Exhibit 99.1
 Grupo Guascor, S.L. and
Subsidiaries




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Grupo Guascor, S.L.
and subsidiaries
 
  1




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 CONTENTS OF THE CONSOLIDATED ANNUAL ACCOUNTS
 CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2010 AND 2009
(Thousand euro)
 Note
    
    2010
    
    
    2009NON-CURRENT ASSETS
    
    
    
    
    213,394
    
    
    
    222,761Intangible assets
    
    5
    
    
    36,684
    
    
    
    37,247Property, plant and equipment
    
    6
    
    
    122,153
    
    
    
    128,908Land and buildings
    
    
    
    
    31,345
    
    
    
    33,265Other installations, machinery, tooling, furnishings and other fixed assets
    
    
    
    
    88,759
    
    
    
    94,235Fixed assets in course of construction and advance payments
    
    
    
    
    2,049
    
    
    
    1,408Long-term investments in Group companies and associates
    
    
    
    
    5,501
    
    
    
    6,160Investments carried under the equity method
    
    7
    
    
    2,809
    
    
    
    3,299Equity instruments
    
    8
    
    
    602
    
    
    
    405Loans to companies
    
    8
    
    
    2,090
    
    
    
    2,456Long-term investments
    
    8
    
    
    11,928
    
    
    
    10,753Equity instruments
    
    
    
    
    137
    
    
    
    286Long-term loans to companies
    
    
    
    
    6,948
    
    
    
    6,312Other financial assets
    
    
    
    
    4,843
    
    
    
    4,155Deferred tax assets
    
    14
    
    
    37,128
    
    
    
    39,693CURRENT ASSETS
    
    
    
    
    204,503
    
    
    
    161,339Inventories
    
    9
    
    
    56,212
    
    
    
    54,874Goods purchased for resale
    
    
    
    
    2,413
    
    
    
    2,198Raw materials and other supplies
    
    
    
    
    25,295
    
    
    
    16,129Work in progress and semi-finished goods
    
    
    
    
    19,627
    
    
    
    22,137Finished products
    
    
    
    
    7,759
    
    
    
    13,098Prepayments to suppliers
    
    
    
    
    1,118
    
    
    
    1,313Trade and other accounts receivable
    
    8
    
    
    103,607
    
    
    
    67,819Trade receivables for sales and services rendered
    
    
    
    
    70,364
    
    
    
    45,465Trade receivables, Group companies and associates
    
    
    
    
    3,202
    
    
    
    3,197Other receivables
    
    
    
    
    30,041
    
    
    
    19,157Short-term financial assets
    
    8
    
    
    11,503
    
    
    
    19,276Short-term loans to companies
    
    
    
    
    1,502
    
    
    
    1,578Other financial assets
    
    
    
    
    10,001
    
    
    
    17,698Accruals and deferred income
    
    
    
    
    808
    
    
    
    642Cash and cash equivalents
    
    
    
    
    32,373
    
    
    
    18,728Cash at bank and in hand
    
    
    
    
    32,373
    
    
    
    17,024Cash equivalents
    
    
    
    
    
    
    
    
    1,704TOTAL ASSETS
    
    
    
    
    417,897
    
    
    
    384,100
  2




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2010 AND 2009 (Thousand euro)
 Note
    
    2010
    
    
    2009EQUITY
    
    10
    
    
    88,865
    
    
    
    64,721Shareholders funds
    
    
    
    
    70,024
    
    
    
    51,788Capital
    
    
    
    
    23,441
    
    
    
    23,441Authorised capital
    
    
    
    
    23,441
    
    
    
    23,442Share premium
    
    
    
    
    32,699
    
    
    
    32,699Reserves and prior-year results
    
    
    
    
    4,052
    
    
    
    1,473Legal reserve
    
    
    
    
    2,713
    
    
    
    2,455Voluntary reserves
    
    
    
    
    1,339
    
    
    
    (982
    )Reserves in consolidated companies
    
    
    
    
    (3,231
    )
    
    
    (14,835
    )Reserves in equity method companies
    
    
    
    
    
    
    
    
    Results for the year attributable to the Parent Company
    
    
    
    
    13,063
    
    
    
    9,010Consolidated profit/(loss)
    
    
    
    
    14,633
    
    
    
    10,999Gains and losses minority shareholders
    
    
    
    
    (1,570
    )
    
    
    (1,989
    )Measurement adjustments
    
    
    
    
    28
    
    
    
    (5,624
    )Translation differences in consolidated companies
    
    
    
    
    28
    
    
    
    (5,624
    )Grants, donations and bequests received
    
    
    
    
    12,468
    
    
    
    9,610Minority interests
    
    
    
    
    6,345
    
    
    
    8,947NON-CURRENT LIABILITIES
    
    
    
    
    155,506
    
    
    
    171,844Long-term provisions
    
    11
    
    
    894
    
    
    
    5,441Other provisions
    
    
    
    
    894
    
    
    
    5,441Long-term payables
    
    12
    
    
    138,021
    
    
    
    145,820Bank borrowings
    
    
    
    
    36,829
    
    
    
    42,009Bank loans (Project Finance)
    
    
    
    
    34,759
    
    
    
    41,933Payables, participating loans
    
    
    
    
    15,739
    
    
    
    13,700Other payables
    
    
    
    
    50,694
    
    
    
    48,178Long-term payables to Group companies and associates
    
    
    
    
    7,343
    
    
    
    7,191Amounts payable to Group companies
    
    
    
    
    7,343
    
    
    
    7,191Deferred tax liabilities
    
    14
    
    
    9,248
    
    
    
    13,392CURRENT LIABILITIES
    
    
    
    
    173,526
    
    
    
    147,535Short-term provisions
    
    11
    
    
    9,231
    
    
    
    18,326Short-term payables
    
    12
    
    
    41,713
    
    
    
    41,527Bank borrowings
    
    
    
    
    22,910
    
    
    
    11,348Bank loans (Project Finance)
    
    
    
    
    13,052
    
    
    
    20,746Other financial liabilities
    
    
    
    
    5,751
    
    
    
    9,433Trade and other payables
    
    12
    
    
    122,196
    
    
    
    87,347Trade payables
    
    
    
    
    68,089
    
    
    
    45,792Advance payments from customers
    
    
    
    
    29,962
    
    
    
    24,776Sundry payables
    
    
    
    
    9,330
    
    
    
    6,000Personnel
    
    
    
    
    3,705
    
    
    
    2,866Other amounts payable to the Public Administrations
    
    
    
    
    11,110
    
    
    
    7,913Accruals and deferred income
    
    
    
    
    386
    
    
    
    335TOTAL LIABILITIES AND EQUITY
    
    
    
    
    417,897
    
    
    
    384,100
  3




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 CONSOLIDATED INCOME STATEMENTS FOR THE YEARS ENDED 31 December 2010 AND 2009

(Expressed in thousand euro)
 Note
    
    2010
    
    
    2009CONTINUING OPERATIONSRevenue
    
    15
    
    
    311,969
    
    
    
    252,660Changes in inventories of finished products and work in progress
    
    15
    
    
    (7,849
    )
    
    
    (2,656
    )Own work capitalized
    
    
    
    
    9,376
    
    
    
    6,879Raw materials and consumables
    
    15
    
    
    (162,130
    )
    
    
    (126,729
    )Consumption of raw materials and other consumable materials
    
    
    
    
    (144,263
    )
    
    
    (115,260
    )Subcontracted work
    
    
    
    
    (18,824
    )
    
    
    (8,584
    )Impairment of goods for resale, raw materials and other
    
    
    
    
    957
    
    
    
    (2,885
    )Other operating income
    
    
    
    
    1,911
    
    
    
    5,565Sundry and other income
    
    
    
    
    840
    
    
    
    3,116Operating grants released to income during the year
    
    
    
    
    1,071
    
    
    
    2,449Personnel expenses
    
    15
    
    
    (49,202
    )
    
    
    (44,896
    )Wages, salaries and similar remuneration
    
    
    
    
    (39,845
    )
    
    
    (36,200
    )Staff welfare expenses
    
    
    
    
    (9,357
    )
    
    
    (8,696
    )Other operating expenses
    
    
    
    
    (59,234
    )
    
    
    (54,051
    )External services
    
    
    
    
    (39,373
    )
    
    
    (26,340
    )Taxes
    
    
    
    
    (349
    )
    
    
    (1,203
    )Other expenses
    
    
    
    
    (18,930
    )
    
    
    (22,563
    )Losses, impairment and changes in trade provisions
    
    
    
    
    (582
    )
    
    
    (3,945
    )Fixed asset depreciation
    
    5-6
    
    
    (20,982
    )
    
    
    (16,153
    )Impairment and profit/ loss on fixed asset disposals
    
    5
    
    
    195
    
    
    
    (2
    )Excess provisions
    
    
    
    
    3,953
    
    
    
    96Release of non-financial fixed asset grants and other
    
    
    
    
    9,931
    
    
    
    5,715OPERATING RESULTS
    
    
    
    
    37,938
    
    
    
    26,428Financial income
    
    
    
    
    1,563
    
    
    
    3,271Shares in equity instrumentsFrom third parties
    
    
    
    
    33
    
    
    
    77Marketable securities and other financial instruments
    
    
    
    
    1,530
    
    
    
    3,194From third parties
    
    
    
    
    1,530
    
    
    
    3,194Financial expenses
    
    
    
    
    (14,864
    )
    
    
    (17,848
    )Payables to third parties
    
    
    
    
    (14,864
    )
    
    
    (17,848
    )Gains/(losses) on exchange
    
    
    
    
    676
    
    
    
    2,008Change in fair value of financial instruments
    
    
    
    
    (824
    )
    
    
    (392
    )Impairment and results on disposal of financial instruments
    
    
    
    
    (691
    )
    
    
    40Impairment and losses
    
    
    
    
    (691
    )
    
    
    40NET FINANCIAL INCOME/(EXPENSE)
    
    15
    
    
    (14,140
    )
    
    
    (12,921
    )Share in profits (losses)  equity method companies
    
    7
    
    
    18
    
    
    
    PROFIT/(LOSS) BEFORE TAXES
    
    
    
    
    23,816
    
    
    
    13,507Corporate income tax
    
    14
    
    
    (6,276
    )
    
    
    (2,508
    )PROFIT FOR YEAR FROM CONTINUING OPERATIONS
    
    
    
    
    17,540
    
    
    
    10,999PROFIT/LOSS FOR YEAR FROM DISCONTINUED OPERATIONS
    
    
    
    
    (2,907
    )
    
    
    CONSOLIDATED PROFIT/(LOSS) FOR THE YEAR
    
    
    
    
    14,633
    
    
    
    10,999Profit/(loss) attributed to parent company
    
    
    
    
    13,063
    
    
    
    9,010Profit/(loss) attributed to minority interests
    
    10
    
    
    1,570
    
    
    
    1,989
  4




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 December 2010 AND 2009
 A) STATEMENT OF RECOGNISED INCOME AND EXPENSE (thousand euro)
 31/12/2010
    
    
    31/12/2009Consolidated profit for the year
    
    
    14,633
    
    
    
    10,999- Grants, donations and bequests received
    
    
    12,960
    
    
    
    7,050- Translation differences
    
    
    6,154
    
    
    
    7,462- Tax impact
    
    
    (1,939
    )
    
    
    Total income and expense attributed directly to consolidated equity
    
    
    17,175
    
    
    
    14,512- Translation differences
    
    
    270
    
    
    
    - Grants, donations and bequests received
    
    
    (9,931
    )
    
    
    (4,866
    )- Tax impact
    
    
    1,794
    
    
    
    Total transfers to the consolidated income statement
    
    
    (7,867
    )
    
    
    (4,866
    )TOTAL RECOGNISED CONSOLIDATED INCOME AND EXPENSE
    
    
    23,941
    
    
    
    20,645
 B) CONSOLIDATED STATEMENT OF TOTAL CHANGES IN EQUITY (Thousand euro)
 Results for theyear attributableAuthorised
    
    
    Share
    
    
    
    
    
    
    to the parent
    
    
    Translation
    
    
    
    
    
    
    Minoritycapital
    
    
    premium
    
    
    Reserves
    
    
    company
    
    
    differences
    
    
    Grants
    
    
    interests
    
    
    TotalOpening balance 2009
    
    
    23,005
    
    
    
    25,135
    
    
    
    (22,754
    )
    
    
    9,388
    
    
    
    (13,086
    )
    
    
    7,426
    
    
    
    5,923
    
    
    
    35,037Total recognised revenues and
expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,010
    
    
    
    7,462
    
    
    
    2,184
    
    
    
    1,989
    
    
    
    20,645Distribution of 2008 results
    
    
    
    
    
    
    
    
    
    
    9,388
    
    
    
    (9,388
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Share capital increase
    
    
    436
    
    
    
    7,564
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,000Other changes in equity
    
    
    
    
    
    
    
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,035
    
    
    
    1,039Closing balance 2009
    
    
    23,441
    
    
    
    32,699
    
    
    
    (13,362
    )
    
    
    9,010
    
    
    
    (5,624
    )
    
    
    9,610
    
    
    
    8,947
    
    
    
    64,721Adaptation to new regulations
for preparation of consolidated
accounts (Note 2.b)
    
    
    
    
    
    
    
    
    
    
    5,078
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,078
    )
    
    
    23,441
    
    
    
    32,699
    
    
    
    (8,284
    )
    
