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					              Legal Information
              Consolidated Financial Statements




                                Consolidated Financial
                                          Statements

               Entidad pública empresarial
        “Aeropuertos Españoles y Navegación Aérea”
                y sociedades dependientes
                           Consolidated Financial Statements
              for the year ended 31 December 2009 and Directors’ Report
      Translation of a report originally issued in Spanish based on our work performed in accordance with
      generally accepted auditing standards in Spain and of consolidated financial statements originally issued
      in Spanish and prepared in accordance with generally accepted accounting principles in Spain (see Notes 2
      and 20). In the event of a discrepancy, the Spanish-language version prevails.

                                 CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2009 AND 2008 (THOUSANDS OF EUROS)

                                                 ASSETS                               NOTES          2009            2008

      Non-current assets:
      Intangible assets-                                                               Nota 5            282,560        259,341
      Development expenditure                                                                               86,620          25,075
      Computer software                                                                                  123,196        103,601
      Other intangible assets                                                                               72,744      130,665
      Property, plant and equipment-                                                   Nota 6         15,876,444     15,080,629
      Land and buildings                                                                              10,120,382       9,033,535
      Plant and other items of property, plant and equipment                                           3,058,281       2,394,389
      Property, plant and equipment in the course of construction and advances                         2,697,781       3,652,705
      Investment property-                                                             Nota 7               90,805          93,732
      Buildings                                                                                             87,938          90,780
      Plant                                                                                                  2,867           2,952
      Non-current investments in associates-                                          Nota 9.1              79,758          74,605
      Investments accounted for using the equity method                                                     79,758          74,605
      Non-current financial assets                                                     Nota 9.2              61,570          61,181
      Deferred tax assets                                                            Nota 15.1           521,384        380,865
                                            Total non-current assets                                  16,912,521     15,950,353
      Current assets:
      Inventories                                                                     Nota 11                5,906           5,848
      Trade and other receivables-                                                                       505,447        497,633
      Trade receivables for sales and services                                                           374,344        387,306
      Companies accounted for using the equity method                                 Nota 9.2              11,532          10,715
      Sundry accounts receivable                                                                              719            8,251
      Employee receivables                                                                                   2,103           1,964
      Current tax assets                                                             Nota 15.1              23,677          16,038
      Other accounts receivable from public authorities                              Nota 15.1              93,072          73,359
      Current financial assets-                                                        Nota 9.3              16,620          37,471




290   Memoria 2009
                                                                                           Legal Information
                                                                             Consolidated Financial Statements




                             CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2009 AND 2008 (THOUSANDS OF EUROS)

                                          ASSETS                                  NOTES           2009                      2008

Loans to companies                                                                                        3,882                      2,571
Other current financial assets                                                                            12,738                     34,900
Current prepayments and accrued income                                                                    8,564                      8,135
Cash and cash equivalents                                                                                14,030                     10,725
                                          Total current assets                                        550,567                      559,812
                                             Total assets                                          17,463,088                 16,510,165




                         BALANCES DE SITUACIÓN CONSOLIDADOS A 31 DE DICIEMBRE DE 2009 Y 2008 (MILES DE EUROS)

                                 EQUITY AND LIABILITIES                            NOTES           2009                      2008

Equity:
Shareholders' equity-                                                               Nota 12          3,321,993                 3,698,903
Equity                                                                                               3,099,018                 3,099,018
Reserves of the parent-                                                                                  555,929                   741,834
Legal and bylaw reserves                                                                                 479,917                   496,044
Other reserves                                                                                           277,882                   282,457
Retained losses                                                                                      (201,870)                     (36,667)
Reserves at consolidated companies                                                                         (443)                     7,137
Reserves at companies accounted for using the equity method                                               13,349                    10,395
Loss for the year attributable to the parent-                                                        (345,860)                 (159,481)
Consolidated loss                                                                                    (343,908)                 (153,213)
Loss attributable to minority interests                                                                   (1,952)                   (6,268)
Valuation adjustments-                                                                                    (6,284)                   (8,201)
Hedges                                                                              Nota 10                1,221                     1,045
Translation differences of companies accounted for using the equity method          Nota 12               (7,505)                   (9,246)
Grants, donations or gifts and legacies received                                    Nota 12              422,038                   383,316
Minority interests                                                                  Nota 12               13,496                    18,126
                                              Total equity                                           3,751,243                 4,092,144
Non-current liabilities:
Long-term provisions-                                                              Nota 13.1             527,901                   465,668
Provisions for long-term employee benefit obligations                                                     410,957                   390,487
Provisions for environmental costs                                                                        97,433                    52,507
Other provisions                                                                                          19,511                    22,674
Non-current payables-                                                               Nota 14         10,160,928                 9,014,892
Bank borrowings and other financial liabilities                                                      10,155,044                 9,008,975
Obligations under finance leases                                                                            3,031                     3,450
Derivatives                                                                         Nota 10                  143                       109
Other financial liabilities                                                          Nota 14                2,710                     2,358
Deferred tax liabilities                                                           Nota 15.1             208,732                   192,087
Non-current accruals and deferred income                                                                   1,289                     1,351
                                      Total non-current liabilities                                 10,898,850                 9,673,998
Current liabilities:
Short-term provisions                                                              Nota 13.2             248,009                   277,753
Current payables-                                                                                    2,125,930                 2,010,750
Bank borrowings and other financial liabilities                                      Nota 14          1,029,729                     722,894
Obligations under finance leases                                                     Nota 14                  419               -
Other financial liabilities                                                                           1,095,782                 1,287,856
Current payables to group companies and associates-                                                               -                  2,000




                                                                                                                      Annual report 2009      291
              Legal Information
              Consolidated Financial Statements




                                 BALANCES DE SITUACIÓN CONSOLIDADOS A 31 DE DICIEMBRE DE 2009 Y 2008 (MILES DE EUROS)

                                          EQUITY AND LIABILITIES                                               NOTES                2009                  2008

       Payable to companies accounted for using the equity method                                               Nota 9.2                         -                2,000
       Trade and other payables-                                                                                                       439,033                  453,498
       Payable to suppliers                                                                                                                16,676                14,765
       Payable to suppliers - companies accounted for using the equity method                                   Nota 9.2                    1,251                   977
       Sundry accounts payable                                                                                                         239,758                  250,539
       Remuneration payable                                                                                                                87,421                78,562
       Current tax liabilities                                                                                Nota 15.1                     1,758                 3,093
       Other accounts payable to public authorities                                                           Nota 15.1                    54,901                56,789
       Customer advances                                                                                                                   37,268                48,773
       Current accruals and deferred income                                                                                                   23                     22
                                                   Total current liabilities                                                         2,812,995             2,744,023
                                                       Total liabilities                                                            17,463,088            16,510,165

      The accompanying Notes 1 to 20 are an integral part of the consolidated balance sheet at 31 December 2009.


                                         CONSOLIDATED INCOME STATEMENTS FOR 2009 AND 2008 (THOUSANDS OF EUROS)

                                        CONTINUING OPERATIONS                                                 NOTES                 2009                  2008

       Continuing operations
       Revenue                                                                                                Nota 16.A              2,991,389             3,112,683
       In-house work on non-current assets                                                                                                 58,076                72,341
       Procurements                                                                                           Nota 16.B              (114,134)              (131,405)
       Cost of raw materials and other consumables used                                                                                     (202)                (1,340)
       Work performed by other companies                                                                                              (113,926)             (130,065)
       Losses on impairment of raw materials and other consumables                                                                            (6)          -
       Other operating income                                                                                                              14,543                13,322
       Non-core and other current operating income                                                                                         12,763                11,905
       Income-related grants transferred to profit or loss                                                                                   1,780                 1,417
       Staff costs                                                                                                                  (1,310,631)           (1,296,357)
       Wages, salaries and similar expenses                                                                                         (1,098,170)           (1,089,715)
       Employee benefit costs                                                                                  Nota 16.C               (202,364)             (193,909)
       Provisions                                                                                                                      (10,097)                 (12,733)




                                                           CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
                                                     B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)

                                                                                                         REVALUATION                                  CONSOLIDATED
                                                        ASSIGNED EQUITY                                                        OTHER RESERVES
                                                                                BYLAW RESERVES              RESERVE                                  RESERVES OF THE       RETAINED LOSSES
                                                          AND ASSETS                                                            OF THE PARENT
                                                                                                          R,D,L, 7/1996                                  PARENT


       Balance at 2007 year-end                                3,099,018                 845,488                   273,417            -                         26,848           (26,444)
       Adjustments due to transition to new
                                                                  -                    (349,444)                   -                  -                    (17,743)              -
       spanish national chart of accounts
       Adjusted balance at beginning of 2008                      -                     -                          -                  -                     -                        -
       Total recognised income and expenses                    3,099,018                 496,044                   273,417            -                          9,105           (26,444)
       Dividends paid                                             -                         -                      -                  (11,407)              -                        -
       Other changes in equity                                    -                         -                      -                  -                         11,956               -
       Profit (loss) attributable to minority
                                                                  -                         -                      -                  -                           (53)               -
       interests
       Distribution of 2007 loss                                  -                         -                      -                  -                          (561)           (10,223)
       Balance at 2008 year-end                                3,099,018                 496,044                   273,417            (11,407)                  20,447           (36,667)


      The accompanying Notes 1 to 20 are an integral part of the consolidated statement of changes in equity at 31 December 2009.




292    Annual report 2009
                                                                                                                                   Legal Information
                                                                                                                     Consolidated Financial Statements




                                                     CONSOLIDATED INCOME STATEMENTS FOR 2009 AND 2008 (THOUSANDS OF EUROS)

                                                     CONTINUING OPERATIONS                                               NOTES              2009                        2008

                    Other operating expenses                                                                                                (1,079,168)                   (982,196)
                    Outside services                                                                                     Nota 16.D            (916,546)                   (855,405)
                    Taxes other than income tax                                                                                                       (97,439)                (92,902)
                    Losses on, impairment of and change in allowances for trade receivables                                                           (40,696)                (11,977)
                    Other current operating expenses                                                                                                  (24,487)                (21,912)
                    Depreciation and amortisation charge                                                              Notas 5. 6 y 7          (797,319)                   (704,322)
                    Allocation to profit or loss of grants related to non-financial non-current
                                                                                                                                                       26,737                  29,859
                    assets and other grants
                    Excessive provisions                                                                                                                4,862                    8,418
                    Impairment and gains or losses on disposals of non-current assets                                                             (16,139)                    (11,237)
                    Other gains or losses                                                                                                              (1,371)                 (1,073)
                    Profit from operations                                                                                                     (223,155)                       110,033
                    Finance income                                                                                                                      2,091                    2,547
                    From investments in equity instruments                                                                                              1,227                      144
                    From marketable securities and other financial instruments                                                                             864                    2,403
                    Finance costs                                                                                                             (284,667)                   (341,372)
                    On debts to third parties                                                                                                 (289,149)                   (395,875)
                    Interest cost relating to provisions                                                                                              (69,171)                (42,822)
                    Capitalisation of finance costs                                                                                                     73,653                  97,325
                    Change in fair value of financial instruments                                                              Nota 10                     (34)                      10
                    Exchange differences                                                                                                                (688)                      427
                    Impairment and gains or losses on disposals of financial instruments                                                       -                               (14,522)
                    Financial loss                                                                                       Nota 16.E            (283,298)                   (352,910)
                    Results of associates accounted for using the equity method                                            Nota 9.1                    14,431                  14,558
                    Loss before tax and investees                                                                                             (492,022)                   (228,319)
                    Income tax                                                                                           Nota 15.3                    148,114                  75,106
                    Loss for the year from continuing operations                                                                              (343,908)                   (153,213)
                    Consolidated loss for the year                                                                                            (343,908)                   (153,213)
                    Loss attributable to minority interests                                                                                            (1,952)                 (6,268)
                    Loss attributable to the parent                                                                                           (345,860)                   (159,481)

                   The accompanying Notes 1 to 20 are an integral part of the consolidated income statement at 31 December 2009.



                                            CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
                                      B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)
                      RESERVES OF                                                                                      GRANTS,
  RESERVES                                                           PROFIT (LOSS)
                       COMPANIES                                                                                      DONATIONS
  OF FULLY                                    TRANSLATION            FOR THE YEAR            VALUATION                                     MINORITY
                     ACCOUNTED FOR                                                                                   OR GIFTS AND                                   TOTAL EQUITY
CONSOLIDATED                                  DIFFERENCES           ATTRIBUTABLE TO         ADJUSTMENTS                                    INTERESTS
                    USING THE EQUITY                                                                                   LEGACIES
 COMPANIES                                                            THE PARENT
                        METHOD                                                                                         RECEIVED
         35,967                    6,284             (29,714)                     3,040                -                      -                   -                     4,233,904

     (28,471)                      2,413                 29,714              -                              1,541          338,992                    17,632                  (5,366)

     -                        -                      -                       -                         -                      -                   -                       -
          7,496                    8,697             -                            3,040                     1,541          338,992                    17,632            4,228,538
     -                        -                      -                     (159,481)                        (496)                 43,640               6,268             (121,476)
         (3,429)                  (8,527)            -                       -                     -                      -                           (5,869)                 (5,869)

          (363)                    (166)             -                       -                             (9,246)                  684                   95                  (9,049)

          3,433                   10,391             -                           (3,040)               -                      -                   -                       -
          7,137                   10,395             -                     (159,481)                       (8,201)         383,316                    18,126            4,092,144




                                                                                                                                                                 Annual report 2009      293
              Legal Information
              Consolidated Financial Statements




                                                           CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
                                                     B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)

                                                                                                         REVALUATION                                  CONSOLIDATED
                                                        ASSIGNED EQUITY                                                        OTHER RESERVES
                                                                                BYLAW RESERVES              RESERVE                                  RESERVES OF THE        RETAINED LOSSES
                                                          AND ASSETS                                                            OF THE PARENT
                                                                                                          R,D,L, 7/1996                                  PARENT


       Changes in accounting policies                             -                      -                       -                     -                    -                      -
       Adjusted balance at beginning of 2009                   3,099,018                 496,044                273,417                (11,407)                 20,447            (36,667)
          Total recognised income and expenses                    -                      -                       -                     (17,314)             -                      -
          Dividends paid                                          -                      -                       -                     -                        16,901             -
          Other changes in equity                                 -                      (16,127)                -                     -                         2,806             -
          Distribution of 2008 loss                               -                      -                       -                     -                        (6,968)          (165,203)
       Balance at 2009 year-end                                3,099,018                 479,917                273,417                (28,721)                 33,186           (201,870)

      The accompanying Notes 1 to 20 are an integral part of the consolidated statement of changes in equity at 31 December 2009.

                                           CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
                                 A) CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE (THOUSANDS OF EUROS)

                                                                                                               NOTES                2009                  2008

       A) Loss per income statement                                                                                                   (343,908)             (153,213)


       Income and expenses recognised directly in equity
       Arising from cash flow hedges                                                                             Nota 10                       411          -
       Grants, donations or gifts and legacies received                                                       Nota 12.g                    32,530                92,141
       Arising from actuarial gains and losses and other adjustments                                        Nota 13.1.a                 (24,735)                (16,295)
       Translation differences                                                                                  Nota 9.1                    1,741          -
       Tax effect                                                                                                                          (2,463)              (22,754)


       B) Total income and expenses recognised directly in equity                                                                           7,484                53,092
       Transfers to profit or loss
       Arising from cash flow hedges                                                                             Nota 10                     (160)                  (709)
       Grants, donations or gifts and legacies received                                                       Nota 12.g                 (26,737)                (29,859)
       Tax effect                                                                                                                           8,072                  9,213


       C) Total transfers to profit or loss                                                                                             (18,825)                 (21,355)


       Total recognised income and expense (A + B + C)                                                                                (355,249)             (121,476)
      The accompanying Notes 1 to 20 are an integral part of the consolidated statement of changes in equity at 31 December 2009.




                                    CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2009 AND 2008 (THOUSANDS OF EUROS)

                                                                                                                              EJERCICIO 2009           EJERCICIO 2008

       Cash flows from operating activities (I)                                                                                       170,176                    454,188
       Loss for the year before tax                                                                                                 (492,022)               (228,319)
       Adjustments for:                                                                                                             1,129,660              1,078,248
         - Depreciation and amortisation charge                                                                                      797,319                    704,322
         - Impairment losses                                                                                                          40,181                     14,481
         - Changes in provisions                                                                                                     124,089                     83,254
         - Recognition of lease premium                                                                                                    (23)                      (22)
         - Recognition of grants in profit or loss                                                                                    (26,737)                   (30,007)
         - Gains/losses on derecognition and disposal of non-current assets                                                           16,170                     12,357
         - Finance income                                                                                                             (2,076)                   (26,007)
         - Finance costs                                                                                                             261,509                    319,453
         - Exchange differences                                                                                                            688                       427




294    Annual report 2009
                                                                                                                                     Legal Information
                                                                                                                       Consolidated Financial Statements




                                              CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
                                        B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)
                      RESERVES OF                                                                                          GRANTS,
  RESERVES                                                             PROFIT (LOSS)
                       COMPANIES                                                                                          DONATIONS
  OF FULLY                                     TRANSLATION             FOR THE YEAR              VALUATION                                         MINORITY
                     ACCOUNTED FOR                                                                                       OR GIFTS AND                                        TOTAL EQUITY
CONSOLIDATED                                   DIFFERENCES            ATTRIBUTABLE TO           ADJUSTMENTS                                        INTERESTS
                    USING THE EQUITY                                                                                       LEGACIES
 COMPANIES                                                              THE PARENT
                        METHOD                                                                                             RECEIVED
     -                          -                      -                       -                        -                           34,666                -                              34,666
          7,137                     10,395             -                     (159,481)                      (8,201)             417,982                       18,126            4,126,810
     -                          -                      -                     (345,860)                       1,917                   4,056                     1,952             (355,249)
         (6,771)              (10,130)                 -                       -                        -                       -                             (6,657)                    (6,657)
         (1,053)                      638              -                       -                        -                       -                                 75                 (13,661)
            244                     12,446             -                       159,481                  -                       -                         -                          -
          (443)                     13,349             -                     (345,860)                      (6,284)             422,038                       13,496            3,751,243



                                                    CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2009 AND 2008 (THOUSANDS OF EUROS)

                                                                                                                                              EJERCICIO 2009                 EJERCICIO 2008

                      - Changes in fair value of financial instruments                                                                                            34                           (10)
                      - Other revenues and expenses                                                                                                     (95,925)                 -
                      - Results of associates accounted for using the equity method                                                                      14,431                  -
                    Changes in working capital                                                                                                          (94,124)                            2,945
                      - Inventories                                                                                                                            (64)                         1,171
                      - Trade and other receivables                                                                                                      43,624                          (29,555)
                      - Other current assets                                                                                                              1,461                           11,400
                      - Trade and other payables                                                                                                       (130,493)                          14,030
                      - Other current liabilities                                                                                                        (8,652)                            5,899
                    Other cash flows from operating activities                                                                                          (373,338)                     (398,686)
                      - Interest paid                                                                                                                  (368,654)                     (414,580)
                      - Dividends received                                                                                                                1,227                               144
                      - Interest received                                                                                                                      928                          7,025
                      - Income tax recovered (paid)                                                                                                      (6,839)                            8,725
                    Cash flows from investing activities (II)                                                                                       (1,686,812)                  (2,084,199)
                    Payments due to investment                                                                                                     (1,715,729)                  (2,123,536)
                      - Intangible assets                                                                                                               (89,440)                         (93,058)
                      - Property, plant and equipment                                                                                              (1,626,165)                   (2,030,053)
                      - Other financial assets                                                                                                                 (124)                         (425)
                    Proceeds from disposal                                                                                                               28,917                           39,337
                      - Intangible assets                                                                                                          -                                        1,573
                      - Property, plant and equipment                                                                                                     1,313                           15,588
                      - Other financial assets                                                                                                            27,604                           22,176
                    Cash flows from financing activities (III)                                                                                           1,520,629                     1,628,877
                    Proceeds and payments relating to equity instruments                                                                                 33,782                           92,141
                      - Grants, donations or gifts and legacies received                                                                                 33,782                           92,141
                    Proceeds and payments relating to financial liability instruments                                                                   1,486,847                     1,536,736
                      - Proceeds from issue of bank borrowings                                                                                         1,850,000                     1,786,429
                      - Repayment of bank borrowings                                                                                                   (354,351)                     (175,011)
                      - Repayment of borrowings from associates                                                                                          (2,000)                            2,000
                      - Other                                                                                                                            (6,802)                         (76,682)
                    Effect of foreign exchange rate changes (IV)                                                                                              (688)                           110
                    Net increase/decrease in cash and cash equivalents (I+II+III+IV)                                                                      3,305                           (1,024)
                    Cash and cash equivalents at beginning of year                                                                                       10,725                           11,749
                    Cash and cash equivalents at end of year                                                                                             14,030                           10,725
                   Las notas 1 a 19 descritas en la Memoria adjunta forman parte integrante del estado de flujos de efectivo consolidado correspondiente al ejercicio 2009.




                                                                                                                                                                        Annual report 2009           295
            Legal Information
            Consolidated Financial Statements




      1. GROUP ACTIVITIES                                          4. The design, execution, management and control
      AND STRUCTURE                                                   of investments in aeronautical telecommunications
                                                                      system infrastructures, facilities and networks, nav-
                                                                      igation aids and air traffic control.
      Entidad Pública Empresarial “Aeropuertos Españoles
      y Navegación Aérea (AENA)” (“AENA” or “the Enti-             5. The submission of proposals for the planning of
      ty”) was set up under Article 82 of State Budget Law            new airport and air navigation infrastructure and
      4/1990, of 29 June. It was effectively formed on 19             the modification of air space.
      June 1991 following the entry into force of its bylaws,
      which were approved by Royal Decree 905/1991, of             6. The development of security services at airports
      14 June.                                                        and control centres and participation in specific
                                                                      training relating to air transport and subject to the
      The Entity is structured as a public law entity attached        grant of official licenses, all without detriment to
      to the Ministry of Public Works with its own legal per-         the functions assigned to the Spanish Directorate-
      sonality independent from that of the State, and car-           General of Civil Aviation.
      ries on its business activity within the framework of
      the Government’s general transport policy.                   7. Equity investments in other companies or entities
                                                                      related to its activities that have a different object.
      Its bylaws, approved by Royal Decree 905/1991, of 14
      June, were subsequently amended by Royal Decree              Services were first provided at Spanish airports in No-
      1993/1996, of 6 September, Royal Decree 1711/1997,           vember 1991, and the provision of services relating
      of 14 November, and Royal Decree 2825/1998, of 23            to navigation aids and air traffic control commenced
      December.                                                    in November 1992, when the formation of the Entity
                                                                   was completed.
      Its company object, per its bylaws, is as follows:
                                                                   Aena is currently in the process of developing a new
      1. The organisation, management, coordination, op-           airport management model, the main components of
         eration, upkeep and administration of civilian pub-       which are as summarised:
         lic airports and of the related services, and the
         coordination, operation, upkeep and administra-           - Aena remains a public law entity with air navigation
         tion of civilian areas at air bases open to civil avia-   competencies, and is guaranteed the mechanisms re-
         tion traffic.                                              quired to carry out its obligations in relation to the se-
                                                                   curity, continuity, competitiveness and efficiency of the
      2. The design, execution, management and control             service, and the organisation of the work and an in-
         of investments in airport infrastructure and facili-      crease in its productivity.
         ties.
                                                                   - Creation of the state company, Aena Aeropuertos,
      3. The organisation, management, coordination,               S.A. to be responsible for the management of the cur-
         operation, upkeep and administration of aero-             rent airport network, in which Aena will hold at least
         nautical telecommunications system facilities and         70% of the share capital. This company will basical-
         networks, navigation aids and air traffic control.         ly be competent to render all airport services (except



296    Annual report 2009
                                                                                                    Legal Information
                                                                                      Consolidated Financial Statements




airport navigation services or those relating to other                        Aena Aeropuertos, S.A. will own the share capital and
state agencies such as customs or security, for exam-                         will continue to be assigned the assets and the debt.
ple), manage and maintain the airport infrastructure
corresponding to its scope of management, plan and                            The Entity’s registered office is in Madrid, at calle Ar-
execute new infrastructure required by airports, man-                         turo Soria, 109.
age public domain or state-owned assets composing
the airport and, consequently, manage all commercial                          Also, the Entity heads the Group composed of various
services and grant the instruments authorising these                          companies engaging mainly in the management of
services to be rendered by third parties.                                     airport infrastructure and consulting and engineering
                                                                              projects, particularly those relating to transport and its
- Creation of management subsidiaries with the same                           infrastructure.
competencies as Aena Aeropuertos, S.A. in airports
that have a high volume of traffic and are particularly                        Scope of consolidation
complex to manage, provided that it is economically
and financially feasible, with participation in the Board                      The list of subsidiaries and associates, together with
of Directors of autonomous community and local gov-                           the carrying amount of the ownership interests, in
ernments and chambers of commerce and in which                                thousands of euros, relating thereto is as follows:




                                                                                 OWNERSHIP INTEREST
     COMPANY AND
                                                                         %                                               CONSOLIDATION
      REGISTERED                   LINE OF BUSINESS                                       CARRYING
                                                                                                         OWNER OF           METHOD
        OFFICE                                                                           AMOUNT OF
                                                                                                        INVESTMENT
                                                                DIRECT       INDIRECT    INVESTMENT

SUBSIDIARIES:

                            Operation, maintenance,
Aena Desarrollo
                            management and
Internacional, S.A. (a)
                            administration of airport            100            -          83.184          Aena          Fully consolidated
Arturo Soria, 109 •
                            infrastructure and
Madrid
                            supplementary services.

