Download - Ferrovial - Annual Report 2012

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Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries b) Other receivables The detail of “Other Receivables” at 31 December 2011 and 2010 is as follows: Millions of euros Balance at 31/12/11 Balance at 31/12/10 Change 2011- 2010 Other receivables 579 604 -25 Receivable from public authorities 172 151 21 Total other non-trade receivables 751 755 -4 “Other Receivables” includes balances receivable arising outside the ordinary course of business carried on by each segment and advances to suppliers amounting to EUR 50 million (EUR 50 million at 31 December 2010). “Receivable from Public Authorities” includes balances receivable from public authorities other than income tax. Also, “Trade and Other Receivables - Other Receivables” includes current financial assets arising from the application of IFRIC 12 relating mainly to amounts receivable from the government in return for services rendered or investments made under a concession arrangement. These financial assets relate to the concession operators Autopista Terrasa Manresa, Autopista Norte Litoral and Eurolink M3, amounting to EUR 53 million, EUR 49 million and EUR 54 million, respectively. The detail of the balance of “Trade Receivables” at 31 December 2011 and 2010 is as follows: c) Provisions Provisions for doubtful receivables are recognised as described in Note 3-c. The changes in operating provisions and allowances were as follows: Changes in provisions and allowances Millions of euros 2011 2010 Change 2011-2010 Beginning balance -178 -290 112 Amounts charged to profit or loss -123 -15 -108 Reductions/Amounts used 15 1 14 Exchange rate effect 4 -3 7 Transfers -14 129 -143 Ending balance -296 -178 -118 Group management considers that the carrying amount of trade receivables approximates their fair value. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 50
Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries 16. EQUITY The detail of the main impacts net of taxes that affected the changes in equity in 2011 is as follows: 2011 Attributable to Attributable to Total non-controlling equity holders equity interests Equity at 31/12/10 5,194 1,434 6,628 Consolidated profit or loss for the year 1,269 -1 1,268 Hedges -266 -135 -401 Defined benefit plans -56 0 -56 Translation differences 54 -17 37 Income and expense recognised directly in equity of fully consolidated -268 -152 -420 companies Income and expense recognised directly in equity of companies accounted -43 0 -43 for using the equity method Income and expense recognised directly in equity relating to discontinued -78 0 -78 operations Amounts transferred to profit or loss of fully consolidated companies -63 0 -63 Amounts transferred to profit or loss relating to discontinued operations 497 0 497 Total income and expense recognised directly in equity 1,314 -153 1,160 Dividends paid -367 -30 -396 Capital increases/reductions 0 77 77 Transactions with owners -367 47 -320 Exclusion from consolidation of BAA 0 -1,127 -1,127 Changes in the scope of consolidation 0 -18 -18 Other changes -4 -33 -36 Equity at 31/12/11 6,138 150 6,288 Following is a description of the main changes in shareholders’ equity in 2011, the positive evolution of which gave rise to an increase of EUR 786 million. The profit for the year attributable to the Parent totalled EUR 1,269 million. Hedging instruments: recognition of the revaluation of the effective portion of derivatives qualifying for hedge accounting (see Note 12), the negative impact of which was EUR 266 million net of taxes attributable to the Parent in the case of the fully consolidated companies, EUR 44 million in the case of the companies accounted for using the equity method and EUR 99 million in the case of the companies classified as held for sale or discontinued operations (mainly BAA for the first ten months of 2011). The main changes in the fair value of hedges relate to interest rate swaps, caused by fluctuating market reference rates. The main changes involved BAA, with a negative impact of EUR 138 million, the Toll Roads Division, with a negative impact of EUR 280 million, especially at Chicago Skyway, SH-130 Concession Company and Cintra Inversora de Autopistas de Cataluña, and the Services Division with an impact of EUR -23 million. Defined benefit plans: these include the impact on equity of actuarial gains and losses arising from adjustments and changes to the Group’s defined benefit plan assumptions, as described in Note 18, which had an impact for the Parent of EUR -58 million net of taxes (EUR -56 million at fully consolidated companies (Amey) and EUR -2 million at the other companies (BAA)). Translation differences: most of the currencies in which Ferrovial has investments (see Note 4) have increased in value against the euro, particularly the Canadian dollar and the pound sterling, currencies to which the Group is most exposed in terms of equity. The positive impact attributable to the Parent was EUR 54 million in the case of the fully consolidated companies, whereas the effects in the case of the companies accounted for using the equity method and held for sale amounted to EUR 37 million and EUR -12 million, respectively. Amounts transferred to profit or loss: these relate to the transfer to profit or loss of cumulative negative valuation adjustments relating to derivatives and translation differences arising in the loss of control of BAA and the sale of Swissport. These two transactions are described in Note 1.2. Dividends: dividend payments reduced the Group’s total equity by EUR 367 million, of which EUR 220 million relate to the dividend approved by the shareholders at the Annual General Meeting and EUR 147 million relate to the interim dividend approved by the Board of Directors on 27 October 2011. Exclusion from consolidation of BAA: this relates to the impact of the derecognition of the balances relating to the non-controlling interests of BAA following the sale of the 5.88% ownership interest in this company and the subsequent change in the method used to account for it (full consolidation to equity method)(see Notes 1.2 and 2). Ferrovial, S.A. Consolidated financial statements at 31 December 2011 51
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