money supply could have on future
inflation. General inflation is very low and underlying inflation, at around 1%, is decelerating.
As regards fiscal matters, the public deficit and debt ratios shot up in 2009, highlighting the need to design a definitive exit
strategy for the coming years and, based on the performance of economic indicators, apply it at the most appropriate time.
Once the situation improves, a consistent series of measures to reduce the public deficit to sustainable levels will have to be
announced sufficiently in advance and implemented before monetary policy can begin to be corrected. The consensus in Europe
appears to be that these adjustments should begin to be implemented in 2011.
Certain economists of repute have warned of a possible economic contraction in 2010 and the mixed messages arising from
the economic data being published are an indication of the aforementioned fragility of the recovery which is still in its infancy.
Whilst in the US industry has shown signs of recovery, in Europe, after eleven months of uninterrupted increases, the Purchasing
Managers Index (PMI) for January witnessed a 0.6% decline with respect to December. The main causes of this contraction were
the German and French economies (-0.8% and -1.7%, respectively).
Following the warnings made and decisions taken by the ratings agencies, the eurozone continues to be the main cause for
concern, in particular Greece. The climate of instability in Europe led to the euro depreciating against the dollar; in mid-De-
cember the euro traded at around USD 1.50, whereas by the end of January, it was close to USD 1.40.
The rate of inflation is another sign of the changes indicating economic recovery, and both Europe and the US recorded no-
teworthy upturns (year-on-year rates of 0.5% and 1.8%, respectively). The principal cause of this increase can be attributed to
the energy industry, since in mid January the price of oil had risen to above USD 74 per barrel, up by around 60%.
The emerging economies have become the drivers behind world growth as their economic activity advances with greater
strength than that of developed economies. The reasons for this can be found in these markets’ lower exposure to the factors
that triggered the economic crisis and the monetary and fiscal policies used to counteract the adverse pressure on demand.
This boost was further reinforced by the steady recovery of world trade and prices of raw materials in the second half of 2009.
Thus, the Chinese economy grew at around 8.9% in the third quarter of 2009, whilst Latin American countries also returned to
growth, which could very possibly accelerated in 2010.
According to Bank of Spain preliminary forecasts, GDP fell by 0.1% in the fourth quarter of 2009, making this the seventh
consecutive quarterly fall and placing Spain as the only country that belongs to the G-20 (the group of wealthy and emerging
countries that is driving efforts to combat the global crisis) that is still in recession. If this forecast is correct, Spanish GDP for
2009 as a whole would stand at -3.6%.
Capital management policy
A fundamental part of the Elecnor Group's strategy is to maintain a policy of financial prudence. The capital structure is de-
fined by the commitment to solvency and the objective of maximising shareholder returns.

Financial risk management policy

The Elecnor Group is exposed to certain financial risks that it manages by grouping together risk identification, measurement,
concentration limitation and oversight systems. The Elecnor Corporate Division and the various business units and subsidiaries
composing the Elecnor Group coordinate the management and limitation of financial risks. The financial risk management ac-
tivities are approved at the highest executive level, in accordance with the established rules, policies and procedures.
The first risk to be mitigated arises from the transactions that the Group performs on the international markets in the course
of its business, namely market risk due primarily to foreign currency risk. Certain of its revenues and procurement costs are de-
nominated in US dollars, or in a currency whose value is closely linked to that of the US dollar or which relates to an economy
that is highly dependent on the US dollar, although a variable portion of the expenses may be denominated in euros. Therefore,
fluctuations in the value of financial instruments denominated in currencies other than the euro as a result of foreign operations
due to exchange rate fluctuations could affect the Group's future earnings. In order to manage and minimise this risk, the Elec-
nor Group uses hedging strategies, since its objective is to generate profits only through its ordinary business, and not by spe-
culating in relation to exchange rate fluctuations. The instruments used to establish this hedging are basically debt tied to the
currency in which collections under the related contract are made, foreign currency hedges and swaps, through which the Elec-
nor Group and the bank exchange the flows relating to a loan denominated in euros for the flows from another loan denomi-
nated in that currency. The Group performs periodic sensitivity analyses of the potential impact of changes in the exchanges
rates on its income statement.
Interest rate fluctuations change the fair value of assets and liabilities that bear interest at fixed rates and the future flows
from assets and liabilities tied to floating interest rates. The Elecnor Group has arranged borrowings to enable it to carry on
its operations, mainly in connection with the development, construction and operation of Spanish wind farms and concessions,
which it does under a project financing arrangement. Under financing of this nature, in the case of wind farms and concessions
in Spain, interest rate risk must be hedged contractually through the arrangement of interest rate hedging instruments. Borro-
wings are arranged nominally at a floating rate tied mainly to Euribor (eurozone) and US dollar Libor, using, where appropriate,
hedging instruments to minimise the risk on long-term financing. The hedging instruments, which are specifically assigned to
debt instruments and are limited to the same nominal value as the latter and the same maturity dates as the hedged items, re-
late basically to IRSs, the aim of which is to convert loans originally arranged at floating rates to fixed rates.
Also, liquidity risk is mitigated through the Elecnor Group’s policy of holding cash and highly liquid non-speculative short-
term instruments, such as the acquisition of Treasury bills under non-optional repurchase agreements and very short-term US
dollar deposits, through leading banks in order to be able to meet its future commitments and the arrangement of committed
credit facilities of sufficient amount to cover its projected needs.
The Elecnor Group's credit risk is primarily attributable to its trade receivables, to the extent that a counterparty or customer
does not meet its contractual obligations. To mitigate this risk, the Group operates with customers with an appropriate credit
track record. Also, as a result of the business activities it carries on and the industries in which it operates, it has customers with
very high creditworthiness. However, in the case of international sales to non-recurring customers, mechanisms such as irrevo-
cable letters of credit and insurance policies are used to ensure collection. Also, the financial solvency of customers is analysed
and specific terms and conditions are included in contracts aimed at guaranteeing payment of the stipulated price. In the case
of the wind farms, the power produced -in accordance with the legislative framework for the electricity industry in force- is
sold to the electricity distributor in each area, which generally belongs to corporate groups of acknowledged solvency. Ventos
do Sul Energía, S.A. (Brazil) has entered into a twelve-year agreement for the sale of the electricity it produces to the Brazilian
electricity distributor.
An economic scenario such as the present one is considered an overriding risk with respect to other financial risks. In the face
of this situation, the Elecnor Group continues to maximise all the measures that are taken to mitigate it and regularly analyses
its exposure to credit risk and recognises the provisions required.