                            Development, construction,
Centros Logísticos          management, operation and
Aeroportuarios, S.A.        maintenance of air cargo
(CLASA) (b) Edificio de      centres or equivalent centres
                                                                 100            -          24.137          Aena          Fully consolidated
Servicios Generales         at airports, and also as many
Aeropuerto de Madrid -      commercial activities as are
Barajas • Madrid            directly or indirectly related
                            thereto.

                            Performance of R&D&i activities
                            within the scope of ATM aimed
Centro de Referencia
                            at improving the services (in
Investigación, Desarrollo
                            particular security, capacity and                                          Aena Indirecto
e Innovación ATM. A.I.E.                                        66,66         10,18           480                        Fully consolidated
                            economic and environmental                                                    Ineco
(Crida) (b) Juan Ignacio
                            efficiency) of the Spanish Air
Luca de Tena, 14 • Madrid
                            Traffic Control system as an
                            integral part of a global system.




                                                                                                                        Annual report 2009    297
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              Consolidated Financial Statements




                                                                                              OWNERSHIP INTEREST
            COMPANY AND
                                                                                      %                                              CONSOLIDATION
             REGISTERED                     LINE OF BUSINESS                                             CARRYING
                                                                                                                      OWNER OF          METHOD
               OFFICE                                                                                   AMOUNT OF
                                                                                                                     INVESTMENT
                                                                             DIRECT       INDIRECT      INVESTMENT

       SUBSIDIARIES:

                                     Consulting and engineering
                                     projects and work with the
                                     possibility of operating in all
                                     sectors of economic activity,
       Ingeniería y Economía
                                     mainly in the fields of economic
       del Transporte S.A.
                                     and corporate studies,                   61,09           -             3.789       Aena         Fully consolidated
       (Ineco) (a) Paseo de la
                                     industrial engineering, civil
       Habana, 138 • Madrid
                                     engineering and environmental
                                     engineering, particularly
                                     relating to transport and its
                                     infrastructure.




                                                                                                   PARTICIPACIÓN
            COMPANY AND
                                                                                      %                                              CONSOLIDATION
             REGISTERED                     LINE OF BUSINESS                                             CARRYING
                                                                                                                      OWNER OF          METHOD
               OFFICE                                                                                   AMOUNT OF
                                                                                                                     INVESTMENT
                                                                             DIRECT       INDIRECT      INVESTMENT

       SOCIEDADES ASOCIADAS

       Restauración de
       Aeropuertos Españoles
                                     Operation of catering services                                                                       Equity
       S.A. (Raesa) (a)                                                       48,99           -              294        Aena
                                     at Madrid-Barajas airport.                                                                           method
       Aeropuerto de Madrid-
       Barajas • Madrid
       Aeropuertos Mexicanos         Operator of Grupo                                                                   Aena
                                                                                                                                          Equity
       del Pacífico S.A. de CV        Aeroportuario del Pacífico                   -         33,33           84.121      Desarrollo
                                                                                                                                          method
       (AMP) (a) • México DF         (GAP) airports.                                                                 Internacional
       ociedad Aeroportuaria
       de la Costa S.A. (Sacsa)                                                                                          Aena
                                                                                                                                          Equity
       (a) Aeropuerto Rafael         Operation of Cartagena airport.             -         37,89             690       Desarrollo
                                                                                                                                          method
       Núñez • Cartagena de                                                                                          Internacional
       Indias • Colombia
       Aeropuertos del
       Caribe, S.A. (Acsa) (a)                                                                                           Aena
                                     Operation of Barranquilla                                                                            Equity
       Aeropuerto Ernesto                                                        -          40               159       Desarrollo
                                     airport.                                                                                             method
       Cortissoz • Barranquilla                                                                                      Internacional
       • Colombia
       Aerocali, S.A. (b)
                                                                                                                         Aena
       Aeropuerto Alfons                                                                                                                  Equity
                                     Operation of Cali airport.                  -    33,34                 1.659      Desarrollo
       Bonilla • Aragón Cali •                                                                                                            method
                                                                                                                     Internacional
       Colombia

                                  Technological research and
       Tecnología e
                                  development, consulting
       Investigación Ferroviaria,                                                                                                         Equity
                                  services and technical                         -    29,93                 2.048       Ineco
       S.A. (Tifsa) (a) Paseo de                                                                                                          method
                                  assistance relating to the rail
       la Habana, 138 • Madrid
                                  transport industry.


      (a) Information obtained from the 2008 financial statements under preparation.
      (b) Information obtained from the audited 2008 financial statements.
      At 31 December 2009, none of these companies was listed on the stock market.




298    Annual report 2009
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                                                                  Consolidated Financial Statements




2. BASIS OF PRESENTATION                                    statements estimates were made by the Group compa-
                                                            nies’ directors in order to measure certain of the assets,
                                                            liabilities, income, expenses and obligations reported
A) FAIR PRESENTATION                                        herein. These estimates relate basically to the following:

The consolidated financial statements for 2008 were          • The assessment of possible impairment losses on
presented by the Chairman and General Manager of the            certain assets (see Note 4)
Parent from the accounting records of Entidad Pública
Empresarial “Aeropuertos Españoles y Navegación Aérea       • The useful life of property, plant and equipment
(AENA)” and of its subsidiaries (see Note 1), whose re-         and intangible assets (see Note 4)
spective financial statements are prepared by the direc-
tors of each company and are presented in accordance        • The calculation of provisions (see Note 13)
with Royal Decree 1514/2007 approving the Spanish Na-
tional Chart of Accounts and other applicable account-      • Revenue and the costs associated with contracts
ing legislation and, accordingly, they present fairly the       for the provision of services (see Note 4).
Group’s consolidated equity and financial position, the
results of its operations and its consolidated cash flows.   • The assumptions used in the actuarial calculation
                                                                of the liabilities for obligations to employees (see
These consolidated financial statements will be sub-             Note 13).
mitted for approval by the Board of Directors of the
Parent and it is considered that they will be approved      • The market value of certain financial instruments
without any changes. The financial statements for                (see Note 10).
2008 were approved by the Board of Directors of the
Parent at the meeting held on 24 June 2009.                 Although these estimates were made on the basis of
                                                            the best information available at 2009 year-end, events
                                                            that take place in the future might make it necessary
B) NON-OBLIGATORY ACCOUNTING                                to change these estimates (upwards or downwards) in
PRINCIPLES APPLIED                                          coming years. Changes in accounting estimates would
                                                            be applied prospectively.

These consolidated financial statements were prepared        In this regard, Royal Decree-Law 1/2010, of 5 February,
by taking into account all the obligatory accounting        regulating the provision of air traffic services, stipulat-
principles and standards with a significant effect here-     ing the obligations of civil providers of the aforemen-
on. All obligatory accounting principles were applied       tioned services, and setting specific working conditions
                                                            for civil air traffic controllers, provides, inter alia, that
                                                            until three years from its entry into force have elapsed,
C) ) KEY ISSUES IN RELATION TO THE                          the right to receive the Special Paid Leave (Licencia Es-
MEASUREMENT AND ESTIMATION                                  pecial Retribuida) is suspended, and no further em-
                                                            ployees may avail themselves of the aforementioned
OF UNCERTAINTY
                                                            situation, whether it has been already requested or
In preparing the accompanying consolidated financial         not. In addition, the bill which will regulate the pro-



                                                                                                     Annual report 2009    299
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            Consolidated Financial Statements




      vision of air traffic services is currently being drafted,      ken down in the related notes to the consolidated
      and its content could significantly affect the regime           financial statements.
      applicable to Special Paid Leave.

      At 31 December 2009, the Group had a working capital           F) CHANGES IN ACCOUNTING POLICIES
      deficiency of EUR 2,262 million and a loss for the year of
      EUR 344 million. In order to meet its investment commit-       In 2009 the Parent recognised an increase of EUR
      ments and settle its liabilities, the Group has credit lines   34,666 thousand in the EU grants recognised in equity,
      and undrawn loans of EUR 1,674 million (see Note 14), in       since they met the requirements to be considered re-
      addition to the cash flows that will be generated in 2009.      fundable as a result of the approval of Ministry of Econ-
      Also, under the “Framework Agreement to finance the             omy and Finance Order EHA/733/2010, of 25 March,
      Strategic Plan for Infrastructures and Transport” (PEIT)       approving accounting matters relating to public-sector
      between the Ministry of Public Works and the European          companies operating in specific circumstances. Pursu-
      Investment Bank (EIB) of 4 July 2006, the Parent may opt       ant to this Order, the Company opted not to adapt the
      to arrange supplementary financing of EUR 600 million           comparative information to the new policies.
      subject to the EIB’s positive assessment of the projects for
      which the financing is requested. In view of the forego-
      ing, the Parent’s directors consider that it will not have     G) CORRECTION OF ERRORS
      any difficulties in fulfilling its obligations.
                                                                     The Parent recognised adjustments of EUR 13,082
      The Group carried out the relevant impairment tests            thousand in the accompanying financial statements
      according to the procedure described in Note 4-a,              for the following items:
      which did not disclose any material impairment losses.
                                                                     - The impact of filing supplementary income tax re-
                                                                     turns for prior years in 2009, which gave rise to a neg-
      D) COMPARATIVE INFORMATION                                     ative adjustment in equity of EUR 9,412 thousand (see
                                                                     Note 13.1).
      The information relating to 2008 included in these
      notes to the consolidated financial statements is pre-          - The difference between the provision for income tax
      sented exclusively for comparison purposes with the            payable recognised in 2008 and the income tax return
      information for 2009.                                          that was finally settled in 2009. Consequently, equi-
                                                                     ty decreased by EUR 3,670 thousand (see Note 13.1).


      E) GROUPING OF ITEMS
                                                                     H) CONSOLIDATION METHODS
      Certain items in the consolidated balance sheet, con-
      solidated income statement, consolidated statement             The consolidation was carried out, in accordance with
      of changes in equity and consolidated statement of             current legislation, by applying the following methods:
      cash flows are grouped together to facilitate their
      understanding; however, whenever the amounts in-               1.   Companies over which “Aeropuertos Españoles y
      volved are material, the obligatory information is bro-             Navegación Aérea (AENA)” exercises control are



300    Annual report 2009
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                                                                    Consolidated Financial Statements




     deemed to be subsidiaries. The financial state-           Standardisation of accounting principles
     ments of the subsidiaries are fully consolidated.
     In 2009 Ingeniería y Economía del Transporte             In order to uniformly present the items included in the
     S.A., Centros Logísticos Aeroportuarios S.A., Ae-        accompanying consolidated financial statements, the
     na Desarrollo Internacional S.A. and Centro de           same methods were applied to all the companies in-
     Referencia Investigación, Desarrollo e Innovación        cluded in the scope of consolidation.
     ATM, A.I.E. were in this position.
                                                              Minority interests
2.   Companies over which the Entity has the capac-
     ity to exercise significant influence are deemed to        The share of third parties in the equity and profit/loss
     be associates. These companies are accounted for         of companies that were fully consolidated is shown
     using the equity method. In 2009 Restauración de         under “Equity - Minority Interests” in the consolidated
     Aeropuertos Españoles S.A., Tecnología e Inves-          balance sheet and under “Loss Attributable to Minor-
     tigación Ferroviaria S.A., Aeropuertos Mexicanos         ity Interests” in the accompanying 2009 consolidated
     del Pacífico S.A. de CV, Aeropuertos del Caribe           income statement, respectively.
     S.A., Sociedad Aeroportuaria de la Costa S.A. and
     Aerocali S.A. were in this position.                     Translation methods (year-end rate method)

In all cases the financial statements of the Group com-        The financial statements of the Colombian associates
panies used in the process of consolidation are those         Aeropuertos del Caribe S.A., Sociedad Aeroportuaria
for the year ended 31 December 2009.                          de la Costa S.A. and Aerocali S.A. and the Mexican
                                                              associate Aeropuertos Mexicanos del Pacífico S.A. de
The profit or loss on the transactions of companies that       CV were translated to euros at the exchange rates rul-
were acquired or disposed of was included from the date       ing at year-end, by applying the following procedure:
of acquisition or up to the date of disposal, respectively.
                                                              1.   The asset and liability items of the foreign com-
For the purposes of the accompanying consolidated fi-               pany were translated at the exchange rate ruling
nancial statements, the date of first-time consolidation            at the reporting date of the company in question.
for each subsidiary was deemed to be that on which it
joined the Group. The date of first-time consolidation         2.   The equity items of the foreign company were
for the subsidiary CRIDA, which was consolidated for               translated at the historical exchange rates prevail-
the first time after the date of transition, was deemed             ing at the date on which the item was included in
to be the date on which control was obtained.                      the company’s equity.

Balances and transactions between companies                   3.   Income-statement items were translated at the
included in the scope of consolidation                             average exchange rate for the year.

Material transactions and accounts receivable and payable     The differences accumulated at the date of transi-
between Entidad Pública Empresarial “Aeropuertos Espa-        tion as a result of the application of this translation
ñoles y Navegación Aérea (AENA)” and its subsidiaries at      method were deemed to be reserves of the investor.
31 December 2009 were eliminated on consolidation.            The translation differences arising in the year were



                                                                                                     Annual report 2009   301
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            Consolidated Financial Statements




                                                                                                                   %
      included under “Equity – Valuation Adjustments” in
                                                                   Development expenditure                              25
      the accompanying balance sheet at 31 December
                                                                   Computer software                                 17-25
      2009.
                                                                   Other intangible assets                         12.5-25



      I) CHANGES IN THE SCOPE OF                                   Development expenditure, specifically itemised by
      CONSOLIDATION                                                project, which is, or will foreseeably be economically
                                                                   and financially profitable and technically successful, is
      In 2009 there were no changes to the scope of con-           capitalised and amortised over a period of four years
      solidation.                                                  from the date of completion. If there are changes in
                                                                   the favourable circumstances of the project that made
                                                                   it possible to capitalise these expenses, the unamor-
                                                                   tised portion is charged to income in the year in which
      3. ALLOCATION OF LOSS                                        these conditions change.

      The allocation of the loss for 2009 submitted by the         “Computer Software” relates to the amounts paid to
      Chairman – General Manager of the Company, per the           acquire and develop certain computer programmes.
      bylaws, is as follows:                                       Computer software maintenance costs are recognised
                                                                   with a charge to the income statement for the year in
                                           THOUSANDS OF EUROS
                                                                   which they are incurred.
      BASIS OF ALLOCATION:
                                                      (352,899)
      Loss for the year
      APPROPRIATION TO:                                            The Parent capitalises mainly its airports’ Master Plans
                                                      (352,899)
      Retained losses                                              and the related studies under “Other Intangible As-
                                                                   sets”, which are amortised over eight years.

                                                                   The same policies as those indicated for property, plant
      4.MEASUREMENT BASES                                          and equipment are also applicable in relation to the
                                                                   capitalisation of finance costs, in-house work, replace-
      The principal measurement bases applied by the Company       ments or renewals and the recognition of gains or loss-
      and its Subsidiaries (AENA Group) in preparing their con-    es on disposals.
      solidated financial statements for 2009, in accordance with
      the Spanish National Chart of Accounts, were as follows:     The gain or loss arising from the disposal of an asset
                                                                   is calculated as the difference between the sale price
                                                                   and carrying amount of the asset and is recognised in
      A) INMOVILIZACIONES INTANGIBLES                              the income statement.

      Intangible assets are recognised at acquisition, pro-        The charge to the 2009 consolidated income state-
      duction cost or their saleable assignment value. Am-         ment relating to the amortisation of intangible as-
      ortisation is calculated on a straight-line basis based      sets amounted to EUR 41,845 thousand (EUR 48,161
      on the useful lives of the related assets at the fol-        thousand in 2008)(see Note 5).
      lowing rates:



302    Annual report 2009
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Impairment of intangible assets and property,              • Management prepares a business plan each year
plant and equipment                                           (Pluriannual Action Plan) which generally spans a
                                                              period of three years. The main components of this
Whenever there are indications of impairment or at            plan, on which the impairment test is based, are
the end of each reporting period in the case of good-         as follows:
will and intangible assets with indefinite useful lives,
the Group tests the non-current and intangible assets         − Earnings projections.
for impairment to determine whether the recoverable
amount of the assets has been reduced to below their          − Investment and working capital projections.
carrying amount.
                                                           • Otras variables que influyen en el cálculo del valor
The Group makes a distinction between cash-gener-             recuperable son:
ating assets and non-cash-generating assets. Cash-
generating assets are items of property, plant and            − Tipo de descuento a aplicar, entendiendo éste
equipment, intangible assets or property owned to ob-           como la media ponderada del coste de capital,
tain a profit or generate a commercial return through            siendo las principales variables que influyen en
the delivery of goods or the provision of services while        su cálculo, el coste de los pasivos y los riesgos
non-cash-generating assets are items owned for a                específicos de los activos.
purpose other than to obtain a commercial return. On
certain occasions, even if an asset is held mainly to         − Tasa de crecimiento de los flujos de caja em-
produce social economic flows that benefit the group,             pleada para extrapolar las proyecciones de flu-
it can also generate a commercial return through part           jos de efectivo más allá del período cubierto
of its installations or components or through a use             por los presupuestos o previsiones.
both incidental and different to its main use. When the
cash-generating component or use can be considered         • The Pluriannual Action Plans are prepared in accor-
accessory with respect to the main objective of the as-       dance with the best estimates available and are ap-
set as a whole, or it cannot be operated or exploited         proved by the Board of Directors.
independently from the rest of the components and
installations composing the asset, it is considered as a   If an impairment loss has to be recognised, the Group
whole to be non-cash-generating.                           reduces the carrying amount of the assets in the cash
                                                           generating unit down to the limit of the highest of the
Recoverable amount is the higher of fair value less        following values: fair value less costs to sell; value in
costs to sell and value in use.                            use (or, in the case of non-cash-generating assets, de-
                                                           preciated replacement cost); and zero.
The Parent performs impairment tests as follows:
                                                           If an impairment loss were to subsequently reverse,
• The recoverable amounts are calculated for each          the carrying amount of the asset or cash-generating
   cash generating unit; for the whole airport net-        unit would be increased to the revised estimate of its
   work and all the air traffic control centres and tow-    recoverable amount, but so that the increased carry-
   ers through which the air traffic control service is     ing amount does not exceed the carrying amount that
   provided.                                               would have been determined had no impairment loss



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      been recognised in prior years. Such a reversal of an          determined on the basis of in-house materials consump-
      impairment loss would be recognised as income.                 tion, direct labour and general manufacturing costs).

      In 2009 no material impairment losses were detected            Replacements or renewals of complete items that lead
      as a result of the preceding analysis.                         to a lengthening of the useful life of the assets or to an
                                                                     increase in their economic capacity are accounted for
                                                                     as additions to property, plant and equipment, and the
      B) PROPERTY, PLANT AND EQUIPMENT                               items replaced or renewed are derecognised.

      Property, plant and equipment are presented in the con-        Periodic maintenance, upkeep and repair expenses are
      solidated balance sheet and are measured at acquisition        recognised in the income statement on an accrual ba-
      cost, production cost or saleable assignment value less        sis as incurred.
      any accumulated depreciation and any accumulated im-
      pairment losses, as indicated in the previous note.            The Group depreciates its property, plant and equipment
                                                                     once they are ready for use by the straight-line method
      Assigned property, plant and equipment are measured            apportioning the carrying amount of the assets over their
      at their saleable value, which is considered to be the         estimated useful lives, except in the case of land, which is
      actual value in use based on an independent appraisal          considered to have an indefinite useful life and is there-
      since, given that they are assigned to the Parent’s assets,    fore not depreciated. The useful life of the assigned prop-
      no consideration, which would have enabled the acqui-          erty, plant and equipment was estimated on the basis
      sition cost to be determined, was paid.                        of the degree of use of the assets included under each
                                                                     heading. The years of estimated useful life are as follows:
      Property, plant and equipment additions and purchas-
                                                                                                                     YEARS
      es made by the Group are measured at acquisition or
                                                                     Buildings                                            20-50
      production cost and include the environmental costs re-        Plant                                                10-20
      quired to make them.                                           Machinery                                               5-25
                                                                     Other fixtures                                           8-20
      Property, plant and equipment additions prior to 31 De-        Furniture                                            10-13

      cember 1996 are measured at revalued cost or initial ap-       Other items of property, plant and equipment            4-17

      praisal value, pursuant to the related enabling legislation.
                                                                     Additionally, when the realisable value of an asset is
      Interest and other finance costs incurred, directly attrib-     less than its carrying amount, and the difference is not
      utable to the acquisition or construction of assets at the     considered to be final, an allowance is recognised for
      various airports, which necessarily require a period of        the difference. However, if the decrease in value is irre-
      at least 12 months to come into operation, are treated         versible the cost of the asset is reduced directly.
      as an addition to the related assets. The assets not in-
      cluded in the airport network do not include the finance        Upkeep and maintenance expenses are expensed
      costs related to their financing.                               when incurred. The costs of renewals, expansion or
                                                                     improvements leading to increased capacity, produc-
      In-house work on non-current assets is measured at             tivity or to a lengthening of the useful lives of the as-
      accumulated cost (external costs plus in-house costs,          sets are capitalised.



304    Annual report 2009
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                                                                 Consolidated Financial Statements




The charge to the 2009 consolidated income state-          include contingent rent, costs for services and taxes
ment relating to the depreciation of property, plant       to be paid by and reimbursed to the lessor. The to-
and equipment amounted to EUR 752,072 thousand             tal finance charges arising under the lease are allocat-
(EUR 653,153 thousand in 2008)(see Note 6).                ed to the consolidated income statement for the year
                                                           in which they are incurred using the effective interest
                                                           method. Contingent rent is recognised as an expense
C) INVESTMENT PROPERTY                                     for the period in which it is incurred.

