Download - Ferrovial - Annual Report 2012

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