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Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Type of debt 2011 % 2010 %
Airports 0 0% 15,017
Fixed 0 0% 2,455 16%
Index-linked fixed 0 0% 4,995 33%
Hedged (IRS) 0 0% 3,539 24%
Floating 0 0% 4,028 27%
Toll roads 6,222 5,768
Fixed 1,431 23% 1,189 21%
Index-linked fixed 0 0% 0 0%
Hedged (IRS) 3,173 51% 3,053 53%
Floating 1,617 26% 1,526 26%
Construction 155 0 142
Fixed 69 45% 78 55%
Hedged (IRS) 73 47% 58 41%
Floating 13 8% 6 4%
Services 271 54
Fixed 0 0% 0 0%
Hedged (IRS) 152 56% 47 87%
Floating 119 44% 7 13%
Total borrowings of infrastructure projects 6,649 20,981
Fixed 1,500 23% 3,723 18%
Index-linked fixed 0 0% 4,994 24%
Hedged (IRS) 3,398 51% 6,697 32%
Floating 1,749 26% 5,567 26%
The debt balances hedged by IRSs (interest rate swaps) relates to derivatives that convert floating-rate bank borrowings to fixed
interest rates (see Note 12).
C.4) Information on credit limits and credit drawable for infrastructure projects
Set out below is a comparative analysis of borrowings not drawn down at year-end:
Debt limit
31/12/11 31/12/10
Amount Amount Carrying Debt limit Amount
drawn drawable amount
drawn
down
of debt
down
Amount
drawable
Carrying
amount
of debt
Airports 0 0 0 0 16,946 14,398 2,548 15,017
BAA 0 0 0 0 16,946 14,398 2,548 15,017
Toll roads 7,644 6,332 1,311 6,222 7,590 5,871 1,718 5,768
US toll roads 4,073 2,888 1,185 2,371 3,940 2,459 1,481 2,371
Spanish toll roads 2,270 2,225 45 2,191 2,279 2,210 69 2,191
Other toll roads 1,301 1,220 81 1,207 1,371 1,202 169 1,206
Construction 146 146 0 155 153 126 27 142
Services 299 277 22 271 212 53 159 54
Total borrowings of
infrastructure projects
8,089 6,756 1,333 6,649 24,901 20,448 4,453 20,981
The differences between the total bank borrowings and the carrying amount of the debts at 31 December 2011 are due mainly to the
difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with
applicable accounting regulations (especially accrued interest payable and the application of the amortised cost method).
Of the EUR 1,333 million drawable (31 December 2010: EUR 1,905 million), EUR 1,185 million relate mainly to amounts not drawn
down that were obtained to finance toll roads under construction in the US.
Following is a more detailed description of interest rates, maturities and covenants for the main infrastructure project borrowings.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 64