Download - Ferrovial - Annual Report 2012

Consolidated financial statements for 2011 and 2010
Ferrovial S.A. and Subsidiaries
2011 consolidated financial statements
Ferrovial, S.A. and
Subsidiaries
Board of Directors
23 February 2012
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 1

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR 2011 AND 2010 ...................................................................... 3
CONSOLIDATED INCOME STATEMENTS FOR 2011 AND 2010 ................................................................................................. 4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR 2011 AND 2010 ............................................................. 5
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2011 AND 2010 ...................................................................... 5
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2011 AND 2010 .................................................................................. 6
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR 2011 .................................................................................... 7
1 COMPANY ACTIVITIES AND SCOPE OF CONSOLIDATION ................................................................................................ 7
2 IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS OF THE SALE OF 5.88% OF BAA ........................................ 8
3 SUMMARY OF THE MAIN ACCOUNTING POLICIES ............................................................................................................ 9
4 MANAGEMENT OF FINANCIAL RISKS AND CAPITAL ....................................................................................................... 19
5 SEGMENT REPORTING .................................................................................................................................................... 24
6 GOODWILL AND ACQUISITIONS ..................................................................................................................................... 29
7 INTANGIBLE ASSETS ....................................................................................................................................................... 31
8 INVESTMENTS IN INFRASTRUCTURE PROJECTS ............................................................................................................ 33
9 PROPERTY, PLANT AND EQUIPMENT .............................................................................................................................. 35
10 INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD ........................................................... 36
11 NON-CURRENT FINANCIAL ASSETS ................................................................................................................................ 42
12 DERIVATIVE FINANCIAL INSTRUMENTS AT FAIR VALUE ............................................................................................... 44
13 NON-CURRENT ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE ................................................................... 47
14 INVENTORIES .................................................................................................................................................................. 49
15 TRADE AND OTHER RECEIVABLES .................................................................................................................................. 49
16 EQUITY ............................................................................................................................................................................ 51
17 DEFERRED INCOME ......................................................................................................................................................... 55
18 PROVISIONS AND PENSION SURPLUS ............................................................................................................................ 55
19 OTHER PROVISIONS ....................................................................................................................................................... 59
20 NET CASH POSITION ....................................................................................................................................................... 60
21 OTHER NON-CURRENT LIABILITIES ............................................................................................................................... 72
22 TRADE AND OTHER PAYABLES ....................................................................................................................................... 72
23 TAX MATTERS ................................................................................................................................................................. 73
24 CONTINGENT LIABILITIES, CONTINGENT ASSETS AND OBLIGATIONS ......................................................................... 77
25 FAIR VALUE ADJUSTMENTS ............................................................................................................................................ 81
26 IMPAIRMENT AND DISPOSALS OF NON-CURRENT ASSETS AND OTHER NON-RECURRING EFFECTS ........................... 81
27 OPERATING REVENUE ..................................................................................................................................................... 83
28 STAFF COSTS .................................................................................................................................................................. 83
29 FINANCIAL RESULT ......................................................................................................................................................... 84
30 NET PROFIT OR LOSS FROM DISCONTINUED OPERATIONS .......................................................................................... 85
31 EARNINGS PER SHARE .................................................................................................................................................... 85
32 CASH FLOW ..................................................................................................................................................................... 86
33 REMUNERATION OF THE BOARD OF DIRECTORS .......................................................................................................... 88
34 SHARE BASED PAYMENT ................................................................................................................................................. 93
35 INFORMATION ON TRANSACTIONS WITH RELATED PARTIES ....................................................................................... 94
36 DIRECTORS’ OWNERSHIP INTERESTS IN AND POSITIONS OR FUNCTIONS AT COMPANIES ENGAGING IN AN
ACTIVITY THAT IS IDENTICAL, SIMILAR OR COMPLEMENTARY TO THE COMPANY OBJECT OF FERROVIAL ............... 99
37 AUDITOR´S FEES .......................................................................................................................................................... 100
38 EVENTS AFTER THE REPORTING PERIOD ..................................................................................................................... 100
39 COMMENTARIES ON APPENDICES ................................................................................................................................ 101
40. EXPLANATION ADDED FOR TRANSLATION TO ENGLISH ........................................................................................ 116
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 2

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable
to the Group (see Notes 3 and 40). In the event of a discrepancy, the Spanish-language version prevails.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR 2011 AND 2010
Assets (Millions of euros) Notes 2011 2010
Non-current assets 17,517 35,465
Goodwill 6 1,493 5,032
Intangible assets 7 105 97
Investments in infrastructure projects 8 5,960 21,512
Investment Properties 64 64
Property, plant and equipment 9 627 552
Investment in companies accounted for using the equity method 10 5,219 3,110
Non-current financial assets 11 1,893 2,184
Infrastructure project receivables 1,279 1,344
Available-for-sale financial assets 0 34
Restricted cash and other non-current financial assets 390 551
Other receivables 224 255
Deferred tax assets 23 2,022 2,068
Derivative financial instruments at fair value 12 135 847
Assets classified as held for sale 13 2 1,515
Current assets 5,453 6,306
Inventories 14 427 445
Trade and other receivables 15 2,677 3,161
Trade receivables for sales and services 2,254 2,526
Other receivables 669 755
Current tax assets 50 58
Provisions -296 -178
Cash and cash equivalents 20 2,349 2,701
Infrastructure project companies 188 694
Restricted cash 24 44
Other cash and cash equivalents 164 649
Other companies 2,161 2,007
TOTAL ASSETS 22,972 43,287
Equity and liabilities (Millions of euros) Notes 2011 2010
Equity 16 6,288 6,628
Equity attributable to the equity holders 6,138 5,194
Equity attributable to non-controlling interests 150 1,434
Deferred income 17 292 196
Non-current liabilities 10,815 28,596
Provisions for pensions 18 110 153
Other long-term provisions 19 1,010 860
Bank borrowings 20 6,695 21,511
Debt securities and borrowings of infrastructure projects 5,503 19,566
Bank borrowings of other companies 1,192 1,944
Other payables 21 179 154
Deferred tax liabilities 23 1,299 3,951
Derivative financial instruments at fair value 12 1,521 1,968
Liabilities classified as held for sale 13 0 891
Current liabilities 5,577 6,975
Bank borrowings 20 1,214 1,530
Debt securities and borrowings of infrastructure projects 1,145 1,415
Bank borrowings of other companies 69 116
Trade and other payables 22 3,882 4,889
Trade payables 3,128 3,906
Current tax liabilities 51 264
Other non-trade payables 703 720
Operating Provisions 19 481 556
TOTAL EQUITY AND LIABILITIES 22,972 43,287
The intangible assets, property, plant and equipment and investment property used in infrastructure projects are included under “Investments in
Infrastructure Projects”. The accompanying Notes 1 to 40 and Appendix 1 are an integral part of the consolidated statement of financial position
at 31 December 2011.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 3

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group
(see Notes 3 and 40). In the event of a discrepancy, the Spanish-language version prevails.
CONSOLIDATED INCOME STATEMENTS FOR 2011 AND 2010
Millions of euros
Notes
Before fair Fair value
value adjustments
adjustments (*)
2011 2010
Total
2011
Before Fair
fair value
value adjustments
adjustments (*)
Revenue 7,446 0 7,446 9,384 0 9,384
Other operating income 15 0 15 17 0 17
Total
2010
Total operating revenue 27
7,461 0 7,461 9,401 0 9,401
Materials consumed
2,366 0 2,366 3,028 0 3,028
Staff costs 28 2,018 0 2,018 2,815 0 2,815
Other operating expenses 2,258 0 2,258 2,310 1 2,311
Total operating expenses
6,642 0 6,642 8,154 1 8,155
Gross profit from operations 819 0 819 1,247 -1 1,246
Depreciation and amortisation charge 192 0 192 285 0 285
Profit from operations before impairment and non-current
asset disposals
627 0 627 963 -1 961
Impairment and disposals of non-current assets 26 229 -87 142 684 1,888 2,572
Profit from operations 856 -87 769 1,647 1,887 3,533
Finance income of infrastructure projects 19 0 19 19 0 19
Finance costs of infrastructure projects -296 0 -296 -558 0 -558
Gains and losses on derivative financial instruments and other fair
value adjustments
0 -3 -3 0 3 3
Financial result of infrastructure projects -277 -3 -279 -540 3 -537
Finance income of other companies 162 0 162 153 0 153
Finance expense of other companies -246 0 -246 -289 0 -289
Gains and losses on derivative financial instruments and other fair
value adjustments
0 60 60 0 -31 -31
Financial result of other companies -83 60 -24 -136 -31 -167
Financial Result 29 -360 57 -303 -676 -28 -704
Share of profits of companies accounted for using the
equity method 10
18 1 20 44 -5 39
Consolidated profit before tax 513 -28 485 1,014 1,854 2,869
Income tax 23 -63 2 -61 -256 37 -220
Consolidated profit or loss from continuing operations 450 -27 424 758 1,891 2,649
Net profit or loss from discontinued operations (Exclusion
from consolidation of BAA)
2 and
30
165 679 844 -77 -390 -467
- Profit or loss of BAA 23 -26 -3 -77 -390 -467
- Disposal Gain 142 706 847 0 0 0
Consolidated profit or loss for the year 615 653 1,268 681 1,501 2,182
Profit or loss for the year attributable to non-controlling
interest
Profit for the year attributable to the Parent
-1 2 1 -24 5 -19
615 654 1,269 657 1,506 2,163
Net earnings per share attributable to the Parent 31
Basic 1.73 2.95
Diluted 1.73 2.95
(*) Relating to gains and losses arising from changes in the fair value of derivatives, other financial assets and liabilities and assets and liability
impairment (see Note 25). The accompanying Notes 1 to 40 and Appendix 1 are an integral part of the consolidated income statement for 2011.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 4

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework
applicable to the Group (see Notes 3 and 40). In the event of a discrepancy, the Spanish-language version prevails.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR 2011 AND 2010
Millions of euros
2011 2010
Attributable to the Parent 1,269 2,163
Attributable to non-controlling interests -1 19
Consolidated profit or loss for the year 1,268 2,182
Income and expense recognised directly in equity before tax: -727 234
Hedges -494 -73
Defined benefit plans -73 -9
Translation differences 22 784
Income and expense recognised directly in equity of fully consolidated companies -545 702
Income and expense recognised directly in equity of companies accounted for using the
equity method
-95 -23
Income and expense recognised directly in equity relating to discontinued operations -87 -445
Taxes 187 17
Amounts transferred to profit or loss of fully consolidated companies -63 0
Amounts transferred to profit or loss relating to discontinued operations 497 0
Attributable to the Parent 45 240
Attributable to non-controlling interests -152 11
Income and expense recognised directly in equity -107 250
Attributable to the Parent 1,314 2,403
Attributable to non-controlling interests -153 29
Total comprehensive income for the year 1,160 2,432
The accompanying Notes 1 to 40 and Appendix 1 are an integral part of the consolidated statement of comprehensive income for 2011.
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework
applicable to the Group (see Notes 3 and 40). In the event of a discrepancy, the Spanish-language version prevails.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2011 AND 2010
Millions of euros
Share
capital
Share
premium
Treasury
shares
Other
reserves
2011
Retained
earnings
Attributable
to equity
holders
Attributable
to noncontrolling
interests
Total
equity
Balance at 31/12/10 147 3,022 0 -679 2,705 5,194 1,434 6,628
Consolidated profit or loss for the year 1,269 1,269 -1 1,268
Comprehensive income for the year 0 0 0 45 1,269 1,314 -153 1,160
Dividends paid -367 -367 -30 -396
Capital increases/reductions 0 0 77 77
Transactions with owners 0 0 0 0 -367 -367 47 -320
Exclusion from consolidation of BAA -1,127 -1,127
Changes in the scope of consolidation 0 -18 -18
Other changes 0 0 0 -4 0 -4 -33 -36
Balance at 31/12/11 147 3,022 0 -638 3,607 6,138 150 6,288
Millions of euros
Share
capital
Share
premium
Treasury
shares
Other
reserves
2010
Retained
earnings
Attributable
to equity
holders
Attributable
to noncontrolling
interests
Total
equity
Balance at 01/01/10 147 3,022 -1,028 845 2,986 1,570 4,556
Changes in accounting policies -4 119 115 48 163
Restated balance at 01/01/10 147 3,022 -1,032 965 3,102 1,617 4,719
Consolidated profit or loss for the year 2,163 2,163 18 2,181
Income and expense recognised in equity 240 240 11 251
Comprehensive income for the year 240 2,163 2,403 29 2,432
Dividends paid -308 -308 -76 -384
Capital increases/reductions 0 130 130
Transactions with owners -308 -308 53 -255
Changes in the scope of consolidation and
other changes
113 -115 -2 -266 -268
Balance at 31/12/10 147 3,022 0 -679 2,705 5,194 1,434 6,628
The accompanying Notes 1 to 40 and Appendix 1 are an integral part of the consolidated statement of changes in equity for 2011.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 5

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial
reporting framework applicable to the Group (see Notes 3 and 40). In the event of a discrepancy, the Spanish-language version prevails.
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2011 AND 2010
Millions of euros
Notes
December
2011
December
2010
Net profit attributable to the Parent 1,269 2,163
Adjustments for -287 -807
Non-controlling interests -1 19
Depreciation and amortisation charge and provisions 388 437
Result of companies accounted for using the equity method -17 428
Results on financing 285 679
Tax 61 220
Other operating income -15 -17
Fair value adjustment less costs to sell -989 -2,572
Other losses and gains
Income taxes paid -92 -83
Changes in receivables, payables and other -334 -72
Dividends from infrastructure project companies received 157 44
Cash flows from operating activities 32 713 1,245
Investments in property, plant and equipment and intangible
assets
-96 -127
Investments in infrastructure projects -780 -915
Investments in non-current financial assets -96 -152
Divestment of infrastructure projects 0 0
Divestment of non-current financial assets 1,264 1,124
Cash flows from investing activities 32 291 -70
Cash flows before financing activities 1,004 1,175
Proceeds from capital and non-controlling interests 126 69
Payment of dividends to equity holders of the Parent -367 -315
Payment of dividends to non-controlling interests of investees -15 -86
Other changes in shareholders’ equity 0 0
Cash flows from shareholders and non-controlling
interests
-256 -332
Interest paid -436 -641
Interest received 29 33
Increase in bank borrowings 918 1,185
Decrease in bank borrowings -1,141 -888
Change in borrowings held for sale 0 189
Cash flows from financing activities 32 -886 -454
Change in cash and cash equivalents 20 117 722
Cash and cash equivalents at beginning of year 2,701 2,480
Cash and cash equivalents at end of year 2,349 2,701
Effect of foreign exchange rate changes on cash and cash
equivalents
-19 -153
Change in cash and cash equivalents held for sale 0 526
Change in cash and cash equivalents relating to discontinued
operations
Discontinued operations
488 128
Cash flows from operating activities 1,160 1,253
Cash flows from investing activities -765 -916
Cash flows from financing activities -555 -466
Net cash flows from discontinued operations -161 -128
The accompanying Notes 1 to 40 and Appendix 1 are an integral part of the consolidated statement of cash
flows for 2011.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 6

Consolidated financial statements for 2011 and 2010
Ferrovial S.A. and Subsidiaries
Translation of consolidated financial statements originally issued in
Spanish and prepared in accordance with the regulatory financial
reporting framework applicable to the Group (see Notes 3 and 40).
In the event of a discrepancy, the Spanish-language version
prevails.
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS FOR 2011
1. Company activities and scope of consolidation.
1.1 Company activities:
The consolidated Ferrovial Group (“Ferrovial”) comprises the
Parent Ferrovial, S.A. and its subsidiaries, which are detailed in
Appendix I. Its registered office is at calle Príncipe de Vergara
135, Madrid.
Through these companies, Ferrovial engages in the following
lines of business, which are its primary reporting segments
pursuant to IFRS 8.
a. Construction and execution of all types of public and
private works in Spain and abroad, operating basically
through Ferrovial Agromán, S.A., the company that heads
this business Division. Notable are the international
business carried on in Poland through Budimex, S.A. and
its investees, the leading construction group in that
market, which is listed on the Warsaw stock market and in
which the Group holds a 59.06% ownership interest, and
the business carried on in the United States (Texas)
through the Webber Group, which is wholly owned by
Ferrovial.
b. Toll roads. This activity consists of the development,
financing, construction and operation of toll road projects
through Cintra Infraestructuras, S.A., in which Ferrovial,
S.A. holds a 100% ownership interest.
c. Airports. This activity consists of the development,
financing and operation of airports, basically through BAA,
a UK company that operates six airports in the United
Kingdom and other airport assets through its investees;
Ferrovial, S.A. has an ownership interest of 49.99% in
BAA.
d. Services. This division is headed by Ferrovial Servicios,
S.A. and includes the following activities: a) upkeep and
maintenance of infrastructure, buildings and facilities
(through Amey in the UK and Ferroser Infraestructuras,
S.A. and Ferrovial Servicios, S.A. in Spain); b) urban
services and waste treatment (basically through Cespa,
S.A.).
In addition to the description of Ferrovial’s activities and for the
purposes of understanding these financial statements, it should
be noted that a significant part of the business carried on by
the Toll roads, Airports and Services Divisions consists of the
performance of infrastructure projects.
Unlike the above, in most cases involving airports, licenses are
of an indefinite nature which is why, although IFRIC 12 is not
applicable, the arrangements are very similar to concession
arrangements.
Accordingly, and in order to aid understanding of the Group’s
financial performance, these financial statements present
separately the impact of projects of this nature on both nonfinancial
non-current assets (“Investments in Infrastructure
Projects” includes the property, plant and equipment, intangible
assets and investment property assigned to these projects) and
non-current financial assets, borrowings and cash flows.
It is also important to highlight that two of the Group's main
assets are its investments of 49.99% in BAA and 43.23% in
ETR 407, which have been accounted for using the equity
method since 2011 and 2010, respectively. In order to provide
detailed information on the two companies Note 10 on
"Investments in Companies Accounted for Using the Equity
Method" includes information relating to the changes in the
two companies' balance sheets and income statements, and
this information is completed in other Notes with data
considered to be of interest.
1.2 Changes in the scope of consolidation
The main changes in the scope of consolidation in 2011 were
as follows:
- Airports Division: on 26 October 2011, 5.88% of the share
capital of FGP Topco, the head of the BAA Group, was sold. As
a result of this transaction and of the changes that it brought
about in the composition of that company's Board of Directors
and in the shareholders' agreement, Ferrovial lost control of
this Group of companies. Specifically, with the new wording of
the shareholders' agreement, Ferrovial now has five votes on
the Board of Directors of FGP Topco and of its main
subsidiaries, whereas the other three shareholders together
have six votes (CDPQ 3 votes, GIC 2 votes and Alinda 1 vote).
The impact of this transaction on the consolidated financial
statements is described in Note 2.
- Services Division; on 17 February the investment of Ferrovial
Servicios in Swissport, which had been classified as an asset
held for sale in the 2010 consolidated financial statements, as
indicated in Note 13 to these consolidated financial statements,
was sold.
- Toll Roads Division; on 10 January the 50.00% ownership
interest of Cintra Infraestructuras in its subsidiary Autopista
Trados 45, which had been accounted for using the equity
method and classified as an asset held for sale in the 2010
consolidated financial statements, as indicated in Note 13 to
these consolidated financial statements, was formally
completed.
These projects are conducted mainly in the Toll Roads and
Services areas under long-term arrangements in which the
concession operator, in which the Group generally has interest
together with other partners, finances the construction or
upgrade of public infrastructure and which fall within the scope
of application of IFRIC 12, Service Concession Arrangements.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 7

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Also, in this Business Division, on 16 November Cintra, a
subsidiary of Ferrovial, agreed on the sale of its 40%
ownership interest in Cintra Chile pursuant to the agreement
signed on 15 September 2010.
- Construction Division: Ferrovial, through the Polish subsidiary
of Ferrovial Agromán, Budimex, entered into an agreement on
17 November 2011 with the Polish railway transport
infrastructure operator PKP for the acquisition of
Przedsiebiorstwo Napraw Infrastruktury (PNI), a construction
company specialising in civil engineering work and in the
design, construction and maintenance of railway infrastructure.
2. Impact on the consolidated financial statements of
the sale of 5.88% of BAA.
2.1 Disposal gain on the divestment
As provided for in IAS 27.34, the sale of a percentage of
ownership of an investee that leads to the loss of control
entails, from the accounting standpoint, the derecognition of
all the assets and liabilities of the subsidiary and the
recognition, on the one hand, of the consideration received for
the percentage sold and, on the other, of the fair value of the
investment retained, and any resulting difference is a gain or
loss attributable to the parent.
Based on the foregoing, the Company recognised a gain net of
taxes of EUR 847 million, consisting of the gain on the sale of
the 5.88% holding in BAA, amounting to EUR 141 million, and
the remeasurement of the investment retained (49.99%) at
fair value, amounting to EUR 706 million. In turn, this gain
consisted of the amount of the gain itself, i.e. EUR 1,344
million, and the transfer from reserves to profit or loss in
relation to translation differences and valuation adjustments
arising on derivatives that the investment had given rise to at
the date of sale, amounting to EUR -497 million (see Note 30).
2.2 Equity Method
Since the date of the sale, the 49.99% ownership interest in
BAA has been accounted for using the equity method, which
led to a very significant change in the structure of the
consolidated statement of financial position and in the main
aggregates in the consolidated income statement.
2.3 Treatment as a discontinued operation
As indicated in IFRS 5.36A, an entity that sells an investment
in a subsidiary involving loss of control must treat the
operation as a discontinued operation, provided that the
subsidiary constitutes a major line of business.
Based on IFRS 5, the operation was treated as a discontinued
operation, despite the fact that, following the transaction, the
asset continued to be a strategic asset for the Group and the
Group maintains a significant degree of continuing involvement
in its management.
Presentation in the consolidated income statement
on the divestment and the profit or loss generated by the
operations of the subsidiary until control was lost, which
involves the exclusion from consolidation in both years the
income statement of the operation reported, including the net
profit or loss generated in a single line item.
In this regard, as required by IFRS 5, the heading “Net Profit
or Loss from Discontinued Operations (Exclusion from
Consolidation of BAA)" includes:
-Under “Disposal Gain”, the gain mentioned in Note 1.2.1
generated in 2011.
-Under “Profit or Loss of BAA”, the net profit or loss of BAA for
the whole of 2010 and for the period elapsed in 2011 up to the
date of sale of the 5.88% ownership interest (October 2011).
The profit or loss from that date started to be accounted for
using the equity method.
-Presentation in the consolidated statement of
financial position
Unlike the case of the consolidated income statement, for
comparison purposes IFRS 5 does not permit the exclusion
from consolidation of the investment in the consolidated
statement of financial position for 2010 and, therefore, all the
line items are fully consolidated in that consolidated statement
of financial position.
However, in order to provide a better understanding of the
impact of the exclusion from consolidation of BAA for the
purposes of the consolidated statement of financial position, in
the various Notes that analyse the changes between 2010 and
2011 in the line items in the consolidated statement of
financial position, a line item called "Exclusion from
Consolidation of BAA" has been included in order to separate
this impact.
- Consolidated statement of cash flows
In line with the stance followed in relation to the consolidated
income statement and as required by IFRS 5, the changes
relating to BAA are excluded from the consolidated statements
of cash flows for both 2010 and 2011. At the end of the
financial statement reported, a detail of the cash flows
generated by BAA is presented as cash flows from
discontinued operations.
- Consolidated statement of comprehensive income and
consolidated statement of changes in equity
In line with the stance followed in relation to the consolidated
income statement and as required by IFRS 5, a separate line
item called "Discontinued Operations" is presented showing
the effects generated by BAA in the ten-month period in 2011
up to the date of the divestment and concomitant change of
method of accounting for the investment retained. The impacts
relating to the last two months of the year are presented in the
line relating to companies accounted for using the equity
method.
The main effect on the consolidated financial statements of
treating the operation as a discontinued operation is the
obligation to recognise in a single line item in the consolidated
income statements for both 2011 and 2010 the net gain or loss
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 8

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
2.4 Disclosures concerning BAA
In order to cover all the disclosures required and avoid
duplication of information between the disclosures required by
accounting legislation for discontinued operations and
investments accounted for using the equity method, Note 10
on "Investments in Companies Accounted for Using the Equity
Method" contains an analysis of the balance sheet and income
statement of BAA and of the main changes therein in 2011.
3. Summary of the main accounting policies
3.1 Basis of preparation
New
interpretations
Approved for use by the EU
Amendment to
IFRIC 14
IFRIC 19
Prepayments of a Minimum
Funding Requirement
Extinguishing Financial
Liabilities with Equity
Instruments
Mandatory
application in
annual
reporting
periods
beginning on or
after :
1 January 2011
1 July 2010
The accompanying financial statements were obtained from
the Company’s accounting records and are presented in
compliance with the regulatory financial reporting framework
applicable to the Company and, accordingly, present fairly the
Company’s equity, financial position and results of operations.
The regulatory framework is provided for in International
Financial Reporting Standards (IFRSs) approved by Regulation
(EC) no. 1606/2002 of the European Parliament and of the
Council of 19 July 2002.
Set out below is a brief reference of the content of these new
standards and interpretations. None of these new rules had a
significant impact on the preparation of these consolidated
financial statements:
- IAS 32 (Amended), Financial Instruments: Presentation:
amends the accounting treatment of rights, options and
warrants denominated in a currency other than the
functional currency.
3.1.a) New standards, amendments and interpretations
adopted by the European Union mandatorily applicable
in 2011
The new accounting rules approved by the European Union
that were mandatorily applicable for the first time in 2011 are
as follows:
New standards
and amendments
Mandatory
application in
annual reporting
periods beginning
on or after:
Approved for use by the EU
Amendments to IAS 32 Financial Instruments: 1 February 2010
Presentation -
Classification of Rights
Issues
Revision of IAS 24 Related Party Disclosures 1 January 2011
Improvements to IFRS
(issued in May 2010)
Amendments to various
standards
Mostly 1 January
2011, some 1 July
2010
- IAS 24 (Revised), Related Party Disclosures: extends the
definition of “related party” and removes the requirements
for government related entities to disclose details of all
transactions with the government and other governmentrelated
parties.
- IFRIC 14 (Amended), IAS 19 — The Limit on a Defined
Benefit Asset, Minimum Funding Requirements and their
Interaction: the prepayment of minimum funding
requirement contributions may give rise to an asset.
- IFRIC 19, Extinguishing Financial Liabilities with Equity
Instruments: treatment of the extinguishment of financial
liabilities through the issue of equity instruments.
3.1.b) New standards, amendments and interpretations
mandatorily applicable in annual reporting periods
subsequent to 2011:
The new accounting rules approved in 2011 and which are not
yet mandatorily applicable are as follows:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 9

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
New Standards,
amendments and
interpretations
Approved for use in the EU
Amendment to IFRS 7 Financial Instruments:
Disclosures- Transfers of
Financial Assets
Not yet approved for use in the EU
IFRS 9
Financial Instruments:
Classification and
Measurement
Amendments to IAS 12 Income tax - Deferred Taxes
Arising from Investment
Property
Mandatory
application in
annual reporting
periods
beginning
on or after:
1 July 2011
1 January 2015
1 January 2012
IFRS 10
Consolidated Financial
1 January 2013
Statements
IFRS 11 Joint Arrangements 1 January 2013
IFRS 12
Disclosure of Interests in
Other Entities
1 January 2013
IFRS 13 Fair Value Measurement 1 January 2013
IAS 27 (Revised) Separate Financial Statements 1 January 2013
IAS 28 (Revised) Investments in Associates and 1 January 2013
Joint Ventures
Amendments to IAS 1 Presentation of Items of Other 1 January 2012
Comprehensive Income
Amendments to IAS 19 Employee Benefits 1 January 2013
Amendments to IFRS 9
and IFRS 7
Amendment to IAS 32
Amendments to IFRS 7
IFRIC 20
Mandatory Effective Date and
Transition Disclosures
Offsetting Financial Assets
and Financial Liabilities
Offsetting Financial Assets
and Financial Liabilities
Stripping Costs in the
Production Phase of a Surface
Mine
N/A
1 January 2014
1 January 2013
1 January 2013
- IFRS 7 (Amended), Financial Instruments: Disclosures:
extends and reinforces the disclosures on transfers of
financial assets.
- IFRS 9, Classification and Measurement: replaces the IAS
39 classification, measurement and derecognition
requirements for financial assets and liabilities
- IAS 12 (Amended), Income Taxes: on the measurement of
deferred taxes arising from investment property using the
fair value model in IAS 40.
- IFRS 10, Consolidated Financial Statements: supersedes
the requirements relating to consolidated financial
statements in IAS 27.
- IFRS 11, Joint Arrangements: supersedes IAS 31 on joint
ventures, limiting the application of proportionate
consolidation to entities in which the liability of the
shareholders is not limited to the capital and in which
there are rights and obligations relating to the entities'
assets and liabilities (joint operations). In all other
situations (joint ventures) the equity method must be
used.
- IFRS 12, Disclosure of Interests in Other Entities: single
IFRS presenting the disclosure requirements for interests
in subsidiaries, associates, joint arrangements and
unconsolidated entities.
- IFRS 13, Fair Value Measurement: sets out the framework
for fair value measurement.
- IAS 27 (Revised), Separate Financial Statements: the IAS
is revised, since as a result of the issue of IFRS 10 it
applies only to the separate financial statements of an
entity.
- IAS 28 (Revised), Investments in Associates and Joint
Ventures: revision in conjunction with the issue of IFRS
11, Joint Arrangements.
- IAS 1 (Amended), Presentation of Financial Statements:
minor amendments in relation to the presentation of items
in other comprehensive income, with the requirement to
present separately the items that will be reclassified
(recycled) to income statement in subsequent periods
from those that will not be reclassified.
- IAS 19 (Amended), Employee Benefits: the amendments
affect basically the presentation of cost components in the
income statement; specifically, must be recognised in the
income statement the net interest arising from applying to
the deficit or surplus the interest rate used to discount the
obligations.
- Amendments to IFRS 9 and IFRS 7, Mandatory Effective
Date and Transition Disclosures: deferral of the effective
date of IFRS 9 and amendments to transition
requirements and disclosures.
- IAS 32 (Amended), Financial Instruments: Presentation
and IFRS 7 (Amended), Financial Instruments:
Disclosures: additional clarifications on the rules in IAS 32
for offsetting financial assets and financial liabilities and
introduction of new associated disclosures in IFRS 7.2.
At the date of presentation of these consolidated financial
statements Group management is evaluating the impact that
the application of these standards might have on the Group's
consolidated financial statements.
3.2 Basis of consolidation
In 2011 and 2010 all the separate financial statements of all
the companies included in the scope of consolidation either
referred to the same reporting date or were temporarily
brought into line with those of the Parent. Moreover, in order
to present uniformly the items included in these consolidated
financial statements, uniformity adjustments were made on the
basis of the Parent’s accounting policies. The consolidated
financial statements were prepared using the following
methods:
a. Full consolidation: all the subsidiaries are fully
consolidated. Subsidiaries are companies over whose
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 10

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
management Ferrovial, S.A. holds effective control because
it holds more than 50% of the voting power, directly or
indirectly through agreements with other shareholders.
When assessing whether Ferrovial controls a company, the
existence and effects of potential voting rights which may
be currently exercised or converted are taken into account.
A subsidiary is included in the scope of consolidation when
the Group formally obtains effective control.
b. Equity method: the equity method is used to account for
all the companies over which Ferrovial S.A. has a
significant influence. Also accounted for using this method,
pursuant to the alternative provided for in IAS 31, are the
other companies over which Ferrovial, S.A. holds joint
control. In the latter case, the Company considers that the
equity method is the method that best ensures fair
presentation, since in these cases of joint control the
Company does not control the assets or have any present
obligation with respect to the liabilities of the investee, but
rather only effectively controls the ownership interest in
the entity. The new IFRS 11, Joint Arrangements, which
will come into force on 1 January 2013, also takes this
stance in relation to joint arrangements.
c. Proportionate consolidation: the contracts that are
undertaken through unincorporated temporary joint
ventures (UTEs) or similar entities are proportionately
consolidated. Unlike the previous case, it is considered that
in these cases of joint control, the parties have a direct
involvement in the assets, liabilities, income, expenses and
joint and several liabilities in these entities. Operations of
this nature contributed to the consolidated Group assets,
profits and sales of EUR 1,119 million, EUR 88 million and
EUR 1,255 million, respectively, in 2011 (2010: EUR 917
million; EUR 60 million and EUR 1,280 million,
respectively).
d. Balances and transactions with Group companies:
balances and transactions between Group companies are
eliminated on consolidation. However, the transactions
recognised in the income statement in relation to
construction contracts performed by the Construction
Division for infrastructure project concession operators are
not eliminated on consolidation, since contracts of this kind
are treated as construction contracts under which the
Group performs work for the concession grantor or
regulator in exchange for the right to operate the
infrastructure under the terms pre-established by the
grantor or regulator. The grantor or regulator thus controls
the asset from inception and grants the above-mentioned
right in exchange for the work performed, and, therefore,
the conclusion may be reached that at Group level the
work is performed for third parties. This is in line with
IFRIC 12. The detail of the transactions not eliminated on
the basis of the foregoing is shown in Note 35 on
"Information on Transactions with Related Parties".
rates prevailing when they joined the Group. Income and
expenses are translated at the cumulative average
exchange rates for the year. Differences arising during the
aforementioned translation process are recognised in
equity under "Translation Differences".
Appendix I contains a list of subsidiaries, associates and joint
ventures.
3.3 Accounting policies applied to each item in the
consolidated statement of financial position and
consolidated income statement
3.3.1 Intangible assets
Intangible assets in the accompanying consolidated statement
of financial position are initially carried at acquisition or
production cost, including capitalisable borrowing costs, and
are subsequently measured at cost less accumulated
amortisation and any impairment losses. Intangible assets with
a finite useful life are amortised on a straight-line basis, or
based on estimated traffic in the case of administrative
concessions over the concession term.
Intangible assets with an indefinite useful life are not amortised
and are tested annually for impairment.
3.3.2 Investments in infrastructure projects
This line item includes the investments made by infrastructure
concession operators under the scope of IFRIC 12 (mainly toll
roads).
It also includes intangible assets and investment property used
in projects of this nature.
The assets acquired by the concession operator to provide the
concession services but which do not form part of the
infrastructure (vehicles, furniture, computer hardware, etc.) are
not included in this line item. Assets of this nature are classified
on the basis of their nature and are depreciated over their
useful life, using a method that reflects their economic use.
e. Translation of financial statements in currencies
other than the euro: the financial statements of
consolidated subsidiaries and joint ventures whose
accounting records are denominated in a currency other
than the euro are translated to euros by applying the yearend
exchange rates to all items in their statements of
financial position, except for equity and investments in
Group companies, which are translated at the exchange
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 11

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Amortisation and depreciation methods:
Toll road concessions:
IFRIC 12 - Intangible asset model
All initial investments relating to the infrastructure that is
subsequently returned to the grantor, including expropriation
costs and borrowing costs capitalised during construction, are
amortised on the basis of the expected pattern of consumption
applicable in each case (e.g., forecast vehicle numbers in the
case of toll roads) over the term of the concession.
The investments contractually agreed on at the start of the
concession on a final and irrevocable basis to be made at a
later date during the term of the concession, and provided they
are not investments made to upgrade infrastructure, are
considered to be initial investments. For investments of this
nature, an asset and an initial provision are recognised for the
present value of the future investment, applying a discount rate
to calculate the present value that is equal to the cost of the
borrowings associated with the project. The asset is amortised
based on the pattern of consumption over the entire term of
the concession and the provision is increased by the related
interest cost during the period until the investment is made.
Where a payment is made to the grantor to obtain the right to
operate the concession, this amount is also amortised based on
the pattern of consumption over the concession term.
A provision is recognised for replacement investments, which
must have been set up in full by the time the investment
becomes operational. The provision is recognised on the basis
of the pattern of consumption over the period in which the
obligation arises, on a time proportion basis.
Infrastructure upgrade investments are those that increase the
infrastructure's capacity to generate revenue or reduce its
costs. In the case of investments that will be recovered over
the concession term, since the upgrade investments increase
the capacity of the infrastructure, they are treated as an
extension of the right granted and, therefore, they are
recognised in the consolidated statement of financial position
when they come into service. They are amortised as from the
date on which they come into service based on the difference
in the pattern of consumption arising from the increase in
capacity. However, if, on the basis of the terms and conditions
of the concession, these investments will not be offset by the
possibility of obtaining increased revenue from the date on
which they are made, a provision will be recognised for the
best estimate of the present value of the cash outflow required
to settle the obligations related to the investment that will not
be offset by the possibility of obtaining increased revenue from
the date on which the investments are made. The balancing
item is a higher acquisition cost of the intangible asset.
In the case of the proportional part of the upgrade or increase
in capacity that is expected to be recovered through the
generation of increased future revenue, the general accounting
treatment used for investments that will be recovered in the
concession term will be applied.
Set forth below are details of the main toll road concessions in
force, showing their duration and the accounting method
applied:
Concession operator
Country
Concession
term
First year
of
concession
Consolidation
method
Skyway Concession Co. US 99 2005 Full
SH 130 Concession Co. (1) US 50 2007 Full
North Tarrant Express (2) US 52 2009 Full
LBJ Express (2) US 52 2009 Full
Autopista del Sol Spain 55 1996 Full
M-203 Alcalá O'Donnell Spain 30 2005 Full
Autopista Madrid Sur Spain 65 2000 Full
Autopista Madrid-Levante (3) Spain 36 2004 Full
EuroScut Algarve Portugal 30 2000 Full
Euroscut Azores Portugal 30 2006 Full
Eurolink Motorway Operations Ireland 30 2003 Full
407 ETR Internacional Inc. Canada 99 1999
Equity
method
Indiana Toll Roads US 75 2006
Equity
method
Nea Odos and Central Greece Greece 30 2007-2008
Equity
method
(1) Concession term of 50 years as from completion of the
construction work, estimated at five years.
(2) Concession term of the shorter of 50 years of operation and 52
years as from the contract execution date.
(3) The concession term may be extended by four years if certain
service quality parameters are achieved.
3.3.3 Property, plant and equipment
The assets included in “Plant, Property and Equipment” in the
accompanying consolidated statement of financial position are
carried at acquisition or production cost, less the related
accumulated depreciation and any accumulated impairment
losses.
In-house work on property, plant and equipment is valued, for
each investment, by adding the direct or indirect costs allocable
to the investment to the cost of the materials used.
Borrowing costs incurred during the construction or production
period, before the assets are ready to come into operation, are
capitalised, whether they derive from borrowings arranged
specifically to acquire the assets or from funds borrowed
generally used to obtain a qualifying asset as defined in IAS 23.
The Group companies calculate the depreciation on property,
plant and equipment using the method that best approximates
the effective technical decline in value and the estimated years
of useful life of each asset. The straight-line method is
generally employed, with the exception of certain Construction
business machinery, which is depreciated using the diminishing
balance method. The useful lives and residual values of these
assets are reviewed annually. The consolidated companies
depreciate their property, plant and equipment basically over
the following years of useful life:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 12

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Years of useful life
Buildings and other structures 10-50
Machinery, fixtures and tools 2-25
Furniture 2-15
Transport equipment 3-20
Other items of property, plant and equipment 2-20
3.3.4 Investment in infrastructure projects
“Investment in infrastructure projects” includes the net values
of land, buildings and other structures that fulfil the
requirements of IAS 40. Investment property is carried at
acquisition cost less accumulated depreciation and any
impairment losses. The Group does not apply the fair value
model permitted by IAS 40. The Group companies depreciate
investment property on a straight-line basis over the estimated
useful life of the property (between 5 and 50 years).
3.3.5 Impairment losses
The Group tests goodwill and intangible assets with indefinite
useful lives and intangible assets not yet available for use for
impairment annually. At each reporting date the Group tests
depreciable assets for permanent impairment that might make
it necessary to write-down the assets. Should evidence of
impairment be detected, the asset’s recoverable amount is
calculated in order to identify the extent of the impairment loss
if the recoverable amount is lower than the carrying amount of
the asset, and the difference is recognised in the income
statement. Impairment losses must be assessed for each
individual asset. If this is not possible, the impairment loss is
determined for the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash
inflows from other assets (cash-generating units).
lease payments. The interest rate implicit in the lease is used to
calculate the present value of the lease payments. The cost of
the assets held under finance leases is presented in the
consolidated statement of financial position on the basis of the
nature of the leased asset.
When the Group acts as the lessee in an operating lease, lease
costs are taken to profit or loss on a straight-line basis over the
lease term, irrespective of the payment periods stipulated in
the lease. If that the lessor has established incentives in the
lease consisting of payments corresponding to the lessee but
made by the lessor, the income deriving from these incentives
is recognised in the income statement as a reduction of the
costs of the lease on the same straight-line basis as that used
to recognise the costs in the income statement.
3.3.7 Financial assets
a. Financial assets at fair value through profit or loss:
these are assets acquired mainly to generate a profit as a
result of fluctuations in their value. They are stated at their
fair value on acquisition and at subsequent measurement
dates, and any changes are recognised directly in the
consolidated income statement. The assets in this category
are classified as current assets if they are expected to be
realised within twelve months from the reporting date.
There are no assets at fair value through profit or loss
other than the derivative financial instruments described in
Note 3.3.8.
b. Available-for-sale financial assets: this category
includes securities acquired that are not held for immediate
trading and have no fixed maturity and relate mainly to
investments in companies not included in the Group’s
scope of consolidation. They are carried at their underlying
carrying amount, unless there is better evidence to the
contrary, in which case they are carried at their fair value.
Recoverable amount is the higher of fair value less costs to sell
and value in use. Value in use is calculated on the basis of
estimated future cash flows discounted at a rate that reflects
current market assessments of the time value of money and
the risks specific to the asset.
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased up to the limit of the original
amount at which the asset had been carried before the
impairment loss was recognised. An impairment loss recognised
for goodwill must not be reversed in a subsequent period.
3.3.6 Leases
Leases are classified as finance leases whenever the terms of
the lease transfer substantially all the risks and rewards of
ownership to the Group, which generally has the option of
acquiring the asset at the end of the lease term under the
terms agreed on when the lease was arranged. All other leases
are classified as operating leases.
The Group recognises finance leases as assets and liabilities in
the consolidated statement of financial position at the
commencement of the lease term, at the lower of the market
value of the leased asset and the present value of the minimum
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 13