    
    9,010
    
    
    
    (5,624
    )
    
    
    9,610
    
    
    
    3,869
    
    
    
    64,721Total recognised revenues and
expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,063
    
    
    
    6,424
    
    
    
    2,884
    
    
    
    1,570
    
    
    
    23,941Distribution of 2009 results
    
    
    
    
    
    
    
    
    
    
    9,010
    
    
    
    (9,010
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other changes in equity
    
    
    
    
    
    
    
    
    
    
    95
    
    
    
    
    
    
    
    (772
    )
    
    
    (26
    )
    
    
    906
    
    
    
    203Closing balance 2010
    
    
    23,441
    
    
    
    32,699
    
    
    
    821
    
    
    
    13,063
    
    
    
    28
    
    
    
    12,468
    
    
    
    6,345
    
    
    
    88,865
  5




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 CONSOLIDATED CASH FLOW STATEMENTS FOR THE YEARS
ENDED 31 DECEMBER 2010 AND 2009
(thousand euro)
 Notes
    
    31/12/2010
    
    
    31/12/2009CASH FLOWS FROM OPERATING ACTIVITIESProfit/(loss) for the year before tax
    
    
    
    
    20,909
    
    
    
    13,507Adjustments to results
    
    
    
    
    32,783
    
    
    
    37,732Changes in working capital
    
    
    
    
    80
    
    
    
    (10,122
    )Other cash flows from operating activities
    
    
    
    
    (22,207
    )
    
    
    (9,734
    )Cash flows from operating activities
    
    17
    
    
    31,564
    
    
    
    31,383CASH FLOWS FROM INVESTING ACTIVITIESAmounts paid on investments
    
    
    
    
    (20,587
    )
    
    
    (13,637
    )Collections on divestments
    
    
    
    
    2,955
    
    
    
    1,028Cash flows from investing activities
    
    17
    
    
    (17,632
    )
    
    
    (12.609
    )CASH FLOWS FROM FINANCING ACTIVITIESCollections and payments equity instruments
    
    
    
    
    8,490
    
    
    
    13,839Collections and payments financial liability instruments
    
    
    
    
    (8,777
    )
    
    
    (36,247
    )Cash flows from financing activities
    
    17
    
    
    (287
    )
    
    
    (22,408
    )NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS
    
    
    
    
    13,645
    
    
    
    (3,634
    )Cash and cash equivalents at beginning of the year
    
    
    
    
    18,728
    
    
    
    22,362Cash and cash equivalents at year end
    
    
    
    
    32,373
    
    
    
    18,728
  6




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 1. General information
 i) Activity
    
    
    Photovoltaic solar energy,
 
    
    Wind energy,
 
    
    Industrial and marine engine
manufacture,
 
    
    Design and construction (on a turn-key basis) of industrial plants,
 
    
    Services (subcontracting of operations and maintenance etc),
 
    
    Energy generation (principally energy generation in isolated zones in Brazil and animal waste
treatment in Spain).
  
    
    Power, mainly covering industrial and marine engine production,
 
    
    Renewable energies. This mainly includes photovoltaic solar energy, wind power and other
energy facilities.
 
    
    Services
 ii) Markets
      7




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  2. Basis of presentation
 a) Fair presentation
   b) Changes in accounting policies under Royal Decree 1159/2010
   Main changes in regulations for preparing consolidated annual accounts
  
    
    Although the calculations concerning the consolidation of Group companies in years prior to 1
January 2010 have been maintained in these consolidated annual accounts, the parent company
reserves include 5,078 thousand to recognise the negative balance in minority shareholders,
as provided in Transitional Provision 1.3 of Royal Decree 1159/2010.
 
    
    The concept of control is strengthened through its definition as the power to direct an
entitys financial and operating policies in order to obtain profits from its activities, over
and above ownership or interest criteria. In line with this new concept, no new companies have
been included in the consolidation scope.
 
    
    The new concept for Group implies that the parent company is the one which may exercise
control while the previous wording was holding control. This has not led to any changes in
the consolidation scope.
 
    
    The takeover of the investee entails a qualitative change in the Groups net assets which
requires the utilisation of the rules applicable to business swaps and therefore the
obligation to recognise the relevant income in the income statement. In this respect, the
previous holding in the parent company must be measured at fair value and therefore an impact
on equity arises in the elimination investment  equity. No impact on the Group.
  8




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 
    
    Likewise, if a holding is maintained after the loss of control over a subsidiary, the swap of
the group of assets and liabilities which are derecognised in exchange for the consideration
received, including the holding that is kept, requires the latter to be accounted for at fair
value, and the pertinent income to be recognised. No impact on the Group.
 
    
    Reverse mergers, where a parent is acquired by a subsidiary, are also regulated. No reverse
mergers have taken place during the year and therefore this item has no effect on the Group.
 
    
    The rules provide for a euro conversion system which is similar to the end-of-year exchange
rate method regulated under the 1991 legislation. The main novelty is the consideration of
goodwill as an asset of the subsidiary, meaning that it should not be measured at historical
exchange rates, and the requirement that the translation difference accumulated in equity be
reclassified to the income statement when the investment is disposed by other means abroad,
i.e. when the company ceases to be exposed to exchange rate risk, in particular when its
investment is recovered in the form of dividends. Since there is no goodwill denominated in
foreign currency, there is no impact on the Group.
  c) Critical valuation issues and estimates of uncertainty
   Revenue recognition
  Useful lives of property, plant and equipment
   9




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Fair value of financial instruments
  Guarantees
  d) Currency of presentation
  3. Accounting policies
 3.1. Consolidation principlesa) Subsidiaries
    1.
    
    Carrying values of the interests in subsidiaries are offset, on the acquisition
date, against the proportion that they represent in relation to the fair value of the
assets and liabilities acquired.2.
    
    The difference between the carrying value of the interest and the value
attributable to the interest of the fair value of the assets and liabilities acquired is
recognised, if positive, as goodwill on consolidation. In the exceptional event that
said difference is negative, it is recognised as income for the year in the consolidated
income statement.3.
    
    Group companies assets and liabilities are included in the consolidated balance
sheet using the same valuations as those at which they were carried in the respective
balance sheets of those companies, except for assets acquired and liabilities assumed as
at the acquisition date, which are included in the consolidated balance sheet based on
their fair value at the acquisition date, after taking into account the depreciation and
impairment arising since said date.
  10




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 4.
    
    Subsidiaries income and expenses are recorded in the consolidated annual
accounts.5.
    
    Accounts receivable and payable between consolidated companies, income and
expenses relating to transactions between them and the profits generated by said
transactions which are not realised vis-à-vis third parties, are eliminated on
consolidation.
    b) Minority interests and transactions with minority shareholders
        11




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GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  c) Jointly-controlled entities
  d) Jointly-controlled companies
   e) Associates
         12




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 3.2. Intangible assets
 Research and development expenses
     Concessions, patents, licenses, trademarks and similar items
  Computer applications
    Emission rights
    13




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
   
    
    Firstly, through the emission rights transferred to the company under the National Assignment
Plan. The expense relating to that obligation will be quantified on the basis of the carrying
value of the emission rights transferred under the National Assignment Plan.
 
    
    Other emission rights that figure on the companys balance sheet are carried under the
average price method.
 
    
    In the event that gas emissions entail the need to acquire emission rights, the expense
pertaining to the shortfall in rights should also be taken into account, quantified on the
basis of the best estimate possible of the necessary amount to acquire such shortfall.
  3.3. Property, plant and equipment
      Estimated useful life, yearsBuildings
    
    25-50Plant
    
    10-15Machinery
    
    10-15Furnishings
    
    5-10Tooling
    
    5-10Vehicles
    
    5-10Computer equipment
    
    6-7
  14




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
    3.4. Borrowing costs
  3.5. Losses due to impairment of non-financial assets
  3.6. Financial assets
 Loans and receivables
       15




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Available-for-sale financial assets
       3.7. Goodwill on consolidation
    16




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
    3.8. Inventories
    3.9. Equity
   3.10. Financial liabilities
 Creditors and payables
      17




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 3.11. Grants received
     3.12. Current and deferred taxes
       18




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
   3.13. Employee benefits
 Termination benefits
  3.14. Provisions and contingent liabilities
       3.15. Revenue recognition
    19




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Sales of solar parks
  
    
    there is a firm obligation for the purchaser prior to the commencement of the
turn-key construction
 
    
    total revenues to be received may be estimated with an acceptable level of assurance.
 
    
    the costs to completion of the contract and level of completion to said date may be
reliably estimated.
   Sales of goods
  Interest income
  Income from dividends
  3.16. Leases
 When a Group company is the lessee  finance lease
   20




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  When a Group company is the lessee  operating lease
  3.17. Foreign currency transactions
 Functional and presentation currency
  Transactions and balances
  Translation of annual accounts in foreign currency
  i)
    
    The assets and liabilities on each balance sheet presented are translated at the
closing exchange rate at the balance sheet date;
 ii)
    
    The income and expenses in each income statement are translated at the average
exchange rates (unless this average is not a reasonable approximation of the cumulative
effect of the rates existing at the transaction dates, in which case income and expenses
are translated at the rates on the transaction dates); and
 iii)
    
    All resulting exchange differences are recognised as a separate component of equity.
   21




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 3.18. Related-party transactions
  3.19. Environmental disclosures
  4. Financial risk management
 4.1. Financial risk factors
   a)
    
    Market risk
 i) Foreign exchange risk
  ii) Price risk
  iii) Interest rate, cash flow and fair value risk
     22




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
         4.2. Fair value measurement
   23




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 5. Intangible assets
  Thousand euroPayments onaccount andResearch and
    
    
    Concessions,
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    assets indevelopment
    
    
    patents and
    
    
    Computer
    
    
    
    
    
    
    Emission
    
    
    Goodwill on
    
    
    course ofexpenses
    
    
    licences
    
    
    applications
    
    
    Goodwill
    
    
    rights
    
    
    consolidation
    
    
    construction
    
    
    TotalCostBalance at
01/01/2009
    
    
    29,490
    
    
    
    3,563
    
    
    
    1,288
    
    
    
    3,316
    
    
    
    7,991
    
    
    
    1,270
    
    
    
    177
    
    
    
    47,095Additions
    
    
    5,792
    
    
    
    2
    
    
    
    230
    
    
    
    
    
    
    
    5,143
    
    
    
    84
    
    
    
    1,235
    
    
    
    12,486Disposals
    
    
    (489
    )
    
    
    
    
    
    
    (92
    )
    
    
    
    
    
    
    (7,397
    )
    
    
    
    
    
    
    (94
    )
    
    
    (8,072
    )Transfers
    
    
    
    
    
    
    
    
    
    
    88
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (88
    )
    
    
    Balance at
31/12/2009
    
    
    34,793
    
    
    
    3,565
    
    
    
    1,514
    
    
    
    3,316
    
    
    
    5,737
    
    
    
    1,354
    
    
    
    1,230
    
    
    
    51,509Additions
    
    
    6,986
    
    
    
    4
    
    
    
    523
    
    
    
    
    
    
    
    4,463
    
    
    
    
    
    
    
    1,492
    
    
    
    13,466Disposals
    
    
    (402
    )
    
    
    (95
    )
    
    
    (2
    )
    
    
    (115
    )
    
    
    (5,677
    )
    
    
    
    
    
    
    (173
    )
    
    
    (6,464
    )Transfers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,000
    )
    
    
    
    
    
    
    3,000
    
    
    
    
    
    
    
    Balance at
31/12/2010
    
    
    41,377
    
    
    
    3,474
    
    
    
    2,035
    
    
    
    201
    
    
    
    4,523
    
    
    
    4,354
    
    
    
    2,549
    
    
    
    58,513AmortisationBalance at
01/01/2009
    
    
    9,335
    
    
    
    1,024
    
    
    
    1,104
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,463Appropriation
    
    
    2,387
    
    
    
    342
    
    
    
    235
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    72
    
    
    
    3,036Disposals
    
    
    (165
    )
    
    
    (5
    )
    
    
    (92
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (262
    )Transfers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance at
31/12/2009
    
    
    11,557
    
    
    
    1,361
    
    
    
    1,247
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    72
    
    
    
    14,237Appropriation
    
    
    3,530
    
    
    
    1,202
    
    
    
    227
    
    
    
    108
    
    
    
    
    
    
    
    
    
    
    
    1,611
    
    
    
    6,678Disposals
    
    
    
    
    
    
    (1
    )
    
    
    (4
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    (6
    )Transfers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance at
31/12/2010
    
    
    15,087
    
    
    
    2,562
    
    
    
    1,470
    
    
    
    108
    
    
    
    
    
    
    
    
    
    
    
    1,681
    
    
    
    20,908ProvisionBalance at
01/01/2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    214
    
    
    
    
    
    
    
    
    
    
    
    214Additions/(disposals)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (190
    )
    
    
    
    
    
    
    
    
    
    
    (190
    )Balance at
31/12/2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24
    
    
    
    
    
    
    
    
    
    
    
    24Additions/(disposals)
    
    
    913
    
    
    
    1
    
    
    
    7
    
    
    
    
    
    
    
    (24
    )
    
    
    
    
    
    
    
    
    
    
    897Balance at
31/12/2010
    
    
    913
    
    
    
    1
    
    
    
    7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    921Carrying amountAt 01/01/2009
    
    
    20,155
    
    
    
    2,539
    
    
    
    184
    
    
    
    3,316
    
    
    
    7,777
    
    
    
    1,270
    
    
    
    177
    
    
    
    34,148At 31/12/2009
    
    
    23,236
    
    
    
    2,204
    
    
    
    267
    
    
    
    3,316
    
    
    
    5,713
    
    
    
    1,354
    
    
    
    1,158
    
    
    
    37,247At 31/12/2010
    
    
    25,377
    
    
    
    911
    
    
    
    558
    
    
    
    93
    
    
    
    4,523
    
    
    
    4,354
    
    
    
    868
    
    
    
    36,684
  24




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Research and development expenses
  Million euro2010
    
    
    2009High photovoltaic industrialisation process
    
    
    5.8
    
    
    
    5.9Engine development
    
    
    7.8
    
    
    
    7.5Electricity generation technology
    
    
    9.1
    
    
    
    8.6Other
    
    
    2.7
    
    
    
    1.225.4
    
    
    
    23.2
 Concessions, patents, licences and trademarks
  Goodwill on consolidation
  Thousand euro2010
    
    
    2009Fully-consolidated companies Energía Natural de Mora
    
    
    3,000
    
    
    
     Guascor Wind, S.L.
    