INFORME ANUAL 2009 - 149

2009
In 2009 Elecnor, S.A. achieved sales of EUR 1,236 million, down 15.8% on 2008. The main cause of this decrease in the volume
of business can be found in a lower number of transactions in the solar PV market, caused to a large degree by the new regu-
latory framework governing this industry and, more generally, the lower level of investment of our main customers, as a result
of the crisis faced in the Spanish market.
The distribution, by geographical area, of the volume of business shows a greater contribution from the foreign market than
in previous years; specifically, this market contributed 28% of total revenue, as compared with 14% in 2008, a relative increase
of 62.8%. The Spanish market fell 29.1% with respect to 2008.
The Parent's profit after tax amounted to EUR 54.6 million, a 10% increase with respect to 2008. This increase arose primarily
as a result of the greater margins obtained on projects carried out by Elecnor abroad and of containing overhead expenses,
bringing them into line with the economic events of the year. Dividends received from subsidiaries directly owned by Elecnor,
S.A. amounted to EUR 19.9 million, as compared with EUR 33.4 million in 2008. This drop was offset in income by the sound
performance of the various projects carried out by Elecnor, S.A.
At consolidated level, the Elecnor Group achieved revenue of EUR 1,678 million, compared with EUR 1,911 million in 2008,
representing a decrease in sales of 12.2%. As in the case of the Parent, this decrease arose as a result of the standstill in the PV
sector due to the new regulatory framework applicable in this industry. Although the sales billings of Atersa, a Group company
which operates in the PV market, dropped from EUR 442 million in 2008 to EUR 102 million in 2009, it is facing the future with
optimised production structures and expectations of growth on the sales achieved in 2009.
The notable decrease in the sales at Atersa was not reflected in the Group’s aggregates taken as a whole, as a result of the
increase of the business in the foreign market through subsidiaries with the aim of optimising local structures, close presence
in the country, etc. This strategy increased revenue of the Elecnor Group and partially offset the decrease recorded by the Pa-
rent.
The Elecnor Group achieved profit after tax of EUR 97.1 million, 3.8% higher than the EUR 93.6 million obtained in 2008.
The factors which led to this increase included a greater contribution made by the Brazilian concession operators, assisted by
the appreciation of the Brazilian real against both the US dollar and the euro; the entry into service of the new transmission
systems managed by these subsidiaries; the greater contribution made to the Group by Elecnor, S.A. as a result of the increased
margins obtained on projects which it is carrying out abroad, and the aforementioned overhead expenses containment policy.
As part of Elecnor’s dedication to equipping itself with the resources required for the ongoing improvement of its productivity
levels, it invested EUR 8.5 million in the renewal of equipment used by the company.

Outlook for 2010

According to the leading authorities on economic matters, the economy will recover very slowly and they point to the pos-
sibility of a slight recession in the first half of 2010.
As indicated at the beginning of this directors’ report, the main challenge facing the largest economies is to determine how
and when to withdraw the various monetary and fiscal measures implemented to cushion the effects of the financial crisis. In
the opinion of the United Nations Department of Economic and Social Affairs (UNDESA), the immediate challenge is not to
withdraw these economic stimulus measures too soon. The UN underscored the fact that governments around the world res-
ponded to the crisis with massive fiscal stimulus measures, amounting to USD 2.6 billion in 2008 and 2009, equal to 4% of gross
world product.
According to the “World Economic Outlook Update” published by the International Monetary Fund on 26 January 2010,
“the global recovery is off to a stronger start than anticipated earlier but is proceeding at different speeds in the various re-
gions”. The IMF expects GWP to grow at a rate of 3.9% in 2010 and at 4.3% in 2011. Recovery will proceed at two speeds, since
the rebound in developed countries is weaker than in previous recessions, whereas business in many emerging countries will
be relatively swift, due especially to dynamic domestic demand.
The IMF’s forecasts for the United States indicate growth of 2.7% for 2010 and 2.4% for 2011; however, the eurozone is ex-
pected to grow at a slower rate, with forecast GDP growth of 1.0% in 2010 and 1.3% in 2011.
Spain’s GDP will fall less than expected in 2010, contracting 0.6% as compared with 3.6% in 2009. Even so, Spain will be the
only major economy still in recession in 2010. According to the IMF, “Spanish domestic dynamics have been weaker than expec-
ted”. The body also stated that “the high level of unemployment will weigh on the Spanish economy for quite some time and
it will take longer for Spain to climb out of this recession”, and encouraged the Spanish government to “undertake a series of
structural reforms to allow greater labour flexibility, increase productivity and competitiveness, and develop an economic model
sustainable over time”.
Interest rates on both sides of the Atlantic are expected to remain low, at 1% in the eurozone and between 0% and 0.25%
in the US. As indicated at the beginning of this directors’ report, the heads of central banks are considering how and when the
surplus liquidity injected should be withdrawn, and the effects of these low interest rates on inflation. In reality, general inflation
is very low and underlying inflation is decelerating. The risk of deflation has not fully disappeared and it would therefore be
wise to delay the exit strategy until recovery is assured.
As regards the raw materials markets, oil prices were following a downward trend at the end of January 2010 due to, inter
alia, the increased petrol reserves in the US and, in the second fortnight of January, the price of oil stood at USD 74 per barrel,
the lowest price since 23 December 2009.
With respect to the currency market, the euro, having traded at USD 1.50 in mid-December, stood below USD 1.40 at the end
of January 2010 and is expected to continue this downward trend. One of the main causes for this drop has been speculation
and doubts among investors as to the financial position of certain eurozone countries, thereby affording the dollar a role as a
safe-haven currency.
In this context, the Elecnor Group held a business portfolio amounting to EUR 1,017 million, as compared with EUR 953
million in 2008, representing an increase of 6.7%. Faced with the economic backdrop as described throughout this directors’
report, the fact that Elecnor has this volume of contracts yet to be executed merely confirms the robustness of the Group,
which is capable of weathering this worldwide financial crisis and maintaining the size it achieved in periods of economic boom.
The outstanding backlog is distributed equally between the Spanish and international markets, accounting for EUR 514
million and EUR 503 million, respectively.
As in 2009, most of the work to be performed in 2010 on the international market is scheduled through subsidiaries, with
the aim of achieving significant structural, economic and fiscal synergies.
Consequently, the Elecnor Group and its Parent, Elecnor, S.A., are approaching 2010 with the aim of continuing to consolidate
itself as a benchmark company in the energy and infrastructure project management and development market, and hope to
improve on the revenue and profit aggregates obtained in 2009. In order to achieve these targets, the Group has both a signi-
ficant backlog of contracts and sound expectations.

