06. FINANCIAL COMMUNITY

Detalle Proyecto Madrid Río

At 31 December 2011 the share capital of Sacyr Vallehermoso, S.A. was represented by 422,598,452 shares of €1 par value each, fully subscribed and paid. All shares have the same voting and profitsharing rights.

On 4 January 2011, the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores) verified that the requirements and conditions governing the admission to trading of the Company's 89,184,845 new shares, with a par value of one euro (€1) each, had been met. Effective trading of these shares took place on 6 January.

On 25 February 2011, payment was made and a deed was executed to increase the capital of Sacyr Vallehermoso in the amount of €96,101,220, whereby 16,016,870 shares were issued, each having a par value of one euro. Under the terms of the rights issue each shareholder had a preemptive right to buy 2 new shares for every 49 existing shares already held. New shares were issued at a par value of €1.00 plus an issue premium of €5.00 per share, resulting in an issue price of €6.00 per share. The rights issue was fully subscribed, and the new shares started to trade on 3 March 2011.

On 31 March 2011, an issue of bonds convertible into and exchangeable for newly issued ordinary shares or outstanding shares, on which preemptive rights were waived, was carried out for a nominal amount of €200 million, through the issue and subscription of 4,000 bonds with a par value of €50,000 each, maturing on 1 May 2016. The bonds will earn an annual nominal fixed interest rate, payable on a quarterly basis, of 6.50%. The initial conversion price was set at €10.61 (although it was subsequently adjusted to €10.30 as a result of the bonus share issue). The subscription and payment of the bonds took place on 12 April; the bonds were admitted to trading on the same date on the unregulated organised secondary market (Freiverkehr) of the Frankfurt Stock Exchange.

On 3 June, the Board of Directors of Sacyr Vallehermoso, in execution of the resolutions adopted by the General Shareholders' Meeting of 19 June 2011, agreed on a capital increase with a charge to restricted reserves for a total amount of €12,429,366, through the issue of 12,429,366 ordinary shares with a par value of one euro each. The new shares began trading on 11 July 2011.

The table below shows the share capital of the Company at the reporting date for the past two years.

El siguiente cuadro recoge el capital social de la sociedad existente al cierre de los últimos dos ejercicios:

Evolución Del Capital (Euros)

At 31 December 2011, Sacyr Vallehermoso's market capitalisation stood at €1,677.7 million. The market performance of SyV's shares on the electronic trading system, which was clearly affected by the current Spanish and global economic situation, was as follows:

Evolución de la Acción Durante el Año 2011

As in 2010, 2011 was a year of pervasive and continuing global economic downturn, and this was also true of the stock markets. Spain's leading index, the Ibex 35, shed 13.11%. and stopped just short of the 9,000 mark, ending the year at 8,566.3.

Greece's financial woes, the sovereign debt crisis and myriad other factors put the euro to the test and took a toll on economies such as Spain, which was dealt a severe blow by these as well as domestic issues.

Other European stock markets also clearly declined: the Euro Stoxx 50 lost 8.90%, the German Dax fell by 14.69%, the French CAC by 16.95%, the UK FTSE by 6.68%, and the Nikkei by 17.34%, while only the Dow Jones gained, climbing 5.60%.

Against this backdrop, Sacyr Vallehermoso's share price performed well in the first third of the year before dropping sharply in the remaining months, characterised by volatility and news on developments in Europe.

Evolución del Precio Durante el Año 2011