Acciona

Acciona SA Period End 31 December 2009

Acciona SA Annual Report 2009
Inappropriate presentation of discontinued operation significantly understates comparative profit by €204 million
Spanish construction company Acciona inappropriately restates its comparative income statement to exclude profit attributable to non-controlling interests in a discontinued joint venture’s subsidiaries which consequently understates profit for the year by 31%.

Acciona SA Period End 31 December 2008

Acciona SA Annual Report 2008

Joint venture acquisition proves a passing fancy

Spanish construction company Acciona finalises the accounting for a €9.3 billion interest in a joint venture as an acquisition in stages and discloses a ten year management agreement, but then adds that it intends to dispose of its interest, whilst retaining renewable energy assets, in the next financial year.