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
c. Held-to-maturity investments and accounts
receivable:
Financial asset model provided for in IFRIC 12
This line item includes the service concession
arrangements related to infrastructure in which the
consideration consists of an unconditional contractual right
to receive cash or another financial asset, either because
the grantor guarantees to pay the operators specified or
determinable amounts or because it guarantees to pay the
operator the shortfall between amounts received from
users of the public service and specified or determinable
amounts. Therefore, these are concession arrangements in
which demand risk is borne in full by the grantor. In these
cases, the amount payable by the grantor is recognised in
assets in the consolidated statements of financial position
as a loan or a receivable.
To calculate the amount payable by the grantor, the value
of the construction, operation and/or maintenance services
provided and the interest implicit in arrangements of this
nature are taken into consideration.
Revenue from the services provided in each period
increases the amount of the related receivables with a
credit to sales. The interest on the consideration for the
services provided increases the amount of the receivables
with a credit to other operating income. Amounts received
from the grantor reduce the total receivable with a charge
to cash.
Set forth below are details of the main toll road
concessions in force to which the financial asset model is
applied, showing their duration and the consolidation
method applied:
Concession Country Concession First year of Consolidation
operator
term concession method ii.
Terrasa Manresa Spain 50 1986 Full
Toll Road
Norte Litoral Toll Spain 30 2001 Full
Road
Eurolink M3 Ireland 30 2003 Full
Financial assets are derecognised when the risks and
rewards of ownership of the financial asset are
substantially transferred. In the specific case of
receivables, this is deemed to occur when the default and
delinquency risks have been transferred.
3.3.8 Derivative financial instruments
Derivative financial instruments are initially recognised at fair
value on the date they are arranged. Subsequent changes in
fair value are also recognised at each reporting date. The
method used to recognise gains or losses on derivatives
depends on whether the instrument has been designated as a
hedging instrument and, as the case may be, on the type of
hedge involved. The Group uses the following types of hedge:
i. Cash flow hedge: a cash flow hedge hedges exposure to
highly probable future transactions and changes in cash
flows. When there is overhedging (effectiveness of
between 80% and 100%), the gain or loss on the
ineffective portion of the hedging instrument is taken to
the consolidated income statement and the gain or loss on
the effective portion is recognised directly in other
comprehensive income. When there is underhedging
(effectiveness of between 100% and 125%) the gain or
loss on the effective portion is recognised in other
comprehensive income, while those on the ineffective
portion will not have any effect either on other
comprehensive income or income statement. The amount
deferred in other comprehensive income is not recognised
in the income statement until the gains or losses on the
hedged transactions are recognised in income statement or
until the transactions mature. That amount is recognised in
the same line item as the gain or loss on the hedged item.
Lastly, should the hedge become ineffective, the amount
recognised in other comprehensive income until then is
taken to income statement proportionately over the term
of the derivative arranged.
Fair value hedge: a fair value hedge hedges exposure to
changes in the value of a recognised asset or liability or a
firm commitment relating to a future transaction. The loss
or gain on the hedging instrument and the loss or gain on
the hedged asset or liability is recognised in income
statement.
Other receivables
Held-to-maturity investments, loans granted and
receivables are initially recognised at fair value and are
subsequently measured at amortised cost, and any
accrued interest is recognised on the basis of the effective
interest rate. The effective interest rate is the discount rate
that exactly matches the carrying amount of a financial
instrument to all its estimated cash flows of all kinds
through its residual life. If at year-end there is objective
evidence that not all amounts receivable will be collected,
the necessary impairment losses are recognised. The
amount of the impairment loss is the difference between
the carrying amount of the asset and the present value of
the estimated future cash flows, discounted at the
effective interest rate.
iii.
Hedge of net investments in foreign operations: Hedges of
this nature hedge exposure to changes in the value of net
investments in foreign operations attributable to foreign
exchange fluctuations. Gains or losses are recognised in
other comprehensive income and taken to income
statement when the investment is sold or matures.
Gains or losses arising from changes in fair value of derivatives
not qualifying for hedge accounting are recognised in the
consolidated income statement.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 14

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
3.3.9 Business combinations and goodwill
Business combinations are accounted for using the acquisition
method, whereby the identifiable assets and liabilities of the
business acquired are recognised at fair value. Goodwill is the
positive difference between the cost of the investment and the
fair value of the above-mentioned assets and liabilities. In
acquisitions of associates, goodwill generated is treated as an
addition to the value of the investment. Goodwill on
consolidation is not amortised and is tested for impairment (see
Note 3.3.5).
3.3.10 Inventories
Inventories are initially recognised at acquisition or production
cost. Borrowing costs relating to inventories are capitalised
during the construction or production period. Inventories are
subsequently measured at the lower of weighted average cost
and net realisable value.
The Group determines the net realisable value of inventories
and recognises all the necessary write-downs where cost
exceeds net realisable value.
3.3.11 Cash and cash equivalents
Cash and cash equivalents include cash on hand, demand
deposits at banks and other short-term, highly liquid
investments with an initial maturity of three months or less.
“Cash and Cash Equivalents” includes investments of the same
nature and with the same maturity assigned to the financing of
certain infrastructure projects, where the availability of the
cash is restricted by the financing contracts as security for
certain payment obligations relating to interest payments or
principal repayments as well as infrastructure payments and
operation.
3.3.12 Non-current assets classified as held for sale
and discontinued operations
a. Non-current assets classified as held for sale: noncurrent
assets are classified as held for sale when it is
considered that their carrying amount will be recovered
through a sale transaction rather than through continuing
use. This condition is regarded as met only when the sale
is highly probable, the asset is available for immediate sale
in its present condition and the sale is expected to be
completed within one year from the date of classification.
The total balance of these assets is presented in a single
line item and is measured at the lower of the carrying
amount of the assets and their fair value less costs to sell.
The assets are no longer depreciated once they have been
classified as held for sale. Gains or losses on these assets
are recognised in the income statement based on the basis
of the nature of the related items.
An entity that is committed to a sale plan involving loss of
control of a subsidiary must classify all the assets and
liabilities of that subsidiary as held for sale when the
criteria set out in the preceding paragraph are met,
regardless of whether the entity will retain a noncontrolling
interest in its former subsidiary after the sale.
b. Discontinued operations: a discontinued operation is a
component of an entity that has either been disposed of or
is classified as held for sale, and represents a complete
segment for the consolidated Group, is part of a single coordinated
plan or is a subsidiary acquired exclusively with a
view to resale. The total profit or loss of discontinued
operations, for both the current reporting period and those
presented comparing with the current period, is presented
net of tax in the income statement, comprising the total of:
- The post-tax profit or loss of discontinued operations.
- The post-tax gain or loss recognised on the disposal.
3.3.13 Equity
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares are deducted,
net of taxes, from equity. Acquisitions of the Parent’s treasury
shares are deducted from equity for the amount of the
consideration paid, including the attributable costs associated
with the acquisitions. When treasury shares are sold or
reissued, any amount received is taken, net of costs, to equity.
3.3.14 Grants
Grants are recognised at their fair value when there is
reasonable assurance that the grant will be received and the
Group fulfils all the conditions attaching to them. Grants related
to assets are recognised as non-current liabilities under
“Deferred Income”, and are credited to the consolidated
income statement on a straight-line basis over the estimated
useful lives of the related assets.
3.3.15 Provisions and contingent liabilities
The Group recognises a provision for a commitment or
obligation to a third party that meets the following
requirements: it is a present obligation arising from past
events, the settlement of which is expected to result in an
outflow of resources and the amount or timing of which are not
known for certain but can be estimated sufficiently reliably. The
provisions include most notably the following:
Provisions for budgeted losses in the Construction business
covering a probable loss identified before completion of
the related contract.
Provisions for the closure and post-closure of landfills in
the Services business, since the Company is required to
close the landfill when it reaches maximum capacity. These
provisions cover estimated closure costs and waste
treatment costs during the post-closure period, in
accordance with technical estimates based on the landfill’s
capacity, average density and other parameters.
A contingent liability is a possible obligation arising from past
events whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the consolidated companies.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 15

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Contingent liabilities are not recognised, but the most
significant are disclosed in these notes (see Note 24 on
"Contingent Liabilities").
3.3.16 Pension obligations
a. Defined contribution plans: contributions are recognised
each year as an expense.
b. Defined benefit plans: the liability recognised in the
statement of financial position for defined benefit plans is the
present value of the defined benefit obligation at the end of the
reporting period, minus the fair value of plan assets and any
past service cost not yet recognised. The defined benefit
obligation is measured annually by independent actuaries using
the projected unit credit method. The defined benefit obligation
is measured by discounting estimated future cash outflows on
the basis of market yields on high quality corporate bonds of a
currency and term consistent with the currency and term of the
defined benefit obligations.
Actuarial gains and losses comprise experience adjustments
(measuring the effects of differences between the previous
actuarial assumptions and what has actually occurred) and the
effects of changes in actuarial assumptions. As a result of the
amendments to IAS 19, in 2006 the Group availed itself of the
alternative contained in the new wording of IAS 19 whereby
the entire actuarial gain or loss may be recognised directly in
equity, through the consolidated statement of comprehensive
income in the period in which it arises.
In the event of changes in the characteristics of the plan, if as
a result of changes in the obligations the rights arising
therefrom vest automatically, the past service cost is
recognised immediately in the consolidated income statement.
Where, however, the rights may be cancelled or do not vest,
the cost is recognised on a straight-line basis over the average
period until the benefits become vested.
In the event of a reduction in or the settlement of the plan, any
gains or losses arising from changes in the value of the defined
benefit obligation, changes in the value of the plan assets and
past service costs not yet recognised are recognised
immediately.
3.3.17 Share Based Payment
a. Stock option plans: stock option plans are
measured at fair value when the options are initially
granted using a financial method, based on an
improved binomial model, taking into account the
exercise price, expected volatility, option life, expected
dividends, the risk-free interest rate and the
assumptions made to incorporate the effects of
expected early exercise. The initial fair value is not
subsequently revised. This fair value is recognised
under “Staff Costs” in proportion to the stipulated
period of time during which the employee must
remain at the company, with a balancing entry in
equity.
b. Equity-settled share-based payment: they are
measured at the grant date at the market price of the
shares at that time, deducting therefrom the present
value of expected dividends during the established
vesting period. This fair value is recognised under
“Staff Costs” in proportion to the stipulated period of
time during which the employee must remain at the
company, with a balancing entry in equity.
c. Swaps arranged on share-based payments:
Ferrovial arranges swaps exclusively to hedge the
impact on equity of settlement of the stock option
plans. Changes in the fair value of the swaps are
taken to the income statement as they do not qualify
for hedge accounting, as mentioned in Note 25 on
"Fair Value Adjustments".
3.3.18 Financial liabilities
These liabilities are initially recognised at fair value net of
transaction costs and are subsequently measured at amortised
cost using the effective interest method. The effective interest
rate is the rate that exactly discounts estimated future cash
payments through the expected life of the financial instrument
to the net carrying amount of the financial liability. If the
effective interest rate is initially considered to differ from the
market interest rate, the liability is measured based on the
present value of future cash flows at the market rate in the
case of interest-bearing loans. Where no effective interest rate
is specified, the cash flows are also measured using the market
interest rate.
- If existing debts are renegotiated, the financial liability is
not deemed to change significantly when the lender of the
new loan is the same as the initial lender and the present
value of the cash flows, including origination and
arrangement costs, applying the effective interest method
is not more than 10% higher or lower than the present
value of the future cash flows payable on the original
liability calculated using this same method.
- If the lender in the new loan is different from the lender in
the original loan, the carrying amount of the new loan will
be the amount received from the bank less the related
acquisition cost, and the gain or loss for the period will be
deemed to be the difference between that acquisition cost
and the carrying amount of the original loan.
- In the case of syndicated loans, the lenders in the new
loan will be deemed to be the same as in the original loan
provided that a substantial majority of the members of the
syndicated remains unchanged.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 16

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
3.3.19 Income tax and deferred taxes
The term “consolidated income tax” covers all domestic
and foreign taxes applicable to taxable profits. Income tax
also includes other taxes, such as taxes on repatriated profits,
and any other tax calculated on the basis of the accounting
profit.
The income tax expense recognised in the consolidated
financial statements is calculated by aggregating the expense
recognised by each of the consolidated companies, increased
or decreased, as appropriate, by the tax effect of accounting
consolidation adjustments and by temporary differences
between the tax bases of the assets and liabilities and their
carrying amounts in the consolidated financial statements
(balance sheet liability method).
Deferred taxes are not recognised when the transaction has no
effect on the accounting profit or loss or tax base of the
related assets and liabilities. In the case of business
combinations, deferred tax is recognised as a result of the
allocation of the price and the amortisation for tax purposes of
any goodwill generated.
Deferred tax assets and liabilities are calculated using the tax
rates in force at the reporting date and that are expected to
apply in the period in which the asset is realised or the liability
is settled. They are charged or credited to the income
statement, except when they relate to items that are
recognised directly in equity, in which case they are charged
or credited to equity. A deferred tax liability is not recognised
for undistributed profits of subsidiaries when the Group is able
to control the timing of the reversal of the temporary
difference and it is probable that the temporary differences will
not reverse in the foreseeable future. Deferred tax assets and
tax loss carryforwards are recognised when it is probable that
the Company will recover them in the future, regardless of
when they will be recovered, provided this is within the
maximum period provided by law. Deferred tax assets and
liabilities are not discounted and are classified as a non-current
asset or liability respectively. Deferred taxes recognised are
reviewed at the end of each reporting period.
The difference between the income tax expense recognised at
the previous year-end and the income tax expense reported in
the final tax returns filed constitutes a change in accounting
estimates and is recognised as current-year income or
expense.
3.3.20 Translation of foreign currency transactions
Foreign currency transactions performed by Group companies
are translated into the functional currency using the year-end
exchange rates for assets and liabilities and the cumulative
average exchange rates for the year for income statement
items.
3.3.21 Revenue recognition
Revenue is measured at the fair value of the consideration
receivable and represents the amounts receivable for the goods
and services provided in the normal course of business, net of
discounts, refunds, VAT and other sales-related taxes. Revenue
is recognised when the risks and rewards are deemed to have
been transferred. Set out below are details of the methods
applied to recognise revenue in each segment in which
Ferrovial operates.
3.3.21.1 Construction business
Construction business revenue is recognised in accordance with
IAS 11, whereby revenue and associated costs are recognised
in the income statement by reference to the stage of
completion of the contract activity at the end of the reporting
period, provided that the outcome of the construction contract
can be estimated reliably. Any expected loss on the
construction contract is recognised as an expense immediately.
The Company habitually examines the work performed, which
is made possible in practice by the existence in all the contracts
of a definition of all the units of output and the price at which
each unit is to be billed. There are budgeting tools for
monitoring variances. At the end of each month, the units
executed in each contract are measured and the output for the
month is recognised as revenue. Contract costs are recognised
on an accrual basis, and the costs actually incurred in
completing of the units of output are recognised as an expense
and those that might be incurred in the future have to be
allocated to the project units completed.
The general policies described above do not apply to
construction projects carried out by Budimex, in which revenue
is recognised on the basis of the stage of completion measured
in terms of the costs incurred.
In exceptional cases, where it is not possible to estimate the
margin for the entire contract, the total costs incurred are
recognised and sales that are reasonably assured with respect
to the completed work are recognised as contract revenue,
subject to the limit of the total contract costs.
Changes to the initial contract require the customer’s technical
and financial approval prior to the issue of billings and
collection of the amounts relating to additional work. The
Group does not recognise revenue from such additional work
until approval is reasonably assured and the revenue can be
measured reliably. The costs associated with these additional
units of output are recognised when incurred.
Initial contract costs incurred in the formalisation of the
principal contract, costs of moving plant to the contract site,
costs incurred in design, assistance and studies, building
insurance costs, perimeter financing costs and other initial
contract costs are recognised as prepaid expenses. These costs
are initially recognised as assets provided that it is probable
that they will be recovered in the future and they are
recognised in the income statement based on actual production
with respect to estimated production under each contract.
Otherwise, the costs are taken directly to the income
statement.
Late-payment interest arising from delays in the collection of
billings is recognised when it is probable that the interest will
be collected and the amount may be measured reliably.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 17

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
3.3.21.2 Toll road business
The arrangements included in this line of business are
accounted for in accordance with IFRIC 12, used as a basis for
classifying the assets used in such arrangements on the basis
of the intangible asset model and the financial asset model
(bifurcated arrangements can also exist).
It should be noted in this connection that in the case of IFRIC
12 financial assets the income from the concessions that apply
this model is classified as "Other Operating Income”, in
accordance with IAS 18.7, Revenue. Under IAS 18, revenue is
the gross inflow of economic benefits during the period arising
in the course of the ordinary activities of an entity when those
inflows result in increases in equity. In this regard, it can be
considered that the income from concessions of this type
should be classified as revenue, since it forms part of the
ordinary concession activity and is earned on a regular and
periodic basis.
At 31 December 2011 and 2010, the consideration recognised
as revenue amounted to EUR 155 million and EUR 119 million,
respectively. Also, the borrowing costs associated with the
financing of the concessions to which the financial asset model
is applied amounted to EUR 75 million and EUR 73 million,
respectively.
3.3.21.3 Service businesses
In general, revenue from services of this nature is recognised
in the income statement on a straight-line basis over the term
of the contract. In the case of contracts for a number of
different services and prices, revenue and costs are recognised
with reference to the stage of completion, applying the same
methods and conditions as those described for the
Construction business. Where this is not possible, the
percentage of completion method is used based on the costs
incurred as a percentage of total estimated costs.
Lastly, it should be noted that in the case of certain contracts
performed by Amey in the United Kingdom which fall within
the scope of IFRIC 12, revenue is recognised using the
financial asset model provided for in that IFRIC.
3.3.21.4 Profit from operations
3.4 Accounting estimates and judgements
In the consolidated financial statements for 2011 estimates
were made to measure certain assets, liabilities, income,
expenses and obligations. These estimates relate basically
to the following:
The assessment of possible impairment losses on certain
assets.
Estimates relating to the fair value of assets acquired in
business combinations and goodwill, or of investments
remeasured at fair value in the case of sales that have
given rise to a loss of control.
Business performance projections that affect the
estimates of the recoverability of tax assets.
The assumptions used in the actuarial calculation of
pension and other obligations to employees.
The useful life of the property, plant and equipment and
intangible assets.
The measurement of stock options.
The budget-related estimates taken into consideration
when recognising the results of contracts with a
reference to the stage of completion in the Construction
and Services segments.
The assessment of possible legal and tax contingencies.
Estimates relating to the valuation of derivatives and the
related expected flows in cash flow hedges.
Estimates taking into account the future vehicle numbers
on toll roads for the purposes of the preparation of
financial information for the toll roads pursuant to
IFRIC 12.
Although, these estimates were made using the best
information available at 31 December 2011 and 2010 on the
events analysed, events that take place in the future might
make it necessary to change these estimates. Changes in
accounting estimates would be applied in accordance with
IAS 8.
“Profit from Operations” in the consolidated income statement
includes the profits and losses from the Group companies'
ordinary operations, excluding the financial loss (see Note 29)
and the share of results of companies accounted for using the
equity method. The related section of the consolidated income
statement includes a specific line item to reflect the result of
impairment and disposals of non-current assets.
This line item reflects the gains and losses on disposals of
investments classified as continuing operations and on the
remeasurement of investments when control was lost and
impairment of goodwill or other significant assets.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 18

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
4. Management of financial risks and capital
The Group’s activities are exposed to a variety of financial
risks, particularly interest rate risk, foreign currency risk, credit
risk, liquidity risk and equity risk.
4.1 Interest rate risk
The Ferrovial Group’s business requires financing that can take
the form of borrowings indexed to fixed or floating interest
rates. Interest rate risk management optimises the cost of
financing to guarantee fulfilment of the business plans in
accordance with the Group's risk management policy.
As part of its interest rate management policy, the Ferrovial
Group tends to keep a percentage of the debt tied to fixed
rates, either arranged at inception or hedged by means of
derivative financial instruments.
Ferrovial applies a proactive management approach to the
portion of the debt that is tied to floating rates, paying
particular attention to the evolution of market rates in order to
obtain the lowest rates wherever possible.
As regards infrastructure project financing, each project is
analysed and criteria are identified to minimise exposure to
interest rate fluctuations, resulting in the establishment of
ceilings on the volume of debt tied to floating rates, which is
usually between 15% and 35% of the total project financing.
This avoids potential changes in expected project returns due
to changes in interest rates.
This objective of establishing pre-set rates for projects is often
achieved by arranging hedging derivatives, an analysis of which
is provided in Note 12 on "Derivative Financial Instruments at
Fair Value".
Occasionally, in certain infrastructure projects the revenue from
which is tied to inflation through a contractual formula, an
attempt is made to structure their financing through
borrowings, the cost of which is indexed to the changes in
inflation observed in the period, obtaining a natural hedge
between income and expenses. This structuring and hedge can
be set up directly with the debt or through derivative financial
instruments.
The accompanying table shows a breakdown of the Group’s
debt, indicating the percentage of the debt that is considered
to be hedged (either by a fixed rate or by derivatives). Not all
the assets, such as cash and cash equivalents and long-term
restricted cash associated with the debt are hedged.
M illions of euros
Borrowings
Total gross
debt
% of debt
hedged
Net debt
exposed to
interest
rate risk
Impact on
results of
+100 b.p.
Construction 64 20% 51 1
Services 182 10% 164 2
Airports 0 0% 0 0
Toll roads 0 0% 0 0
Corporate and other 1,015 0% 1,015 10
Other companies 1,261 2% 1,230 12
0 0% 0 0
Other airports 0 0% 0 0
Toll roads 6,222 74% 1,621 16
Construction 155 92% 13 0
Services 271 56% 119 1
Infrastructure projects 6,649 74% 1,753 18
TOTAL BORROWINGS 7,909 62% 2,983 30
M illions of euros
Borrowings
Total gross
debt
% of debt
hedged
2011
2010
Net debt
exposed to
interest
rate risk
Impact on
results of
+100 b.p.
Construction 50 36% 32 0
Services 170 20% 136 1
Airports 0 0% 0 0
Toll roads 0 0% 0 0
Corporate and other 1,844 44% 1,024 10
Other companies 2,064 42% 1,192 12
BAA 15,017 73% 4,028 40
Other airports 0 0% 0 0
Toll roads 5,769 74% 1,527 15
Construction 142 96% 6 0
Services 54 87% 7 0
Infrastructure projects 20,981 73% 5,568 56
TOTAL BORROWINGS 23,045 71% 6,760 68
As shown in the foregoing table, 62% of the Group’s debt is
hedged against the risk of changes in interest rates. 74% of
the project borrowings are hedged (2010: 71%).
Also, it must be borne in mind that the results relating to
companies accounted for using the equity method include the
results corresponding to the 49.99% ownership interest in BAA
and the ownership interest of 43.23% in 407 ETR. As indicated
in Note 10, the two companies have a significant volume of
debt, of which 80% (BAA) and 100% (407 ETR) is hedged
against interest rate risk (see Note 10 for more details).
Based on the foregoing, a linear variation of 100 basis points in
the interest rate curves existing on the market at 31 December
2011 would increase the finance costs in the income statement
by an estimated EUR 30 million, of which EUR 18 million relate
to infrastructure projects and EUR 12 million to the other
companies, with a net impact on the profit attributable to
Ferrovial of EUR -24 million and a net impact on the results of
companies accounted for using the equity method of EUR -11
million, giving a total impact of EUR -35 million on the net
profit of Ferrovial.
Note 20 provides a more detailed analysis by type of debt,
based on the extent to which the interest rate risks are hedged.
In addition to the impact of interest rate fluctuations on the
assets and liabilities making up the net cash position, changes
may arise in the values of the derivative financial instruments
arranged by the Company, which are indicated in Note 12.
Revaluation gains and losses are mainly recognised in reserves
in the case of derivatives that are effective hedges, as required
by International Accounting Standards.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 19

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
As regards these instruments, a linear variation of 100 basis
points in the market interest rate curves at 31 December 2011
would, in the case of the effective hedges, have a net impact of
EUR -462 million on the equity attributable to the Parent (-EUR
177 million at companies accounted for using the equity
method and EUR -285 million at fully consolidated companies).
4.2 Foreign currency risk
Foreign currency risk management is generally centralised
through the Group Finance Department, on the basis of its
global policies that seek to minimise the impact caused by
fluctuations in the exchange rates of the currencies in which
Ferrovial operates, by means of hedging mechanisms.
Ferrovial has significant investments in developed countries
with a currency other than the euro, including most notably,
pounds sterling, US dollars, Canadian dollars and Polish zlotys.
Ferrovial sets up hedging strategies for these long-term
investments by issuing debt in the same currency as that in
which the investment is denominated.
With regard to management of foreseeable cash flow risks, the
following transactions are analysed:
Investments or divestments in projects.
Income obtained from foreign subsidiaries in the form
of dividends or capital reimbursements expected to be
received from those subsidiaries.
Intra-Group loans to foreign subsidiaries. Cash
surpluses at foreign subsidiaries.
Foreign currency collections from customers and
payments to suppliers.
The following table shows the values of assets, liabilities, noncontrolling
interests and equity attributable to the Parent by
type of currency at December 2011:
Millions 2011
Currency Assets Liabilities
Noncontrolling
Equity of
the Parent
interests
Euro 10,642 10,734 -294 186
Pound sterling 3,765 818 2,946 1
US dollar 4,377 4,114 375 -112
Canadian dollar 2,825 0 2,824 0
Polish zloty 1,213 1,004 151 75
Chilean peso 141 9 132 0
Other 9 6 3 0
Total Group 22,972 16,684 6,138 150
An analysis of the table above shows that the Group's equity is
particularly exposed to the Canadian dollar and to the pound
sterling.
In general, they are treated as long-term investments
denominated in strong currencies that historically have not
fluctuated significantly.
On the basis of all the data provided above, a 10%
appreciation of the euro at year-end against the main
currencies in which the Group has investments would have an
impact on the Parent’s equity of EUR -643 million, of which
46% would relate to the impact of the pound sterling and 44%
to the impact of the Canadian dollar. This fluctuation in the
value of the euro would have an impact on total assets of EUR
-1,232 million, of which 36% would relate to the investments in
the US dollar and 31% to the investments in pounds sterling.
The hedging strategy is analysed on a case-by-case basis,
avoiding significant effects that might hinder the fulfilment of
the business plan and impair Ferrovial’s capital. The factors
considered are:
(1) Size of the investment/transaction versus the level of
capitalisation required;
(2) Financing sources to be used (debt, cash flows received,
etc.);
(3) Risk of currency appreciation/depreciation;
(4) Financial cost of the possible hedge.
In general, the Group attempts to finance all the infrastructure
projects that it invests in using the currencies in which each
project’s income is denominated. Where this is not feasible, the
Group arranges derivatives to hedge potential changes in the
value of the debt caused by exchange rate fluctuations.
Also, in construction or services contracts in which the price is
received in a currency other than that in which the related
costs are paid, hedges are arranged to avoid changes in the
profit margin caused by exchange rate fluctuations.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 20

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Also, the detail of the net profit attributable to the Parent by
type of currency in 2011 is as follows:
c) Derivative financial instruments (see Note 12)
d) Trade and other receivables (see Note 15)
Millions of euros 2011
Currency
Net profit
Euro (*) 1,143
Pound sterling 94
US dollar -36
Canadian dollar 27
Polish zloty 38
Chilean peso 5
Total Group 1,269
(*) The profit in euros includes the gains on the disposals of Swissport
and BAA, since the functional currency of the companies that own
those investments is the euro.
In this regard, the impact of a 10% appreciation of the euro on
the income statement would have amounted to EUR -13
million.
As indicated above, in terms of net assets Ferrovial has a
strong foreign currency position, particularly in the Canadian
dollar and the pound sterling. The value of the euro dropped
against these two currencies, particularly against the pound
sterling (2.53%), which had a positive exchange rate effect on
the Group's consolidated financial statements.
Exchange rate at year-end
2011 2010
Change
11/10
Pound sterling 0.8357 0.8574 -2.53%
US dollar 1.2960 1.3366 -3.04%
Canadian dollar 1.3175 1.3291 -0.87%
Polish zloty 4.4627 3.9557 12.82%
Chilean peso 673.2800 625.6500 7.61%
Average exchange rate
2011 2010
Change
11/10
Pound sterling 0.8690 0.8561 1.51%
US dollar 1.3998 1.3211 5.96%
Canadian dollar 1.3787 1.3674 0.83%
Polish zloty 4.1380 3.9915 3.67%
Chilean peso 674.9383 673.8300 0.16%
4.3 Credit and counterparty risk
The Group’s main financial assets exposed to credit risk or
counterparty risk are as follows:
a) Investments in financial assets included in cash and cash
equivalents (short term) (see Note 20)
The Group’s overall exposure to credit risk is equal to the
balance of the above-mentioned items, as the Group has not
granted any credit lines to third parties.
As regards the risk incurred by investing in financial products or
arranging derivative financial instruments (included in letters a,
b and c), Ferrovial has established internal criteria to minimise
credit risk, stipulating that counterparties must always have
high credit ratings received from prestigious international rating
agencies. Ferrovial also imposes maximum limits on amounts
invested or arranged, which are periodically reviewed.
In the case of transactions in countries whose economic and
socio-political circumstances preclude high credit quality, the
Group mainly selects branches and subsidiaries of foreign
entities that meet or nearly meet the stipulated credit
requirements, or the largest local entities.
In the specific case of restricted cash linked to infrastructure
project financing, the financing contracts that provide for the
amounts that must be set aside as restricted cash usually also
stipulate the conditions that must be fulfilled by the financial
products in which these obligations must be instrumented.
With respect to risks related to trade receivables (included in
letter d) and non-current receivables (letter b), there are a
wide variety of customers, a large proportion of which are
public-sector entities, as indicated in Note 15.
4.4 Liquidity risk
In the current market environment, in which a major financial
crisis caused a widespread credit crunch in 2011 (as in 2010),
Ferrovial adopted a proactive approach to liquidity risk
management, focusing basically on the preservation of the
Company’s liquidity and on settling financial transactions before
they mature.
This policy is based on four main pillars:
1.- Efficient working capital management to ensure timely
fulfilment of payment obligations by customers.
2.- Monetisation of financial assets, where this can be done
under reasonable market conditions, through the factoring and
discounting of future collection rights.
3.- Integral cash management, in order to optimise daily
liquidity positions at the various companies by setting up a
global cash management system.
4.- Setting up credit lines, particularly long-term lines, that
guarantee the availability of cash and the payment of
obligations in the event of any unusual scenarios or periods of
difficulty in relation to collections and available balances.
b) Non-current financial assets (see Note 11)
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 21

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The Group has also sought to always utilise available cash to
settle payment obligations and liabilities in advance.
Infrastructure projects:
Liquidity risk must be analysed separately for each individual
infrastructure project since there is specific financing for each
project and the projects are independent units for liquidity
purposes.
In general, debt maturities are monitored carefully for each
project. Note 20 contains a breakdown showing that most of
the project financing falls due after more than five years.
The fact that these are long-term projects with foreseeable
flows generally allows for the arrangement of financing
structures linked to estimated project flows.
Also, during the performance of the projects, the Group seeks
to apply an active refinancing policy to maximise cash
generation.
As indicated above, certain infrastructure project financing
contracts stipulate the need to hold accounts (restricted cash)
the availability of which is restricted under the financing
contracts as security for certain short-term obligations, related
to interest or principal repayments, as well as infrastructure
maintenance and operation.
These accounts constitute an additional guarantee with respect
to liquidity risk (see breakdown in Note 20).
The borrowings falling due in 2012 relating to infrastructure
projects are detailed in Note 20.
The Group seeks to cover all obligations to make new
investments by means of specific-purpose financing before the
investment is made. Note 20 contains a breakdown of the
balances available to fulfil these requirements.
To conclude on all the preceding sections, the liquidity position
of the infrastructure projects in 2011 is explained below:
- At 31 December 2011, cash and cash equivalents (including
short-term restricted cash) amounted to EUR 188 million.
- Also, at that date, undrawn credit lines amounted to EUR
1,333 million, which were arranged mainly to cover committed
investment needs.
- The projects have the capacity to generate significant and
recurring cash flows from operating activities.
- The capacity to increase the volume of debt in certain
projects, based on growth in operating variables.
Other Group activities
Unlike in the case of infrastructure projects, liquidity risk is
managed on a centralised basis for the rest of the Group’s
activities, particularly for activities carried on in Spain.
Liquidity risk management also focuses on closely monitoring
debt maturities (also explained in Note 20) and on proactive
management and maintenance of credit lines to cover forecast
cash needs.
The borrowings for other activities falling due in 2012 are
detailed in Note 20.
The liquidity position of the Group’s other activities in 2011 is
based on the following factors:
- At 31 December 2011, cash and cash equivalents amounted
to EUR 2,161 million.
- Also, at that date, undrawn credit lines totalled EUR 1,108
million.
- The Group's business areas have the capacity to generate
significant and recurring cash flows from operating activities.
- The capacity to increase debt volumes based on the current
moderate level of debt and on the Group’s capacity to
generate recurring cash flows.
Lastly, as regards liquidity risk management, at both Group
level and in each business area and project, systematic
forecasts are prepared on cash generation and needs in order
to determine and monitor the Group’s liquidity position on an
ongoing basis.
4.5 Equity risk
Ferrovial is also exposed to risk relating to the evolution of the
share prices of listed companies.
This exposure arises specifically in equity swaps linked to share
option plans:
As indicated in Note 12 on "Derivative Financial Instruments"
and Note 34 on "Share Option Plans", Ferrovial has arranged
equity swaps to hedge possible disbursements that may be
required in relation to executive remuneration systems linked
to the price of Ferrovial shares.
The equity swaps eliminate uncertainty with respect to the
exercise price of the remuneration systems; however, as they
are not deemed to be hedging derivatives under International
Accounting Standards, their market value has an impact on the
income statement, which is positive if the share price rises and
negative if the share price falls.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 22

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
4.6. Inflation risk
Most of the revenue from infrastructure projects arises from
prices tied directly to inflation. This is the case of both the toll
road concession prices and the BAA airports accounted for
using the equity method.
Therefore, an increase in inflation would increase the value of
the assets of this nature.
However, in the case of BAA, due to its financing needs, there
are long-term derivatives with a notional value of EUR 6,287
million (GBP 5,254 million) on total borrowings of more than
EUR 15,000 million, the purpose of which is to convert fixedrate
debt into index-linked debt. Unlike the company's assets,
from the accounting standpoint, these derivatives are
measured at fair value, since they are considered to be
ineffective derivatives. In this regard, an increase of 100 b.p.
throughout the inflation curve would have an adverse effect on
the net profit of Ferrovial (in proportion to its percentage of
ownership) of EUR -299 million.
Also, in the case of the toll road concession operator Autema,
there is a derivative tied to inflation that is deemed to qualify
for hedge accounting, in which an increase of 100 b.p.
throughout the inflation curve would have a negative effect on
reserves of EUR -132 million.
4.7. Management of capital
The Group’s objective in capital management is to safeguard
its capacity to continue managing its recurring activities and
the capacity to continue to grow through new projects, by
optimising the debt-equity ratio in order to create shareholder
value.
Since the Group was listed on the stock exchange in 1999,
capitalisation has remained steady, except for the effect
generated in the merger with Cintra in 2009, and there have
been no new equity issues. Growth has been financed in three
ways:
- Internal cash flows generated from the Group’s recurring
businesses.
- Capacity to grow through investments in new infrastructure
projects financed largely by borrowings secured by project
cash flows, thereby feeding back funds to boost the Group’s
capacity for growth in its recurring activities.
- Asset turnover policy focused on the sale of mature projects
in order to make it possible to create value while continue
financing investments in new projects.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 23

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
5. Segment reporting
The “Other” column in the consolidated statement of financial position and income statement by segment includes the assets
and/or liabilities and income and/or expenses of the companies not assigned to any of the business segments, including most
notably the Parent Ferrovial, S.A. and its smaller subsidiaries, the current Polish real estate business, and inter-segment
adjustments. Set forth below are the segment statement of financial position for 2011 and 2010 and the segment income
statements for 2011 and 2010:
Segment statement of financial position: 2011 (millions of euros)
Assets Construction Toll roads Airports Services Other Total
Non-current assets 848 11,828 2,354 2,141 347 17,517
Goodwill 198 393 0 903 0 1,493
Intangible assets 10 0 0 92 3 105
Investments in infrastructure projects 0 5,982 0 250 -273 5,960
Investment Properties 0 0 0 0 64 64
Property, plant and equipment 143 25 0 391 68 627
Investment in companies accounted for using the equity
method
14 2,814 2,353 38 0 5,219
Non-current financial assets 215 1,353 0 310 16 1,893
Receivable from Group companies 0 0 0 0 0 0
Other 215 1,353 0 310 16 1,893
Deferred tax assets 266 1,140 1 158 458 2,022
Derivative financial instruments at fair value 1 123 0 0 11 135
Assets classified as held for sale 0 0 0 2 0 2
Current assets 4,400 1,307 59 1,509 -1,822 5,453
Inventories 202 12 0 19 194 427
Trade and other receivables 1,417 528 5 1,223 -497 2,677
Cash and cash equivalents 2,780 766 55 267 -1,519 2,349
Receivable from Group companies 1,697 150 51 142 -2,039 0
Other 1,084 617 3 125 520 2,349
TOTAL ASSETS 5,247 13,135 2,413 3,652 -1,475 22,972
Equity and liabilities Construction Toll roads Airports Services Other Total
Equity 501 3,650 2,365 1,236 -1,464 6,288
Equity attributable to the equity holders 430 3,578 2,365 1,231 -1,467 6,138
Equity attributable to non-controlling interests 71 71 0 4 3 150
Deferred income 7 254 0 31 0 292
Non-current liabilities 848 7,783 28 1,196 959 10,815
Provisions for pensions 4 0 0 107 0 110
Other long-term provisions 140 665 0 149 56 1,010
Bank borrowings 564 5,090 0 637 404 6,695
Payable to Group companies 371 0 0 234 -605 0
Other 192 5,090 0 403 1,010 6,695
Other non-financial payables 26 118 28 35 -28 179
Deferred tax liabilities 102 623 0 219 356 1,299
Derivative financial instruments at fair value 14 1,287 0 50 171 1,521
Liabilities classified as held for sale 0 0 0 0 0 0
Current liabilities 3,891 1,448 19 1,189 -970 5,577
Bank borrowings 19 1,173 15 380 -372 1,214
Payable to Group companies 3 1 6 317 -327 0
Other 16 1,172 10 63 -46 1,214
Trade and other payables 3,413 276 4 788 -598 3,882
Operating Provisions 459 0 0 21 1 481
TOTAL EQUITY AND LIABILITIES 5,247 13,135 2,413 3,652 -1,475 22,972
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 24

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Segment statement of financial position: 2010 (millions of euros)
Assets Construction Toll roads Airports Services Other Total
Non-current assets 722 11,411 20,871 1,913 549 35,465
Goodwill 178 390 3,575 889 0 5,032
Intangible assets 7 0 0 90 1 97
Investments in infrastructure projects 0 5,021 16,561 145 -215 21,512
Investment Properties 0 0 0 0 64 64
Property, plant and equipment 109 2 0 384 57 552
Investment in companies accounted for using the equity
method
15 3,054 0 41 0 3,110
Non-current financial assets 208 1,680 81 219 -4 2,184
Receivable from Group companies 0 0 31 0 -31 0
Other 208 1,680 50 219 27 2,184
Deferred tax assets 203 1,075 0 146 643 2,068
Derivative financial instruments at fair value 1 190 653 0 3 847
Assets classified as held for sale 1 28 0 1,486 0 1,515
Current assets 4,536 1,212 906 1,292 -1,639 6,306
Inventories 204 14 8 16 204 445
Trade and other receivables 1,631 406 406 1,110 -392 3,161
Cash and cash equivalents 2,702 792 492 167 -1,451 2,701
Receivable from Group companies 1,637 398 0 33 -2,067 0
Other 1,065 394 492 134 616 2,701
TOTAL ASSETS 5,259 12,650 21,777 4,691 -1,091 43,287
Equity and liabilities
Equity 362 4,227 2,557 1,142 -1,659 6,628
Equity attributable to the equity holders 292 4,024 1,430 1,120 -1,672 5,194
Equity attributable to non-controlling interests 69 203 1,127 22 12 1,434
Deferred income 9 170 4 14 0 196
Non-current liabilities 699 6,891 18,148 1,467 1,391 28,596
Provisions for pensions 1 0 77 74 0 153
Other long-term provisions 74 595 9 122 60 860
Bank borrowings 539 4,633 14,737 1,009 591 21,511
Payable to Group companies 369 0 0 855 -1,224 0
Other 170 4,633 14,737 154 1,815 21,511
Other non-financial payables 11 114 0 17 13 154
Deferred tax liabilities 71 801 2,418 213 448 3,951
Derivative financial instruments at fair value 2 747 908 32 278 1,968
Liabilities classified as held for sale 0 0 0 891 0 891
Current liabilities 4,190 1,362 1,068 1,177 -822 6,975
Borrowings 15 1,169 292 466 -412 1,530
Payable to Group companies 0 33 12 395 -441 0
Other 15 1,136 280 71 29 1,530
Trade and other payables 3,679 193 731 696 -411 4,889
Operating Provisions 495 0 46 14 1 556
TOTAL EQUITY AND LIABILITIES 5,259 12,650 21,777 4,691 -1,091 43,287
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 25

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The detail, by segment, of the acquisitions made, as required by IFRS 8, is as follows:
Additions to
infrastructure projects
Additions to property,
plant and equipment
Millions of euros
Additions to
intangible assets
and goodwill
Additions of associates
2011 2010 2011 2010 2011 2010 2011 2010
Construction 0 0 40 31 40 1 0 1
Airports 0 1,085 0 0 0 0 2,426 0
Toll roads 685 788 13 0 0 6 0 3,082
Services 102 69 85 74 10 21 0 5
Other 0 0 13 4 0 0 0 0
Total 787 1,942 150 108 50 29 2,426 3,088
The additions to infrastructure projects are broken down by business segment in Note 8.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 26