“Investment Property” in the consolidated balance          In particular, the subsidiary Aena Desarrollo Inter-
sheet includes the value of buildings, other structures    nacional arranged a finance lease which meets the
and fixtures held to earn rentals.                          abovementioned characteristics, with BBVA acting as
                                                           the lessor (see the characteristics of the financing in
Investment property is measured as described in Note       Note 14), the purpose of which is the acquisition of
4-b on property, plant and equipment.                      an automated flight inspection system (console), at a
                                                           cost of EUR 3,551 thousand, which is recognised un-
The charge to the 2009 consolidated income state-          der “Property, Plant and Equipment – Other Items of
ment relating to the depreciation of investment prop-      Property, Plant and Equipment” in the accompanying
erty amounted to EUR 3,402 thousand (EUR 3,008             consolidated balance sheet at 31 December 2009 (see
thousand in 2008)(see Note 7).                             Note 6). The subsidiary Aena Desarrollo Internacional
                                                           is depreciating this asset over its estimated useful life,
                                                           i.e. over approximately ten years.
D) LEASES
                                                           Operating leases
Leases are classified as finance leases whenever the
terms of the lease transfer substantially all the risks    Lease income and expenses from operating leases cor-
and rewards incidental to ownership of the leased as-      responding to the lessee are recognised in the consoli-
set to the lessee. All other leases are classified as op-   dated income statement on an accrual basis.
erating leases.
                                                           The acquisition cost of the leased assets is presented
Finance leases                                             in the consolidated balance sheet according to the na-
                                                           ture of the asset, increased by the costs directly at-
In finance leases in which the Group acts as the lessee,    tributable to the lease, which are recognised as an
the cost of the leased assets is presented in the con-     expense over the lease term, applying the same meth-
solidated balance sheet, based on the nature of the        od as that used to recognise lease income.
leased asset, and, simultaneously, a liability is recog-
nised for the same amount. This amount is the lower        Any collection or payment that might be made when
of the fair value of the leased asset and the present      arranging an operating lease will be treated as a pre-
value, at the inception of the lease, of the agreed min-   paid lease collection or payment which will be allocat-
imum lease payments, including the price of the pur-       ed to profit or loss over the lease term.
chase option when it is reasonably certain that it will
be exercised. The minimum lease payments do not



                                                                                                  Annual report 2009    305
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      E) FINANCIAL INSTRUMENTS                                    e) Available-for-sale financial assets: these are equity
                                                                     instruments of other companies that were not clas-
      E-1) FINANCIAL ASSETS                                          sified in any of the aforementioned categories.
      Classification
                                                                  Initial recognition
      The financial assets held by the Group are classified in
      the following categories:                                   Financial assets are initially recognised at the fair value
                                                                  of the consideration given, plus any directly attribut-
      a) Loans and receivables: financial assets arising from      able transaction costs.
         the rendering of services in the ordinary course of
         the Group’s business, or financial assets which, not      Subsequent measurement
         having commercial substance, are not equity instru-
         ments or derivatives, have fixed or determinable          Loans and receivables and held-to-maturity invest-
         payments and are not traded in an active market.         ments are measured at amortised cost.
         The directors of the Company and its subsidiaries do
         not foresee any problems with regard to the recov-       Available-for-sale financial assets are measured at fair
         ery of these assets.                                     value and the gains and losses arising from changes
                                                                  in fair value are recognised in equity until the asset
      b) Held-to-maturity investments: debt securities with       is disposed of or it is determined that it has become
         fixed maturity and determinable payments that are         (permanently) impaired, at which time the cumula-
         traded in an active market and which the Group has       tive gains or losses previously recognised in equity are
         the positive intention and ability to hold to the date   recognised in the net profit or loss for the year.
         of maturity. The Group had not made any invest-
         ments of this nature at 31 December 2009.                At least at each reporting date the Group tests finan-
                                                                  cial assets not measured at fair value through profit or
      c) Held-for-trading financial assets: assets acquired        loss for impairment. Objective evidence of impairment
         with the intention of selling them in the short term     is considered to exist when the recoverable amount of
         and assets that form part of a portfolio for which       the financial asset is lower than its carrying amount.
         there is evidence of a recent actual pattern of short-   When this occurs, the impairment loss is recognised in
         term profit-taking. This category also includes fi-        the consolidated income statement.
         nancial derivatives that are not financial guarantees
         (e.g. suretyships) and that have not been designated     In particular, and with respect to the valuation adjust-
         as hedging instruments.                                  ments relating to trade and other receivables, impair-
                                                                  ment losses are calculated in order to cover the risks of
      d) Deposits and guarantees correspond mainly to             doubtful debts and insolvency relating to balances of
         the guarantees given to the public authorities of        a certain age and for which the related circumstances
         the various autonomous communities by virtue             recommend their classification as doubtful debts.
         of the Law on Urban Leases and to the depos-
         its given as a result of the compulsory purchases        The Group derecognises a financial asset when it ex-
         made for the purpose of construction work at             pires or when the rights to the cash flows from the
         various airports.                                        financial asset have been transferred and substan-



306    Annual report 2009
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                                                                   Consolidated Financial Statements




tially all the risks and rewards of ownership of the         In order for this financial instrument to qualify for hedge
financial asset have been transferred, such as in the         accounting, it was initially designated as such and the
case of firm asset sales, sales of financial assets un-        hedging relationship was documented. Also, the Group
der an agreement to repurchase them at fair value            verifies, both at inception and periodically over the term
and the securitisation of financial assets in which           of the hedge (at least at the end of each reporting pe-
the transferor does not retain any subordinated              riod), that the hedging relationship is effective, i.e. that
debt, provide any kind of guarantee or assume any            it is prospectively foreseeable that the changes in the
other kind of risk.                                          fair value or cash flows of the hedged item (attributable
                                                             to the hedged risk) will be almost fully offset by those
However, the Group does not derecognise financial as-         of the hedging instrument and that, retrospectively, the
sets and recognises a financial liability for an amount       gain or loss on the hedge was within a range of 80-
equal to the consideration received in transfers of fi-       125% of the gain or loss on the hedged item.
nancial assets in which substantially all the risks and
rewards of ownership are retained.                           In a cash flow hedge, the portion of the gain or loss
                                                             on the hedging instrument that has been determined
                                                             to be an effective hedge is recognised temporari-
E-2) FINANCIAL LIABILITIES                                   ly in equity and is recognised in the consolidated in-
                                                             come statement in the same period during which the
e-2) Financial liabilities                                   hedged item affects profit or loss, unless the hedge
                                                             relates to a forecast transaction that results in the rec-
Financial liabilities include accounts payable by the        ognition of a non-financial asset or a non-financial li-
Group that have arisen from the purchase of goods            ability, in which case the amounts recognised in equity
or services in the normal course of business and those       are included in the initial cost of the asset or liability
which, not having commercial substance, cannot be            when it is acquired or assumed.
classed as derivative financial instruments.
                                                             Hedge accounting is discontinued when the hedging in-
Accounts payable are initially recognised at the fair        strument expires or is sold, terminated or exercised, or
value of the consideration received, adjusted by the         no longer qualifies for hedge accounting. At that time,
directly attributable transaction costs. These liabilities   any cumulative gain or loss on the hedging instrument
are subsequently measured at amortised cost.                 recognised in equity is retained in equity until the forecast
                                                             transaction occurs. If a hedged transaction is no longer
                                                             expected to occur, the net cumulative gain or loss recog-
F) HEDGE ACCOUNTING                                          nised in equity is transferred to net profit or loss for the
                                                             year and the amount thereof is recognised as financial
The Group uses derivative financial instruments to            profit or loss in the consolidated income statement.
hedge the risks to which its business activities, op-
erations and future cash flows are exposed. These
risks arise mainly as a result of changes in exchange        G) INVENTORIES
rates. Within the framework of these transactions,
the Group has a cash flow hedging instrument as de-           Inventories include spare parts and sundry materials at
scribed in Note 10.                                          the Central Warehouses and the Parent’s Logistics Sup-



                                                                                                      Annual report 2009     307
            Legal Information
            Consolidated Financial Statements




      port Centre, and are initially measured at cost (weight-   The deferred tax expense or income relates to the rec-
      ed average cost). Acquisition cost is based on historic    ognition and derecognition of deferred tax assets and li-
      cost for items identified in the purchases books. Sub-      abilities. These include temporary differences measured
      sequently, if the net realisable value of the invento-     at the amount expected to be payable or recoverable on
      ries is lower than the acquisition cost, the appropriate   differences between the carrying amounts of assets and
      write-downs will be made. If the circumstances caus-       liabilities and their tax bases, and tax loss and tax credit
      ing the inventories to be written down ceased to ex-       carryforwards. These amounts are measured at the tax
      ist, the amount of the write-down would be reversed.       rates that are expected to apply in the period when the
                                                                 asset is realised or the liability is settled.


      H) FOREIGN CURRENCY                                        Deferred tax liabilities are recognised for all taxable tem-
      TRANSACTIONS                                               porary differences, except for those arising from the initial
                                                                 recognition of goodwill or of other assets and liabilities in
      The Group’s functional currency is the euro. There-        a transaction that is not a business combination and af-
      fore, transactions in currencies other than the euro are   fects neither accounting profit (loss) nor taxable profit (tax
      deemed to be “foreign currency transactions” and are       loss), and except for those associated with investments
      recognised by applying the exchange rates prevailing       in subsidiaries, associates and joint ventures in which the
      at the date of the transaction.                            Parent is able to control the timing of the reversal of the
                                                                 temporary difference and it is probable that the tempo-
      At the end of each reporting period, monetary assets       rary difference will not reverse in the foreseeable future.
      and liabilities denominated in foreign currencies are
      translated to euros at the rates then prevailing.          Deferred tax assets are recognised to the extent that
                                                                 it is considered probable that the Parent will have tax-
      Any exchange differences arising on settlement or          able profits in the future against which the deferred
      translation at the closing rates of monetary items are     tax assets can be utilised.
      recognised in the consolidated income statement for
      the year.                                                  Deferred tax assets and liabilities arising from trans-
                                                                 actions charged or credited directly to equity are also
                                                                 recognised in equity.
      I) INCOME TAX
                                                                 The deferred tax assets recognised are reassessed at
      Tax expense (tax income) comprises current tax ex-         the end of each reporting period and the appropri-
      pense (current tax income) and deferred tax expense        ate adjustments are made to the extent that there are
      (deferred tax income).                                     doubts as to their future recoverability. Also, unrecog-
                                                                 nised deferred tax assets are reassessed at the end of
      The current income tax expense is the amount payable       each reporting period and are recognised to the extent
      as a result of income tax settlements for a given year.    that it has become probable that they will be recov-
      Tax credits and other tax benefits, excluding tax with-     ered through future taxable profits.
      holdings and pre-payments, and tax loss carryforwards
      from prior years effectively offset in the current year    Since 2005, the Parent, as head of the AENA Group,
      reduce the current income tax expense.                     has filed consolidated tax returns with certain subsid-



308    Annual report 2009
                                                                               Legal Information
                                                                 Consolidated Financial Statements




iaries as they meet the requirements established in this   claims and incentives which are considered likely, pro-
connection.                                                vided that the latter can be measured reliably.

The companies which form the tax group, together           Also, the costs of these contracts include the costs
with the Company in 2009 are as follows:                   directly related to the agreement, the costs related
                                                           to the general activity of the contract which may be
1. Aena Desarrollo Internacional, S.A.                     charged to the contract and any other cost which may
                                                           be passed on to the customer under the terms and
2. Centros Logísticos Aeroportuarios, S.A.                 conditions of the agreement. Contract costs also in-
                                                           clude those incurred during the negotiation thereof if
                                                           they can be identified and measured reliably, provided
J) REVENUE AND EXPENSES                                    that the client is likely to accept the contract.

Revenue and expenses are recognised on an accrual          The revenue and costs of a services contract are recog-
basis, i.e. when the actual flow of the related goods       nised by taking into consideration its stage of comple-
and services occurs, regardless of when the resulting      tion at the reporting date, when the result thereof can
monetary or financial flow arises.                           be estimated reliably. In this respect:

Revenue from the rendering of services is recognised       - In fixed price contracts, this circumstance occurs
by reference to the stage of completion of the transac-    when the amount of revenue, the stage of comple-
tion at the end of the reporting period, provided that     tion, the attributable costs and those still to be in-
the outcome of the transaction can be estimated re-        curred can be measured reliably; the attributable costs
liably.                                                    can be clearly identified so that the actual costs in-
                                                           curred can be compared with the estimated costs and
Interest income from financial assets is recognised us-     it is probable that the economic benefits associated
ing the effective interest method and dividend income      with the contracts will flow to the entity.
is recognised when the shareholder’s right to receive
payment has been established. Interest and dividends       - In cost plus contracts, revenue and expenses are
from financial assets accrued after the date of acquisi-    recognised when the costs attributable to the con-
tion are recognised as consolidated income.                tracts, whether or not specifically reimbursable, can be
                                                           clearly identified and measured reliably and it is prob-
The necessary administrative authorisation was not         able that the economic benefits associated with the
obtained for certain staff costs incurred and recog-       contracts will flow to the entity.
nised in 2008 and in prior years.
                                                           The subsidiary INECO measures the stage of comple-
Contracts for the provision of services                    tion of the contracts in accordance with the costs in-
                                                           curred.
The revenue from the services contracts of the subsid-
iary INECO includes the initial amount of the agreed       The changes in forecast contract revenue and expens-
revenue, any amendments to the scope of the work           es are recognised prospectively in the current year and
included in the agreement and the amounts related to       in future years as a change in estimates.



                                                                                                Annual report 2009   309
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            Consolidated Financial Statements




      Expected losses on construction contracts are recog-         whereby a portion of the risk has been externalised as
      nised as an expense immediately.                             a result of which the Group is not liable.

                                                                   The main estimates made by the Group were as follows:
      K) ) PROVISIONS
      AND CONTINGENCIES                                            Provision for taxes

      In preparing its consolidated financial statements, the       “Provision for Taxes” relates to the amount of tax
      Group distinguishes between:                                 debts whose exact amount or date of payment can-
                                                                   not be determined yet, since they depend on the ful-
      a. Provisions: credit balances covering present ob-          filment of certain conditions. Provisions are recognised
         ligations arising from past events with respect to        in accordance with the best estimates available.
         which it is probable that an outflow of resources
         embodying economic benefits that is uncertain as           Provisions for third-party liability
         to its amount and/or timing will be required to set-
         tle the obligations; and.                                 “Provisions for Third-Party Liability” corresponds to
                                                                   the estimated amount required for probable or certain
      b. Contingent liabilities: possible obligations that         liability arising from litigation in progress and indemni-
         arise from past events and whose existence will           ty payments or obligations of undetermined amount.
         be confirmed only by the occurrence or non-oc-             This provision is recognised when the liability arises
         currence of one or more future events not wholly          and in accordance with best estimates based on avail-
         within the Group’s control.                               able information.

      The consolidated financial statements include all             Provisions for employment
      the provisions with respect to which it is considered        benefit obligations acquired
      that it is more likely than not that the obligation
      will have to be settled. Contingent liabilities are not      The cost of the obligations arising from employee ben-
      recognised in the consolidated financial statements,          efit obligations is recognised on an accrual basis, in ac-
      but rather are disclosed to the extent that they are         cordance with the best estimate calculated using the
      deemed possible.                                             data available to the Group.

      Provisions are measured at the present value of the          The Group undertakes to make long-term defined
      best possible estimate of the amount required to settle      contribution and long-term defined benefit payments
      or transfer the obligation to a third party. Where dis-      to its employees. Defined contribution benefits will
      counting is used, adjustments made to provisions are         give rise to liabilities due to benefits when there are
      recognised as interest cost on an accrual basis.             accrued contributions payable at year-end. Under de-
                                                                   fined benefit obligations, the amount of the provision
      The compensation to be received from a third party on        to be recognised is the difference between the present
      settlement of the obligation is recognised as an asset,      value of the obligations assumed and the fair value
      provided that there are no doubts that the reimburse-        of the possible assets relating to the obligations with
      ment will take place, unless there is a legal relationship   which the latter will be settled.



310    Annual report 2009
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                                                                   Consolidated Financial Statements




L) TERMINATION BENEFITS                                      N) GRANTS, DONATIONS
Under current employment legislation, the Group is re-       OR GIFTS AND LEGACIES RECEIVED
quired to pay termination benefits to employees termi-        Non-refundable grants, donations or gifts and lega-
nated under certain conditions. Termination benefits          cies related to assets are recognised as such when
that can be reasonably quantified are recognised as an        there is a specific agreement relating to the award
expense in the year in which the decision to terminate       of the grant, the conditions established for the
the employment relationship is taken. The directors of       award of the grant have been met and there are no
the Company and its subsidiaries do not foresee any          reasonable doubts in relation to the award thereof.
terminations in the future that might make it neces-         Since 2009 -in the case of grants awarded for the
sary to recognise a provision in this connection.            construction of assets the execution of which has
                                                             not yet been completed- grants have been classified
                                                             as non-refundable in proportion the construction
M) ACTIVITIES WITH AN                                        work completed provided that there are no reason-
ENVIRONMENTAL IMPACT                                         able doubts that the construction will be completed
                                                             in accordance with the terms and conditions estab-
Se considera actividad medioambiental cualquier op-          lished in the concession agreement (see Note 2-f). In
eración cuyo propósito principal sea prevenir, reducir o     general, they are measured at the fair value of the
reparar el daño sobre el medio ambiente.                     amount or the asset granted and are initially recog-
                                                             nised as income net of tax recognised directly in eq-
Environmental activities are those the purpose of            uity and are allocated to profit or loss in proportion
which is to prevent, reduce or redress damage to the         to the period depreciation on the assets for which
environment.                                                 they were granted, except in the case of non-depre-
                                                             ciable assets, the grants for which are allocated to
In this respect, investments made in connection with         profit or loss in the year in which the assets are dis-
environmental activities are measured at acquisition         posed of or impairment losses are recognised. Gov-
cost and are capitalised as an addition to non-current       ernment grants to compensate costs are recognised
assets in the year in which they are made, using the         in profit or loss on a systematic basis over the peri-
methods described in Note 4-b.                               ods in which the Group recognises as expenses the
                                                             related costs for which the grants are intended to
The expenses arising from environmental protection           compensate.
and enhancement measures are charged to income in
the year in which they are incurred, regardless of when      Refundable grants, donations or gifts and legacies re-
the resulting monetary or financial flow arises.               ceived are recognised as liabilities of the company until
                                                             they become non-refundable or are repaid.
The provisions for probable or certain third-party liabil-
ity, litigation in progress and outstanding environmen-      Grants related to income are credited to income when
tal indemnity payments or obligations of undetermined        granted, unless their purpose is to finance losses from
amount not covered by the insurance policies taken           operations in future years, in which case they are allo-
out are recognised, where appropriate, when the lia-         cated to income in those years. If grants are received
bility or obligation giving rise to the indemnity or pay-    to finance specific expenses, they are allocated to in-
ment arises, as described in Note 4-k.                       come as the related expenses are incurred.



                                                                                                    Annual report 2009   311
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              Consolidated Financial Statements




      O) RELATED PARTY TRANSACTIONS                                       ed and, therefore, the directors of the Company and
      The Company and its subsidiaries perform all their                  its subsidiaries consider that there are no material risks
      transactions with related parties on an arm’s length                in this connection that might give rise to significant li-
      basis. Also, the transfer prices are adequately support-            abilities in the future.



      5. INTANGIBLE ASSETS
      The changes in intangible assets in 2009 and 2008 were as follows:

      2009                                                                THOUSANDS OF EUROS

                                     Development Expenditure         Other Intangible Assets Computer Software         Total
      Cost:
      Balance at 1 January 2009                          34,522                     262,217              298,262        595,001
      Additions                                          17,576                      21,993               54,304         93,873
      Disposals / reductions                                   -94                    -1,042             -21,029        -22,165
      Transfers (Note 6)                                 44,792                     -74,858                2,730        -27,336
      Balance at 31 December 2009                        96,796                     208,310              334,267        639,373
      Accumulated amortisation:
      Balance at 1 January 2009                           -9,447                   -131,552             -194,661       -335,660
      Amortisation charge                                  -790                       -4,248             -36,807        -41,845
      Disposals / reductions                                   34                        19               20,430         20,483
      Transfers (Note 6)                                       27                       215                  -33           209
      Balance at 31 December 2009                        -10,176                   -135,566             -211,071       -356,813
      Net:                                               86,620                      72,744              123,196        282,560


      2008                                                                   MILES DE EUROS

                                     Development Expenditure         Other Intangible Assets   Computer Software       Total
      Cost:
      Balance at 1 January 2008                          57,259                     238,825              258,885        554,969
      Additions                                          13,766                      39,404               41,223         94,393
      Disposals / reductions                                     -                     -780                -5,316        -6,096
      Transfers (Note 6)                                 -36,503                    -15,232                3,470        -48,265
      Balance at 31 December 2008                        34,522                     262,217              298,262        595,001
      Accumulated amortisation:
      Balance at 1 January 2008                           -9,750                   -117,997             -166,752       -294,499
      Amortisation charge                                 -1,425                    -13,982              -32,754        -48,161
      Disposals / reductions                                     -                       13                4,850          4,863
      Transfers (Note 6)                                  1,728                         414                    -5         2,137
      Balance at 31 December 2008                         -9,447                   -131,552             -194,661       -335,660
      Net:                                               25,075                     130,665              103,601        259,341




312    Annual report 2009
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                                                                            Consolidated Financial Statements




Main additions                                                    Fully amortised intangible assets

The main additions in 2009 and 2008 to “Comput-                   A 31 de diciembre de 2009 existe inmovilizado in-
er Software” related to acquisitions and to improve-              tangible en uso con un coste original de 276,98
ments to and the development of new technology for                millones de euros (258,55 millones de euros a 31
computer software, in particular in relation to naviga-           de diciembre de 2008), que está totalmente amor-
tion and airport central services.                                tizado. El detalle de los ejercicios 2009 y 2008 es el
                                                                  siguiente:
The main additions to “Other Intangible Assets” in
                                                                                                           THOUSANDS OF EUROS
2009 and 2008 related to technical assistance associ-
                                                                                                              2009        2008
ated with the Master Plans for Barcelona-El Prat airport.
                                                                   Development expenditure                      4,396       7,319
                                                                   Computer software                         135,657      128,390
In 2009 the Parent capitalised EUR 5.02 million (EUR
                                                                   Computer software                         136,924      122,839
3.04 million in 2008) relating to finance costs incurred
                                                                   Total                                     276,977      258,548
during the development period of intangible assets.