    
    348
    
    
    
    348 Guascor Fotón AGF, S.L.
    
    
    999
    
    
    
    999 Other
    
    
    7
    
    
    
    74,354
    
    
    
    1,354
  Growth rate (1)
    
    
    1
    %Discount rate (2)
    
    
    14
    %
 (1)
    
    Average weighted growth rates used to extrapolate cash flows beyond the budgeted period(2)
    
    Discount rates before taxes applied to cash flow projections.    25




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Intangible assets located abroad
  Fully-depreciated assets
   26




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 6. Property, plant and equipment
  Thousand euroPayments onaccount and assetsPlant, machinery
    
    
    in course ofLand and buildings
    
    
    and other
    
    
    construction
    
    
    TotalCostBalance at
01/01/2009
    
    
    46,926
    
    
    
    217,397
    
    
    
    4,282
    
    
    
    268,605Additions
    
    
    492
    
    
    
    2,146
    
    
    
    
    
    
    
    2,638Disposals
    
    
    (7
    )
    
    
    (912
    )
    
    
    (330
    )
    
    
    (1,249
    )Transfers
    
    
    429
    
    
    
    1,308
    
    
    
    (1,737
    )
    
    
    Translation
differences
    
    
    4,184
    
    
    
    12,917
    
    
    
    (807
    )
    
    
    16,294Balance at
31/12/2009
    
    
    52,024
    
    
    
    232,856
    
    
    
    1,408
    
    
    
    286,288Additions
    
    
    798
    
    
    
    7,275
    
    
    
    952
    
    
    
    9,025Disposals
    
    
    (332
    )
    
    
    (1,636
    )
    
    
    (7
    )
    
    
    (1,975
    )Transfers
    
    
    
    
    
    
    65
    
    
    
    (65
    )
    
    
    Translation
differences
    
    
    1,106
    
    
    
    10,871
    
    
    
    147
    
    
    
    12,124Balance at
31/12/2010
    
    
    53,596
    
    
    
    249,431
    
    
    
    2,435
    
    
    
    305,462AmortisationBalance at
01/01/2009
    
    
    12,195
    
    
    
    99,349
    
    
    
    
    
    
    
    111,544Appropriation
    
    
    1,516
    
    
    
    10,988
    
    
    
    
    
    
    
    12,504Disposals
    
    
    
    
    
    
    (467
    )
    
    
    
    
    
    
    (467
    )Transfers
    
    
    (108
    )
    
    
    108
    
    
    
    
    
    
    
    Translation
differences
    
    
    533
    
    
    
    6,511
    
    
    
    
    
    
    
    7,044Balance at
31/12/2009
    
    
    14,136
    
    
    
    116,489
    
    
    
    
    
    
    
    130,625Appropriation
    
    
    2,498
    
    
    
    11,806
    
    
    
    
    
    
    
    14,304Disposals
    
    
    (109
    )
    
    
    (271
    )
    
    
    
    
    
    
    (380
    )Transfers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Translation
differences
    
    
    (50
    )
    
    
    4,704
    
    
    
    
    
    
    
    4,654Balance at
31/12/2010
    
    
    16,475
    
    
    
    132,728
    
    
    
    
    
    
    
    149,203ProvisionBalance at
01/01/2009
    
    
    4,694
    
    
    
    22,144
    
    
    
    
    
    
    
    26,838Additions
    
    
    25
    
    
    
    
    
    
    
    
    
    
    
    25Disposals
    
    
    (96
    )
    
    
    (12
    )
    
    
    
    
    
    
    (108
    )Balance at
31/12/2009
    
    
    4,623
    
    
    
    22,132
    
    
    
    
    
    
    
    26,755Additions
    
    
    557
    
    
    
    4,918
    
    
    
    386
    
    
    
    5,861Disposals
    
    
    (905
    )
    
    
    (191
    )
    
    
    
    
    
    
    (1,096
    )Transfers
    
    
    1,501
    
    
    
    1,085
    
    
    
    
    
    
    
    2,586Balance at
31/12/2010
    
    
    5,776
    
    
    
    27,944
    
    
    
    386
    
    
    
    34,106Carrying amountAt 01/01/2009
    
    
    30,037
    
    
    
    95,904
    
    
    
    4,282
    
    
    
    130,223At 31/12/2009
    
    
    33,265
    
    
    
    94,235
    
    
    
    1,408
    
    
    
    128,908At 31/12/2010
    
    
    31,345
    
    
    
    88,759
    
    
    
    2,049
    
    
    
    122,153
  27




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Land and buildings
 Thousand euro2010
    
    
    2009Provision
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ProvisionAccumulated
    
    
    for
    
    
    
    
    
    
    
    
    
    
    Accumulated
    
    
    forGross
    
    
    depreciation
    
    
    impairment
    
    
    Net
    
    
    Gross
    
    
    depreciation
    
    
    impairment
    
    
    NetLand
    
    
    3,372
    
    
    
    
    
    
    
    
    
    
    
    3,372
    
    
    
    3,360
    
    
    
    
    
    
    
    
    
    
    
    3,360Buildings
    
    
    50,224
    
    
    
    (16,475
    )
    
    
    (5,776
    )
    
    
    27,973
    
    
    
    48,664
    
    
    
    (14,136
    )
    
    
    (4,623
    )
    
    
    29,90553,596
    
    
    
    (16,475
    )
    
    
    (5,776
    )
    
    
    31,345
    
    
    
    52,024
    
    
    
    (14,136
    )
    
    
    (4,623
    )
    
    
    33,265
 Impairment adjustments
  Assets acquired from Group companies and associates
  Fully-depreciated assets
  Thousand euro2010
    
    
    2009Plant, machinery and other
    
    
    29,080
    
    
    
    28,244
 Property, plant and equipment located abroad
  Property, plant and equipment given as security
  Property, plant and equipment subject to reversion
   28




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Insurance
  Commitments
  7. Investments carried under the equity method
 Thousand euro2010
    
    
    2009Balance at start of the year
    
    
    3,299
    
    
    
    4,166Dividend payment
    
    
    
    
    
    
    (2,190
    )Consolidation scope changes
    
    
    (565
    )
    
    
    Share of profits
    
    
    18
    
    
    
    1,272Other results
    
    
    57
    
    
    
    51Balance at year end
    
    
    2,809
    
    
    
    3,299
    Thousand euroEquityInterim
    
    
    Operating
    
    
    Profit/loss for
    
    
    Carrying value
    
    
    DividendsCapital
    
    
    Reserves
    
    
    dividend
    
    
    results
    
    
    the year
    
    
    in parent
    
    
    received2010:AssociatesGate Solar, S.L.
    
    
    3,005
    
    
    
    823
    
    
    
    
    
    
    
    (56
    )
    
    
    (56
    )
    
    
    1,881
    
    
    
    Tusso Energía
    
    
    1,662
    
    
    
    (599
    )
    
    
    
    
    
    
    6
    
    
    
    148
    
    
    
    831
    
    
    
    Other minor
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    97
    
    
    
    2,809
    
    
    
    2009:AssociatesGate Solar, S.L.
    
    
    3,005
    
    
    
    602
    
    
    
    (2,416
    )
    
    
    2,564
    
    
    
    2,544
    
    
    
    1,863
    
    
    
    2,190Tusso Energía
    
    
    1,662
    
    
    
    (251
    )
    
    
    
    
    
    
    601
    
    
    
    191
    
    
    
    831
    
    
    
    Other minor
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    605
    
    
    
    3,299
    
    
    
    2,190
   29




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
   8. Financial instruments under assets
 8.1. Analysis by category
  Thousand euroDebtEquity instruments
    
    
    securities
    
    
    Other
    
    
    Total2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Long-term financial
assetsInvestments in non-consolidated group
companies
    
    
    602
    
    
    
    405
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    602
    
    
    
    405Loans and receivables 
Loans to group companies
and associates
    
    
    
    
    
    
    
    
    
    
    2,090
    
    
    
    2,456
    
    
    
    
    
    
    
    
    
    
    
    2,090
    
    
    
    2,456loans and receivables 
loans to
other companies
    
    
    
    
    
    
    
    
    
    
    6,948
    
    
    
    6,312
    
    
    
    
    
    
    
    
    
    
    
    6,948
    
    
    
    6,312Loans and receivables 
Other financial assets
    
    
    137
    
    
    
    286
    
    
    
    
    
    
    
    
    
    
    
    4,843
    
    
    
    4,155
    
    
    
    4,980
    
    
    
    4,441739
    
    
    
    691
    
    
    
    9,038
    
    
    
    8,768
    
    
    
    4,843
    
    
    
    4,155
    
    
    
    14,620
    
    
    
    13,614Short-term financial
assetsLoans and receivables
    
    
    
    
    
    
    
    
    
    
    103,607
    
    
    
    67,819
    
    
    
    
    
    
    
    
    
    
    
    103,607
    
    
    
    67,819Loans and receivables 
Loans to companies
    
    
    
    
    
    
    
    
    
    
    1,502
    
    
    
    1,578
    
    
    
    
    
    
    
    
    
    
    
    1,502
    
    
    
    1,578Loans and receivables 
Other financial assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,001
    
    
    
    17,698
    
    
    
    10,001
    
    
    
    17,698
    
    
    
    105,109
    
    
    
    69,397
    
    
    
    10,001
    
    
    
    17,698
    
    
    
    115,110
    
    
    
    87,095
   30




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 8.2. Analysis by maturity date
  Thousand euroSubsequent
    
    
    Not2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    years
    
    
    determined
    
    
    TotalFinancial assetsLoans to companies
    
    
    
    
    
    
    1,134
    
    
    
    4,193
    
    
    
    4,193
    
    
    
    831
    
    
    
    
    
    
    
    4,269
    
    
    
    14,620Other financial
assets:- Other
    
    
    10,001
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,001- Trade and other
receivables
    
    
    105,109
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    105,109115,110
    
    
    
    1,134
    
    
    
    4,193
    
    
    
    4,193
    
    
    
    831
    
    
    
    
    
    
    
    4,269
    
    
    
    129,730
 8.3. Credit quality of financial assets
  8.4. Investments in group companies, jointly-controlled entities and non-consolidated associates
   8.5. Loans and receivables
 Thousand euro2010
    
    
    2009Short-term loans and receivables:- Trade receivables
    
    
    77,388
    
    
    
    52,364- Receivables from associates
    
    
    3,202
    
    
    
    3,197- Taxes and Social Security payable
    
    
    11,943
    
    
    
    10,181- Sundry receivables
    
    
    18,098
    
    
    
    8,976- Impairment losses
    
    
    (7,024
    )
    
    
    (6,899
    )103,607
    
    
    
    67,819Short-term financial assets- Loans to companies
    
    
    1,502
    
    
    
    1,578- Other financial assets  deposits and
guarantees
    
    
    241
    
    
    
    2,353- Other financial assets  time deposits
    
    
    9,760
    
    
    
    15,34511,503
    
    
    
    19,276
  31




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
       Thousand euro2010
    
    
    2009Opening balance
    
    
    6,899
    
    
    
    3,143Provision for impairment of trade receivables
    
    
    125
    
    
    
    3,756Closing balance
    
    
    7,024
    
    
    
    6,899
      32




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 9. Inventories
 Thousand euro2010
    
    
    2009Goods purchased for resale
    
    
    2,413
    
    
    
    2,198Raw materials and other supplies
    
    
    27,223
    
    
    
    19,014Work in progress and semi-finished goods
    
    
    19,627
    
    
    
    22,137Finished products
    
    
    14,906
    
    
    
    23,107Prepayments to suppliers
    
    
    1,118
    
    
    
    1,313Impairment of finished products
    
    
    (7,147
    )
    
    
    (10,009
    )Impairment of raw materials and other
consumables
    
    
    (1,928
    )
    
    
    (2,885
    )56,212
    
    
    
    54,874
 Insurance
  10. Equity
 Capital
    Group company
    
    % interest
    
    
    ShareholderGuascor Brasil Ltda.
    
    
    14.23
    
    
    Ennor Energia Norte Participacoes (Brazil)Jaguari Energética, S.A.
    
    
    10
    
    
    Companhia Estadual de Energía Eléctrica (Brazil)Desimpacto de
Purines
Altorricón, S.A.
    
