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Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 3 and 40). In the event of a discrepancy, the Spanish-language version prevails. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2011 AND 2010 Millions of euros Notes December 2011 December 2010 Net profit attributable to the Parent 1,269 2,163 Adjustments for -287 -807 Non-controlling interests -1 19 Depreciation and amortisation charge and provisions 388 437 Result of companies accounted for using the equity method -17 428 Results on financing 285 679 Tax 61 220 Other operating income -15 -17 Fair value adjustment less costs to sell -989 -2,572 Other losses and gains Income taxes paid -92 -83 Changes in receivables, payables and other -334 -72 Dividends from infrastructure project companies received 157 44 Cash flows from operating activities 32 713 1,245 Investments in property, plant and equipment and intangible assets -96 -127 Investments in infrastructure projects -780 -915 Investments in non-current financial assets -96 -152 Divestment of infrastructure projects 0 0 Divestment of non-current financial assets 1,264 1,124 Cash flows from investing activities 32 291 -70 Cash flows before financing activities 1,004 1,175 Proceeds from capital and non-controlling interests 126 69 Payment of dividends to equity holders of the Parent -367 -315 Payment of dividends to non-controlling interests of investees -15 -86 Other changes in shareholders’ equity 0 0 Cash flows from shareholders and non-controlling interests -256 -332 Interest paid -436 -641 Interest received 29 33 Increase in bank borrowings 918 1,185 Decrease in bank borrowings -1,141 -888 Change in borrowings held for sale 0 189 Cash flows from financing activities 32 -886 -454 Change in cash and cash equivalents 20 117 722 Cash and cash equivalents at beginning of year 2,701 2,480 Cash and cash equivalents at end of year 2,349 2,701 Effect of foreign exchange rate changes on cash and cash equivalents -19 -153 Change in cash and cash equivalents held for sale 0 526 Change in cash and cash equivalents relating to discontinued operations Discontinued operations 488 128 Cash flows from operating activities 1,160 1,253 Cash flows from investing activities -765 -916 Cash flows from financing activities -555 -466 Net cash flows from discontinued operations -161 -128 The accompanying Notes 1 to 40 and Appendix 1 are an integral part of the consolidated statement of cash flows for 2011. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 6
Consolidated financial statements for 2011 and 2010 Ferrovial S.A. and Subsidiaries Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 3 and 40). In the event of a discrepancy, the Spanish-language version prevails. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR 2011 1. Company activities and scope of consolidation. 1.1 Company activities: The consolidated Ferrovial Group (“Ferrovial”) comprises the Parent Ferrovial, S.A. and its subsidiaries, which are detailed in Appendix I. Its registered office is at calle Príncipe de Vergara 135, Madrid. Through these companies, Ferrovial engages in the following lines of business, which are its primary reporting segments pursuant to IFRS 8. a. Construction and execution of all types of public and private works in Spain and abroad, operating basically through Ferrovial Agromán, S.A., the company that heads this business Division. Notable are the international business carried on in Poland through Budimex, S.A. and its investees, the leading construction group in that market, which is listed on the Warsaw stock market and in which the Group holds a 59.06% ownership interest, and the business carried on in the United States (Texas) through the Webber Group, which is wholly owned by Ferrovial. b. Toll roads. This activity consists of the development, financing, construction and operation of toll road projects through Cintra Infraestructuras, S.A., in which Ferrovial, S.A. holds a 100% ownership interest. c. Airports. This activity consists of the development, financing and operation of airports, basically through BAA, a UK company that operates six airports in the United Kingdom and other airport assets through its investees; Ferrovial, S.A. has an ownership interest of 49.99% in BAA. d. Services. This division is headed by Ferrovial Servicios, S.A. and includes the following activities: a) upkeep and maintenance of infrastructure, buildings and facilities (through Amey in the UK and Ferroser Infraestructuras, S.A. and Ferrovial Servicios, S.A. in Spain); b) urban services and waste treatment (basically through Cespa, S.A.). In addition to the description of Ferrovial’s activities and for the purposes of understanding these financial statements, it should be noted that a significant part of the business carried on by the Toll roads, Airports and Services Divisions consists of the performance of infrastructure projects. Unlike the above, in most cases involving airports, licenses are of an indefinite nature which is why, although IFRIC 12 is not applicable, the arrangements are very similar to concession arrangements. Accordingly, and in order to aid understanding of the Group’s financial performance, these financial statements present separately the impact of projects of this nature on both nonfinancial non-current assets (“Investments in Infrastructure Projects” includes the property, plant and equipment, intangible assets and investment property assigned to these projects) and non-current financial assets, borrowings and cash flows. It is also important to highlight that two of the Group's main assets are its investments of 49.99% in BAA and 43.23% in ETR 407, which have been accounted for using the equity method since 2011 and 2010, respectively. In order to provide detailed information on the two companies Note 10 on "Investments in Companies Accounted for Using the Equity Method" includes information relating to the changes in the two companies' balance sheets and income statements, and this information is completed in other Notes with data considered to be of interest. 1.2 Changes in the scope of consolidation The main changes in the scope of consolidation in 2011 were as follows: - Airports Division: on 26 October 2011, 5.88% of the share capital of FGP Topco, the head of the BAA Group, was sold. As a result of this transaction and of the changes that it brought about in the composition of that company's Board of Directors and in the shareholders' agreement, Ferrovial lost control of this Group of companies. Specifically, with the new wording of the shareholders' agreement, Ferrovial now has five votes on the Board of Directors of FGP Topco and of its main subsidiaries, whereas the other three shareholders together have six votes (CDPQ 3 votes, GIC 2 votes and Alinda 1 vote). The impact of this transaction on the consolidated financial statements is described in Note 2. - Services Division; on 17 February the investment of Ferrovial Servicios in Swissport, which had been classified as an asset held for sale in the 2010 consolidated financial statements, as indicated in Note 13 to these consolidated financial statements, was sold. - Toll Roads Division; on 10 January the 50.00% ownership interest of Cintra Infraestructuras in its subsidiary Autopista Trados 45, which had been accounted for using the equity method and classified as an asset held for sale in the 2010 consolidated financial statements, as indicated in Note 13 to these consolidated financial statements, was formally completed. These projects are conducted mainly in the Toll Roads and Services areas under long-term arrangements in which the concession operator, in which the Group generally has interest together with other partners, finances the construction or upgrade of public infrastructure and which fall within the scope of application of IFRIC 12, Service Concession Arrangements. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 7
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