R&D+i
In 2009, with the ever present aim of increasing both the quality and quantity of the services provided to its customers, the
Elecnor Group has continued its commitment to Research, Development and Innovation. The most noteworthy projects include
the following:

Wave power
In September 2009 a Memorandum of Understanding was entered into with the Australian company Biopower Systems,
which provides for the development of wave energy projects using BioPower’s bioWAVE technology in Elecnor’s core business
regions: Spain, Portugal and South America.
The viability of a 750 kW demonstration project in Spain, “Use of Wave Energy in Santoña, Cantabria”, which would begin
in 2011 is currently being studied. This would be conditional upon the success of a pilot test in Australia, which will be 2/3 the
size and 1/3 the power that of the final project.
Once the demonstration project has been successfully completed, it is hoped to market the product and to set up 40 MW
wave farms in the business regions defined in the MoU.

Business Knowledge Management System

Certain initiatives were taken in 2009 with a view to optimising the management of projects, bids, suppliers and orders. These
focused on developing the following five applications, which were the result of the strategic plan implemented at Elecnor:
• Project Management System “PMS – AS400 Synchronisation”

INFORME ANUAL 2009 - 151

 PMS is a web tool which enables basic management of the stages involved in a project, from the offer being made and the
monitoring of the project costs, to order queries and the definitive closure of the project.
• Work reports
• HR, Training and Development Manager
This new application aims to improve the current human resources management system.
• Production Control
Production control and management is taken to be the process ranging from the definition of the expected initial budget
for a project, to the cost and time planning control and execution of the project, and concluding with its completion.
• Settlement of Expenses
The SoE application manages the expenses incurred by the employee.

Design and development of systems to guide and raise large diameter domes
A system to guide and raise large diameter domes was designed and developed. These spherical domes have a rectangular
base, are made of laminated steel, have a distance of 36m between the vertices and weigh up to 100 tonnes. The necessary
building process would be highly complex from every standpoint since, in addition to their design characteristics, the domes
must be supported by pillars up to 22m high and, therefore, it is not possible to construct them on site.

Initiatives taken by Atersa

The following developments carried out by this subsidiary are particularly noteworthy:
• Laser project: research into optical techniques which ATERSA could use to optimise its PV panel manufacturing processes.
• Solar-powered street furniture project: aims to size PV systems and develop luminaries and optical equipment adapted to
distribute the luminous fluxes necessary for solar-powered street furniture.
• New electronic equipment project: aims to develop new electronic equipment for PV systems which provide greater effi-
ciency than existing systems.
• Thin Film project: aims to provide an insight into the performance of the new thin film technologies and to gain a greater
understanding thereof.
• SEI project: its main aim is to maintain the level of quality, improvements and innovation for the various lines of action.

Initiatives taken by Deimos Space:

Projects carried out under the VII Framework Programme of the EU
• Project SEMSORGRID, which aims to use ontologies and GRID computing applied to multi-node sensor networks deployed
in different environments, such as floods and fires.
• Project ADDSAFE is the first European project in which Deimos Space has played a coordinating role and is partnering the
project with major industrial and institutional players in the aerospace market. The main objective of the project is to re-
search an advanced fault diagnosis system to improve flight guidance and control for aircraft.

