Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
the assets relate to Cespa, totalling EUR 35 million (2010: EUR 46 million) and Amey-Cespa, totalling EUR 80 million, which in 2010 was
considered to be held for sale (see Note 13), which accounts for substantially all the additions in this connection.
The additions relate mainly to an account receivable of EUR 77 million from Amey-Cespa, which in 2010 was classified as held for sale
(see Note 13); EUR 7 million relating to Concesionaria de Prisiones Figueras and EUR 17 million relating to a higher account receivable
from Autopista Norte Litoral.
The disposals include mainly EUR 25 million relating to the impairment of assets of certain European toll roads (see Note 26) and the
remainder relate to effective settlements made in the year in the Toll Roads Division.
Also, the transfers of EUR 97 million relate to the reclassifications to short term made at Autopista Terrasa Manresa and Eurolink M3
based on the period to maturity of the payments established with the concession grantor.
Lastly, as indicated in Note 3.3.21.2, it should be noted that at 31 December 2011 and 2010 the income associated with the financial
asset model recognised as revenue amounted to EUR 155 million and EUR 119 million, respectively.
"Restricted Cash and Other Non-Current Financial Assets" includes the deposits securing bond issues associated with the
financing of infrastructure not yet built, corresponding mainly to NTE Mobility Partners LLC (EUR 81 million -2010: EUR 130 million-),
Chicago Skyway (EUR 52 million -2010: EUR 44 million-) and LBJ Infrastructure Group (EUR 178 million -2010: EUR 326 million-).
The decreases in this line item arose mainly at the concession operators North Tarrant Express and LBJ Infraestructure Group
amounting to EUR 49 million and EUR 147 million, respectively, since both operators are currently making progress with the
construction work on the toll roads (see Note 8).
Lastly, "Other Receivables” includes, inter alia, loans to associates of the Services Division amounting to EUR 53 million (2010: EUR
50 million) and long-term receivables from various municipal councils negotiated mainly by the Services Division and totalling EUR 97
million (2010: EUR 97 million). The transfers relate to a reclassification to long term in relation to the renegotiation of the accounts
payable of the Cespa Group company Inagra, S.A.
The changes in these items in 2010, for information purposes, were as follows:
CHANGES IN 2010
(Millions of euros)
Available-forsale
financial
assets
Infrastructure
project
receivables
Restricted cash
and other noncurrent
financial
assets
Other
receivables
TOTAL
Investment:
Balance at 01/01/10 33 874 554 474 1,935
Additions 534 331 96 961
Disposals -147 -227 -374
Changes in the scope of consolidation
and transfers -1 -62 -205 -88 -356
Charge for the year 0
Exchange rate effect 2 -2 18 18
Balance at 31/12/10 34 1,344 551 255 2,184
The most significant changes in 2010 were as follows:
‐ Auto-Estradas Norte (EUR 325 million), which started to renegotiate its concession arrangement with the Portuguese government on
1 July 2010, which became a payment for availability arrangement, giving rise to the application of the financial asset model
provided for in IFRIC 12. The remaining increase related to the accrual of the other accounts receivable in the year.
‐ The changes in the scope of consolidation and transfers were due mainly to the settlement of the subordinated debt between
Amey and Tube Lines totalling EUR 70 million, after the latter’s sale in June 2010, which was considered to constitute a cost to
sell.
‐ There was a reduction of EUR 205 million in "Restricted Cash and Other Non-Current Financial Assets" due to the exclusion
from the scope of consolidation of 407 ETR, which started to be accounted for using the equity method in 2010 following the sale
of the 10% ownership interest in this company.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 43