6. PROPERTY, PLANT AND EQUIPMENT
The changes in “Property, Plant and Equipment” in 2009 and 2008 were as follows:



                                                                    THOUSANDS OF EUROS

                                                                                      PROPERTY,
                                                                     OTHER                          OTHER ITEMS
2009                              LAND AND       PLANT AND         FIXTURES,
                                                                                      PLANT AND
                                                                                                    OF PROPERTY,
                                                                                    EQUIPMENT IN                        TOTAL
                                  BUILDINGS      MACHINERY        TOOLS AND                          PLANT AND
                                                                                    THE COURSE OF
                                                                  FURNITURE                          EQUIPMENT
                                                                                    CONSTRUCTION

Cost:

Balance at 1 January 2009           11,680,537      1,682,676        2,528,256          3,652,705        346,856        19,891,030

Additions                              273,877         56,963         114,823           1,122,372         32,310         1,600,345

Disposals / reductions                 -66,910        -37,751          -20,127            -30,231         -12,628         -167,647

Transfers (Note 5)                   1,231,559        143,531         662,884          -2,047,065         36,427           27,336

Balance at 31 December 2009         13,119,063 1,845,419        3,285,836               2,697,781        402,965        21,351,064

Accumulated depreciation:

Balance at 1 January 2009           -2,647,002       -904,064         -991,882            -              -267,453       -4,810,401

Depreciation charge                   -377,316       -127,971         -197,963            -               -48,822         -752,072

Disposals / reductions                  25,873         32,235              17,463         -               12,491           88,062




                                                                                                              Annual report 2009     313
              Legal Information
              Consolidated Financial Statements




                                                                                 THOUSANDS OF EUROS

                                                                                                  PROPERTY,
                                                                                  OTHER                          OTHER ITEMS
      2009                             LAND AND            PLANT AND            FIXTURES,
                                                                                                  PLANT AND
                                                                                                                 OF PROPERTY,
                                                                                                EQUIPMENT IN                     TOTAL
                                       BUILDINGS           MACHINERY           TOOLS AND                          PLANT AND
                                                                                                THE COURSE OF
                                                                               FURNITURE                          EQUIPMENT
                                                                                                CONSTRUCTION

      Transfers (Note 5)                          -236                282                -773         -                   518            -209

      Balance at 31 December 2009         -2,998,681              -999,518       -1,173,155           -               -303,266   -5,474,620

      Net:                               10,120,382               845,901         2,112,681         2,697,781          99,699    15,876,444


                                                                                 THOUSANDS OF EUROS

                                                                                                  PROPERTY,
                                                                                  OTHER                          OTHER ITEMS
      2008                             LAND AND            PLANT AND            FIXTURES,
                                                                                                  PLANT AND
                                                                                                                 OF PROPERTY,
                                                                                                EQUIPMENT IN                     TOTAL
                                       BUILDINGS           MACHINERY           TOOLS AND                          PLANT AND
                                                                                                THE COURSE OF
                                                                               FURNITURE                          EQUIPMENT
                                                                                                CONSTRUCTION

      Cost:

      Balance at 1 January 2008          11,074,613              1,617,484        2,374,907         2,379,598         330,474    17,777,076

      Additions                                342,325             39,339           67,629          1,700,933          20,517     2,170,743

      Disposals / reductions                   -27,995             -33,111          -27,573               -308         -16,067     -105,054

      Transfers (Note 5)                       291,594             58,964          113,293           -427,518          11,932       48,265

      Balance at 31 December 2008        11,680,537 1,682,676                2,528,256              3,652,705         346,856    19,891,030

      Accumulated depreciation:

      Balance at 1 January 2008           -2,311,677              -815,287         -853,765           -               -242,603   -4,223,332

      Depreciation charge                  -342,243               -106,828         -162,103           -                -41,979     -653,153

      Disposals / reductions                     7,514             20,697           23,979            -                16,031       68,221

      Transfers (Note 5)                          -596              -2,646                  7         -                 1,098        -2,137

      Balance at 31 December 2008         -2,647,002              -904,064         -991,882           -               -267,453   -4,810,401

      Net:                                9,033,535               778,612         1,536,374         3,652,705          79,403    15,080,629



      The detail of the value of the buildings and land relat-                 At 2009 and 2008 year-end, the subsidiary Aena De-
      ing to the properties owned by the Group at the end                      sarrollo Internacional had arranged a finance lease
      of 2009 and 2008 is as follows:                                          with BBVA (see Notes 8 and 14) on an automated
                                                                               flight inspection system (console) which is recognised
                                       THOUSANDS OF EUROS
                  PROPERTY                                                     under “Other Items of Property, Plant and Equipment
                                        2009              2008
                                                                               – Computer Hardware”.
      Land                             3,346,024          3,249,883
      Buildings                        9,773,039          8,430,654
                                                                               Also, on 5 July 2007, the subsidiary Aena Desarrollo In-
      Total                           13,119,063         11,680,537
                                                                               ternacional acquired an aircraft for EUR 2,590 thousand



314    Annual report 2009
                                                                                Legal Information
                                                                  Consolidated Financial Statements




which was financed by a loan granted by “La Caixa”          Land and buildings
amounting to EUR 3,000 thousand (see Note 14). This
aircraft is recognised under “Other Items of Property,     In accordance with the accounting principle of pru-
Plant and Equipment – Transport Equipment”.                dence, the Parent capitalises the land compulsorily
                                                           purchased to carry out construction projects in prog-
As described in Note 4-b, in prior years, the Parent re-   ress at the airports for the amount of just compen-
valued its property, plant and equipment pursuant to       sation estimated to be established for the land. This
various legal regulations, in particular, Royal-Decree-    amount is charged against a provision for contingen-
Law 7/1996, of 7 June.                                     cies and charges recognised for the amount payable
                                                           (see Note 13.2). Land additions amounting to EUR 25
The cost of the cumulative revaluations at 31 Decem-       million relate mainly to the land acquired to extend the
ber 2009 and 31 December 2008, performed pursu-            Córdoba airport.
ant to Royal Decree-Law 7/1996, of 7 June, amounted
to EUR 262.47 million and EUR 267.09 million, respec-      The main additions to “Buildings” in 2009 relate to
tively. At 31 December 2009, the accumulated depre-        assets of the Barcelona-El Prat airport, where the new
ciation amounted to EUR 159.74 million, and its effect     Terminal 1 entered into service in June 2009.
on period depreciation amounted to EUR 3,82 million
(At 31 December 2008 amounted to EUR 155.92 mil-           Property, plant and equipment
lion and EUR 7.82 million respectively).                   in the course of construction

Interest expenses incurred in 2009 totalling EUR 68.63     The main additions in 2009 relate to the extensions of
million (EUR 94.28 million in 2008)were capitalised in     the Barcelona-El Prat and Palma de Mallorca airports.
relation to the financing of property, plant and equip-
ment in the course of construction and EUR 11.29 mil-      Plant and other items of property, plant and equipment
lion (EUR 14.09 million in 2008) were capitalised in
relation to in-house work performed by the Parent on       The additions in 2009 related mainly to the installa-
its property, plant and equipment.                         tions required to start up the new terminal at the Bar-
                                                           celona-El Prat airport and the increased capacity of the
In relation to capitalised finance costs, the Parent con-   automatic baggage-handling system at Madrid-Bara-
siders that the purpose of all its non-current loans is    jas airport.
to finance investment. The interest accrued is capital-
ised as an addition to these assets in proportion to the   2008
property, plant and equipment in the course of con-
struction taken as a percentage of the total cost of the   The main additions recognised in 2008 were as follows:
investment in the year.
                                                           Land and buildings
Non-current asset additions
                                                           In accordance with the accounting principle of pru-
2009                                                       dence, the Parent capitalises the land compulsorily
                                                           purchased to carry out construction projects in prog-
The main additions recognised in 2009 were as fol-         ress at the airports for the amount of just compen-
lows:                                                      sation estimated to be established for the land. This


                                                                                                 Annual report 2009   315
             Legal Information
             Consolidated Financial Statements




      amount is charged against a provision for contingen-       Impairment
      cies and charges recognised for the amount payable
      (see Note 13.2). Land additions amounting to EUR 174       2009
      million relate mainly to the land acquired to extend the
      Madrid-Barajas and Málaga airports.                        The Parent considered that there were no indications
                                                                 of impairment at 31 December 2009 that would re-
      Property, plant and equipment                              quire the recognition of an impairment loss.
      in the course of construction
                                                                 2008
      The main additions in 2008 relate to the extensions of
      the Barcelona-El Prat and Málaga airports.                 The Parent considered that the impairment losses
                                                                 recognised in the consolidated balance sheet at 2007
      Plant and other items of property,                         year-end amounting to EUR 29.4 million did not meet
      plant and equipment                                        the requirements to be maintained as such under the
                                                                 new Spanish National Chart of Accounts as they were
      The additions in 2008 related mainly to air condi-         similar to accelerated depreciation. Consequently, the
      tioning systems resulting from the extension of Bar-       Parent recognised this amount as an increase to the
      celona-El Prat and Málaga airports and electricity         accumulated depreciation of the related assets.
      system overhauls at Alicante and Madrid-Barajas
      airports.                                                  Grants received

      Disposals                                                  2009

      2009                                                       At 31 December 2009, the Parent received grants in
                                                                 connection with its property, plant and equipment and
      At the Palma de Mallorca and Menorca airports and          intangible assets for an accumulated amount of EUR
      to the renovation of the air conditioning systems and      422 million, of which EUR 22,8 million correspond to
      multi-service network at Madrid-Barajas airport.           additions in the year (see Note 11-d). The gross cost of
                                                                 the assets associated with these grants is EUR 2.186
      The rest of the disposals of property, plant and equip-    million, of which EUR 2.169,9 million relate to prop-
      ment were not material amounts.                            erty, plant and equipment, and EUR 16,5 million to in-
                                                                 tangible assets.
      2008
                                                                 2008
      The main disposals relate to the air conditioning sys-
      tem at Tenerife Sur airport and also to the disposals      At 31 December 2008, the Parent received grants as-
      resulting from the refurbishment work carried out at       sociated with its property, plant and equipment and
      terminals 1 and 2 of Madrid-Barajas airport.               intangible assets amounting to EUR 383.3 million (net
                                                                 of tax), of which EUR 64.5 million relate to additions
      The individual amounts of the remaining disposals of       in the year (see Note 12-g). The total cost of the as-
      property, plant and equipment are not material.            sets associated with these grants is EUR 1,960 million,



316    Annual report 2009
                                                                                              Legal Information
                                                                                Consolidated Financial Statements




of which EUR 1,942.4 million relate to property, plant                    Obligations
and equipment and EUR 17.6 million relate to intan-
gible assets.                                                             At 31 December 2009, the investments yet to be per-
                                                                          formed amounted to approximately EUR 1,155 million
Limitations                                                               (EUR 1,260 million in 2008) , comprising both con-
                                                                          tracts that have not yet been formalised and firm con-
The assets assigned to the consolidated Group relating                    tracts not yet executed.
to the Company Aeropuertos Españoles y Navegación
Aérea, are public domain assets with respect to which                     Insurance policies
Aeropuertos Españoles y Navegación Aérea does not
have title or powers of disposal or encumbrance.                          The Group takes out insurance policies to sufficiently
                                                                          cover the possible risks to which its property, plant and
Fully amortised items of property,                                        equipment are subject. At 31 December 2009 and 31
plant and equipment                                                       December 2008, property, plant and equipment were
                                                                          fully insured against such risks.
At 31 December 2009, the property, plant and equip-
ment in use with an original cost of EUR 1,370.66
million (EUR 1,066.97 million in 2008) were fully am-
ortised and are still in use, the detail being as follows:                7. INVESTMENT PROPERTY
                                          THOUSANDS OF EUROS
                                                                          Investment property relates mainly to properties ear-
                                             2009        2008
                                                                          marked for lease, except for the surface area used by
Plant and machinery                          411,927    376,100
                                                                          the subsidiary CLASA to carry out its activities.
Other fixtures, tools and furniture           296,534    223,289
Other items of property, plant and
                                             199,561    177,405
equipment                                                                 The changes in 2009 and 2008 in “Investment Property”
Total                                      1,370,658   1,069,974          in the consolidated balance sheet and the most significant
Total                                      1.370.658   1.069.974          information affecting this heading were as follows:


                                                                                THOUSANDS OF EUROS


2009
                                                  LAND AND BUILDINGS          PLANT            OTHER FIXTURES             TOTAL



Cost:

Balance at 1 January 2009                                       111,040               4,803                     26              115,869

Additions                                                          303                  197          -                              500

Disposals or reductions                                   -                             -60          -                              -60

Balance at 31 December 2009                                     111,343               4,940                     26              116,309

                                                                                                          Accumulated depreciation:

                      Balance at 1 January 2009                 -20,260               -1,866                -11                 -22,137

                            Depreciation charge                  -3,145                -254                     -3                -3,402




                                                                                                                     Annual report 2009    317
              Legal Information
              Consolidated Financial Statements




                                                                                      THOUSANDS OF EUROS


      2009
                                                          LAND AND BUILDINGS        PLANT            OTHER FIXTURES         TOTAL



                                Disposals or reductions           -                            35          -                           35

                     Balance at 31 December 2009                      -23,405               -2,085                -14             -25,504

                                                  Net:                 87,938               2,855                     12            90,805


                                                                                      THOUSANDS OF EUROS


      2008
                                                          LAND AND BUILDINGS        PLANT            OTHER FIXTURES         TOTAL



      Cost:

      Balance at 1 January 2008                                       110,218               4,352                     26         114,596

      Additions                                                         1,338                 684          -                         2,022

      Disposals or reductions                                            -516                -233          -                          -749

      Balance at 31 December 2008                                     111,040               4,803                     26         115,869

                                                                                                                Accumulated depreciation:

                            Balance at 1 January 2008                 -17,493               -1,770                    -9          -19,272

                                  Depreciation charge                  -2,779                -227                     -2            -3,008

                                Disposals or reductions                   12                  131          -                          143

                     Balance at 31 December 2008                      -20,260               -1,866                -11             -22,137

                                                  Net:                 90,780               2,937                     15            93,732



      Investment property additions                                             Insurance policies

      The main additions in 2009 relate to the installation                     The Group takes out insurance policies to cover the
      of the new lift cabins at Barajas and the settlement of                   possible risks to which its investment property is sub-
      construction work at the Barcelona facilities.                            ject. At 2009 year-end, the Group was reasonably in-
                                                                                sured against such risks.
      The main additions in 2008 relating to “Buildings”
      correspond to the final settlement of the construction                     Fully depreciated investment property
      work at the industrial building, lot 1.1 of the Barcelo-
      na cargo centre.                                                          At 31 December 2009 there were fully depreciated
                                                                                investment property items in use with an original cost
      Investment property obligations                                           of EUR 60 thousand. At 31 December 2008, there
                                                                                were no fully depreciated investment property items
      At 2009 and 2008 year-end, no investment property                         that were still in use.
      items were subject to guarantees.




318    Annual report 2009
                                                                                  Legal Information
                                                                    Consolidated Financial Statements




8. LEASES                                                   taking into account the charging of common expens-
                                                            es, future increases in line with the CPI or future con-
Finance leases                                              tractual lease payment revisions:

                                                                                               THOUSANDS OF EUROS
At 2008 year-end, the subsidiary Aena Desarrollo In-                LEASE PAYMENTS MINIMUM
                                                                           OPERATING             2009        2008
ternacional had arranged a finance lease with BBVA
                                                            Within one year                       14,615      11,543
(see the terms and conditions of the finance lease in
                                                            Between one and five years             25,525      13,648
Note 14) on an automated flight inspection system
                                                            Total                                 40,140      25,191
(console) which is recognised under “Property, Plant
and Equipment” in the accompanying consolidated             The operating lease agreements held by the Group at
balance sheet at 31 December 2008 (see Note 6).             year-end related mainly to the rental of offices, park-
                                                            ing spaces and IT equipment.
At 31 December 2009 and 31 December 2008, the
amount of the minimum lease payments payable in             The lease payments recognised as an expense in 2009
the future, excluding inflation increases or other con-      and 2008 amounted to EUR 18,549 thousand and
tingent payments arising from the aforementioned fi-         EUR 23,620 thousand, respectively (see note 16.d)
nance lease, are as follows::
                                                            At the end of 2009 and 2008 the subsidiary CLASA
                                  THOUSANDS OF EUROS
 MINIMUM FINANCE LEASE PAYMENTS                             had contracted with tenants for the following mini-
                                    2009        2008
                                                            mum lease payments, based on the leases currently
Within one year                        454         146
                                                            in force, without taking into account the charging of
Between one and five years             2,419      2,924
                                                            common expenses, future increases in line with the
After five years                        715       1,170
                                                            CPI or future contractual lease payment revisions:
Total                                 3,588      4,240
                                                                                               THOUSANDS OF EUROS
                                                                      MINIMUM OPERATING
                                                                                                 2009        2008
At 31 December 2009 and 31 December 2008, the               Within one year                        1,954       1,203
interest maturing on this agreement in coming years,        Between one and five years              4,022       9,268
was as follows:                                             After five years                      439,483     424,939
                                                            Total                                445,459     435,410
                                  THOUSANDS OF EUROS
         INTEREST - MATURITY
                                    2009        2008
                                                            These leases relate mainly to the assets included un-
Within one year                            36          45
                                                            der “Investment Property” with an original cost of EUR
Between one and five years              100         592
                                                            116,309 thousand (EUR115,869 thousand in 2008),
After five years                            2           52
                                                            receiving annual rental income of EUR 18,740 thou-
Total                                  138         689
                                                            sand (EUR 19,192 thousand in 2008). The total built
                                                            area measures 137 thousand square metres.
Operating leases

At the end of 2009 and 2008 the Group had contract-
ed with lessors for the following minimum lease pay-
ments, based on the leases currently in force, without



                                                                                                  Annual report 2009   319
              Legal Information
              Consolidated Financial Statements




      9. FINANCIAL ASSETS

      9.1 NON-CURRENT INVESTMENTS IN GROUP COMPANIES AND ASSOCIATES


      Investments in companies accounted for using the equity method

      The detail and changes in investments in companies accounted for using the equity method in 2009 and 2008 is as follows:

      2009                                                              THOUSANDS OF EUROS


                                                     SHARE OF
                                    BALANCE AT                                      TRANSLATION                        BALANCE AT
                COMPANY                             RESULTS OF     DIVIDENDS PAID                      OTHER
                                      01/01/09                                      DIFFERENCES                          31/12/09
                                                    INVESTEES


      RAESA                                3,459           1,059           -1,656        -                 -                  2,862

      AMP                                 52,625           5,947           -3,222            1,303               -65         56,588

      SACSA                                1,277           1,111           -1,021              160             -219           1,308

      ACSA                                   613           1,044           -1,088              111               -52           628

      AEROCALI                             1,782             899             -921              167               -62          1,865

      TIFSA                               14,849           4,371           -2,713        -                 -                 16,507

                                          74,605          14,431          -10,621            1,741             -398          79,758



      The translation differences arising in 2009 amount-              (EUR (9,246) thousand) and that recognised in 2009
      ing to EUR 1,741 thousand relate to the difference be-           (EUR (7,505) thousand) (see Note 12-f).
      tween the balance recorded in this connection in 2008

      2008                                                              THOUSANDS OF EUROS


                                                     SHARE OF
                                    BALANCE AT                                      TRANSLATION                        BALANCE AT
                COMPANY                             RESULTS OF     DIVIDENDS PAID                      OTHER
                                      01/01/08                                      DIFFERENCES                          31/12/08
                                                    INVESTEES


      RAESA                                4,544           1,657           -2,742        -                 -                  3,459

      AMP                                 57,587           4,427           -2,324            -9,024            1,959         52,625

      SACSA                                  913             892             -446              -75                -7          1,277

      ACSA                                   494           1,091             -936              -36                 -           613

      AEROCALI                             1,439           1,063             -627             -111    18       1,782          1.782

      TIFSA                               11,798           5,428           -2,377        -                 -                 14,849

                                          76,775          14,558           -9,452            -9,246            1,970         74,605




320    Annual report 2009
                                                                                                       Legal Information
                                                                                         Consolidated Financial Statements




The balance at 31 December 2009 and 2008 includes                             9.2. NON-CURRENT
the goodwill on consolidation of the companies ac-                            FINANCIAL ASSETS
counted for using the equity method, net of accumu-
lated amortisation, arising on the acquisition in 2006                        El saldo de las cuentas del epígrafe “Inversiones finan-
of the additional 7,83% stake in AMP for EUR 2,126                            cieras a largo plazo” al cierre de los ejercicios 2009 y
thousand.                                                                     2008 es el siguiente:

                                                                                                             THOUSANDS OF EUROS
                           NON-CURRENT FINANCIAL ASSETS
                                                                                                     2009                        2008

Equity instruments                                                                                             59,153                    59,053

Derivatives (Note 10)                                                                                             411              -

Long-term deposits and guarantees                                                                               2,006                      2,128

Total                                                                                                          61,570                    61,181



a) Equity instruments

A detail of the most significant equity instruments is as follows:

                                                                                             FRACTION OF
        NAME AND LOCATION                               LINE OF BUSINESS                    DIRECT CAPITAL         OWNER OF INVESTMENT
                                                                                                 (%)
                                           Analyses and prospecting in relation
                                           to urban development, regional and
                                           environmental matters. Design, development,
Agencia Barcelona Regional Edificio
                                           management, implementation, execution
Centreservei, Zona Franca Carrer 60,                                                              11.76                     AENA
                                           and operation of, and counselling on, all
25-27 Barcelona
                                           manner of construction work, buildings and
                                           urban infrastructures and systems in the
                                           metropolitan area.
                                           Operation of a database system for
                                           aeronautical information systems.
GroupEAD Europe S.L - Juan Ignacio
                                           Development and implementation of changes                 36                     AENA
Luca de Tena 14 • Madrid
                                           in and improvements to the database and
                                           related consulting services.
                                       Development, implementation, operation,
Grupo Navegación por Satélite Sistemas
                                       exploitation and marketing of services related
y Servicios, S.L.- C/ Gobelas nº41 •                                                              19.30                     AENA
                                       to the global satellite navigation system
Madrid
                                       currently known as Galileo.
Airport Concessions and Development
                                           Financial asset management of TBI airport
Limited (ACDL) - 10, Upper Bank St •                                                                 10          AENA Desarrollo Internacional
                                           group.
London – U.K.
European Satellite Service Provider, SAS
                                           Development of satellite navigation system.            16.67          AENA Desarrollo Internacional
(ESSP SAS) • Toulose - Francia
European Satellite Service Provider
European Economic Interest Grouping.       Development of satellite navigation system.            16.67          AENA Desarrollo Internacional
(ESSP EEIG) • Bruselas-Bélgica


The detail and changes in the most significant equity instruments in the accompanying consolidated balance sheet
at 31 December 2009 and 31 December 2008 is as follows:



                                                                                                                            Annual report 2009     321
              Legal Information
              Consolidated Financial Statements




                                     2009                                                                 THOUSANDS OF EUROS


                 EQUITY INSTRUMENTS- AVAILABLE FOR SALE -                                                    ADDITIONS AND
                                                                                BALANCE AT 01/01/09                              BALANCE AT 31/12/09
                 FINANCIAL ASSETS-MEASURED AT COST: COST                                                       CHARGES


      Airport Concessions and Development Limited (ACDL)                                     78,596                -                          78,596
      European Satellite Services Provider (ESSP EEIG)                                           18                -                              18
      European Satellite Services Provider, SAS (ESSP SAS)                                      167                -                             167
      Agencia Barcelona Regional                                                                180                -                             180
      GroupEAD Europe S.L.                                                                      360                -                             360
      Grupo Navegación por Satélite Sistemas y Servicios, S.L.                                  198                -                             198
      Impairment
      Airport Concessions and Development Limited (ACDL)                                    -21,174                -                         -21,174
      Total investment in “Equity Instruments"                                               58,345                -                          58,345



                                     2008                                                                 THOUSANDS OF EUROS


                 EQUITY INSTRUMENTS- AVAILABLE FOR SALE -                                                    ADDITIONS AND
                                                                                BALANCE AT 01/01/09                              BALANCE AT 31/12/09
                 FINANCIAL ASSETS-MEASURED AT COST: COST                                                       CHARGES


      Airport Concessions and Development Limited (ACDL)                                     78,596                -                          78,596
      European Satellite Services Provider (ESSP EEIG)                                           18                -                              18
      European Satellite Services Provider, SAS (ESSP SAS)                                            -          167                             167
      Agencia Barcelona Regional                                                                180                -                             180
      GroupEAD Europe S.L.                                                                      360                -                             360
      Grupo Navegación por Satélite Sistemas y Servicios, S.L.                                  198                -                             198
      Impairment
      Airport Concessions and Development Limited (ACDL)                                     -6,652             -14,522                      -21,174
      Total investment in “Equity Instruments"                                               72,700             -14,355                       58,345



      b) Transactions and balances with companies accounted for using the equity method

      The breakdown of receivables and payables and the detail of the transactions performed with companies accounted
      for using the equity method at 31 December 2009 and 31 December 2008 are as follows:

                                                                                      THOUSANDS OF EUROS
                    2009                    RECEIVABLES          SUPPLIER       INCOME FROM SERVICES PROVIDED          EXPENSES OF SERVICES RECEIVED
      TIFSA                                         5,661               1,081                                37,791                            9,677
      RAESA                                         4,837                170                                 16,989                              750
      ACSA                                                55        -                                           425                  -
      SACSA                                               19        -                                           314                  -
      AMP                                                777        -                                         2,410                  -
      Aerocali                                           13         -                                           215                  -
      GAP                                                170        -                                           107                  -
                                                   11,532               1,251                                58,251                           10,427




322    Annual report 2009
                                                                                                      Legal Information
                                                                                        Consolidated Financial Statements




                                                                           THOUSANDS OF EUROS
        2008                                           SHORT-TERM                                   INCOME FROM             EXPENSES OF
                            RECEIVABLES                                         SUPPLIER
                                                       RECEIVABLES                                SERVICES PROVIDED      SERVICES RECEIVED
TIFSA                                 4,514                        2,000                   888                 30,337                  8,536
RAESA                                 4,487                 -                                89                17,155                    596
ACSA                                       38               -                       -                             247             -
SACSA                                      55               -                       -                             287             -
AMP                                   1,102                 -                       -                           2,961             -
Aerocali                                   10               -                       -                             334             -
GAP                                       509               -                       -                             556             -
                                     10,715                        2,000                   977                 51,877                  9,132



The EUR 2,000 thousand loan received by Ineco from                             9.4 INFORMATION ON THE NATURE
its investee Tifsa matured on 23 January 2009 and the                          AND LEVEL OF RISK OF FINANCIAL
applicable interest rate was 3.824%.                                           INSTRUMENTS
                                                                               The main principle of the financial policies of the com-
9.3 CURRENT FINANCIAL ASSETS                                                   panies composing the Aena Group is based on their
                                                                               being centralised at the Administration and Finance
The balance of “Current Financial Assets” at the end                           department, to the extent that all the financial assets
of 2009 and 2008 was as follows:                                               and liabilities are arranged and managed by this depart-
                                                                               ment, except for INECO, which has independent financ-
                                           THOUSANDS OF EUROS
        CURRENT FINANCIAL ASSETS                                               ing policies. The main financial risks are as follows:
                                                2009        2008
Loans to companies                                3,882          2,571
Short-term deposits and guarantees                5,083         33,781
Other financial assets                             7,655          1,119         A) INTEREST RATE RISK
Total                                           16,620          37,471
                                                                               The Company’s objective in relation to interest rate risk
At 31 December 2009, the subsidiary Aena Desarrollo                            management is to optimise the finance costs within the
Internacional included under “Other Financial Assets”                          risk limits established. The Company does not usually per-
the following short-term deposits, and the related ac-                         form commercial transactions in currencies other than the
crued interest receivable, denominated in US dollars and                       euro (unlike subsidiaries such as Aena Desarrollo Internacio-
arranged with the following banks, all of which mature                         nal and INECO), and accordingly, the finance cost risk is fo-
within one year and earn interest at a market rate:                            cused on interest rate risk in the case of the Parent, the risk
                                                                               variables being three-month Euribor (used for non-current
                              THOUSANDS OF         THOUSANDS OF
                                  USD                 EUROS                    payables) and one-month Euribor (used in credit facilities).
La Caixa                                  3,007                  2,087

Caja de Madrid                            2,012                  1,396
                                                                               The finance cost risk is also calculated for the duration
                                                                               of the Pluriannual Action Plan (PAP), establishing inter-
Barclays Bank                             3,503                  2,432
                                                                               est rate performance scenarios for the period in ques-
Santander Central Hispano                 2,506                  1,740
                                                                               tion. Note 14 provides a detail of the interest rates of
Total                                 11,028                     7,655
                                                                               the bank borrowings.