Consolidated financial statements for 2010 and 2009
Ferrovial S.A. and Subsidiaries
Segment income statement: 2011
(Millions of euros)
Construction Toll roads Airports Services Other Total
Before fair Fair value
Before fair Fair value
Before fair Fair value
Before fair Fair value
Before fair Fair value
Before fair Fair value
value adjustments Total value adjustments Total value adjustments Total value adjustments Total value adjustments Total value adjustments
adjustments (*)
adjustments (*)
adjustments (*)
adjustments (*)
adjustments (*)
adjustments (*)
Total
Revenue 4,244 0 4,244 390 0 390 10 0 10 2,821 0 2,821 -19 0 -19 7,446 0 7,446
Other operating income 4 0 4 0 0 0 0 0 0 9 0 9 1 0 1 15 0 15
Total operating revenue 4,248 0 4,248 390 0 390 10 0 10 2,830 0 2,830 -18 0 -18 7,461 0 7,461
Materials consumed 2,085 0 2,085 -2 0 -2 0 0 0 299 0 299 -16 0 -16 2,366 0 2,366
Staff costs 600 0 600 53 0 53 4 0 4 1,308 0 1,308 53 0 53 2,018 0 2,018
Other operating expenses 1,315 0 1,315 56 0 56 17 0 17 911 0 911 -41 0 -41 2,258 0 2,258
Total operating expenses 4,000 0 4,000 107 0 107 21 0 21 2,518 0 2,518 -4 0 -4 6,642 0 6,642
Gross profit or loss from operations 248 0 248 283 0 283 -11 0 -11 312 0 312 -13 0 -13 819 0 819
Depreciation and amortisation charge 32 0 32 53 0 53 1 0 1 104 0 104 2 0 2 192 0 192
Profit or loss from operations before
impairment and non-current asset disposals
215 0 215 230 0 230 -11 0 -11 207 0 207 -15 0 -15 627 0 627
Impairment and disposals of non-current assets 0 0 0 34 -87 -52 0 0 0 195 0 195 0 0 0 229 -87 142
Profit or loss from operations 215 0 215 265 -87 178 -11 0 -11 402 0 402 -15 0 -15 856 -87 769
Finance income of infrastructure projects 0 0 0 19 0 19 0 0 0 0 0 0 0 0 0 19 0 19
Finance costs of infrastructure projects -10 0 -10 -272 0 -272 0 0 0 -16 0 -16 2 0 2 -296 0 -296
Gains and losses on derivative financial
instruments and other fair value adjustments
0 0 0 0 -2 -2 0 0 0 0 -1 -1 0 0 0 0 -3 -3
Financial result of infrastructure projects -10 0 -10 -253 -2 -255 0 0 0 -16 -1 -17 2 0 2 -277 -3 -279
Finance income of other companies 92 0 92 34 0 34 3 0 3 54 0 54 -21 0 -21 162 0 162
Finance expense of other companies -52 0 -52 -15 0 -15 0 0 0 -97 0 -97 -82 0 -82 -246 0 -246
Gains and losses on derivative financial
instruments and other fair value adjustments
0 0 0 0 0 0 0 0 0 0 0 0 0 60 60 0 60 60
Financial result of other companies 41 0 41 19 0 19 3 0 3 -43 0 -43 -103 60 -43 -83 60 -24
Financial result 31 0 31 -234 -2 -236 3 0 3 -59 -1 -60 -101 60 -41 -360 57 -303
Share of results of companies accounted for
using the equity method
0 0 0 31 -4 28 -20 10 -10 7 -5 2 0 0 0 18 1 20
Consolidated profit or loss before tax 246 0 246 62 -92 -30 -29 10 -19 350 -6 344 -116 60 -56 513 -28 485
Income tax -73 0 -73 12 19 31 2 0 2 -24 0 -23 20 -18 2 -63 2 -61
Consolidated profit or loss from continuing
operations
173 0 173 73 -72 1 -27 10 -17 327 -6 321 -96 42 -54 450 -27 424
Net profit from discontinued operations
(Exclusion from consolidation of BAA)
0 0 0 0 0 0 165 679 844 0 0 0 0 0 0 165 679 844
- Profit or loss of BAA 0 0 0 0 0 0 23 -26 -3 0 0 0 0 0 0 23 -26 -3
- Disposal Gain 0 0 0 0 0 0 142 706 847 0 0 0 0 0 0 142 706 847
Consolidated profit or loss for the year 173 0 173 73 -72 1 138 689 827 327 -6 321 -96 42 -54 615 653 1,268
Profit or loss for the year attributable to noncontrolling
interest
-24 0 -24 26 2 28 0 0 0 0 0 0 -2 0 -2 -1 2 1
Profit or loss for the year attributable to the
Parent
149 0 149 99 -71 29 138 689 827 326 -6 320 -98 42 -56 615 654 1,269
(*) Relating to gains and losses arising from changes in the fair value of derivatives (see Note 12), other financial assets and liabilities and assets and liability impairment (see Note 26).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 27

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Segment income statement: 2010
(Millions of euros)
Construction Toll roads Airports Services Other Total
Before fair Fair value
Before fair Fair value
Before fair Fair value
Before fair Fair value
Before fair Fair value
Before fair Fair value
value adjustments Total value adjustments Total value adjustments Total value adjustments Total value adjustments Total value adjustments Total
adjustments (*)
adjustments (*)
adjustments (*)
adjustments (*)
adjustments (*)
adjustments (*)
Revenue 4,525 0 4,525 869 0 869 14 0 14 3,896 0 3,896 80 0 80 9,384 0 9,384
Other operating income 6 0 6 0 0 0 0 0 0 11 0 11 0 0 0 17 0 17
Total operating revenue 4,531 0 4,531 869 0 869 14 0 14 3,907 0 3,907 80 0 80 9,401 0 9,401
Materials consumed 2,417 0 2,417 12 0 12 1 0 1 543 0 543 55 0 55 3,028 0 3,028
Staff costs 642 0 642 73 0 73 4 0 4 2,036 0 2,036 60 0 60 2,815 0 2,815
Other operating expenses 1,230 0 1,230 154 0 154 19 0 19 915 0 915 -8 1 -7 2,310 1 2,311
Total operating expenses 4,289 0 4,289 239 0 239 24 0 24 3,494 0 3,494 107 1 108 8,154 1 8,155
Gross profit or loss from operations 242 0 242 630 0 630 -10 0 -10 413 0 413 -27 -1 -28 1,247 -1 1,246
Depreciation and amortisation charge 40 0 40 113 0 113 0 0 0 129 0 129 3 0 3 285 0 285
Profit or loss from operations before impairment
and non-current asset disposals
202 0 202 517 0 517 -11 0 -11 284 0 284 -29 -1 -31 963 -1 961
Impairment and disposals of non-current assets 0 0 0 680 1,901 2,581 0 0 0 4 0 4 0 -13 -13 684 1,888 2,572
Profit or loss from operations 202 0 202 1,197 1,901 3,098 -11 0 -11 288 0 288 -30 -14 -44 1,647 1,887 3,533
Finance income of infrastructure projects 0 0 0 18 0 18 0 0 0 1 0 1 0 0 0 19 0 19
Finance costs of infrastructure projects -4 0 -4 -544 0 -544 0 0 0 -10 0 -10 0 0 0 -558 0 -558
Gains and losses on derivative financial
instruments and other fair value adjustments
0 0 0 0 5 5 0 0 0 0 -2 -2 0 0 0 0 3 3
Financial result of infrastructure projects -4 0 -4 -526 5 -521 0 0 0 -9 -2 -11 0 0 0 -540 3 -537
Finance income of other companies 96 0 96 16 0 16 1 0 1 62 0 62 -23 0 -23 153 0 153
Finance expense of other companies -66 0 -66 -20 0 -20 0 0 0 -116 0 -116 -86 0 -86 -289 0 -289
Gains and losses on derivative financial
instruments and other fair value adjustments
0 0 0 0 0 0 0 0 0 0 0 0 0 -30 -30 0 -31 -31
Financial result of other companies 29 0 29 -4 0 -4 1 0 1 -54 0 -54 -109 -30 -140 -136 -31 -167
Financial result 26 0 26 -530 5 -525 1 0 1 -64 -2 -66 -109 -30 -140 -676 -28 -704
Share of results of companies accounted for using
the equity method
-1 0 -1 17 -7 10 -3 3 0 31 -1 31 0 0 0 44 -5 39
Consolidated profit or loss before tax 226 0 226 685 1,898 2,583 -13 3 -10 255 -2 253 -139 -45 -184 1,014 1,854 2,869
Income tax -71 0 -71 -136 23 -113 3 0 3 -105 1 -104 52 13 66 -256 37 -220
Consolidated profit or loss from continuing
operations
156 0 156 549 1,921 2,470 -10 3 -7 150 -2 149 -87 -31 -118 758 1,891 2,649
Net loss from discontinued operations (Exclusion
from consolidation of BAA)
0 0 0 0 0 0 -77 -390 -467 0 0 0 0 0 0 -77 -390 -467
- Profit or loss of BAA 0 0 0 0 0 0 -77 -390 -467 0 0 0 0 0 0 -77 -390 -467
- Disposal Gain 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Consolidated profit or loss for the year 156 0 156 549 1,921 2,470 -87 -387 -474 150 -2 149 -87 -31 -118 681 1,501 2,182
Profit or loss for the year attributable to noncontrolling
interest
-21 0 -21 6 5 10 0 0 0 -5 0 -5 -4 0 -4 -24 5 -19
Profit or loss for the year attributable to the Parent 135 0 135 555 1,926 2,480 -87 -387 -474 146 -2 144 -91 -31 -122 657 1,506 2,163
(*) Relating to gains and losses arising from changes in the fair value of derivatives (see Note 12), other financial assets and liabilities and assets and liability impairment (see Note 26).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 28

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The detail, by segment, of revenue in 2011 and 2010 is as follows:
External
sales
Millions of euros
2011 2010
Intersegment
Total
segment
Inter-
External
sales
sales
sales
Construction 3,508 736 4,244 3,922 603 4,525
Airports 9 1 10 9 5 14
Toll roads 388 2 390 865 4 869
Services 2,810 11 2,821 3,888 8 3,896
Other and adjustments 66 -85 -19 118 -38 80
Total 6,781 665 7,446 8,802 582 9,384
Geographical areas
The breakdown of assets, additions and revenue by geographical area is as follows:
Total
Millions of euros
Total assets
Additions to infrastructure projects,
property, plant and equipment,
intangible assets, goodwill and
Sales
companies accounted for using the
equity method
2011 2010 2011 2010 2011 2010
Spain 8,927 9,116 240 206 3,369 3,770
UK 3,631 22,942 2,429 1,126 1,554 1,413
US 4,371 3,894 585 633 746 1,024
Canada 2,825 2,938 0 2,923 0 384
Poland 1,213 1,186 53 10 1,394 1,170
Chile 50 39 0 159 45 202
Portugal 1,133 1,042 102 89 196 253
Rest of Europe 815 1,969 0 9 80 888
Other 7 162 3 13 61 281
Total 22,972 43,287 3,413 5,167 7,446 9,384
In addition to the information by geographical area included in this Note, further information is provided in the following notes:
Note 8 contains a detail of infrastructure projects by business segment and, for the main groups of separate projects, by
geographical segment.
Note 20 contains a detail of the net cash position, distinguishing between infrastructure projects and other companies, including a
breakdown by segment for the two areas.
Note 32 contains a detail of cash flows, distinguishing between infrastructure projects and other companies, including a breakdown
by segment for the two areas.
6. Goodwill and acquisitions
CHANGES IN 2011
Balance at
31/12/10
Millions of euros
Exclusion from
consolidation of
BAA
Exchange
rate
Investment /
Disposal /
Other
Impairment Balance at
31/12/11
Airports 3,575 -3,575 0 0 0 0
Heathrow 3,211 -3,211 0 0 0 0
Other airports 364 -364 0 0 0 0
Services 889 0 12 1 0 902
Amey 441 0 11 0 0 453
Cespa 421 0 0 0 0 421
Other services 27 0 0 1 0 28
Construction 179 0 -7 28 0 199
Webber 104 0 3 0 0 107
Budimex 75 0 -10 28 0 92
Toll roads 389 0 3 0 0 392
Total 5,032 -3,575 8 29 0 1,493
The most significant change in the year, amounting to EUR 28 million, arose at Budimex as a result of the acquisition of the Polish
construction company PNI in November 2011, as described in Note 1.2 on "Changes in the Scope of Consolidation".
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 29

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The remainder of the change related mainly to the exchange rate effect, with the most significant impacts at Amey (EUR 11 million)
and Budimex (EUR -10 million).
The following section describes the methodology and assumptions used in the impairment tests.
A. Services Division goodwill (Amey and Cespa):
Goodwill is tested for impairment in these two business areas by using cash flow projections for a five-year period. The residual value is
based on the cash flow for the last year projected, provided this represents a cash flow with no exceptional factors, and the growth
rate applied in no case exceeds the estimated long-term growth rate for the market in which the Company operates.
Cash flows are discounted using a rate based on the weighted average cost of capital (WACC) for assets of this nature. In order to
value companies, Ferrovial uses a risk-free rate usually taking as a reference a ten-year bond based on the location of the company in
question and a market premium of 5.5%, based on recent studies of long-term premiums. Additionally, in order to reflect each
company’s exposure, backlogs of comparable companies were selected to carry out regression analyses and obtain deleveraged betas.
The betas obtained were compared with other sources habitually used by analysts and investment banks (Barra Beta, Bloomberg, etc.).
The projected flows are based on the latest estimates approved by the Company, which take into account recent historical data.
The discount rates (WACC) used to test for impairment range from 8.1% to 8.4% (compared with the rates of the prior year that
ranged from 6.7% to 7.6%) and perpetuity growth rates (g) ranged from 2.0% to 3.0%
Sensitivity analyses are performed on this goodwill, particularly in relation to the gross profit from operations, the discount rate and the
perpetuity growth rate, so as to ensure that possible changes in the estimate do not have an impact on the possible recovery of the
goodwill recognised.
The Company considers that there are no reasonable changes in the main assumptions that would eliminate the excess recoverable
amount.
B. Construction Division goodwill (Webber and Budimex):
As Budimex is listed on the Warsaw Stock Exchange, its possible impairment was analysed by verifying that the closing share price was
higher than the carrying amount plus the goodwill allocated to it.
In the case of Webber, the method used was similar to the method applied for the services companies, consisting of a discount rate
(WACC) of 10.0% (compared with 8.5% in December 2010) and a perpetuity growth rate of 2.5%. The Company considers that the
aforementioned WACC would be the maximum discount rate at which Webber should be valued as the market value of the ten-year US
bond has been adjusted upwards.
The projected flows are based on the latest estimates approved by the Company, which take into account recent historical data.
Growth in sales and the other operating variables were projected on the basis of the backlog.
Sensitivity analyses are performed on Webber’s goodwill, particularly in relation to the gross profit from operations, the discount rate
and the perpetuity growth rate, so as to ensure that possible changes in the estimate do not have an impact on the possible recovery
of the goodwill recognised.
The Company considers that there are no reasonable changes in the main assumptions that would eliminate the excess recoverable
amount.
C. Toll Roads Division goodwill:
The Toll Road Division goodwill amounted to EUR 392 million at 31 December 2011, of which EUR 101 million relate to US toll roads
and EUR 291 million to European toll roads. The recoverable amount of the toll roads was calculated as the higher of fair value less
estimated costs to sell and value in use. The value in use of concession operators with an independent financial structure and limited
duration was calculated by discounting projected cash flows for the shareholder to the end of the concession term. The Company
considers that value in use must be obtained using models that cover the entire concession term, as the assets are in different phases
of investment and growth and there is sufficient visibility to use a specific economic and financial plan for each phase during the
concession term. No residual value is considered to exist in these valuations. The projections were updated based on the historical
evolution (and, in particular, the adverse trend in traffic during the year was taken into account, adjusting the future projections) and
specific features of each asset, using sophisticated, long-term modelling tools to estimate traffic, extraordinary maintenance, etc. These
models or tools for traffic estimation use variables obtained largely from public sources (evolution of GDP, inflation, population, car
ownership, status of alternative roads, etc.), and there are also specific models for estimating extraordinary maintenance based on
various different variables (road surface condition, expected traffic, etc.).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 30

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The forecast cash flows for the shareholder are discounted at an estimated cost of capital ranging from 8.7% to 13.4% (-8.9% to
11.9% in December 2010) based on a risk-free rate referenced to a 30-year bond, taking into account the location of each concession
operator, a beta coefficient reflecting the company’s leverage and asset risk, and an estimated market premium of 5.5%.
For toll roads where there is goodwill, the possible impairment was calculated by comparing the company’s carrying amount (equity
plus net goodwill) with its value in use obtained by discounting cash flows, as described above.
No evidence of the impairment of this goodwill was identified. The Company considers that there are no reasonable changes in the
main assumptions that would eliminate the excess recoverable amount.
The changes in “Goodwill" in the consolidated statement of financial position in 2010 were as follows:
Millions of euros
Investment /
Balance at Exchange
Balance at
Disposal / Impairment
01/01/10 rate
31/12/10
CHANGES IN 2010
Other
Airports 3,813 131 -75 -294 3,575
Heathrow 3,102 109 0 0 3,211
Other airports 711 21 -75 -293 364
Services 1,411 116 -638 0 889
Amey 426 15 0 0 441
Cespa 421 0 0 0 421
Swissport 545 101 -646 0 0
Other services 19 0 8 0 27
Construction 169 10 0 0 179
Webber 97 7 0 0 104
Budimex 72 3 0 0 75
Toll roads 1,559 6 -1,176 0 389
Total 6,952 263 -1,889 -294 5,032
The most significant change relating to the Airports Division (BAA) in 2010 were due to the impairment of “Other Airports” amounting
to EUR 293 million (impact on Ferrovial’s net profit of EUR -162 million) and to the sale of Naples airport, as a result of which goodwill
amounting EUR 75 million was derecognised.
In the Services Division the main change related to the transfer of Swissport to “held for sale”, as a result of which goodwill totalling
EUR 646 million was derecognised.
In the Toll Roads Division, the main changes were due to the reclassification of the goodwill of Trados 45 (EUR 6 million) to “assets
held for sale” and to the derecognition of the goodwill associated with the 407-ETR toll road, (EUR 1,081 million), a company that
started to be accounted for using the equity method.
7. Intangible assets
It should be noted that “Intangible Assets” does not include the intangible assets assigned to infrastructure projects, which are
included under “Investments in Infrastructure Projects” (see Note 8).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 31

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The changes in “Intangible Assets” in the consolidated statement of financial position in 2011 and 2010 were as follows:
CHANGES IN 2011
Millions of euros
Rights on
concessions
Other intangible
assets
TOTAL
Investment:
Balance at 01/01/11 144 33 177
Additions 4 7 11
Disposals 0 -3 -3
Transfers 10 1 10
Exchange rate effect 4 0 4
Balance at 31/12/11 162 38 199
Accumulated amortisation:
Balance at 01/01/11 -60 -20 -80
Charge for the year -12 -1 -13
Disposals 0 -2 -2
Transfers 4 -2 2
Exchange rate effect -2 -1 -2
Balance at 31/12/11 -70 -25 -95
Carrying amount at 31/12/11 92 13 105
The most significant change relates to transfers to this line item, due mainly to the reclassification of a portion of the assets of Amey-
Cespa once the plan to sell them had been cancelled (see Note 13).
The changes in “Intangible Assets” in the consolidated statement of financial position in 2010 were as follows:
Millions of euros
CHANGES IN 2010
Rights on
concessions
Other intangible
assets
TOTAL
Investment:
Balance at 01/01/10 98 39 137
Additions 12 2 14
Disposals -8 0 -8
Changes in the scope of consolidation and transfers 117 0 117
Reclassification to "held-for-sale" -90 -10 -100
Exchange rate effect 15 2 17
Balance at 31/12/10 144 33 177
Accumulated amortisation:
Balance at 01/01/10 -67 -25 -92
Charge for the year -12 -2 -14
Disposals 0 0 0
Changes in the scope of consolidation and transfers -31 0 -31
Reclassification to "held-for-sale" 61 9 70
Exchange rate effect -11 -2 -13
Balance at 31/12/10 -60 -20 -80
Carrying amount at 31/12/10 84 13 97
The Amey Group has pledged concession arrangements of its subsidiary Donarbon recognised as intangible assets amounting to EUR
45 million.
No impairment losses on intangible assets were recognised or reversed in 2011.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 32

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
8. Investments in infrastructure projects
The detail, by project, of “Investments in Infrastructure Projects” and of the changes therein in 2011 is as follows:
Balance at
31/12/10
Exclusion
from
consolidation
of BAA
Changes in
the scope of
consolidation
Additions
Disposals
and
transfers
Exchange
rate
effect
Balance at
31/12/11
CHANGES IN 2011
IFRIC 12 intangible asset model
TOLL ROADS
Spanish toll roads 2,481 0 9 89 2,579
US toll roads 2,163 0 574 -5 119 2,852
Other toll roads 885 102 -6 0 981
Investment in toll roads 5,529 0 685 78 119 6,412
Amortisation/Impairment -669 0 -7 -10 -2 -688
Net investment in toll roads 4,860 0 678 68 117 5,723
SERVICES
Amey -1 1 0
Autovía de Aragón 72 91 -5 158
Other services 59 11 8 78
Investment in services 130 0 102 3 1 236
Amortisation/Impairment 1 -1 0
Net investment in services 131 0 102 3 0 236
Total investment in IFRIC 12 intangible
assets
Total amortisation of IFRIC 12 intangible
assets
Total net investment in IFRIC 12
intangible assets
5,659 0 787 81 120 6,648
-668 0 -7 -10 -3 -688
4,991 0 780 71 117 5,960
Other infrastructure projects
AIRPORTS
BAA 22,670 -22,670 0 0
Other airports 9 -9 0
Total investment in other projects
22,679 -22,670 -9 0
Infrastructure
Amortisation/Impairment - BAA -6,149 6,149 0
Amortisation/Impairment - Other airports -9 9 0
Total amortisation/Impairment - Other -6,158 6,149 9 0
projects Infrastructure
Total net investment in other projects
Infrastructure
16,521 -16,521 0 0
TOTAL INVESTMENT IN
INFRASTRUCTURE PROJECTS
TOTAL AMORTISATION/IMPAIRMENT
INFRASTRUCTURE PROJECTS
TOTAL NET INVESTMENT IN
INFRASTRUCTURE PROJECTS
28,338 -22,670 -9 787 81 120 6,648
-6,826 6,149 9 -7 -10 -3 -688
21,512 -16,521 0 780 71 117 5,960
The most significant changes in 2011 were as follows:
As regards the toll roads in the US, there were significant increases in the assets of the SH 130 (EUR 246 million -2010: EUR 298
million-), North Tarrant Express (EUR 233 million -2010: EUR 173 million-) and LBJ (EUR 96 million -2010: EUR 126 million-) toll roads,
currently under construction.
The exchange rate effect led to an increase of EUR 117 million (2010: EUR 999 million) in the balance of these assets, the full amount
of which is explained by the change in the euro/US dollar exchange rate at the US toll roads (2010: EUR 108 million). The fact that at
year-end 407 ETR International and BAA were accounted for using the equity method (see Note 1) led to a lower exchange rate effect
(the Canadian dollar and pound sterling against the US dollar) on the change in assets.
In 2011 impairment losses of EUR 7 million (see Note 26) were recognised on certain European toll roads.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 33

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
In the case of the infrastructure projects, all the concession assets are securing the borrowings of that company. The borrowing costs
capitalised in this connection in 2011 are detailed in Note 29.
The changes in these assets in 2010 were as follows:
CHANGES IN 2010
IFRIC 12 intangible asset model
Balance at
01/01/10
(Millions of euros)
Changes
in the
scope of
consolidation
Additions Disposals
and
transfers
Exchange
rate
effect
Balance at
31/12/10
TOLL ROADS
407 ETR International 2,936 -3,311 375 0
Spanish toll roads 2,408 74 -1 0 2,481
US toll roads 1,606 626 -177 108 2,163
Other toll roads 1,181 87 -383 0 885
Investment in toll roads 8,131 -3,311 787 -561 483 5,529
Amortisation/Impairment -914 71 -245 478 -59 -669
Net investment in toll roads 7,217 -3,240 542 -83 424 4,860
SERVICES
Amey 117 -122 4 -1
Autovía de Aragón 40 46 -14 0 72
Other services 35 23 1 0 59
Investment in services 192 69 -135 4 130
Amortisation/Impairment -37 0 39 -1 1
Net investment in services 155 69 -96 3 131
Total investment 8,323 -3,311 856 -696 487 5,659
Total amortisation/impairment -951 71 -245 517 -60 -668
Total net investment 7,372 -3,240 611 -179 427 4,991
Other infrastructure projects
AIRPORTS
BAA 21,079 1,085 -232 738 22,670
Other airports 8 0 0 1 9
Total investment in other infrastructure
21,087 1,085 -232 739 22,679
projects
Amortisation/Impairment – BAA -4,830 -1,262 109 -166 -6,149
Amortisation/Impairment - Other airports -8 0 -1 -9
Total amortisation/Impairment - Other
-4,838 -1,262 109 -167 -6,158
infrastructure projects
Total net investment in other infrastructure
projects
16,249 -177 -123 572 16,521
TOTAL INVESTMENT 29,410 -3,311 1,941 -928 1,226 28,338
TOTAL AMORTISATION/ IMPAIRMENT -5,789 71 -1,507 626 -227 -6,826
TOTAL NET INVESTMENT 23,621 -3,240 434 -302 999 21,512
The evolution of the euro exchange rate against the currencies of the countries in which there were significant investments in
infrastructure projects (mainly the pound sterling) in 2010 gave rise to a net increase of EUR 999 million in the balance of these assets.
The most significant changes in 2010 were as follows:
- Toll Roads Division: the main change related to the derecognition from this line item of the assets of the Canadian 407 ETR
toll road, as a result of the sale of 10% of that company, which started to be accounted for using the equity method.
- The main changes in relation to the other toll roads arose in Portugal, with additional investments totalling EUR 80 million in
Euroscut Azores, a toll road under construction. Auto-Estradas Norte was reclassified to “Other Non-current Financial Assets”
for a net amount of EUR 325 million, after the renegotiation of its concession contract with the Portuguese government in July
2010. Under the new agreement, the concession is now a payment for availability model and the financial asset model
provided for in IFRIC 12 is applied.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 34

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
- Additionally, an impairment loss was recognised on for investments in toll roads amounting to EUR 186 million (with an impact
of EUR -137 million on the net profit,) relating essentially to the portfolio of Spanish toll roads and other European toll roads,
due to the negative evolution of traffic in 2010 and the updating of the long-term assumptions for these toll roads.
- Airports Division: the most significant additions relate to the BAA Group, amounting to EUR 1,085 million, of which EUR 958
million related to additions of non-current assets in the course of construction.
9. Property, plant and equipment
“Property, Plant and Equipment” does not include tangible fixed assets assigned to infrastructure projects, which are classified under
“Investments in Infrastructure Projects”.
The changes in the property, plant and equipment in the consolidated statement of financial position were as follows:
CHANGES IN 2011
Land and
buildings
Plant and
machinery
Millions of euros
Other fixtures, tools and
furniture
TOTAL
Investment: 0 0 0 0
Balance at 01/01/11 139 783 573 1,495
Additions 31 31 88 150
Disposals -8 -55 -36 -99
Changes in the scope of consolidation and transfers 26 28 38 92
Exchange rate effect -1 -5 -2 -8
Balance at 31/12/11 187 782 660 1,629
Accumulated depreciation: 0 0 0 1
Balance at 01/01/11 -18 -557 -368 -943
Charge for the year -5 -56 -69 -130
Disposals 3 48 51 102
Changes in the scope of consolidation and transfers -3 -8 -24 -35
Exchange rate effect 0 4 0 4
Balance at 31/12/11 -23 -569 -410 -1,002
Carrying amount at 31/12/11 163 213 250 627
Additions:
The most significant additions in 2011 related to the Services Division, specifically at the Cespa Group in relation to the waste
treatment and collection contract in Murcia, as well as the recognition of other property, plant and equipment in the course of
construction totalling EUR 53 million. Also, Ferrovial Agromán acquired specific construction machinery.
Disposals or reductions:
The disposals arose mainly in the Services Division, specifically at the Cespa Group amounting to EUR 40 million in relation to obsolete
or fully depreciated assets; EUR 20 million at Amey, of which EUR 14 million relate to the sale of machinery to a third party; and
approximately EUR 10 million at Ferroser Servicios, S.A.
Changes in the scope of consolidation and transfers:
This line item includes most notably EUR 38 million relating to the value of the assets of the Polish company PNI acquired in 2011 by
the Budimex Group (see Note 1.2.).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 35

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Millions of euros
Land and Plant and
Other fixtures, tools and
CHANGES IN 2010
buildings machinery
furniture
TOTAL
Investment:
Balance at 01/01/10 137 805 801 1,743
Additions 4 36 99 139
Disposals -19 -67 -79 -165
Changes in the scope of consolidation and transfers 12 2 -298 -284
Exchange rate effect 5 7 50 62
Balance at 31/12/10 139 783 573 1,495
Accumulated depreciation:
Balance at 01/01/10 -27 -496 -551 -1,074
Charge for the year -2 -55 -71 -128
Disposals 2 58 54 114
Changes in the scope of consolidation and transfers 10 -59 230 181
Exchange rate effect -1 -5 -30 -36
Balance at 31/12/10 -18 -557 -368 -943
Carrying amount at 31/12/10 121 226 205 552
The property, plant and equipment not used in operations are not material with respect to the ending consolidated balances.
No impairment losses were recognised or reversed during the year.
The Group has taken out insurance policies to cover the possible risks to which its property, plant and equipment are subject and
possible claims that could be brought against it in the ordinary course of its business. The Group considers that the insurance policies
provide adequate coverage for such risks.
The property, plant and equipment in the course of construction amounts to EUR 86 million (2010: EUR 55 million), due mainly to
the increase of property, plant and equipment in the course of construction of Budimex (EUR 61 million).
At 31 December 2011, no significant items of property, plant and equipment were subject to ownership restrictions or had been
pledged to secure liabilities.
Of the total carrying amount of the property, plant and equipment, EUR 248 million relate to investments abroad (2010: EUR 210
million).
10. Investments in companies accounted for using the equity method
The detail of "Investments in Companies Accounted for Using the Equity Method" at 2011 year-end and of the changes therein in 2011
is shown in the table below. Due to their significance, the investments in 407 ETR (43.23%) and BAA (49.99%) are presented
separately.
2011 Millions of euros 407ETR (43.23%) BAA (49.99%) Other TOTAL
Balance at 31/12/10 2,919 0 191 3,110
Exclusion from consolidation of BAA 0 2,365 0 2,365
Changes in the scope of consolidation 0 0 -159 -159
Share of results 27 -10 2 20
Dividends received and equity
reimbursed
-144 0 -6 -151
Translation differences 22 76 0 98
Other 0 -78 14 -64
Balance at 31/12/11 2,824 2,353 42 5,219
The main reasons for these changes are:
1. The main inclusion relates to the ownership interest in BAA, which after a 5.88% divestment carried out during the year and
described in Notes 1.2 and 2, stands at 49.99% of this company’s share capital and is accounted for using the equity method. Its
carrying amount totalled EUR 2,353 million at 31 December 2011, an amount which includes the fair value of the investment
retained by Ferrovial amounting to EUR 2,365 million. As a result of this remeasurement, the difference between the carrying
amount of the assets and the fair value of the investment was recognised as an addition to the investment retained.
The other changes in the investment in BAA, other than the profit for the year and the exchange rate effect, relate mostly to the
effects of derivatives and pension funds.
2. The change in the value of 407 ETR relates mainly to the dividends of EUR 144 milion (CAD 198 million) received in the year.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 36

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
3. Noteworthy in connection with the other investees was the exclusion from the scope of consolidation of the 40% interest held
by the Group in Cintra Chile amounting to EUR 159 million, the sale of which was agreed upon on 16 November 2011, as described
in Notes 1.2 and 26.
a. Information relating to BAA
In view of the importance of this investment, and as indicated in Notes 1.2 and 2, following is a detail of the balance sheet and income
statement relating to this group of companies, together with comments on the changes therein in 2011. The balance sheet includes an
intermediate column with balances at October 2011 in order to provide an understanding of the changes in the balance up to the date
on which the 5.88% ownership interest was sold.
The balance sheet figures shown relate to the full balances of BAA. The 49.99% of the equity of the investee do not correspond to the
carrying amount of the investment, since the carrying amount also includes the amount of the gain arising from the remeasurement of
the investment retained at fair value following the sale of the 5.88% ownership interest in this company in October 2011. The gain was
recognised as an addition to goodwill. As required by IAS 28, in future years the possibility of impairment will be assessed for the full
carrying amount of the investment by comparing its recoverable amount with its carrying amount.
At year-end there was no indication that the fair value determined at the date of sale of the 5.88% ownership interest might have
become impaired.
Changes in the balance sheet 2011-2010
BAA (100%) Millions of euros 12/11 10/11 12/10 BAA (100%) Millions of euros 12/11 10/11 12/10
Non-current assets 21,828 21,126 20,868 Equity 2,313 2,402 2,552
Goodwill 3,668 3,545 3,575 Equity attributable to Ferrovial 1,156 1,201 1,426
Investments in infrastructure projects 17,405 16,759 16,561 Deferred income 1 1 4
Non-current financial assets 48 50 78 Non-current liabilities 17,939 17,260 18,148
Pension surplus 46 100 0 Provisions for pensions 34 0 77
Deferred tax assets 0 0 0 Bank borrowings 14,264 13,806 14,737
Financial derivatives 660 672 653 Deferred tax liabilities 2,080 2,137 2,418
Other non-current assets 0 0 0 Financial derivatives 1,554 1,310 908
Current assets 575 619 897 Other non-current liabilities 7 7 9
Trade and other receivables 372 283 402 Current liabilities 2,150 2,082 1,061
Cash and cash equivalents 192 327 488 Bank borrowings 1,319 1,325 280
Other current assets 11 9 8 Trade and other payables 812 735 736
Other current liabilities 19 22 46
TOTAL ASSETS 22,403 21,745 21,765 TOTAL EQUITY AND LIABILITIES 22,403 21,745 21,765
‐ Goodwill
The decrease in the goodwill with respect to 2010 was due exclusively to the exchange rate effect, which had a positive impact of EUR
93 milion at 31 December 2011.
‐ Investments in infrastructure projects
In 2011 significant investments amounting to approximately EUR 978 million were recognised, mainly under “Property, Plant and
Equipment in the Course of Construction”. These additions include most notably the investment in the new Terminal 2 at Heathrow
airport, which accounted for around one-half of the investment made in the year, which will continue to grow in 2012 and 2013 as the
date on which the Terminal will be opened draws closer. Other investments made related to baggage transport systems and work on
the completion of Terminal 5C.
Also, the investments in infrastructure projects were reduced by EUR 671 million due to the period depreciation charge. The change in
the pound sterling exchange rate against the euro had a positive impact of EUR 539 million on this line item at 31 December 2011.
‐ Derivative financial instruments at fair value
The net overall value (asset and liability positions) of these financial instruments was EUR -893 million at 31 December 2011, as
compared with EUR -255 milion at 31 December 2010. Following is a description of the main effects that arose in 2011:
o Index linked swaps: the fair value of these derivatives fell from EUR -343 million to EUR -769 million at 31 December 2011
due to the increase in the inflation rate (RPI) in the UK. Since these derivatives do not qualify for hedge accounting, this change
had an impact on financial results as a fair value adjustment of EUR -102 million (effect of EUR 38 million on the net profit of
Ferrovial). The borrowing costs incurred in the year on financing amounted to EUR 146 million (effect of EUR -55 million on the
net profit of Ferrovial). At year-end the notional value of these derivatives amounted to EUR 6,287 million (GBP 5,254 million).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 37

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
o Interest Rate Swaps: due to the fall in long-term interest rates in the UK, the fair value of the IRSs amounted to EUR -698
million at 31 December 2011, a drop of EUR 255 milion with respect to the fair value of EUR -443 million at 2010 year-end. The
main effect of this drop was a negative impact on reserves of EUR 344 million (a negative impact of EUR 129 million on the
equity of Ferrovial), with a cash outflow of EUR 263 million as a result of settlements and borrowing costs of EUR 146 million
(effect of EUR -55 mililon on the net profit of Ferrovial). The notional value arranged amounted to EUR 4,851 million at yearend
(GBP 4,054 million).
o Cross Currency Swaps: BAA has arranged certain Cross Currency Swaps aimed at hedging the GBP/EUR and GBP/USD foreign
currency risk to which the foreign currency bonds are exposed. At 31 December 2011, the value of these derivatives was EUR
640 milion (31 December 2010: EUR 619 million). The main effects on these instruments were an impact of EUR -50 million due
to the effect of exchange rate changes on the total notional value, borrowing costs on financing of EUR 39 million (effect of
EUR 15 million on the net profit of Ferrovial) and EUR 96 million relating to fair value adjustments (effect of EUR 20 million on
the net profit of Ferrovial). The notional value arranged amounted to EUR 3,300 million at year-end (GBP 2,758 million).
o Equity swaps: BAA has arranged equity swaps relating to share option plans schemes linked to the Ferrovial share price.
These swaps do not qualify for hedge accounting, and the changes in fair value, which amounted to EUR 24 million at 31
December 2011, were recognised as valuation adjustments (effect of EUR 9 million on net profit).
‐ Pension surplus/deficit
At 31 December 2011, BAA had a pension plan surplus of EUR 12 million, as compared with a deficit of EUR 77 million at the end of
2010. This positive change was due mainly to, among other factors, an actual return on plan assets that was higher than expected.
‐ Equity
Equity amounted to EUR 2,313 million at 31 December 2011, down EUR 239 million with respect to 2010 due mainly to the negative
impact of EUR 276 million arising from the measurement of financial derivatives at fair value, the loss for the year of EUR 24 million
and the adverse impact of EUR 5 million arising from the recognition of pension plans. However, translation differences increased
equity by EUR 61 million.
‐ Bank borrowings
In 2011 there were three bond issues. In May BAA placed bonds amounting to GBP 750 million (EUR 863 million) maturing in May
2041 and with an annual coupon of 5.875%. Also in May, the existing index-linked bond issue was extended by GBP 130 million (EUR
150 million), maturing in 2039 and with an base annual coupon of 3.334%. In addition, in June 2011 a bond issue of USD 1,000
million (EUR 714 million) was launched, with an annual coupon of 4.875% and maturing in 2021.
Also, a new "class B" loan of GBP 50 million (EUR 57 million) maturing in 2019 was arranged and drawn down in full in December
2011.
The funds obtained from the aforementioned issues were used mainly to repay substantially in full the Refinancing Facility of GBP
1,298 million (EUR 1,494 million) and to pay a portion (GBP 263 million -EUR 303 million-) of the interest capitalised through May 2011
on the Toggle facility.
Moreover, GBP 39 million (EUR 45 million) of the payables to the European Investment Bank (EIB) and GBP 23 million (EUR 27 million)
of the debt of the non-regulated airports were repaid.
These transactions significantly improved BAA's debt profile, replacing short-term borrowings with debt maturing in 2019-2021 in the
case of the new "class B" loan and the US dollar issue and in 2039-2041 in the case of the issues in pounds sterling. However, the
bond issued in euros with a nominal value of EUR 1,000 million maturing in February 2012 was reclassified to short term.
The EUR/GBP exchange rate effect increased borrowings by EUR 386 million in 2011.
Lastly, the accompanying table shows a breakdown of BAA's debt, indicating the percentage of the debt that is considered to be
hedged (either by a fixed rate or by derivatives):
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 38

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Balance at
Balance at
Type of borrowing (*) 31/12/11 % 31/12/10 %
BAA (100%) Millions
of euros 14,908 100% 14,398 100%
Fixed 1,642 11% 2,354 16%
Index-linked fixed 6,770 45% 4,789 33%
(*) Nominal debt
‐ Deferred tax liabilities
Hedged 3,538 24% 3,393 24%
Floating 2,959 20% 3,862 27%
The decrease in BAA's deferred tax liabilities was due mainly to the effect of the reduction of the tax rate in the UK in 2011 from 27%
to 25%, which had a positive impact on the income statement of EUR 186 million (EUR 104 million attributable to Ferrovial).
Changes in the income statement 2011-2010
The following table shows the changes in BAA's income statement in 2011.
BAA (100%) Millions of euros 12/11 12/10
Operating income 2,904 2,790
Operating expenses -1,412 -1,508
Gross profit from operations 1,492 1,282
Depreciation and amortisation charge -751 -715
Profit from operations before impairment and non-current
741 567
asset disposals
Impairment and disposals of non-current assets 0 -678
PROFIT OR LOSS FROM OPERATIONS 741 -111
Financial loss -1,073 -1,035
Share of profits of companies accounted for using the
0 12
equity method
Loss before tax -332 -1,134
Income tax 308 300
Net loss -25 -834
Loss attributable to Ferrovial -13 -467
The last heading in the foregoing table shows the loss attributable to Ferrovial. As indicated in Note 2, and pursuant to IFRS 5, the loss
attributable to Ferrovial is reported in 2010 as loss from discontinued operations, whereas in 2011 the loss for the first ten months of
the year (EUR 3 million) is reported as loss from discontinued operations and the loss for the last two months (EUR 10 million) is
shown under "Share of Results of Companies Accounted for Using the Equity Method".
Noteworthy in relation to the loss for 2011 were several non-recurring effects, including most notably the impact of fair value
adjustments on derivatives (EUR 36.4 million before tax -effect of EUR 16.5 million on the net loss attributable to Ferrovial-) and the
impact of the change of tax rate in the UK, which had an effect of EUR 186 milion on the balance of deferred tax liabilities (effect of
EUR 104 million on the net loss attributable to Ferrovial). Also noteworthy was the increase in borrowing costs on financing in 2011
due to the rise in inflation in the UK.
As regards the loss for 2010, the following impacts should be noted: impairment losses on assets of EUR 734 milion (effect of EUR -
366 on the net profit of Ferrovial) as a result of the update of the impairment tests; fair value adjustments to derivatives totalling EUR
-51.1 milion (effect of EUR 20.6 million on the net loss attributable to Ferrovial); and adjustments to deferred tax liabilities amounting
to EUR 103 million as a result of changes in the applicable tax rate.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 39

