Download - Ferrovial - Annual Report 2012

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Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries B.6) Services The bank borrowings relate basically to: • Long-term bank loans and debt (EUR 136 million). The main features of these borrowings are presented below by company, which include mainly: Cespa Group (EUR 37 million). Finance leases, credit facilities and bank loan hedged by an interest rate swap, as described in Note 12 on "Derivative Financial Instruments". Amey (EUR 83 million). Floating-interest bank loan tied to LIBOR. Donarbon Ltd (EUR 10 million). Bank loan tied to LIBOR maturing in December 2013. Spanish Services division (EUR 3 million). Long-term finance lease. Long-term portion of lease instalments and interest under long-term leases. Albaida Residuos, S.L. (EUR 3 million). Long-term loans (maturing in 2015 and 2016). • Short-term bank loans and debt (EUR 37 million), which relate mainly to: Cespa (EUR 24 million). Amey Group (EUR 13 million). Short-term finance lease. B.7) Construction The borrowings comprise basically loans granted to: The UTEs Secado Térmico Butarque and Desaladora de Alicante for EUR 2 million and EUR 9 million, respectively. Webber for EUR 12 million (EUR 11 million at 31 December 2010), and Accounts with banks amounting to EUR 0.4 million (EUR 17 million at 31 December 2010) associated with the parent of the division, Ferrovial Agromán S.A., and Cadagua S.A. There is also a finance lease associated with the Budimex Group amounting to EUR 13 million, of which EUR 12 are recognised as noncurrent associated with lease payments and interest maturing at more than one year and a finance lease granted to Ferrovial Agromán amounting to EUR 2.5 million maturing in 2017. 21. Other non-current liabilities The detail of the non-financial non-current liabilities is as follows: Balance at 31/12/11 Balance at 31/12/10 Change 2011-2010 Other long-term payables 163 122 41 Other non-financial payables 16 32 -16 Total 179 154 25 “Other Non-Current Liabilities” includes mainly the participating loan granted by the State to the concession operator Autopista del Sol for the construction of the Estepona - Guadiaro section of the related toll road, amounting to EUR 93 million at 31 December 2011 (31 December 2010: EUR 92 million), and to the additional participating loans granted to the concession operator Autovía de Aragón for EUR 32 million, and to Concesionaria de Prisiones de Figueras for EUR 12 million. 22. Trade and other payables Set out below is a detail of the remaining short-term, non-financial payables at 31 December 2011 and 2010, including advances paid to trade creditors included under "Trade and Other Receivables": Balance at 31/12/11 Millions of euros Balance at 31/12/10 Change 2011-2010 Trade payables 3,128 3,906 -778 Current tax liabilities 50 264 -214 Other non-trade payables 704 720 -16 Total 3,882 4,889 -1,007 Advances paid -35 -50 15 Net trade payables 3,847 4,839 -992 Ferrovial, S.A. Consolidated financial statements at 31 December 2011 72
Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries Other Non-Trade Payables” includes payables to public authorities other than income tax payables amounting to EUR 305 million at 31 December 2011 (EUR 323 million in 2010). Additionally, “Trade Payables” includes advances received on orders amounting to EUR 786 million (EUR 756 million at December 2010), of which EUR 659 million were received from the Construction Division (EUR 650 million at December 2010). Group management considers that the carrying amount of trade receivables approximates their fair values. The table below presents the disclosures on the payment periods to suppliers as provided for in the Spanish Accounting and Audit Institute (ICAC) Resolution of 29 December 2010, implementing the disclosure obligation provided for in Additional Provision Three of Law 15/2010, of 5 July, on measures to combat late payment in commercial transactions. Millions of euros Paid in the maximum payment period 1,796.5 96.4% Remainder 66.5 3.6% TOTAL 1,863 100% Weighted average period of late payment (days) 70 Amount deferred 7.4 "Weighted Average Period of Late Payment" is considered to be the amount calculated as the quotient whose numerator is the result of multiplying the payments made to suppliers outside the maximum payment period by the number of days of late payment and whose denominator is the total amount of the payments made in the year outside the maximum payment period. "Remainder" includes the payments that exceed the maximum payment period. "Amount Deferred" includes the balance payable to suppliers past due by more than the maximum payment period at 31 December 2011. 23. Tax matters 23.1 Reconciliation of the income tax expense to the profit before tax: The reconciliation of the income tax expense to the profit before tax for 2011 and 2010 is as follows: In view of the significance of the Group’s activities in Spain, the United Kingdom and the United States, following is the abovementioned reconciliation for those countries: Millions of euros 2011 Spain United Kingdom USA Other countries Total Tax rate 30% 27% 40% 24% Profit before tax 241 113 0 132 485 Results of companies accounted for using the equity method 2 7 0 -29 -20 Permanent differences -190 -7 -4 6 -195 Taxable profit/Tax loss 52 113 -4 109 270 Tax at applicable tax rate 16 30 -2 27 70 Tax credits 0 0 -1 0 -1 Other 3 -4 11 8 19 Tax expense/benefit for the year 19 26 8 35 88 Effective tax rate applicable to tax base 37% 23% -190% 32% 33% Adjustment of prior years’ tax -71 -10 54 1 -27 Total tax expense -52 16 62 35 61 Total effective rate applicable to profit before tax -22% 14% n/a 27% 13% Ferrovial recognised tax income of EUR 61 million in its income statement, in spite of having earned a profit before tax of EUR 485 million. Certain items included in the profit before tax that are not taxable need to be taken into consideration in order to be able to understand this figure: Ferrovial, S.A. Consolidated financial statements at 31 December 2011 73
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