Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
B.5) Corporate: Borrowings of Ferrovial, S.A.
B.5.1) Changes in borrowings
The changes in Ferrovial, S.A.’s borrowings in 2011 were as follows:
Thousands of euros
Balance at
01/01/11
Increases Decrease Transfers Interest Other fees
and
commissions
Exchange
rate effect
Balance at
31/12/11
Non-current bank
borrowings
1,810 0 -789 0 5 -4 -21 1,001
Tranche A1 841 0 -252 0 13 -4 0 598
Tranche A2 146 0 -140 0 0 -6 0
Tranche A3 823 0 -397 -403 -8 -16 0
Tranche B1 0 0 0 403 1 404
Finance leases 3 0 0 0 0 0 0 3
Total 1,813 0 -789 0 5 -4 -21 1,004
On 12 April 2011, Ferrovial S.A. restructured its gross corporate borrowings (EUR 1,805 million at that date; EUR 1,826 million at 31
December 2010), through the repayment of EUR 490 million (tranche A2 -denominated in Swiss francs- was repaid in full, and the
tranches denominated in euros and pounds sterling were partially repaid) and the refinancing of EUR 1,305 million.
The refinancing was performed through the arrangement of a syndicated loan with 32 banks (Spanish and foreign), extending maturity
until April 2015 (previous maturity 2012), see point C below. The transaction also includes the renewal of the working capital line
amounting to EUR 541 million (tranche C) against which no amounts have been drawn down.
The agreements have led to lower borrowing costs.
The main changes during the year after the refinancing include:
a) Repayment of the debt principal (euros and pounds sterling) in July amounting to EUR 252 million, which entailed the early
repayment of the fees and commissions associated therewith, which were adjusted in 2011.
b) Impact of the fees and commissions incurred on the refinancing of the borrowings; an impact that is taken into account in
terms of the measurement thereof at amortised cost in accordance with Note 3.3.18
c) Redenomination or transfer of EUR 403 million of tranche A3 denominated in pounds sterling to a new tranche B1
denominated in euros, arranged on 14 November 2011. Up to this time, the tranche denominated in pounds sterling had an
impact due to the exchange rate of EUR 16 million, which was offset by foreign currency derivatives and a cash position in
sterling.
B.5.2) Main features of the bank borrowings
a. Structure
The bank borrowings at 31 December 2011 were structured in two tranches maturing in 2015, both of which are denominated in
euros.
At 31 December 2011 the principals amounted to EUR 617 million for A1 (EUR 869 million in 2010) and EUR 403 million for tranche B1
(EUR 957 million for tranches A2 and A3 at 31 December 2010), see point C below.
There are also undrawn credit lines:
- a tranche C, forming part of the corporate debt, consisting of a revolving working capital facility of EUR 541 million, maturing in
2015.
- and two bilateral credit facilities arranged with two separate banks, neither of which have been drawn down:
o the first arranged on 20 December 2010 for EUR 120 million, maturing on 20 December 2013,
o and the second arranged on 15 September 2011 for EUR 100 million, maturing on 15 September 2014.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 70