    
    30
    
    
    G.R.L. Activos Industriales, S.A.
  Group company
    
    % interest
    
    
    ShareholderGuascor Brasil Ltda.
    
    
    14.23
    
    
    Inepar Energía (Brasil)Enviroil Vasca, S.A.
    
    
    12
    
    
    Ente Vasco de EnergíaJaguari Energética,
S.A.
    
    
    10
    
    
    Companhia Estadual de Energía Eléctrica (Brazil)Guascor Folton, S.L.
    
    
    25
    
    
    EZTEN, Fondo de Capital RiesgoDesimpacto de
Purines
Altorricón, S.A.
    
    
    30
    
    
    G.R.L. Activos Industriales, S.A.
  33




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  Share premium
  Reserves
 Thousand euro2010
    
    
    2009Parent company reserves
    
    
    4,052
    
    
    
    1,473Reserves in consolidated companies
    
    
    (3,231
    )
    
    
    (14,835
    )Reserves equity method companies
    
    
    
    
    
    
    821
    
    
    
    (13,362
    )
 Reserves in consolidated and equity method companies
  Thousand euro2010
    
    
    2009 Grupo Guascor, S.L. (other parent
company reserves)
    
    
    380
    
    
    
    4,238 Guascor Power, S.A.
    
    
    32,579
    
    
    
    24,035 Guascor Power I+D, S.A.
    
    
    (4,421
    )
    
    
    (2,409
    ) Subgrupo Guascor Brasil
    
    
    (350
    )
    
    
    (10,449
    ) Guascor Explotaciones Energéticas, S.A.
    
    
    36,348
    
    
    
    27,819 Subgrupo Guascor Solar Corporation
    
    
    17,473
    
    
    
    21,634 Subgrupo Guascor Italy
    
    
    (47,963
    )
    
    
    (45,171
    ) Guascor Ingeniería, S.A.
    
    
    (21,058
    )
    
    
    (17,759
    ) Galicia Reciclado de Neumáticos, S.A.
    
    
    (13,235
    )
    
    
    (12,972
    ) Other minor
    
    
    (2,984
    )
    
    
    (3,801
    )(3,231
    )
    
    
    (14,835
    )
 Translation differences
  Thousand euroCompany
    
    2010
    
    
    2009 Guascor do Brasil, Ltda. (Brazil)
    
    
    4,631
    
    
    
    (1,023
    ) Guascor Empreendimentos Energéticos, Ltda. (Brazil) Consolidated
    
    
    (694
    )
    
    
    (454
    ) Guascor Argentina, S.A. (Argentina)
    
    
    (3,909
    )
    
    
    (3,877
    ) Compañía de Electricidad y Cogeneración de Uvero, S.A. (R.
Dominicana)
    
    
    
    
    
    
    (270
    )28
    
    
    
    (5,624
    )
  34




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Profit attributed to the parent company
  Thousand euro2010
    
    
    2009Profit/(loss)
    
    
    
    
    
    
    Profit/(loss)attributed to
    
    
    
    
    
    
    attributed toConsolidated
    
    
    minority
    
    
    Consolidated
    
    
    minorityCompany
    
    results
    
    
    interests
    
    
    results
    
    
    interests Grupo Guascor, S.L.
    
    
    3,156
    
    
    
    
    
    
    
    (1,279
    ) Guascor Power, S.A and subsidiaries
(engine division)
    
    
    16,014
    
    
    
    
    
    
    
    6,532 Guascor do Brasil, Ltda. (Brazil)
    
    
    10,837
    
    
    
    2,427
    
    
    
    7,663
    
    
    
    1,706 Guascor Solar Corporation, S.A. and
subsidiaries (Solar Division)
    
    
    (7,570
    )
    
    
    (281
    )
    
    
    (4,161
    ) Guascor Italia, S.p.A., Enviroil Italia,
S.r.L y Rossano Energía, S.p.A.
    
    
    (3,610
    )
    
    
    
    
    
    
    (2,792
    ) Galicia Reciclado de Neumáticos, S.A.
    
    
    373
    
    
    
    
    
    
    
    (263
    ) Guascor Ingeniería, S.A.
    
    
    (667
    )
    
    
    
    
    
    
    (3,299
    ) Guascor Empreendimentos
Energéticos, Ltda. (Brazil) 
Consolidated
    
    
    (605
    )
    
    
    (546
    )
    
    
    (1,467
    )
    
    
    (36
    ) Desimpacto de Purines
(División Purines)
    
    
    (124
    )
    
    
    38
    
    
    
    6,287
    
    
    
    319 Other minor
    
    
    (4,741
    )
    
    
    (68
    )
    
    
    1,78913,063
    
    
    
    1,570
    
    
    
    9,010
    
    
    
    1,989
 Profit/(loss) for the year
  Thousand euro2010
    
    
    2009Available for distributionProfit/loss for the year
    
    
    18,456
    
    
    
    2,57918,456
    
    
    
    2,579DistributionLegal reserve
    
    
    1,846
    
    
    
    258Other reserves
    
    
    16,610
    
    
    
    2,32118,456
    
    
    
    2,579
  35




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Capital grants received
 i) Analysis by category
  Thousand euro2010
    
    
    2009Gross valuesCapital grants
    
    
    15,361
    
    
    
    13,351Tax effect
    
    
    (2,893
    )
    
    
    (3,741
    )Net amount
    
    
    12,468
    
    
    
    9,610
 ii)
  Thousand euroGross
    
    
    Tax effect
    
    
    NetBalance at 01/01/2009
    
    
    10.315
    
    
    
    (2.889
    )
    
    
    7.426Additions
    
    
    9,934
    
    
    
    (2,884
    )
    
    
    7,050Taken to profit and loss
    
    
    (6,402
    )
    
    
    1,902
    
    
    
    (4,500
    )Taken to equity
    
    
    (495
    )
    
    
    129
    
    
    
    (366
    )Balance at 31/12/2009
    
    
    13,352
    
    
    
    (3,742
    )
    
    
    9,610Capital grants allocated to
minority interested in
2009
    
    
    631
    
    
    
    
    
    
    
    631Additions
    
    
    12,960
    
    
    
    (1,939
    )
    
    
    11,021Restatements and other movements
    
    
    (448
    )
    
    
    994
    
    
    
    546Taken to profit and loss
    
    
    (9,931
    )
    
    
    1,794
    
    
    
    (8,137
    )Attributed to minority shareholders
    
    
    (1,203
    )
    
    
    
    
    
    
    (1,203
    )Balance at 31/12/2010
    
    
    15,361
    
    
    
    (2,893
    )
    
    
    12,468
     36




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
   Minority interests
  Thousand euro2010
    
    
    2009Opening balance
    
    
    8,947
    
    
    
    5,923First application NOFCAC (RD 1159/2010) (Note 2b)
    
    
    (5,078
    )
    
    
    Profit/(Loss)
    
    
    1,570
    
    
    
    1,989Consolidation scope change
    
    
    (466
    )
    
    
    Translation differences
    
    
    772
    
    
    
    599Capital grants
    
    
    572
    
    
    
    631Other movements
    
    
    28
    
    
    
    (195
    )Closing balance
    
    
    6,345
    
    
    
    8,947
  Thousand euro2010
    
    
    2009Enviroil Vasca, S.A.
    
    
    
    
    
    
    114Guascor Folton, S.L.
    
    
    
    
    
    
    290Guascor Brasil Ltda.
    
    
    11,417
    
    
    
    7,229Guascor Servicios do Brasil Ltda.
    
    
    (3,045
    )
    
    
    524Guascor Empreendimentos Energéticos, Ltda.
(Brazil)
    
    
    (1,039
    )
    
    
    Other minor items
    
    
    (988
    )
    
    
    7906,345
    
    
    
    8,947
  37




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 11. Provisions for liabilities and charges
  Thousand euroLong-term
    
    
    Short-termprovisions
    
    
    provisionsBalance at 01.01.2009
    
    
    8.719
    
    
    
    15.489Additions
    
    
    
    
    
    
    4,285Disposals
    
    
    (1,233
    )
    
    
    (3,494
    )Transfers
    
    
    (2,046
    )
    
    
    2,046Balance at 31.12.2009
    
    
    5,441
    
    
    
    18,326Additions
    
    
    407
    
    
    
    8,625Disposals
    
    
    (3,103
    )
    
    
    (13,114
    )Transfers
    
    
    (1,851
    )
    
    
    (4,606
    )Balance at 31.12.2010
    
    
    894
    
    
    
    9,231
  Thousand euro2010
    
    
    2009Short term
    
    
    Long term
    
    
    Short term
    
    
    Long termEmission rights consumed
    
    
    5,034
    
    
    
    
    
    
    
    5,688
    
    
    
    Provision for tax
risks, guarantees and
other
    
    
    4,197
    
    
    
    894
    
    
    
    12,638
    
    
    
    5,4419,231
    
    
    
    894
    
    
    
    18,326
    
    
    
    5,441
 Other contingencies
    38




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 12. Financial instruments under liabilities
 12.1. Analysis by category
  Thousand euroAmountsowed toGroupBank loans
    
    
    companies
    
    
    Other debts
    
    
    
    
    
    
    Other
    
    
    Trade andBank
    
    
    (Project
    
    
    and
    
    
    Zero rate
    
    
    Participating
    
    
    financial
    
    
    otherborrowings
    
    
    Finance)
    
    
    associates
    
    
    loans
    
    
    loans
    
    
    liabilities
    
    
    payables
    
    
    Total2010:Long-term liabilitiesCreditors and
payables
    
    
    36,829
    
    
    
    34,759
    
    
    
    7,343
    
    
    
    17,553
    
    
    
    15,739
    
    
    
    33,141
    
    
    
    
    
    
    
    145,36436,829
    
    
    
    34,759
    
    
    
    7,343
    
    
    
    17,553
    
    
    
    15,739
    
    
    
    33,141
    
    
    
    
    
    
    
    145,364Current liabilitiesCreditors and
payables
    
    
    22,910
    
    
    
    13,052
    
    
    
    
    
    
    
    1,695
    
    
    
    2,231
    
    
    
    1,825
    
    
    
    122,196
    
    
    
    163,90922,910
    
    
    
    13,052
    
    
    
    
    
    
    
    1,695
    
    
    
    2,231
    
    
    
    1,825
    
    
    
    122,196
    
    
    
    163,909
 Thousand euroAmountsowed toGroupBank loans
    
    
    companies
    
    
    Other debts
    
    
    
    
    
    
    Other
    
    
    Trade andBank
    
    
    (Project
    
    
    and
    
    
    Zero rate
    
    
    Participating
    
    
    financial
    
    
    otherborrowings
    
    
    Finance)
    
    
    associates
    
    
    loans
    
    
    loans
    
    
    liabilities
    
    
    payables
    
    
    Total2009:Long-term liabilitiesCreditors and
payables
    
    
    42,009
    
    
    
    41,933
    
    
    
    7,191
    
    
    
    14,283
    
    
    
    13,700
    
    
    
    33,895
    
    
    
    
    
    
    
    153,01142,009
    
    
    
    41,933
    
    
    
    7,191
    
    
    
    14,283
    
    
    
    13,700
    
    
    
    33,895
    
    
    
    
    
    
    
    153,011Current liabilitiesCreditors and
payables
    
    
    11,348
    
    
    
    20,746
    
    
    
    
    
    
    
    3,784
    
    
    
    2,576
    
    
    
    3,073
    
    
    
    87,347
    
    
    
    128,87411,348
    
    
    
    20,746
    
    
    
    
    
    
    
    3,784
    
    
    
    2,576
    
    
    
    3,073
    
    
    
    87,347
    
    
    
    128,874
  39




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 12.2. Creditors and payables
 Thousand euro2010
    
    
    2009Long-term creditors and payables:Participating loans
    
    
    15,739
    
    
    
    13,700Payable to Group companies
    
    
    7,343
    
    
    
    7,191Bank loans (Project Finance)
    
    
    34,759
    
    
    
    41,933Bank borrowings
    
    
    36,829
    
    
    
    42,009Other debts, interest free loans
    
    
    17,553
    
    
    
    14,283Other payables
    
    
    33,141
    
    
    
    33,895145,364
    
    
    
    153,011Creditors and payables, short term:Bank loans (Project Finance)
    
    
    13,052
    
    
    
    20,746Participating loans
    
    
    2,231
    
    
    
    2,576Bank borrowings
    
    
    22,910
    
    
    
    11,348Other debts, interest free loans
    
    
    1,695
    
    
    
    3,784Other financial liabilities  fixed asset suppliers
and other
    
    
    1,825
    
    
    
    3,07341,713
    
    
    
    41,527Trade and other payables:- Trade payables
    
    
    68,089
    
    
    
    45,792- Advance payments from customers
    
    
    29,962
    
    
    
    24,776- Sundry payables
    
    
    9,330
    
    
    
    6,000- Loans to employees
    
    
    3,705
    
    
    
    2,866- Other taxes and social security payable
    
    
    11,110
    
    
    
    7,913122,196
    
    
    
    87,347
   Participating loans
  Thousand euro2010
    
    
    2009Participating loans with Axis Participaciones Industriales (ICO Group)
    
    
    6,245
    
    
    
    5,435Participating loans with SOCADE
    
    
    8,395
    
    
    
    8,724Participating loan with Ezten Fondo Capital Riesgo
    
    
    600
    
    
    
    600Participating loan with EVE (Ente Vasco de Energía)
    
    
    1,500
    
    
    
    1,517Other minor items (*)
    
    
    1,230
    
    
    
    17,970
    
    
    
    16,276
 (*)
    
    Recorded under Other long-term receivables at 31.12.09.  40




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Participating loans with Axis Participaciones Industriales (ICO Group)
 
    
    Original amount: 5.000 thousand in Guascor Wind, S.L.
 