Projects carried out under the National R&D Programmes

• Project ESPAÑA VIRTUAL emerged as a result of project EGLOBE. It is the most ambitious R&D project undertaken at Deimos
Space. Its objective is to study, develop, mature and design the technologies, protocols, standards, architectures and, in ge-
neral, the bases that will afford a 3D interface for internet content and services.
• Project BAIP2020 arose as a result of the need to adopt an integral technological focus applicable to next-generation fishing
boats.
• Project ENTASVE aims to gain an insight into certain technologies relating to space surveillance systems.
• Project PLAREN proposes to develop advanced algorithms to enable integrated GPS, Galileo and EGNOS signals within the
same receiver, which would be installed on a development hardware platform in real-time and tested in the various user
environments, both ground-based and for potential space applications.
• Project GEMA has as its objective the detailed study of the conditions, capabilities and technologies required to control
large and heterogeneous fleets of unmanned aerial vehicles, taking into account the operational conditions and the profiles
of actual missions.
 • Project ALDEBARAN aims to develop a flight demonstrator, centring on the activities required to prepare for future launch
vehicles.
• Project PROSES aims to research new communications protocols which enable information to be exchanged via degraded
connections, with a view to expanding the capacity and reliability of present communications.
Projects performed under the framework of Regional R&D Plans (IMADE)
• Project DIALPIE has the objective of carrying out a viability study of establishing a system to determine optimum dialysis
through electroencephalography (EEG) analysis as a step towards future integration with dialysis machines.
• Project ADONS aims to create a prototype for a new orbit determination platform which will use new technology for parallel
processing and new data factoring methods to obtain the satellite systems’ orbits, oriented towards application to systems
such as the Galileo satellite constellation.

Initiatives taken by Cosinor

• Positioning and control of parabolic cylinders at solar plants: a controller (including the hardware and embedded software
components) was developed to position the parabolic cylinders at a solar thermal facility, with maximum precision, with
respect to the sun in order to focus solar radiation on the central absorber pipe and heat the oil to a high temperature. The
thermal energy is subsequently converted into electricity.
• Monitoring of solar PV farms: Cosinor has developed a system (HELIADA) which monitors the main operating variables of
PV plants and aims to optimise the operations and maintenance of the facilities and speed up the response to incidents.
• GPRS irrigation controls (SIGIREG): SIGIREG is an integrated irrigation control system which uses GPRS-based mobile com-
munications between a control centre equipped with industry-specific software, and the remote SIGI+ control units.
• Real-time energy manager for buildings: within the framework cooperation agreement between Fundación Labein and
Cosinor, both parties are working together to develop an energy manager aimed at efficiently managing buildings in real-
time, based on the management of the charges, sources of energy and levels of comfort and consumption forecasts.

Initiatives taken by Hidroambiente

Hidroambiente carried out its technology innovation strategy by means of two projects:
• Advanced oxidation of formates in fluidised bed systems (this project is sponsored by the Erraberritu programme of Pro-
vincial Government of Vizcaya)
• New “Excel” water clarification system (a three-year project (2009-2011) financed by the Industrial Technological Develop-
ment Centre (CDTI).

Share capital
At 31 December 2008, following the splitting of Elecnor, S.A. shares on 15 September, share capital was represented by 90
million fully subscribed and paid ordinary bearer shares of EUR 0.10 par value each. The shareholders at the Annual General
Meeting held on 20 May 2009 approved the share capital reduction of EUR 300 thousand, through the retirement of 3 million
treasury shares, or 3.33% of share capital.
As a result, the share capital of Elecnor, S.A. now consists of 87 million shares of EUR 0.10 par value each. On 30 June 2009,
the resolution to reduce share capital was announced, for subsequent registration at the Mercantile Registry.
The shares of Elecnor, S.A. are listed on the Spanish Stock Market Interconnection System, the market where the shares of
Spain's leading companies are traded and which has the highest volume of trading.
At 31 December 2009, Elecnor, S.A. held 717,059 treasury shares, which accounted for 0.82% of the share capital. At the be-
ginning of 2009 3,689,927 treasury shares were held and, throughout the year, 371,366 were acquired, 344,234 were disposed
of and 3,000,000 were retired.

Transactions with related parties

The information relating to transactions with related parties is disclosed in the explanatory notes to the consolidated financial
statements at 31 December 2009, as required by Article 15 of Royal Decree 1362/2007.

INFORME ANUAL 2009 - 153

Events after the balance sheet date
In the period from the 2009 balance sheet date to the date on which these financial statements were formally prepared, no
events took place that could lead to a material alteration of the fair presentation of the financial statements of Elecnor, S.A.
or of the Subsidiaries composing the Elecnor Group.

Elecnor, S.A. Annual Corporate Governance Report

As legally required and based on the model circularised by the Spanish National Securities Market Commission (“CNMV”),
the Board of Directors of Elecnor, S.A. (“Elecnor”) prepared the annual corporate governance report for the year ended 31 De-
cember 2009.
 Información económica
de Elecnor, S.A. | 2008

Financial
Statements
for Elecnor, S.A. | 2009
ELECNOR, S.A.

BALANCES SHEETS
AT 31 DECEMBER 2009 AND 2008

Thousands of Euros
ASSETS 2009 2008 (*)
NON CURRENT ASSETS 436,558 388,293
Intangible Assets 1,278 859
Other Intangible Assets 55 57
Software 1,223 802
Property, Plant and Equipment 46,267 49,771
Land, buildings, plant and machinery 37,989 41,521
Other Items fo Property, Plant and Equipment 8,278 8,250
Investments in group companies and associates 371,433 319,359
Equity instruments 340,835 278,063
Loans to companies 30,598 41,296
Non current financial investments 3,019 2,822
Equity instruments 823 128
Loans to third parties 797 1,419
Other financial assets 1,399 1,275
Deferred tax assets 14,561 15,482

CURRENT ASSETS 828,402 807,215

Non-current assets held for sale 530 380
Inventories 17,308 16,466
Raw materials and other supplies 2,072 2,633
Advances to suppliers 15,236 13,833
Trade and other receivables 733,634 745,344
Trade receivables 650,247 698,867
Receivable from group companies and associates 30,207 11,555
Other receivables 31,237 22,510
Current income tax assets 1,078 -
Other receivables from Public Administrations 20,865 12,412
Investments in Group companies and associates 14,393 1,036
Loans to companies 11,283 328
Other financial assets 3,110 708
Current financial investments 8,089 3,088
Derivates 3,220 -
Other financial assets 4,869 3,088
Accruals 78 496
Cash and cash equivalents 54,370 40,405
Cash 53,620 40,120
Ash equivalents 750 285

