Download - Ferrovial - Annual Report 2012

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