Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Section 23.4 of this Note provides further detail on these tax assets, which relate to the tax loss carryforwards (EUR 804 million), the
most relevant of which relate to the Toll Roads Division (EUR 402 million), the Corporate Division (EUR 382 million) and to
reinvestment and dividend double taxation tax credits (EUR 3 million).
b) Assets and liabilities arising from timing differences between the accounting and tax income and expense
recognition methods
This item relates to the tax impact resulting from the fact that the timing of recognition of certain expenses or depreciation and
amortisation charges is different for accounting and tax purposes. The recognition of a tax asset in this connection means that certain
expenses have been recognised for accounting purposes before their recognition for tax purposes and, therefore, the Company will
recover these expenses for tax purposes in future years. Conversely, a liability represents an expense that is recognised for tax
purposes before its recognition for accounting purposes. Most notably "Deferred Tax Assets" includes the provisions amounting to EUR
266 million recognised for accounting purposes, which do not have any effect for tax purposes until they are used, and finance costs of
EUR 126 million. Deferred tax liabilities relate mainly to accelerated depreciation for tax purposes, amounting to EUR 271 million.
c) Deferred taxes from the revaluation of derivative instruments, pension funds and translation differences (valuation
adjustments)
This reflects the cumulative tax impact resulting from valuation adjustments recognised in reserves. This impact appears as an asset or
liability since there is no tax payable or refundable until this amount in reserves is transferred to profit or loss. The asset balance
relates to accumulated losses in reserves that will result in tax income when it is recognised in profit or loss. The liability balance
relates to gains not yet recognised for tax purposes. Noteworthy is the deferred tax asset relating to financial derivatives, amounting to
EUR 485 million.
d) Other:
The other deferred tax liabilities include most notably the tax provision for the shareholdings in the BAA Group (EUR 328 million) and
in Cintra USA (EUR 125 million). The detail of the changes in the deferred tax assets and deferred tax liabilities in 2010 is as follows:
Millions of euros
Balance at
01/01/10
Transfers
Adjustments
and other
Charge/Credit
to income
statement
Assets
held for
sale
Charge/Credit
to equity
Exchange
rate
effect
Balance
at
31/12/10
Deferred tax
assets
Tax assets 972 228 -111 83 -53 0 8 1,127
Temporary dif.
(tax/accounting
recognition
351 88 -5 104 -51 0 9 496
methods)
Deferred tax assets
arising from
business
133 -25 -6 -14 0 0 5 93
combinations
Deferred tax assets
arising from
599 -3 44 38 -6 61 18 751
valuation adj.
Other 135 -105 25 6 -9 0 8 59
Total 2,190 184 -53 217 -121 61 48 2,526
Millions of euros
Balance at
01/01/10
Transfers
Adjustments
and other
Charge/Credit
to income
statement
Assets
held for
sale
Charge/Credit
to equity
Exchange
rate
effect
Balance
at
12/31/10
Deferred tax
liabilities
Deferred tax
liabilities arising
from business
1,086 -13 59 -159 -8 0 39 1,003
combinations
Temporary dif.
(tax/accounting
recognition
868 214 15 -53 -39 0 26 1,032
methods)
Deferred tax assets
arising from
23 0 67 -5 0 40 5 130
valuation adj.
Industrial Building
Allowance
1,539 -73 0 -130 0 0 56 1,392
Other 521 56 124 155 -8 0 3 852
Total 4,037 184 266 -192 -56 40 129 4,409
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 76