                                                                                                                          Annual report 2009     323
            Legal Information
            Consolidated Financial Statements




      The Company has arranged transactions to hedge the                    without adversely affecting the price. In general, the
      risk of changes in interest rates, as detailed in Note 10.            Parent holds its cash and cash equivalents at banks
                                                                            with high credit ratings.


      B) LIQUIDITY RISK
                                                                            D) FOREIGN CURRENCY RISK
      The main risk variables are: limitations in the financing
      markets, increase in forecast investment and decrease                 The subsidiary Aena Desarrolllo Internacional is ex-
      in cash-flow generation.                                               posed to exchange rate fluctuations which might
                                                                            affect its sales, profit, equity and cash flows. In this re-
      In order to maintain sufficient liquidity to meet the                  spect, this subsidiary has arranged a cash flow hedge
      financial requirements over a minimum of twelve                        as a result of changes in exchange rates which is de-
      months, a long-term financing policy was established                   scribed in Note 10.
      by signing agreements or framework agreements with
      institutions such as Instituto de Crédito Oficial and the
      European Investment Bank, and by arranging short-
      and medium-term liquidity lines.
                                                                            10. DERIVATIVE FINANCIAL
                                                                            INSTRUMENTS
      This risk is managed by closely monitoring the matu-
      rity schedule of the Group’s financial payables, and                   The Group uses derivative financial instruments to
      through the proactive management and maintenance                      hedge the risks to which its business activities, opera-
      of credit lines that enable the projected liquidity needs             tions and future cash flows are exposed.
      to be covered.
                                                                            Derivative financial hedging instruments
      Lastly, the Group makes cash projections on a system-
      atic basis in order to assess its cash needs. This liquidity          The Group has arranged a hedging instrument for cash
      policy ensures the fulfilment of the payment obliga-                   flows arising from changes in exchange rates in order
      tions assumed without having to resort to high inter-                 to hedge the risk associated with cash flows in US dol-
      est-bearing financing, thereby enabling the liquidity                  lars between the collections received by the subsidiary
      position to be maintained on an ongoing basis.                        Aena Desarrollo Internacional in US dollars for the pro-
                                                                            vision of certain services under the various agreements
                                                                            relating to the management of Mexican airports, and
      C) CREDIT RISK                                                        the payments (repayments) of the loan arranged in US
                                                                            dollars with Banco Santander (see Note 14) which is
      The risk variable is the credit rating of the counter-                recognised under “Equity- Hedges” in the accompany-
      party, and, accordingly, the objective is focused on                  ing consolidated balance sheet at 31 December 2009
      minimising the risk of counterparty non-compliance                    and 31 December 2008, the detail being as follows:

                                                                               INEFFECTIVENESS RECOGNISED    FAIR VALUE RECOGNISED
                 2009                   CLASSIFICATION       MATURITY (*)         IN 2009 PROFIT OR LOSS     IN “EQUITY” AT 31/12/09
                                                                                  (THOUSANDS OF EUROS)       (THOUSANDS OF EUROS)

      Foreign currency derivative   Foreign currency hedge     08/10/14                    18                         933




324    Annual report 2009
                                                                                                                 Legal Information
                                                                                                   Consolidated Financial Statements




                                                                                              INEFFECTIVENESS RECOGNISED                  FAIR VALUE RECOGNISED
              2009                         CLASSIFICATION                MATURITY (*)            IN 2008 PROFIT OR LOSS                   IN “EQUITY” AT 31/12/08
                                                                                                 (THOUSANDS OF EUROS)                     (THOUSANDS OF EUROS)

 Foreign currency derivative          Foreign currency hedge                08/10/14                              90                               1,045

(*) The hedging instrument matures with the year in which the cash flows affecting the consolidated income statement will foreseeably occur.



The subsidiary Aena Desarrollo Internacional has com-                                     profit or loss. In particular, this derivative hedges the ef-
plied with the requirements detailed in Note 4-f to be                                    fect of interest rate fluctuations in the rates of interest
able to classify this financial instrument as a hedge. Spe-                                on the loan granted to the Company by “La Caixa” (see
cifically, these instruments were formally designated as                                   Note 14). As this derivative financial instrument does
hedges and the hedges were assessed as being effective.                                   not meet the conditions for recognition as a financial
                                                                                          hedging instrument, it was recognised under “Non-
Derivative financial instruments                                                           Current Liabilities - Derivatives” in the accompanying
                                                                                          consolidated balance sheet at 31 December 2009.
On 1 October 2007, the subsidiary Aena Desarrollo In-
ternacional arranged a cash flow derivative with “La                                       Also, in 2009 the Group arranged two interest rate
Caixa” in order to control and reduce the potentially                                     hedges. The main characteristics of these derivative fi-
adverse impact of variable exchange rate changes on its                                   nancial instruments are as follows:

                                                                                                       FAIR VALUE      FAIR VALUE
                                                                                                                                                      FAIR VALUE
                                                                                                   RECOGNISED UNDER   RECOGNISED
                                                                 AMOUNT                                                                              RECOGNISED
                                                                                                     "NON-CURRENT     UNDER "NON-
                                                                ARRANGED                                                                            UNDER "EQUITY"
      2009             CLASSIFICATION            TYPE
                                                               (THOUSANDS
                                                                                   MATURITY            LIABILITIES” CURRENT ASSETS"
                                                                                                                                                      AT 31/12/09
                                                                                                       AT 31/12/09     AT 31/12/09
                                                                 OF EUROS                                                                            (THOUSANDS
                                                                                                      (THOUSANDS      (THOUSANDS
                                                                                                                                                       OF EUROS)
                                                                                                        OF EUROS)       OF EUROS)

                                            Fixed (4.83%)
 Interest rate        Interest rate         to floating
                                                                       2,000      01/10/2012                143                       -                     -
 swap                 hedge                 interest rate
                                            swap

                                            Floating
                                            (3-month
 Interest rate        Interest rate
                                            Euribor)              1,194,391       15/03/2012                  -
 swap                 hedge
                                            to fixed
                                            (2.8025%)
                                                                                                                                    411                    288
                                            Floating
                                            (3-month
 Interest rate        Interest rate
                                            Euribor)              1,119,147       15/03/2013                  -
 swap                 hedge
                                            to fixed
                                            (2.8025%)


                                                                                                                                          FAIR VALUE RECOGNISED
                                                                                  AMOUNT ARRANGED                                          UNDER “NON-CURRENT
      2008               CLASSIFICATION                      TYPE
                                                                                (THOUSANDS OF EUROS)
                                                                                                                       MATURITY
                                                                                                                                          LIABILITIES” AT 31/12/08
                                                                                                                                          (THOUSANDS OF EUROS)

                                                 4.83% Fixed interest
 Interest rate
                     Interest rate hedge         rate swap for floating                     2,000                       01/10/12                     109
 swap
                                                 interest rate




                                                                                                                                                 Annual report 2009   325
            Legal Information
            Consolidated Financial Statements




      At 2009 year-end, the amount recognised in the con-          The equity account includes, in addition to other sub-
      solidated income statement relating to the change in         sequent changes amounting to EUR 18.7 million, EUR
      the fair value of the derivative financial instrument to-     248.7 million representing the valuation difference be-
      talled EUR 52 thousand (EUR 80 thousand in 2008),            tween the rights and obligations to which the Parent
      which was recognised under “Change in Fair Value             was subrogated at the time of its formation.
      of Financial Instruments” in the accompanying 2008
      consolidated income statement.

                                                                   B) BYLAW RESERVES

      11. INVENTORIES                                              These reserves were recognised in accordance with the
                                                                   Parent’s bylaws, and their objective is to finance fu-
      The breakdown of “Inventories” is as follows:                ture investments in airport and air traffic control in-
                                                                   frastructures.
                                           THOUSAND OF EUROS

                                             2009       2008

      Spare parts                              6,040      5,976    C) REVALUATION RESERVE ROYAL
      Inventory write-downss                    -134       -128    DECREE-LAW 7/1996 OF 7 JUNE 1996
                                               5,906      5,848
                                                                   Pursuant to Royal Decree-Law 7/1996, of 7 June, on
                                                                   urgent tax measures and measures to develop and de-
                                                                   regulate economic activities, in 1996 the Company re-
      12. EQUITY AND                                               valued its property, plant and equipment. The initial
                                                                   net revaluation surplus amounted to EUR 300.9 mil-
      SHAREHOLDERS’ EQUITY                                         lion (see Note 6).

      A) EQUITY AND ASSIGNED ASSETS                                The tax inspection authorities had a period of three
                                                                   years from 31 December 1996 to review the bal-
      When the Parent was formed, and in order to pro-             ance of this reserve. Since the three-year period has
      vide airport and air traffic control services, it was as-     elapsed, this balance can be used to offset losses or
      signed facilities and properties, mainly by the Ministry     to increase the Company’s equity. Once ten years
      of Transport, Tourism and Communications (currently          have elapsed, the balance may be allocated to unre-
      the Ministry for Development), the Ministry of Defence       stricted reserves.
      and the former Spanish Public Airports and Aviation
      Agency (OAAN). Therefore, the assigned assets ac-            The balance of the revaluation reserve account may
      count relates to assets that did not give rise to any cost   not be distributed, either directly or indirectly, until the
      for the Company.                                             revaluation surplus has been realised.

      The assets assigned to the Parent at the time of its for-
      mation, based on the appraisal of independent profes-
      sional experts, amounted to EUR 2,831.6 million.



326    Annual report 2009
                                                                                                Legal Information
                                                                                  Consolidated Financial Statements




D) RESERVES AT CONSOLIDATED COMPANIES AND AT COMPANIES
ACCOUNTED FOR USING THE EQUITY METHOD

The contribution of each company included in the scope of consolidation to consolidated profit or loss, indicating the
portion relating to minority interests, was as follows:

                                                                                             THOUSANDS OF EUROS
COMPANY                                                                           2009                               2008
Consolidated companies:
RIDA                                                                                                -60                -
INECO                                                                                             7,716                           9,934
CLASA                                                                                            15,466                          14,942
Aena Desarrollo Internacional                                                                   -23,565                         -17,739
                                                                                                   -443                           7,137
Companies accounted for using the equity method:
SACSA                                                                                              545                              471
AMP                                                                                               4,362                           3,220
ACSA                                                                                                 6                                  6
AEROCALI                                                                                           561                              481
TIFSA                                                                                             6,366                           4,708
RAESA                                                                                             1,509                           1,509
                                                                                                 13,349                          10,395
                                                                                                 12,906                          17,532


E) PROFIT/LOSS ATTRIBUTABLE TO THE COMPANY

The contribution of each company included in the scope of consolidation to consolidated profit or loss, indicating the
portion relating to minority interests, was as follows:

                                                                                THOUSANDS OF EUROS
                 2009                      CONSOLIDATED PROFIT/(LOSS)
                                                                                LOSS ATTRIBUTABLE TO         LOSS ATTRIBUTABLE TO THE
                                                                               MINORITY SHAREHOLDERS                  PARENT
AENA                                                             -364,417                -                                     -364,417
INECO                                                                   354                          -138                           216
Aena Desarrollo Internacional                                           714              -                                          714
CRIDA                                                                   489                          -113                           376
CLASA                                                                  4,521             -                                        4,521
                                                                 -358,339                            -251                      -358,590

Share of results of companies accounted for using the equity method:

RAESA                                                                  1,059             -                                        1,059
AMP                                                                    5,947             -                                        5,947
SACSA                                                                  1,111             -                                        1,111
ACSA                                                                   1,044             -                                        1,044
AEROCALI                                                                899              -                                          899
TIFSA                                                                  4,371                        -1,701                        2,670
                                                                   14,431                           -1,701                       12,730
Total                                                            -343,908                           -1,952                     -345,860



                                                                                                                     Annual report 2009     327
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              Consolidated Financial Statements




                                                                                               THOUSANDS OF EUROS
                       2008                      CONSOLIDATED PROFIT/(LOSS)
                                                                                        LOSS ATTRIBUTABLE TO              LOSS ATTRIBUTABLE TO THE
                                                                                       MINORITY SHAREHOLDERS                       PARENT
      AENA                                                               -172,171                   -                                       -172,171
      INECO                                                               10,690                                 -4,159                       6,531
      Aena Desarrollo Internacional                                       -11,602                   -                                        -11,602
      CRIDA                                                                    -16                                   3                           -13
      CLASA                                                                  5,328                  -                                         5,328
                                                                         -167,771                                -6,268                     -171,927

      Share of results of companies accounted for using the equity method:

      RAESA                                                                  1,657                  -                                         1,657
      AMP                                                                    4,427                  -                                         4,427
      SACSA                                                                   892                   -                                           892
      ACSA                                                                   1,091                  -                                         1,091
      AEROCALI                                                               1,063                                                            1,063
      TIFSA                                                                  5,428                               -2,112                       3,316
                                                                          14,558                                 -2,112                      12,446
      Total                                                              -153,213                                -6,268                     -159,481



      F) TRANSLATION DIFFERENCES                                                     Asset-related grants from
                                                                                     official European Agencies
      Translation differences relate in full to equity-account-
      ed investees of Aena Desarrollo Internacional, The                             The changes, net of taxes, in this heading in 2008
      breakdown, by company, is as follows:                                          were as follows:

                                               THOUSANDS OF EUROS                                                              THOUSANDS OF EUROS
                                                  2009         2008                                                              2009       2008
      AMP                                          -7,721       -9,024               Beginning balance                           415,238    336,811
      AEROCALI                                           56       -111               Additions to ERDF Grants                     22,771     58,627
      SACSA                                              85        -75               Additions to other grants                     -          5,873
      ACSA                                               75        -36               Allocation to income                        -18,515     -20,738
      Total                                        -7,505       -9,246               Ending balance                              419,494    380,573



      G) GRANTS, DONATIONS OR GIFTS                                                  These grants are allocated to income in proportion to
      AND LEGACIES RECEIVED                                                          the period depreciation taken on the assets to which
                                                                                     they relate.
      The breakdown at 31 December 2009 and 31 Decem-
      ber 2008 is as follows:                                                        ERDF grants

                                               THOUSANDS OF EUROS
                                                                                     The detail of the advances received in 2009 and 2008
                                                  2009         2008
      Asset-related grants from official
                                                                                     for operating programmes is as follows (in thousands
                                                  419,494     380,573
      European Agencies                                                              of euros):
      Other                                         2,544        2,743
                                                  422,038     383,316




328    Annual report 2009
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                                                                                       Consolidated Financial Statements




                               2009                                                                            2008
                                            AMOUNT OF THE GRANT                                                             AMOUNT OF THE GRANT

Received in 2009:                                                             Received in 2008:
                                                                              Prog. Navegación Aérea                                             934
Prog Oper. C. Andalucía                                      3,260
                                                                              Prog Oper. C. Canaria                                         61,981
Prog Oper. C. Extremadura                                     428             Prog. Oper. C. Castilla-León                                       577
                                                                              Prog. Oper. C. Murcia                                              770
Prog Oper. C. Galicia                                        5,090
                                                                              Prog. Oper. C. Valencia                                            529
Prog Oper. C. Canarias                                       8,101            Prog. Oper. C. Andalucía                                      18,961
Prog. Oper. C. Castilla-León                                  289             Total ERDF fund additions in 2008                             83,752

Prog. Oper. C. Murcia                                         385

Prog. Oper. C. Valencia                                       264             At 2009 and 2008 year-end, the Parent had fulfilled all
                                                                              the conditions established for receiving and using the
Prog Oper. C. Canaria                                       15,964
                                                                              grants detailed above.
Total ERDF fund additions in 2009                           33,781



H) MINORITY INTERESTS
The changes in “Minority Interests” of each subsidiary were as follows:



         2009                                                            THOUSANDS OF EUROS
                               BALANCE AT        OWNERSHIP                                                                           BALANCE AT
        SOCIEDAD                                                   SHARE OF PROFIT         OTHERS               DIVIDENDS
                                 01/01/09         INTEREST                                                                             31/12/09
INECO                                18,009            -                       1,839                    29                 -6,657           13,220
CRIDA                                   117                  46                 113            -                       -                         276
                                     18,126                  46                1,952                    29                 -6,657           13,496


          2008                                                               THOUSANDS OF EUROS
                                   BALANCE AT              OWNERSHIP                                                                BALANCE AT
         COMPANY                                                               SHARE OF PROFIT               DIVIDENDS
                                     01/01/08               INTEREST                                                                  31/12/08
INECO                                         17,631           -                            6,271                      -5,893               18,009
CRIDA                                   -                              120                         -3            -                               117
                                              17,631                   120                  6,268             -5,893                        18,126




                                                                                                                                Annual report 2009     329
            Legal Information
            Consolidated Financial Statements




      13. PROVISIONS AND CONTINGENCIES
      13.1 LONG-TERM PROVISIONS

      The changes in the long-term provision accounts in 2009 and 2008 were as follows:

                                                                        THOUSANDS OF EUROS

                   2009                   PROVISIONS FOR
                                                                                        PROVISIONS FOR
                                       LONG-TERM EMPLOYEE      OTHER PROVISIONS                                TOTAL
                                                                                     ENVIRONMENTAL COSTS
                                        BENEFIT OBLIGATIONS

      2009 beginning balance                        390,487                22,674                 52,507               465,668

      Additions                                      82,734                 7,282                 69,111               159,127

      Reversals/Excessive provisions                  -1,244                -1,383            -                          -2,627

      Amounts used                                      -640                -6,161            -                          -6,801

      Transfer to short term                         -60,380                -2,901                -24,185               -87,466

      2009 ending balance                           410,957                19,511                 97,433               527,901




                                                                        THOUSANDS OF EUROS

                   2008                   PROVISIONS FOR
                                                                                        PROVISIONS FOR
                                       LONG-TERM EMPLOYEE      OTHER PROVISIONS                                TOTAL
                                                                                     ENVIRONMENTAL COSTS
                                        BENEFIT OBLIGATIONS

      2008 beginning balance                        416,529               118,929                 41,134               576,592

      Additions                                      75,074                30,228                 11,373               116,675

      Reversals/Excessive provisions            -                           -6,608            -                          -6,608

      Amounts used                                   -41,797               -34,945            -                         -76,742

      Transfer to short term                         -59,319               -84,930            -                        -144,249

      2008 ending balance                           390,487                22,674                 52,507               465,668



      The Group classifies as current liabilities the items             visions for third-party liability are recognised under
      recognised under “Provisions for Contingencies and               “Short-Term Provisions” in the accompanying con-
      Charges” in the accompanying balance sheet at 31                 solidated balance sheet at 31 December 2009 (see
      December 2009 when it is foreseeable that they may               Note 13.2).
      be claimable in the following period. Therefore, trans-
      fers to short term of the provisions for long-term em-
      ployee benefit obligations are included under “Trade              A) PROVISIONS FOR LONG-TERM
      and Other Payables - Remuneration Payable” in the                EMPLOYEE BENEFIT OBLIGATIONS
      accompanying consolidated balance sheet at 31 De-
      cember 2009. Additionally, transfers from the pro-               The changes in 2009 and 2008 were as follows:



330    Annual report 2009
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                                                                           Consolidated Financial Statements




                                                                    THOUSANDS OF EUROS
            2009              BONUSES
                                                PARTICIPATION
                                                                    SPECIAL PAID LEAVE
                                                                                           SOCIAL WELFARE
                                                                                                                    TOTAL
                                                  BONUSES                                       FUND
2009 beginning balance               10,541               14,948                 364,998         -                       390,487
Additions                                972              16,181                  57,551             8,031                  82,735
Reversals                            -1,244           -                      -                   -                          -1,244
Amounts Used                             -640         -                      -                   -                            -640
Transfer to short term           -                        -16,198                -39,183             -5,000              -60,381
2009 ending balance                     9,629             14,931                 383,366             3,031               410,957


                                                                    THOUSANDS OF EUROS
            2009              BONUSES
                                                PARTICIPATION
                                                                    SPECIAL PAID LEAVE
                                                                                           SOCIAL WELFARE
                                                                                                                    TOTAL
                                                  BONUSES                                       FUND
2008 beginning balance               10,113               14,730                 386,464             5,222               416,529
Additions                                978              16,450                  49,400             8,246                  75,074
Amounts Used                             -550         -                          -35,866             -5,381              -41,797
Transfer to short term           -                        -16,232                -35,000             -8,087              -59,319
2008 ending balance                  10,541               14,948                 364,998         -                       390,487




Bonuses                                                              entitled to participation which were arranged on or af-
                                                                     ter 1 January 2002 and which are still in force at De-
Early retirement bonus                                               cember 31 of each year.

