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Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries Millions of euros 2011 2010 DEFINED BENEFIT PLANS Amey Ltd Group BAA Amey Ltd Group Changes in pension obligations Obligations at beginning of year 603 2,599 571 Exchange differences 18 91 20 Liabilities acquired 3 0 0 Current service cost 10 57 13 Past service cost 0 0 -53 Interest cost 33 151 34 Actuarial gains / losses 37 39 19 Other impacts on equity 4 -22 28 Benefits paid and other -36 -87 -29 Obligations at end of year 670 2,829 603 Changes in plan assets Fair value at beginning of year 529 2,286 406 Exchange differences 15 80 14 Assets acquired 3 0 0 Expected return on assets 38 161 33 Actuarial gains / losses -35 89 16 Other impacts on equity 3 0 21 Employee contributions 0 13 4 Employer contributions 30 223 53 Benefits paid and other -18 -100 -19 Fair value at end of year 563 2,752 529 Liability recognised in consolidated statement of financial position Obligation at end of year 670 2,829 603 Fair value of plan assets at end of year 563 2,752 529 Subtotal 107 77 74 Other 0 0 0 Total 107 77 74 The Amey subgroup has nine defined benefit plans covering a total of 6,892 employees. The most significant event in 2011 in relation to its defined benefit plans was the increase in the deficit from EUR 74 million in 2010 to EUR 107 million in 2011. The main reasons for this increase are as follows: An impact of EUR 72 million due to actuarial losses. The main impact was due to the fall in the return on the assets and the decrease in the discount rate, which gave rise to a reduction in the value of the assets and an increase in the value of the obligation, respectively. Contributions made by the Amey subgroup amounting to EUR 30 million (see Note 17-b). Impact due to reductions and settlements of the pension plan amounting to EUR 18 million. a) Actuarial gains and losses: The detail of the impact of the defined benefit pension plans of the Amey Group recognised directly in equity is as follows: Millions of euros 2011 2010 Amey Ltd Group BAA Amey Ltd Group Actuarial gains/losses on obligations -37 -39 -19 Actuarial gains/losses on assets -35 89 16 Other impacts on equity 0 22 -7 Impact on equity recognised -72 72 -9 Ferrovial, S.A. Consolidated financial statements at 31 December 2011 56
Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries - Actuarial gains and losses on obligations amounting to EUR 37 million. - Actuarial gains and losses on assets (EUR 35 million) due to the difference between the expected return at the beginning of the year and the actual return. The summary of the main actuarial assumptions used to calculate the defined benefit pension plan obligations is as follows: 2011 2010 DEFINED BENEFIT PLANS Amey Ltd Group BAA Amey Ltd Group Main assumptions Salary increase 2.5% / 3.95% / 4.45% 5.10% 2.5% - 5% Discount rate 4.70% 5.50% 5.50% Expected inflation rate 2.95% 3.60% 3.50% Expected returns on assets 2.7%-8.0% 6.30% 2.60% Mortality (years) 84.2-90.9 85.9-87.9 84.5-89.1% The mortality assumptions used by the Amey Group to calculate its pension obligations are based on the actuarial mortality tables, entailing an estimated life expectancy of between 84.2 and 90.9 years. b) Employer contributions: In 2011 contributions at the Amey Group totalled EUR 30 million, corresponding to EUR 21 million to rebalance the rest of the plan, with the remainder involving ordinary contributions. The projected contributions agreed upon with the beneficiaries for 2012 total EUR 5 million for the Amey Group. Additionally, the Amey Group agreed on special contributions amounting to EUR 21 million for the coming year. c) Return on assets: The summary of the defined benefit pension plan assets by type stated at their fair value and including the expected percentage return thereon for 2011 and 2010 is as follows: Millions of euros Amey Ltd Group BAA Amey Ltd Group Eur % Eur % Eur % Plan assets (fair value) Equity instruments 336 8.00% 608 7.88% 360 8.50% Debt instruments 175 2.8%-4.7% 1,141 5.16% 108 4.2%-5.5% Buildings 29 7.50% 0 n/a 15 8.10% Cash and other 22 2.70% 1,003 0.50% 45 4.00% Total plan assets 563 2,752 0 529 To assess expected returns on the Amey Group plan assets, the actuaries used the following criteria: Equity instruments: expected returns of 8.0%. Debt instruments: the returns on sovereign debt and the performance of the corporate bonds debt making up the plan are used to calculate the returns on these instruments. Buildings: forecast returns 0.5% below returns on equity instruments. Cash and other: long-term returns available for swaps. Actual returns: The Amey Group had actual returns on its plan assets totalling EUR 3 million in 2011 and EUR 49 million in 2010. The difference between forecast and actual returns is recognised in equity. There are no financial assets issued by the company or buildings occupied by it. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 57
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