Download - Ferrovial - Annual Report 2012

More documents

Recommendations

Info

Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries - Result of companies accounted for using the equity method, which pursuant to accounting legislation is presented already net of the related tax effect. The profit generated by these companies totalled EUR 20 million in 2011. - Permanent differences: which relate to either profits or losses which are not subject to taxation or which do not generate deductible expenses. The permanent differences totalled EUR 195 million in 2011 and related basically to the exemption on the gain arising from the sale in February 2011 of the ownership interest held in the Swissport Group, as discussed in Note 1.2 on changes in the scope of consolidation and due to the conditions established for application of the exemption on foreign-source transactions provided for in Article 21 of the Consolidated Spanish Corporation Tax Law, approved by Legislative Royal Decree 4/2004, of 5 March, being met. With these adjustments, the taxable profit amounted to EUR 270 million and, applying the effective rate of each country and considering the tax credits for the year, the income tax expense totalled EUR 88 million, with an effective tax rate of 33%. The difference between the income tax expense of EUR 88 million and the total expense recognised in the year totalling EUR 61 million relates to the adjustment of deferred tax assets and liabilities of prior years and the reassessment of the recoverability of the deferred tax assets recognised, giving rise to an income tax benefit of EUR 27 million, without any impact on cash. The following table shows the reconciliation of the income tax expense/benefit for 2010: Millions of euros 2010 Spain United Kingdom USA Other countries Total Tax rate 30% 28% 40% 27% Profit or loss before tax -401 124 -31 3,176 2,869 Results of companies accounted for using the equity method -12 -21 0 -7 -40 Permanent differences -14 3 -8 -2,850 -2,869 Taxable profit/ Tax loss -427 106 -38 320 -40 Tax at applicable tax rate -128 30 -15 79 -34 Tax credits 0 0 0 3 3 Other -5 -3 11 19 22 Tax expense for the year -133 27 -4 100 -10 Effective tax rate applicable to tax base 31% 25% 12% 31% 26% Adjustment of prior years’ tax 85 33 16 96 231 Total tax expense -48 60 12 197 220 Total effective rate applicable to profit or loss before tax 12% 48% -39% 6% 8% In 2010 10% of the share capital held by the Group in 407 ETR, the Canadian toll road concession operator, and 40% of the equity interest held in Cintra Chile were sold. These transactions gave rise to pre-tax gains of EUR 2,489 million and EUR 229 million, respectively. The aforementioned transactions were considered permanent differences in the calculation of income tax since they are not subject to taxation because they meet the conditions established for application of the exemption on foreign-source transactions provided for in Article 21 of the Consolidated Spanish Corporation Tax Law, approved by Legislative Royal Decree 4/2004, of 5 March. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 74
Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries 23.2 Difference between deferred tax and current tax: The breakdown of the accrued tax for 2011 and 2010, differentiating between current tax and deferred tax is as follows: Spain United Kingdom Millions of euros 2011 USA Other countries Tax expense for the year 19 26 8 35 88 Deferred tax expense 29 16 -8 3 39 Current tax expense -10 11 16 32 49 Adjustment of prior years' taxes -71 -10 54 1 -27 TOTAL tax expense -52 16 62 35 61 Millions of euros 2010 Spain United Kingdom USA Other countries Total Tax expense for the year -133 27 -4 100 -10 Deferred tax expense -122 11 5 17 -89 Current tax expense -10 15 -9 82 78 Adjustment of prior years' taxes 85 33 16 96 231 TOTAL tax expense -47 60 12 195 220 23.3 Changes in deferred tax assets and liabilities at December 2011: Millions of euros Balance at 01/01/11 Exclusion from the scope of consolidation of BAA Adjustments and other Charge/Credit to income statement Charge/Cred it to equity Exchange rate effect Total Balance at 31/12/11 Transfers Deferred tax assets Tax assets 1,127 -213 -2 -93 -17 0 5 807 Temporary differences (tax/accounting 496 -112 29 25 2 1 -2 439 recognition methods) Deferred tax assets arising from business 93 -93 0 0 0 0 0 0 combinations Deferred tax assets arising from valuation 751 -153 -99 -4 -15 129 16 626 adjustments Other 59 113 -32 -28 48 0 -9 151 Total 2,526 -458 -104 -100 18 131 10 2,022 Millions of euros Deferred tax liabilities Deferred tax liabilities arising from business combinations Temporary differences (tax/accounting recognition methods) Deferred tax liabilities arising from valuation adjustments Industrial building Balance at 01/01/11 Exclusion from the scope of consolidation of BAA Transfers Adjustments and other Charge/Credit to income statement Charge/Cred it to equity Exchange rate effect Balance at 31/12/11 1,003 -777 0 -74 12 0 7 171 989 -649 12 -3 17 0 4 370 130 0 -69 0 0 -20 -3 37 1,392 -1,392 0 0 0 0 0 0 allowance Other 895 -58 -61 -82 29 -3 1 722 Total 4,409 -2,876 -118 -158 57 -23 8 1,299 The deferred tax assets recognised at 31 December 2011 arose mainly from: a) Tax assets These relate to accrued tax assets which have not been deducted by the Group companies. This item does not include all the tax assets accrued, but rather only those that, based on company projections, are expected to be used before they expire. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 75
Page 1 and 2:
Consolidated financial statements f
Page 3 and 4:
Consolidated financial statements a
Page 5 and 6:
Page 7 and 8:
Consolidated financial statements f
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24: Consolidated financial statements a
Page 27 and 28: Consolidated financial statements f
Page 73: Consolidated financial statements a
Page 117: Consolidated financial statements a
show all

Download - Ferrovial - Annual Report 2012

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?