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
b. Information relating to 407ETR
In view of the importance of this investment, following is a detail of the balance sheet and income statement relating to this group of
companies at 31 December 2011 and 2010.
These figures relate to 100% of the company and are presented in millions of euros. The 43.23% of the equity does not correspond to
the carrying amount of the investment, since the carrying amount also includes the amount of the gain arising from the
remeasurement at fair value of the investment retained following the sale of the 10% ownership interest in this company 2010. The
increase was recognised as an intangible asset associated with the concession and is being amortised over the term of the concession.
An impairment test was performed on this investment at year-end. The methodology used is that described in Note 6 in relation to Toll
Road Division goodwill. The expected flows for the shareholders are discounted at an estimated cost of equity of 8.7%. No indications
of impairment were detected and there were no reasonable changes in the main assumptions that would have led to the impairment of
the investment.
Changes in the balance sheet 2011-2010
407 ETR (100%) Millions of euros 12/11 12/10 407 ETR (100%) Millions of euros 12/11 12/10
Non-current assets 4,413 4,290 Equity 348 595
Goodwill 982 974 Equity attributable to Ferrovial 150 257
Investments in infrastructure projects 2,990 2,935 Deferred income 0 0
Non-current financial assets 205 276 Non-current liabilities 4,321 4,056
Pension surplus 0 0 Provisions for pensions 0 0
Deferred tax assets 230 105 Bank borrowings 4,060 3,954
Financial derivatives 0 0 Deferred tax liabilities 254 98
Other non-current assets 6 0 Financial derivatives 0 0
Assets held for sale 0 0 Other non-current liabilities 7 4
Current assets 349 451 Liabilities held for sale 0 0
Trade and other receivables 102 95 Current liabilities 94 90
Cash and cash equivalents 243 343 Bank borrowings 55 53
Other current assets 4 13 Trade and other payables 31 27
Other current liabilities 8 10
TOTAL ASSETS 4,762 4,741 TOTAL EQUITY AND LIABILITIES 4,762 4,741
Set forth below is a description of the main changes in the balance sheet of 407 ETR at 31 December 2011 with respect to the
preceding year-end:
‐ Non-current financial assets
The balance of this heading decreased by EUR 71 million, due mainly to the sale of the Asset Backed Commercial Paper investments in
the first half of 2011, as a result of which a gain of EUR 1 million was recognised in profit or loss.
‐ Investments in infrastructure projects
The increase in the investments in infrastructure projects relates mainly to investments in extensions to rails and bridges. The
exchange rate effect increased the balance of this line item by EUR 27 million.
‐ Bank borrowings
The financial debt increased by approximately EUR 107 million from EUR 4,008 million at 2010 year-end to EUR 4,115 million at 31
December 2011. The main reasons for this increase were the refinancing of certain Senior Bonds for a nominal value that was higher
than that of the preceding series (EUR +34 million); the increase in the inflation component of the Real Return Bonds (EUR +22
million); and a drop in the value of the SIPSs (EUR +12 million); and an exchange rate effect of EUR +38 million. The increase was
partially offset by, among other factors, the repayment of EUR 6 million of the principal of certain Senior Bonds.
Lastly, following is a breakdown of the debt of 407 ETR, indicating the percentage of the debt that is considered to be hedged (either
by a fixed rate or by derivatives).
Type of borrowing (*)
Balance at
31/12/11 %
Balance at
31/12/10 %
407 ETR (100%)
Millions of euros 4,074 100% 3,963 100%
Fixed 2,797 69% 2,738 69%
Index-linked fixed 1,277 31% 1,226 31%
(*) Nominal debt
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 40

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
‐ Equity
Equity dropped by EUR 247 million with respect to 2010, as a result of a profit for the year of EUR 93 million and the payment of a
dividend of EUR 334 million to the shareholders. The exchange rate effect reduced the company's equity by EUR 6 million.
Changes in the income statement 2011-2010
The following table shows the changes in the income statement of 407 ETR in 2011.
407 ETR (100%) Millions of euros 12/11 12/10
Operating income 490 457
Operating expenses -88 -91
Gross profit from operations 402 366
Depreciation and amortisation charge -42 -42
Net profit from operations 359 324
Financial loss -236 -240
Profit before tax 123 85
Income tax -30 -28
Net profit 93 56
Intangible asset amortisation -13 -2
Profit attributable to Ferrovial 27 28
The accompanying income statement includes, in addition to the profit earned by the concession operator, the amortisation of the
intangible asset recognised as a result of the measurement at fair value of the investment retained after the sale of the 10% ownership
in 2010, as indicated earlier.
c. Other companies accounted for using the equity method
Appendix I shows a list of the investments of companies accounted for using the equity method, indicating their name, the country in
which they were incorporated, the business segment to which they belong, the proportion of ownership interest, the aggregate assets
and liabilities, revenue and profit or loss for the year.
This list includes certain associates with a carrying amount of zero. Under IAS 28, if an entity’s share of losses of an associate equals or
exceeds its interest in the associate, the entity discontinues recognising its share of further losses, unless the entity has incurred legal
or constructive obligations that make it necessary to recognise a liability for additional losses after the entity’s interest is reduced to
zero. The equity deficit, in proportion to the percentage of ownership, not recognised at associates amounted to approximately EUR
814 million at 31 December 2011 and related to Indiana Toll Road. This toll road incurred a loss attributable to Ferrovial of EUR 74
million at 31 December 2011 (not recognised). The equity deficit arose mainly as a result of the drop in fair value of the derivatives
arranged by the concession operator.
Lastly, at 31 December 2011 Indiana Toll Road had total borrowings of EUR 2,838 million, maturing in 2015, total assets of EUR 3,089
million and revenue totalling EUR 133 million.
d. Other disclosures relating to companies accounted for using the equity method
There are no significant restrictions on the capacity of associates to transfer funds to the Parent in the form of dividends, debt
repayments or advances other than such restrictions as might arise from this financing agreements of those associates or from their
own financial situation, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
The only company accounted for using the equity method in which the ownership interest is below 20% is Madrid Calle 30. The equity
method is used because although Ferrovial only has an indirect ownership interest of 10%, it has the power to appoint one member of
the Board of Directors.
There are no significant companies in which the ownership interest exceeds 20% that are not accounted for using the equity method.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 41

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The changes in “Investment in companies accounted for using the equity method” in the consolidated statement of financial position in
2010 were as follows:
Millions of euros 2010
Beginning balance 262
Changes in the scope of consolidation 2,776
Share of results 62
Dividends received and equity reimbursed -23
Transfers to “ assets held for sale” -32
Impairment -80
Other 3
Exchange differences 142
Ending balance 3,110
Following is a description of the main changes in the scope of consolidation in 2010:
- In the Toll Road Division, the main inclusion related to the ownership interest in the 407 ETR toll road, which after the 10%
divestment carried out in 2010 stands at 43.23% of this company’s share capital and is accounted for using the equity method.
This heading also included the remaining 40% interest in Cintra Chile, following the sale of 60% of its shares, retained by the
Group and which was accounted for using the equity method (EUR 159 million).
- Additionally, in the Services Division Tube Lines was excluded from the scope of consolidation, giving rise to a reduction of EUR
131 million.
The transfers to assets held for sale reflected the reclassification to that line item of Trados 45 and Swissport for EUR 21 million and
EUR 11 million, respectively.
Lastly, in 2010 an impairment loss was recognised, with a negative impact of EUR 56 million on the profit for the year, relating mainly
to the portfolio of Spanish toll roads and other European toll roads, due to the negative evolution of traffic during 2010 and to the
update of long-term assumptions for these toll roads.
11. Non-current financial assets
The changes in "Non-Current Financial Assets in 2011 were as follows:
CHANGES IN 2011
(Millions of euros)
Available-forsale
financial
assets
Infrastructure
project
receivables
Restricted cash
and other noncurrent
financial
assets
Other
receivables
TOTAL
Investment:
Balance at 31/12/10 34 1,344 551 255 2,184
Exclusion from consolidation of BAA -33 -45 -78
Additions 107 35 36 188
Disposals -77 -196 -28 -409
Transfers -97 16 16
Charge for the year -12 -12
Exchange rate effect 2 1 3
Balance at 31/12/11 1 1,279 390 224 1,893
Note: balances presented net of allowances.
“Infrastructure project receivables” includes financial assets arising from the application of IFRIC 12 and relates mainly to
amounts receivable from the government in return for services rendered or investments made under a concession arrangement. The
existing financial assets relate to the concession operators Autopista Terrasa Manresa, Autopista Norte Litoral and Eurolink M3,
amounting to EUR 467 million, EUR 285 million and EUR 218 million, respectively (EUR 479 million, EUR 325 and EUR 307 million,
respectively, in 2010).
They also include the accounts receivable relating to Concesionaria de Prisiones Lledoners amounting to EUR 75 million (2010: EUR 76
million), Concesionaria de Prisiones Figueras amounting to EUR 119 million (2010: EUR 111 million). As regards the Services Division,
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 42

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
the assets relate to Cespa, totalling EUR 35 million (2010: EUR 46 million) and Amey-Cespa, totalling EUR 80 million, which in 2010 was
considered to be held for sale (see Note 13), which accounts for substantially all the additions in this connection.
The additions relate mainly to an account receivable of EUR 77 million from Amey-Cespa, which in 2010 was classified as held for sale
(see Note 13); EUR 7 million relating to Concesionaria de Prisiones Figueras and EUR 17 million relating to a higher account receivable
from Autopista Norte Litoral.
The disposals include mainly EUR 25 million relating to the impairment of assets of certain European toll roads (see Note 26) and the
remainder relate to effective settlements made in the year in the Toll Roads Division.
Also, the transfers of EUR 97 million relate to the reclassifications to short term made at Autopista Terrasa Manresa and Eurolink M3
based on the period to maturity of the payments established with the concession grantor.
Lastly, as indicated in Note 3.3.21.2, it should be noted that at 31 December 2011 and 2010 the income associated with the financial
asset model recognised as revenue amounted to EUR 155 million and EUR 119 million, respectively.
"Restricted Cash and Other Non-Current Financial Assets" includes the deposits securing bond issues associated with the
financing of infrastructure not yet built, corresponding mainly to NTE Mobility Partners LLC (EUR 81 million -2010: EUR 130 million-),
Chicago Skyway (EUR 52 million -2010: EUR 44 million-) and LBJ Infrastructure Group (EUR 178 million -2010: EUR 326 million-).
The decreases in this line item arose mainly at the concession operators North Tarrant Express and LBJ Infraestructure Group
amounting to EUR 49 million and EUR 147 million, respectively, since both operators are currently making progress with the
construction work on the toll roads (see Note 8).
Lastly, "Other Receivables” includes, inter alia, loans to associates of the Services Division amounting to EUR 53 million (2010: EUR
50 million) and long-term receivables from various municipal councils negotiated mainly by the Services Division and totalling EUR 97
million (2010: EUR 97 million). The transfers relate to a reclassification to long term in relation to the renegotiation of the accounts
payable of the Cespa Group company Inagra, S.A.
The changes in these items in 2010, for information purposes, were as follows:
CHANGES IN 2010
(Millions of euros)
Available-forsale
financial
assets
Infrastructure
project
receivables
Restricted cash
and other noncurrent
financial
assets
Other
receivables
TOTAL
Investment:
Balance at 01/01/10 33 874 554 474 1,935
Additions 534 331 96 961
Disposals -147 -227 -374
Changes in the scope of consolidation
and transfers -1 -62 -205 -88 -356
Charge for the year 0
Exchange rate effect 2 -2 18 18
Balance at 31/12/10 34 1,344 551 255 2,184
The most significant changes in 2010 were as follows:
‐ Auto-Estradas Norte (EUR 325 million), which started to renegotiate its concession arrangement with the Portuguese government on
1 July 2010, which became a payment for availability arrangement, giving rise to the application of the financial asset model
provided for in IFRIC 12. The remaining increase related to the accrual of the other accounts receivable in the year.
‐ The changes in the scope of consolidation and transfers were due mainly to the settlement of the subordinated debt between
Amey and Tube Lines totalling EUR 70 million, after the latter’s sale in June 2010, which was considered to constitute a cost to
sell.
‐ There was a reduction of EUR 205 million in "Restricted Cash and Other Non-Current Financial Assets" due to the exclusion
from the scope of consolidation of 407 ETR, which started to be accounted for using the equity method in 2010 following the sale
of the 10% ownership interest in this company.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 43

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
12. Derivative financial instruments at fair value
a) Description of the main derivative financial instruments
The detail of the derivatives arranged and of the fair value thereof at 31 December 2011 and 2010, as well as the maturities of the
notional amounts to which the derivatives relate (notional maturities are shown as positive figures and future increases already
arranged as negative figures) are as follows:
Millions of euros Fair value Notional maturities
31/12/16 and TOTAL
Balances at Balances at
31/12/12 31/12/13 31/12/14 31/12/15 subsequent NOTIONAL
31/12/11 31/12/10
Type of instrument
years AMOUNTS
ASSET BALANCES 135 847 447 -1 -4 -2 49 489
Index linked Swaps BAA 0 2 0 0 0 0 0 0
Cross Currency Swaps BAA 0 641 0 0 0 0 0 0
Index linked Swaps Cintra 123 190 0 -1 -4 -2 49 41
Equity swaps (*) 0 13 0 0 0 0 0 0
Cintra forwards 0 0 156 0 0 0 0 156
IRS corporate 3 0 0 0 0 0 0 0
Other derivatives 9 1 291 0 0 0 0 292
LIABILITY BALANCES 1,521 1,968 141 670 36 38 3,162 4,047
Index linked Swaps BAA 0 345 0 0 0 0 0 0
Interest Rate Swaps BAA 0 443 0 0 0 0 0 0
Cross Currency Swaps BAA 0 22 0 0 0 0 0 0
Equity swaps (*) 135 294 99 267 0 1 37 404
Interest rate swaps Cintra 1,287 736 -2 382 18 20 2,856 3,274
Cintra forwards 0 11 0 0 0 0 0 0
IRIS corporate 35 76 0 0 0 0 0 0
Other derivatives 64 41 44 21 18 17 269 369
NET BALANCES -1,386 -1,121 587 669 32 36 3,211 4,535
(*) The items indicated are the main derivatives arranged by the Group that do not qualify for hedge accounting, as explained in this note.
b) Main effects on profit or loss and equity
The changes for accounting purposes in the main derivatives arranged by fully consolidated companies, detailing the fair values thereof
at 31 December 2011 and 2010, and the impact on reserves, profit or loss and other statement of financial position items are as
follows:
Type of instrument
Balance at
31/12/11
Balance at
31/12/10
Change
Exclusion
from
consolidation
of BAA
Impact on
reserves
(I)
Impact on
profit or loss
of fair value
changes (II)
Breakdown of changes
Impact on
financial
profit/loss
(III)
Cash
(IV)
Exchange
rate (V)
Other
impacts
on equity
or profit
or loss
(VI)
Index linked Swaps BAA 0 -343 343 343 0 0 0 0 0 0 343
Interest Rate Swaps BAA 0 -443 443 443 0 0 0 0 0 0 443
Cross Currency Swaps BAA 0 619 -619 -619 0 0 0 0 0 0 -619
Index linked Swaps Cintra 123 190 -67 0 -67 0 0 -1 0 1 -67
Interest rate swaps Cintra -1,287 -736 -551 0 -470 -1 -103 87 -45 -18 -550
Cintra forwards 0 -11 11 0 5 0 0 9 -3 0 11
Equity swaps -135 -281 146 88 0 58 -9 9 0 0 146
Interest Rate Swaps
corporate
-32 -76 44 0 45 2 -23 47 0 -28 44
Other derivatives -55 -40 -15 0 -7 -1 2 2 12 -23 -16
TOTAL -1,386 -1,121 -265 255 -494 57 -133 153 -36 -68 -265
TOTAL
As discussed in Note 3.3.8, derivatives are recognised at market value at the arrangement date and at fair value at subsequent dates.
Changes in the value of these derivatives are recognised for accounting purposes as follows:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 44

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
- The changes in fair value of the derivatives that qualify for hedge accounting during the year are recognised in
reserves (column I).
- The changes in fair value of the derivatives that do not qualify for hedge accounting or that are considered to be held
for speculative purposes are recognised as a fair value adjustment in the Group’s income statement (column II) and
are reflected separately in the income statement (see detail in Note 26).
- “Impact on Financial Profit/(Loss)” (column III) reflects the impact of financing on financial profit or loss in respect of
interest accrued during the year.
- “Cash” (column IV) indicates net payments and collections during the year.
- The impact of the difference between closing exchange rates at December 2011 and 2010 is also presented separately
(column V).
- Lastly, “Other Impacts” shows the impacts on profit or loss from operations or other impacts not considered in the
other columns (column VI).
Toll Road Division derivatives
Index linked swaps Cintra
In 2009 Autema arranged an index linked swap to hedge income variability, for which an annual CPI of 2.50% was established. This
hedge is deemed to be effective and had a gross impact on reserves of EUR -67 million.
Interest rate swaps Cintra
In order to hedge the interest rate risk in its infrastructure projects, Cintra arranged interest rate hedges on the projects’ debt,
establishing a fixed or increasing interest rate for a total notional amount of EUR 3,274 million at 31 December 2011.
Taken as a whole, the fair value of these hedges fell from EUR -736 million in December 2010 to EUR -1,287 million in 2011, due to the
overall drop in long-term interest rates. This effect is clearly evident in the derivative instruments arranged to hedge the project debt in
the US (mainly Chicago and SH130), where the fair value of derivative instruments decreased from EUR -531 million in December 2010
to EUR -900 million in December 2011. The fair value of the other derivative instruments of this kind (mainly to hedge the interest rate
risk relating to Spanish toll roads) arranged by Cintra fell from EUR -205 million in December 2010 to EUR -386 million in December
2011, particularly noteworthy being the adverse impact of the derivative of Cintra Inversora Autopistas de Cataluña (EUR -102 million).
Also worthy of mention was the arrangement of a new derivative by the concession operator Ausol, namely a forward starting swap,
the fair value at year-end was EUR -31 million. This derivative has a notional value, from 2012 onwards, of EUR 246 million and bears
fixed interest of 3.7975%.
Since these derivatives are considered to be fully effective, the changes in fair value had negative impact on reserves of EUR -470
million, while the changes in settlements and accruals had an impact of EUR -103 million on the financial profit or loss and a net
outflow of cash totalling EUR 87 million.
Cintra forwards
Of particular note in this section are the hedges based on forward contracts ・in relation to the US dollar ・ of a portion of the amount of
the capital contributions that it is planned to make at the US toll roads in 2012. Also included are several currency forwards to hedge
the funds obtained from the sale of 40% of the investment in Cintra Chile (see Note 26).
Equity swaps
The derivatives include equity swaps arranged by the Group solely to hedge the impact on equity of its stock option plans, as described
in Note 4.5 on market risk.
These equity swaps do not qualify for hedge accounting and the related gains or losses are recognised as fair value adjustments (see
Note 26) in financial profit or loss. Note 34 on “Share Option Plans” contains a breakdown and description of these equity swaps.
Interest Rate Swaps corporate
These derivatives had a fair value of EUR -32 million at 31 December 2011 (31 December 2010: EUR -76 million). They were arranged
to hedge possible fluctuations in interest rates on the syndicated loan in pounds sterling obtained by Ferrovial to finance the acquisition
of the BAA shares. When the corporate debt was redenominated in euros, as described in Note 16, these derivatives no longer qualified
for hedge accounting and, therefore, since that date changes in their fair value have been recognised in full in profit or loss as fair
value adjustments. In order to mitigate this effect, the Company has arranged new derivatives with opposite positions to those already
existing to enable their notional values to offset each other.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 45

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Other derivatives
“Other Derivatives” relates primarily to the following instruments:
- Services Division interest rate hedges, consisting mainly of the contract for the upgrade and maintenance of the A2 (Autovía de
Aragón) road. This hedge was arranged in 2009 in relation to interest rates on debt, representing a notional amount of EUR 102 million
and with a fixed interest rate of 4.7640%.
- In addition to the derivatives described in this Note, it should be noted that BAA, which is accounted for using the equity method, has
arranged derivatives with a notional value of EUR 14,438 million (GBP 12,066 million), as described in greater detail in Note 10.
c) Hedge measurement methods
On 1 July 2009, Ferrovial S.A. decided to adopt the amendments to IFRS 7 pursuant to which the significance of each of the Company’s
derivatives must be described in accordance with a fair value measurement hierarchy.
This hierarchy establishes three categories, based on the items used to calculate fair value:
- LEVEL 1.- Quoted prices (unadjusted) in active markets for identical assets or liabilities.
- LEVEL 2.- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
- LEVEL 3.- Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
All Ferrovial S.A.’s derivative financial instruments and other financial instruments carried at fair value are included in LEVEL 2 of the
fair value measurement hierarchy.
The valuations performed by the Company are in any event compared against the valuations received from the counterparty banks, on
a monthly basis.
Equity swaps are measured as the sum of the difference between the market price thereof on the calculation date and the unit
settlement price agreed at inception, multiplied by the number of swaps, and the present value of the finance cost agreed upon in the
contract.
The other instruments were measured by quantifying the net future payment and collection flows, discounted to present value, with
the following specific features:
- Interest rate swaps: these future cash flows with floating reference rates are estimated by using current market assessments of the
time value of money; and each flow is updated using the market zero-coupon rate in accordance with the settlement period and
currency in question at the measurement date.
- Cross currency swaps: discount curves existing on the market at the measurement date for each period, currency and credit profile
are used to project cash flows. Those flows with a floating reference rate are estimated by using implicit curves that reflect the future
behaviour as perceived by the market at the measurement date; and the present value of flows from collections and payments is
calculated using the discount exchange rate existing at the measurement date based on the period and currency.
- Index linked swaps: these future cash flows are estimated by projecting the future implicit behaviour of the curves as perceived by
the market on the measurement date, for both reference interest rates and for reference inflation rates. As in the cases described
above, discount rates are used for each settlement period of the flows and currencies, obtained at the measurement date.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 46

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
13. Non-current assets and liabilities classified as held for sale
The changes in the assets and liabilities classified as held for sale in the years ended 31 December 2011 and 2010 were as follows:
(millions of euros)
CHANGES IN 2011 01/01/11
Reductions
due to sale
ASSETS
Transfers of
non-current
assets
31/12/11
Toll roads and car parks 28 -28 0 0
Trados 45 28 -28
Services 1,485 -1,378 -107 0
Swissport 1,378 -1,378 0
Donarbon PFI 107 -107
Other 2 0 0 2
Assets held for sale 1,515 -1,406 -107 2
(millions of euros)
LIABILITIES
CHANGES IN 2011
01/01/10
Reductions
due to sale
Transfers of
non-current
assets
31/12/11
Services 891 -797 -94 0
Swissport 797 -797
Donarbon PFI 94 -94
Other 0 0 0
Liabilities held for sale 891 -797 -94 0
Assets and liabilities classified as held for sale consist of assets or liabilities that will foreseeably be sold within one year, as described in
Note 3.3.12.
Following is a description of the main changes in assets and liabilities classified as held for sale.
- Toll Roads Division: as described in Notes 1.2 and 26, on 10 January the sale of 50.00% of the ownership interest held by Cintra
Infraestructuras in its subsidiary Autopista Trados 45 was formally executed.
- Services Division: as described in Notes 1.2 and 26, on 17 February the holding owned by Ferrovial Servicios in Swissport was sold.
Also, the plan to sell its interest in a portion of the assets of Amey-Cespa, with a carrying amount of EUR 13 million, was cancelled.
This company is a non-strategic part of the Donarbon Group’s total assets that were acquired in 2010.
At 31 December 2011, the assets and liabilities classified as held for sale related mainly to Cespa Portugal's ownership interest in its
subsidiary Sopovico Soc. Port. Vias de com., S.A.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 47

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The changes in 2010 were as follows:
ASSETS
CHANGES IN 2010 31/12/09 Reductions due
to sale
Transfers of noncurrent
assets
Exchange rate
effect
Balance at
31/12/10
Airports 116 -121 0 5 0
APP 81 -84 3 0
BAA USA 35 -37 2 0
Toll Roads 1,640 -1,641 28 1 28
Trados 45 0 28 28
Chilean toll roads 1,640 -1,641 1 0
Services 44 -3 1,444 0 1,485
Cespa Portugal 41 -41 0
Swissport 0 1,378 1,378
Donarbon PFI 107 107
Other 3 -3 0
Other 2 0 2
Assets held for sale 1,802 -1,765 1,472 6 1,515
LIABILITIES
CHANGES IN 2010 31/12/09 Reductions due
to sale
Transfers of noncurrent
assets
Exchange rate
effect
Balance at
31/12/10
Airports 5 -5 0 0 0
APP 0 0
BAA USA 5 -5 0 0
Toll Roads 1,608 -1,608 0 0 0
Chilean toll roads 1,607 -1,608 0 0
Services 34 0 857 0 891
Cespa Portugal 34 -34 0
Swissport 797 797
Donarbon PFI 0 94 94
Liabilities held for sale 1,647 -1,613 857 0 891
At 31 December 2010, the assets and liabilities classified as held for sale related mainly to the Services Division, specifically to
Swissport. Also included was the ownership interest held in the concession operator Trados 45 in the Toll Roads Division.
The main changes in the assets and liabilities classified as held for sale were as follows:
Airports Division:
- On 22 June 2010, a sale transaction was completed in which BBA’s ownership interest in Airport Property Partnership (APP)
was sold for GBP 244 million (EUR 298 million), giving rise to a net gain of GBP 11 million (EUR 12 million).
- On 30 July, 2010, BAA USA was sold for a USD 50 million (EUR 38 million), giving rise to a gross gain of EUR 7 million (net gain
of EUR 1 million).
Toll Roads Division:
- On 15 September 2010, Cintra Infraestructuras entered into an agreement to sell a 60% ownership interest in Cintra
Concesiones de Infraestructuras de Transporte de Chile Limitada (Cintra Chile). The transaction totalled approximately CLF 7
million development units (EUR 220 million).
Services Division:
- In November 2010 Ferrovial Servicios, S.A. entered into an agreement to sell all of the shares held in the share capital of
Swissport International AG, the Parent of the Swissport Group. The transactions was completed in February 2011 (see Note 1).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 48

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
14. Inventories
The detail of inventories at 31 December 2011 and 2010 is as follows:
Balance at
31/12/11
Millions of euros
Balance at
31/12/10
Change
2011-2010
Land and building lots 140 149 -9
Raw materials and other supplies 146 150 -4
Property developments in progress and other 144 148 -4
Write-downs -3 -2 -1
Total 427 445 -18
Of the total inventories, EUR 193 million relate to property developments in Poland and EUR 202 million relate to the Construction
Division. At 31 December 2011, there were no inventories of a significant amount, other than those associated with property
developments amounting to EUR 71 million, subject to ownership restrictions or pledged to secure liabilities.
15. Trade and other receivables
a) Trade receivables for sales and services
The detail of the balance of “Trade Receivables” at 31 December 2011 and 2010 is as follows:
Balance at
31/12/11
Millions of euros
Balance at
31/12/10
Change 2011-2010
Trade receivables
1,685 1,710 -25
Retentions for guarantees
89 120 -31
Amounts to be billed for work performed
480 492 -12
Trade receivables for BAA sales
0 204 -204
Total trade receivables for sales and services
2,254 2,526 -272
TOTAL Advances received on orders (Note 22) -786 -756 -30
Total net trade receivables 1,468 1,770 -302
For a fuller understanding of trade receivables, the foregoing table shows the amounts net of advances, although the advances are
recognised in liabilities, under “Trade Payables” (see Note 22). This balance includes contractually stipulated advances and amounts
billed in advance for construction work.
At 31 December 2011, a total of EUR 362 million (EUR 297 million at 31 December 2010) had been deducted from “Trade Receivables”
relating to assets derecognised since it was considered that they met the conditions stipulated in IAS 39.20 regarding the derecognition
of financial assets.
Following is a detail, by type of debtor, of the main trade receivables. This information does not coincide with that shown under "Trade
Receivables" due mainly to the fact that it also includes long-term trade receivables, other receivables and non-recourse discounting
transactions.
Millions of euros
Construction Services Other Total
Public authorities 790 29.1% 1,097 40.4% 174 6.4% 2,061 76.0%
Private-sector customers 484 17.9% 162 6.0% 6 0.2% 652 24.0%
TOTAL RECEIVABLES 1,274 47.0% 1,259 46.4% 180 6.6% 2,713 100%
This detail shows that 76% of the Group's customers are public authorities and the rest are private-sector customers.
In order to manage credit risk relating to private customers, the Group has implemented pre- and post-contracting measures. Precontracting
measures include the consultation of debtor registers, ratings and solvency studies, while post-contracting measures during
the execution of construction work include the follow-up of contractual incidents and non-payment events.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 49

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
b) Other receivables
The detail of “Other Receivables” at 31 December 2011 and 2010 is as follows:
Millions of euros
Balance at
31/12/11
Balance at
31/12/10
Change 2011-
2010
Other receivables 579 604 -25
Receivable from public authorities 172 151 21
Total other non-trade receivables 751 755 -4
“Other Receivables” includes balances receivable arising outside the ordinary course of business carried on by each segment and
advances to suppliers amounting to EUR 50 million (EUR 50 million at 31 December 2010).
“Receivable from Public Authorities” includes balances receivable from public authorities other than income tax.
Also, “Trade and Other Receivables - Other Receivables” includes current financial assets arising from the application of IFRIC 12
relating mainly to amounts receivable from the government in return for services rendered or investments made under a concession
arrangement. These financial assets relate to the concession operators Autopista Terrasa Manresa, Autopista Norte Litoral and Eurolink
M3, amounting to EUR 53 million, EUR 49 million and EUR 54 million, respectively. The detail of the balance of “Trade Receivables” at
31 December 2011 and 2010 is as follows:
c) Provisions
Provisions for doubtful receivables are recognised as described in Note 3-c. The changes in operating provisions and allowances were
as follows:
Changes in provisions and allowances
Millions of euros
2011 2010
Change
2011-2010
Beginning balance -178 -290 112
Amounts charged to profit or loss -123 -15 -108
Reductions/Amounts used 15 1 14
Exchange rate effect 4 -3 7
Transfers -14 129 -143
Ending balance -296 -178 -118
Group management considers that the carrying amount of trade receivables approximates their fair value.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 50

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
16. EQUITY
The detail of the main impacts net of taxes that affected the changes in equity in 2011 is as follows:
2011
Attributable to
Attributable to
Total
non-controlling
equity holders
equity
interests
Equity at 31/12/10 5,194 1,434 6,628
Consolidated profit or loss for the year 1,269 -1 1,268
Hedges -266 -135 -401
Defined benefit plans -56 0 -56
Translation differences 54 -17 37
Income and expense recognised directly in equity of fully consolidated
-268 -152 -420
companies
Income and expense recognised directly in equity of companies accounted
-43 0 -43
for using the equity method
Income and expense recognised directly in equity relating to discontinued
-78 0 -78
operations
Amounts transferred to profit or loss of fully consolidated companies -63 0 -63
Amounts transferred to profit or loss relating to discontinued operations 497 0 497
Total income and expense recognised directly in equity 1,314 -153 1,160
Dividends paid -367 -30 -396
Capital increases/reductions 0 77 77
Transactions with owners -367 47 -320
Exclusion from consolidation of BAA 0 -1,127 -1,127
Changes in the scope of consolidation 0 -18 -18
Other changes -4 -33 -36
Equity at 31/12/11 6,138 150 6,288
Following is a description of the main changes in shareholders’ equity in 2011, the positive evolution of which gave rise to an increase
of EUR 786 million.
The profit for the year attributable to the Parent totalled EUR 1,269 million.
Hedging instruments: recognition of the revaluation of the effective portion of derivatives qualifying for hedge accounting (see Note
12), the negative impact of which was EUR 266 million net of taxes attributable to the Parent in the case of the fully consolidated
companies, EUR 44 million in the case of the companies accounted for using the equity method and EUR 99 million in the case of the
companies classified as held for sale or discontinued operations (mainly BAA for the first ten months of 2011).
The main changes in the fair value of hedges relate to interest rate swaps, caused by fluctuating market reference rates. The main
changes involved BAA, with a negative impact of EUR 138 million, the Toll Roads Division, with a negative impact of EUR 280 million,
especially at Chicago Skyway, SH-130 Concession Company and Cintra Inversora de Autopistas de Cataluña, and the Services Division
with an impact of EUR -23 million.
Defined benefit plans: these include the impact on equity of actuarial gains and losses arising from adjustments and changes to the
Group’s defined benefit plan assumptions, as described in Note 18, which had an impact for the Parent of EUR -58 million net of taxes
(EUR -56 million at fully consolidated companies (Amey) and EUR -2 million at the other companies (BAA)).
Translation differences: most of the currencies in which Ferrovial has investments (see Note 4) have increased in value against the
euro, particularly the Canadian dollar and the pound sterling, currencies to which the Group is most exposed in terms of equity. The
positive impact attributable to the Parent was EUR 54 million in the case of the fully consolidated companies, whereas the effects in
the case of the companies accounted for using the equity method and held for sale amounted to EUR 37 million and EUR -12 million,
respectively.
Amounts transferred to profit or loss: these relate to the transfer to profit or loss of cumulative negative valuation adjustments relating
to derivatives and translation differences arising in the loss of control of BAA and the sale of Swissport. These two transactions are
described in Note 1.2.
Dividends: dividend payments reduced the Group’s total equity by EUR 367 million, of which EUR 220 million relate to the dividend
approved by the shareholders at the Annual General Meeting and EUR 147 million relate to the interim dividend approved by the Board
of Directors on 27 October 2011.
Exclusion from consolidation of BAA: this relates to the impact of the derecognition of the balances relating to the non-controlling
interests of BAA following the sale of the 5.88% ownership interest in this company and the subsequent change in the method used to
account for it (full consolidation to equity method)(see Notes 1.2 and 2).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 51

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Changes in the scope of consolidation: the impact of changes in the scope of consolidation relating to non-controlling interests is
significant, due mainly to the sale of Swissport, as explained in Note 1.2.
For information purposes, the detail of the main changes in equity (net of taxes) in 2010 is as follows:
2010
Attributable to
Attributable to
Total
non-controlling
equity holders
equity
interests
Equity at 1 January 2,986 1,570 4,556
Changes in accounting policies 116 48 164
Restated equity at 1 January 3,102 1,617 4,719
Consolidated profit or loss for the year 2,163 19 2,182
Hedges -96 -60 -156
Defined benefit plans 20 23 43
Translation differences 316 49 365
Income and expense recognised directly in equity 240 11 251
Total income and expense recognised directly in equity 2,403 30 2,433
Dividends paid -308 -76 -384
Capital increases/reductions 130 130
Transactions with owners -308 53 -255
Changes in the scope of consolidation and other changes -2 -266 -268
Equity at 31 December 5,194 1,434 6,628
a) Share capital
At 31 December 2011, the share capital amounted to EUR 147 million and had been fully subscribed and paid. Share capital was
represented by 733,510,255 ordinary shares of a single class and a par value of twenty euro cents (EUR 0.20) per share. There were
no changes with respect to 31 December 2010.
At 31 December 2011, the only shareholder holding more than 10% of the share capital of Ferrovial, S.A. was Portman Baela, S.L.,
with 44.27%. The shares of the Parent are listed on the Spanish Stock Market Interconnection System and they all carry the same
voting and dividend rights.
b) Treasury shares
At 31 December 2011, no treasury shares were held and no transactions involving treasury shares were carried out in 2011.
c) Other reserves
The changes in “Other Reserves” in 2011 were as follows:
Changes in 2011
Translation
differences
Hedges
Defined benefit
plans
Other
Other
reserves
Balance at 01/01/11 -10 -453 -114 -102 -679
Change 176 -409 -58 333 41
Balance at 31/12/11 166 -862 -172 231 -638
d) Retained earnings
The detail of “Retained Earnings” for 2011 is as follows:
Millions of euros
Retained earnings
Balance at 31/12/11
Profit attributable to the Parent 1,269
Unrestricted reserves 2,309
Restricted reserves 29
Total 3,607
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 52

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The detail of “Restricted Reserves” is as follows:
Millions of euros
Balance at 31/12/11
Restricted reserves
Legal reserve 29
Restricted reserves of the Parent 29
e) Income and expense recognised in the year
The detail of the changes in equity in respect of income and expense recognised in 2011 is as follows:
Millions of euros
Attributable
to equity
holders
2011
Attributable
to noncontrolling
interests
Total
equity
Profit or loss
Hedging instruments -266 -135 -401
Defined benefit plans -56 0 -56
Translation differences 54 -17 37
Amounts transferred to profit or loss -63 0 -63
Income and expense recognised directly in equity of fully consolidated companies -331 -152 -484
Hedging instruments -99 0 -99
Defined benefit plans 33 0 33
Translation differences -12 0 -12
Amounts transferred to profit or loss 497 0 497
Income and expense recognised directly in equity in relation to discontinued operations 419 0 419
Income and expense recognised directly in equity of companies accounted for using the
equity method
-43 0 -43
Consolidated profit or loss for the year 1,269 -1 1,268
Total comprehensive income for the year 1,314 -153 1,160
For information purposes following is a detail of the main income and expense items recognised in 2010:
Millions of euros
Profit or loss
Attributable
to equity
holders
2010
Attributable
to noncontrolling
interests
Total
equity
Hedging instruments -96 -61 -157
Defined benefit plans 20 23 43
Translation differences 316 49 365
Recognised income and expense 240 11 251
Consolidated profit or loss for the year 2,163 19 2,182
Total recognised income and expense 2,403 30 2,433
f) Non-Group companies with significant ownership interests in subsidiaries
At 31 December 2011, the non-controlling interests with holdings of 10% or more in the share capital of the most significant fully
consolidated companies were as follows:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 53

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
FERROVIAL GROUP SUBSIDIARY NON-GROUP % NON-GROUP EQUITY HOLDER
Construction
Budimex S.A. 41% Listed company
Concessions
Autopista del Sol 20% Unicaja
Autopista Terrassa-Manresa 23.73% Acesa (Autopista Concesionaria Española, S.A.)
Eurolink Motorway Operation N4/N6 34% SIAC
Inversora de Autopistas de Levante 40% Sacyr Concesiones, S.L.
Inversora de Autopistas del Sur, S.L. 35% - 10% Sacyr Concesiones, S.L. - Caja Castilla-La Mancha
LBJ Infrastructure Group Holding LLC 42.40% Meridiam
NTE Mobility Partners Holding LLC 33.33% - 10% Meridiam - Dallas Police and Fire Pension System
Serranopark 30% - 20% Iridium Concesiones de Infraestructuras - Iridium Aparcamientos
SH 130 Concession Company, LLC 35% Zachry Toll Road 56 LLP
Skyway Concession Company Holding 45% MIG Chicago Holdings LLc
Statewide Mobility Partners LLC 50% MIG Indiana Holdings Llc
g) Proposed distribution of profit: propose to the shareholders at the Company’s Annual General Meeting that the profit of
FERROVIAL, S.A. should be distributed as follows:
Profit of FERROVIAL, S.A. (euros) 157,439,578
Distribution (euros)
To voluntary reserves (euros) 10,737,527
Interim dividend (euros) 146,702,051
The legal reserve has reached the legally stipulated level.
The proposal to be submitted to the shareholders at the Annual General Meeting will be to distribute an interim dividend of EUR 0.20
per share out of the profit of FERROVIAL, S.A.
Liquidity statement and interim dividend: On 27 October 2011, the Board of Directors resolved to:
- Pay an interim dividend for 2011 of EUR 0.20 per share, equal to a total interim dividend of EUR 147 million.
- Prepare the following accounting statement supporting the Company’s liquidity, pursuant to Article 277 of the Spanish Limited
Liability Companies Law, evidencing sufficient liquidity (cash and cash equivalents and credit lines).
Liquidity summary 2011
(Millions of euros)
Available cash (Corporate + FA + FS + Cintra) 604
Available credit Ferrovial, S.A. 780
Available credit Ferrovial Agroman, S.A. 92
Other credit lines of subsidiaries 15
Total liquidity available for distribution 1,491
Pursuant to Article 277 of the Spanish Limited Liability Companies Law, the amounts to be distributed did not exceed the profit earned
since the end of the previous financial year, after deducting estimated income tax payable on such profit and the amount that must be
appropriated to legal reserves.
The interim dividend was paid on 17 November 2011.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 54

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
17. Deferred income
The changes in “Deferred Income” in 2011 were as follows:
Changes in 2011 (Millions of euros)
Changes in 2011
Balance at
01/01/11
Transfers
and other
Additions Disposals Exchange Balance at
rate effect 31/12/11
Grants 154 105 -5 7 260
Other deferred income 42 -10 32
Total 196 0 105 -15 7 292
Of the total, EUR 105 million relate to grants awarded in 2011, the detail being as follows: EUR 22 million awarded to the concession
operator Autovía de Aragón and EUR 82 million to the concession operator NTE Mobility Partners.
Grants are carried at fair value when it is reasonably certain that the relevant amount will be collected (see Note 3.3.14).
18. Provisions and pension surplus
This item reflects the provisions and/or pension plan surplus and other employee retirement bonuses, including both defined benefit
and defined contribution plans. The detail of the provisions and/or surplus recognised in the consolidated statement of financial
position in this connection is as follows:
Millions of euros Provision Surplus
2011 2010 Changes
Net
balance
Provision
Surplus
Net
balance
Provision
in surplus
Net
balance
Defined benefit plans
BAA 0 0 0 77 0 77 -77 0 -77
Amey Ltd Group 107 0 107 74 0 74 32 0 32
Other 3 0 3 1 0 1 2 0 2
Total 110 0 110 153 0 153 -42 0 -42
Defined benefit plans:
The changes in pension plan obligations and plan assets in 2011 and 2010 were as follows:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 55

