Download - Ferrovial - Annual Report 2012

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Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries 2011 2010 Millions of euros Noncurrent Change 2011 Current TOTAL Non-current Current TOTAL - 2010 Construction 38 25 64 28 21 49 15 Services 143 39 182 99 71 170 12 Airports 0 0 0 0 0 0 0 Toll Roads 0 0 0 0 0 0 0 Corporate and other 1,010 6 1,015 1,815 29 1,844 -829 Total bank borrowings excluding infrastructure projects 1,191 71 1,261 1,943 120 2,063 -803 B.2) Maturities by currency and fair value of borrowings excluding infrastructure projects Fair value 2011 Carrying amount 2011 Maturities Currency 2012 2013 2014 2015 2016 2017 and subsequent years Total maturities Construction 64 64 14 2 2 4 12 5 39 EUR 43 43 2 2 2 3 5 5 18 USD 12 12 12 0000 0 12 PLZ 9 9 1 0 0 2 7 0 9 Services 182 182 37 17 7 92 8 12 174 EUR 75 75 24 7 7 9 8 12 67 GBP 107 107 14 10 0 84 0 0 107 Corporate and other 1,015 1,015 1 1 98 929 0 0 1,030 EUR 1,006 1,006 1 90 929 1,021 PLZ 9 9 0 1 8 9 Total bank borrowings excluding infrastructure projects 1,261 1,261 52 20 107 1,026 20 17 1,242 The differences between the total maturities of bank borrowings and the carrying amounts of the debt at 31 December 2011 are explained mainly by 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). The debt maturities do not include interest. The total fair value of bank borrowings excluding infrastructure projects at 31 December 2011 was EUR 1,261 million (EUR 2,063 million at 31 December 2010). The 2012 maturities total EUR 52 million and relate mainly to the Services Division, the most significant relating to Inagra (EUR 18 million), the finance lease of Amey (EUR 13 million) and the loan repayable on a half-yearly basis of Recogida de Residuos Barcelona (EUR 6 million). The most significant maturity of 2012 of the Construction Division relates to the Webber loan (EUR 12 million). B.3) Exposure to interest rate risk excluding infrastructure projects In order to complete the information on exposure to interest rate risk presented in Note 4, following is the detail of the various debt components indicating the portion subject to fixed interest rates, the portion hedged by derivatives and floating-rate debt. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 68
Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries Millions of euros Type of debt 2011 % 2010 % Construction 64 49 Fixed 0 0% 0 0% Hedged (IRS) 13 20% 18 36% Floating 51 80% 31 64% Services 182 170 Fixed 0 0% 4 2% Hedged (IRS) 18 10% 30 18% Floating 163 90% 136 80% Corporate and other 1,015 1,844 Hedged (IRS) 0 0% 820 44% Floating 1,015 100% 1,024 56% Total bank borrowings excluding infrastructure projects 1,261 2,063 Fixed 1 0% 4 0% Hedged (IRS) 31 2% 868 42% Floating 1,229 97% 1,191 58% 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). B.4) Information on credit limits and drawable credit Set out below is a comparative analysis of borrowings not drawn down at year-end: 2011 Borrowings Debt limit Bank borrowings Amount drawable Consolidated debt Construction 157 39 118 64 Services 329 174 155 182 Toll roads 2 0 2 0 Corporate and other 1,864 1,030 834 1,015 Total bank borrowings excluding infrastructure projects 2,351 1,242 1,109 1,261 2010 Borrowings Debt limit Amount drawn down Amount drawable Consolidated debt Construction 111 30 81 49 Services 273 140 133 170 Corporate and other 2,539 1,834 705 1,844 Total bank borrowings excluding infrastructure projects 2,923 2,004 919 2,063 The differences between total bank borrowings and the carrying amount thereof at 31 December 2011 are explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with applicable accounting regulations. Set out below is a more detailed description of interest rates, maturities and covenants for the main borrowings excluding infrastructure projects. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 69
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