    
    Interest: 6% to 15% on the basis of the performance of EBITDA
 
    
    Payment terms Repayment in a lump sum on 01 January 2014
 Loan SOCADE
 
    
    Amount: 8 thousand in Grupo Guascor, S.L.
 
    
    Fixed interest: Euribor + 2%
 
    
    Variable interest: It is calculated on the basis of the performance of consolidated results
and equity, taking into account in that calculation the total amount of consolidated
participating loans and related interest. Irrespective of the resulting calculation, the
applicable variable interest rate will at no time exceed the fixed rate by 4%,.
  Year
    
    Thousand euro2011
    
    
    1,3522012
    
    
    2,7042013
    
    
    2,6442014
    
    
    1,3008.000
  Participating loan Ezten Fondo Capital Riesgo
 
    
    Amount: 600 thousand in Guascor Folton, S.L.
 
    
    Fixed interest: Euribor 6 months + 1%
 
    
    Variable interest: It is calculated on the basis of the performance of results and equity,
taking into account in that calculation the total amount of consolidated participating loans
and related interest. Irrespective of the resulting calculation, the applicable variable
interest rate will at no time be more than twice applicable Euribor at the fixed rate.
  Year
    
    Thousand euro2011
    
    
    1192012
    
    
    2442013
    
    
    237600
   41




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Participating loan EVE (Ente Vasco de Energía)
 
    
    Amount: 1,500 thousand in Guascor Folton, S.L.
 
    
    Fixed interest: Euribor 6 months + 1%
 
    
    Variable interest: It is calculated on the basis of the performance of results and equity,
taking into account in that calculation the total amount of consolidated participating loans
and related interest. Irrespective of the resulting calculation, the applicable variable
interest rate will at no time be more than twice applicable Euribor at the fixed rate.
  Year
    
    Thousand euro2010
    
    
    3032011
    
    
    6042012
    
    
    5931.500
  Payable to Group companies
 Subordinated loan from Centauro Capital, S.L.U.
 
    
    Initial loan principal 18 million.
 
    
    interest: Euribor 12 months + 0.75%
 
    
    Payment of the principal and interest is contingent on the full repayment of the syndicated
loan (12.2.c).
   
    
    50% will remain in Grupo Guascor to finance the necessary investment for the performance of
its activities.
 
    
    The other 50% will be used to arrange a deposit to secure the syndicated loan and working
capital facility.
   42




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Financing without recourse applied to projects (Project Finance)
   
    
    Pledge and assignment under guarantee of certain credit rights (including VAT balances,
supplies of electricity etc.)
 
    
    Guarantee secured by the assets (facilities and land) where the plant is located
 
    
    Pledge on 100% of the borrowing companies shares.
  Loansand creditfacilities2011
    
    
    13,0522012
    
    
    13,2042013
    
    
    6,2192014
    
    
    4,7922015
    
    
    4,470Subsequent years
    
    
    6,07447,811Less short-term portion
    
    
    (13,052
    )Total long-term
    
    
    34,759
   43




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Bank borrowings
  Thousand euroSyndicated
    
    
    Other loansSyndicated
    
    
    loan  working
    
    
    and creditloan
    
    
    capital
    
    
    facilities
    
    
    Lease
    
    
    Total2011
    
    
    5,000
    
    
    
    
    
    
    
    16,855
    
    
    
    1,055
    
    
    
    22,9102012
    
    
    10,000
    
    
    
    
    
    
    
    9,452
    
    
    
    1,073
    
    
    
    20,5252013
    
    
    9,668
    
    
    
    
    
    
    
    4,890
    
    
    
    807
    
    
    
    15,3652014
    
    
    
    
    
    
    
    
    
    
    1,232
    
    
    
    
    
    
    
    1,2322015
    
    
    
    
    
    
    
    
    
    
    63
    
    
    
    
    
    
    
    63Subsequent years
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,668
    
    
    
    
    
    
    
    32,492
    
    
    
    2,935
    
    
    
    60,095Less short-term
portion
    
    
    (5,000
    )
    
    
    
    
    
    
    (16,855
    )
    
    
    (1,055
    )
    
    
    (22,910
    )Total long-term
    
    
    19,668
    
    
    
    
    
    
    
    15,637
    
    
    
    1,880
    
    
    
    37,185Less future interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (356
    )Total long-term, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,829
    Syndicated loan
 
    
    Initial amount: 38.9 million
 
    
    Interest rate: Euribor + 2.75%
 
    
    Borrower: Grupo Guascor, S.L.
 Syndicated loan  working capital
 
    
    Limit: 12.4 million until 29 December 2010 and 8.3 million from 30 December 2010 to 30
December 2013.
 
    
    Interest rate: Euribor + 2.25%
 
    
    Borrowers: Guascor Power, S.A., Guascor Power I+D, S.A., Guascor Ingeniería, S.A., Guascor
Servicios, S.A. and Guascor Proyectos, S.A., in all of which Grupo Guascor, S.L. has a
majority interest
  44




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 
    
    Maturity date: From 30 December 2011 maintaining the limit at 8.3 million until 30 December
2013 is conditioned to holding the sum of credit limit plus the capital pending amortisation
on the syndicated loan below 1.5 times the consolidated equity of the Group, considering, for
the purposes of calculating this ratio, the amount of the participated loans as an increase in
the equity amount. Therefore the first verification of this ratio will be performed using the
annual accounts for the year 2011.
  1.
    
    Not to exceed, within the timeframe 2009 -2013 investments of more than 41.800 thousand
overall and individually each year the following amounts: 9,200 thousand (2009), 9,800
thousand (2010), 11,500 thousand (2011), 5,600 thousand (2012) and 5,700 thousand (2013).
 During 2010 and 2009 the limit on investments for that year was not exceeded.
 2.
    
    With regard to new long-term financing agreements, considering as such those with due
dates exceeding 12 months:The repayment schedule of new financing will be set in a
proportional manner to the syndicated loan.
 The above limitation will not apply to any possible financing without recourse to Grupo
Guascor, S.L. or financing agreed under the concept of Project Finance.
 3.
    
    Surplus cash flow:
 Whenever the above seven companies have a minimum operating cash balance exceeding 6,000
thousand, then 25% of the surplus cash flow based upon the consolidated annual accounts of
Grupo Guascor, S.L. will be applied to advancing the amortisation of the syndicated loan.
 At 31 December 2010 the operating cash balance of the seven companies mentioned above is
1,857 thousand (2009: 1,291 thousand) and therefore lower than 6,000 thousand, as a result
of which the early repayment clause is not applicable.
 4.
    
    Various companies controlled by Grupo Guascor, S.L. have diverse loans from MICYT,
CDTI, SOCADE, EZTEN, EVE and Compañía Española de Financiación del Desarrollo COFIDES, S.A.
amounting to a total of 39,771 thousand, the original due dates of which before the payment
of the first instalment of the syndicated loan in the year 2011 amount to a total of 8,300
thousand.
 Grupo Guascor, S.L. undertook to renew the above loans, envisaging the advance repayment of
the syndicated loan in the same proportion as that represented by the un-renewed instalments
as per the total debt of 39,.771 thousand. As at 31 December 2010 all the above loans have
been renewed and 108 thousand of the syndicated loan has been repaid in compliance with the
advance repayment mentioned above.
   45




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Credit in current account
   CurrentWorking
    
    Syndicated
    
    accountcapital credit
    
    loan
    
    credit Mortgage on patents and trademarks owned by Guascor Power
I+D, S.A., Enviroil Vasca, S.A. y Guascor Power, S.A.
    
    
    
    *
    
    * Mortgage on property owned by Guascor Power I+D, S.A. (P.T.
de Miñano-Alava), Enviroil Vasca, S.A.
(P.I. de Jundiz  Alava) y Guascor Power, S.A.
(Zumaia-Guipúzcoa)
    
    
    
    *
    
    * Pledge of shares in certain Group companies (*)
    
    *
    
    *
    
    * Commitment pledge of shares contributing more than 5% of the
Groups EBITDA or holding more than 5% of the Groups assets
(**)
    
    *
    
    *
    
    * Commitment not to dispose of assets not envisaged in the
Groups business plan
    
    *
    
    *
 (*)
    
    Guascor Power, S.A., Guascor Servicios, S.A., Guascor Ingeniería, S.A., Guascor Proyectos,
S.A., Guascor Explotaciones Energéticas, S.A. Guascor I+D Power, S.A.(**)
    
    Grupo Guascor, S.L. is expressly excluded from complying with this commitment. Other interest free debts and loans
  Year
    
    Thousand euro2011
    
    
    1,6952012
    
    
    3,3782013
    
    
    3,6562014
    
    
    3,4832015
    
    
    2,6182016 and subsequent years
    
    
    10,93225,762Less short-term portion
    
    
    (1,695
    )24,067Less future interest
    
    
    (6,514
    )17,553
  46




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Other long-term payables
  Thousand euro2010
    
    
    2009Public authorities
    
    
    12,050
    
    
    
    14,128Other payables
    
    
    21,091
    
    
    
    19,76733,141
    
    
    
    33,895
    13. Short-term payables
 Analysis by currency
  Equivalent value in million euro2010
    
    
    2009Brazilian real
    
    
    Other
    
    
    Total
    
    
    Brazilian real
    
    
    Other
    
    
    TotalProject finance
debts
    
    
    9.7
    
    
    
    
    
    
    
    9.7
    
    
    
    14.5
    
    
    
    
    
    
    
    14.5Trade and other
payables
    
    
    10.1
    
    
    
    0.8
    
    
    
    10.9
    
    
    
    7.6
    
    
    
    1.0
    
    
    
    8.619.8
    
    
    
    0.8
    
    
    
    20.6
    
    
    
    22.1
    
    
    
    1.0
    
    
    
    23.1Long-term project
finance debts
    
    
    12.0
    
    
    
    
    
    
    
    12.0
    
    
    
    11.6
    
    
    
    
    
    
    
    11.6
  47




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Hedging instruments
  Information on delays in payments to suppliers Disclosure requirement Law 15/2010:
   14. Taxes
 Corporate income tax and tax situation
  Thousand euroProfit before taxes
    
    
    20,909Temporary differences:- due to consolidation adjustments
    
    
    (162
    )Permanent differences:- due to individual companies
    
    
    (3,016
    )17,731
  Thousand euro2010
    
    
    2009Current-year tax
    
    
    3,841
    
    
    
    9,135Deferred tax
    
    
    2,435
    
    
    
    (6,627
    )6,276
    
    
    
    2.508
     48




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Consolidating tax group
   Special tax regimes
  Other tax aspects
        49




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
   Deferred taxes
  Thousand euro2010
    
    
    2009Deferred tax assets:- Temporary and other differences
    
    
    2,681
    
    
    
    3,700- Tax credits in respect of tax losses
and tax deductions
    
    
    34,447
    
    
    
    35,99337,128
    
    
    
    39,693Deferred tax liabilities:- Temporary differences
    
    
    (9,248
    )
    
    
    (13,392
    )(9,248
    )
    
    
    (13,392
    )Deferred taxes
    
    
    27,880
    
    
    
    26,301
   Thousand euroPortfolioprovision
    
    
    Grants
    
    
    Other
    
    
    TotalDeferred tax liabilitiesBalance at 01 January 2009
    
    
    4.612
    
    
    
    2.889
    
    
    
    4.821
    
    
    
    12.322Additions
    
    
    
    
    
    
    2,884
    
    
    
    407
    
    
    
    3,291By credit to the income
statement
    
    
    
    
    
    
    (1,902
    )
    
    
    (43
    )
    
    
    (1,945
    )By credit to equity
    
    
    
    
    
    
    (129
    )
    
    
    (147
    )
    
    
    (276
    )Balance at 31 December 2009
    
    
    4,612
    
    
    
    3,742
    
    
    
    5,038
    
    
    
    13,392Additions
    
    
    
    
    
    
    1,939
    
    
    
    
    
    
    
    1,939By credit to the income
statement
    
    
    
    
    
    
    (1,794
    )
    
    
    (804
    )
    
    
    (2,598
    )Transfers and regularisation
    
    
    (2,021
    )
    
    
    (994
    )
    
    
    (470
    )
    
    
    (3,485
    )Balance at 31 December 2010
    
    
    2,591
    
    
    
    2,893
    
    
    
    3,764
    
    
    
    9,248
  50




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Thousand euroWrite-off ofmargins oninventories
    
    
    Tax credits
    
    
    Other
    
    
    TotalDeferred tax assetsBalance at 01 January 2009
    
    
    2.591
    
    
    
    30.603
    
    
    
    1.408
    
    
    
    34.602By charge to the income
statement
    
    
    (58
    )
    
    
    5,390
    
    
    
    (241
    )
    
    
    5,091Balance at 31 December 2009
    
    
    2,533
    
    
    
    35,993
    
    
    
    1,167
    
    
    
    39,693By charge to the income
statement
    
    
    (190
    )
    
    
    (2,220
    )
    
    
    (829
    )
    
    
    (3,239
    )Additions
    
    
    
    
    
    
    674
    
    
    
    
    