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Millions of euros
2011 2010
DEFINED BENEFIT PLANS Amey Ltd Group BAA Amey Ltd Group
Changes in pension obligations
Obligations at beginning of year 603 2,599 571
Exchange differences 18 91 20
Liabilities acquired 3 0 0
Current service cost 10 57 13
Past service cost 0 0 -53
Interest cost 33 151 34
Actuarial gains / losses 37 39 19
Other impacts on equity 4 -22 28
Benefits paid and other -36 -87 -29
Obligations at end of year 670 2,829 603
Changes in plan assets
Fair value at beginning of year 529 2,286 406
Exchange differences 15 80 14
Assets acquired 3 0 0
Expected return on assets 38 161 33
Actuarial gains / losses -35 89 16
Other impacts on equity 3 0 21
Employee contributions 0 13 4
Employer contributions 30 223 53
Benefits paid and other -18 -100 -19
Fair value at end of year 563 2,752 529
Liability recognised in consolidated statement
of financial position
Obligation at end of year 670 2,829 603
Fair value of plan assets at end of year 563 2,752 529
Subtotal 107 77 74
Other 0 0 0
Total 107 77 74
The Amey subgroup has nine defined benefit plans covering a total of 6,892 employees. The most significant event in 2011 in relation
to its defined benefit plans was the increase in the deficit from EUR 74 million in 2010 to EUR 107 million in 2011. The main reasons for
this increase are as follows:
An impact of EUR 72 million due to actuarial losses. The main impact was due to the fall in the return on the assets and the
decrease in the discount rate, which gave rise to a reduction in the value of the assets and an increase in the value of the
obligation, respectively.
Contributions made by the Amey subgroup amounting to EUR 30 million (see Note 17-b).
Impact due to reductions and settlements of the pension plan amounting to EUR 18 million.
a) Actuarial gains and losses:
The detail of the impact of the defined benefit pension plans of the Amey Group recognised directly in equity is as follows:
Millions of euros
2011 2010
Amey Ltd Group BAA Amey Ltd Group
Actuarial gains/losses on obligations -37 -39 -19
Actuarial gains/losses on assets -35 89 16
Other impacts on equity 0 22 -7
Impact on equity recognised -72 72 -9
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 56

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
- Actuarial gains and losses on obligations amounting to EUR 37 million.
- Actuarial gains and losses on assets (EUR 35 million) due to the difference between the expected return at the beginning of the year
and the actual return.
The summary of the main actuarial assumptions used to calculate the defined benefit pension plan obligations is as follows:
2011 2010
DEFINED BENEFIT PLANS Amey Ltd Group BAA Amey Ltd Group
Main assumptions
Salary increase 2.5% / 3.95% / 4.45% 5.10% 2.5% - 5%
Discount rate 4.70% 5.50% 5.50%
Expected inflation rate 2.95% 3.60% 3.50%
Expected returns on assets 2.7%-8.0% 6.30% 2.60%
Mortality (years) 84.2-90.9 85.9-87.9 84.5-89.1%
The mortality assumptions used by the Amey Group to calculate its pension obligations are based on the actuarial mortality tables,
entailing an estimated life expectancy of between 84.2 and 90.9 years.
b) Employer contributions:
In 2011 contributions at the Amey Group totalled EUR 30 million, corresponding to EUR 21 million to rebalance the rest of the plan,
with the remainder involving ordinary contributions.
The projected contributions agreed upon with the beneficiaries for 2012 total EUR 5 million for the Amey Group.
Additionally, the Amey Group agreed on special contributions amounting to EUR 21 million for the coming year.
c) Return on assets:
The summary of the defined benefit pension plan assets by type stated at their fair value and including the expected percentage return
thereon for 2011 and 2010 is as follows:
Millions of euros
Amey Ltd Group BAA Amey Ltd Group
Eur % Eur % Eur %
Plan assets (fair value)
Equity instruments 336 8.00% 608 7.88% 360 8.50%
Debt instruments 175 2.8%-4.7% 1,141 5.16% 108 4.2%-5.5%
Buildings 29 7.50% 0 n/a 15 8.10%
Cash and other 22 2.70% 1,003 0.50% 45 4.00%
Total plan assets 563 2,752 0 529
To assess expected returns on the Amey Group plan assets, the actuaries used the following criteria:
Equity instruments: expected returns of 8.0%.
Debt instruments: the returns on sovereign debt and the performance of the corporate bonds debt making up the plan are used to
calculate the returns on these instruments.
Buildings: forecast returns 0.5% below returns on equity instruments.
Cash and other: long-term returns available for swaps.
Actual returns:
The Amey Group had actual returns on its plan assets totalling EUR 3 million in 2011 and EUR 49 million in 2010. The difference
between forecast and actual returns is recognised in equity.
There are no financial assets issued by the company or buildings occupied by it.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 57

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
d) Impact on the income statement:
The detail of the impact of the defined benefit pension plans on the income statement is as follows:
Millions of euros
DEFINED BENEFIT PLANS 2011 2010
Amey Ltd Group BAA Amey Ltd Group
Impact on profit before tax
Current service cost 10 57 13
Interest cost 33 151 34
Expected return on assets -38 -161 -33
Past service cost 0 0 -53
Other -18 -14 -10
Total recognised in the income statement -14 35 -49
(*) Expenses are positive and income is negative.
“Other” in the table of the impact on the income statement before tax includes income of EUR 18 million due to the re-estimate of the
pension debt of one of the Group's plans at 31 December 2010 effective from 1 January 2011 onwards, assuming an increase in
pensions of an RPI of 1% instead of an RPI of 1.5%.
e) Complete actuarial reviews:
The Amey Group performs complete actuarial valuations every three years, depending on the plan, and the most recent reviews began
in April 2011. It usually takes one year for the results to become known.
f) Sensitivity analysis:
Set forth below is a sensitivity analysis showing the impact on the income statement and on equity of a change of 50 basis points in
the discount rate.
Sensitivity analysis discount rate
(+ / - 50 b.p.)
Annual impact on the income statement
Before
tax
After
tax
Before
tax
Annual impact on equity
+ 50 b.p. 1 0 69 52
- 50 b.p. -1 0 -69 -52
After
tax
Defined contribution plans
The Amey Group has 23 defined contribution plans with an impact on the income statement of EUR 13 million, covering a total of
3,950 employees.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 58

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
19. Other provisions
The detail of other long- and short-term provisions for 2011 and 2010 is as follows:
Changes
Provision for
landfills
Provision for
third-party liability
Millions of euros
Other
provisions
At 1 January 2011 71 788 556 1,415
Exclusion of BAA from the scope of consolidation 0 -9 -46 -54
Charged/(Credited) to the income statement:
Period provisions 11 123 235 369
Provisions reversed 0 -14 -248 -262
Addition of discount 0 0 0 0
Transfers and other 0 48 0 48
Provisions used during the year 0 -8 4 -4
Exchange differences 0 -1 -20 -21
Changes in the scope of consolidation (*) 0 0 0 0
At 31 December 2011 83 928 480 1,491
Total
Analysis of total provisions by classification: 31/12/11
Long-term 1,010
Short-term 481
Total provisions 1,491
Provision for landfills
“Provisions for Landfills” contains the estimated cost of landfill closure and post-closure activities relating to the Cespa Group. The
provision is calculated based on a technical estimate of the consumption to date of the total capacity of landfills. At 31 December 2011,
a provision of EUR 11 million had been recognised in this connection (EUR 6 million at 31 December 2010).
Provision for third-party liability
“Provision for Third-Party Liability” relates mainly to the provision for expropriations recognised by the Spanish toll roads amounting to
EUR 441 million (primarily the R4, amounting to EUR 371 million), as explained in Note 24, and provisions for claims and lawsuits
amounting to EUR 246 million.
Other provisions
These relate mainly to the Construction Division, consisting of provisions for construction work completion, site removals and losses
amounting to EUR 459 million (EUR 443 million in 2010).
"Other Provisions" also includes provisions for other risks relating to the valuation made for the Spanish toll roads and the other
European toll roads that gave rise to an impairment loss of EUR 55 million, as discussed in Note 26.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 59

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Millions of euros
Provision for
Provision for
Other
Changes
landfills third-party liabilities provisions
Total
At 1 January 2010 66 889 519 1,473
Charged/(Credited) to the income statement:
Period provisions 6 122 270 398
Provisions reversed 0 -17 -195 -212
Addition of discount 0 0 0 0
Transfers and other 0 -150 0 -150
Provisions used during the year 0 -17 -28 -45
Exchange differences 0 9 12 21
Changes in the scope of consolidation (*) 0 -48 -22 -71
At 31 December 2010 71 788 556 1,415
Analysis of total provisions by classification: 31/12/10
Long-term 860
Short-term 556
Total provisions 1,415
The main changes in 2010 are summarised as follows:
- “Provisions for Landfills” contains the estimated cost of landfill closure and post-closure activities relating to the Cespa Group (at
31 December 2010 a provision amounting to EUR 6 million was recorded).
- “Provision for Third-Party Liability” relates mainly to the provision for expropriations recognised by the Spanish toll roads
amounting to EUR 418 million.
- "Other Provisions" consisting mainly of provisions for construction work completion, site removals and losses amounting to EUR
443 million.
20. Net cash position
The following table contains a breakdown, by segment, of the net cash position in order to reflect the Group’s net borrowing situation.
The net cash position is understood to be the balance of items included in cash and cash equivalents (including short-term restricted
cash) and long-term restricted cash, less current and non-current borrowings (bank borrowings and bonds).
The breakdown of the net cash position also makes a distinction between infrastructure projects and other Group companies:
Millions of euros
Balance at 31/12/11 Balance at 31/12/10 Change 2011 - 2010
Construction 2,333 2,274 59
Services -497 -832 335
Airports 38 22 16
Toll roads 585 572 13
Corporate and other -1,552 -2,004 452
Net cash position excluding infrastructure
907 31 876
projects
BAA 0 -14,529 14,529
Other airports 2 2 0
Toll roads -5,692 -5,026 -666
Construction -135 -129 -6
Services -252 -138 -114
Net cash position of infrastructure projects -6,077 -19,820 13,743
TOTAL NET CASH -5,170 -19,789 14,619
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 60

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The overall reduction in the net cash position is due mainly to the fact that at 2011 year-end BAA was accounted for using the equity
method in the Group's consolidated financial statements as a result of the sale transaction described in Note 2.
An overall explanation of the change in the net cash position for 2011 is included in Note 32 “Cash Flow” and in the additional
disclosures presented in the directors’ report.
20.1. Infrastructure projects
A) Analysis of the net cash position of infrastructure projects
The detail of the net cash position of infrastructure projects in 2011 and 2010 is as follows:
2011
Millions of euros
Long-term
restricted
cash
Short-term
restricted
cash
Other cash
and cash
equivalents
Borrowings
Intra-Group
transactions
Total net
position
Other airports 0 0 2 0 0 2
Toll roads 390 16 134 6,222 -10 -5,692
Construction 0 0 7 155 12 -135
Services 0 8 21 271 -10 -252
Net cash position of infrastructure
projects 390 24 164 6,649 -7 -6,077
2010
Long-term
restricted
cash
Non-current
investments
Short-term
restricted
cash
Other cash
and cash
equivalents
Borrowings Intra-Group
transactions
Total
net
position
Millions of euros
BAA 43 444 15,017 -14,530
Other airports 2 2
Toll roads 551 6 1 191 5,769 -5 -5,025
Construction 5 141 8 -129
Services 8 54 -92 -138
Net cash position of infrastructure
projects
B) Cash and cash equivalents and restricted cash
551 6 44 649 20,981 -89 -19,820
As indicated in the Note on financial risks, infrastructure project financing agreements occasionally impose the obligation to arrange
certain restricted accounts to cover short-term or long-term obligations relating to the repayment of the principal or interest on the
borrowings and to infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less than or more than one
year. In any event, these funds are invested in highly-liquid financial products earning floating interest. The type of financial product in
which the funds may be invested is also restricted by the financing agreements or, where no restrictions are stipulated, the decision is
made on the basis of the Group’s policy for the placement of cash surpluses.
Short-term balances are recognised under “Cash and Cash Equivalents” in the consolidated statement of financial position whereas
long-term balances are classified as financial assets.
The detail of short-term and long-term restricted cash balances, by project, is as follows:
Millions of euros
Balance at 31/12/11 Balance at 31/12/10
NTE Mobility Partners 81 130
LBJ 178 326
Autopista del Sol 18
Chicago Skyway 52 44
EuroScut Algarve 18 19
EuroScut Norte 38 30
Other 5 2
Long-term restricted cash 390 551
BAA 0 43
Chicago Skyway 14
Services 8
Other 2 1
Short-term restricted cash 24 44
Total restricted cash 414 595
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 61

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The main changes in restricted cash arose at both LBJ Infraestructure Group and NTE Mobility Partners from the pledge of funds from
bond issues which were used to finance construction (see Note 8).
The heading “Other Cash and Cash Equivalents” relates to bank accounts and highly-liquid investments subject to interest rate risk.
With respect to the change in BAA (see Note 2)
C) Breakdown of infrastructure project borrowings
C.1) Analysis of short-term and long-term balances by project
31/12/11 31/12/10 Change 2011 - 2010
Amounts in millions of euros Bonds
Bank
borrowings Total Bonds
Bank
borrowings Total Bonds
Bank
borrowings Total
LONG TERM 1,918 3,585 5,503 10,022 9,544 19,566 -8,104 -5,958 -14,063
BAA 0 0 0 8,185 6,552 14,737 -8,185 -6,552 -14,737
Skyway Concession 1,055 120 1,175 1,019 112 1,131 36 8 44
NTE Mobility Partners 301 50 351 291 291 10 50 60
LBJ Infraestructure Group 463 43 506 428 428 35 43 78
Spanish toll roads 1,135 1,135 1,148 1,148 0 -13 -13
Portuguese toll roads 101 435 536 101 435 536
Other toll roads -3 1,390 1,387 99 1,536 1,635 -102 -146 -248
Construction 0 154 154 0 142 142 0 12 12
Services 0 259 259 0 54 54 0 205 205
SHORT TERM 2 1,143 1,146 11 1,404 1,415 -9 -261 -269
BAA 280 280 -280 -280
Skyway Concession 0 9 9 6 6 0 3 3
Eurolink Motorway 14 14 0 14 14
Portuguese toll roads 2 4 6 2 4 6
Spanish toll roads 1,085 1,085 1,042 1,042 0 43 43
Other toll roads
Services
0 19
13
19
13
11 76 87 -11 -57
13
-68
13
TOTAL 1,920 4,729 6,649 10,033 10,948 20,981 -8,113 -6,220 -14,333
If a constant exchange rate is applied, taking 2010 as a base, there would be an impact on net debt of EUR -58 million as a result of
the 3% fall in the US-dollar exchange rate.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 62

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
C.2) Maturities by currency and fair value of infrastructure project debt
Bank borrowings Currency Fair value Carrying
amount
2011 2010 2011 2012 2013 2014 2015 2016 2017 and
subsequent
years
Total
maturities
Bonds of
infrastructure
projects
1,968 10,088 1,920 0 0 0 1 0 1,964 1,965
BAA 0 8,201 0 0 0 0 0 0 0 0
GBP 0 5,177
EUR 0 3,024
Toll roads 1,968 1,887 1,920 0 0 0 1 0 1,964 1,965
USD 1,867 1,770 1,819 0 0 0 0 0 1,863 1,863
EUR 101 117 101 0 0 0 1 0 100 101
Bank borrowings of
infrastructure
projects
4,764 11,239 4,729 1,113 41 58 59 581 2,940 4,791
Airports 0 7,088 0 0 0 0 0 0 0 0
GBP 0 7,088
Toll roads 4,337 3,955 4,302 1,097 29 38 42 539 2,622 4,367
USD 983 633 983 1,024 1,024
EUR 3,355 3,322 3,320 1,097 29 38 42 539 1,598 3,343
Construction 155 142 155 2 2 2 3 5 133 146
EUR 2 2 2 3 5 133 146
Services 271 54 271 14 10 18 14 37 186 278
EUR 202 54 202 13 9 17 12 35 123 208
GBP 70 0 70 1 1 1 2 2 63 70
Total borrowings of
infrastructure
projects
6,732 21,327 6,649 1,113 41 58 59 581 4,904 6,756
The differences between the total maturities of bank borrowings and the carrying amounts of the debt at 31 December 2011 are
explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in
accordance with applicable accounting regulations (especially accrued interest payable and the application of the amortised cost
method). The debt maturities do not include interest. The fair value reflected in the table above is calculated as follows:
1. Bonds listed in active markets: market value.
2. Fixed-interest bank borrowings: future cash flows are discounted at an equivalent market interest rate.
3. Floating-interest bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and
their carrying amount and, therefore, the carrying amount is used.
Maturities in 2012 relate to:
o Autopista Madrid Sur, maturities of EUR 548 million in February 2012.
o Autovia de Aragón, maturities of EUR 11 million in April 2012 (VAT loan) and EUR 0.3 million in June and December
2012 (principal loan)
o Autopista Euroscut Norte, maturities of EUR 11 million in July 2012.
o Autopista Eurolink M-3, maturity in December 2012 totalling EUR 14 million of the syndicated loan.
o Autopista Ocaña La Roda, maturities of EUR 522 million in December 2012.
C.3) Exposure to interest rate risk of infrastructure project borrowings
With the aim of completing the information on exposure to interest rate risk presented in Note 4, below is the detail of debt
components indicating the portion subject to fixed interest rates, the portion hedged by derivatives and floating-rate debt:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 63

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Type of debt 2011 % 2010 %
Airports 0 0% 15,017
Fixed 0 0% 2,455 16%
Index-linked fixed 0 0% 4,995 33%
Hedged (IRS) 0 0% 3,539 24%
Floating 0 0% 4,028 27%
Toll roads 6,222 5,768
Fixed 1,431 23% 1,189 21%
Index-linked fixed 0 0% 0 0%
Hedged (IRS) 3,173 51% 3,053 53%
Floating 1,617 26% 1,526 26%
Construction 155 0 142
Fixed 69 45% 78 55%
Hedged (IRS) 73 47% 58 41%
Floating 13 8% 6 4%
Services 271 54
Fixed 0 0% 0 0%
Hedged (IRS) 152 56% 47 87%
Floating 119 44% 7 13%
Total borrowings of infrastructure projects 6,649 20,981
Fixed 1,500 23% 3,723 18%
Index-linked fixed 0 0% 4,994 24%
Hedged (IRS) 3,398 51% 6,697 32%
Floating 1,749 26% 5,567 26%
The debt balances hedged by IRSs (interest rate swaps) relates to derivatives that convert floating-rate bank borrowings to fixed
interest rates (see Note 12).
C.4) Information on credit limits and credit drawable for infrastructure projects
Set out below is a comparative analysis of borrowings not drawn down at year-end:
Debt limit
31/12/11 31/12/10
Amount Amount Carrying Debt limit Amount
drawn drawable amount
drawn
down
of debt
down
Amount
drawable
Carrying
amount
of debt
Airports 0 0 0 0 16,946 14,398 2,548 15,017
BAA 0 0 0 0 16,946 14,398 2,548 15,017
Toll roads 7,644 6,332 1,311 6,222 7,590 5,871 1,718 5,768
US toll roads 4,073 2,888 1,185 2,371 3,940 2,459 1,481 2,371
Spanish toll roads 2,270 2,225 45 2,191 2,279 2,210 69 2,191
Other toll roads 1,301 1,220 81 1,207 1,371 1,202 169 1,206
Construction 146 146 0 155 153 126 27 142
Services 299 277 22 271 212 53 159 54
Total borrowings of
infrastructure projects
8,089 6,756 1,333 6,649 24,901 20,448 4,453 20,981
The differences between the total bank borrowings and the carrying amount of the debts at 31 December 2011 are due mainly to the
difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with
applicable accounting regulations (especially accrued interest payable and the application of the amortised cost method).
Of the EUR 1,333 million drawable (31 December 2010: EUR 1,905 million), EUR 1,185 million relate mainly to amounts not drawn
down that were obtained to finance toll roads under construction in the US.
Following is a more detailed description of interest rates, maturities and covenants for the main infrastructure project borrowings.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 64

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
C.5) Toll Road Division borrowings
The breakdown of toll road borrowings, by project, showing the main characteristics and changes therein, is as follows:
Millions of euros
2011 2010 Change 2011 - 2010
US toll roads 2,802 2,371 431
Chicago Skyway 1,184 1,137 47
North Tarrant Express Managed Lanes - NTE 351 291 60
LBJ 506 428 78
SH-130 761 515 246
Spanish toll roads 2,219 2,191 28
Ausol I and II 482 491 -9
Cinca (Autema) 653 641 12
Inversora A. Sur / A. R-4 Madrid Sur 563 552 11
Inversora A. Levante / A. Madrid Levante 521 507 14
Irish toll roads 365 413 -48
Eurolink M4-M6 134 138 -4
Eurolink M3 231 275 -44
Portuguese toll roads 836 793 43
Euroscut Algarve 216 225 -9
Euroscut Azores 324 254 70
Euroscut Norte Litoral 296 314 -18
Total toll roads 6,222 5,768 454
Following is a description the main changes in toll road borrowings:
C.5. a) Chicago Skyway
This concession operator is financed by a senior bond issue underwritten by Assured Guaranty, structured as follows: (i) Series A of
USD 439 million maturing in 2017, and; (ii) Series B of USD 961 million with final maturity in 2026. It also has syndicated subordinated
bank financing drawn down by USD 160 million at 31 December 2011, maturing in 2035.
C.5.b) SH -130
Syndicated bank financing in two tranches: tranche A to finance part of the construction work amounting to USD 686 million, against
which USD 593 million had been drawn down at 31 December 2011, and tranche B to ensure liquidity (not drawn down), during the
first five years of business amounting to USD 35 million, both with final maturity in 2038. There is also a TIFIA debt tranche of USD
430 million to finance part of the construction work, maturing in 2047, against which USD 428 million had been drawn down at 31
December 2011.
C.5. c) North Tarrant Express Managed Lanes - NTE
The project is financed through the issue of PAB (Private Activity Bonds) amounting to USD 400 million maturing in 2039. There is also
a TIFIA loan granted by the US Federal Government of USD 650 million with a repayment profile of 35 years from the start-up of
operations, against which USD 65 million had been drawn down at 31 December 2011.
C.5. d) LBJ
The project is financed through the issue of PAB (Private Activity Bonds) amounting to USD 615 million maturing in 2040. There is also
a TIFIA loan granted by the US Federal Government of USD 850 million with a repayment profile of 35 years from the start-up of
operations, against which USD 85 million had been drawn down at 31 December 2011.
C.5. e) Ausol I y II
The Ausol toll road refinanced its EUR 492 million syndicated loan in June 2011, the new maturity being in March 2016.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 65

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
C.5. f) Inversora Autopistas de Cataluña / A. Terrasa Manresa
Following the Autema refinancing transaction in 2008 through a syndicated structuring arrangement, the company is now financed
through a credit facility with a tranche A and a tranche B with limits of EUR 300 million and EUR 316 million, respectively. Both
tranches have been drawn down in full, with maturity in 2035 which eliminates the future financing risk as the debt is repayable in full
at maturity. The company has also been granted a liquidity line of EUR 92 million, against which EUR 47 million have been drawn
down.
C.5. g) Inversora A. Sur / A. R-4 Madrid Sur
The Radial 4 toll road had syndicated borrowings of EUR 548 million outstanding at 31 December 2011. Tranche A amounts to EUR 97
million; tranche B amounts to EUR 100 million; and the EIB tranche amounts to EUR 352 million. The evolution of the expropriation
processes and the ongoing fall in traffic at the project, made it impossible for the borrowings corresponding to this project (see Note
24), with original maturity in January 2011 and extended to July 2011, to be refinanced, having reached successive agreements
concerning the non-claimability of the debt firstly until November 2011 and subsequently until 27 February 2012.
C.5. h) Inversora A. Levante / A. Madrid Levante
The Ocaña - La Roda toll road has syndicated bank financing with an outstanding amount of EUR 522 million maturing in 2012. This is
a mini-perm structured loan that will be refinanced on a long-term basis.
C.5. i) Eurolink M4-M6
The financing consists of an EIB loan of EUR 93 million maturing and bank financing of EUR 49 million with final maturity in 2027. The
company has been granted several credit lines totalling EUR 14 million to finance VAT payments, operating costs and interest. No
amounts have yet been drawn down against these lines.
C.5. j) Eurolink M3
A syndicated bank loan against which EUR 235 million had been drawn down at 31 December 2011. Its financial structure is based on
term funding of EUR 265 million finally maturing between 2012 and 2015, respectively. Also, the company has been granted credit
facilities (not drawn down to date) to finance operating costs (EUR 10 million) and interest (EUR 19 million).
C.5. k) Euroscut Algarve
This company has structured debt in two tranches secured by Syncora Guarantee Inc, one of which comprises bonds totalling EUR 101
million maturing in 2027 and the other comprises EIB borrowings of EUR 120 million maturing in 2025.
C.5. l) Euroscut Azores
Syndicated bank financing amounting to EUR 358 million maturing in 2033, against which EUR 328 million had been drawn down at 31
December 2011.
C.5. m) Euroscut Norte Litoral
Financing structure based on a syndicated loan for an outstanding amount of EUR 282 million, with final maturity in 2026.
C.6. Guarantees and covenants for toll road borrowings
The financial conditions (applicable interest rates) of the toll road debts are subject to the achievement of certain ratios based on
financial aggregates such as gross profit from operations (EBITDA), net debt and consolidated shareholders’ equity. In general, the
aforementioned financing arrangements are subject to pledges of concession operator assets (insurance policy receivables, current
accounts, concession receivables, etc.), forming a package of guarantees for lenders. In certain cases there is also a security interest in
the concession operator’s shares.
Most agreements include certain conditions the infringement of which gives rise to obligations for the borrower. These covenants are
used by credit institutions to ensure that the concession operators achieve the debt commitments acquired.
The most common covenants included in the majority of infrastructure project financing agreements are as follows:
- Restrictions on the availability of cash balances, the most common being reserve accounts for debt servicing and for extraordinary
maintenance.
- Payment of dividends to shareholders subordinated, for example, to the maintenance of required levels of restricted cash.
- Material adverse change or effect (MAC or MAE) clauses regulating cases in which a number of circumstances or events have or
could have a significant adverse effect on the value, business, operations, assets or liabilities of the concession operators.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 66

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
- Limit on the maximum volume of borrowings that may be obtained by the concession operator.
- Limit on the level of default by the concession operator, above which the debt repayment could be demanded (cross-default
threshold).
- Periodic reporting obligations during the borrowing period.
- Achievement of financial ratios for borrowings and liquidity.
At 31 December 2011, none of the covenants in force had been breached.
C.7) Services Division borrowings:
The increase in the bank borrowings of the Services Division infrastructure projects was due on the one hand to the consideration of
the bank borrowings of Amey-Cespa amounting to EUR 70 million to be part of the Ferrovial Group's borrowings, as described in
Note 13.
Also, in 2011 EUR 119 million associated with the senior debt recognised at Autovía de Aragón were drawn down, and in 2012 EUR 11
million are expected to be repaid corresponding to the amount drawn down against the VAT loan.
The other non-current borrowings (EUR 77 million) relate to the Cespa Group, which were arranged in 2009 and 2010 to finance the
concession projects Ecoparc Can Mata and Gestión Medioambiental de Toledo. In 2011 EUR 3 million were drawn down against the
senior debt associated with Ecoparc de Can Mata and EUR 17 million against senior debt and the VAT loan associated with Gestión
Medioambiental de Toledo
C.8) Construction Division borrowings:
The increase in the bank borrowings of the Construction Division infrastructure projects was due to the drawdown of EUR 27 million
associated with the borrowings of Concesionaria de Prisiones Figueras. The rest of the borrowings associated with this project were
drawn down in 2010. EUR 2 million are expected to be repaid in 2012.
20.2. Net cash position excluding infrastructure projects
A) Breakdown of the net cash position excluding infrastructure projects
The detail of the net cash position excluding infrastructure projects in 2011 is as follows:
Long-term
restricted
cash
Short-term
restricted
cash
Millions of euros
Other cash
and cash
equivalents
Bank
borrowings
Intra-Group
transactions
Total net
position
Construction 0 0 1,075 64 1,322 2,333
Services 0 4 87 182 -406 -497
Airports 0 0 1 0 36 37
Toll roads 0 2 464 0 119 585
Corporate and other 0 0 526 1,015 -1,064 -1,552
Net cash position excluding
infrastructure projects 0 7 2,154 1,261 7 906
The main changes in the net cash position excluding infrastructure projects are discussed in Note 32 on “Cash Flows”.
B) Breakdown of borrowings excluding infrastructure projects
B.1) Analysis of current and non-current balances by business division
The distribution of bank borrowings is as follows:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 67

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
2011 2010
Millions of euros
Noncurrent
Change 2011
Current TOTAL Non-current Current TOTAL - 2010
Construction 38 25 64 28 21 49 15
Services 143 39 182 99 71 170 12
Airports 0 0 0 0 0 0 0
Toll Roads 0 0 0 0 0 0 0
Corporate and other 1,010 6 1,015 1,815 29 1,844 -829
Total bank borrowings
excluding infrastructure
projects
1,191 71 1,261 1,943 120 2,063 -803
B.2) Maturities by currency and fair value of borrowings excluding infrastructure projects
Fair
value
2011
Carrying
amount
2011
Maturities
Currency 2012 2013 2014 2015 2016 2017 and
subsequent
years
Total
maturities
Construction 64 64 14 2 2 4 12 5 39
EUR 43 43 2 2 2 3 5 5 18
USD 12 12 12 0000 0 12
PLZ 9 9 1 0 0 2 7 0 9
Services 182 182 37 17 7 92 8 12 174
EUR 75 75 24 7 7 9 8 12 67
GBP 107 107 14 10 0 84 0 0 107
Corporate and other 1,015 1,015 1 1 98 929 0 0 1,030
EUR 1,006 1,006 1 90 929 1,021
PLZ 9 9 0 1 8 9
Total bank borrowings
excluding infrastructure
projects
1,261 1,261 52 20 107 1,026 20 17 1,242
The differences between the total maturities of bank borrowings and the carrying amounts of the debt at 31 December 2011 are
explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in
accordance with applicable accounting regulations (especially accrued interest payable and the application of the amortised cost
method). The debt maturities do not include interest.
The total fair value of bank borrowings excluding infrastructure projects at 31 December 2011 was EUR 1,261 million (EUR 2,063
million at 31 December 2010).
The 2012 maturities total EUR 52 million and relate mainly to the Services Division, the most significant relating to Inagra (EUR 18
million), the finance lease of Amey (EUR 13 million) and the loan repayable on a half-yearly basis of Recogida de Residuos Barcelona
(EUR 6 million). The most significant maturity of 2012 of the Construction Division relates to the Webber loan (EUR 12 million).
B.3) Exposure to interest rate risk excluding infrastructure projects
In order to complete the information on exposure to interest rate risk presented in Note 4, following is the detail of the various debt
components indicating the portion subject to fixed interest rates, the portion hedged by derivatives and floating-rate debt.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 68

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Millions of euros
Type of debt 2011 % 2010 %
Construction 64 49
Fixed 0 0% 0 0%
Hedged (IRS) 13 20% 18 36%
Floating 51 80% 31 64%
Services 182 170
Fixed 0 0% 4 2%
Hedged (IRS) 18 10% 30 18%
Floating 163 90% 136 80%
Corporate and other 1,015 1,844
Hedged (IRS) 0 0% 820 44%
Floating 1,015 100% 1,024 56%
Total bank borrowings excluding
infrastructure projects 1,261 2,063
Fixed 1 0% 4 0%
Hedged (IRS) 31 2% 868 42%
Floating 1,229 97% 1,191 58%
The debt balances hedged by IRSs (interest rate swaps) relates to derivatives that convert floating-rate bank borrowings to fixed
interest rates (see Note 12).
B.4) Information on credit limits and drawable credit
Set out below is a comparative analysis of borrowings not drawn down at year-end:
2011
Borrowings Debt limit Bank borrowings Amount drawable Consolidated
debt
Construction 157 39 118 64
Services 329 174 155 182
Toll roads 2 0 2 0
Corporate and other 1,864 1,030 834 1,015
Total bank borrowings excluding
infrastructure projects
2,351 1,242 1,109 1,261
2010
Borrowings Debt limit Amount drawn down Amount drawable
Consolidated
debt
Construction 111 30 81 49
Services 273 140 133 170
Corporate and other 2,539 1,834 705 1,844
Total bank borrowings excluding
infrastructure projects
2,923 2,004 919 2,063
The differences between total bank borrowings and the carrying amount thereof at 31 December 2011 are explained mainly by the
difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with
applicable accounting regulations.
Set out below is a more detailed description of interest rates, maturities and covenants for the main borrowings excluding
infrastructure projects.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 69

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
B.5) Corporate: Borrowings of Ferrovial, S.A.
B.5.1) Changes in borrowings
The changes in Ferrovial, S.A.’s borrowings in 2011 were as follows:
Thousands of euros
Balance at
01/01/11
Increases Decrease Transfers Interest Other fees
and
commissions
Exchange
rate effect
Balance at
31/12/11
Non-current bank
borrowings
1,810 0 -789 0 5 -4 -21 1,001
Tranche A1 841 0 -252 0 13 -4 0 598
Tranche A2 146 0 -140 0 0 -6 0
Tranche A3 823 0 -397 -403 -8 -16 0
Tranche B1 0 0 0 403 1 404
Finance leases 3 0 0 0 0 0 0 3
Total 1,813 0 -789 0 5 -4 -21 1,004
On 12 April 2011, Ferrovial S.A. restructured its gross corporate borrowings (EUR 1,805 million at that date; EUR 1,826 million at 31
December 2010), through the repayment of EUR 490 million (tranche A2 -denominated in Swiss francs- was repaid in full, and the
tranches denominated in euros and pounds sterling were partially repaid) and the refinancing of EUR 1,305 million.
The refinancing was performed through the arrangement of a syndicated loan with 32 banks (Spanish and foreign), extending maturity
until April 2015 (previous maturity 2012), see point C below. The transaction also includes the renewal of the working capital line
amounting to EUR 541 million (tranche C) against which no amounts have been drawn down.
The agreements have led to lower borrowing costs.
The main changes during the year after the refinancing include:
a) Repayment of the debt principal (euros and pounds sterling) in July amounting to EUR 252 million, which entailed the early
repayment of the fees and commissions associated therewith, which were adjusted in 2011.
b) Impact of the fees and commissions incurred on the refinancing of the borrowings; an impact that is taken into account in
terms of the measurement thereof at amortised cost in accordance with Note 3.3.18
c) Redenomination or transfer of EUR 403 million of tranche A3 denominated in pounds sterling to a new tranche B1
denominated in euros, arranged on 14 November 2011. Up to this time, the tranche denominated in pounds sterling had an
impact due to the exchange rate of EUR 16 million, which was offset by foreign currency derivatives and a cash position in
sterling.
B.5.2) Main features of the bank borrowings
a. Structure
The bank borrowings at 31 December 2011 were structured in two tranches maturing in 2015, both of which are denominated in
euros.
At 31 December 2011 the principals amounted to EUR 617 million for A1 (EUR 869 million in 2010) and EUR 403 million for tranche B1
(EUR 957 million for tranches A2 and A3 at 31 December 2010), see point C below.
There are also undrawn credit lines:
- a tranche C, forming part of the corporate debt, consisting of a revolving working capital facility of EUR 541 million, maturing in
2015.
- and two bilateral credit facilities arranged with two separate banks, neither of which have been drawn down:
o the first arranged on 20 December 2010 for EUR 120 million, maturing on 20 December 2013,
o and the second arranged on 15 September 2011 for EUR 100 million, maturing on 15 September 2014.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 70

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
b. Applicable interest rates and credit limits
In all cases the applicable interest rate is EURIBOR plus a spread.
For the purposes of the accrual and settlement of interest on amounts drawn down, each drawdown will be divided into interest
periods of one, three or six months (at Ferrovial’s discretion).
As regards exposure to interest rate risk, set forth below is a detail of debt components indicating the portion tied to fixed interest
rates, the portion hedged by derivatives and the portion tied to floating rates.
Type of borrowing Thousands of euros Thousands of euros
2011 % 2010 %
Fixed 0 0% 0 0%
Hedged 0 0% 793 44%
Floating 1,001 100% 992 56%
Total 1,001 1,785
As regards Ferrovial, S.A.’s exposed borrowings, a fluctuation of 100 basis points in the interest rate would have an impact of EUR 10
million on the income statement (EUR 7 million on the net profit).
c. Maturities
As indicated in point a., the borrowings have a maturity structured in 2015 for a nominal amount of EUR 1,020 million.
The differences between the nominal amount and the amount corresponding to the of tranche A (EUR 617 million as compared to EUR
598 million, respectively) is due to the accounting adjustment for the interest incurred as a result of changes in the borrowings and to
the effect of the total fees and commissions incurred as a result of the refinancing transaction, as indicated in point B.5.1).
d. Financial obligations and guarantees
Ferrovial S.A. must fulfil the following financial obligations during the term of the financing, which will be assessed every six months:
i. The Group’s Net Financial Debt/EBITDA ratio must not exceed certain pre-established levels.
ii.
The Group’s EBITDA/Net Finance Costs ratio must not fall below certain pre-established levels.
For the purposes of achieving the above-mentioned ratios, the Group is deemed to include the consolidated Group companies
excluding infrastructure projects and other companies (mainly Amey, Budimex, Webber and BNI).
The Company was achieving both ratios at 31 December 2011.
e. Corporate rating
In August 2011 the financial rating agencies Standard & Poor's and Fitch issued for the first time their opinion on the financial rating of
Ferrovial, which in both cases was in the category of “investment grade”:
Agency Qualification Outlook
S&P BBB- Stable
FITCH BBB- Stable
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 71

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
B.6) Services
The bank borrowings relate basically to:
• Long-term bank loans and debt (EUR 136 million). The main features of these borrowings are presented below by company, which
include mainly:
Cespa Group (EUR 37 million). Finance leases, credit facilities and bank loan hedged by an interest rate swap, as described
in Note 12 on "Derivative Financial Instruments".
Amey (EUR 83 million). Floating-interest bank loan tied to LIBOR.
Donarbon Ltd (EUR 10 million). Bank loan tied to LIBOR maturing in December 2013.
Spanish Services division (EUR 3 million). Long-term finance lease. Long-term portion of lease instalments and interest
under long-term leases.
Albaida Residuos, S.L. (EUR 3 million). Long-term loans (maturing in 2015 and 2016).
• Short-term bank loans and debt (EUR 37 million), which relate mainly to:
Cespa (EUR 24 million).
Amey Group (EUR 13 million). Short-term finance lease.
B.7) Construction
The borrowings comprise basically loans granted to:
The UTEs Secado Térmico Butarque and Desaladora de Alicante for EUR 2 million and EUR 9 million, respectively.
Webber for EUR 12 million (EUR 11 million at 31 December 2010), and
Accounts with banks amounting to EUR 0.4 million (EUR 17 million at 31 December 2010) associated with the parent of the
division, Ferrovial Agromán S.A., and Cadagua S.A.
There is also a finance lease associated with the Budimex Group amounting to EUR 13 million, of which EUR 12 are recognised as noncurrent
associated with lease payments and interest maturing at more than one year and a finance lease granted to Ferrovial Agromán
amounting to EUR 2.5 million maturing in 2017.
21. Other non-current liabilities
The detail of the non-financial non-current liabilities is as follows:
Balance at
31/12/11
Balance at
31/12/10
Change
2011-2010
Other long-term payables 163 122 41
Other non-financial payables 16 32 -16
Total 179 154 25
“Other Non-Current Liabilities” includes mainly the participating loan granted by the State to the concession operator Autopista del Sol
for the construction of the Estepona - Guadiaro section of the related toll road, amounting to EUR 93 million at 31 December 2011 (31
December 2010: EUR 92 million), and to the additional participating loans granted to the concession operator Autovía de Aragón for
EUR 32 million, and to Concesionaria de Prisiones de Figueras for EUR 12 million.
22. Trade and other payables
Set out below is a detail of the remaining short-term, non-financial payables at 31 December 2011 and 2010, including advances paid
to trade creditors included under "Trade and Other Receivables":
Balance at
31/12/11
Millions of euros
Balance at
31/12/10
Change
2011-2010
Trade payables 3,128 3,906 -778
Current tax liabilities 50 264 -214
Other non-trade payables 704 720 -16
Total 3,882 4,889 -1,007
Advances paid -35 -50 15
Net trade payables 3,847 4,839 -992
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 72

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Other Non-Trade Payables” includes payables to public authorities other than income tax payables amounting to EUR 305 million at 31
December 2011 (EUR 323 million in 2010).
Additionally, “Trade Payables” includes advances received on orders amounting to EUR 786 million (EUR 756 million at December
2010), of which EUR 659 million were received from the Construction Division (EUR 650 million at December 2010).
Group management considers that the carrying amount of trade receivables approximates their fair values.
The table below presents the disclosures on the payment periods to suppliers as provided for in the Spanish Accounting and Audit
Institute (ICAC) Resolution of 29 December 2010, implementing the disclosure obligation provided for in Additional Provision Three of
Law 15/2010, of 5 July, on measures to combat late payment in commercial transactions.
Millions of euros
Paid in the maximum payment period 1,796.5 96.4%
Remainder 66.5 3.6%
TOTAL 1,863 100%
Weighted average period of late
payment (days)
70
Amount deferred 7.4
"Weighted Average Period of Late Payment" is considered to be the amount calculated as the quotient whose numerator is the result of
multiplying the payments made to suppliers outside the maximum payment period by the number of days of late payment and whose
denominator is the total amount of the payments made in the year outside the maximum payment period.
"Remainder" includes the payments that exceed the maximum payment period.
"Amount Deferred" includes the balance payable to suppliers past due by more than the maximum payment period at 31 December
2011.
23. Tax matters
23.1 Reconciliation of the income tax expense to the profit before tax:
The reconciliation of the income tax expense to the profit before tax for 2011 and 2010 is as follows:
In view of the significance of the Group’s activities in Spain, the United Kingdom and the United States, following is the abovementioned
reconciliation for those countries:
Millions of euros
2011
Spain
United
Kingdom USA
Other
countries Total
Tax rate 30% 27% 40% 24%
Profit before tax 241 113 0 132 485
Results of companies accounted for using the
equity method
2 7 0 -29 -20
Permanent differences -190 -7 -4 6 -195
Taxable profit/Tax loss 52 113 -4 109 270
Tax at applicable tax rate 16 30 -2 27 70
Tax credits 0 0 -1 0 -1
Other 3 -4 11 8 19
Tax expense/benefit for the year 19 26 8 35 88
Effective tax rate applicable to tax base 37% 23% -190% 32% 33%
Adjustment of prior years’ tax -71 -10 54 1 -27
Total tax expense -52 16 62 35 61
Total effective rate applicable to profit
before tax
-22% 14% n/a 27% 13%
Ferrovial recognised tax income of EUR 61 million in its income statement, in spite of having earned a profit before tax of EUR 485
million.
Certain items included in the profit before tax that are not taxable need to be taken into consideration in order to be able to
understand this figure:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 73