TOTAL ASSETS 1,264,960 1,195,508

(*) Presented for comparison purposes only

 Thousands of Euros
EQUITY AND LIABILITIES 2009 2008 (*)
EQUITY 237,050 197,565
CAPITAL AND RESERVES-
Share Capital 8,700 9,000
Issued Capital 8,700 9,000
Reserves 184,053 175,782
Legal and statutory reserves 1,743 1,803
Other reserves 182,310 173,979
Treasury shares and equity investments (5,277) (27,344)
Profit / loss of the year 54,604 49,652
Interim dividend (4,530) (4,666)
UNREALISED ASSET AND LIABILITY REVALUATION RESERVE-
Hedging instruments (500) (4,859)

NON CURRENT LIABILITIES 171,304 96,442

Provisions for contingencies and charges 22,854 34,554
Other provisions 22,854 34,554
Borrowings 108,971 59,388
Bank borrowings 83,519 49,691
Obligations under finance leases 8,045 8,328
Derivates 2,922 1,275
Other financial liabilities 14,485 94
Borrowings from group companies and associates 36,000 2,500
Deferred tax liabilities 3,479 -

CURRENT LIABILITIES 856,606 901,501

Borrowings 23,501 17,380
Bank borrowings 18,870 4,753
Obligations under finance leases 252 238
Derivates 1,013 5,666
Other financial liabilities 3,366 6,723
Borrowings from group companies and associates 1,225 2,858
Trade and other payables 831,880 881,263
Suppliers 410,264 405,387
Suppliers group companies and associates 9,977 13,172
Other payables 24,501 29,896
Employee benefits payable 11,482 8,866
Income tax payables - 10,802
Other payables to Public Administrations 47,168 35,690
Customer advances 328,488 377,450

TOTAL EQUITY AND LIABILITIES 1,264,960 1,195,508

INFORME ANUAL 2009 - 157

ELECNOR, S.A.

INCOME STATEMENTS FOR THE YEARS

ENDED 31 DECEMBER 2009 AND 2008

Thousands of Euros
2009 2008 (*)
CONTINUING OPERATIONS
Net turnover 1,236,059 1,468,494
Revenues 1,236,059 1,468,494
Work performed by the entity and capitalised 1,543 1,054
Procurements (741,448) (1,003,369)
Consumption of raw materials and other consumables (428,414) (459,037)
Work performed by third parties (313,034) (544,332)
Other operating income 2,822 2,178
Ancillary income 2,376 2,178
Grants related to income 446 -
Staff costs (255,269) (246,471)
Wages, salaries and other (192,450) (190,502)
Social security costs (62,819) (55,969)
Other operating expenses (188,010) (188,398)
External services (176,378) (144,711)
Taxes (5,894) (3,150)
Losses on, impairment of and change in trade provisions (3,808) (38,412)
Other operating expenses (1,930) (2,125)
Depreciation and amortisation (10,270) (8,436)
Impairment losses and gains/losses on disposal of non current assets (181) 71
Gains/losses on disposals and other gains and losses (181) 71
OPERATING PROFIT 45,246 25,123
Finance revenues 30,350 38,885
From equity investments
- In group companies and associates 19,920 33,400
From trade securities and other equity instruments
- In group companies and associates 9,416 2,470
- In third parties 1,014 2,895
Finance costs (5,514) (4,483)
Borrowings from group companies and associates (441) (182)
Third-party borrowings (5,073) (4,301)
Exchange differences (2,469) (2,322)
Impairment losses and gains/losses on disposal of financial instruments 3,112 (2,404)
Impairment ans losses 3,112 (2,404)

FINANCIAL GAINS 25,479 29,556

PROFIT BEFORE TAX 70,725 54,679
Income tax (16,121) (5,117)
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 54,604 49,652
PROFIT FOR THE YEAR 54,604 49,652

(*) Presented for comparison purposes only

Direcciones | 2008

Contacts | 2009
SPAIN
Paseo de la Castellana, 95, planta 17 - Edificio Torre Europa - 28046 MADRID
Tfno.: 91 417 99 00 - Fax: 91 597 14 40
www.elecnor.es - elecnor@elecnor.es