    
    
    674Balance at 31 December 2010
    
    
    2,343
    
    
    
    34,447
    
    
    
    338
    
    
    
    37,128
  15. Income and expense
 Revenue
  %Market
    
    2010
    
    
    2009Americas
    
    
    44
    
    
    
    35Europe
    
    
    50
    
    
    
    59Asia
    
    
    6
    
    
    
    6100
    
    
    
    100
 %Line
    
    2010
    
    
    2009Solar
    
    
    14
    
    
    
    19Engines
    
    
    34
    
    
    
    25Energy assets
    
    
    48
    
    
    
    53Services
    
    
    4
    
    
    
    3100
    
    
    
    100
  51




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Consumption of goods for resale, raw materials and other consumable materials
 Thousand euro2010
    
    
    2009Raw materials and consumables- Consumption of raw materials and other materials
    
    
    144,263
    
    
    
    115,260Purchases
    
    
    152,687
    
    
    
    114,212Difference between opening and closing inventories
    
    
    (8,424
    )
    
    
    1,048- Subcontracted work
    
    
    18,824
    
    
    
    8,584- Impairment
    
    
    (957
    )
    
    
    2,885162,130
    
    
    
    126,729Difference between opening and closing inventories- Changes in inventories of finished goods and work in progress
    
    
    (7,849
    )
    
    
    (2,656
    )(7,849
    )
    
    
    (2,656
    )
 Foreign currency transactions
 Thousand euro2010
    
    
    2009Purchases and services received
    
    
    50,461
    
    
    
    29,036Sales and services rendered
    
    
    73,830
    
    
    
    62,157
 Personnel expenses
 Thousand euro2010
    
    
    2009Wages, salaries and similar remuneration
    
    
    39,845
    
    
    
    36,200Staff welfare expenses
    
    
    9,357
    
    
    
    8,69649,202
    
    
    
    44,896
  (*)
    
    During 2010 the criteria for distributing the three categories listed below were changed. No. people2010
    
    
    2009Management and graduates
    
    
    213
    
    
    
    75Specialists and administrative workers
    
    
    323
    
    
    
    417Operators and other personnel
    
    
    749
    
    
    
    7741,285
    
    
    
    1,266
  52




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  No. people2010
    
    
    2009Men
    
    
    Women
    
    
    Total
    
    
    Men
    
    
    Women
    
    
    TotalManagement
    
    
    156
    
    
    
    50
    
    
    
    206
    
    
    
    53
    
    
    
    13
    
    
    
    66Specialists and administrative
workers
    
    
    239
    
    
    
    89
    
    
    
    328
    
    
    
    275
    
    
    
    125
    
    
    
    400Operators and other personnel
    
    
    698
    
    
    
    49
    
    
    
    747
    
    
    
    704
    
    
    
    29
    
    
    
    7331,093
    
    
    
    188
    
    
    
    1,281
    
    
    
    1,032
    
    
    
    167
    
    
    
    1,199
  No. persons2010
    
    
    2009Management and graduates
    
    
    1
    
    
    
    1Specialists and administrative workers
    
    
    1
    
    
    
    1Operators and other personnel
    
    
    4
    
    
    
    36
    
    
    
    5
 Fixed asset depreciation
 Thousand euro2010
    
    
    2009Intangible assets
    
    
    6,678
    
    
    
    3,036Property, plant and equipment
    
    
    14,304
    
    
    
    12,504Companies carried by equity method (Note 7)
    
    
    
    
    
    
    61320,982
    
    
    
    16,153
  53




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Financial income and expense
 Thousand euro2010
    
    
    2009Financial incomeShares in equity instrumentsFrom third parties
    
    
    33
    
    
    
    77Marketable securities and other financial instrumentsFrom third parties
    
    
    1,530
    
    
    
    3,1941,563
    
    
    
    3,271Financial expensesPayables to third parties
    
    
    (14,864
    )
    
    
    (17,848
    )(14,864
    )
    
    
    (17,848
    )Change in fair value of financial instruments
    
    
    (824
    )
    
    
    (392
    )Impairment of financial instruments
    
    
    (691
    )
    
    
    40Gains/(losses) on exchange
    
    
    676
    
    
    
    2,008Financial income and expense
    
    
    (14,140
    )
    
    
    (12,921
    )
 16. Cash flows
 Cash flows from operating activities
 Thousand euro2010
    
    
    2009Profit/(loss) for the year before tax
    
    
    20,909
    
    
    
    13,507Adjustments:- Fixed asset depreciation
    
    
    20,982
    
    
    
    15,540- Impairment adjustments
    
    
    (3,237
    )
    
    
    10,839- Change in provisions
    
    
    
    
    
    
    2,153- Grants released to income
    
    
    (5,427
    )
    
    
    (2,451
    )- Change in trade provisions
    
    
    6,039
    
    
    
    (2,451
    )- Profit/(loss) on write-offs and disposals of fixed assets
    
    
    (195
    )
    
    
    2- Profit/ (loss) on write-offs and disposals of financial instruments
    
    
    691
    
    
    
    (40
    )- Financial income
    
    
    (1,563
    )
    
    
    (3,271
    )- Financial expenses
    
    
    14,864
    
    
    
    17,848- Exchange differences
    
    
    (683
    )
    
    
    (2,008
    )- Share in profits companies under the equity method
    
    
    (18
    )
    
    
    (1,272
    )- Change in fair value of financial instruments
    
    
    824
    
    
    
    39232,783
    
    
    
    37,732Changes in working capital:- Inventories
    
    
    2,481
    
    
    
    (566
    )- Debtors and other receivables
    
    
    (37,504
    )
    
    
    16,548- Other current assets
    
    
    6,783
    
    
    
    (8,018
    )- Creditors and other payables
    
    
    38,219
    
    
    
    (18,394
    )- Other current liabilities
    
    
    (9,899
    )
    
    
    30880
    
    
    
    (10,122
    )Other cash flows from operating activities:- Payment of interest
    
    
    (14,864
    )
    
    
    (17,848
    )- Collection of dividends
    
    
    
    
    
    
    2,190- Collection of interest
    
    
    1,563
    
    
    
    3,271- Corporate income tax income/(expense)
    
    
    (9,135
    )
    
    
    2,670- Other payments (collections)
    
    
    229
    
    
    
    (17
    )(22,207
    )
    
    
    (9,734
    )Cash flows from operating activities
    
    
    31,564
    
    
    
    31,383
  54




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Cash flows from investing activities
 Thousand euro2010
    
    
    2009Outflows on investments:- Group companies and associates
    
    
    (663
    )
    
    
    (322
    )- Intangible assets
    
    
    (9,005
    )
    
    
    (7,259
    )- Property, plant and equipment
    
    
    (9,025
    )
    
    
    (2,638
    )- Other financial assets
    
    
    (1,894
    )
    
    
    (3,418
    )(20,587
    )
    
    
    (13,637
    )Amounts collected from divestments- Group companies and associates
    
    
    236
    
    
    
    - Intangible assets
    
    
    780
    
    
    
    413- Property, plant and equipment
    
    
    1,790
    
    
    
    575- Other financial assets
    
    
    149
    
    
    
    402,955
    
    
    
    1,028Cash flows from investing activities
    
    
    (17,632
    )
    
    
    (12,609
    )
  55




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Cash flows from financing activities
 Thousand euro2010
    
    
    2009Collections and payments equity instruments- Issue of:- Equity instruments
    
    
    
    
    
    
    8,000- Grants, donations and bequests
    
    
    8,490
    
    
    
    5,8398,490
    
    
    
    13,839Collections and payments on financial liabilities:- Issue of:- Bank borrowings and other financial liabilities
    
    
    
    
    
    
    - Amounts payable to Group companies and associates
    
    
    
    
    
    
    - Return and repayment of:- Bank borrowings and other financial liabilities
    
    
    (8,929
    )
    
    
    (36,515
    )- Amounts payable to Group companies and associates
    
    
    152
    
    
    
    268(8,777
    )
    
    
    (36,247
    )Cash flows from financing activities
    
    
    (287
    )
    
    
    (22,408
    )
 17. Other information
 Contingencies
 Contingent liabilities
  Bank guarantees
   Guarantees under project contracts and module sales contracts
  Quality guarantee
   56




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
     Energy output guarantee
    Delivery period guarantee
    Power guarantee
 flash list
certificate
 Commitments
  Operating lease commitments
 Operating lease commitments (where the company is the lessee)
   57




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  Thousand euro2010
    
    
    2009Less than 1 year
    
    
    1,214
    
    
    
    901Between one and five years
    
    
    1,808
    
    
    
    2,546More than five years
    
    
    806
    
    
    
    3,828
    
    
    
    3,447
  Directors and Senior Management remuneration
 Remuneration of the members of the Board of Directors
   DIRECTOR
    
    SHAREHOLDINGEmilio José Ramos Gorostiza representing Axis
Participaciones Empresariales SGECR, S.A.
    
    NoneJon Imanol Azua Mendía
    
    NonePedro López Gorriz
    
    NoneEnrique Ranedo Fernández
    
    NoneFrancisco Gómez Zubeldia
    
    NoneJoseba Mikel Grajales Jiménez
    
    NonePablo Cantalicio Pantoja representing Cajasol
Inversiones de Capital, S.A.U. S.C.R.
    
    None
  58




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  DIRECTORS
    
    POSITIONEmilio José Ramos Gorostiza representing Axis
Participaciones Empresariales SGECR, S.A.
    
    NoneJon Imanol Azua Mendía
    
    NonePedro López Gorriz
    
    NoneEnrique Ranedo Fernández
    
    Director of Tecnohuertas, S.A.Francisco Gómez Zubeldia
    
    NoneJoseba Mikel Grajales Jiménez
    
    Director of Tecnohuertas, S.A.Pablo Cantalicio Pantoja representing Cajasol
Inversiones de Capital, S.A.U. S.C.R.
    
    Board Member of Activos Andaluces, S.A.Board Member of Cajasol Inversiones Inmobiliarias, S.A.
Board Member of Corporación Empresarial Cajasol, S.A.
  Senior Management compensation and loans
   Transactions with related parties
  Thousand euroIncome
    
    2010
    
    
    2009Sales
    
    
    659
    
    
    
    
 Acquisitions of goods and services
 Thousand euro2010
    
    
    2009Services received
    
    
    588
    
    
    
    585
   59




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 Environmental information
   Emission rights
    Thousand euroNumber
    
    
    (Note 5)Emission rights at 01/01/2009
    
    
    348,678
    
    
    
    7,778Disposal of rights used in 2008
    
    
    (322,729
    )
    
    
    (7,397
    )Transferred gratuitously
    
    
    348,678
    
    
    
    5,143Valuation adjustment
    
    
    
    
    
    
    190Emission rights at 31/12/2009
    
    
    374,627
    
    
    
    5,714Disposal of rights used in 2009
    
    
    (370,514
    )
    
    
    (5,677
    )Transferred gratuitously
    
    
    348,678
    
    
    
    4,462Valuation adjustment
    
    
    
    
    
    
    25Emission rights at 31/12/2010
    
    
    352,791
    
    
    
    4,523
  Number
    
    
    Thousand euroBalance at 01/01/2009
    
    
    321,355
    
    
    
    7,365Assessment 2008
    
    
    (321,355
    )
    
    
    (7,365
    )Emission rights used in 2009
    
    
    372,510
    
    
    
    5,688Balance at 31/12/2009
    
    
    372,510
    
    
    
    5,688Assessment 2009
    
    
    (372,510
    )
    
    
    (5,688
    )Emission rights used in 2010
    
    
    388,011
    
    
    
    5,034Balance at 31/12/2010
    
    
    388,011
    
    
    
    5,034
  60




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
  Number
    
    
    Thousand euroBalance at 01/01/2009
    
    
    28,458
    
    
    
    436Emission rights transferred in 2009
    
    
    348,678
    
    
    
    3,600Emission rights used in 2009
    
    
    (364,740
    )
    
    
    (3,914
    )Valuation adjustment and other
    
    
    (2,509
    )
    
    
    (37
    )Balance at 31/12/2009
    
    
    9,887
    
    
    
    85Emission rights transferred in 2010
    
    
    348,678
    
    
    
    3,124Emission rights used in 2010
    
    
    (341,888
    )
    
    
    (3,063
    )Valuation adjustment and other
    
    
    0
    
    
    
    0Balance at 31/12/2010
    
    
    6,790
    
    
    
    61
 Events after the balance sheet date
  Auditors fees
   61




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR 2010
(Thousand euro)
 18. Segmental information
  SegmentsAt 31 December 2010:
    
    
    
    
    
    ConsolidationItems
    
    Engines
    
    
    adjustments
    
    
    Energy
    
    
    ConsolidatedNet turnover:
    
    
    113,579
    
    
    
    (11,916
    )
    
    
    210,306
    
    
    
    311,969- Non-group customers
    
    
    101,663
    
    
    
    
    
    
    
    210,306
    
    
    
    311,969- Inter-segment
    
    
    11,916
    
    
    
    (11,916
    )
    
    
    
    
    
    
    Raw materials and consumables
    
    
    (60,197
    )
    
    
    
    
    
    
    (101,933
    )
    
    
    (162,130
    )Personnel expenses
    
    
    (13,107
    )
    
    
    
    
    
    
    (36,095
    )
    
    
    (49,202
    )Fixed asset depreciation
    
    
    (3,999
    )
    
    
    
    
    