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
- Result of companies accounted for using the equity method, which pursuant to accounting legislation is presented already net of the
related tax effect. The profit generated by these companies totalled EUR 20 million in 2011.
- Permanent differences: which relate to either profits or losses which are not subject to taxation or which do not generate deductible
expenses. The permanent differences totalled EUR 195 million in 2011 and related basically to the exemption on the gain arising from
the sale in February 2011 of the ownership interest held in the Swissport Group, as discussed in Note 1.2 on changes in the scope of
consolidation and due to the conditions established for application of the exemption on foreign-source transactions provided for in
Article 21 of the Consolidated Spanish Corporation Tax Law, approved by Legislative Royal Decree 4/2004, of 5 March, being met.
With these adjustments, the taxable profit amounted to EUR 270 million and, applying the effective rate of each country and
considering the tax credits for the year, the income tax expense totalled EUR 88 million, with an effective tax rate of 33%.
The difference between the income tax expense of EUR 88 million and the total expense recognised in the year totalling EUR 61 million
relates to the adjustment of deferred tax assets and liabilities of prior years and the reassessment of the recoverability of the deferred
tax assets recognised, giving rise to an income tax benefit of EUR 27 million, without any impact on cash.
The following table shows the reconciliation of the income tax expense/benefit for 2010:
Millions of euros
2010
Spain United Kingdom USA Other countries Total
Tax rate 30% 28% 40% 27%
Profit or loss before tax -401 124 -31 3,176 2,869
Results of companies accounted for using the
equity method
-12 -21 0 -7 -40
Permanent differences -14 3 -8 -2,850 -2,869
Taxable profit/ Tax loss -427 106 -38 320 -40
Tax at applicable tax rate -128 30 -15 79 -34
Tax credits 0 0 0 3 3
Other -5 -3 11 19 22
Tax expense for the year -133 27 -4 100 -10
Effective tax rate applicable to tax base 31% 25% 12% 31% 26%
Adjustment of prior years’ tax 85 33 16 96 231
Total tax expense -48 60 12 197 220
Total effective rate applicable to profit or loss
before tax
12% 48% -39% 6% 8%
In 2010 10% of the share capital held by the Group in 407 ETR, the Canadian toll road concession operator, and 40% of the equity
interest held in Cintra Chile were sold. These transactions gave rise to pre-tax gains of EUR 2,489 million and EUR 229 million,
respectively. The aforementioned transactions were considered permanent differences in the calculation of income tax since they are
not subject to taxation because they meet the conditions established for application of the exemption on foreign-source transactions
provided for in Article 21 of the Consolidated Spanish Corporation Tax Law, approved by Legislative Royal Decree 4/2004, of 5 March.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 74

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
23.2 Difference between deferred tax and current tax:
The breakdown of the accrued tax for 2011 and 2010, differentiating between current tax and deferred tax is as follows:
Spain
United
Kingdom
Millions of euros
2011
USA
Other
countries
Tax expense for the year 19 26 8 35 88
Deferred tax expense 29 16 -8 3 39
Current tax expense -10 11 16 32 49
Adjustment of prior years' taxes -71 -10 54 1 -27
TOTAL tax expense -52 16 62 35 61
Millions of euros
2010
Spain United Kingdom USA Other countries Total
Tax expense for the year -133 27 -4 100 -10
Deferred tax expense -122 11 5 17 -89
Current tax expense -10 15 -9 82 78
Adjustment of prior years' taxes 85 33 16 96 231
TOTAL tax expense -47 60 12 195 220
23.3 Changes in deferred tax assets and liabilities at December 2011:
Millions of euros
Balance at
01/01/11
Exclusion
from the
scope of
consolidation
of BAA
Adjustments
and other
Charge/Credit
to income
statement
Charge/Cred
it to equity
Exchange
rate
effect
Total
Balance at
31/12/11
Transfers
Deferred tax assets
Tax assets 1,127 -213 -2 -93 -17 0 5 807
Temporary differences
(tax/accounting
496 -112 29 25 2 1 -2 439
recognition methods)
Deferred tax assets
arising from business
93 -93 0 0 0 0 0 0
combinations
Deferred tax assets
arising from valuation
751 -153 -99 -4 -15 129 16 626
adjustments
Other 59 113 -32 -28 48 0 -9 151
Total 2,526 -458 -104 -100 18 131 10 2,022
Millions of euros
Deferred tax liabilities
Deferred tax liabilities
arising from business
combinations
Temporary differences
(tax/accounting
recognition methods)
Deferred tax liabilities
arising from valuation
adjustments
Industrial building
Balance at
01/01/11
Exclusion
from the
scope of
consolidation
of BAA
Transfers
Adjustments
and other
Charge/Credit
to income
statement
Charge/Cred
it to equity
Exchange
rate
effect
Balance at
31/12/11
1,003 -777 0 -74 12 0 7 171
989 -649 12 -3 17 0 4 370
130 0 -69 0 0 -20 -3 37
1,392 -1,392 0 0 0 0 0 0
allowance
Other 895 -58 -61 -82 29 -3 1 722
Total 4,409 -2,876 -118 -158 57 -23 8 1,299
The deferred tax assets recognised at 31 December 2011 arose mainly from:
a) Tax assets
These relate to accrued tax assets which have not been deducted by the Group companies. This item does not include all the tax
assets accrued, but rather only those that, based on company projections, are expected to be used before they expire.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 75

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Section 23.4 of this Note provides further detail on these tax assets, which relate to the tax loss carryforwards (EUR 804 million), the
most relevant of which relate to the Toll Roads Division (EUR 402 million), the Corporate Division (EUR 382 million) and to
reinvestment and dividend double taxation tax credits (EUR 3 million).
b) Assets and liabilities arising from timing differences between the accounting and tax income and expense
recognition methods
This item relates to the tax impact resulting from the fact that the timing of recognition of certain expenses or depreciation and
amortisation charges is different for accounting and tax purposes. The recognition of a tax asset in this connection means that certain
expenses have been recognised for accounting purposes before their recognition for tax purposes and, therefore, the Company will
recover these expenses for tax purposes in future years. Conversely, a liability represents an expense that is recognised for tax
purposes before its recognition for accounting purposes. Most notably "Deferred Tax Assets" includes the provisions amounting to EUR
266 million recognised for accounting purposes, which do not have any effect for tax purposes until they are used, and finance costs of
EUR 126 million. Deferred tax liabilities relate mainly to accelerated depreciation for tax purposes, amounting to EUR 271 million.
c) Deferred taxes from the revaluation of derivative instruments, pension funds and translation differences (valuation
adjustments)
This reflects the cumulative tax impact resulting from valuation adjustments recognised in reserves. This impact appears as an asset or
liability since there is no tax payable or refundable until this amount in reserves is transferred to profit or loss. The asset balance
relates to accumulated losses in reserves that will result in tax income when it is recognised in profit or loss. The liability balance
relates to gains not yet recognised for tax purposes. Noteworthy is the deferred tax asset relating to financial derivatives, amounting to
EUR 485 million.
d) Other:
The other deferred tax liabilities include most notably the tax provision for the shareholdings in the BAA Group (EUR 328 million) and
in Cintra USA (EUR 125 million). The detail of the changes in the deferred tax assets and deferred tax liabilities in 2010 is as follows:
Millions of euros
Balance at
01/01/10
Transfers
Adjustments
and other
Charge/Credit
to income
statement
Assets
held for
sale
Charge/Credit
to equity
Exchange
rate
effect
Balance
at
31/12/10
Deferred tax
assets
Tax assets 972 228 -111 83 -53 0 8 1,127
Temporary dif.
(tax/accounting
recognition
351 88 -5 104 -51 0 9 496
methods)
Deferred tax assets
arising from
business
133 -25 -6 -14 0 0 5 93
combinations
Deferred tax assets
arising from
599 -3 44 38 -6 61 18 751
valuation adj.
Other 135 -105 25 6 -9 0 8 59
Total 2,190 184 -53 217 -121 61 48 2,526
Millions of euros
Balance at
01/01/10
Transfers
Adjustments
and other
Charge/Credit
to income
statement
Assets
held for
sale
Charge/Credit
to equity
Exchange
rate
effect
Balance
at
12/31/10
Deferred tax
liabilities
Deferred tax
liabilities arising
from business
1,086 -13 59 -159 -8 0 39 1,003
combinations
Temporary dif.
(tax/accounting
recognition
868 214 15 -53 -39 0 26 1,032
methods)
Deferred tax assets
arising from
23 0 67 -5 0 40 5 130
valuation adj.
Industrial Building
Allowance
1,539 -73 0 -130 0 0 56 1,392
Other 521 56 124 155 -8 0 3 852
Total 4,037 184 266 -192 -56 40 129 4,409
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 76

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
23.4 Tax assets:
At 31 December 2011, the Ferrovial Group companies had tax loss carryforwards totalling EUR 3,435 million, giving a tax asset of EUR
1,080 million calculated at the tax rate applicable in each country.
The detail of the tax loss carryforwards and of the related tax assets calculated at the tax rate applicable in each country is as follows:
2011 (Millions of euros)
Tax
Last year Maximum tax Tax asset
Country
losses
for offset
asset recognised
Spain 2,244 2019-2029 673 656
United States 1,103 2026-2030 386 140
UK 47 No lapsing date 12 3
Poland 15 2011-2016 3 2
Ireland 10 No lapsing date 1 1
Portugal 10 2011-2015 3 1
Holland 1 2015-2020 0 0
Chile, construction 6 No lapsing date 2 1
Total 3,435 1,080 804
Additionally, Ferrovial had unused reinvestment and other tax credits of EUR 166 million at 31 December 2011 (EUR 198 million in
2010), of which EUR 3 million had been recognised at 31 December 2011.
23.5 Years open to tax audit
Ferrovial S.A., Ferrovial Servicios S.A., Ferrovial Agromán S.A., Norvarem S.A., Ferrovial Aeropuertos S.A., Ferrovial Infraestructuras
S.A. and Amey UK Plc. are currently being audited by the tax authorities for income tax for 2006. In addition to 2008, the last four
years are open for review by the tax authorities for all the taxes applicable to the Group.
Contingent tax liabilities may arise from the criteria that tax authorities may adopt in relation to the years open for review which cannot
be objectively quantified. However, the directors of the Parent consider that such liabilities as might arise from a possible assessment
by the tax authorities other than those for which a provision has already been recognised would not be significant.
24. Contingent liabilities, contingent assets and obligations
a) Contingent liabilities
The Group has contingent liabilities for of litigation arising in the ordinary course of business from which no significant liabilities are
expected to arise other than those for which provisions have already been recognised. In this connection, the most significant litigation
relating to contingent liabilities is as follows:
Litigation and risk in relation to Spanish toll roads
R-4 toll road
The contingent liabilities in the toll road division relate to the cost of expropriations, mainly in connection with the valuation of land
subject to expropriation required to build toll roads, since several claims have been filed in this regard. Therefore, a provision of EUR
421 million (see Note 19) was recognised, which relates mainly to the R-4 toll road in which Ferrovial has an ownership interest of
55%. However, this risk has been reduced by Additional Provision Forty-One of State Budget Law 26/2009 for 2010, which provides
that toll-road concession operators may obtain a participating loan for expropriation cost overruns provided certain requirements are
met, which is the case of the R-4 toll road concession operator.
In addition to the problems relating to expropriations, the R-4 toll road was affected by significant reductions in vehicle numbers in
recent years. Also, Additional Provision Eight of Law 43/2010, which attempted to mitigate the imbalance arising as a result of these
reductions, introduced a measure consisting of the possibility of receiving from the concession grantor compensation equal to the
difference between the toll revenue that would have been earned had 80% of the traffic projected in the tender specifications been
reached and the toll revenue arising from actual traffic. This compensation will only be available for a period of three years and is
subject to certain budget restrictions and maximum volume limits.
Despite the aforementioned measures, the trend in expropriation processes and the ongoing fall in traffic in this project made it
impossible to refinance the borrowings relating thereto (see Note 20), the original maturity date of which was January 2011 but was
subsequently extended to July 2011. Subsequent agreements were entered into relating to the final maturity of the borrowings, which
was extended initially to November 2011 and, subsequently, to 27 February 2012.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 77

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
As a result of the maturity date, the feasibility of the project is currently dependant on a possible agreement between all the parties
involved which will make it possible to restore its economic and financial equilibrium. At 31 December 2011, Ferrovial had recognised a
provision in full for the investment in the aforementioned project.
As regards the M-203 toll road, operated by Sociedad Concesionaria de la Comunidad de Madrid, construction of which has been put
on hold for several years, and which is also exposed to the risk of expropriation cost overruns, the Madrid Department of Transport
and Infrastructure, through a Resolution of the Directorate-General of Roads of 9 July 2010, initiated proceedings to modify the
concession arrangement and restore its economic and financial equilibrium. To this end, on 26 October 2010 the concession operator
submitted a rebalancing application to the Department containing the technical design for the modification of the route required by the
grantor. The Procurement Division of the Madrid Autonomous Community Government approved the change to the project and the
restoration of the economic and financial balance of the concession on 25 October 2011. The change to the concession arrangement
was formally executed on 16 December 2011. The construction work that will link the M-203 road to the R-3 road is not due to
commence until the agreement with the Spanish Ministry of Public Works (currently in progress) is entered into.
Claims of Promociones Habitat, S.A. in connection with the agreement for the purchase of Ferrovial Inmobiliaria, S.A.
Certain claims have been filed by Promociones Habitat, S.A. in relation to the guarantees provided under the agreement for the
purchase of Ferrovial Inmobiliaria, S.A., pending resolution or payment, a provision for which has been duly recognised in the financial
statements.
BAA
In 2011 BAA Limited ("BAA") was notified of the decision handed down by the UK Competition Commission dated 19 July 2011,
whereby it dismissed the arguments of the former relating to the substantial change in circumstances since the publication of the
Commission's decision in March 2009 and obliged BAA to sell Stansted Airport and either Glasgow Airport or Edinburgh Airport.
In February 2012, as discussed in Note 38 on events after the reporting period, the UK Competition Appeal Tribunal rejected the latest
appeal filed by BAA in relation to the request by the Competition Commission to sell Stansted Airport. BAA is currently analysing other
possible alternatives.
Other litigation
In addition to the above-mentioned litigation, various Group companies are involved in a number of lawsuits in the ordinary course of
business, as listed below:
- Claims relating to defects in construction projects performed or services rendered.
- Claims for third-party liability in connection with the use of the Group’s assets or the actions of the Group’s employees, the most
significant of which relate to road accidents on the toll roads managed by the Group.
- Employment-related claims.
- Environmental claims.
- Tax claims.
Certain of the above-mentioned risks are covered by insurance policies (third-party liability, construction defects, etc.), and based on
the estimates of the Group's legal advisers, no contingent liabilities will arise which might have a significant impact on the consolidated
financial statements.
b) Bank guarantees
At 31 December 2011, the Group companies had provided guarantees totalling EUR 4,240 million (EUR 4,334 million in 2010).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 78

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The following table contains a breakdown of guarantees by business area. The most significant item relates to the Construction
Division (EUR 3,226 million), consisting basically of guarantees covering the liability of construction companies for the performance and
completion of construction work required during the bidding processes:
Financing guarantees
Millions of euros 2011 2010
Construction 3,226 3,174
Toll roads and car parks 328 436
Services 543 625
Airports 7 7
Other 136 91
Total 4,240 4,334
The guarantees that Ferrovial and its subsidiaries provided in relation to the financing of certain projects in which it has ownership
interests are listed below:
- Norte Litoral.- Guarantee limited to the expropriation cost overruns during the expropriation period.
- R-4 Madrid Sur.- There is a guarantee that covers EUR 13 million in the event the concession is terminated or any ratio
is not achieved at the date of its expiry.
- Ausol.- Guarantee limited to EUR 30 million for debt service and recognition of a debt service reserve fund in the event of
a cash shortfall on the project.
- Azores.- Guarantee limited to EUR 10 million until 2017 as required by Article 35 of the Portuguese Companies Law.
- SH130.- Guarantee limited to USD 23 million for the expropriation cost overruns during the expropriation period and a
guarantee limited to USD 20 million for debt service during the first five years of operations.
- Serrano Park. Guarantee for the recalculation of the base case for a maximum amount of EUR 5 million, with a sublimit
for debt service of EUR 1 million from 2011 to 2014.
- Triconitex, S.A.- Guarantee for the payment of a finance lease relating to this company, limited to the principal of EUR 1
million at 31 December 2011.
- Ecoparc del Mediterrani, S.A.- Guarantee from the shareholders in proportion to their shareholdings, limited to the
amount of this company’s credit facility (EUR 2 million at 31 December 2011).
- Inagra.- Guarantee limited to the amount of this company’s credit facility (EUR 12 million at 31 December 2011).
- UTE Reciclados Daimiel.- Guarantee for the payment of the company's finance lease limited to the principal (EUR 0.14
million at 31 December 2011).
- La Selva, Nora.- Guarantee from the shareholders in proportion to their shareholdings, limited to several of this
company’s loans (EUR 3 million at 31 December 2011).
- Ayora Biogás - Guarantee limited to the amount of this company's credit facility (EUR 0.2 million at 31 December 2011).
- Ecocat.- Guarantee from the shareholders in proportion to their shareholdings, limited to several of this company's credit
facilities (EUR 5 million drawn down at 31 December 2011).
Note: the amounts relating to the guarantees correspond to the Ferrovial Group’s percentage interest in the various projects.
Additionally, in some projects and construction work, there are technical guarantees applicable up to the start-up of operations of
the project or construction work, which are the standard guarantees demanded from shareholders in the framework of the
financing transactions.
In the ordinary course of the Group’s activities certain other technical guarantees have been provided, as is standard practice in
this market.
In the case of the Services Division, Amey has arranged guarantees and letters of credit totalling EUR 13 million for the investment
and subordinated debt relating to its infrastructure projects.
Contingent assets
The Group had not received any significant guarantees from third parties at 31 December 2011 or 2010.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 79

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Investment commitments
As described in Note 1, the infrastructure projects carried out by the Group are performed through long-term contracts where the
concession operator is a company in which the Group has interests, either alone or together with other partners, and it is the project
itself to which the borrowings necessary for financing are allocated, without recourse to the shareholder, under the terms set forth in
Note 20. From the management viewpoint, Ferrovial takes into account only the investments obligations in the equity of the projects,
since the investment in the assets is financed by the borrowings of the projects themselves.
The investment obligations of the Group in relation to the capital of its projects are as follows:
Maturities
Millions of Euros 2012 2013 2014 2015 2016 2017 and
subsequent
years
TOTAL
Investments in infrastructure projects 108 87 85 68 2 1 351
Toll roads 94 87 85 68 2 1 337
Services 14 0 0 0 0 0 14
Investments in infrastructure projects accounted
for using the equity method
21 32 2 29 0 0 84
Toll roads 21 30 2 4 0 0 57
Services 0 2 0 25 0 0 27
TOTAL INVESTMENTS IN INFRASTRUCTURE
PROJECTS
129 119 87 97 2 1 435
Obligations under operating and finance leases
The expense recognised in relation to operating leases in the income statement for 2011 totals EUR 191 million.
The future total minimum lease payments for non-cancellable operating leases are shown below:
2011
CORPORATE CONSTRUCTION TOLL ROADS SERVICES AIRPORTS TOTAL
Less than one year 2 28 4 39 0 73
Between one and five years 10 20 5 80 0 115
More than five years (*) 37 4 0 16 0 57
LESSEE 49 52 9 135 0 246
2010
CORPORATE CONSTRUCTION TOLL ROADS SERVICES AIRPORTS TOTAL
Less than one year 2 26 4 33 0 65
Between one and five years 10 15 5 66 0 96
More than five years 40 3 0 18 0 61
LESSEE 52 44 9 118 0 223
The Group has no significant obligations as lessor under the operating leases.
The detail at 31 December 2010 is as follows:
2010
CORPORATE CONSTRUCTION TOLL ROADS SERVICES AIRPORTS TOTAL
Less than one year 1 0 70 72
Between one and five years 1 1 287 289
More than five years 0 1,018 1,018
PROJECTS 0 0 3 1 1,375 1,379
Less than one year 2 26 3 33 64
Between one and five years 10 15 4 65 94
More than five years 40 3 18 61
OTHER COMPANIES 52 44 7 116 0 219
LESSEE 52 44 9 117 1,375 1,598
Less than one year 101 101
Between one and five years 336 336
More than five years 2,131 2,131
LESSOR 0 0 0 0 2,568 2,568
Environmental obligations
Any operation designed mainly to prevent, reduce or repair damage to the environment is treated as an environmental activity.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 80

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Investments in environmental activities are measured at acquisition cost and are capitalised to the cost of non-current assets in the
year in which they are made, applying the methods described in Note 3 on “Accounting Policies”.
Costs incurred to protect and improve the environment are taken to the income statement when incurred, irrespective of when the
related monetary or financial flow takes place.
Provisions for probable or certain environmental liability, litigation in progress and indemnities or other outstanding obligations of
undetermined amount not covered by insurance policies are recorded when the liability or obligation giving rise to the indemnity or
payment arises.
25. Fair value adjustments
The “Fair Value Adjustments” column relates to gains and losses arising as result of changes in the fair value of derivatives, other
financial assets and liabilities and impairment losses on assets and liabilities. Specifically, in 2011 there were three items with a
significant impact: the remeasurement at fair value of the interest retained in BAA (see Notes 1.2 and 2), the impairment losses
recognised on certain assets (see Note 26), and the impact of the revaluation of derivatives that are not considered effective the
changes of the value of which are recognised in the income statement (see Notes 12 and 29).
26. Impairment and disposals of non-current assets and Other Non-recurring effects
In addition to the revaluations and impairment losses included in the fair value adjustments, this line item includes the gains and losses
on disposals recognised and other non-recurring effects.
The detail of the main gains and losses relating to impairment and disposals is as follows:
Gains and losses recognised in 2011:
Millions of euros
Before fair
value
adjustments
Impact on profit or
loss before tax
Fair
value
adjustments
2011 Total
Impact
on net
profit or
loss
Gains from disposals:
Swissport 195 0 195 200
Total services 195 0 195 200
Gains from disposals:
Trados 45 41 0 41 27
Chilean toll roads -6 0 -6 -6
Impairment losses 0 -87 -87 -66
Total Cintra 34 -87 -52 -45
Impairment and gains and losses on disposals of non-current assets
and Other Non-recurring effects
229 -87 142 154
Gains
On 17 February Ferrovial Servicios sold the ownership interest it held in Swissport, which was classified as held for sale in the
consolidated financial statements for 2010. This transaction gave rise to the recognition of a gain of EUR 195 million (EUR 200 million
in the net profit attributable to the Parent).
In addition, on 20 January, Cintra completed the process to sell its ownership interest of 50% in Autopista Trados 45 to FINAVIAS, an
investment vehicle for the infrastructure funds of AXA Private Equity. The gain on this transaction amounted to EUR 41 million (EUR 27
million in profit attributable to the Parent).
Also in the Toll Roads Division, on 16 November it was agreed with the Colombian company ISA to sell the remaining 40% held by
Cintra in Cintra Chile following the transaction to sell 60% in 2010. The loss incurred in 2011 amounted to EUR 6 million and relates
mainly to translation differences arising on the ownership interest held until the date of the sale.
Impairment
An impairment loss of EUR 87 million was recognised within the Toll Roads Division (EUR -66 million effect on net profit) in relation to
the portfolio of European toll roads due to the negative evolution thereof in 2011 and the updated long-term assumptions relating to
these toll roads based on the methodology described in Note 6. These impairment losses were recognised under various headings in
the balance sheet. A balancing item of EUR -55 million was recognised under "Provisions" (see Note 19), EUR -25 million was
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 81

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
recognised under "Financial Assets" (see Note 11) and, lastly, EUR -7 million was recognised as a reduction of non-current assets in
infrastructure projects (see Note 8).
Gains and losses recognised in 2010:
The breakdown of the main gains and losses recognised in 2010 in relation to sales and impairment of significant assets and of their
impact on the net profit or loss recognised is as follows:
Impact on profit or
loss before tax
Before fair Fair
value value Total 2010
adjustments adjustments
Impact on
net profit or
loss
2010
Gains from disposals:
APP 18 0 18 12
US Retail 7 0 7 1
Naples Airport 11 0 11 5
Other disposals 21 0 21 12
Impairment losses 0 -734 -734 -366
Total BAA 56 -734 -678 -336
Gains from disposals:
10% ETR 407 474 2,015 2,489 2,471
Chilean toll roads 206 148 354 274
Impairment losses 0 -277 -277 -193
Total Cintra 680 1,886 2,567 2,552
Gains relating to Tubelines 2 0 2 2
Other gains on disposals 2 0 2 2
Other impairment losses 0 -13 -13 -10
Impairment and gains and losses on disposals of non-current assets
and Other Non-recurring effects
Gains
740 1,139 1,879 2,210
On 5 October 2010, Cintra Infraestructuras reached an agreement to sell 10% of its interest in the share capital of the 407 ETR toll
road concession operator in Toronto, Canada for CAD 894 million (EUR 634 million). The transaction gave rise to a pre-tax gain of EUR
2,489 million (EUR 2,471 million effect on net profit), which is distributed between the gain itself on the sale of the 10% interest (EUR
474 million effect on profit before tax and EUR 467 million effect on net profit), and the remeasurement at fair value of the interest
retained, representing 43.23% of the share capital of that company (EUR 2,015 million effect on profit before tax and EUR 2,005
million effect on net profit), and the latter amount was recognised as a fair value adjustment in the Group’s consolidated income
statement.
Additionally, on 15 September 2010 Cintra Infraestructuras completed the sale of 60% of its equity interest in Cintra Chile, a company
that operates five stretches of Chilean toll roads, for CLF 7 million (approximately EUR 220 million). Furthermore, the buyer and seller
established cross call and put options on the remaining 40% of the shares. The transaction gave rise to a pre-tax gain of EUR 354
million (EUR 274 million effect on net profit), of which EUR 206 million relate to the gain on the 60% ownership interest sold (EUR 158
million net) and EUR 148 million (before tax) relate to the remeasurement at fair value of the interest retained and the latter amount
was recognised as a fair value adjustment in the Group’s consolidated income statement (EUR 116 million net).
The total effect of gains recognised on net profit was EUR 2,779 million.
Impairment
In 2010, the BAA Group reviewed the fair value of its assets and recognised an impairment loss of EUR 734 million before tax (EUR
369 million effect on net profit). Additionally, net impairment losses of EUR 3 million were reversed at companies accounted for using
the equity method within the BAA Group.
In the Toll Roads Division, an impairment loss of EUR 277 million (with an impact on net profit of EUR 200 million) was recognised in
relation to the portfolio of Spanish toll roads and other European toll roads, due to the negative evolution of traffic during 2010 and to
the update of the long-term assumptions made for these toll roads. Additionally, net impairment losses of EUR 7 million were reversed
at companies accounted for using the equity method in the Toll Roads Division.
Lastly, impairment losses were recognised in the other divisions with a net impact of EUR 10 million and, therefore, the total impact of
net impairment losses on the net profit for the year amounted to EUR -569 million.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 82

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
27. Operating Revenue
The detail of the Group's operating income at 31 December 2011 is as follows:
Millions of euros
2011 2010
Revenue 7,446 9,384
Sales 7,186 9,109
Other operating income 260 275
Other income 15 17
Total operating revenue 7,461 9,401
Income recognised in 2011 includes most notably the collections received as a result of the traffic-shortfall compensation account
received as a result of the fall in traffic on the R-4 road and the Madrid-Levante toll road described in Note 24 to the accompanying
consolidated financial statements. Pursuant to Spanish legislation, these traffic-shortfall compensation accounts are non-refundable
provided that the traffic does not exceed the levels projected in the Economic and Financial Plan. Since this condition has been fulfilled
based on the Company's projections, these collections were recognised as income in 2011.
28. Staff costs
The detail of the staff costs is as follows:
Millions of euros
2011 2010
Wages and salaries 1,648 2,377
Social security costs 351 434
Pension plan contributions -10 -34
Share option plans 7 12
Other employee benefit costs 22 27
Total 2,018 2,815
At 31 December 2011, the detail of the number of employees, by professional category and gender, is as follows:
2011 2010
Men Women Total Men Women Total
Change
Directors 11 1 12 11 1 12 0.00%
Senior executives 11 1 12 11 0 11 9.09%
Executives 378 56 434 1,346 342 1,688 -74.30%
University and further education college
5,904 2,046 7,950 7,033 2,498 9,531 -16.59%
graduates
Clerical staff 1,091 2,322 3,413 2,853 3,596 6,449 -47.07%
Manual workers and unqualified technicians 32,974 13,402 46,376 57,243 26,493 83,736 -44.62%
Total 40,369 17,828 58,197 68,497 32,930 101,427 -42.62%
At 31 December 2011, this table does not include the BAA employees as a result of the sale of 5.88% of the ownership interest in
October, as described in Note 2. However these employees are included in 2010 for comparison purposes.
However, for the purposes of the calculation of the average headcount for the year, the BAA employees were taken into account until
the related sale in October.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 83

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The average number of employees, by business division, is as follows:
2011 2010
Men Women Total Men Women Total
Construction 10,843 1,649 12,492 11,108 1,544 12,652
Corporate 186 135 321 204 145 349
Real estate 30 54 85 36 75 111
Services 30,322 16,956 47,278 49,164 26,201 75,365
Concessions 733 423 1,156 1,275 974 2,249
Airports 5,259 3,399 8,658 6,251 4,019 10,269
Total 47,374 22,616 69,990 68,038 32,957 100,995
The change in the Services Division is a result mainly of the sale of all its ownership interest in Swissport whilst in the Concession
Division the decrease in the number of employees is a result of the sale of the concessions in Chile (sale of Cintra Chile), Spain
(divestment of Trados 45) and Canada (sale of its ownership interest in ETR-407).
29. Financial Result
The changes in finance costs and finance income were as follows:
Millions of euros
2011 2010 Change %
Borrowing costs -367 -605 -39%
Other finance costs 71 46 53%
Finance costs of infrastructure projects -296 -558 -47%
Interest income on financial assets 4 6 -21%
Other finance income 15 13 12%
Finance income of infrastructure projects 19 19 2%
Financial loss/profit from fair value adjustments -3 3 -183%
Total financial result of infrastructure projects -279 -537 -48%
Borrowing costs -116 -150 -22%
Other finance costs -129 -139 -7%
Finance expense of other companies -246 -289 -15%
Interest income on financial assets 33 21 56%
Other finance income 130 132 -2%
Finance income of other companies 162 153 6%
Financial result from fair value adjustments 60 -31 -295%
Total financial result of other companies -24 -167 -86%
Financial Result -303 -704 -57%
"Finance Costs of Infrastructure Projects" includes mainly the effect of the amounts recognised in construction projects, as shown in
the detail below. Finance costs and income that do not relate in full to financing at the other companies include mainly the effect of the
exchange rate differences, the interest cost relating to provisions for pensions and the return on the assets of these pension plans.
The biggest effect on the change in the financial loss is due basically to the fact that in 2011 the Group did not assume any effect from
407 ETR and Cintra Chile as a result of the sale of a portion of the ownership interests recognised in 2010. The financial portion
incurred to date on the sale amounted to EUR 172 million and EUR 103 million, respectively.
The gains and losses presented in the table above relating to the changes in fair value arising mainly as a result of derivatives relate to
those that were not considered to be effective. The effective portion of this amount is recognised in profit or loss based on the
recognition of the hedged item of the same nature as that recognised in the detail included under Note 12 relating to derivative
financial instruments measured at fair value. The items included under "Financial result from fair value adjustments" relating to
derivative financial instruments measured at fair value gave rise to an impact of EUR 57 million on profit before tax.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 84

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The breakdown, by project, of the financial result of infrastructure projects is shown below. The table indicates the portion of the
borrowing costs that is capitalised to investments in infrastructure projects under construction:
Financial profit (loss) of
infrastructure projects
Millions of euros
Millions of euros
2011 2010
Borrowing costs Accrued finance
recognised in costs and
profit or loss income
Borrowing
costs
capitalised
during
construction
period
Borrowing
costs
capitalised
during
construction
period
Borrowing
costs
recognised in
profit or loss
Accrued
finance costs
and income
407 ETR International 0 0 0 0 -171 -171
US toll roads 82 -163 -81 61 -146 -85
Spanish toll roads 0 -118 -118 0 -102 -102
Other toll roads (Ireland and
14 -61 -47 12 -169 -157
Portugal)
Services 0 -11 -11 0 -9 -9
Construction 0 -10 -10 0 -6 -6
Total 96 -362 -266 73 -603 -530
30. Net profit or loss from discontinued operations
At 31 December 2011, profit from discontinued operations amounted to EUR 844 million, the detail being as follows:
Income statement
Before fair
value
adjustments
2011 2010
Before fair
2011 Total value
adjustments
Fair value
adjustments
Fair value
adjustments Total 2010
Disposal Gain - BAA 142 706 847 0 0 0
Profit/loss - BAA 23 -26 -3 -77 -390 -467
Net profit/loss from discontinued operations 165 680 844 -77 -390 -467
"Net Profit or Loss from Discontinued Operations" includes mainly the disposal gain from the sale of 5.88% of the ownership interest in
BAA (see Note 2) held by the Group at 31 December 2010, which then stood at 49.99% at 31 December 2011. Of the total EUR 847
million, EUR 142 million relate to the net amount of the gain arising on this sale while EUR 706 million relate to the gain arising from
the adjusted fair value of the investment held. This gain is not subject to tax since it relates to the reversal of an impairment loss
recognised in prior years. No gain exists on the historical tax base of the Group's ownership interest in this subsidiary.
In addition, it includes BAA's loss of EUR 3 million during the first ten months of the year (see Notes 2 and 10).
31. Earnings per share
A. Basic earnings per share
Basic earnings per share are calculated by dividing the net profit or loss attributable to the Group by the weighted average number of
ordinary shares outstanding during the year, excluding the average number of treasury shares held in the year.
The calculation of basic earnings per share attributable to the Parent is as follows:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 85

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Basic earnings per share attributable to the Parent:
2011 2010
Net profit attributable to the Parent 1,269 2,163
Weighted average number of shares outstanding (thousands of shares) 733,510 733,510
Less average number of treasury shares (thousands of shares) 0 0
Average number of shares to calculate basic earnings per
share
733,510 733,510
Basic earnings per share (euros) 1.73 2.95
B. Diluted earnings per share
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding in order to reflect
the conversion of all dilutive potential ordinary shares. For these purposes, it is considered that the shares are converted at the
beginning of the year or at the date of issue of the potential ordinary shares, if the latter were issued during the current period.
At 31 December 2011 and 2010, the Group did not have any dilutive potential ordinary shares, since no convertible shares were issued
and the share-based or stock option remuneration plans discussed in Note 34 will not give rise to any capital increases at the Group,
as explained in that Note. Consequently, no dilutive impact is envisaged when employee rights under the plans are exercised.
32. Cash flow
The consolidated statement of cash flows was prepared in accordance with IAS 7. This Note provides additional disclosures thereon.
This breakdown is based on internal criteria established by the Company for business purposes, which in certain cases differ from the
provisions of IAS 7. The main criteria applied are as follows:
- In order to provide a clearer explanation of cash generated, the Group separates cash flows into “Cash Flows Excluding Infrastructure
Projects” where infrastructure project concession holders are treated as financial assets and the investments in the capital of these
companies are therefore included in cash flows from investing activities, and yields on the investments (dividends and cash
reimbursements) are included in cash flows from operating activities, and “Cash Flows of Infrastructure Projects”, consisting of cash
flows from operating and financing activities of infrastructure project concession holders (Note 1 contains a detailed definition of
infrastructure projects).
- The treatment given to interest received on cash and cash equivalents differs from that of the cash flow statement under IAS 7, since
this interest is included in cash flows from financing activities with a reduction in the amount recognised under “Net Interest Paid”.
- Lastly, these flows endeavour to present the changes in the net cash position as defined in Note 20, as the net amount of
borrowings, cash and cash equivalents and restricted cash. This method also departs from IAS 7, which explains the changes in cash
and cash equivalents.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 86

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
December 2011
Cash flow
excluding
infrastructure
projects
December 2011 (figures in millions of euros)
Cash flow of
infrastructure
projects
CONSOLIDATED
CASH FLOW
Eliminations
Gross profit from operations 463 356 0 819
Dividends received 182 0 -25 157
Income tax paid -67 -25 0 -92
Changes in receivables, payables and other -68 -103 0 -171
Cash flows from operating activities 510 228 -25 713
Investment -328 -780 135 -973
Divestment 1,264 0 0 1,264
Cash flows from investing activities 936 -780 135 291
Cash flows from operating and financing activities 1,446 -552 109 1,004
Net interest paid -114 -293 0 -407
Proceeds from capital and non-controlling interests -1 263 -136 126
Payment of dividends to shareholders of the Parent -367 0 0 -367
Payment of dividends to non-controlling interests of
investees -9 -32 25 -15
Change in exchange rate -27 -97 0 -124
Exclusion - net debt of held-for-sale assets/companies
accounted for using the equity method 0 14,529 0 14,529
Other changes in borrowings (no cash flows) -53 -85 11 -127
Cash flows from financing activities -571 14,286 -100 13,614
Change in net cash position 875 13,733 9 14,618
Opening position 31 -19,836 16 -19,789
Closing position 907 -6,102 25 -5,171
December 2010
Cash flow
excluding
infrastructure
projects
December 2010 (figures in millions of euros)
Cash flow of
infrastructure
projects
CONSOLIDATED
CASH FLOW
Eliminations
Gross profit from operations 573 659 0 1,232
Dividends received 178 0 -134 44
Income tax paid -60 -23 0 -83
Changes in receivables, payables and other 120 -68 0 52
Cash flows from operating activities 811 568 -134 1,245
Investment -420 -915 141 -1,194
Divestment 1,124 0 0 1,124
Cash flows from investing activities 704 -915 141 -70
Cash flows from operating and investing activities 1,515 -347 7 1,175
Net interest paid -138 -469 0 -608
Proceeds from capital and non-controlling interests 0 207 -138 69
Payment of dividends to shareholders of the Parent -315 0 0 -315
Payment of dividends to non-controlling interests of
investees -5 -215 134 -86
Change in exchange rate -6 -285 0 -291
Exclusion - net debt of held-for-sale assets/companies
accounted for using the equity method 180 2,438 0 2,618
Other changes in borrowings (no cash flows) -27 -54 2 -79
Cash flows from financing activities -312 1,622 -2 1,308
Change in net cash position 1,203 1,275 5 2,483
Opening position -1,172 -21,110 11 -22,271
Closing position 31 -19,836 16 -19,789
The directors’ report includes detailed disclosures on the changes in cash flows for 2011.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 87

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
33. Remuneration of the Board of Directors
33.1.- Directors’ remuneration
The Board of Directors of Ferrovial S.A. intends to prepare and make available to shareholders an “Annual Report on Remuneration of
Directors” for 2011 required by Article 61 ter. of the Spanish Securities Market Law.
This report describes the matters relating to the Company's remuneration policy for 2011, the policy planned for future years, an
overview of how the remuneration policy was applied in 2011 and a detail of the individual remuneration earned by each of the
directors. In particular,
- the general principles, policies and bases of Ferrovial's remuneration policy.
- Changes in the remuneration policies.
- Principle of materiality of items of variable remuneration with respect to the items of fixed remuneration and policies followed
to calculate the various components of the directors' remuneration package.
- Preparatory work and decision-making process of the Remuneration and Nomination Committee and the control bodies.
- Amount and nature of fixed components.
- Amount and nature of variable components.
- Long-term saving schemes.
- Agreed-upon or paid benefits.
- Contractual conditions.
- Additional remuneration.
- Advances, loans and guarantees.
- Other items of remuneration.
- Items of deferred remuneration.
- Relationship between remuneration obtained and profit/loss of the Company.
This report will be submitted to a consultative vote by the shareholders at the Annual General Meeting as a separate item on the
agenda.
33.2.- Remuneration system for the Board of Directors for 2011. Total and overall remuneration.
Under the Company’s current remuneration scheme, regulated by Article 57 of its bylaws, the shareholders at the Annual General
Meeting determine the total, fixed annual remuneration for all the members of the Board of Directors.
The shareholders at the Annual General Meeting held on 22 October 2009 1 set annual fixed remuneration for the Board of Directors as
a whole at EUR 1,772.7 thousand as consideration for the number of Directors at the date of approval (thirteen). As per the
resolutions of that same Annual General Meeting, if the number of Board members were to increase or decrease, the fixed and overall
annual amount is to be adjusted accordingly based on the period of Board membership of the incoming or outgoing members.
Likewise, the shareholders at the Annual General Meeting also decided that, for financial years after 2009, this amount would be
automatically reviewed in accordance with the changes in the Consumer Price Index.
In accordance with these resolutions ( 2 ) the fixed annual amount for 2011 totalled EUR 1,698.9 thousand for the twelve members of
the Board of Directors.
33.3.- Board of Directors remuneration items
Pursuant to Article 57 of the bylaws, each year the Board of Directors must distribute among its members the overall annual amount
set by the Annual General Meeting, comprising the following items:
(i) A fixed emolument, set at a gross annual amount of EUR 420 thousand for the twelve members of the Board of Directors at
the end of 2011. This total did not change with respect to 2010.
(ii) Fees for actual attendance at meetings of the Board of Directors and its committees or advisory bodies.
Attendance fees for 2011 amounted to EUR 618 thousand.
1 "Under the name of Cintra Concesiones de Infraestructuras de Transporte, S.A."
2 "The year-on-year increase in the Consumer Price Index (CPI) in December 2010 was 3%, the percentage that was applied to the automatic revision
of the remuneration of the Board of Directors."
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 88