Under Article 154 of the Company’s Fifth Collective                  At 31 December 2009 and 31 December 2008, the
Labour Agreement, all employees aged between 60                      Parent had recognised a provision amounting to EUR
and 64 years of age who, pursuant to current legisla-                1,203 thousand relating to the difference between the
tion are entitled to do so, may retire early voluntari-              present value of the remuneration commitments and
ly and receive a termination benefit which, combined                  the present value of the externalised plan assets.
with the consolidated entitlements under the Pension
Plan at the date of termination of their contracts, is               Long-service bonuses
equivalent to four months’ salary, calculated on the
basis of their basic pay plus their long-service bonus,              Article 138 of the Company’s Fifth Collective Labour
for every year remaining until they reach 64 years of                Agreement and Article 141 of the First Air Traffic Con-
age, or the related proportional part.                               trollers’ Collective Labour Agreement provide for certain
                                                                     long-service bonuses for services effectively rendered for
In 2004 the early retirement bonuses were exter-                     25 and 30 years in the first case, and for 25 and 35 years
nalised through a single premium life insurance policy               in the second. The provision recognised for this obliga-
taken out on 25 March 2004 with Mapfre Vida.                         tion amounted to EUR 972 thousand (EUR 978 thou-
                                                                     sand in 2008), of which EUR 375 thousand (EUR 356
Once this first 40-year period has elapsed, the policy                thousand in 2008) relate to the finance cost, calculated
will participate in 90% of the earnings from the invest-             on the basis of an actuarial study. The main assumptions
ment of the mathematical provisions of all the policies              used to obtain the actuarial calculation are as follows:



                                                                                                              Annual report 2009     331
             Legal Information
             Consolidated Financial Statements




      Assumed interest rate ........................................4.6%     Discount factor: ........................................ Iboxx curve
      Annual CPI increase:: .........................................2.0%    ...........................................at 31 December 2009 AA
      Mortality table: ................................Men PERM2000P         Annual CPI increase: .............................................3%
      .................................................... Women PERF2000P   Mortality table: ................................Men PERM2000P
      Financial system used: .......Individualised capitalisation            .................................................... Women PERF2000P
      Accrual method: ........................ Projected Unit Credit         Financial system used: .......Individualised capitalisation
                                                                             Accrual method: ........................ Projected Unit Credit
      Participation bonuses
                                                                             In the estimate of the actuarial value at 31 December
      Under agreements entered into between the Company                      2009 the suspension of the right to obtain this leave
      and the Air Traffic Controllers’ Labour Union, certain                  provided for in Royal Decree-Law 1/2010, of 5 Febru-
      bonuses were agreed upon for the period 2002-2003,                     ary (see Note 2-c) was taken into account.
      accruable for the extension of working hours during
      these periods. These bonus agreements were extend-                     The amount recognised directly in equity in 2009 for
      ed successively without interruption, for periods of                   the actuarial losses relating to this provision totalled
      one year, until the final extension from 1 August 2009                  EUR 17,315 thousand (2008: EUR 11,406 thousand).
      to 31 July 2010. The bonuses are paid over the two
      years following the year in which they are earned, in                  Other employee benefit obligations
      equal portions. The balance of this heading relates to
      the bonuses which will be paid from 1 January 2011,                    Under Article 150 of the Company’s Third Collec-
      and the bonuses payable in 2010 were transferred to                    tive Labour Agreement, when employees retire or are
      short term. The provision for the 2009 bonuses was                     granted permanent sick leave, they will receive an
      charged to “Staff Costs” in the accompanying consoli-                  amount equal to three monthly salary payments cal-
      dated income statement at 31 December 2009.                            culated on the basis of their basic pay plus their long-
                                                                             service bonus.
      Special paid leave
                                                                             Pursuant to the legislation relating to the externalisa-
      Articles 166 to 174 of the First Air Traffic Controllers’               tion of pension commitments and to the agreement
      Collective Labour Agreement provide for a pre-retire-                  between Aena management and the labour union
      ment situation that may be availed of by employees                     representatives to set up a pension plan, the defined-
      who meet certain conditions on reaching 52 years of                    contribution pension plan for Aena’s employees was
      age. These employees will not render any services until                set up on 28 July 2003.
      their retirement date, except in special cases, and will
      be entitled to have their basic salaries reviewed on an                Under Article 149 of the Fifth Collective Labour Agree-
      annual basis.                                                          ment, any employee who has to his credit at least 360
                                                                             calendar days of service recognised by Aena may be-
      The Company recognised a provision in 2008 for the                     come a participant of the Aena Employees Pension
      actuarial value of the benefits to the employees who                    Plan. The pension plan covers the contingencies of re-
      are expected to avail themselves of this leave based on                tirement, disability (referring to the degrees of full or
      historical experience. The main assumptions used to                    absolute permanent incapacity for work and compre-
      obtain the actuarial calculation are as follows:                       hensive disability) and death.



332    Annual report 2009
                                                                                              Legal Information
                                                                                Consolidated Financial Statements




In 2009 the Parent made contributions amounting to                        consider that the provision is sufficient to cover the
EUR 6.21 million (5.91 million in 2008) to this Pension                   risks of litigation in progress, third-party liability and
Fund and paid benefits totalling EUR 1.76 million (1.46                    current commitments known at the date of prepara-
million in 2008) At 31 December 2009, the balance                         tion of these financial statements and do not consider
of the pension plan position account was EUR 48.03                        that the current claims, taken as a whole, will give rise
million (39.2 million in 2008). In addition, the num-                     to additional liabilities that might have a material ef-
ber of participants and beneficiaries amounted to EUR                      fect on the 2009 financial statements.
10,684 at the end of 2009 (end of 2008: EUR 10,135).


                                                                          C) PROVISIONS FOR
B) OTHER PROVISIONS                                                       ENVIRONMENTAL COSTS

“Other Provisions”, which amount to EUR 16,603
thousand in 2009 and EUR 21,487 thousand in 2008,                         “Provisions for Environmental Costs” in 2009 includes
relates to the estimated amount of tax debts whose                        EUR 97.4 million recognised( EUR 52.5 million in 2008)
exact amount cannot yet be determined or whose                            to cover the costs foreseen to carry out the sound insu-
date of payment is uncertain.                                             lation work required to meet the environmental legis-
                                                                          lation in force. Short-term provisions for contingencies
This heading also includes EUR 2,908 thousand in                          and charges include a provision totalling EUR 43.8 mil-
2009 and EUR 1,187 thousand in 2008, relating to                          lion (EUR 35.2 million in 2008) to cover these liabili-
the estimated amount required for probable or cer-                        ties maturing in under 12 months (see Note 13.2). The
tain third-party liabilities or obligations arising from                  amounts recognised in this connection are capitalised
litigation in progress or from outstanding indemni-                       as an addition to the cost of the investment, since they
ty payments or obligations. The Company’s directors                       are costs necessarily incurred to develop the projects.




13.2 SHORT-TERM PROVISIONS

The changes in 2009 and 2008 were as follows:

                 2009                                                        THOUSANDS OF EUROS
                                                                           AMOUNTS         EXCESSIVE
                                           01/01/2009    ADDITIONS                                          TRANSFERS        31/12/2009
                                                                            USED          PROVISIONS

Provisión para el plan de jubilaciones
                                                 9.138       -                  (5.946)           (1.047)            5.000             7.145
anticipadas y el fondo de acción social

Licencia especial retribuida (nota 13.1)        35.000       -                 (35.183)       -                     39.183            39.000
Provisión de tasa de seguridad                   1.733       -                  (1.733)       -                 -                 -
Otras provisiones                              231.882           66.111        (88.958)       (31.356)              24.185        201.864
                                               277.753           66.111       (131.820)       (32.403)              68.368        248.009




                                                                                                                       Annual report 2009      333
            Legal Information
            Consolidated Financial Statements




                         2008                                                  THOUSANDS OF EUROS
                                                                             AMOUNTS           EXCESSIVE
                                            01/01/2008      ADDITIONS                                          TRANSFERS        31/12/2008
                                                                              USED            PROVISIONS
      Provision for early retirement plan           1,860          520           -                    -1,329            8,087         9,138
      Special paid leave (Note 13.1)            -                       -        -                -                    35,000        35,000
      Provision for security charge                 1,767         9,323              -9,357       -                -                  1,733
      Other provisions                          322,565         162,962         -329,398              -9,177           84,930       231,882
                                                326,192         172,805         -338,755          -10,506          128,017          277,753




      A) PROVISION FOR EARLY                                                lected annually have been deposited at the tax au-
      RETIREMENT PLAN                                                       thorities by the Company. Since December 2006 the
                                                                            rate payable to the tax authorities has been reduced
      In 2007 the Company agreed upon an option for                         gradually as follows:
      early retirement with its employees whereby person-
                                                                                                                                   RATE
      nel with employment contracts reaching 60, 61, 62                     DURATION
                                                                                                                                 PAYABLE
      or 63 years of age in 2007 who met the require-                       Until November 2006                                        50%
      ments established by the social security authorities
                                                                            December 2006 to August 2007                               40%
      for qualifying for the state retirement pension at the
                                                                            September 2007 to November 2007                            30%
      age of 60 could, on a voluntary basis and subject
                                                                            December 2007 to November 2008                             15%
      to agreement by the Company, avail themselves of
                                                                            December 2008 to November 2009                              5%
      this option and receive a lump sum to compensate
                                                                            From December 2009 onwards                                  0%
      them for the decrease in their retirement pension
      as a result of bringing forward their retirement. In
      2008 the Parent approved a further initiative under                   The aforementioned provision includes the estimated
      the same conditions. The Company has estimated                        amount payable to the tax authorities once the Par-
      and recognised the liability arising from this agree-                 ent has collected the security charge amounts billed in
      ment in the provision for early retirement plan ac-                   2009 and yet to be collected at year-end.
      count. No initiative was approved in this connection
      in 2009.
                                                                            C) OTHER PROVISIONS
      At 31 December 2009, the balance relates in full to the
      Social Action Fund.                                                   “Other Provisions” relates to EUR 141 million (EUR
                                                                            196.5 million in 2008) recognised to cover the differ-
                                                                            ence between the original expropriation value of the
      B) PROVISION FOR SECURITY CHARGE                                      land expropriated at Madrid, Barcelona and Malaga
                                                                            airports and the best estimate of the just compensa-
      This charge has been applied since 1 May 1997 to                      tion established for this land foreseeably to be paid in
      outgoing passengers who embark at Spanish air-                        the short term, and EUR 43.8 million (EUR 35.2 million
      ports in accordance with Law 13/1996, of 30 De-                       in 2008) which were recognised to cover the sound in-
      cember, on Tax, Administrative and Social Security                    sulation work required to meet the applicable environ-
      Measures and, since 1999, 50% of the amounts col-                     mental legislation.



334    Annual report 2009
                                                                                   Legal Information
                                                                     Consolidated Financial Statements




13.3 CONTINGENCIES                                             the unit charges for en-route navigation aids and
                                                               the actual results ultimately obtained in the provi-
As a result of the actions that will have to be carried        sion of en-route air navigation services. The afore-
out to comply with the EISs (Environmental Impact              mentioned rights and obligations are recovered
Statement) approved for the various airport expansion          through future changes between two to six years
and improvement construction projects, the Parent              after they arise. The Parent considers that this type
will be obliged to make certain investments required           of asset does not meet all the requirements for rec-
to minimise the impact of noise on the dwellings af-           ognition in the balance sheet since its recoverability
fected by such projects. At 31 December 2009 and               depends on future events such as changes in rates
31 December 2008, the Parent was involved in vari-             and air traffic.
ous claims proceedings which, should the outcome
thereof be unfavourable to Aena, could give rise to li-        At 31 December 2009 the balance in respect of this
abilities which were not possible to quantify at 31 De-        item amounted to EUR 282.399 thousand ( EUR
cember 2009 and 31 December 2008. In any case, the             196.208 thousand at 31 December 2008)
aforementioned liabilities would represent an increase
in the cost of non-current assets and, therefore, under        Also, in accordance with Commission Regulation (CE)
no circumstances would they have an immediate im-              no. 1794/2006, of 6 December 2006, laying down a
pact on the equity of the Parent.                              common charging scheme for air navigation servic-
                                                               es, the non-recurring effects resulting from the intro-
13.4 CONTINGENT ASSETS                                         duction of International Accounting Standards may
                                                               be included as an addition to the route charge over
ADJUSTMENT MECHANISM                                           a period not exceeding 15 years. Consequently, the
                                                               Parent expects to be able to recover EUR 309,311
This item includes the rights (or obligations) arising         thousand (EUR 333,104 thousand in 2008) through
from variances in the estimated results used to set            future charges.




14. BANK BORROWINGS AND OTHER FINANCIAL LIABILITIES
The detail of “Bank Borrowings and Other Financial Liabilities” is as follows:

                                                                                  THOUSANDS OF EUROS
                                                                           2009                         2008
Non-current accounts payable-                                                     10,158,075                    9,012.425
  Bank borrowings                                                                 10,155,044                    9,008,975
  Obligations under finance leases                                                      3,031                        3,450
Derivatives                                                                             143                           109
Other non-current financial liabilities                                                 2,710                        2,358
Total                                                                             10,160,928                    9,014,892




                                                                                                       Annual report 2009   335
              Legal Information
              Consolidated Financial Statements




      LONG TERM DEBTS WITH CREDIT INSTITUTIONS

      The main loans arranged by the Group outstanding are as follows::

                                                                                                              INTEREST
       THOUSANDS
                                       INTEREST RATE                          REPAYMENT PERIOD                PAYMENT     BANK
        OF EUROS
                                                                                                               PERIOD

      Loans of the Parent:
      2,459           Fixed 3.56% until 15/09/10                   11 equal payments 15/09/2000 -15/09/2010    Annual      BEI
      12,619          Fixed 4.26% until 15/09/16                   15 equal payments 15/09/2002 -15/09/2016    Annual      BEI
      20,836          Fixed revisable 3.58% until 15/03/10         15 equal payments 15/03/2003 -15/03/2017    Annual      BEI
      25,243          Fixed revisable 2.82% until 15/12/09         20 equal payments 15/12/2004 -15/12/2023    Annual      BEI
                      Fixed 4.61% (max Euribor 3M + 0.15%) until
      45,076                                                       20 equal payments 15/03/2005 -15/03/2024    Annual      BEI
                      15/03/24
      38,315          Fixed 4.61% until 15/03/24                   20 equal payments 15/03/2005 -15/03/2024    Annual      BEI
      24,000          Fixed revisable 3.71 % until 15/06/10        20 equal payments 15/06/2006 -15/06/2025    Annual      BEI
      36,000          Fixed revisable 3.11% until 15/03/10         20 equal payments 15/03/2006 -15/03/2025    Annual      BEI
      96,000          Fixed 3.933% until 15/03/25                  20 equal payments 15/03/2006 -15/03/2025    Annual      BEI
      51,000          Fixed revisable 3.71 % until 15/06/10        20 equal payments 15/06/2007 -15/06/2026    Annual      BEI
      72,000          Fixed revisable 4.01% until 15/12/11         20 equal payments 15/12/2006 -15/12/2025    Annual      BEI
      48,000          Fixed revisable 3.66 % until 15/12/09        20 equal payments 15/12/2006 -15/12/2025    Annual      BEI
      64,439          Fixed revisable 4.07% until 15/03/12         20 equal payments 15/03/2007 -15/03/2026    Annual      BEI
      17,880          Fixed revisable 3.69% until 15/03/10         20 equal payments 15/03/2007 -15/03/2026    Annual      BEI
      76,500          Fixed revisable 3.761% until 15/03/26        20 equal payments 15/03/2007 -15/03/2026    Annual      BEI
      94,286          Fixed revisable 3.968% until 15/03/13        21 equal payments 15/03/2007 -15/03/2027    Annual      BEI
      64,000          Fixed revisable 3.98% until 15/09/11         20 equal payments 15/09/2006 -15/09/2025    Annual      BEI
      63,000          Fixed revisable 3.71% until 15/03/10         20 equal payments 15/03/2008 -15/03/2027    Annual      BEI
      45,238          Fixed revisable 4.157% until 15/03/11        21 equal payments 15/03/2008 -15/03/2028    Annual      BEI
      63,000          Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/06/2008 -15/06/2027   Quarterly    BEI
      103,500         Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/06/2008 -15/06/2027   Quarterly    BEI
      54,000          Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/09/2008 -15/09/2027   Quarterly    BEI
      123,300         Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/09/2008 -15/09/2027   Quarterly    BEI
      17,100          Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/03/2009 -15/03/2028   Quarterly    BEI
      190,000         Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/03/2009 -15/09/2028   Quarterly    BEI
      156,750         Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/03/2009 -15/09/2028   Quarterly    BEI
      33,250          Variable (Euribor 3M + 28.9 bps)             20 equal payments 15/03/2009 -15/09/2028   Quarterly    BEI
      700,000         Fixed revisable 3.83% until 15/03/09         18 equal payments 15/03/2012 -15/09/2029   Quarterly    BEI
      50,000          Fixed revisable 2.89% until 15/12/12         18 equal payments 15/12/2012- 15/12/2029    Annual      BEI
      100,000         Fixed 3.909% until 15/12/29                  18 equal payments 15/12/2012 -15/12/2029    Annual      BEI
      150,000         Fixed revisable 3.45% until 19/12/11         18 equal payments 15/12/2012- 15/12/2029    Annual      BEI
      150,000         Fixed revisable 3.748% until 15/06/10        18 equal payments 15/12/2012- 15/12/2029    Annual      BEI
      50,000          Fixed revisable 4.129% until 15/12/12        18 equal payments 15/12/2012 -15/12/2029    Annual      BEI




336    Annual report 2009
                                                                                             Legal Information
                                                                               Consolidated Financial Statements




                                                                                                          INTEREST
 THOUSANDS
                              INTEREST RATE                               REPAYMENT PERIOD                PAYMENT         BANK
  OF EUROS
                                                                                                           PERIOD

100,000      Fixed revisable 4.337% until 18/05/12             20 equal payments 15/12/2012- 15/12/2031    Annual           BEI
100,000      Fixed revisable 4.485% until 15/09/12             20 equal payments 15/12/2012- 15/12/2031    Annual           BEI
50,000       Fixed revisable 4.543% until 15/09/12             20 equal payments 15/12/2012- 15/12/2031    Annual           BEI
100,000      Fixed revisable 4.367% until 15/12/12             20 equal payments 15/12/2012- 15/12/2031    Annual           BEI
55,000       Fixed revisable 4.323% until 15/12/12             20 equal payments 15/12/2012- 15/12/2031    Annual           BEI
95,000       Fixed revisable 3.84% until 15/03/13              20 equal payments 15/03/2013- 15/03/2032    Annual           BEI
10,000       Variable (Euribor 3M + 28.9 bps)                  10 equal payments 15/03/2012- 15/03/2021   Quarterly         BEI
170,000      Variable (Euribor 3M + 28.9 bps)                  10 equal payments 15/03/2010- 15/03/2020   Quarterly         BEI
120,000      Variable (Euribor 3M + 28.9 bps)                  10 equal payments 15/03/2013- 15/03/2022   Quarterly         BEI
100,000      Variable (Euribor 3M + 28.9 bps)                  10 equal payments 19/03/2013- 19/03/2022   Quarterly         BEI
100,000      Variable (Euribor 3M + 28.9 bps)                  10 equal payments 19/03/2013- 19/03/2022   Quarterly         BEI
100,000      Fixed Revisable 4.027% until 19/03/13             10 equal payments 19/03/2013- 19/03/2022    Annual           BEI
100,000      Fixed Revisable 3.84% until 15/03/13              20 equal payments 15/03/2013- 15/03/2032    Annual           BEI
150,000      Fixed Revisable 3.78% until 15/03/12              20 equal payments 15/03/2014- 15/03/2033    Annual           BEI
100,000      Fixed Revisable 4.12% until 15/03/11              20 equal payments 15/03/2014- 15/03/2033    Annual           BEI
150,000      Fixed Revisable 4.23% until 15/03/13              21 equal payments 15/03/2013- 15/03/2033    Annual           BEI
100,000      Fixed 3.73%                                       20 equal payments 20/03/2014- 20/03/2033    Annual           BEI
             1.25% variable diferencial Fixed (Euribor 3M +
50,000                                                         21 equal payments 20/03/2014- 20/03/2034   Quarterly         BEI
             0.534%)
             1.445% variable diferencial Fixed (Euribor 3M +
100,000                                                        21 equal payments 20/03/2014- 20/03/2034   Quarterly         BEI
             0.722%)
             1.21% variable diferencial Fixed (Euribor 3M +
50,000                                                         11 equal payments 15/06/2014- 15/06/2024   Quarterly         BEI
             0.493%)
             1.1% variable diferencial Fixed (Euribor 3M +
100,000                                                        10 equal payments 15/09/2015- 15/09/2024   Quarterly         BEI
             0.383%) until 15/12/12
             1.04% variable diferencial Fixed (Euribor 3M +
200,000                                                        10 equal payments 15/09/2015- 15/09/2024   Quarterly         BEI
             0.383%) until 15/12/12
             1.07% variable diferencial Fixed (Euribor 3M +
150,000                                                        10 equal payments 15/09/2015- 15/09/2024   Quarterly         BEI
             0.383%) until 15/12/12
86,667       4.87%(Tipo Fixed)                                 15 equal payments 15/09/2008 -15/09/2022    Annual         DEPFA
43,333       4.87%(Tipo Fixed)                                 15 equal payments 15/09/2008 -15/09/2022    Annual         DEPFA
34,667       4.87%(Tipo Fixed)                                 15 equal payments 15/09/2008 -15/09/2022    Annual         DEPFA
73,667       4.87%(Tipo Fixed)                                 15 equal payments 15/09/2008 -15/09/2022    Annual         DEPFA
43,333       4.87%(Tipo Fixed)                                 15 equal payments 15/09/2008 -15/09/2022    Annual         DEPFA
60,667       4.87%(Tipo Fixed)                                 15 equal payments 15/09/2008 -15/09/2022    Annual         DEPFA
112,667      4.87%(Tipo Fixed)                                 15 equal payments 15/09/2008 -15/09/2022    Annual         DEPFA
             Variable. 3.48% (Euribor 3m + 0.1475% a partir
52,000                                                         15 equal payments 15/09/2008 -15/09/2022   Quarterly       DEPFA
             de 15/09/07)
             Variable. 3.48% (Euribor 3m + 0.1475% a partir
208,000                                                        15 equal payments 15/09/2008 -15/09/2022   Quarterly       DEPFA
             de 15/09/07)
             Variable. 3.48% (Euribor 3m + 0.1475% a partir
65,000                                                         15 equal payments 15/09/2008 -15/09/2022   Quarterly       DEPFA
             de 15/09/07)
             Variable. 3.48% (Euribor 3m + 0.1475% a partir
86,667                                                         15 equal payments 15/09/2008 -15/09/2022   Quarterly       DEPFA
             de 15/09/07)




                                                                                                                 Annual report 2009   337
           Legal Information
           Consolidated Financial Statements




                                                                                                       INTEREST
       THOUSANDS
                                       INTEREST RATE                  REPAYMENT PERIOD                 PAYMENT     BANK
        OF EUROS
                                                                                                        PERIOD

      265,000        Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      100,000        Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      135,000        Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      50,000         Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      100,000        Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      50,000         Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      100,000        Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      150,000        Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      50,000         Variable (Euribor + 0.78% el resto)   20 equal payments 15/12/2010 -15/12/2029    Quarterly   DEPFA
      50,000         Variable (Euribor + 0.1175%)          15 equal payments 15/06/2014 - 15/06/2028   Quarterly   DEPFA
      150,000        Variable (Euribor + 0.1175%)          15 equal payments 15/06/2014 - 15/06/2028   Quarterly   DEPFA
      200,000        Variable (Euribor + 0.1175%)          15 equal payments 15/06/2014 - 15/06/2028   Quarterly   DEPFA
      200,000        Variable (Euribor + 0.1175%)          15 equal payments 15/06/2014 - 15/06/2028   Quarterly   DEPFA
      300,000        Variable (Euribor + 0.1175%)          15 equal payments 15/06/2014 - 15/06/2028   Quarterly   DEPFA
      100,000        Variable (Euribor + 0.1175%)          15 equal payments 15/06/2014 - 15/06/2028   Quarterly   DEPFA
      85,000         Fixed 4.88% until 15/19/2026          20 equal payments 15/09/2007 -15/09/2026     Annual      ICO
      51,000         Fixed 4.88% until 15/19/2026          20 equal payments 15/09/2007 -15/09/2026     Annual      ICO
      127,500        Fixed 4.88% until 15/19/2026          20 equal payments 15/09/2007 -15/09/2026     Annual      ICO
      42,500         Fixed 4.88% until 15/19/2026          20 equal payments 15/09/2007 -15/09/2026     Annual      ICO
      34,000         Fixed 4.88% until 15/19/2026          20 equal payments 15/09/2007 -15/09/2026     Annual      ICO
      95,000         Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      123,500        Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      76,000         Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      52,250         Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      128,250        Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      190,000        Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      95,000         Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      95,000         Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      95,000         Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2009 -15/03/2028    Quarterly    ICO
      100,000        Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2012 -15/03/2031    Quarterly    ICO
      50,000         Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2012 -15/03/2031    Quarterly    ICO
      100,000        Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2012 -15/03/2031    Quarterly    ICO
      150,000        Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2012 -15/03/2031    Quarterly    ICO
      100,000        Variable (Euribor 3M + 0.08%)         20 equal payments 15/03/2012 -15/03/2031    Quarterly    ICO
      50,000         Variable (Euribor 3M + 0.8%)          20 equal payments 15/12/2013 - 20/11/2032   Quarterly    ICO
      50,000         Variable (Euribor 3M + 0.8%)          20 equal payments 15/12/2013 - 20/11/2032   Quarterly    ICO
      100,000        Variable (Euribor 3M + 0.8%)          20 equal payments 15/12/2013 - 20/11/2032   Quarterly    ICO
      100,000        Variable (Euribor 3M + 0.8%)          20 equal payments 15/12/2013 - 20/11/2032   Quarterly    ICO
      75,000         Variable (Euribor 3M + 0.8%)          20 equal payments 15/12/2013 - 20/11/2032   Quarterly    ICO




338   Annual report 2009
                                                                                                     Legal Information
                                                                                       Consolidated Financial Statements




                                                                                                                  INTEREST
 THOUSANDS
                                  INTEREST RATE                                  REPAYMENT PERIOD                 PAYMENT          BANK
  OF EUROS
                                                                                                                   PERIOD