ANDALUCÍA BALEARES CASTILLA LA MANCHA

DIRECCIÓN SUR Pol. Ind. Ca'n Rubiol C/ Tomelloso, 6 - A
Pol. Ind. La Red Sur C/ Licorers, Parcelas 171-172 (Nave 1-2-3) Pol. Ind. Larache
C/ 17, nave 63 07141 MARRATXI 13005 CIUDAD REAL
41500 ALCALÁ DE GUADAIRA (SEVILLA) (PALMA DE MALLORCA) Tfno.: 926 21 70 94
Tfno.: 95 436 80 76 - 663 492 107 Tfno.: 971 22 65 80 Fax: 926 21 25 96
Fax: 95 443 42 04 Fax: 971 22 67 36
dsu@elecnor.es mallorca.des@elecnor.es
CATALUÑA
ANDALUCÍA OCCIDENTAL Pol. Ind. Montecristo
Pol. Ind. La Red Sur C/ Pou de Na Massiana, nave 117 DIRECCIÓN NORDESTE
C/ 17, nave 63 07820 SAN ANTONIO DE PORTMANY Rambla de Solanes, 29-31
41500 ALCALÁ DE GUADAIRA (SEVILLA) (IBIZA) 08940 CORNELLÁ (BARCELONA)
Tfno.: 95 563 22 83 Apartado de Correos 99 Sant Rafel Tfno.: 93 413 92 00
Fax: 95 563 22 85 Tfno.: 971 39 69 54 Fax: 93 413 92 01
Fax: 971 39 55 57 dne@elecnor.es
Delegación Construcción y M. Ambiente
Parque Industrial Sevilla Pol. Pla d´Abastaments
Parque Empresarial San Antonio CANARIAS C/ Falgas, 25
C/ Parsi, nº 4, módulo 48 17005 GERONA
C/ Simón Bolívar, 21 Tfno.: 972 23 60 19
48016 SEVILLA Cruce de Melenara
Tfno.: 95 426 03 30 Fax: 972 40 23 53
35214 TELDE (GRAN CANARIA)
Fax: 95 499 71 94 Tfno.: 928 70 64 39 Ctra. Santa Coloma, s/n, Nave 8
Fax: 928 70 64 15 17180 VILABLAREIX (GERONA)
Polígono Las Quemadas canarias.dsu@elecnor.es
C/ Imprenta de la Alborada, Parc. 284 E Tfno.: 972 40 54 36
14014 CÓRDOBA Fax: 972 23 43 10
Pol. Ind. Marcerol Nave 2-B
Tfno.: 957 32 59 45 Barrio El Coromoto
Fax: 957 32 21 62 Pol. Ind. Els Dolors
38206 LA LAGUNA C/ Sallent, 36
(STA. CRUZ DE TENERIFE) 08243 MANRESA (BARCELONA)
ANDALUCÍA ORIENTAL Tfno.: 922 62 36 35
Pol. Ind. San Luis Tfno.: 93 873 20 91
Fax: 922 62 38 76 Fax: 93 873 40 10
C/ Veracruz, 16 – Nave 33
29006 MÁLAGA manresa.dne@elecnor.es
Tfno.: 952 35 50 61 CANTABRIA
Fax: 952 35 50 43
malaga.dsu@elecnor.es Polígono La Cerrada, 35 – Nave 16 COMUNIDAD VALENCIANA
39600 MALIAÑO (CANTABRIA) DIRECCIÓN ESTE
Pol. Ind. Juncaril Tfno.: 942 36 93 68 Polígono Vara de Quart
C/ Lanjarón – Complejo Proyca, 31-32 Fax: 942 36 93 67 C/ Dels Pedrapiquers, 1
18210 PELIGROS (GRANADA) 46014 VALENCIA
Tfno.: 958 49 10 79 Tfno.: 96 313 45 65
Fax: 958 49 11 21 CASTILLA Y LEÓN
Fax: 96 359 06 30
granada.dsu@elecnor.es Avida. Mirabel, 2 - Bajo des@elecnor.es
47003 VALLADOLID
Tfno.: 983 35 69 66 Delegación Obra Civil Valencia
ARAGÓN Fax: 983 34 40 78 Polígono Vara de Quart
Polígono San Valero, nave 5 valladolid.dce@elecnor.es C/ Llanterners, nº 3
Carretera de Castellón, km. 4,8 46014 VALENCIA
50013 ZARAGOZA Trav. Ctra. de Santander a Navatejera Tfno.: 96 313 65 28
Tfno.: 976 45 43 26 C/ Cerrada, s/n Fax: 96 379 21 00
Fax: 976 45 43 28 24007 VILLAOBISPO DE LAS REGUERAS
(LEÓN) Pol. Ind. U.A. 4
Pol. Ind. Valdeconsejo Tfno.: 987 30 75 56 Ctra. Ocaña nº 68, calle 1