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
(iii) And the lower of the following amounts: (a) the amount remaining, after deducting the preceding two items, to reach the
overall total amount determined by the shareholders at the Annual General Meeting; and (b) a sum equal to 0.5% of the
consolidated profit for the year attributable to the Company.
For 2011, since the figure of 0.5% of consolidated profit for the year attributable to the Company was higher, the remainder
described in letter (a), i.e., the gross sum of EUR 660.9 thousand is to be distributed. The resulting amount is distributed by
dividing it into 14, applying the following factors in the allocation of individual amounts to the ratio: Chairman of the Board: *2;
First Deputy-Chairman: *1.75; Second Deputy-Chairman: *1.25 and the other Board members: *1.
Pursuant to the resolutions of the Board of Directors, the amount earned for this third item must be invested in shares of the
Company. The acquisition of shares, in a single transaction, shall take place at the first trading session following the deadline set
by the Spanish National Securities Market Commission (CNMV) to send the periodic financial information once the Annual General
Meeting approving these financial statements for the year has been held. The shares acquired can only be divested by the
interested party once three full years have elapsed after the year of acquisition.
33.4.- Individual bylaw-stipulated emoluments of the members of the Board of Directors
The table below shows the itemised bylaw-stipulated emoluments of the members of the Board of Directors earned in 2011.
DIRECTOR (a)
Fixed
remuneration
Attendance
fees
(b)
(Amounts in thousands of euros)
2011 2010
Remainder/
variable
Attendance
remuneration
Fixed fees
(c) Total remuneration (b)
Remainder/
variable
remuneration
(c)
Total
Rafael del Pino y Calvo-Sotelo 35.0 98.0 94.4 227.4 35.0 106.0 87.6 228.6
Santiago Bergareche Busquet 35.0 48.5 82.6 166.1 35.0 57.0 76.7 168.7
Joaquín Ayuso García 35.0 53.0 59.0 147.0 35.0 53.0 54.8 142.8
Iñigo Meirás Amusco 35.0 49.0 47.2 131.2 35.0 53.0 43.8 131.8
Jaime Carvajal Urquijo 35.0 49.5 47.2 131.7 35.0 65.0 43.8 143.8
Portman Baela, S.L. 35.0 39.0 47.2 121.2 35.0 35.0
43.8
113.8
Juan Arena de la Mora 35.0 44.5 47.2 126.7 35.0 44.0
43.8
122.8
Gabriele Burgio 35.0 52.5 47.2 134.7 35.0 39.5
43.8
118.3
María del Pino y Calvo-Sotelo 35.0 51.0 47.2 133.2 35.0 51.0
43.8
129.8
Santiago Fernández Valbuena 35.0 51.0 47.2 133.2 35.0 51.0
43.8
129.8
José Fernando Sánchez-Junco Mans 35.0 49.0 47.2 131.2 35.0 37.0
43.8
115.8
Karlovy S.L. (since 25/03/10) 35.0 33.0 47.2 115.2 26.9 24.0
33.9
84.8
Santiago Eguidazu Mayor (until
30/09/10) (-) (-) (-) (-) 26.2 31.0
32.8
90.0
TOTAL 420.0 618.0 660.9 1,698.9 438.2 646.5 636.3 1,721.0
(a) Period in office. Full year, unless otherwise stated.
(b) The amounts per meeting are the same in 2011 and 2010: Board of Directors: EUR 3,000/meeting; Executive Committee: EUR
2,000/meeting; Audit and Control Committee: EUR 2,000/meeting; Nomination and Remuneration Committee: EUR 1,500/meeting.
The amount of the attendance fees earned by the chairman of all these bodies are twice the sums indicated.
(c) Pursuant to the resolutions of the Board of Directors, this amount must be invested in the Company's shares.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 89

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
33.5.- Individual remuneration of the Executive Directors
The executive directors, of whom there were three in 2011, earned the following remuneration, irrespective of attendance fees and
bylaw-stipulated emoluments payable to them as directors:
(Thousands of euros)
2011 2010
Fixed remuneration 3,000 2,900
Variable remuneration 3,925 3,875
Exercise of share options and/or other financial instruments
[see description]
285.7 (-)
EXECUTIVE DIRECTORS
2011 (*)
Thousands of euros
Fixed
remuneration
Variable
remuneration
Relating to
boards of
other
subsidiaries
Exercise of
share
options
Total
Rafael del Pino y Calvo-Sotelo 1,150.00 1,679.02 0.00 0.00 2,829.02
Joaquín Ayuso García 900.00 702.05 51.98 285.67 1,939.70
Iñigo Meirás Amusco 950.00 1,543.82 0.00 0.00 2,493.82
TOTAL 3,000.00 3,924.89 51.98 285.67 7,262.54
(*) amounts in thousands of euros
COMPENSATION IN KIND
(Thousands of euros)
2011 Life
insurance
premiums
Rafael del Pino y Calvo-Sotelo 4.06
Joaquín Ayuso García 5.32
Iñigo Meirás Amusco 2.58
TOTAL 11.96
LONG-TERM INCENTIVES
Situation of share option plans at 31/12/11
Share options
No. of
equivalent
shares
Exercise price
(euros)
% of share
capital
Rafael del Pino y Calvo-Sotelo 2004 Plan 1,200,000 1,200,000 8.41 0.164
2006 Plan 786,400 786,400 16.48 0.107
2008 Plan 1,179,600 1,179,600 12.12 0.161
Joaquín Ayuso García 2004 Plan 740,000 740,000 8.41 0.101
2006 Plan 786,400 786,400 16.48 0.107
2008 Plan 1,179,600 1,179,600 12.12 0.161
Íñigo Meirás Amusco 2004 Plan 480,000 480,000 8.41 0.065
2006 Plan 400,000 400,000 16.48 0.055
2008 Plan 660,000 660,000 12.12 0.09
The general features of the share option plans are detailed in Note 34 on the Share Option Remuneration Plan.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 90

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
2010 PERFORMANCE-RELATED
SHARE OPTION PLAN
Rafael del Pino y Calvo-Sotelo
Joaquín Ayuso García
Íñigo Meirás Amusco
Units
No. of voting
rights
% of voting
power
2010
Allocation 150,000 150,000 0.020%
2011
Allocation 132,000 132,000 0.018%
2010
Allocation 50,000 50,000 0.007%
2011
Allocation (-) (-) (-)
2010
Allocation 150,000 150,000 0.020%
2011
Allocation 132,000 132,000 0.018%
The main features of the performance-based share plan which resulted in the allocation of the units indicated to the
Executive Directors are described in Note 34.
33.6.- Remuneration of the members of the Board of Directors due to membership of other managing bodies of Group
companies or associates
The executive and non-executive directors of Ferrovial S.A., who are in turn members of the managing bodies of other Group
companies or associates, earned EUR 52.0 thousand in this respect in 2011 (EUR 51.5 thousand in 2010).
33.7.- Pension funds and plans or life insurance premiums
As in 2010, no contributions were made in 2011 to pension plans or funds for former or current members of the Company’s Board of
Directors. No such obligations were incurred during the year.
As regards life insurance premiums, the Company has insurance policies covering death, for which premiums totalled EUR 12.0
thousand in 2011 (EUR 14.8 thousand in 2010), of which the executive members are beneficiaries.
No contributions were made and no obligations were incurred in respect of pension funds or plans for the directors of Ferrovial, S.A.
who are members of other boards of directors and/or senior executives of Group companies or associates. No life insurance premiums
were paid in this regard. The situation has not changed since 2010.
33.8.- Advances and loans
At 31 December 2011, no advances or loans had been granted by the Company to the directors of the Company or to the members of
other boards of directors and/or senior executives of Group companies or associates.
33.9.- Remuneration of senior executives
The joint remuneration earned by the Company’s senior executives in 2011 was as follows:
(Thousands of Euros)
2011 2010
Fixed remuneration 4,305.6 3,917.8
Variable remuneration 4,508.3 4,087.6
Exercise of share options and/or other
financial instruments (Note 34)
573.7 (-)
Remuneration as members of managing
bodies of other Group companies, jointly
controlled entities or associates
Contributions to pension funds or plans, or
similar obligations
18.8 1
(-) (-)
Insurance premiums 15.0 20.9
No loans were granted to the senior executives.
The aforementioned remuneration corresponds to the following posts:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 91

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
General Secretary
Chief Financial Officer
General Director of HR
General Director of Construction
General Director of Real Estate
General Director of Services
General Director of Airports
General Director of Toll Roads
Director General of Information Systems
Director of Internal Audit
Director of Communications and Corporate Responsibility
Director of Corporate Strategy (since 01/04/11)
This does not include remuneration for senior executives who were also executive directors, which was addressed previously.
33.10.- Relationship between remuneration obtained and profit/loss of the Company
Based on the best remuneration practices of the directors and senior executives, a portion of the Ferrovial directors' remuneration is
linked to the consolidated profit attributable to the Company for 2011. Similarly, the variable remuneration of the executive directors
and senior executives of the Company is linked to various profit- and return-metrics in the corporate and business divisions.
Ferrovial's variable remuneration scheme is therefore linked closely to the Company's performance metrics.
As a result of the consolidated profit attributable to the Company of EUR 1,268,965.7 thousand earned in 2011, the members of the
Board of Directors received variable remuneration of EUR 661.0 thousand.
Having achieved the objectives for profit and return established at the beginning of 2011, the members of the Board of Directors
received total variable remuneration of EUR 3,924.89 thousand for the performance of their executive duties.
33.11.- Other disclosures on remuneration
The agreements between the Company and senior executives, including two executive directors, specifically provide for the right to
receive the indemnities referred to in Article 56 of the Workers’ Statute in the event of unjustified dismissal.
In addition, in order to encourage loyalty and long-service, deferred remuneration was recognised for eleven senior executives,
including two executive directors. The deferred remuneration consists of extraordinary remuneration that will only be paid when
certain of the following circumstances occur:
- Removal of the senior executive by mutual agreement or upon reaching a certain age.
- Unjustified dismissal or abandonment of the company at the discretion of the latter without any justification for dismissal,
prior to the senior executive reaching the age initially agreed upon, if the aforementioned amount exceeded that resulting
from applying the Workers' Statute.
- The death or disability of the senior executive.
To cover this incentive, each year, the Company contributes to a group savings insurance policy, of which the Company is both policyholder
and beneficiary. These contributions are quantified on the basis of a certain percentage of the total monetary remuneration of
each senior executive. The amount of the contributions made in 2011 was EUR 2,653.7 thousand (2010: EUR 2,528.2 thousand).
In addition, it should be noted that individuals are occasionally hired to hold executive positions, mainly abroad, in areas unrelated to
senior management. The contracts of these individuals included certain clauses that provide for unjustified dismissal.
Lastly, it should be noted that the contracts of two senior executives stipulate additional rights in their favour, including prior-notice
obligations incumbent upon the Company in the event of unjustified dismissal.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 92

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
34. Share Based Payment
A) SHARE OPTION PLANS
The features of the Ferrovial share option plans at the date of preparation of these consolidated financial statements are as follows:
No. of
shares
granted
Exercise
price
(euros)
Share options plan
Senior executives, Ferrovial /April 2004 6.332.000 8.413
Directors, Amey-Cespa /June 2004 520.000 8.510
Directors, Ferrovial /October 2005 6.425.440 15.885
Directors, Cintra /October 2005 374.560 15.885
Directors, Cintra /October 2005 940.625 8.980
Senior executives, Ferrovial / May 2006 3.592.000 16.480
Senior executives, Cintra /November 2006 67.720 10.540
Senior executives, Cintra /July 2007 94.178 10.9-11.9
Directors, Ferrovial /November 2007 8.000.000 14.990
Directors, Cintra /November 2007 871.175 10.720
Senior executives, Ferrovial /April 2008 6.091.200 12.585
Senior executives, Cintra /April 2008 256.562 9.090
Increases in plans to Ferrovial directors 1.207.200 7.240-18.383
All share option plans have a three-year vesting period as from the grant date followed by a three- to five-year exercise period,
provided certain minimum returns on consolidated equity are obtained by the Ferrovial Group.
The detail of the changes in the Company's share option plans in 2011 and 2010 is as follows:
No new plans were granted in 2011.
2011 2010
Number of options at beginning of the year 30,496,105 32,669,791
Plans granted - -
Options surrendered -1,276,762 -1,638,190
Options exercised -3,685,380 -535,496
Number of options at end of the year 25,533,963 30,496,105
Equity swaps were arranged by Ferrovial at the grant date in order to hedge against possible losses resulting from the exercise of share
options. These swaps ensure that Ferrovial will collect an amount equal to the rise in the share price when the options are executed by
employees.
Under the equity swap, the bank undertakes to pay Ferrovial cash amounts equal to the return on Ferrovial’s shares, in return for a
payment by Ferrovial. The main features of the equity swaps are as follows:
The number of shares used to calculate the returns is equal to the number of options granted under each plan.
The share price used to calculate returns coincides with the exercise price employed to calculate the increase in the share’s value.
Ferrovial will pay a return to the bank calculated by applying EURIBOR plus a margin to the result of multiplying the number of
shares by the exercise price.
The bank will pay Ferrovial an amount equal to all the dividends generated by those shares.
Ferrovial may opt to partially or totally terminate the swap, in which case:
a. If the share price is below the exercise price at which the swap was granted, Ferrovial must pay the difference to the
bank.
b. If the share price is above the exercise price, Ferrovial will receive the difference between the two amounts.
The aforementioned swaps, which are considered to be derivatives for accounting purposes, are recognised using the general
recognition criteria for this type of financial product. In 2011 a gain was recognised on these swaps as explained in Note 12.
Amounts received in the form of dividends generated by the shares and paid in the form of returns to the bank in question, under the
equity swaps described above totalled EUR 15 million (EUR 14 million in 2010) and EUR 9 million (EUR 7 million in 2010), respectively.
The staff costs recognised at Ferrovial relating to these remuneration schemes amounted to EUR 1 million due to the derecognition of
staff costs incurred in prior years for options that were surrendered by the beneficiaries (EUR 11 million in 2010).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 93

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
B) Performance-based share option plan
On 17 December 2009, the Board of Directors approved a remuneration plan consisting of deliveries of shares of Ferrovial, S.A. The
total number of shares that may be granted annually under this plan may not exceed 2,420,000 or 0.33% of Ferrovial, S.A.’s share
capital.
The plan consists of the allocation to beneficiaries of a number of units that will serve as a basis in order to determine the final number
of shares that they will be able to receive as a result of their participation in the plan.
The plan duration is three years and units will be assigned on an annual basis in 2010, 2011 and 2012. The shares will be delivered, as
the case may be, in the year of the third anniversary of the allocation of the corresponding units.
Delivery is conditional upon at least three years’ service at the Company (barring special circumstances), subject to the achievement
during this period of ratios based partly on activity cash flows and partly on EBITDA as a percentage of net productive assets.
The plan is aimed at managers, members of the Board of Directors of Ferrovial, S.A. who discharge executive duties and senior
executives reporting directly to the Board or its delegated bodies. The application of this programme to senior executives was
authorised by the Annual General Meeting held on 29 June 2010.
The changes in the aforementioned remuneration schemes in 2011 and 2010 are summarised as follows:
2011 2010
Number of shares at beginning of the year 2,302,300 0
Plans granted 2,050,478 2,302,300
Options surrendered -168,134 -
Options exercised -67,044 -
Number of shares at end of the year 4,117,600 2,302,300
This plan has a duration of three years and awards will be made on an annual basis under this plan. The main requirements
established for delivery of shares to the employees under the plan include the following:
Service at the Company for three years from the date of execution barring certain exceptional causes.
Achievement of ratios based on cash flows from operating activities and the ratio between EBITDA and net productive assets
during that period.
Every year a calculation is made of the levels that those ratios must reach during the award period for beneficiaries to be
entitled to delivery of all of the shares or a proportional amount thereof.
The staff costs at Ferrovial for these remuneration schemes amounted to EUR 8 million in 2011 (EUR 3 million in 2010).
35. Information on transactions with related parties
Approval of transactions
In accordance with the Board of Directors Regulations, all professional or commercial transactions involving Ferrovial, S.A. or its
subsidiaries and the persons referred to below require the authorisation of the Board of Directors, subject to a report from the Audit
and Control Committee. In the case of ordinary transactions involving Ferrovial, S.A. the general approval of the Board of Directors will
suffice. This authorisation is not necessary, however, for transactions that simultaneously fulfil the following three conditions:
1. Performed under contracts containing standard terms and conditions and applied en masse to numerous customers.
2. Effected at prices or rates established on a general basis by the party acting as the supplier of the good or service in question.
3. Amount does not exceed 1% of the Company’s annual income.
The following persons are subject to these rules:
- Directors of Ferrovial, S.A. The person requesting authorisation must vacate the meeting room while the Board deliberates
and votes and may not exercise or delegate his or her voting rights.
- Controlling shareholders.
- Natural persons representing directors that are legal persons.
- Senior executives.
- Other managers designated individually by the Board of Directors.
- Persons related to the persons listed above, as defined in the Board of Directors Regulations.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 94

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Related party transactions
The most significant arm’s length transactions with related parties carried out in 2011 in the ordinary course of the Company’s and the
Group’s business are analysed below.
The Company provides this information in compliance with the definitions and criteria set forth in Ministry of Economy and Finance
Order EHA/3050/2004 of 15 September, and in CNMV Circular 1/2008, of 30 January.
Where the profit or loss from a transaction cannot be stated, as it pertains to the entity or individual supplying the related good or
service, the transaction has been marked with an asterisk (*).
Significant shareholders
The following table contains a breakdown of the most significant transactions carried out in 2011 with significant shareholders, with
members of the “controlling family group” (except for the natural persons who are in turn the Company's directors, included in the
following section) or entities related through shareholdings to persons from the “controlling family group” (1):
Name/
Company
name
Members of
“controlling
family group” /
their related
entities
Ferrovial
Group
company
Ferrovial
Agromán, S.A.
/ subsidiaries
Nature of
transaction
Type of transaction
Amount
2011 2010
Profit
or
Loss
Balance
Amount
Profit
or
Loss
Balance
Commercial Construction work 423 38 0 1,998 167 0
Ferrovial
Servicios, S.A.
/ subsidiaries
Ferrovial
Conservación,
S.A.
Ferrovial
Servicios, S.A.
/ subsidiaries
Commercial
Commercial
Commercial
Integrated management of
services at Madrid offices
Lease to Ferrovial of offices in
Madrid owned by
shareholders
Integrated management of
services at Madrid offices
434 127 145 423 106 114
136 (*) 0 186 (*) 11
84 2 0 152 20 0
(1) In accordance with the “Notification of Voting Rights" form submitted to the Spanish National Securities Market Commission
(CNMV) and the Company on 1 July 2011, the "concerted family group" formed by María, Rafael, Joaquín, Leopoldo and Fernando del
Pino y Calvo-Sotelo indirectly controls, through Karlovy, S.L., the majority of the share capital of Portman Baela, S.L., which owned at
the date a 44.269% of Ferrovial, S.A. Based on this notification, the sum of the direct and indirect ownership interests of all the
members of the official group, i.e., María, Rafael, Joaquín, Leopoldo and Fernando del Pino y Calvo-Sotelo, and Karlovy, S.L. and
Portman Baela, S.L. amounted to 334,302,007 shares, representing 45.576% of the share capital of Ferrovial.
(*) No profit or loss is stated as the relevant amount pertains to the entity or person providing the service.
Transactions with directors and senior executives
The transactions performed with the Company’s directors, representatives of directors and senior executives in 2011 are described
below. Also shown are transactions performed with Banesto, NH Hoteles, Ericsson, Asea Brown Bovery, Cepsa, Aviva, Almirall,
Universidad de Deusto, ESADE, Holcim, Telefónica, Meliá Hotels, Maxam and Bimarán in accordance with Section Two of Ministry of
Economy and Finance Order EHA/3050/2004, as certain of the Company's directors are or were at some time in 2011 directors or
senior executives of those companies:
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 95

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Name/
Company
name
Rafael del Pino y
Calvo-Sotelo
Ericsson
Almirall
Laboratorios
Universidad de
Deusto
Aviva
Maxam Europe
and Group
companies
Banesto
NH Hoteles and
subsidiaries
Cepsa
Ferrovial
Group
company
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Group
companies
Ferrovial
Agromán /
subsidiaries
Ferrovial
Group
companies
Ferrovial
Group
companies
Ferrovial
Agromán /
subsidiaries
Ferrovial
Group
companies
Ferrovial
Servicios,
S.A. /
subsidiaries
Nature of
transaction Type of transaction Amount
Commercial
”
Commercial
Commercial
”
Commercial
”
Maintenance and cleaning
services
Provision of integrated
service management
Provision of waste
collection services
Provision of maintenance
services
Arrangement of insurance
policies
Receipt of supplies of
explosives and detonators
Payment of bank
commissions and fees and
settlements arising from
derivative instrument
transactions
(Thousands of Euros)
2011 2010
Profit or
Loss Balance Amount
Profit or
Loss
Balance
61 7 1 28 6 0
104 30 38 126 34 45
122 10 20 (-) (-) (-)
168 31 56 (-) (-) (-)
2,653 (*) 0 2,528 (*) 0
104 (*) -100 96 (*) 0
11,254 (*) 0 5,593 (*) 0
“ Payment of interest 2,171 2,171 0 1,600 1,600 0
“ Payment of interest 12,179 (*) 0 12,701 (*) 0
“
“
“
“
Commercial
Balance drawn down
against guarantee
facilities
Balance drawn down
against reverse factoring
and documentary credit
facilities
Balance drawn down
against credit facilities
Payment for cleaning and
maintenance services
Hotel services provided by
NH Hoteles and its group
companies
256,400 (*) -256,400 256,800 (*) -256,800
28,400 (*) -28,400 45,200 (*) -45,200
302,900 (*) 302,900
341,900
(*) -341,900
0 (*) 70 23 1 77
1 (*) 0 2 (*) -2
Commercial Construction work 227 15 20 1,443 58 501
Commercial Receipt of fuel supplies 16,160 (*) -1,525 9,102 (*) -689
Commercial
Provision of maintenance
services
53 6 8 29 5 29
(*) No profit or loss is stated as the relevant amount pertains to the entity or person providing the service.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 96

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Name/
Company
name
Everis and group
companies
Ferrovial
Group
company
(Thousands of euros)
2011 2010
Nature of
transaction Type of transaction Amount
Profit or
Loss Balance Amount
Profit or
Loss Balance
ESADE Corporate Commercial
Receipt of training
services
222 (*) 0 (-) (-) (-)
Cintra Commercial
Receipt of advertising
services
5 (*) 0 329 (*) -53
Asea Brown
Bovery
Telefónica
Meliá Hotels and
group
companies
Bimarán and
group
companies
Empark and
group
companies
Corporate
Ferrovial
Agromán,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Group
companies
Ferrovial
Group
companies
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Agromán,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
Ferrovial
Agromán /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Cintra
Ferrovial
Agromán,
S.A. /
subsidiaries
Ferrovial
Agromán,
S.A. /
subsidiaries
Ferrovial
Agromán,
S.A. /
subsidiaries
Commercial
Commercial
Commercial
Commercial
Commercial
Commercial
Receipt of IT-project
services
Receipt of equipment
repair and maintenance
services
Receipt of waste
collection services
Receipt of
telecommunications
services
Receipt of hotel and
catering services
Provision of maintenance
services
198 (*) -80 (-) (-) (-)
8 (*) 0 127 (*) -3
19 2 8 33 3 19
12,309 (*) 1,733 8,060 (*) 361
43 (*) -1 50 (*) 9
9 0 9 (-) (-) (-)
Commercial Construction work 1,439 89 0 10,537 420 495
Commercial
Commercial
Commercial
Commercial
Provision of waste
collection services
Receipt of parking-space
rental services
Provision of maintenance
services
Rebilling of expenses,
trade receivable balances
and inventories yet to be
sold
21 2 5 11 1 3
19 (*) -106 315 (*) -130
21 4 21 89 14 60
17 (*) 3,094
Commercial Provision of services 108
Commercial Construction work 847 55 336
Commercial Collection of withholdings (-) (-) (-) 413 0 0
(*) No profit or loss is stated as the relevant amount pertains to the entity or person providing the service.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 97

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Name/
Company
name
Acerinox
Dornier
Holcim
Banco Pastor
Ferrovial
Group
company
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Servicios,
S.A. /
subsidiaries
Ferrovial
Agromán /
subsidiaries
Ferrovial
Group
companies
Ferrovial
Group
companies
Ferrovial
Group
companies
Ferrovial
Group
companies
Ferrovial
Group
companies
Ferrovial
Group
companies
Nature of
transaction Type of transaction Amount
Commercial
Commercial
Commercial
Provision of waste
collection services
Provision of maintenance
services
Provision of maintenance
services
(Thousands of Euros)
2011 2010
Profit or
Loss Balance Amount
Profit or
Loss
Balance
7 1 1 (-) (-) (-)
41 0 2 (-) (-) (-)
4 2 2 (-) (-) (-)
Commercial Purchase of cement 1 (*) 0 (-) (-) (-)
Commercial
Commercial
Balance drawn down
against credit facilities
Financing agreements
Guarantee
16,300 (*) -16,300 6,800 (*) -6,800
350 (*) -350 (-) (-) (-)
Commercial Payment of interest 30 30 0 (-) (-) (-)
Commercial Payment of interest 163 (*) 0 105 (*) 0
Commercial
Commercial
Balance drawn down
against guarantee
facilities
Payment of bank
commissions and fees
400 (*) -400 400 (*) -400
167 (*) 0 11 (*) 0
(*) No profit or loss is stated as the relevant amount pertains to the entity or person providing the service.
Lastly, in addition to the aforementioned transactions, nine arm’s length transactions were performed in 2011 with members of the
controlling family group or entities related to them, directors and senior executives, directly or through related persons, for an overall
total of EUR 44 thousand (EUR 21 thousand in 2010), comprising collections for/performance of minor construction work in private
residences or corporate headquarters; provision of fitting, repair and maintenance services at facilities; provision of waste collection
and integrated management services; and sundry services received, all for a limited duration and amount. Where companies of
Ferrovial acted as service providers, the profit obtained totalled EUR 3 thousand (EUR 1 thousand in 2010) and the balance was EUR
17 thousand (EUR 0 in 2010).
The information on remuneration and loans relating to directors and senior executives may be consulted in the section “Remuneration
of Directors and Senior Executives".
Intra-Group transactions
Set out below is information on transactions between Ferrovial companies which, since they form part of their ordinary businesses as
regards purpose and conditions, were not eliminated on consolidation for the following reason:
As explained in detail in Note 3.2-d., the balances and transactions relating to construction work performed by the Construction
Division for infrastructure concession operators are not eliminated on consolidation since, at consolidated level, contracts of this type
are classed as construction contracts in which, during the performance of the contract, the work is deemed to be performed for third
parties, as the ultimate owner of the work is the grantor both from a financial and legal viewpoint.
In 2011 Ferrovial’s Construction Division billed those companies for EUR 668,368 thousand (EUR 711,800 thousand in 2010) for work
performed and related advance payments and, in this respect, recognised sales totalling EUR 664,820 thousand (EUR 581,600
thousand in 2010).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 98

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
In 2011 the profit from these transactions attributable to Ferrovial’s holdings in the concession operators in question and not
eliminated on consolidation, net of taxes and non-controlling interests, was EUR 32,148 thousand in 2011 (EUR 25,064 thousand in
2010).
36. Directors’ ownership interests in and positions or functions at companies engaging in an activity that is identical,
similar or complementary to the company object of Ferrovial
Article 229 of the Spanish Limited Liability Companies Law requires the directors to notify the Company of the following information:
- Conflicts of interest that they may have with the Company.
- Any ownership interests they may have in the share capital of a company engaging in any activity that is identical, similar or
complementary to the Company’s object.
- Positions held or functions discharged at such companies.
In accordance with paragraph 3 of the aforementioned Article 229, this information is to be included in the notes to the financial
statements. Furthermore, Article 230 establishes that directors may not engage, as independent professionals or as employees, in
activities that are identical, similar or complementary to the activity that constitutes the Company’s object, except in the event of
receiving express authorisation to do so from the Company, through a resolution by the Annual General Meeting, which shall require
notice to be given as required under Article 229.
The following information was provided to the Company by the members of the Board of Ferrovial S.A. in 2011:
Conflicts of interest:
No conflicts of interest have been disclosed.
Ownership interests in the share capital:
The directors do not have any ownership interests in the share capital as provided for in Article 229 of the Spanish Limited Liability
Companies Law.
Positions or functions:
For information purpose, the directorships held at the Group's subsidiaries are as follows:
Joaquín Ayuso García: Chairman of Ferrovial Agroman, S.A., Autopista Alcalá O’Donell, S.A., Autopista del Sol, S.A.,
Autopista Madrid Levante Concesionaria Española, S.A. and Inversora de Autopistas de Levante, S.L., and director of
Inversora de Autopistas del Sur, S.L. and Autopista Madrid Sur Concesionaria Española, S.A.
Iñigo Meirás Amusco: Chairman of Ferrovial Aeropuertos S.A., Cintra Infraestructuras S.A., Ferrovial Servicios S.A. and
Ferrovial Fisa S.L., and Chairman and CEO of Finecofer S.L., and director of Ferrovial Agromán S.A. and Ferrovial Qatar
LLC.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 99

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
37. Auditor´s Fees
Pursuant to Spanish Audit Law 12/2010, of 30 June, all fees for the audit of the 2011 and 2010 financial statements by the auditors of
Ferrovial S.A. and all its subsidiaries, both in Spain and abroad, are disclosed herein. These fees include those for statutory audit
services, audit-related services and other attest engagements that must be performed by the Company's auditor and relate mainly to
tax services. A breakdown of the fees billed for those years to all Ferrovial’s subsidiaries for services other than audit services is also
provided. The 2010 fees for audit and other non-audit services were restated, excluding those relating to the BAA Group, since its loss
was classified under discontinued operations in the income statement.
Millions of euros
2011 2010
Fees for audit services 3.2 4.1
Principal auditor 2.6 3.2
Audit services 2.2 2.6
Audit-related services 0.2 0.2
Other attest services 0.2 0.3
Other auditors 0.6 0.9
Audit services 0.6 0.9
Audit-related services 0.0 0.0
Other attest services 0.0 0.0
Other services 1.0 0.8
Principal auditor 1.0 0.8
Other auditors 0.0 0.0
38. Events after the reporting period
On 18 January, the maturity date of the financing of EUR 548 million granted to Inversora de Autopistas del Sur, S.L. for the R-4 toll
road discussed in Note 20 was extended to 27 February 2012. At present, this company is in the process of refinancing the
aforementioned financing with the lending banks. This financing originally matured in January 2011, following which the maturity date
was extended throughout 2011, firstly to July 2011 and, subsequently, to 18 January and 27 February 2012 in order to find a solution
to the problems relating to the imbalance, as mentioned in the contingent liabilities section of Note 24.
As a result of the evolution of the expropriation processes and the ongoing fall in traffic in this project, it was not possible to refinance
the debt for this project (see Note 24), having reached successive agreements on the maturity date of the debt, which was firstly
extended to November 2011 and, subsequently, to 27 February 2012.
On 30 January 2012, the Company's directors approved a plan whereby the participants of the variable remuneration scheme for 2011
were paid a portion thereof through the delivery of shares of Ferrovial, S.A. This plan has been used as variable remuneration under
virtually the same terms since 2004. The CNMV was officially notified of the approval of the subsequent plans on 4 February 2005, 27
January 2006, 30 January 2007, 1 February 2008, 28 January 2009, 28 January 2010 and 31 January 2011.
In February 2012 the UK Competition Appeal Tribunal dismissed the latest appeal filed by BAA against the UK Competition
Commission's request to sell Stansted. BAA is currently analysing other possible alternatives.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 100

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
39. Commentaries on Appendices
Appendix I
Appendix I contains a list of Group companies, making a distinction between fully consolidated companies and companies accounted for using the equity method.
1. Subsidiaries: fully consolidated companies
Subsidiaries are presented by business segment, indicating their Parent, their auditor, the percentage of ownership held, the net cost of the ownership interest and the registered office.
CORPORATE
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
SPAIN
Ferrovial, S.A. (a) Deloitte Spain Principe de Vergara, 135, 28002, Madrid
Can-Am, S.A. (Sole-Shareholder Company) (a) Ferrovial, S.A. 100.0% 2 Spain Príncipe de Vergara, 135, 28002, Madrid
Ferrovial Inversiones, S.A. (a) Ferrovial, S.A. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
Ferrovial Financiera A.I.E. Ferrovial, S.A. (iii) 67.0% 903 Spain Príncipe de Vergara, 135, 28002, Madrid
Betonial, S.A. (a) Ferrovial, S.A. (i) 99.0% 31 Spain Príncipe de Vergara, 135, 28002, Madrid
Burety, S.L. (a) Ferrovial, S.A. (i) 99.1% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
Frin Gold, S.A. (a) Ferrovial, S.A. (i) 99.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
Inversiones Trenza, S.A. (a) Ferrovial, S.A. (i) 99.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
Promotora Ibérica de Negocios, S.A. (a) Ferrovial, S.A. (i) 99.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
Remtecolex, S.A. (a) Ferrovial, S.A. (i) 99.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
Sotaverd, S.A. Ferrovial, S.A. (ii) 49.0% 0 Spain Calvet, 30, 08021, Barcelona
Triconitex, S.L. (a) Ferrovial, S.A. (i) 99.0% 8 Spain Príncipe de Vergara, 135, 28002, Madrid
Finecofer (a) Ferrovial, S.A. (i) 99.0% 3,026 Spain Príncipe de Vergara, 135, 28002, Madrid
Ferrovial Emisiones, S.A. (a) Ferrovial, S.A. (i) 99.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
Ferrovial Corporación, S.L. (a) Ferrovial, S.A. (i) 99.0% 27 Spain Príncipe de Vergara, 135, 28002, Madrid
Ferrovial Telecomunicaciones, S.A. (a) Ferrovial, S.A. (i) 99.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
UNITED KINGDOM
Edmund Halley Road, Oxford OX4 4DQ
Ferrocorp UK BDO Ferrovial, S.A. 100.0% 0 United Kingdom
IRELAND
13-17 Dawson Street, Dublin 2
Alkes Reinsurance Limited Deloitte Ferrovial, S.A. 100.0% 3 Ireland
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 101

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
REAL ESTATE
Company Auditor Parent
% of
ownership
Net cost of ownership
interest
(millions of euros)
Country
Registered office
SPAIN
Grimalinvest, S.L. (a) Ferrovial, S.A. (i) 99.5% 13 Spain Naritaweg 165, 1043 BW, Amsterdam
Ferrovial FISA, S.L. (a) Ferrovial, S.A. (i) 99.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid
SERVICES
Company Auditor Parent
% of
ownership
Net cost of ownership
interest
(millions of euros)
Country
Registered office
SPAIN
FERROVIAL SERVICIOS, S.A.(i) Deloitte Ferrovial, S.A. 99.9% 0 Spain Príncipe de Vergara, 135. Madrid
EUROLIMP, S.A. (i) Deloitte Ferrovial Servicios, S.A. 99.0% 10 Spain Príncipe de Vergara, 135. Madrid
Ferroser Infraestrutruas, S.A. (i) Deloitte Ferrovial Servicios, S.A. 100.0% 18 Spain Príncipe de Vergara, 135. Madrid
Viales de Castilla y León S.A. Deloitte Ferroser Infraestructuras, S.A. 100.0% 0 Spain Polígono Industrial Hervencias, Fase 4, Parcela 2, Ávila
Andaluza de Señalizaciones S.A. Deloitte Ferroser Infraestructuras, S.A. 100.0% 1 Spain San Cristóbal, 16, Antequera (Málaga)
Autovía de Aragón, Sociedad Concesionaria, S.A. Deloitte Ferroser Infraestructuras, S.A. 60.0% 8 Spain Príncipe de Vergara, 135. Madrid
Ferrovial Financiera A.I.E. Deloitte Ferrovial Servicios, S.A. 5.0% 15 Spain Príncipe de Vergara, 135. Madrid
Ferrovial Financiera A.I.E. Deloitte
Compañía Española de Servicios
Públicos Auxiliares, S.A. 0.1% 0 Spain Príncipe de Vergara, 135. Madrid
Compañía Española de Servicios Públicos Auxiliares,
S.A.(i) Deloitte Ferrovial Servicios, S.A. 100.0% 561 Spain Avda. Catedral 6-8. 08002-Barcelona
Cespa Conten, S.A. Deloitte
Compañía Española de Servicios
Públicos Auxiliares, S.A. 100.0% 13 Spain Henao, 20. Bilbao (Basque Country)
Oñeder, S.A. Deloitte Cespa Conten, S.A. 51.6% -1 Spain Egino Berri s/n. Azkoitia (Gipuzkoa)
Cespa Gestión Residuos S.A. Deloitte
Compañía Española de Servicios
Públicos Auxiliares, S.A. 100.0% 75 Spain Avda. Catedral 6-8. 08002-Barcelona
Contenedores Reus S.A. Deloitte Cespa Gestión Residuos S.A. 75.5% 0 Spain Camí Mas de Can Blasi s/n, Partida Mas Calbó. Reus (Tarragona)
Cespa Gestión Tratamientos de Residuos, S.A. Deloitte Cespa Gestión Residuos S.A. 100.0% 21 Spain Avda. Catedral 6-8. 08002-Barcelona
Econenergía Can Mata AIE Deloitte Cespa Gestión Residuos S.A. 70.0% 0 Spain Avda. Catedral 6-8. 08002-Barcelona
Econenergía Can Mata, A.I.E. Deloitte Cespa, S.A. 30.0% 0 Spain Avda. Catedral 6-8. 08002-Barcelona
Tratamientos, Residuos y Energías Valencianas, S.A. Not auditable Cespa Gestión Residuos S.A. 55.0% 2 Spain Antonio Suarez, 48 Escalera 1, Entresuelo - Valencia
Albaida Residuos, S.L. Deloitte Cespa Gestión Residuos S.A. 100.0% 2 Spain Avda. Catedral 6-8. 08002-Barcelona
Técnicas Medioambientales Avanzadas, S.L. Not auditable Albaida Residuos S.L. 55.0% 0 Spain Playa de las Almadrabillas, 17 Edificio Presidente, Fase B - Almería
Tratamiento de Residuos Medioambientales, S.L. Not auditable Albaida Residuos S.L. 54.9% 0 Spain Playa de las Almadrabillas, 17 Edificio Presidente, Fase B - Almería
Cespa Inversiones Ambientales, S.A. Not auditable
Compañía Española de Servicios
Públicos Auxiliares, S.A. 60.0% 4 Spain Henao, 20. Bilbao (Basque Country)
Cespa Inversiones Ambientales, S.A. Not auditable Cespa Conten, S.A. 40.0% 2 Spain Henao, 20. Bilbao (Basque Country)
Cespa Jardinería, S.A. Deloitte
Compañía Española de Servicios
Públicos Auxiliares, S.A. 100.0% 7 Spain Henao, 20. Bilbao (Basque Country)
Sitkol, S.A.(i) Not auditable
Compañía Española de Servicios
Públicos Auxiliares, S.A. 99.0% 5 Spain Príncipe de Vergara, 135. Madrid
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 102

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
SERVICES
Company Auditor Parent
% of
ownership
Net cost of ownership
interest
(millions of euros)
Country
Registered office
Emp.Mixta Almendralejo, S.A. Not auditable
Ingenieria Ambiental Granadina, S.A. Deloitte
Gestión Medioambiental de Toledo, S.A. Deloitte
Ayora Gestión Biogas, S.L. Deloitte
Ecoparc de Can Mata, S.L. Deloitte
Cespa Servicios Urbanos de Murcia, S.A. Deloitte
PORTUGAL
Cespa Portugal, S.A.
Compañía Española de Servicios
Públicos Auxiliares, S.A. 51.0% 0 Spain Mérida, 4. Almendralejo (Badajoz)
Compañía Española de Servicios
Públicos Auxiliares, S.A. 80.0% 3 Spain Plaza de los Campos, 4 - 1ª planta 18009. Granada
Compañía Española de Servicios
Públicos Auxiliares, S.A. 60.0% 6 Spain Plaza de la Merced, 4. Toledo
Compañía Española de Servicios
Públicos Auxiliares, S.A. 80.0% 0 Spain Rosario, 6 planta 4ª Albacete
Compañía Española de Servicios
Públicos Auxiliares, S.A. 100.0% 11 Spain Avda. Catedral 6-8. 08002-Barcelona
Compañía Española de Servicios
Públicos Auxiliares, S.A. 100.0% 0 Spain Avda. Catedral 6-8. 08002-Barcelona
Compañía Española de
Servicios Públicos Auxiliares S.A 100.0% 12 Portugal Avda. Severiano Falçao, Lote 2. Edificio Ambiente. Prior Velho (Loures). Portugal
Citrup Lda Cespa Portugal, S.A.
100.0% 0 Portugal Lugar do Sendal, Freguesia de Moreira. Maia (Portugal)
Ferrovial Construcoes Gestao e Manutencao, S.A. Deloitte Ferrovial Servicios, S.A. 97.5% 0 Portugal Av. 24 de Julho. 102-E Lisboa
Novipav Invesstimentos SGES, S.A. Deloitte Ferroser Infraestructuras, S.A. 100.0% 1 Portugal Rua Gil Vicente, Lote 33. Quinta do Serpa. (Vialonga)
Sopovico Soc. Port. Vías de Com- Cons. Infraestructuras Deloitte
Novipav Invesstimentos SGES,
S.A. 100.0% 19 Portugal Rua Gil Vicente, lote 33. Quinta do Serpa.
UNITED KINGDOM
TPI Holdings, Limited
BDO LLP Amey OW, Limited 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Transportation Planning International, Limited
BDO LLP TPI Holdings, Limited 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey 1321, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Airports, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Building, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Community, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Construction, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Datel Group, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Datel, Ltd. BDO LLP Amey OW Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Datel Security And Communications Ltd. BDO LLP Amey Datel Group, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Datel Technology, Ltd. BDO LLP Amey Datel Group, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Facilities Partners, Ltd. BDO LLP Comax Holdings Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Fleet Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Group Information Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Group Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Highways, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Holdings, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Information Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Insurance Company PCC, Ltd. BDO Guernsey Amey Plc. 100% 0 United Kingdom St Martin's House Le Bordage St Peter Port Guernsey GY1 4AU
Amey Investments, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 103