50,000          Variable (Euribor 3M + 0.8%)                          20 equal payments 15/12/2013 - 20/11/2032   Quarterly         ICO
75,000          Variable (Euribor 3M + 0.8%)                          20 equal payments 15/12/2013 - 20/11/2032   Quarterly         ICO
50,000          Variable (Euribor 3M + 0.8%)                          20 equal payments 15/12/2013 - 20/11/2032   Quarterly         ICO
50,000          Variable (Euribor 3M + 0.8%)                          20 equal payments 15/12/2013 - 20/11/2032   Quarterly         ICO
200,000         Variable (Euribor 3M + 0.8%)                          Maturity 29/11/2010                         Quarterly         ICO
100,000         Variable (Euribor 3M + 0.8%)                          Maturity 29/11/2010                         Quarterly         ICO
100,000         Variable (Euribor 3M + 0.8%)                          Maturity 29/11/2010                         Quarterly         ICO
50,188          Euribor 1M + 0.75%                                    Maturity 14/12/2010                         Mensual        Bankinter
96,778          Euribor 1M + 0.55%                                    Maturity 18/04/2010                         Mensual         Unicaja
91,228          Euribor 1M + 0.60%                                    Maturity 30/11/2011                         Mensual         La Caixa
Loans of Aena Desarrollo Internacional:
4,271           5.25%                                                 8 October 2014                               Annual          BSCH
5,751           4.40%                                                 8 October 2014                               Annual          BSCH
1,621           Libor plus a spread                                   5 September 2014                             Annual           ICO
2,667           4.83%                                                 1 October 2017                              Quarterly       La Caixa
2,735           Euribor + 0.60%                                       18 December 2010                             Annual         La Caixa
2,000           Euribor + 0.20%                                       8 January 2010                               Annual       Caja Madrid
1,990           Euribor 3m + 0.50%                                    17 December 2010                             Annual         Banesto
3,450           Euribor plus a spread (finance lease)                  20 December 2016                            Quarterly        BBVA
11,107,138      Total borrowings
(949,063)       Maturing at short term
10,158,075      Maturing at long term




                                                                       2008
                                                                                                                  INTEREST
 THOUSANDS
                                      INTEREST RATE                                REPAYMENT PERIOD               PAYMENT          BANK
  OF EUROS
                                                                                                                   PERIOD

Loans of the Parent:
80,000          Variable (4%) (12M Euribor + 0.04%)                     Maturity 15/12/09                           Annual       Santander
8,194           Fixed revisable (4.67%) until 15/09/09                  11 equal payments 15/09/99 -15/09/09        Annual          EIB
4,916           Fixed convertible (3.56%) until 15/10/09                11 equal payments 15/09/00 -15/09/10        Annual          EIB
14,424          Fixed revisable (4.26%) until 15/09/16                  15 equal payments 15/09/02 -15/09/16        Annual          EIB
23,441          Fixed revisable (3.58%) until 15/03/10                  15 equal payments 15/03/03 -15/03/17        Annual          EIB
27,046          Fixed revisable (3.62%) until 15/12/09                  20 equal payments 15/12/04 -15/12/23        Annual          EIB
48,081          Fixed convertible (4.61%) (max. 3M Euribor + 0.15%)     20 equal payments 15/03/05 -15/03/24        Annual          EIB
40,870          Fixed revisable (4.61%) until 15/03/24                  20 equal payments 15/03/05 -15/03/24        Annual          EIB
25,500          Fixed revisable (3.71%) until 15/06/10                  20 equal payments 15/06/06 -15/06/25        Annual          EIB
38,250          Fixed revisable (3.11%) until 15/03/10                  20 equal payments 15/03/06 -15/03/25        Annual          EIB
102,000         Fixed (3.933%) until 15/03/11                           20 equal payments 15/03/06 -15/03/25       Quarterly        EIB




                                                                                                                         Annual report 2009   339
           Legal Information
           Consolidated Financial Statements




                                                               2008
                                                                                                      INTEREST
       THOUSANDS
                                       INTEREST RATE                     REPAYMENT PERIOD             PAYMENT    BANK
        OF EUROS
                                                                                                       PERIOD

      54,000         Fixed revisable (3.71%) until 15/06/10    20 equal payments 15/06/07 -15/06/26    Annual    EIB
      76,500         Fixed revisable (4.01%) until 15/12/11    20 equal payments 15/12/06 -15/12/25    Annual    EIB
      51,000         Fixed revisable (3.66%) until 15/12/09    20 equal payments 15/12/06 -15/12/25    Annual    EIB
      68,230         Fixed revisable (4.07%) until 15/03/12    20 equal payments 15/03/07 -15/03/26    Annual    EIB
      18,930         Fixed revisable (3.69%) until 15/03/10    20 equal payments 15/03/07 -15/03/26    Annual    EIB
      81,000         Fixed revisable (3.761%) until 15/03/26   20 equal payments 15/03/07 -15/03/26    Annual    EIB
      99,524         Fixed revisable (3.968%) until 15/03/13   21 equal payments 15/03/07 -15/03/27    Annual    EIB
      68,000         Fixed revisable (3.98%) until 15/09/11    20 equal payments 15/09/06 -15/09/25    Annual    EIB
      66,500         Fixed revisable (3.71%) until 15/03/10    20 equal payments 15/03/08 -15/03/27    Annual    EIB
      47,619         Fixed revisable (4.157%) until 15/03/11   21 equal payments 15/03/08 -15/03/28    Annual    EIB
      66,500         Fixed revisable (3.75%) until 15/06/10    20 equal payments 15/06/08 -15/06/27    Annual    EIB
      109,250        Fixed revisable (4.370%) until 15/06/12   20 equal payments 15/06/08 -15/06/27    Annual    EIB
      57,000         Fixed revisable (4.44%) until 15/09/14    20 equal payments 15/09/08 -15/09/27    Annual    EIB
      130,150        Fixed revisable (4.44%) until 15/09/14    20 equal payments 15/09/08 -15/09/27    Annual    EIB
      18,000         Fixed revisable (3.83%) until 15/03/09    20 equal payments 15/03/09 -15/03/28    Annual    EIB
      200,000        Fixed revisable (3.83%) until 15/03/09    20 equal payments 15/03/09 -15/09/28    Annual    EIB
      200,000        Fixed revisable (3.83%) until 15/03/09    20 equal payments 15/03/09 -15/09/28    Annual    EIB
      700,000        Fixed revisable (3.83%) until 15/03/09    18 equal payments 15/03/12 -15/09/29    Annual    EIB
      50,000         Fixed revisable (2.95%) until 15/12/09    18 equal payments 15/03/12 -15/09/29    Annual    EIB
      100,000        Fixed revisable (3.909%) until 15/12/29   18 equal payments 15/03/12 -15/12/29    Annual    EIB
      150,000        Fixed revisable (3.45%) until 19/12/11    18 equal payments 15/03/12 -15/12/29    Annual    EIB
      150,000        Fixed revisable (3.748%) until 15/06/10   18 equal payments 15/12/12 -15/12/29    Annual    EIB
      50,000         Fixed revisable (4.129%) until 15/12/12   18 equal payments 15/12/12 -15/12/29    Annual    EIB
      100,000        Fixed revisable (4.337%) until 15/05/12   20 equal payments 15/12/12 -15/12/31    Annual    EIB
      100,000        Fixed revisable (4.485%) until 15/09/12   20 equal payments 15/12/12 -15/12/31    Annual    EIB
      50,000         Fixed revisable (4.543%) until 15/09/12   20 equal payments 15/12/12 -15/12/31    Annual    EIB
      100,000        Fixed revisable (4.367%) until 15/12/12   20 equal payments 15/12/12 -15/12/31    Annual    EIB
      55,000         Fixed revisable (4.323%) until 15/12/12   20 equal payments 15/12/12 -15/12/31    Annual    EIB
      95,000         Fixed revisable (3.84%) until 15/03/13    20 equal payments 15/03/13 -15/03/32    Annual    EIB
      10,000         Fixed revisable (3.827%) until 13/12/21   10 equal payments 15/03/12 -15/03/21    Annual    EIB
      170,000        Fixed revisable (3.12%) until 15/03/20    10 equal payments 15/03/10 -15/03/20    Annual    EIB
      120,000        Fixed revisable (4.027%) until 19/03/13   10 equal payments 15/03/13 -15/03/22    Annual    EIB
      100,000        Fixed revisable (3.827%) until 13/12/21   10 equal payments 19/03/13 -19/03/22    Annual    EIB
      100,000        Fixed revisable (4.027%) until 19/03/13   10 equal payments 19/03/13 -19/03/22    Annual    EIB
      100,000        Fixed revisable (4.027%) until 19/03/13   10 equal payments 19/03/13 -19/03/22    Annual    EIB
      100,000        Fixed revisable (3.84%) until 15/03/13    20 equal payments 15/03/13 -15/03/32    Annual    EIB
      150,000        Fixed revisable (3.78%) until 15/03/12    20 equal payments 15/03/14 -15/03/33    Annual    EIB
      100,000        Fixed revisable (4.12%) until 15/03/11    20 equal payments 15/03/14 -15/03/33    Annual    EIB




340   Annual report 2009
                                                                                               Legal Information
                                                                                 Consolidated Financial Statements




                                                                    2008
                                                                                                            INTEREST
 THOUSANDS
                                   INTEREST RATE                              REPAYMENT PERIOD              PAYMENT        BANK
  OF EUROS
                                                                                                             PERIOD

150,000          Fixed revisable (4.23%) until 15/03/13             21 equal payments 15/03/13 -15/03/33     Annual          EIB
100,000          Fixed (3.73%)                                      20 equal payments 20/03/14 -20/03/33     Annual          EIB
490,000          Fixed (4.87%)                                      15 equal payments 15/09/08 -15/09/22     Annual        DEPFA
                 Variable. 3.48% (3M Euribor + 0.1475%
443,333                                                             15 equal payments 15/09/08 -15/09/22    Quarterly      DEPFA
                 from15/09/07)
1,000,000        Variable (3.4%) (Euribor + 0.067% the remainder)   20 equal payments 15/12/10 -15/12/29    Quarterly      DEPFA
200,000          Variable (3.45%) (Euribor + 0.1175%)               15 equal payments 15/06/14 – 15/06/28   Quarterly      DEPFA
360,000          Fixed (4.88%) until 15/19/26                       20 equal payments 15/09/07 -15/09/26     Annual         ICO
1,000,000        Variable (3.41%) (3M Euribor + 0.08%)              20 equal payments 15/03/09 -15/03/28    Quarterly       ICO
500,000          Variable (3.41%) (3M Euribor + 0.08%)              20 equal payments 15/03/12 -15/03/31    Quarterly       ICO
600,000          Variable (3.41%) (3M Euribor + 0.08%)              20 equal payments 15/12/13 – 20/11/32   Quarterly       ICO
63,380           Fixed (2.46%) until 14/12/06                       Maturity 14/12/09                       Monthly         BKT
48,601           Variable (Euribor 1m + 0.05 points)                Maturity 19/04/14                       Monthly        Unicaja
85,875           Fixed (2.463%)                                     Maturity 31/12/09                       Monthly       La Caixa
68,282           Variable (1M Euribor + 0.045 points)               Maturity 31/04/14                       Monthly         BBVA
Ineco credit facility:
931              Euribor + 0.3%                                     26 March 2009                            Annual         BSCH
Loans of Aena Desarrollo Internacional:
5,306            5.25%                                              8 October 2014                           Annual         BSCH
6,902            4.40%                                              8 October 2014                           Annual         BSCH
2,014            Euribor plus a spread                              5 September 2014                         Annual         ICO
3,000            4.83%                                              1 October 2017                          Quarterly     La Caixa
2,414            Euribor + 0.18%                                    28 December 2009                         Annual       La Caixa
3,000            Euribor + 0.20%                                    8 December 2009                          Annual      Caja Madrid
3,552            Euribor plus a spread (finance lease)               20 December 2016                        Quarterly       BBVA
9,611,515        Total borrowings
(599,090)        Maturing at short term
9,012,425        Maturing at long term




                                                                                                                  Annual report 2009   341
              Legal Information
              Consolidated Financial Statements




      The Parent has undertaken to comply with certain gen-            and 31 December 2008, all the obligations relating to
      eral obligations to avoid early repayment of the afore-          these loans were being met. The repayment schedule
      mentioned loans and credits. At 31 December 2009                 for the bank borrowings is as follows:



                                                                2009
      MATURING IN                                                                                   THOUSANDS OF EUROS
      2010                                                                                                                 949,063
      2011                                                                                                                 301,705
      2012                                                                                                                 414,646
      2013                                                                                                                 503,564
      2014                                                                                                                 592,303
      Subsequent years                                                                                                    8,345,857
      Total                                                                                                              11,107,138


                                                       EJERCICIO 2008
      MATURING IN                                                                                   THOUSANDS OF EUROS
      2009                                                                                                                 599,090
      2010                                                                                                                 304,182
      2011                                                                                                                 301,747
      2012                                                                                                                 414,688
      2013                                                                                                                 503,606
      Subsequent years                                                                                                    7,488,202
      Total                                                                                                               9,611,515



      The detail, by bank, of the drawn down and available amounts on bank borrowings is as follows:


                                    2009                                                THOUSANDS OF EUROS

                                    BANK                           DRAWN DOWN                       AVAILABLE                TOTAL

      La Caixa                                                                96,630                   10,036              106,666
      Banesto                                                                  1,990                    2,010                4,000
      Caja Madrid                                                              2,000                    4,360                6,360
      Banco Europeo de Inversiones                                          5,187,790           -                         5,187,790
      Instituto de Crédito Oficial                                           2,791,621           -                         2,791,621
      Depfa Bank                                                            2,866,667           -                         2,866,667
      SCH                                                                     10,023                    2,300               12,323
      Bankinter                                                               50,188                  149,812              200,000
      Unicaja                                                                 96,778                    3,222              100,000
      KFW IPEX-Bank                                                    -                              200,000              200,000
      Banco Sabadell                                                   -                              150,000              150,000
      Dexia Sabadell                                                   -                              150,000              150,000
      BBVA                                                                     3,451                1,002,000             1,005,451
      Total                                                                11,107,138               1,673,740            12,780,878




342    Annual report 2009
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                                                                       Consolidated Financial Statements




                              2008                                             THOUSANDS OF EUROS

                              BANK                          DRAWN DOWN                      AVAILABLE                         TOTAL

La Caixa                                                              91,289                    15,710                   106,999
Caja Madrid                                                            3,000                     4,300                        7,300
European Investment Bank                                        4,644,925                      150,000                  4,794,925
Instituto de Crédito Oficial                                     2,462,014               -                               2,462,014
Depfa Bank                                                      2,133,334            800,000                            2,933,334
SCH                                                                   93,139          2,369                               95,508
Bankinter                                                             63,380                    36,620                   100,000
Unicaja                                                               48,601                    51,399                   100,000
BBVA                                                                  71,833                    32,079                   103,912
Total                                                     9,611,515                         1,092,477                  10,703,992



Accrued unpaid interest at 31 December 2009 and 31           The following non-current, non-trade payables relat-
December 2008 amounted to EUR 81,085 thousand                ing to AENA Desarrollo Internacional are denominated
and EUR 123,804 thousand, respectively.                      or instrumented in foreign currency:

                                                                                                          EQUIVALENT VALUE IN
The subsidiary Aena Desarrollo Internacional has ar-                                                      THOUSANDS OF EUROS
ranged an interest rate swap that hedges the risk of                                                        2009         2008
changes in interest rates, of fixed interest at 4.83%
                                                              Bank borrowings                                 5,892           7,320
against a floating interest rate, on two thirds of the
                                                              Current maturity                                -1,179       -1,220
loan granted by La Caixa for a period shorter than that
                                                              Non-current maturity                            4,713           6,100
of the loan (until October 2012).




15. TAX MATTERS
15.1. CURRENT TAX RECEIVABLES AND PAYABLES

The detail of the tax receivables and tax payables at 31 December 2009 and 31 December 2008 is as follows:



                                                                                                   THOUSANDS OF EUROS
                                     TAX RECEIVABLES                                              2009                 2008
Deferred tax assets (Note 15.4)                                                                      521,384             380,865
Total deferred tax assets                                                                            521,384             380,865


Current tax assets                                                                                       23,677           14,960
Withholdings and pre-payments                                                                                 -               1,078
Total current tax assets                                                                                 23,677           16,038




                                                                                                              Annual report 2009      343
              Legal Information
              Consolidated Financial Statements




                                                                                                          THOUSANDS OF EUROS
                                               TAX RECEIVABLES                                         2009             2008
      VAT refundable                                                                                        44,803             73,262
      Grants receivables                                                                                    48.269
      Other                                                                                                 48,269                97
      Total other accounts receivable from public authorities                                               93,072             73,359


      The current tax asset relates to a 2003 supplementary          The balance receivable in relation to grants received aris-
      income tax return filed by the Parent in 2008 and the           es from the non-refundable grants awarded by the Euro-
      supplementary tax returns for 2004 and 2005 filed by            pean Regional Development Fund (ERDF) to the Parent,
      the Company in 2009 (see Note 2-g).                            which had not been received at the end of 2009.

                                                                                                          THOUSANDS OF EUROS
                                                   TAX PAYABLES                                        2009             2008
      Other deferred tax liabilities (Note 15.6)                                                           208,732         192,087
      Total deferred tax liabilities                                                                       208,732         192,087


      Current tax liabilities                                                                                 1,758             3,093
      Total current tax liabilities                                                                           1,758             3,093


      Other tax payables                                                                                      1,806             1,807
      Security charge payable                                                                                  655              1,862
      Personal income tax withholdings                                                                      33,755             35,201
      VAT payable                                                                                             2,536             3,099
      Accrued social security taxes payable                                                                 16,149             14,820
      Total other accounts payable to public authorities                                                    54,901             56,789




      15.2 RECONCILIATION OF THE ACCOUNTING LOSS TO THE TAX LOSS

      The reconciliation of the accounting loss to the tax loss for income tax purposes is as follows:

                                                                                              THOUSANDS OF EUROS
                                              2009                           INCREASE          DECREASE                 NET
      Loss before tax                                                                                                     -492,022
      Permanent differences:
        Arising in the year                                                          10,637           -                        10,637
        Arising in prior years                                                   -                        -25,556          -25,556
        Arising from consolidation adjustments                                       12,901           -                        12,901
      Temporary differences:
        Arising in the year                                                          99,451           -                        99,451
        Arising in prior years                                                   -                        -84,546          -84,546
        Arising from consolidation adjustments                                       55,891               -12,932              42,959


      Tax loss                                                                                                            -436,176




344    Annual report 2009
                                                                             Legal Information
                                                               Consolidated Financial Statements




                                                                                  THOUSANDS OF EUROS
                                     2008                        INCREASE          DECREASE                     NET
Loss before tax                                                                                                   -228,319
Permanent differences:
  Arising in the year                                                   39,495            -                           39,495
  Arising in prior years                                            -                         -40,173              -40,173
  Arising from consolidation adjustments                            -                          -4,093                 -4,093
  Adjustments due to application of the new
  Spanish National Chart of Accounts-
  - Investment valuation allowance                                  -                         -16,370              -16,370
  - Other                                                                   878           -                             878
Timing differences:
  Arising in the year                                                   68,228            -                           68,228
  Arising in prior years                                                      -               -54,451              -54,451
  Arising from consolidation adjustments                                48,829                 -9,889                 38,940
  Adjustments due to application of the new
  Spanish National Chart of Accounts-
  - Start-up costs                                                  -                         -50,080              -50,080
  - Deferred income                                                      7,815            -                            7,815
  - Reversion fund                                                          251           -                             251
  - Plant                                                           -                           -991                    -991


Tax loss                                                                                                          -238,870


The main permanent differences are due to charges        approved by Royal Decree 1514/2007, which affect-
and reversals of provisions for employee benefit obli-    ed equity, gave rise to deferred tax assets and liabili-
gations. The main temporary differences arose as a       ties that were reversed at 31 December 2008 for the
result of the difference between the tax and account-    amount corresponding to the deductible tax bases in
ing methods of recognising depreciation and amorti-      the year. The first-time application adjustment relating
sation, the provision to the allowance for bad debts     to investment valuation allowances reduced the tax
and payments for retirement plans and insurance.         base to offset the increases made in prior years. Ex-
                                                         cept for the aforementioned, the main permanent dif-
In 2008, certain adjustments relating to the first-time   ferences are due to charges and reversals of provisions
application of the Spanish National Chart of Accounts    for employee benefit obligations.




                                                                                                        Annual report 2009     345
             Legal Information
             Consolidated Financial Statements




      15.3 RECONCILIATION OF ACCOUNTING LOSS TO THE INCOME TAX EXPENSE

      The reconciliation of the accounting loss to the income tax expense is as follows:

                                                                                                           THOUSANDS OF EUROS

                                                                                                           2009                     2008

      Accounting loss before tax                                                                             -492,022                -228,319

      Permanent differences                                                                                       -2,019                 -20,263

      Tax loss                                                                                               -494,041                -248,582

      Tax charge at 30%                                                                                      -148,212                    -74,574

      Tax credits and tax relief                                                                                    -20                      -54

      Income tax adjustments                                                                                        118                     -478

      Total income tax expense recognised in profit or loss                                                   -148,114                    -75,106




      15.4 DEFERRED TAX ASSETS                                                                     2008
      RECOGNISED                                                       YEAR INCURRED
                                                                                               THOUSANDS OF
                                                                                                  EUROS
                                                                                                                            LAST YEAR FOR
                                                                                                                               OFFSET
                                                                             2006                        93,443                   2021
      As Parent of the consolidated tax group, the Parent set-               2007                        28,426                   2022
      tles the income tax expense for the other companies                    2008                      284,370                    2023
      of the tax group, which together reported a non-cur-                                             406,239
      rent tax asset to the tax authorities, amounting to EUR
      269,750 thousand (EUR 122,549 thousand in 2008).              The detail of the temporary differences that gave rise
                                                                    to the deferred tax assets recognised in the consolidat-
      The tax loss carryforwards at 31 December 2009 and            ed balance sheet is as follows:
      31 December 2008, and the related amounts and the
                                                                                                                           THOUSANDS OF
      last years for offset are as follows:                                                                                   EUROS
                                                                                                                           2009          2008
                                      2009                           Depreciation and amortisation of assets               52,829        64,640
                                   THOUSANDS OF   LAST YEAR FOR
        YEAR INCURRED                                                Write-down of trade receivables                       10,773          8,381
                                      EUROS          OFFSET
              2006                      93,443        2021           Non-current remuneration payable                         471          2,154
              2007                      28,426        2022           Provisions for non-current assets                     -4,067           979
              2008                     282,472        2023           Provisions for employee benefit obligations        115,552        109,602
              2009                     501,441        2024           Provision for contingencies and charges                1,276           361
                                       905,782                       Taxes                                                 15,219        15,219
                                                                     Corrective mechanism                                  41,971        41,971
                                                                     Other                                                 17,610        15,009
                                                                     Total                                             251,634        258,316




346    Annual report 2009
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                                                                                                Consolidated Financial Statements




The deferred tax assets indicated above were recog-                                    and the subsidiaries’ future earnings, including certain
nised in the consolidated balance sheet because the                                    tax planning measures, it is probable that these assets
directors of the Parent and of the subsidiaries consid-                                will be recovered.
ered that, based on their best estimate of the Parent




15.5 DEFERRED TAX ASSETS NOT RECOGNISED

The Parent’s tax credit carryforwards earned in prior years are as follows:


      2009                                                                     THOUSANDS OF EUROS


                                                                                                 TAX CREDITS FOR
                                                TAX CREDITS FOR          TAX CREDITS FOR
                       DOUBLE TAXATION                                                             INVESTMENTS        TAX CREDITS      OTHER TAX
         YEAR                                    RESEARCH AND            ENVIRONMENTAL
                         TAX CREDITS                                                              IN THE CANARY     FOR DONATIONS       CREDITS
                                                 DEVELOPMENT              INVESTMENTS
                                                                                                      ISLANDS

 2004 (*)                        -                       -                        -                        11,669         -                 -
 2005 (*)                        -                            3,983               -                        18,581         -                 -
 2006                                 2,005                   6,630                       730              27,923              914               949
 2007                                 2,459                   3,249                       771              33,146              834               917
 2008                                 3,630                   2,518               -                        23,089              944               940
 Total                                8,094                  16,380                     1,501             114,408             2,692             2,806
(*) Amounts taken through supplementary tax returns for 2004 and 2005 filed in February 2009.




