Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
‐ Equity
Equity dropped by EUR 247 million with respect to 2010, as a result of a profit for the year of EUR 93 million and the payment of a
dividend of EUR 334 million to the shareholders. The exchange rate effect reduced the company's equity by EUR 6 million.
Changes in the income statement 2011-2010
The following table shows the changes in the income statement of 407 ETR in 2011.
407 ETR (100%) Millions of euros 12/11 12/10
Operating income 490 457
Operating expenses -88 -91
Gross profit from operations 402 366
Depreciation and amortisation charge -42 -42
Net profit from operations 359 324
Financial loss -236 -240
Profit before tax 123 85
Income tax -30 -28
Net profit 93 56
Intangible asset amortisation -13 -2
Profit attributable to Ferrovial 27 28
The accompanying income statement includes, in addition to the profit earned by the concession operator, the amortisation of the
intangible asset recognised as a result of the measurement at fair value of the investment retained after the sale of the 10% ownership
in 2010, as indicated earlier.
c. Other companies accounted for using the equity method
Appendix I shows a list of the investments of companies accounted for using the equity method, indicating their name, the country in
which they were incorporated, the business segment to which they belong, the proportion of ownership interest, the aggregate assets
and liabilities, revenue and profit or loss for the year.
This list includes certain associates with a carrying amount of zero. Under IAS 28, if an entity’s share of losses of an associate equals or
exceeds its interest in the associate, the entity discontinues recognising its share of further losses, unless the entity has incurred legal
or constructive obligations that make it necessary to recognise a liability for additional losses after the entity’s interest is reduced to
zero. The equity deficit, in proportion to the percentage of ownership, not recognised at associates amounted to approximately EUR
814 million at 31 December 2011 and related to Indiana Toll Road. This toll road incurred a loss attributable to Ferrovial of EUR 74
million at 31 December 2011 (not recognised). The equity deficit arose mainly as a result of the drop in fair value of the derivatives
arranged by the concession operator.
Lastly, at 31 December 2011 Indiana Toll Road had total borrowings of EUR 2,838 million, maturing in 2015, total assets of EUR 3,089
million and revenue totalling EUR 133 million.
d. Other disclosures relating to companies accounted for using the equity method
There are no significant restrictions on the capacity of associates to transfer funds to the Parent in the form of dividends, debt
repayments or advances other than such restrictions as might arise from this financing agreements of those associates or from their
own financial situation, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
The only company accounted for using the equity method in which the ownership interest is below 20% is Madrid Calle 30. The equity
method is used because although Ferrovial only has an indirect ownership interest of 10%, it has the power to appoint one member of
the Board of Directors.
There are no significant companies in which the ownership interest exceeds 20% that are not accounted for using the equity method.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 41