Download - Ferrovial - Annual Report 2012
Download - Ferrovial - Annual Report 2012
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Consolidated financial statements at 31 December 2011<br />
<strong>Ferrovial</strong> S.A. and Subsidiaries<br />
2011 2010<br />
Millions of euros<br />
Noncurrent<br />
Change 2011<br />
Current TOTAL Non-current Current TOTAL - 2010<br />
Construction 38 25 64 28 21 49 15<br />
Services 143 39 182 99 71 170 12<br />
Airports 0 0 0 0 0 0 0<br />
Toll Roads 0 0 0 0 0 0 0<br />
Corporate and other 1,010 6 1,015 1,815 29 1,844 -829<br />
Total bank borrowings<br />
excluding infrastructure<br />
projects<br />
1,191 71 1,261 1,943 120 2,063 -803<br />
B.2) Maturities by currency and fair value of borrowings excluding infrastructure projects<br />
Fair<br />
value<br />
2011<br />
Carrying<br />
amount<br />
2011<br />
Maturities<br />
Currency <strong>2012</strong> 2013 2014 2015 2016 2017 and<br />
subsequent<br />
years<br />
Total<br />
maturities<br />
Construction 64 64 14 2 2 4 12 5 39<br />
EUR 43 43 2 2 2 3 5 5 18<br />
USD 12 12 12 0000 0 12<br />
PLZ 9 9 1 0 0 2 7 0 9<br />
Services 182 182 37 17 7 92 8 12 174<br />
EUR 75 75 24 7 7 9 8 12 67<br />
GBP 107 107 14 10 0 84 0 0 107<br />
Corporate and other 1,015 1,015 1 1 98 929 0 0 1,030<br />
EUR 1,006 1,006 1 90 929 1,021<br />
PLZ 9 9 0 1 8 9<br />
Total bank borrowings<br />
excluding infrastructure<br />
projects<br />
1,261 1,261 52 20 107 1,026 20 17 1,242<br />
The differences between the total maturities of bank borrowings and the carrying amounts of the debt at 31 December 2011 are<br />
explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in<br />
accordance with applicable accounting regulations (especially accrued interest payable and the application of the amortised cost<br />
method). The debt maturities do not include interest.<br />
The total fair value of bank borrowings excluding infrastructure projects at 31 December 2011 was EUR 1,261 million (EUR 2,063<br />
million at 31 December 2010).<br />
The <strong>2012</strong> maturities total EUR 52 million and relate mainly to the Services Division, the most significant relating to Inagra (EUR 18<br />
million), the finance lease of Amey (EUR 13 million) and the loan repayable on a half-yearly basis of Recogida de Residuos Barcelona<br />
(EUR 6 million). The most significant maturity of <strong>2012</strong> of the Construction Division relates to the Webber loan (EUR 12 million).<br />
B.3) Exposure to interest rate risk excluding infrastructure projects<br />
In order to complete the information on exposure to interest rate risk presented in Note 4, following is the detail of the various debt<br />
components indicating the portion subject to fixed interest rates, the portion hedged by derivatives and floating-rate debt.<br />
<strong>Ferrovial</strong>, S.A. Consolidated financial statements at 31 December 2011 68
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