      2008                                                                     THOUSANDS OF EUROS


                                                                                                 TAX CREDITS FOR
                                                TAX CREDITS FOR          TAX CREDITS FOR
                       DOUBLE TAXATION                                                             INVESTMENTS        TAX CREDITS      OTHER TAX
         YEAR                                    RESEARCH AND            ENVIRONMENTAL
                         TAX CREDITS                                                              IN THE CANARY     FOR DONATIONS       CREDITS
                                                 DEVELOPMENT              INVESTMENTS
                                                                                                      ISLANDS

 2005                            -                       -                        -                         5,637         -                 -
 2006                                 2,339                   6,630                       730              27,923              914               948
 2007                                 2,664                   3,249                       771              33,146              834               917
 Total                                5,003                   9,879                     1,501              66,706             1,748             1,865



At 31 December 2009 and 31 December 2008, the Par-                                     The following tax loss carryforwards from years pri-
ent had not recognised these tax credits in the consoli-                               or to its joining the consolidated tax group and the
dated balance sheet since there was no certainty that                                  following tax credit carryforwards were not recog-
they could be used against future income tax returns                                   nised by the subsidiary AENA Desarrollo Internacio-
within the period envisaged in current legislation.                                    nal, S.A.:




                                                                                                                                  Annual report 2009    347
              Legal Information
              Consolidated Financial Statements




                                                                            THOUSANDS OF EUROS

                                                        DOUBLE TAXATION TAX             TAX CREDITS FOR EXPORT     TAX CREDITS FOR TRAINING
        YEAR                 TAX LOSSES
                                                              CREDITS                          ACTIVITIES                 ACTIVITIES

      1997                                253                     -                                -                           -
      1998                                576                     -                                -                           -
      1999                             1,590                      -                                     8,411                  -
      2000                         -                              -                                      185                   -
      2001                                573                     -                                       32                            7
      2002                                766                                 29                         187                   -
      2003                         -                                         236                   -                                    1
      2004                         -                                         232                   -                           -
      2005                         -                              -                                -                           -
      2006                         -                                         320                        4,508                           2
      2007                         -                                         536                   -                                    1
      2008                         -                                         308                   -                           -
      2009                         -                                         267                   -                                    1
                                       3,758                                1,928                      13,323                          12




      15.6 DEFERRED TAX LIABILITIES                                                 15.7 YEARS OPEN FOR REVIEW
                                                                                    AND TAX AUDITS
      The detail of the timing differences that gave rise to
      the deferred tax liabilities recognised in the consolidat-                    Under current legislation, taxes cannot be deemed to
      ed balance sheet is as follows:                                               have been definitively settled until the tax returns filed
                                                                                    have been reviewed by the tax authorities or until the
                                          THOUSANDS OF EUROS
                                                                                    four-year statute-of-limitations period has expired. In
                                       2009                2008                     this regard, on 11 February 2009 the Department of
      Provisions for non-
                                              16,536            16,536              Tax and Customs Control notified the Parent of the
      current assets
                                                                                    commencement of an audit for all taxes for 2005 and
      Provisions for employee
      benefit obligations
                                                6,340             6,340             2006 and, in addition, for income tax for 2002, 2003
                                                                                    and 2004. This tax audit is currently in progress.
      Provisions for third-party
                                                3,455             3,455
      liabilities
                                                                                    At the end of 2009, the Company had 2002 and sub-
      Deferred income                            598                  729
                                                                                    sequent years open for review for income tax and
      Financial hedging                                                             2005 and subsequent years for all other taxes appli-
                                                 523                  448
      instruments
                                                                                    cable to it.
      Taxes                                       54                   54

      Grants                               180,320             163,596              The subsidiary INECO is currently being audited for the
      Other                                      906                  929
                                                                                    main taxes applicable to it for 2004, 2005 and 2006.
                                                                                    The directors consider that the tax audits will not give
      Total                                208,732             192,087
                                                                                    rise to any liabilities additional to those already recog-



348    Annual report 2009
                                                                                       Legal Information
                                                                         Consolidated Financial Statements




                                                                                                           THOUSANDS OF EUROS
nised. The Company has 2005 to 2009 open for re-
view by the tax authorities for income tax, VAT and
                                                                Airport revenue:                             2009       2008
personal income tax withholdings.
                                                                Air traffic revenue
                                                                 Landing                                    366,905     390,417
At the end of 2009, the subsidiary Aena Desarrollo Inter-
                                                                 Parking                                      8,224       8,336
nacional S.A. had 2005 and subsequent years open for
                                                                 Use of infrastructures                     484,529     477,993
review for by the tax authorities for income tax and 2006,
                                                                 Passenger boarding bridges                 117,653     119,787
2007, 2008 and 2009 for the other taxes applicable to it.
                                                                 Cargo handling                              12,947      13,630
                                                                 Security charge                            127,006     134,204
At the end of 2009, the subsidiary CLASA had 2005
                                                                 Other                                          414         460
and subsequent years open for review for by the
                                                                 Subtotal of air traffic revenue            1,117,678   1,144,827
tax authorities for income tax and 2006 and subse-
                                                                Non-air traffic revenue:
quent years for the other taxes applicable to it. The
                                                                 In-flight catering services                   9,775      11,421
Parent’s directors consider that the tax returns for the
                                                                 Premises, land and desk rent                25,100      23,903
aforementioned taxes have been filed correctly and,
                                                                 Check-in desks                              23,982      25,655
therefore, even in the event of discrepancies in the in-
                                                                 Services provided to concession holders     22,091      27,167
terpretation of current tax legislation in relation to the
                                                                 Restricted area access clearance               788         835
tax treatment afforded to certain transactions, such li-
                                                                 Use of lounges and unspecified areas         12,734      13,466
abilities as might arise would not have a material effect
                                                                 Ramp handling                               71,375      75,378
on the accompanying financial statements.
                                                                 Other                                        3,659       3,228
                                                                 Subtotal of non-air traffic revenue         169,504     181,053
The Economic Interest Grouping (“EIG”) and subsid-
                                                                Commercial revenue:
iary CRIDA has 2009 open for review by the tax au-
                                                                Fuel                                         24,349      25,023
thorities for all the taxes applicable to it. The EIG’s
                                                                Premises and land rent                       44,198      46,025
directors and their tax advisors consider that no mate-
                                                                Commercial operations                       193,063     209,011
rial contingencies would arise in the event of a tax au-
                                                                Bars and restaurants                         67,939      67,865
dit, in connection with the possible interpretations of
                                                                Car rental                                   96,647      85,254
the tax legislation applicable to the transactions per-         Vehicle parking                             105,607     125,299
formed by the EIG.                                              Advertising                                  24,509      33,701
                                                                Services provided to concession holders      15,837      14,674
                                                                Other                                           387         160
                                                                Subtotal of commercial revenue              572,536     607,012
16. INCOME AND EXPENSES                                         Air traffic control:
                                                                En-route navigation aids                    809,708     844,519
                                                                Approach navigation aids                    191,029     203,248
A) BREAKDOWN OF REVENUE                                         Publications and other services               7,298       5,818
                                                                Subtotal of air traffic control             1,008,035   1,053,585
The revenue relating to the Group’s ordinary activities is      Other lines of business:
obtained in Spain, except for that relating to the activities    Airport logistics                           24,324      24,553
of Desarrollo Internacional and Ingeniería y Economía            International development                    8,485       7,002
del Transporte, the breakdown being as follows:



                                                                                                            Annual report 2009     349
              Legal Information
              Consolidated Financial Statements




                                                THOUSANDS OF EUROS
                                                                          D) OUTSIDE SERVICES
                                                  2009        2008

       Consulting                                185,887      190,971
                                                                          The breakdown of “Outside Services” is as follows:
                                                 218,696      222,526
      Consolidation adjustments                   -95,060      -96,320                                              THOUSANDS OF EUROS

      Total revenue                             2,991,389    3,112,683                                                2009          2008

                                                                          R&D expenditure                                    40            49

      The equivalent value of sales in foreign currency, made             Rent and royalties                          18,549        23,620

      in US dollars, was EUR 4,684 thousand.                              Repairs and upkeep                         327,980       297,610
                                                                          Independent professional services           38,036        35,472
                                                                          Insurance Premiums                          17,749        17,417

      B) PROCUREMENTS                                                     Transport                                         326           369
                                                                          Banking services                             2,194         2,583

      The breakdown of “Procurements” in 2009 and 2008                    Advertising and public relations            18,296        22,256

      is as follows:                                                      Utilities                                  114,690       107,361
                                                                          Surveillance and security services         132,707       134,687
                                                THOUSANDS OF EUROS        Other services                             245,979       213,981
                                                  2009        2008
                                                                          Total                                      916,546       855,405
      Other procurements                             266            177
      Changes in inventories of other
                                                      -64       1,163
      procurements
      Work performed by other companies          113,926      130,065     E) FINANCIAL LOSS
      Impairment losses on other procurements            6      -
      Total                                      114,134      131,405     The financial loss was as follows:

                                                                                                                    THOUSANDS OF EUROS
      The work performed by other companies includes, in-
                                                                          Income:                                     2009          2008
      ter alia, the services provided by the Ministry of De-
      fence, the Directorate-General of Civil Aviation and                Income from equity investments               1,227              144
      the National Meteorological Institute.                              Other interest and similar income                 864      2,403
                                                                          Change in fair value of financial
                                                                                                                        -                  10
                                                                          instruments

      C) EMPLOYEE BENEFIT COSTS                                           Exchange gains                                -                 427
                                                                          Total financial profit                         2,091         2,984

      The breakdown of “Employee Benefit Costs” is as                     Costs:

      follows:                                                            Interest on loans                          -289,149      -395,403
                                                                          Other finance costs                            -                 -472
                                                THOUSANDS OF EUROS
                                                                          Interest cost relating to provisions        -69,171       -42,822
                                                  2009        2008
                                                                          Capitalisation of finance costs (Notes 5
      Employer social security costs             148,641      139,296                                                 73,653        97,325
                                                                          and 6)
      Contributions to employee benefit                                    Change in fair value of financial
                                                   6,178        5,813                                                        -34      -
      obligations                                                         instruments
      Other employee benefit costs                 47,545       48,800     Exchange losses                                   -688      -
      Total                                      202,364      193,909




350    Annual report 2009
                                                                                              Legal Information
                                                                                Consolidated Financial Statements




                                              THOUSANDS OF EUROS                                             NUMBER OF EMPLOYEES AT 31
                                                                                                                DECEMBER 2008 (*)
                                                2009        2008
                                                                        PROFESSIONAL CATEGORY                 MEN        WOMEN         TOTAL
Impairment on financial instruments               -          -14,522
                                                                        Senior executives                           21            4            25
Total financial loss                           -285,389     -355,894
                                                                        Executives and university
                                                                                                                1,165          631        1,796
Net financial loss                             -283,298     -352,910     graduates
                                                                        Coordinators                            1,076          426        1,502

“Interest Cost Relating to Provisions” includes mainly                  Line personnel                          5,191        2,558        7,749

the financial adjustments made by the Parent as a re-                    Support staff                             601                         996
                                                                                                                               395
sult of the interest cost on provisions. Specifically, EUR
                                                                        Controllers                             1,630          705        2,335
45,975 thousand (EUR 21,184 thousand in 2008) were
                                                                        Total                                   9,684        4,719      14,403
recognised for late-payment interest on compulso-
ry purchases, the associated provision for which is dis-               (*) The number of temporary employees at 31 December 2008 was 1,533.
cussed in Note 13.1. This heading also includes EUR
21,399 thousand (EUR 21,612 thousand in 2008) cor-                     The average headcount in 2009 and 2008, by profes-
responding to the interest cost relating to provisions for             sional category, was as follows:
the remuneration of employees (see Note 13.1) and
                                                                                                                             NUMBER (*)
EUR 1,759 thousand in connection with the unwind-                               PROFESSIONAL CATEGORY
ing of the provision for soundproofing (see Note 12.1).                                                                    2009          2008

                                                                        Senior executives                                        18            25
                                                                        Executives and university graduates                 1,925         1,678

F) OTHER DISCLOSURES                                                    Coordinators                                        2,066         1,481
                                                                        Line personnel                                      7,148         7,691

The number of employees at 31 December 2009 and                         Support staff                                       1,374             979

31 December 2008, by category and gender, were as                       Controllers                                         2,361         2,334
                                                                        Total                                              14,892       14,188
follows:
                                                                       (*) The average number of temporary employees in 2009 was 1,608 and 1,683
                                  NUMBER OF EMPLOYEES AT 31
                                     DECEMBER 2009 (*)                     in 2008.

PROFESSIONAL CATEGORY              MEN        WOMEN        TOTAL

Senior executives                        15            4        19
                                                                       The Group’s Board of Directors has 30 members, 25
Executives and university                                              men and 5 women.
                                     1,268           717     1,985
graduates
Coordinators                         1,622           509     2,131

Line personnel                       4,884       2,447       7,331

Support staff                          709           677     1,386

Controllers                          1,671           733     2,404

Total                               10,169       5,087      15,256


(*) The number of temporary employees at 31 December 2008 was 1,650.




                                                                                                                          Annual report 2009        351
               Legal Information
               Consolidated Financial Statements




      Remuneration of directors and senior executives

      The breakdown of the remuneration received by the members of the Board of Directors and senior executives of the
      Group is as follows (in thousands of euros):

                                                                                    ATTENDANCE                                 PENSION            INSURANCE
                                                                   SALARIES                              OTHER ITEMS                                             TOTAL
                                                                                        FEES                                    PLANS              PREMIUMS

       Senior executives(*)                                          2,772                 81                 253                          15           2        3,123
       Board of Directors                                             154                        330            1                            -          -        485

      (*) Including the wages of the Chairman of the Board of Directors, who is also a senior executive, as well as the senior executives of the subsidiaries.



      No advances or loans were granted to the current or former members of the Board of Directors and there are no
      pension obligations to them.

                                                                                    ATTENDANCE                                 PENSION            INSURANCE
                                                                   SALARIES                              OTHER ITEMS                                             TOTAL
                                                                                        FEES                                    PLANS              PREMIUMS

       Senior executives(*)                                          3,025                 47                  10                          15          14        3,111
       Board of Directors                                             234                        357            1                            -          -        592

      (*) Including the wages of the Chairman of the Board of Directors, who is also a senior executive, as well as the senior executives of the subsidiaries.



      Fees paid to auditors                                                                         ent’s directors do not expect these guarantees to give
                                                                                                    rise to any material liabilities.
      The fees for the audit of the Parent’s financial state-
      ments are borne by the Ministry of Economy and Fi-                                            Also, the Parent is the joint and several guarantor of
      nance (Spanish State Auditing Agency). Also in the                                            all the loans and credits that the subsidiary AENA De-
      same year, services other than auditing services were                                         sarrollo Internacional, S.A. had arranged with banks
      provided by the audit firm and other companies as-                                             (see Note 14).
      sociated therewith amounting to EUR 733 thousand
      (EUR 1,335 thousand in 2008).                                                                 At 31 December 2009 and 2008, the subsidiary Aena
                                                                                                    Desarrollo Internacional, S.A. had provided bank guar-
      Additionally, the fees billed in connection with the audit                                    antees amounting to USD 151 thousand and USD 55
      of the financial statements of certain subsidiaries amount-                                    thousand, respectively, (equal to EUR 105 thousand
      ed to EUR 123 thousand (EUR 117 thousand in 2008)                                             and EUR 40 thousand, respectively, at those dates), to
                                                                                                    guarantee fulfilment of the contracts entered into with
                                                                                                    customers, mainly the airports of the GAP Group and

      17. GUARANTEES AND                                                                            ACSA, respectively. The Company’s directors consider
                                                                                                    that the guarantees provided will not give rise to mate-
      OTHER SURETIES GRANTED                                                                        rial liabilities. Also, at 31 December 2009 the subsidiary
                                                                                                    Aena Desarrollo Internacional, S.A. had proved, togeth-
      The Parent has provided guarantees amounting to EUR                                           er with the other shareholders of ESSP SAS, a joint and
      535 thousand( EUR 728 thousand in 2008). The Par-                                             several financial guarantee amounting to EUR 10 mil-



352    Annual report 2009
                                                                                     Legal Information
                                                                       Consolidated Financial Statements




                                                                                                   THOUSAND OF EUROS
lion to the European Commission, which will secure the
                                                                                                     2009        2008
payments advanced by the Commission for the “EG-
                                                              Palma de Mallorca                            575   10,316
NOS Signal Service Provision Contract Plan A”. The
                                                              Barcelona                                    751    6,164
shareholders of ESSP SAS are also obliged, based on
                                                              Madrid/Barajas                           2,578      2,988
the related shareholders’ agreement, to limit their liabil-
                                                              Tenerife Norte                               525    1,659
ity in proportion to their respective ownership interests;
                                                              Alicante                                29,560      1,019
16.66% of this amount corresponds to the Company.
                                                              Bilbao                                  20,814      -
                                                              Málaga                                       517        887
To pursue its ordinary activity, the investee Ingeniería
                                                              Valencia                                     696        847
y Economía del Transporte, S.A. has provided techni-
                                                              Menorca                                  -              568
cal guarantees of EUR 34,865 thousand (EUR 40,652
                                                              Gran Canaria                             6,843          374
thousand in 2008) to secure the performance of ser-
                                                              Ibiza                                    6,395      -
vice contracts which were awarded to it.
                                                              Vigo                                     6,155      -
                                                              SSCC Navegación                              284        364
Lastly, the company Clasa received guarantees from
                                                              Granada-Jaén                                 720        265
and provided guarantees to customers totalling EUR
                                                              Cuatro Vientos                           -              201
1,157 thousand (EUR 13,143 thousand in 2008) and
                                                              La Palma                                 2,307      -
EUR 245 thousand ( EUR 246 thousand in 2008), re-
                                                              Resto divisiones                         2,988      2,932
spectively.
                                                              Total                                   81,424     28,584



18. ENVIRONMENTAL                                             The breakdown of the environmental expenses includ-
                                                              ed in the 2009 and 2008 consolidated income state-
OBLIGATIONS                                                   ment is as follows:

                                                                                                   THOUSAND OF EUROS
The Company’s management, in line with its commit-
                                                                                                     2009        2008
ment to preserve the environment and the quality of
                                                              Repairs and upkeep                       9,806      8,490
life in the areas in which it is present, has been making
                                                              Independent professional services        1,597      2,081
investments in this connection to minimise the envi-
                                                              Other outside services                   3,771      3,610
ronmental impact of its business activities and to pro-
                                                              Total                                   15,174     14,181
tect and improve the environment.

At 31 December 2009, property, plant and equipment            Provisions and contingencies of an environmental na-
included investments of an environmental nature               ture are detailed in Notes 13.1 and 13.3. The Com-
amounting to EUR 439.5 million ( EUR 363.1 million in         pany’s directors do not expect any additional material
2008, the accumulated depreciation of which amount-           liabilities or contingencies to arise in this connection.
ed to EUR 100.9 million (EUR 85 million in 2008).
                                                              Under the Barajas Plan and pursuant to the Resolu-
The environmental investments made in 2009 and                tions of the Directorate-General of Environmental In-
2008 amounted to EUR 81.4 million and EUR 28.6                formation and Assessment dated 10 April 1996 and of
million respectively, the breakdown being as follows:         the Secretariat General of the Environment, dated 30



                                                                                                     Annual report 2009     353
            Legal Information
            Consolidated Financial Statements




      November 2001, AENA is carrying out the sound insu-          tioned services, and setting specific working conditions
      lation of certain housing units near Madrid-Barajas air-     for civil air traffic controllers, was approved on 5 Feb-
      port. At 31 December 2009, more than 12,601 homes            ruary 2010. This legislation approves the opening of
      had been insulated (12,535 at 31 December 2008).             air navigation services to new certified providers, the
                                                                   immediate implementation of aerodrome flight infor-
      As required under the Environmental Impact State-            mation services (AFIS) in airports with a lower volume
      ments relating to the projects to extend Alicante and        of traffic and a temporary change in certain working
      Málaga airports, Aena is carrying out the sound insu-        conditions of controllers, including most notably, that
      lation plans associated with these statements. At 2009       they may not avail themselves of Special Paid Leave for
      year-end, 1,563 and 703 dwellings had been insulated         a period of three years, and must work, without fail,
      in Alicante and Málaga, respectively.                        the hours required to guarantee continuity and sus-
                                                                   tainability of services, without exceeding 1,750 hours.
      Also, in 2007 applications for the sound insulation of       In addition, it provides for the proposal of a gradual
      housing units in the environs of Gran Canaria, La Pal-       reduction in the route and approach charges to bring
      ma, Menorca, Palma de Mallorca, Tenerife North and           them into line with the average of the main service
      Valencia airports started to be processed and were still     providers in Europe.
      being processed at 2009 year-end.
                                                                   On 2 February 2010, the subsidiary Aena Desarrollo
      Also, pursuant to the resolutions of the Ministry of the     Internacional S.A. provided, together with the other
      Environment, establishing the Environmental Impact           shareholders of ESSP SAS, a second joint and several fi-
      Statements for Aena’s airports, AENA has carried out         nancial guarantee amounting to EUR 10 million to the
      or is carrying out the preventive, corrective and com-       European Commission (see Note 17) to cover, where
      pensatory measures indicated in the mandatory envi-          necessary, the liability established in Article 38.1 of the
      ronmental impact study and in the aforementioned             aforementioned “EGNOS Signal Service Provision Con-
      Environmental Impact Statement, complying with cer-          tract Plan A”, in order to ensure coverage of the maxi-
      tain conditions relating mainly to: protection of the        mum liability of the shareholders of ESSP SAS if they
      hydrological and hydro-geological system, soil protec-       could not satisfy the terms and conditions of the afore-
      tion and conservation, protection of air quality, acous-     mentioned contract. The shareholders of ESSP SAS are
      tic protection, protection of vegetation, wildlife and       also obliged to enter into the related shareholders’
      natural habitats, protection of the cultural heritage,       agreement in order to limit their liability in proportion
      restoration of services and livestock trails, location of    to their respective ownership interests; 16.66% of this
      quarries, spoil, landfill and ancillary facility areas.       amount corresponds to the Company.

                                                                   Lastly, the aforementioned subsidiary granted a loan

      19. EVENTS AFTER THE                                         to Airport Concessions and Development Limited
                                                                   (ACDL). On 22 December 2006, the parties agreed to
      REPORTING PERIOD                                             amend the terms and conditions of the “Original Fa-
                                                                   cility Agreement” entered into on 14 January 2005,
      As indicated in Note 2-c, Royal Decree-Law 1/2010,           reducing the limit granted to GBP 1.5 million, with ma-
      regulating the provision of air traffic services, stipulat-   turity on 7 December 2009 and maintaining the in-
      ing the obligations of civil providers of the aforemen-      terest on the loan tied to LIBOR. On 16 March 2010,



354    Annual report 2009
                                                                                Legal Information
                                                                  Consolidated Financial Statements




effective 7 December 2009, an extension to this loan        services, and setting specific working conditions for civil
was executed, based on the same aforementioned              air traffic controllers, was approved on 5 February 2010.
terms and conditions and setting a new maturity date        This legislation approves the opening of air navigation
of 30 June 2010.                                            services to new certified providers, the immediate im-
                                                            plementation of aerodrome flight information services
                                                            (AFIS) in airports with a lower volume of traffic and a

20.EXPLANATION ADDED                                        temporary change in certain working conditions of con-
                                                            trollers, including most notably, that they may not avail
FOR TRANSLATION TO                                          themselves of Special Paid Leave for a period of three
ENGLISH                                                     years, and must work, without fail, the hours required
                                                            to guarantee continuity and sustainability of services,
                                                            without exceeding 1,750 hours. In addition, it provides
As indicated in Note 2-c, Royal Decree-Law 1/2010, reg-     for the proposal of a gradual reduction in the route and
ulating the provision of air traffic services, stipulating   approach charges to bring them into line with the aver-
the obligations of civil providers of the aforementioned    age of the main service providers in Europe.




                                                                                                   Annual report 2009    355

				
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