    
    (16,983
    )
    
    
    (20,982
    )Losses, impairment and change in provisions
    
    
    974
    
    
    
    
    
    
    
    6,215
    
    
    
    7,189- Current
    
    
    974
    
    
    
    
    
    
    
    6,215
    
    
    
    7,189- Non-currentOperating results
    
    
    22,865
    
    
    
    
    
    
    
    15,073
    
    
    
    37,938Financial income
    
    
    157
    
    
    
    
    
    
    
    1,406
    
    
    
    1,563Financial expenses
    
    
    (1,195
    )
    
    
    
    
    
    
    (13,669
    )
    
    
    (14,864
    )Results from discontinued operations
    
    
    
    
    
    
    
    
    
    
    (2,907
    )
    
    
    (2,907
    )Profit before taxes
    
    
    21,701
    
    
    
    
    
    
    
    2,115
    
    
    
    23,816Segment assets
    
    
    131,772
    
    
    
    (45,565
    )
    
    
    331,690
    
    
    
    417,897Segment liabilities
    
    
    131,772
    
    
    
    (29,086
    )
    
    
    315,211
    
    
    
    417,897Net cash flows from:- Operation
    
    
    23,799
    
    
    
    652
    
    
    
    7,113
    
    
    
    31,564- Investment
    
    
    (6,278
    )
    
    
    (100
    )
    
    
    (11,254
    )
    
    
    (17,632
    )- Financing
    
    
    (16,435
    )
    
    
    18,081
    
    
    
    (1,933
    )
    
    
    (287
    )Acquisitions of non-current assets during the year
    
    
    6,030
    
    
    
    
    
    
    
    12,000
    
    
    
    18,030
   62




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix IA) Subsidiaries included in the consolidation scope
    
    1 of 2
 ShareholdingCost (**)% of
    
    
    (thousandName and address
    
    Activity
    
    par value
    
    
    euro)
    
    
    Group company holder
    
    AuditorConsumer goods  EngineDivisionGuascor Power, S.A. (Zumaia) (*)
    
    Industrial and marine engine manufacture and sale,
    
    
    100
    
    
    
    6,273
    
    
    Grupo Guascor, S.L.
    
    PwCGuascor Maroc, S.A. (Morocco)
    
    Marketing company
    
    
    100
    
    
    
    117
    
    
    Guascor, Power S.A.
    
    Guascor Argentina, S.A. (Argentina)
    
    Marketing company
    
    
    100
    
    
    
    67
    
    
    Guascor, Power S.A.
    
    Iglesias & AvocadosGuascor Power I+D, S.A. (Vitoria) (*)
    
    Engine research & development
    
    
    100
    
    
    
    4,889
    
    
    Guascor, Power S.A.
    
    PwCEngines Rental, S.A. (Uruguay)
    
    Engine rentals
    
    
    100
    
    
    
    
    
    
    Guascor, Power S.A.
    
    Engine Rental S.L.
    
    Engine rentals
    
    
    100
    
    
    
    3
    
    
    Guascor Power S.A.
    
    Guascor Venezuela
    
    Marketing company
    
    
    100
    
    
    
    30
    
    
    Guascor Power S.A.
    
    Electricity asset divisionGuascor Explotaciones Energéticas, S.A. (Vitoria) (*)
    
    Holding company
    
    
    100
    
    
    
    9,795
    
    
    Grupo Guascor, S.L.
    
    PwCDesimpacte de Purins Alcarrás, S.A. (Barcelona)
    
    Elimination of environmental impact of waste
    
    
    100
    
    
    
    849
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCDesimpacte de Purins Votreaga, S.A. (Barcelona)
    
    Elimination of environmental impact of waste
    
    
    100
    
    
    
    3,744
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCDesimpacte de Purins Corco, S.A. (Barcelona)
    
    Elimination of environmental impact of waste
    
    
    95
    
    
    
    856
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCDesimpacte de Purines Albornicon S.A. (Zaragoza)
    
    Elimination of environmental impact of waste
    
    
    99.99
    
    
    
    
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCEnviroil Vasca, S.A. (Vitoria) (*)
    
    Recovery of used oils
    
    
    99.99
    
    
    
    516
    
    
    Microenergia Vasca S.A.
    
    Microenergia Vasca, S.A. (Vitoria) (*)
    
    Holding company
    
    
    100
    
    
    
    1,712
    
    
    Grupo Guascor S.L.
    
    Desimpacte de Purines Eresma S.A. (Vallodlidad)
    
    Elimination of environmental impact of waste
    
    
    99.99
    
    
    
    700
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCDesimpacto de Purines Turégano, S.A. (Valladolid)
    
    Elimination of environmental impact of waste
    
    
    99.99
    
    
    
    1,270
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCGuascor Ingenieria S.A. (Vitoria) (*)
    
    Completion of turn-key plans and engineering works
    
    
    100
    
    
    
    60
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    Galicia Reciclado de Neumátiocos, S.A. (Vitoria) (*)
    
    Elimination of impact of used tyres
    
    
    100
    
    
    
    6,876
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    Guascor Empreendimentos Energéticos, Ltda. (Brazil)
    
    Holding company
    
    
    90
    
    
    
    127
    
    
    Grupo Guascor, S.L.
    
    Guascor Servicios do Brasil Ltda. (Brazil)
    
    Operation and maintenance
    
    
    60
    
    
    
    
    
    
    Guascor Empreendimentos Energéticos, Ltda.
    
    Jaguan, S.A. (Brazil)
    
    Generation hydraulic energy
    
    
    84.96
    
    
    
    20
    
    
    Guascor Servicios do Brasil, Ltda
    
    Terco Grant ThorntonGuascor do Brasil Ltda. (Brazil)
    
    Power generation in isolated areas
    
    
    90
    
    
    
    33,895
    
    
    Grupo Guascor, S.L.
    
    PwCDenesa Italia, S.R.L.
    
    Holding company
    
    
    100.0
    
    
    
    3
    
    
    Guascor Explotaciones Energéticas, S.A.Enviroil Italia, S.R.L. a (Italia)
    
    Recovery of used oils
    
    
    100
    
    
    
    616
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwC
  63




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix IA) Subsidiaries included in the consolidation scope
    
    2 of 2
 ShareholdingCost (**)% of
    
    
    (thousandName and address
    
    Activity
    
    par value
    
    
    euro)
    
    
    Group company holder
    
    AuditorGuascor Italia, S.P.A. (Italy)
    
    Holding company and landfill operation
    
    
    100
    
    
    
    4,765
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCRossano Energía, S.P.A. (Italy)
    
    Biomass energy
    
    
    100
    
    
    
    0
    
    
    Denesa Italia, S.R.L.
    
    PwCWind DivisionGuascor Wind, S.L. (*) (Vitoria)
    
    Promotion wind parks, manufacture wind equipment components
    
    
    89.68
    
    
    
    2,378
    
    
    Grupo Guascor, S.L.
    
    PwCEólica Cerro Colorado S.L. (Argentina)
    
    Wind park promotion
    
    
    60
    
    
    
    
    
    
    Guascor Wind, S.L.Eólica Pico Truncado S.L.(Argentina)
    
    Wind park promotion
    
    
    60
    
    
    
    276
    
    
    Guascor Wind, S.L.Guascor Wind Development S.L. (Vitoria) (*)
    
    Wind park promotion
    
    
    100
    
    
    
    3
    
    
    Guascor Wind, S.L.Guascor Wind Polska (Poland)
    
    Wind park promotion
    
    
    100
    
    
    
    2
    
    
    Guascor Wind, S.L.Guascor Wind Power S.L. (Vitoria)(*)
    
    Wind park promotion
    
    
    100
    
    
    
    3
    
    
    Guascor Wind, S.L.Guascor Wind do Brasil, Ltda (Brazil)
    
    Wind park promotion
    
    
    100
    
    
    
    
    
    
    Guascor Wind, S.L.Minuano Participaçoes Eolica Ltda.
    
    Wind park promotion
    
    
    75
    
    
    
    
    
    
    Guascor Wind do Brasil Ltda.Bioenergy DivisionEnergía Natural de la Mora, S.L.
    
    Biomass
    
    
    80
    
    
    
    3,000
    
    
    Grupo Guascor, S.L.Guascor Bionergía, S.L. (*)
    
    Bioenergy
    
    
    100
    
    
    
    3
    
    
    Grupo Guascor, S.L.Ingenieria y Biogas S.L. (Inbiogas)
    
    Bioenergy
    
    
    54
    
    
    
    2
    
    
    Guascor Bioenergia S.L.Services DivisionGuascor Servicios, S.A.
    
    Operation and maintenance services
    
    
    100
    
    
    
    4,500
    
    
    Guascor Explotaciones Energéticas, S.A.
    
    PwCSolar DivisionGuascor Solar Corporation, S.A. (Vitoria) (*)
    
    Holding company
    
    
    100
    
    
    
    7,116
    
    
    Grupo Guascor S.L.
    
    PwCGuascor Solar S.A. (Vitoria) (*)
    
    Installation and assembly of conventional panels
    
    
    100
    
    
    
    4,521
    
    
    Guascor Solar Corporation, S.A.
    
    PwC14 companies in Italy (see Appendix V)
    
    Solar photovoltaic
    
    
    10
    
    
    
    28
    
    
    Guascor Italia; Guascor Solar
    
    73 companies  solar parks (see Appendix V) (Vitoria) (*)
    
    Solar photovoltaic
    
    
    100
    
    
    
    243
    
    
    Guascor Solar, S.A.U.
    
    Guascor Fotón AGF, S.L(Vitoria)(*)
    
    Holding company
    
    
    100
    
    
    
    1,002
    
    
    Guascor Solar Corporation, S.A.
    
    Guascor Folton, S.L. (Ortuella, Vizcaya)
    
    Manufacture, installation and assembly of high concentration panels
    
    
    90
    
    
    
    
    
    
    Guascor Fotón AGF, S.L.
    
    PwCGuascor Promotora Solar, S.A. (Vitoria)(*)
    
    Promotion of renewable energies
    
    
    100
    
    
    
    60
    
    
    Guascor Solar Corporation, S.A.
    
    Axastse Solar, S.L. (Vitoria)(*)
    
    Promotion of renewable energies
    
    
    100
    
    
    
    3,005
    
    
    Guascor Solar Corporation, S.A.
    
    78 companies  solar parks without installation (see Appendix V) (Vitoria) (*)
    
    Solar photovoltaic
    
    
    100
    
    
    
    274
    
    
    Avastse Solar, S.L.
    
    Guascor Hellas (Greece
    
    Promotion of renewable energies
    
    
    80
    
    
    
    0
    
    
    Guascor Solar Corporation, S.A.
    
    Thesprotikos Ilios I to V (5 companies) (Greece)
    
    Exploitation of solar parks
    
    
    100
    
    
    
    90
    
    
    Guascor Solar Corporation, S.A.
    
    Guascor Solar Operación y Mantenimiento, S.L. (Vitoria)
    
    Operation and maintenance
    
    
    100
    
    
    
    3
    
    
    Guascor Solar Corporation, S.A.
    
    Conto Energia Spa (Italy)
    
    Marketing
    
    
    100
    
    
    
    61
    
    
    Guascor Solar Italia
    
    Huerta Solar 2007, S.L.
    
    Solar photovoltaic
    
    
    100
    
    
    
    10
    
    
    Guascor Promotora Solar, S.A.
    
    Guascor Solar do Brasil
    
    Promotion of renewable energies
    
    
    81.26
    
    
    
    
    
    
    Guascor Empreendimentos Energéticos, Ltda.
  64




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix IA) Subsidiaries included in the consolidation scope
    
    1 of 2
 ShareholdingCost (**)% of
    
    
    (thousandName and address
    
    Activity
    
    par value
    
    
    euro)
    
    
    Group company holder
    
    AuditorEmpresa de Reciclajes de Residuos
ambientales, S.A.(Vitoria)
    
    Waste recycling
    
    
    67
    
    
    
    12
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Purines Campillos, S.A. (Madrid)
    
    Elimination environmental impact of purines
    
    
    99.90
    
    
    
    60
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Purines
Fuentepelayo, S.A. (Valladolid)
    
    Elimination environmental impact of purines
    
    
    99.90
    
    
    
    60
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Purines
Ocholagunas, S.A. (Madrid)
    
    Elimination environmental impact of purines
    
    
    99.90
    
    
    
    60
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Purines Toconal,
S.A. (Valladolid)
    
    Elimination environmental impact of purines
    
    
    99.90
    
    
    
    60
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Purines Palomar,
S.A. (Segovia)
    
    Elimination environmental impact of purines
    
    
    99.90
    
    
    
    60
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Biomasa Martos S.A. (Desimpacto
de Purines Pinarejos, S.A.)
(Segovia)
    
    Elimination environmental impact of purines
    
    
    99.90
    
    
    
    60
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Purines Castileón,
S.A. (León)
    
    Elimination environmental impact of purines
    
    
    80
    
    
    
    12
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Purines Guardo, S.A.
(León)
    
    Elimination environmental impact of purines
    
    
    80
    
    
    
    12
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Neumáticos S.A.
(Vitoria) (*)
    
    Elimination environmental impact of used tyres
    
    
    100
    
    
    
    15
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Desimpacto de Neumáticos Murcia,
S.A. (Murcia)
    
    Elimination environmental impact of used tyres
    
    
    100
    
    
    
