Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
14. Inventories
The detail of inventories at 31 December 2011 and 2010 is as follows:
Balance at
31/12/11
Millions of euros
Balance at
31/12/10
Change
2011-2010
Land and building lots 140 149 -9
Raw materials and other supplies 146 150 -4
Property developments in progress and other 144 148 -4
Write-downs -3 -2 -1
Total 427 445 -18
Of the total inventories, EUR 193 million relate to property developments in Poland and EUR 202 million relate to the Construction
Division. At 31 December 2011, there were no inventories of a significant amount, other than those associated with property
developments amounting to EUR 71 million, subject to ownership restrictions or pledged to secure liabilities.
15. Trade and other receivables
a) Trade receivables for sales and services
The detail of the balance of “Trade Receivables” at 31 December 2011 and 2010 is as follows:
Balance at
31/12/11
Millions of euros
Balance at
31/12/10
Change 2011-2010
Trade receivables
1,685 1,710 -25
Retentions for guarantees
89 120 -31
Amounts to be billed for work performed
480 492 -12
Trade receivables for BAA sales
0 204 -204
Total trade receivables for sales and services
2,254 2,526 -272
TOTAL Advances received on orders (Note 22) -786 -756 -30
Total net trade receivables 1,468 1,770 -302
For a fuller understanding of trade receivables, the foregoing table shows the amounts net of advances, although the advances are
recognised in liabilities, under “Trade Payables” (see Note 22). This balance includes contractually stipulated advances and amounts
billed in advance for construction work.
At 31 December 2011, a total of EUR 362 million (EUR 297 million at 31 December 2010) had been deducted from “Trade Receivables”
relating to assets derecognised since it was considered that they met the conditions stipulated in IAS 39.20 regarding the derecognition
of financial assets.
Following is a detail, by type of debtor, of the main trade receivables. This information does not coincide with that shown under "Trade
Receivables" due mainly to the fact that it also includes long-term trade receivables, other receivables and non-recourse discounting
transactions.
Millions of euros
Construction Services Other Total
Public authorities 790 29.1% 1,097 40.4% 174 6.4% 2,061 76.0%
Private-sector customers 484 17.9% 162 6.0% 6 0.2% 652 24.0%
TOTAL RECEIVABLES 1,274 47.0% 1,259 46.4% 180 6.6% 2,713 100%
This detail shows that 76% of the Group's customers are public authorities and the rest are private-sector customers.
In order to manage credit risk relating to private customers, the Group has implemented pre- and post-contracting measures. Precontracting
measures include the consultation of debtor registers, ratings and solvency studies, while post-contracting measures during
the execution of construction work include the follow-up of contractual incidents and non-payment events.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 49