Balance sheet

Total assets in 2011 increased to 13.1 billion euros, of which 80% is related to net Property, plant and equipment (PP&E) reflecting the net accumulated invested capital in wind energy generation.

Total net PP&E increased to 10.5 billion euros following the new capacity additions in the period, the stronger US Dollar as of December. 31st, 2011 (vs. December. 31st, 2010) and the annual depreciation charges related to the operating assets.

8.9 billion euros invested in 7,157 MW

Total net accumulated invested capital related to wind farms in operation by the end of 2011 (excluding work in progress related to future assets and excluding the cash grants received in the US) amounted to 8.9 billion euros.

Net intangible assets mainly include the goodwill registered in EDPR books in US and Spain while accounts receivable are mainly related to loans to related parties, guarantees and tax receivables.
Cash and equivalents totalled 220 million euros and the financial assets held for trading were liquidated throughout 2011.

Total liabilities increased to 7.6 billion euros in 2011 (+162 million euros from 2010), of which 3.8 billion euros are related to financial debt and 1.0 billion euros to institutional partnerships. The increase in the financial debt is mostly explained by the operating and financial investments done in the period.

The institutional partnership stood at 1.0 billion euros. Deferred revenues from institutional partnerships represent the non-economic liability related to the tax credits already benefited by the institutional investor and to be recognized in the P&L through the useful life of the wind farms.

Deferred Tax liabilities in the amount of 381 million euros reflects mainly tax effects arising from temporary differences between assets and liabilities on an accounting basis and on tax basis. On the other hand, accounts payable includes PP&E suppliers, deferred revenues related to cash grants received and derivative financial instruments.