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
SERVICES
Company Auditor Parent
% of
ownership
Net cost of ownership
interest
(millions of euros)
Country
Registered office
Amey IT Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey LG, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey LUL 2, Ltd. BDO LLP Amey Tube, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey LUL, Ltd. Dormant Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Mechanical & Electrical Services, Ltd. BDO LLP Amey Property, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey OW Group, Ltd. BDO LLP Amey UK Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey OW, Ltd. BDO LLP Amey OW Group, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey OWR, Ltd. BDO LLP Amey OW Group, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Plc. (c.3) BDO LLP Amey UK Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Procurement Solutions, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Programme Management, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Properties, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Property, Ltd. Dormant Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Rail, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Railtech, Ltd. Dormant Amey OW Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Railways Holding, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Roads (North Lanarkshire), Ltd. BDO LLP Amey LG Ltd. 66.667% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Technology Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Tramlink, Ltd. BDO LLP Treasurepark, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Tube, Ltd. BDO LLP JNP Ventures, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey UK Plc. BDO LLP Ferrovial Servicios, S.A. (i) 100.0% 311 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Ventures Asset Holdings, Ltd. BDO LLP Amey Investments, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Ventures, Ltd BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Ventures Management Services, Ltd. BDO LLP Amey Investments, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Wye Valley, Ltd. BDO LLP Amey LG, Ltd. 80% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Bushclose, Ltd. BDO LLP Treasurepark, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Comax Holdings, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
JNP Ventures 2, Ltd. BDO LLP Amey Tube, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
JNP Ventures, Ltd. BDO LLP Amey Ventures, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
R T James & Partners, Ltd. Dormant Amey OW Group, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Sherard Secretariat Services, Ltd. BDO LLP Amey Plc. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Treasurepark, Ltd. BDO LLP Amey Technololgy Services, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Wimco, Ltd. BDO LLP Amey Railways Holding, Ltd. 100% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Amey Public Services, LLP BDO LLP Amey LG, Ltd. 66.667% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 104

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
SERVICES
Company Auditor Parent
% of
ownership
Net cost of ownership
interest
(millions of euros)
Country
Registered office
Cespa UK, Ltd. BDO LLP Cespa, S.A. 100.0% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford
Cespa Ventures, Ltd. BDO LLP Cespa UK, S.A. 100.0% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford
Amey Cespa, Ltd. BDO LLP Cespa UK, S.A. 50.0% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford
Amey Cespa, Ltd. BDO LLP Amey LG, Ltd. 50.0% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Donarbon Holdings, Ltd. BDO LLP Amey Cespa, Ltd. 100.0% 54 United Kingdom Anson Court La Route des Camps St Martin GUERNSEY GY4 6AD
AmeyCespa Holdings, Ltd. BDO LLP Amey Cespa, Ltd. 84.2% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
AmeyCespa Holdings, Ltd. BDO LLP Amey Cespa, Ltd. 15.8% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
AmeyCespa, Ltd. BDO LLP AmeyCespa Holdings, Ltd. 100.0% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
AmeyCespa Services, Ltd. BDO LLP AmeyCespa, Ltd. 100.0% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
AmeyCespa WM, Ltd. BDO LLP AmeyCespa Services, Ltd. 100.0% 0 United Kingdom Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
IRELAND
Landmille, Ltd. Deloitte Ferrovial Servicios, S.A. 100.0% 69 Ireland Eurolink Motorway Toll Plaza, Cappagh, Nicholastown, Kilcock, Co. Kildare
CHILE
Grupisa Chile, S.A. Dormant Ferroser Infraestructuras, S.A. 66.0% 0 Chile Andrés Bello 2711 P18 Las Condes
AIRPORTS
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
SPAIN
Ferrovial Aeropuertos, S.A. (a) Deloitte Ferrovial, S.A. 100.0% 166 Madrid Príncipe de Vergara, 135, 28002, Madrid
CHILE
Aeropuerto Cerro Moreno Sociedad Concesionaria, S.A.
(Concession operator)
Price
Waterhouse
Coopers Ferrovial Aeropuertos, S.A. 99.9999% 2 Chile Avda. Andrés Bello 2711, Las Condes, Santiago
TOLL ROADS
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
SPAIN
Cintra Infraestructuras, S.A.(a)
Autopista del Sol, C.E.S.A. (a)
Autopista Terrasa Manresa, S.A. (a)
Deloitte Ferrovial, S.A. 100.0% 1,781 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou ,28020, Madrid
Deloitte Cintra Infraestructuras, S.A. 80.0% 199 Spain Área de Peaje San Pedro - Ctra. del Pantano Roto, s/n, 29670, San Pedro de Alcántara (Málaga)
Inversora Autopistas de
Deloitte Cataluña, S.A. 76.3% 444 Spain Autopista C - 16 Km. 41 Castellbell i El Vilar, 08296, Barcelona
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 105

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
TOLL ROADS
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
Cintra Inversiones, S.L. (a)
Cintra Servicios , S.L. (a)
Inversora de Autopistas del Sur, S.L.
Autopista Madrid Sur C.E.S.A.
Inversora de Autopistas del Levante, S.L.
Autopista Madrid Levante, C.E.S.A.
Laertida, S.L. (a)
Cintra Autopistas Integradas, S.A. (a)
M-203 Alcalá-O'Donnell (a)
Cintra Inversora Autopistas de Cataluña, S.A. (a)
Inversora Autopistas de Cataluña, S.A. (a)
PORTUGAL
Deloitte Cintra Infraestructuras, S.A. 100.0% 320 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid
Deloitte Cintra Infraestructuras, S.A. 100.0% 19 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou ,28020, Madrid
Deloitte Cintra Infraestructuras, S.A. 55.0% 0 Spain Salida 4 Parla-Pinto Edificio de Oficinas, 28320, Pinto (Madrid)
Inversora de Autopistas del Sur,
Deloitte S.L. 100.0% 664 Spain Salida 4 Parla-Pinto Edificio de Oficinas, 28320, Pinto (Madrid)
Autopista Radial 4, Salida 4 Parla-Pinto, Edificio de Oficinas, Apartado de Correos nº 50, 28320,Pinto
Deloitte Cintra Infraestructuras, S.A. 51.8% 0 Spain (Madrid)
Inversora de Autopistas del
Autopista Radial 4, Salida 4 Parla-Pinto, Edificio de Oficinas, Apartado de Correos nº 50, 28320, Pinto
Deloitte Levante, S.L. 100.0% 513 Spain (Madrid)
Deloitte Cintra Infraestructuras, S.A. 100.0% 296 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou ,28020, Madrid
Deloitte
Cintra Infraestructuras, S.A. 100.0% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou ,28020, Madrid
Cintra Autopistas Integradas,
Autopista Radial 4, Salida 4 Parla-Pinto, Edificio de Oficinas, Apartado de Correos nº 50, 28320 Pinto
S.A. 100.0% 65 Spain (Madrid)
Deloitte Cintra Infraestructuras, S.A. 100.0% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou ,28020, Madrid
Cintra Inversora Autopistas de
Deloitte Cataluña, S.A. 100.0% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid
Euroscut Norte Litoral, S.A.
Deloitte Cintra Infraestructuras, S.A. 75.5% 57 Portugal Rua de Agra Nova 704, 4485 - 040 Aveleda - Vila do Conde
Euroscut -Sociedade Concessionaria da Scut do Algarve,
S.A. Deloitte Cintra Infraestructuras, S.A. 77.0% 20 Portugal Sítio da Franqueada, Apartado 1087, P8101-1904 Loulé
Euroscut Azores, S.A.
Via Livre, S.A.
NETHERLANDS
Deloitte Cintra Infraestructuras, S.A. 89.0% 6 Portugal Rua Hintze Ribeiro, 39, 1º andar, 9500-049 Ponta Delgada, Açores
Deloitte Cintra Infraestructuras, S.A. 84.0% 0 Portugal Rua de Agra Nova 704 ,4485 - 040 Aveleda - Vila do Conde
Algarve International B.V.
407 Toronto Highway B.V.
POLAND
Autostrada Poludnie, S.A.
Deloitte Cintra Infraestructuras, S.A. 77.0% 0 Netherlands Naritaweg 165, 1043 BW Amsterdam
Cintra Infraestructuras, S.A. 100.0% 369 Netherlands Naritaweg 165, 1043 BW Amsterdam
Deloitte Cintra Infraestructuras, S.A. 93.7% 0 Poland Stawki 40, 01-040 Warsaw
CANADA
Cintra Canada Inc.
IRELAND
Eurolink Motorway Operation (M4-M6), Ltd.
Financinfrastructures
Cinsac, Ltd.
Eurolink Motorway Operation (M3), Ltd.
UNITED STATES
Cintra Zachry, LP
Cintra Zachry, GP
Deloitte 407 Toronto Highway B.V. 100.0% 0 Canada Operation Center 6300 Steels Avenue West Woodbridge, ON L4H 151
Deloitte Cintra Infraestructuras, S.A. 66.0% 3 Ireland Toll Plaza Cappagh Nicholastown, Co. Kildare
Deloitte Cintra Infraestructuras, S.A. 100.0% 60 Ireland Toll Plaza Cappagh Nicholastown, Co. Kildare
Deloitte Cintra Infraestructuras, S.A. 100.0% 0 Ireland Administration Building Blackbull Toll Plaza, Quarryland, Dunboyne Co. Meath
Deloitte Cinsac, Ltd. 95.0% 0 Ireland Administration Building Blackbull Toll Plaza, Quarryland, Dunboyne Co. Meath
Cintra Texas Corp 84.2% 2 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Cintra Texas Corp 85.0% 0 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 106

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
TOLL ROADS
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
Cintra Texas Corp.
Cintra US, LLC
Cintra Skyway LLC
Cintra Holding US Corp
SCC Holdings LLC
Skyway Concession Co. LLC
Cintra ITR LLC
Cintra Texas 56, LLC
SH-130 Concession Company, LLC
Cintra NTE, LLC
Cintra LBJ, LLC
LBJ Infraestructure Group Holding LLC
LBJ Infraestructure Group
NTE Mobility Partners Holding, LLC
NTE Mobility Partners, LLC
NTE Mobility Partners Segment 2 - 4 LLC
Tex Toll Services, LLC
Cintra Holding US Corp 100.0% 3 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Cintra Texas Corp 100.0% 0 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Cintra Holding US Corp 100.0% 195 US 233 North Michigan Avenue, Suite 1980, Chicago, Illinois 60601
Laertida 100.0% 447 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Deloitte Cintra Skyway LLC 55.0% 195 US 233 North Michigan Avenue, Suite 1980, Chicago, Illinois 60601
Deloitte SCC Holding LLC 100.0% 432 US 233 North Michigan Avenue, Suite 1980, Chicago, Illinois 60601
Cintra Holding US Corp/Cintra
Texas Corp 68%/1% 186 US 52551 Ash Road, Granger, Indiana 46530
Cintra Holding US Corp 100.0% 97 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Deloitte Cintra Texas 56, LLC 65.0% 97 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Deloitte
Cintra Holding US Corp 100.0% 70 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Cintra Holding US Corp 100.0% 77 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
Cintra LBJ, LLC 100.0% 77 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
LBJ Infraestructure Group
Holding, LLC 51.0% 149 US 4100 McEwen Road Suite 500, 75244 Dallas, Texas
Deloitte Cintra NTE, LLC 56.7% 70 US Chevy Chase One, 7700 Chevy Chase Drive, Suite 500, 78752 Austin, Texas
NTE Mobility Partners Holding,
Deloitte LLC 100.0% 123 US 9001 Airport Freeway Suite 600 North Richland Hills, 76180 Texas
Cintra NTE, LLC 75.0% 0 US Chase Park Building 1, 7700 Chevy Chase Dr, Suite 500, Austin (Texas)
Cintra Holding US Corp 100.0% 0 US Chase Park Building 1, 7700 Chevy Chase Dr, Suite 500, Austin (Texas)
CONSTRUCTION
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
SPAIN
Ferrovial Agromán, S.A. (a) Deloitte Finecofer, S.L. 100.0% 3,090 Spain Ribera del Loira 42, 28042, Madrid
Aplicación Recursos Naturales, S.A. (a) Ferrovial Agromán, S.A. (i) 100.0% 0 Spain Ribera del Loira 42, 28042, Madrid
Cadagua, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 100.0% 119 Spain Gran Vía 45, 48011 Bilbao/Bizkaia
Compañía de Obras Castillejos (a) Deloitte Ferrovial Agromán, S.A. (i) 100.0% 6 Spain Ribera del Loira 42, 28042, Madrid
Encofrados Deslizantes y Técnicas Especiales, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 99.1% 2 Spain Ribera del Loira 42, 28042, Madrid
Ditecpresa, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 100.0% 1 Spain Ribera del Loira 42, 28042, Madrid
Ferrovial Conservación, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 99.0% 15 Spain Ribera del Loira 42, 28042, Madrid
Urbaoeste, S.A. (a) Ferrovial Agromán, S.A. (i) 99.0% 1 Spain Ribera del Loira 42, 28042, Madrid
Ferrovial Medio Ambiente y Energía, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 99.0% 1 Spain Ribera del Loira 42, 28042, Madrid
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 107

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
CONSTRUCTION
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
Discota XXI, S.L., (Sole-Shareholder Company) (a) Deloitte Ferrovial Agromán, S.A. 100.0% 98 Spain Principe de Vergara 135, 28002 Madrid
Norvarem, S.A.U. (a) BDO Ferrovial Agromán, S.A. 100.0% 4 Spain Principe de Vergara 135, 28002 Madrid
Técnicas del Pretensado y Servicios Auxiliares, S.L. (a) Deloitte Edytesa, S.A. (i) (a) 100.0% 3 Spain Ribera del Loira 42, 28042, Madrid
Concesionaria de Prisiones Lledoners, S.A. (a) Deloitte Ferrovial Agromán, S.A. 100.0% 16 Spain Santaló 10, 08021 Barcelona
Concesionaria de Prisones Figueres (a) Deloitte Ferrovial Agromán, S.A. (i) 100.0% 11 Spain Provenza 392, 08025 Barcelona
Ferrovial Railway, S.A. (a) Ferrovial Agromán, S.A. (ii) 98.8% 0 Spain Ribera del Loira 42, 28042, Madrid
MEXICO
Cadagua Ferr. Indust. Mexico Ferrovial Medio Ambiente, S.A. 24.9% 0 Mexico Cataratas 3, 1 Jardín Del Pedreg, 01900, Mexico City
Cadagua Ferr. Indust. Mexico Cadagua, S.A. (a) 75.1% 0 Mexico Cataratas 3, 1 Jardín Del Pedreg, 01900, Mexico City
INDIA
Cadagua Ferrovial India Pr Ltd. Ferovial Medio Ambiente, S.A. 5.0% 0 India 214, Vigyapan Lok Apartments, 110091, New Delhi
Cadagua Ferrovial India Pr Ltd. Cadagua, S.A. (a) 95.0% 0 India 214, Vigyapan Lok Apartments, 110091, New Delhi
PUERTO RICO
COCSA Puerto Rico
Deloitte
Compañía de Obras
Castillejos, S.A. 100.0% 0
Puerto
Rico Ponce De Leon Ave, 711
POLAND
Budimex, S.A.
Budimex Danwood, Sp. Z.o.o.
Budimex Sygnity, S.j.
Mostostal Kraków, S.A.
Budimex Nieruchomości Sp. Z.o.o. (IP)
Budimex S.A.Ferrovial Agroman S.A. Sp.j.
Budimex S.A.Ferrovial Agroman S.A. Sp.j.
Przedsiebiorstwo napraw Infrstruktury Sp. Z.o.o.
Tecpresa-Techniki Sprezan
Deloitte Audit
Sp. Z.o.o. Valivala Holdings B.V. 59.1% 98 Poland 01-040 Warszawa ul.Stawki 40
Deloitte Audit
Sp. Z.o.o. Budimex, S.A. 100.0% 7 Poland 17-100 Bielsk Podlaski ul.Brańska 132
Deloitte Audit
Sp. Z.o.o. Budimex, S.A. 67.0% 0 Poland 01-040 Warszawa ul.Stawki 40
Deloitte Audit
Sp. Z.o.o. Budimex, S.A. 100.0% 2 Poland 31-752 Kraków ul.Mrozowa 5
Deloitte Audit
Sp. Z.o.o. Budimex, S.A. 100.0% 161 Poland 01-040 Warszawa ul.Stawki 40
Deloitte Audit
Sp. z o.o. Budimex, S.A. 50.0% 0 Poland 01-040 Warszawa ul.Stawki 40
Deloitte Audit
Sp. Z.o.o. Ferrovial Agromán, S.A. 50.0% 0 Poland 01-040 Warszawa ul.Stawki 40
Deloitte Audit
Sp. Z.o.o. Budimex, S.A. 100.0% 51 Poland 03-816 Warszawa ul. Chodakowska 100
Técnicas del Pretensado y
Servicios Auxiliares, S.L. (a) 70.0% 0 Poland 01-040 Warszawa ul.Stawki 40
Tecpresa-Techniki Sprezan Budimex, S.A. 30.0% 0 Poland 01-040 Warszawa ul.Stawki 40
CHILE
Ferrovial Agromán Chile, S.A. Ferrovial Agromán, S.A. 13.4% 4 Chile c/ Mac Iver, 225, Dpto 20101, Santiago De Chile
Ferrovial Agromán Empresa
Ferrovial Agromán Chile, S.A.
Constructora Ltda. 86.6% 10 Chile c/Mac Iver, 225, Dpto 20101, Santiago De Chile
Ferrovial Agromán Empresa Constructora Ltda. Ferrovial Agromán, S.A. 100.0% 0 Chile Avda San Andres Bello 2711
Constructora Agromán Ferrovial Limitada Ferrovial Agromán, S.A. 56.9% 0 Chile Avda San Andres Bello 2711
Constructora Agromán Ferrovial Limitada Ferrovial Agromán Chile, S.A. 2.8% 0 Chile Avda San Andres Bello 2711
Ferrovial Agromán Empresa
Constructora Agromán Ferrovial Limitada
Constructora Ltda. 40.4% 0 Chile Avda San Andres Bello 2711
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 108

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
CONSTRUCTION
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Country
Registered office
Ferrovial Agromán Compañía Constructora Ltda. Ferrovial Agromán, S.A. 99.95% 0 Chile c/Mac Iver, 225, Dpto 20101, Santiago De Chile
Ferrovial Agromán Compañía Constructora Ltda. Ferrovial Agromán Chile, S.A. 0.05% 0 Chile c/Mac Iver, 225, Dpto 20101, Santiago De Chile
Ferrovial Agromán Latinoamérica, Ltda.
Ferrovial Agromán Empresa
Constructora Ltda. 50.0% 0 Chile c/Mac Iver, 225, Dpto 20101, Santiago De Chile
Ferrovial Agromán Latinoamérica, Ltda.
Constructora Agromán
Ferrovial Limitada 50.0% 0 Chile c/Mac Iver, 225, Dpto 20101, Santiago De Chile
CANADA
Ferrovial Agromán Canadá, Inc Ferrovial Agromán, S.A. 100.0% 1 Canada 100 King St West 41st Floor
NETHERLANDS
Valivala Holdings B.V.
Discota XXI, S.L., (Sole-
Shareholder Company) (a) 100.0% 99 Netherlands Naritaweg 165, 1043 BW Amsterdam
UNITED STATES
Ferrovial Agromán US Corp. BDO Ferrovial Agromán, S.A. 100.0% 11 US 7700 Chevy Chase Drive Suite 500
Ferrovial Agromán Indiana, LLC BDO Ferrovial Agromán US Corp. 100.0% 0 US 5960, Evergreen Av
Ferrovial Agromán Indiana,
Indiana Toll-Roads Contractors, LLC
BDO
LLC 75.0% 0 US 1531 South Calumet Road, Chesterton, US
Ferrovial Agromán Texas, LLC BDO Ferrovial Agromán US Corp. 100.0% 0 US 7700 Chevy Chase Drive Suite 500
Ferrovial Agromán 56, LLC BDO Ferrovial Agromán Texas, LLC 100.0% 0 US 7700 Chevy Chase Drive Suite 500
Central Texas Highway Constructors, LLC BDO Ferrovial Agromán 56, LLC 50.0% 0 US Lockhart, Texas 78644
W.W.Webber, LLC BDO Norvarem 100.0% 49 US 14333 Chirsman Road Houston, Texas, 77039
Webber Management Group, Inc. BDO Norvarem 100.0% 41 US 14333 Chirsman Road Houston, Texas, 77039
Southern Crushed Cincrete, Inc. BDO Norvarem 100.0% 88 US 14333 Chirsman Road Houston, Texas, 77039
Webber Barrier Services, LLC BDO Norvarem 100.0% 0 US 14333 Chirsman Road Houston, Texas, 77039
Bluebonnet Contractors, LLC Deloitte Ferrovial Agromán Texas, LLC 60.0% 0 US 14333 Chirsman Road Houston, Texas, 77039
Bluebonnet Contractors, LLC Deloitte DBW Construction, LLC 40.0% 0 US 14333 Chirsman Road, Houston, Texas, 77039
Trinity Infrastructure, LLC Deloitte Ferrovial Agromán Texas, LLC 60.0% 0 US 14333 Chirsman Road, Houston, Texas, 77039
Trinity Infrastructure, LLC Deloitte DBW Construction, LLC 40.0% 0 US 14333 Chirsman Road, Houston, Texas, 77039
DBW Construction, LLC BDO W.W.Webber, LLC 100.0% 0 US 14333 Chirsman Road, Houston, Texas, 77039
IRELAND
Ferrovial Agromán Ireland Ltda. Deloitte Ferrovial Agromán, S.A. 100.0% 0 Ireland Monastery Road, Clondalkin
NORTHERN IRELAND
Ferrovial Agromán Irlanda del Norte, Ltda.
Deloitte
Ferrovial Agromán Ireland
Ltda. 100.0% 0
Northern
Ireland
N1 Road CarrickCarnan County Cough, Ireland
UNITED KINGDOM
Ferrovial Agromán UK, Ltda. Deloitte Ferrovial Agromán, S.A. 100.0% 20
Ferrovial Agromán Airports UK, Ltda. Deloitte Ferrovial Agromán, S.A. 100.0% 0
United
Kingdom 1st Floor Raynham House, Capital Park West,
United
Kingdom Heathrow Building, 4
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 109

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
GERMANY
Budimex Bau Budimex, S.A. 100.0% 0 Germany 50968 Koeln (Niemcy) Pferdmengesstrasse 5
AUSTRALIA
Ferrovial Agromán Australia Pty Ltd. Ferrovial Agromán UK, Ltda. 100.0% 2 Australia Level 12 95 Pitt Street, Sydney, NSW 2000.
(i) Remaining ownership interest through Can-am, S.A.S.U.
(a) Belong to tax group of Ferrovial, S.A. and subsidiaries
(c) Belong to tax group of Inversora de Autopistas del Sur, S.L.
(d) Belong to tax group of Inversora de Autopistas del Levante, S.L.
(PC) Proportionate consolidation
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 110

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
2. Associates: companies accounted for using the equity method
The detail is presented by segment, indicating their Parent, their auditor, the percentage of ownership held, the net cost of the ownership interest and the assets, liabilities, revenue,
profit/loss and registered office thereof.
CONSTRUCTION
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
SPAIN
Urbs ludex et
Causidicus, S.A. Ferrovial Agromán, S.A. 22.0% 8 Spain 364 438 33 4 c/Tarragona 161, 08014 Barcelona
Clean Cenit A.I.E Ferrovial Agromán, S.A. 13.4% 0 Spain 2 2 0 0 Serrano 174, 28002 Madrid
Boremer, S.A. Deloitte Cadagua, S.A. 50.0% 2 Spain 26 22 25 1 Ribera del Loira 42, 28042, Madrid
Dirgenfin, S.L.
Aplicación Recursos
Naturales, S.A. (a) 20.0% 0 Spain 57 54 0 0 Paseo de la Castellana 103, 28046 Madrid
Tecnológica Lena, Attest
0 1 0 0
S.L.
Consulting Ferrovial Agromán, S.A. 50.0% 0 Spain
c/La Vega 5, 33620 Campomanes, Asturias
Sociedade
Concesionaria Baio Ferrovial Agromán, S.A. 50.0% 9 Spain 4 1 0 0 Polígono Industrial Lalin 2000, PAR C 26, 36430 Pontevedra,
POLAND
Elektromontaż Poznań,
Budimex, S.A.
S.A. Deloitte
30.8% 4 Poland 21 9 29 -2 60-166 Poznań ul.Wieruszowska 12/16
PPHU PROMOS Sp.
Budimex, S.A.
Z.o.o.
26.1% 0 Poland 2 1 3 0 31-750 Kraków ul.Kocmyrzowska 13A
AIRPORTS
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
UNITED KINGDOM
FGP Topco Limited
(BAA) Deloitte Hubco Netherlands 50% 2,365
United
Kingdom 22,403 20,090 2,904 -25 The Compass Centre, Nelson Road, Hounslow, Middlesex, TW6 2GW
TOLL ROADS
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
CANADA
407 International Inc. (a) Deloitte Cintra Canada Inc. 43.2% 254 Canada 3,780 4,428 512 97 Operation Center 6300 Steels Avenue West Woodbridge, ON L4H 151
SPAIN
Serrano Park, S.A. (a) Deloitte
Cintra
Infraestructuras, S.A. 50.0% 0 Spain 104 92 20 -3 Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid
UNITED STATES
Statewide Mobility
Partners LLC (IP) (a) Deloitte
Cintra ITR LLC /
Cintra Holding US
Corp 49%/1% 271 US 542 0 0 0 52551 Ash Road ,46530 Granger, Indiana
ITR Concession
Company Holdings (IP)
(a)
Deloitte
Statewide Mobility
Partners LLC 100.0% 542 US 542 0 0 0 52551 Ash Road ,46530 Granger, Indiana
ITR Concession
Company (IP) (a)
Deloitte
ITR Concession
Company Holdings 100.0% 542 US 3,437 5,064 144 0 52551 Ash Road, 46530 Granger, Indiana
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 111

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
TOLL ROADS
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
GREECE
Nea Odos, S.A. Deloitte Ferrovial, S.A. 33.3% 0 Greece 390 176 66 0 Nea Odos Themistokleous, 87, bajo dcha, 10683
Central Greece
Motorway Deloitte Ferrovial, S.A. 33.3% 0 Greece 563 362 9 0 1st Km Lamia, Athens
CONSTRUCTION
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of Euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
SPAIN
Urbs ludex et
Causidicus, S.A. Ferrovial Agromán, S.A. 22.0% 8 Spain 364 438 33 4 c/Tarragona 161, 08014 Barcelona
Clean Cenit A.I.E Ferrovial Agromán, S.A. 13.4% 0 Spain 2 2 0 0 Serrano 174, 28002 Madrid
Boremer, S.A. Deloitte Cadagua, S.A. 50.0% 2 Spain 26 22 25 1 Ribera del Loira 42, 28042, Madrid
Dirgenfin, S.L.
Aplicación Recursos
Naturales, S.A. (a) 20.0% 0 Spain 57 54 0 0 Paseo de la Castellana 103, 28046 Madrid
Tecnológica Lena, S.L.
Attest
Consulting Ferrovial Agromán, S.A. 50.0% 0 Spain 0 1 0 0 c/La Vega 5, 33620 Campomanes, Asturias
Sociedade Concesionaria
Baio Ferrovial Agromán, S.A. 50.0% 9 Spain 4 1 0 0 Polígono Industrial Lalin 2000,PAR C 26, 36430 Pontevedra,
POLAND
Elektromontaż Poznań,
S.A. Deloitte Budimex, S.A. 30.8% 4 Poland 21 9 29 -2 60-166 Poznań ul.Wieruszowska 12/16
PPHU PROMOS Sp.
Z.o.o. Budimex, S.A. 26.1% 0 Poland 2 1 3 0 31-750 Kraków ul.Kocmyrzowska 13A
SERVICES
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of Euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
SPAIN
Empresa de
Mantemimiento y
Explotación M-30, S.A. Deloitte Ferrovial Servicios, S.A. 50.0% 0 Spain 240 233 27 9 c/Méndez Alvaro, 95, Madrid
Concesionaria Madrid
Calle 30, S.A. KPMG
Empresa de Mantemimiento y
Explotación M-30, S.A. 10.0% 96 Spain 623 131 132 -23 c/Mendez Alvaro, 95, Madrid
Aetec, S.A. Not auditable Ferroser Infraestructuras, S.A. 9.2% 0 Spain 1 0 0 0 c/Isaac Peral, 1 Nave 44 - Leganés-28914 Madrid
Ferronats Air Traffic
Services, S.A. Deloitte Ferrovial Servicios, S.A. 50.0% 0 Spain 1 0 0 0 Príncipe de Vergara, 135. Madrid
Valdedominguez 2000,
S.A. Deloitte
Ingeniería Urbana S.A. Deloitte
Recollida de Residuos
D´Osona S.L. Not auditable
Reciclados y Compostaje
Piedra Negra, S.A.
Moore Stephens
Ibergrup S.A.P.
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 20.0% 1 Spain 10 4 0 0 Albarracín 44 28037 Madrid
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 35.0% 4 Spain 50 6 1 1 Pol. Ind. Pla de la Vallonga, Parcela 92. 03006 Alicante
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 45.0% 0 Spain 3 -1 0 0 Historiador Ramon d'Abadal i de Vinyals, 5. Edifici Sucre. Vic (Barcelona)
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 49.0% 2 Spain 16 9 0 0
Partida El Feliu. Pasaje Piedra Negra s/n. Ctra. Nacional 340, Km. 761,75. Xixona
(Alicante)
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 112

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
SERVICES
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of Euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
Companya Especial de
Recuperacions i
Recondicionaments, S.L. Not auditable Cespa Gestión Residuos S.A. 42.1%
Ecocat S.L. Deloitte
-
1 Spain 1 1 0 0 Avda. Catedral 6-8. 08002-Barcelona
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 50.0% 22 Spain 31 6 0 0 Camí Can Bros, 6. Martorell (Barcelona)
Sogarisa, S.A. Deloitte Ecocat S.L. 50.0% 2 Spain 17 7 0 0 Parque Empresarial Somozas s/n. 15565-As Somozas (A Coruña)
Ecocem, S.A. Not auditable Ecocat S.L. 51.0% 0 Spain 1 0 0 0 Camí Can Bros, 6. Martorell (Barcelona)
Gestó de Residuos
Especials de Catalunya,
S.A. Deloitte Ecocat S.L. 33.3% -2 Spain 24 6 -1 -1 Avda. Europa s/n. Pol Ind de Constantí. 43120-Constantí (Tarragona)
Novalis Medioambiente,
S.A. Not auditable Cespa Gestión Residuos, S.A. 50.0% - Spain 3 3 0 0 Avda. Alfonso El Sabio, 36. Alicante
MOVITEC Not auditable Ecocat, S.L. 50.0% 0 Spain 0 0 0 0 Francesc Macià, 1. Martorell (Barcelona)
Ecoparc del Mediterrani,
S.A. Deloitte Cespa Gestión Residuos, S.A 48.0% 3 Spain 20 7 1 1 Avda. Eduard Maristany s/n. 08930-Sant Adrià del Besós (Barcelona)
Nora, S.A. Not auditable
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 40.0% 0 Spain 10 1 0 0 Passeig de Sant Salvador, 25-27. Santa Coloma de Forners (Girona)
Vialnet Vic., S.L.
BDO Auditores,
S.L.
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 49.0% 0 Spain 1 -1 0 0 Mataró, 18. Pol Ind. Sot dels Pradals. Vic (Barcelona)
Nevasa
BDO Auditores,
S.L. Sitkol, S.A. 49.0% 3 Spain 15 12 0 0 Plaza Mayor 1, Valladolid
PORTUGAL
Valorhospital, S.A. Not auditable Cespa Portugal, S.A. 35.3% 0 Portugal 1 0 0 0 Rua Quinta d'Alem, 79. Fregesia de Pedroso. Vila Nova de Gaia (Portugal)
Ecobeirao
Martins Pereira &
Associados Cespa Portugal, S.A. 20.0% 0 Portugal 12 12 0 0 Carregal do Sal. Portugal
Valor-Rib Industrial
Residuos
Martins Pereira &
Associados
Compañía Española de
Servicios Públicos Auxiliares,
S.A. 45.0% 1 Portugal 6 4 0 0 Avda. Carlos Bacelas, 174. Vila Nova de Famalicao. Portugal
Cespa Portugal -
Ecoambiente ACE Deloitte Cespa Portugal, S.A. 50.0% - Portugal 1 1 0 0 Rua Sousa Aroso, 352 1º Sala 12 4450-286 Matosinhos (Portugal)
ANDORRA
Centre de Tractament de
Residus d´Andorra Gaudit, S.L.
Cespa Gestión Residuos S.A.
(a) 29.0% - Andorra 141 0 0 0 Ctra. De La Comella s/n. Andorra la Vella
UNITED KINGDOM
Amey Ventures
Investments, Ltd. BDO Amey Investments, Ltd. 50.0% -
AHL Holdings
Amey Ventures Investments,
(Manchester), Ltd. Deloitte
Ltd. 50.0% -
Amey Highways Lighting
AHL Holdings (Manchester),
(Manchester), Ltd. Deloitte
Ltd. 100.0% -
AHL Holdings
Amey Ventures Investments
(Wakefield), Ltd. Deloitte
Ltd. 50.0% -
Amey Highways Lighting
(Wakefield) Ltd. Deloitte AHL Holdings (Wakefield) Ltd. 100.0% -
Amey Ventures Investments,
ALC (Superholdco), Ltd. KPMG
Ltd. 50.0% -
ALC (FMC) Ltd. KPMG ALC (Superholdco) Ltd. 100.0% -
United
Kingdom 26 25 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 11 11 1 0 ALLINGTON HOUSE 150, VICTORIA STREET, LONDON, SW1E 5LB.
United
Kingdom 0 0 0 0 ALLINGTON HOUSE 150, VICTORIA STREET, LONDON, SW1E 5LB.
United
Kingdom 7 7 1 0 ALLINGTON HOUSE 150, VICTORIA STREET, LONDON, SW1E 5LB.
United
Kingdom 0 0 0 0 ALLINGTON HOUSE 150, VICTORIA STREET, LONDON, SW1E 5LB.
United
Kingdom 49 42 24 4 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 113

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
SERVICES
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of Euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
ALC (Holdco), Ltd. KPMG ALC (Superholdco), Ltd. 100.0% -
ALC (SPC), Ltd. KPMG ALC (Holdco), Ltd. 100.0% -
Amey Belfast Schools
Amey Ventures Investments,
Partnership Holdco, Ltd. BDO
Ltd. 100.0% -
Amey Belfast Schools
Amey Belfast Schools
Partnership PFI Co., Ltd. BDO
Partnership HoldCo., Ltd. 100.0% -
Amey Birmingham
Amey Ventures Asset
Highways Holdings, Ltd. BDO
Holdings, Ltd. 33.3% -
Amey Birmingham
Amey Birmingham Highways
Highways, Ltd. BDO
Holdings, Ltd. 100.0% -
Amey FMP Belfast
Strategic Partnership
Amey Ventures Management
Holdco., Ltd. BDO
Services, Ltd. 70.0% -
Amey FMP Belfast
Strategic Partnership SP
Amey FMP Belfast Schools
Co., Ltd. BDO
Partnership Holdco., Ltd. 100.0% -
Amey Lagan Roads
Amey Ventures Investments
Holdings Ltd. BDO
Ltd. 50.0% -
Amey Lagan Roads
Amey Lagan Roads Holdings,
Financial Plc. BDO
Ltd. 100.0% -
Amey Lagan Roads Holdings
Amey Lagan Roads Ltd. BDO
Ltd. 100.0% -
Amey Lighting (Norfolk)
Amey Ventures Investments,
Holdings, Ltd. BDO
Ltd. 100.0% -
Amey Lighting (Norfolk),
Amey Lighting (Norfolk)
Ltd. BDO
Holdings, Ltd. 100.0% -
Amey Ventures Investments,
E4D & G Holdco, Ltd. BDO
Ltd. 85.0% -
E4D & G Project Co, Ltd. BDO E4D & G Holdco, Ltd. 100.0% -
EduAction (Waltham
Forest) Ltd. (IP) PKF (UK) Amey Plc. 50.0% -
Integrated Bradford Hold
Amey Ventures Investments,
Co One, Ltd. KPMG
Ltd. 25.2% -
Integrated Bradford Hold
Co One, Ltd. KPMG Integrated Bradford LEP, Ltd. 10.0% -
Integrated Bradford PSP
Amey Ventures Asset
Ltd. (IP) KPMG
Holdings, Ltd. 50.0% -
Integrated Bradford Hold
Amey Ventures Asset
Co Two, Ltd. KPMG
Holdings, Ltd. 2.0% -
Integrated Bradford Hold
Co Two, Ltd. KPMG Integrated Bradford LEP, Ltd. 10.0% -
Integrated Bradford LEP
Ltd. KPMG Integrated Bradford PSP, Ltd. 80.0% -
Integrated Bradford LEP
Fin Co One Ltd. KPMG Integrated Bradford LEP, Ltd. 100.0% -
Integrated Bradford SPV
Integrated Bradford Hold Co
One Ltd. KPMG
One Ltd. 100.0% -
Integrated Bradford SPV
Integrated Bradford Hold Co
Two Ltd. KPMG
Two Ltd. 100.0% -
Amey Ventures Investments,
RSP (Holdings) Ltd. KPMG
Ltd. 35.0% -
The Renfrewshire
Schools Partnership Ltd. KPMG RSP (Holdings) Ltd. 100.0% -
Services Support (Avon
& Somerset) Holdings
Amey Ventures Investments,
Ltd. Deloitte
Ltd. 20.0% -
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 71 76 2 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 51 60 42 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 1 1 1 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 92 92 8 0 LAGAN HOUSE, 19 CLARENDON ROAD, BELFAST, BT1 3BG
United
Kingdom 0 0 0 0 LAGAN HOUSE, 19 CLARENDON ROAD, BELFAST, BT1 3BG
United
Kingdom 0 0 0 0 LAGAN HOUSE, 19 CLARENDON ROAD, BELFAST, BT1 3BG
United
Kingdom 19 21 6 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 64 68 2 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 1 1 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 20 22 1 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 4 4 18 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 14 14 2 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 0 0 0 0 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
United
Kingdom 25 28 2 0 CAPELLA BUILDING (TENTH FLOOR), 60 YORK STREET, GLASGOW, G2 8JX
United
Kingdom 0 0 0 0 CAPELLA BUILDING (TENTH FLOOR), 60 YORK STREET, GLASGOW, G2 8JX
United
Kingdom 8 8 0 0 ALLINGTON HOUSE 150, VICTORIA STREET, LONDON. SW1E 5LB
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 114

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
SERVICES
Company Auditor Parent
% of
ownership
Net cost of
ownership interest
(millions of euros)
Millions of Euros
Registered
office Assets Liabilities Revenue Profit/Loss Address
Services Support (Avon
& Somerset) Ltd. Deloitte
Services Support (Avon &
Somerset) Holdings Ltd. 100.0% -
United
Kingdom 0 0 0 0 ALLINGTON HOUSE 150, VICTORIA STREET, LONDON. SW1E 5LB
Yarls Wood Immigration
Ltd.
PriceWaterhouseCo
opers
Amey Programme
Management Ltd. 50.0% -
GEO Amey PECS Limited Grant Thornton Amey Community Limited 50.0% -
United
Kingdom 0 0 0 0
SUTTON PARK HOUSE, 15 CARSHALTON ROAD, SUTTON, SURREY, UNITED
KINGDOM. SM1 4LD
United
Kingdom 13 15 23 -2 Sherard Building. Edmund Halley Road. Oxford, OX4 4DQ
QATAR
Ferrovial Qatar LLC Local auditors Ferrovial Servicios, S.A. 49.0% - 0 Qatar 1 1 0 -1 Address: PO Box 19517 Doha- Qatar
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 115

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
40. Explanation added for translation to English
These financial statements are presented on the basis of the regulatory financial reporting framework applicable to the Group
(see Note 3.1). Certain accounting practices applied by the Group that conform with that regulatory framework may not conform
with other generally accepted accounting principles and rules.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 116

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
The foregoing pages, signed by the Secretary of the Board of Directors, contain the consolidated financial statements of
FERROVIAL, S.A., i.e., the consolidated statement of financial position, consolidated income statement, consolidated
statement of changes in equity, consolidated statement of cash flows and the notes to the consolidated financial
statements for the year ended 31 December 2011, were authorised for issue by the Company's Board of Directors at the
meeting held in Madrid on 23 February 2012, and which, pursuant to Article 253 of the Spanish Limited Liability
Companies Law, all the directors sign below.
___________________________
Rafael del Pino y Calvo-Sotelo
Chairman
__________________________
Santiago Bergareche Busquet
Deputy Chairman
_____________________
Joaquín Ayuso García
Deputy Chairman
____________________
Íñigo Meirás Amusco
CEO
____________________
Jaime Carvajal Urquijo
Director
___________________
Portman Baela, S.L.
On behalf of Leopoldo del Pino y Calvo-Sotelo
Director
___________________
Juan Arena de la Mora
Director
______________
Gabriele Burgio
Director
_____________________________
María del Pino y Calvo-Sotelo
Director
___________________________
Santiago Fernández Valbuena
Director
________________________________
José Fernando Sánchez-Junco Mans
Director
___________
Karlovy, S.L.
On behalf of Joaquín del Pino y Calvo-Sotelo
Director
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 117