Download - Ferrovial - Annual Report 2012

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