Download - Ferrovial - Annual Report 2012

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