C/ Aneto, Parcela 16 C - Naves 1 y 2 Fax: 987 30 75 58 03006 ALICANTE
50410 CUARTE DE HUERVA (ZARAGOZA) Apartado de Correos 0380
Tfno.: 876 26 16 01 Polígono Montalvo 1 Tfno.: 96 510 80 00
Fax: 876 26 12 57 C/ Newton, Parcela 41 Fax: 96 510 78 78
37188 CARBAJOSA DE LA SAGRADA alicante.des@elecnor.es
(SALAMANCA)
ASTURIAS Tfno.: 923 18 49 65 Avda. Hermanos Bou, nº 102 ZH
Fax: 923 18 49 66 12003 CASTELLÓN
Polígono Asipo I Tfno.: 96 424 43 49
Calle A, naves 5 y 6 C/ Merindad de Castilla la Vieja Fax: 96 425 47 13
33428 CAYES (LLANERA) Nº 8, nave 2 castellon.des@elecnor.es
Tfno.: 985 79 24 25 09001 BURGOS
Fax: 985 79 23 81 Tfno: 947 48 33 37
asturias.dce@elecnor.es Fax: 947 48 31 04
EXTREMADURA Delegación Gas NAVARRA
C/ Maestro Alonso, 21-23, 1ª planta
Polígono Industrial Nevero 28028 MADRID Pol. Ind. Mutilva Baja
Complejo Ipanexa Tfno.: 91 726 00 76 Calle O nº 11 y 12
Parcela C 2 – Nave 1-2-3 Fax: 91 304 69 02 31192 MUTILVA (NAVARRA)
06006 BADAJOZ Tfno.: 948 23 43 00
Tfno.: 924 27 05 68 Prevención, Calidad y Gestión Ambiental Fax: 948 24 05 30
Fax: 924 27 04 18 C/ Marqués de Mondéjar, 29-31, 2ª planta
28028 MADRID ELECNOR, S.A.
Tfno.: 91 726 54 94 C/ Badostain, nº 7
GALICIA Fax: 91 725 30 59 Pol. Ind. Areta
31620 HUARTE (NAVARRA)
Pol. Ind. Icaria Tfno.: 948 31 64 55
Plaza Atenea, 7 - Módulo 1 DIRECCIÓN ENERGÍA
C/ Alfonso XI, 6, 3ª planta Fax: 948 31 75 38
15172 PERILLO-OLEIROS
(LA CORUÑA) 28014 MADRID
Tfno.: 981 63 92 34 Tfno.: 91 523 90 41
Fax: 91 523 90 43/44 PAÍS VASCO
Fax: 981 63 69 96
C/ Rodríguez Arias, 28-30
DIRECCIÓN CONSTRUCCIÓN Y MEDIO 48011 BILBAO (VIZCAYA)
LA RIOJA AMBIENTE Tfno.: 94 489 91 00
C/ Bravo Murillo, 178, planta baja Fax: 94 442 44 47
Polígono de la Portalada 1 Edificio Tecnus
C/ Portalada, nº 13 28020 MADRID DIRECCIÓN NORTE
26006 LOGROÑO Tfno.: 91 417 10 50 C/ Jon Arróspide, 15
Tfno.: 941 24 57 77 Fax: 91 556 96 29 48014 BILBAO (VIZCAYA)
Fax: 941 25 36 38 dma@elecnor.es Tfno.: 94 489 91 00
Fax: 94 489 92 01
DIRECCIÓN DESARROLLO DE NEGOCIOS dno@elecnor.es
MADRID Pza. Manuel Gómez Moreno, s/n, 5ª
planta DIRECCIÓN TRANSPORTE
DIRECCIÓN CENTRO Edificio Bronce
C/ Maestro Alonso, 21-23, 3ª planta C/ Cardenal Gardoqui nº 1, 2º
28020 MADRID 48008 BILBAO (VIZCAYA)
28028 MADRID Tfno.: 91 555 04 64
Tfno.: 91 726 00 76 Tfno.: 94 489 91 00
Fax: 91 555 00 67 Fax: 94 489 92 13
Fax: 91 713 08 18 ddn@elecnor.es
dce@elecnor.es dtt@elecnor.es
GERENCIAS DE ACTIVIDAD Delegación Catenaria
Delegación Madrid Paseo de la Castellana 93, planta 7
C/ Marqués de Mondéjar, 33 Pza. Sagrado Corazón, 4, 2º
Edificio Cadagua 48011 BILBAO (VIZCAYA)
28028 MADRID 28046 MADRID
Tfno.: 91 725 10 04 Tfno.: 94 439 54 80
Tfno.: 91 417 89 85 Fax: 94 427 21 97
Fax: 91 713 08 16 Fax: 91 556 55 07
madrid.dce@elecnor.es ferrocarriles@elecnor.es