    
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Guascor Fotón Eresma S.A.
(Microenergía Castilla León, S.A.)
(Valladolid)
    
    Environmental impact elimination projects
    
    
    99.90
    
    
    
    15
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Sistemas y Nuevas energías, S.A.
(Vitoria)(*)
    
    Environmental impact elimination projects
    
    
    100
    
    
    
    15
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Anaia Global Renewable Energies
(Canadá)
    
    Renewable energies promotion
    
    
    50
    
    
    
    
    
    
    G.E.E.Empresa Nacional de Máquinas
Eléctricas S.A. (Venezuela)
    
    Engine assembly
    
    
    40
    
    
    
    14
    
    
    Guascor Power S.A.Generación Caribe S.A. (Cuba)
    
    Marketing company
    
    
    40
    
    
    
    99
    
    
    Guascor Power S.A.Guascor INC (USA)
    
    Marketing company
    
    
    100
    
    
    
    
    
    
    Guascor Power S.A.Guascor-Borja AIE
    
    Marketing company
    
    
    69.52
    
    
    
    86
    
    
    Microenergia 21, S.A.
  65




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix IA) Subsidiaries included in the consolidation scope
    
    2 of 2
 ShareholdingCost (**)% of
    
    
    (thousandName and address
    
    Activity
    
    par value
    
    
    euro)
    
    
    Group company holder
    
    AuditorEnviroil Castilla-León, S.A.
(Valladolid)
    
    Environmental impact elimination
projects
    
    
    100
    
    
    
    15
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Efis Tecnologic (Barcelona)
    
    Environmental impact elimination
projects
    
    
    100
    
    
    
    15
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Enermeda Procesos (Barcelona)
    
    Environmental impact elimination
projects
    
    
    100
    
    
    
    18
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Guascor México (México)
    
    Promotion of renewable energies
    
    
    50
    
    
    
    54
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Guascor Proyectos (Madrid)
    
    Engineering projects
    
    
    100
    
    
    
    15
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Iniciativas energéticas de Canarias,
S.A. (Canarias)
    
    Promotion of renewable energies
    
    
    80
    
    
    
    120
    
    
    Guascor Explotaciones
Energéticas, S.A.
    
    Microenergía XXI, S.A. (Gipuzkoa)(*)
    
    Cogeneration
    
    
    99.98
    
    
    
    450
    
    
    Guascor, Power S.A.
    
    SOCIEDAD ENERGÉTICA DEL 
CARIBE (Dominican Republic)
    
    Operation and maintenance
    
    
    100
    
    
    
    
    
    
    Guascor Servicios, S.A.
    
    Explotaciones y Mantenimientos
Integrales, S.L (Vizcaya)
    
    Operation and maintenance
    
    
    60
    
    
    
    30
    
    
    Guascor Servicios, S.A.
    
    
 (*)
    
    Companies forming part of tax consolidation group (Note 14.b)(**)
    
    Cost net of provisions and pending payments.  66




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix II1 of 1
 A) Associate companies included in the consolidation scope
 ShareholdingCost (**)% of
    
    
    (thousandName and address
    
    Activity
    
    par value
    
    
    euro)
    
    
    Group company holder
    
    AuditorArdora, S.A. (La Coruña)
    
    Marketing
    
    
    34.7
    
    
    
    44
    
    
    Guascor, Power S.A.
    
    Amonix Guascor Fotón
Solar, Llc. (USA)
    
    Manufacturer of photo receivers
    
    
    49
    
    
    
    
    
    
    Guascor Folton, S.L.
    
    
 Reason for Consolidation:
   67




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix IIIJointly-controlled companies
    
    1 of 1
 ShareholdingCost (**)% of
    
    
    (thousandName and address
    
    Activity
    
    par value
    
    
    euro)
    
    
    Group company holder
    
    AuditorSolar DivisionGate Solar, S.L. (Vitoria)
    
    Photovoltaic promotion
    
    
    50
    
    
    
    1,503
    
    
    Guascor Solar Corporation,
S.A.
    
    PwCGate Solar Gestión, S.L. (Vitoria)
    
    Management of wind farms
    
    
    100
    
    
    
    300
    
    
    Gate Solar, S.L.
    
    PwC1 company  solar park with
installation (see Appendix IV)
(Vitoria)
    
    Exploitation of solar parks
    
    
    100
    
    
    
    96
    
    
    Gate Solar, S.L.
    
    86 companies  solar parks without
installation (see Appendix I)
(Vitoria)
    
    Dormant
    
    
    100
    
    
    
    268
    
    
    Gate Solar, S.L.
    
    Hydrophytic, S.L. (Vitoria)
    
    Property leasing
    
    
    50
    
    
    
    92
    
    
    Guascor Promotora Solar,
S.A.Tusso Energía, S.L. (Sevilla)
    
    Promotion of renewable energies
    
    
    50
    
    
    
    831
    
    
    Guascor Promotora Solar,
S.A.
    
    18 companies  solar parks with
instalation (see Appendix IV)
(Seville)
    
    Exploitation of solar parks
    
    
    100
    
    
    
    54
    
    
    Tusso Energía, S.L.
    
    
 Reason for Consolidation:
   68




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix IVSolar parks with photovoltaic installation
    
    1 of 1
 ShareholdingCost (**)% of
    
    
    (thousandName and address
    
    Activity
    
    par value
    
    
    euro)
    
    
    Group company holder
    
    AuditorGATE SOLAR 32, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    TUSSOENERGíA I, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA II, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA III, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA IV, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA V, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA VI, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA VII, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA VIII, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA IX, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA X, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XI, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XII, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XIII, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XIV, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XV, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XVI, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XVII, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    TUSSOENERGíA XVIII, S.L.
    
    Exploitation of solar parks
    
    
    50
    
    
    
    3
    
    
    Tusso Energía, S.L.
    
    
  69




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix VSolar parks without photovoltaic installation
    
    1 of 5
 Shareholding% ofName and address
    
    Activity
    
    par value
    
    
    Cost
    
    
    Group company holder
    
    AuditorOPCIÓN FOTOVOLTAICA 1
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 2
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 3
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 4
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 5
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 6
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 7
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 8
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 9
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 10
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 11
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 12
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 13(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 15(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 17(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 22
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 25
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 26
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 27
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 28
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 29
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 30
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 31
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 32
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 33
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 34
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 35
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 36
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 37
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 38
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 39
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 40
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 41
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 42
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 43(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 44(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 45(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 46(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 47(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 48(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 49(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 50(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 51(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 52(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 53(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 54(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 55(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 56(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 57(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    
  70




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix VSolar parks without photovoltaic installation
    
    2 of 5
 Shareholding% ofName and address
    
    Activity
    
    par value
    
    
    Cost
    
    
    Group company holder
    
    AuditorOPCIÓN FOTOVOLTAICA 58(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 59(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 60(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 61(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 62(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 63(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 64(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 65(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 66(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 67(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 68(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 69(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 70(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 71(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 72(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 73(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 74(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 75(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 76(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 77(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 78(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 79(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 80(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    OPCIÓN FOTOVOLTAICA 81(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Guascor Solar, S.A.U.
    
    GLABRATE, S.L.U
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    ZELKOVA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    ZINGIBER SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    ZINNIA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    ZIZANIA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    PARROTIA, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    PAULOWNIA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    PELLIONIA, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    PELTANDRA, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    QUASSIA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    QUEKETTIA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    RESEDA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    RHEUM, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    RUELLIA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    RUMEX SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    RUSSELIA SOLAR, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES SAMIAC 32, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES SAMIAC 33, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES SAMIAC 34, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES SAMIAC 35, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES SAMIAC 36, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES SAMIAC 37, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES SAMIAC 38, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 1, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 2, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 3, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 4, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 5, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    
  71




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix VSolar parks without photovoltaic installation
    
    3 of 5
 Shareholding% ofName and address
    
    Activity
    
    par value
    
    
    Cost
    
    
    Group company holder
    
    AuditorINVERSIONES ORTOSA 9, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 14, S.L.(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 15, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 16, S.L.(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 17, S.L.(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 18, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 19, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 20, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 21, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 22, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 23, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 24, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 25, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 26, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 27, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 28, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 29, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 30, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 31, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ORTOSA 32, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 1, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 2, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 3, S.L.(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 4, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 5, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 6, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 7, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 8, S.L.(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 9, S.L.(*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 11, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 12, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 13, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 14, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 15, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 16, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 17, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 18, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 19, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 20, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 21, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 22, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 23, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 24, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 25, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES ANALCIMA 26, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES EUCLASA 34, S.L.
    
    
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES EUCLASA 35, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES EUCLASA 36, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    INVERSIONES EUCLASA 37, S.L.
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    
 (*)
    
    Companies in the process of merging  72




---



##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix VSolar parks without photovoltaic installation
    
    4 of 5
 Shareholding% ofName and address
    
    Activity
    
    par value
    
    
    Cost
    
    
    Group company holder
    
    AuditorINVERSIONES EUCLASA 38, S.L. (*)
    
    Dormant
    
    
    100
    
    
    
    3
    
    
    Avastse Solar, S.L.
    
    GATE FOTOVOLTAICA 1, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 2, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 3, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 4, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 5, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 6, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 7, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 8, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 9, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 10, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 11, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    JUNCIFORM S.L.U. (**)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    SAGITTARIA SOLAR, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    SALIX SOLAR, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    SALPIGLOSSIS, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    SANVITALIA SOLAR, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    SAPIUM SOLAR, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    SARRACENIA SOLAR, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    SASSAFRAS SOLAR, S.L.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    TARAXACUM, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    TETRAGONIA SOLAR, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    WOLFIA SOLAR, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    XERANTHEMUN, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    YUCCA FOTOVOLTAICA, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    ZAMIA SOLAR, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    ZANTEDESCHIA, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    RHOEO SOLAR
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    ROBINIA SOLAR, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    ROMNEYA SOLAR, S.L.U.
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 33, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 34, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 35, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 36, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 37, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 38, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 39, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 40, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 41, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 42, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 43, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 44, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 45, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE SOLAR 46, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 12, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 13, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 14, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 15, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 16, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 17, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 18, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 19, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 20, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 21, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 22, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    
 (*)
    
    Companies in the process of merging  73




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##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
    
    Appendix VSolar parks without photovoltaic installation
    
    5 of 5
 Shareholding% ofName and address
    
    Activity
    
    par value
    
    
    Cost
    
    
    Group company holder
    
    AuditorGATE FOTOVOLTAICA 23, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 24, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 25, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 26, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 27, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 28, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 29, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 30, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 31, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 32, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 33, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 34, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 35, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 36, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 37, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 38, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 39, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 40, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 41, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 42, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 43, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 44, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 45, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 46, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 47, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 48, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 49, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE FOTOVOLTAICA 50, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE HUERTA SOLAR 46, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE HUERTA SOLAR 47, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE HUERTA SOLAR 48, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE HUERTA SOLAR 49, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    GATE HUERTA SOLAR 50, S.L. (*)
    
    Dormant
    
    
    50
    
    
    
    3
    
    
    Gate Solar, S.L.
    
    OFFICINE SOLARI AQUILA
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI BARONE
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI BELLIEMI
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI BUANORRATI
    
    Solar promotion
    
    
    65
    
    
    
    3
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI CAMPOREALE
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI CUCHIARA
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI FRACCIA
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI KAGGIO
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI MONREALE
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI RUANO
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI SETTEFARINE
    
    Solar promotion
    
    
    65
    
    
    
    3
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI STRASSATO
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI VELIZ
    
    Solar promotion
    
    
    10
    
    
    
    2
    
    
    Guascor Italia; Guascor Solar
    
    OFFICINE SOLARI FABBRICA DEL SOLE
    
    Solar promotion
    
    
    30
    
    
    
    
    
    
    Guascor Italia
    
    
 (*)
    
    Companies in the process of merging  74




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##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 DIRECTORS REPORT FOR 2010
 Companys performance in 2010
  Financial risk management
  Market risk
 Interest rate risk
   Foreign exchange risk
  Price risk
  Credit risk
   75




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##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
  Liquidity risk
    Outlook for 2011
  Technological innovation activities
  Purchases of treasury shares
  Significant post-balance sheet events
   76




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##### 



GRUPO GUASCOR, S.L. AND SUBSIDIARIES
 PREPARATION OF THE CONSOLIDATED ANNUAL ACCOUNTS AND DIRECTORS REPORT FOR 2010
   /s/ JOSEBA MIKEL GRAJALES JIMENEZ
JOSEBA MIKEL GRAJALES JIMENEZ/s/ JON IMANOL AZUA MENDIA
JON IMANOL AZUA MENDIA/s/ PEDRO LOPEZ GORRIZ
PEDRO LOPEZ GORRIZ/s/ ENRIQUE RANEDO FERNANDEZ
ENRIQUE RANEDO FERNANDEZ/s/ EMILIO JOSÉ RAMOS GOROSTIZA
AXIS PARTICIPACIONES EMPRESARIALES SGECR, S.A.
represented by: EMILIO JOSÉ RAMOS GOROSTIZA/s/ FRANCISCO GÓMEZ-ZUBELDIA SÁNCHEZ
FRANCISCO GÓMEZ-ZUBELDIA SÁNCHEZ/s/ PABLO CANTALICIO PANTOJA
Cajasol Inversiones de Capital, S.A.U. S.C.R.
represented by: PABLO CANTALICIO PANTOJA
  77