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Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries Millions of euros Provision for Provision for Other Changes landfills third-party liabilities provisions Total At 1 January 2010 66 889 519 1,473 Charged/(Credited) to the income statement: Period provisions 6 122 270 398 Provisions reversed 0 -17 -195 -212 Addition of discount 0 0 0 0 Transfers and other 0 -150 0 -150 Provisions used during the year 0 -17 -28 -45 Exchange differences 0 9 12 21 Changes in the scope of consolidation (*) 0 -48 -22 -71 At 31 December 2010 71 788 556 1,415 Analysis of total provisions by classification: 31/12/10 Long-term 860 Short-term 556 Total provisions 1,415 The main changes in 2010 are summarised as follows: - “Provisions for Landfills” contains the estimated cost of landfill closure and post-closure activities relating to the Cespa Group (at 31 December 2010 a provision amounting to EUR 6 million was recorded). - “Provision for Third-Party Liability” relates mainly to the provision for expropriations recognised by the Spanish toll roads amounting to EUR 418 million. - "Other Provisions" consisting mainly of provisions for construction work completion, site removals and losses amounting to EUR 443 million. 20. Net cash position The following table contains a breakdown, by segment, of the net cash position in order to reflect the Group’s net borrowing situation. The net cash position is understood to be the balance of items included in cash and cash equivalents (including short-term restricted cash) and long-term restricted cash, less current and non-current borrowings (bank borrowings and bonds). The breakdown of the net cash position also makes a distinction between infrastructure projects and other Group companies: Millions of euros Balance at 31/12/11 Balance at 31/12/10 Change 2011 - 2010 Construction 2,333 2,274 59 Services -497 -832 335 Airports 38 22 16 Toll roads 585 572 13 Corporate and other -1,552 -2,004 452 Net cash position excluding infrastructure 907 31 876 projects BAA 0 -14,529 14,529 Other airports 2 2 0 Toll roads -5,692 -5,026 -666 Construction -135 -129 -6 Services -252 -138 -114 Net cash position of infrastructure projects -6,077 -19,820 13,743 TOTAL NET CASH -5,170 -19,789 14,619 Ferrovial, S.A. Consolidated financial statements at 31 December 2011 60
Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries The overall reduction in the net cash position is due mainly to the fact that at 2011 year-end BAA was accounted for using the equity method in the Group's consolidated financial statements as a result of the sale transaction described in Note 2. An overall explanation of the change in the net cash position for 2011 is included in Note 32 “Cash Flow” and in the additional disclosures presented in the directors’ report. 20.1. Infrastructure projects A) Analysis of the net cash position of infrastructure projects The detail of the net cash position of infrastructure projects in 2011 and 2010 is as follows: 2011 Millions of euros Long-term restricted cash Short-term restricted cash Other cash and cash equivalents Borrowings Intra-Group transactions Total net position Other airports 0 0 2 0 0 2 Toll roads 390 16 134 6,222 -10 -5,692 Construction 0 0 7 155 12 -135 Services 0 8 21 271 -10 -252 Net cash position of infrastructure projects 390 24 164 6,649 -7 -6,077 2010 Long-term restricted cash Non-current investments Short-term restricted cash Other cash and cash equivalents Borrowings Intra-Group transactions Total net position Millions of euros BAA 43 444 15,017 -14,530 Other airports 2 2 Toll roads 551 6 1 191 5,769 -5 -5,025 Construction 5 141 8 -129 Services 8 54 -92 -138 Net cash position of infrastructure projects B) Cash and cash equivalents and restricted cash 551 6 44 649 20,981 -89 -19,820 As indicated in the Note on financial risks, infrastructure project financing agreements occasionally impose the obligation to arrange certain restricted accounts to cover short-term or long-term obligations relating to the repayment of the principal or interest on the borrowings and to infrastructure maintenance and operation. Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less than or more than one year. In any event, these funds are invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is also restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group’s policy for the placement of cash surpluses. Short-term balances are recognised under “Cash and Cash Equivalents” in the consolidated statement of financial position whereas long-term balances are classified as financial assets. The detail of short-term and long-term restricted cash balances, by project, is as follows: Millions of euros Balance at 31/12/11 Balance at 31/12/10 NTE Mobility Partners 81 130 LBJ 178 326 Autopista del Sol 18 Chicago Skyway 52 44 EuroScut Algarve 18 19 EuroScut Norte 38 30 Other 5 2 Long-term restricted cash 390 551 BAA 0 43 Chicago Skyway 14 Services 8 Other 2 1 Short-term restricted cash 24 44 Total restricted cash 414 595 Ferrovial, S.A. Consolidated financial statements at 31 December 2011 61
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