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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
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