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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
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