Delegación Telecomunicaciones Pol. Ind. de Gamarra

MURCIA C/ Zubibarri, 4
C/ Maestro Alonso, 21-23, 3ª planta
28028 MADRID Pol. Ind. Oeste 01013 VITORIA (ÁLAVA)
Tfno.: 91 726 00 76 C/ Paraguay, Parcela 13 – 4R Tfno.: 945 27 50 24
Fax: 91 713 08 18 30169 MURCIA Fax: 945 25 05 16
Tfno.: 968 20 00 85
Delegación Mantenimiento Fax: 968 20 00 86
C/ Marqués de Mondéjar, 33 murcia.des@elecnor.es
28028 MADRID
Tfno.: 91 725 10 04
Fax: 91 355 73 01

Delegación Instalaciones
C/ Maestro Alonso, 21-23, 2ª planta
28028 MADRID
Tfno.: 91 726 00 76
Fax: 91 713 08 17
instalaciones.dce@elecnor.es

INFORME ANUAL 2009 - 161

INTERNATIONAL
ANGOLA
Estrada de Catete s/n
Campo INE (Maristas)
LUANDA
Tfno.: 244222 26 16 05
Fax: 244222 26 16 06
elecnor@netangola.com
ALGERIA
1, Rue Belkacem El Hafnaoui
Bir Mourad Rais
ARGEL
Tfno.: 21321 44 73 42
Fax: 21321 48 11 88
SUBSIDIARIES
SPAIN
ADHORNA PREFABRICACIÓN
Av. Iparraguirre, 102 A
48940 LEIOA (VIZCAYA)
Tfno.: 94 480 64 84
Fax: 94 480 50 24
comercial@adhorna.es
www.adhorna.es
ÁREA 3, EQUIPAMIENTO,
DISEÑO E INTERIORISMO
C/ Bravo Murillo, 178
Edificio Tecnus
28020 MADRID
Tfno.: 91 417 10 50
Fax: 91 556 96 29
ATERSA
Embajadores, 187, 3ª planta
28045 MADRID
Tfno: 91 517 84 52
Fax: 91 474 74 67
atersa@atersa.com
www.atersa.com
Parque Juan Carlos I
Avda. de la Foia, 14
46440 ALMUSSAFES (VALENCIA)
Tfno.: 902 54 51 11
Fax: 902 54 75 30
CELEO, CONCESIONES E INVERSIONES
Avda. General Perón, 38, planta 15
Edificio Master´s II
28020 MADRID
Tfno.: 91 770 31 17
Fax: 91 533 03 06
COSINOR
Ribera de Elorrieta, 8
48015 BILBAO (VIZCAYA)
Tfno.: 94 442 35 58
Fax: 94 441 78 25
buzon@cosinor.es
www.cosinor.es
HONDURAS VENEZUELA
Centro Comercial Mall "El Dorado" Av. Luis Roche con 3ª transversal
Boulevard Morazán – 4ª Planta, Oficina 1 Edif. Seguros Nuevo Mundo, piso 10
TEGUCIGALPA – M.D.C. Urbanización Altamira
Tfno.: 504 221 07 85 Municipio Chacao
Fax: 504 221 40 18 Estado Miranda
elecnor@hondudata.com 1060 CARACAS
Tfno.: 58212 264 22 62
(Dirección Energía)
DOMINICAN REPUBLIC Fax: 58212 267 58 12
C/ Andrés Julio Aybar, 206
Edif. Málaga III, 2ª Planta
SANTO DOMINGO
Tfno.: 1809 472 48 05
Fax: 1809 472 47 36
elecnor.dom@verizon.net.do
DEIMOS REDES ELECTRICAS DE MANRESA
Ronda de Poniente, 19 C/ Sallent, 36 - Polígono Els Dolors
Edificio Fiteni VI, Portal 2, 2ª Planta 08243 MANRESA (BARCELONA)
28760 Tres Cantos (MADRID) Tfno.: 93 873 20 91
Tfno.: 91 806 34 50 Fax: 93 873 40 10
Fax: 91 806 34 51 manresa.dne@elecnor.es
deimos@deimos-space.com
www.deimos-space.com ST REDES LEVANTE
C/ Manuel Sanchís Guarner, 19
DEIMOS IMAGING 46960 ALDAYA (VALENCIA)
Parque Tecnológico Boecillo Tfno.: 96 159 62 20
Edif. Galileo, Módulo Gris, Oficina 103 Fax: 96 151 48 66
47151 BOECILLO (VALLADOLID) strl@strl.net
Tfno.: 983 54 89 23
EHISA CONSTRUCCIONES Y OBRAS PORTUGAL
Doctor Aznar Molina, 15-17
50002 ZARAGOZA OMNINSTAL ELECTRICIDADE
Tfno.: 976 20 45 30 Rua Consiglieri Pedroso, 71 – RC
Fax: 976 39 12 00 2745-555 Queluz de Baixo
ehisa@ehisa.es (PORTUGAL)
www.ehisa.es Tfno.: 35121 434 21 30
Fax: 35121 435 94 16
ENERFIN omn.com@elecnor.pt
Pº de la Castellana 141, 9ª Planta
Edificio Cuzco IV
28046 MADRID AMERICA
Tfno.: 91 417 09 80
ELECDOR
Fax: 91 417 09 81 Avenida Eloy Alfaro, N32/650
enerfin@enerfin.es
Quito – ECUADOR
www.enerfin.es Tfno.: 5932 223 26 26
Fax: 5939 223 26 29
HIDROAMBIENTE elecdor@uio.satnet.net
C/ Mayor, 23, E–1º
48930 LAS ARENAS
ELECNOR CENTROAMERICANA
(VIZCAYA) Centro Comercial Mall "El Dorado"
Tfno.: 94 480 40 90
Boulevard Morazán – 4ª Planta, Oficina 1
Fax: 94 480 30 76 Tegucigalpa - M.D.C.
info@hidroambiente.es HONDURAS
www.hidroambiente.es
Tfno.: 504 221 07 85
Fax: 504 221 40 18
IDDE elecnor@hondudata.com
C/ Orense, 2, 9ª Planta
28020 MADRID
Tfno.: 91 555 33 07
Fax: 91 597 20 93
elecint@elecnor.es
ELECNOR CHILE
C/ Nevería 4631 - Ofic 202
Las Condes
Santiago de Chile
CHILE
Tfno.: 562 263 08 30
Fax: 562 263 07 80
elecnorchile@adsl.tie.cl
ELECNOR DE ARGENTINA
Alicia moreau de justo 1720 3º piso
(C1107AFJ) C.A.B.A - Buenos Aires
ARGENTINA
Tfno/Fax: 54114 341 69 00
ELECNOR DE MÉXICO
C/ Río Sena, 63, piso 5º
Colonia Cuauhtemoc
Delegación Cuauhtemoc
CR 06500 MEXICO D.F.
Tfno.: 5255 55 25 19 85
Fax: 5255 55 25 19 86
ELECNOR DO BRASIL
Rua Cenno Sbrighi, 653 – Agua Branca
CEP 05036-011 – São Paulo
BRASIL
Tlfno: 5511 2139 81 00
Fax: 5511 3611 96 12
elecnor@elecnor.com.br
www.it.elecnor.com.br
ELECVEN
Av. Luis Roche 3ª transv. 6ª
Piso 6º, Oficina B
Edif. Bronce-Altamira Norte
1060 Caracas - VENEZUELA
Tfno.: 58212 266 28 66
Fax: 58212 261 74 61
elecven@cantv.net
ENERFIN ENERGY COMPANY OF
CANADA
EOLIENNES DE L´ERABLE
2075 rue University – Bureau 1015
Montréal, Québec H3A 2L1 (CANADA)
Tfno.: 1 514 658 09 34
Fax: 1 514 658 09 37
ENERFIN ENERGY COMPANY
COYOTE WIND
522 SW 5th Avenue
Suite 1230, Yeon Building
Portland, OR 97204 (USA)
MONTELECNOR
C/ Coronel Alegre 1172 (Pocitos)
11300 Montevideo – URUGUAY
Tfno./Fax: 5982 707 82 87
montelecnor@montelecnor.com.uy
RASACAVEN
Urbanización Los Medanos
Alle José Leonardo Chirinos
Sector Creolandia Vía Judibana
Punto Fijo-Estado Falcón
VENEZUELA
Tfno.: 58269 247 41 91
Fax: 58269 247 51 29
rasacaven@cantv.net
INFORME ANUAL 2009 - 163
© 2010 Elecnor
Direction and Editing:
Elecnor Communication and Institutional Relations Subdepartment

Design and layout:

JLC Diseño Gráfico

Photography:
Elecnor Graphic Library

Printing:
Graymo

Elecnor, S.A.
Paseo de la Castellana, 95
Edif. Torre Europa
28046 Madrid
www.elecnor.es