Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
recognised under "Financial Assets" (see Note 11) and, lastly, EUR -7 million was recognised as a reduction of non-current assets in
infrastructure projects (see Note 8).
Gains and losses recognised in 2010:
The breakdown of the main gains and losses recognised in 2010 in relation to sales and impairment of significant assets and of their
impact on the net profit or loss recognised is as follows:
Impact on profit or
loss before tax
Before fair Fair
value value Total 2010
adjustments adjustments
Impact on
net profit or
loss
2010
Gains from disposals:
APP 18 0 18 12
US Retail 7 0 7 1
Naples Airport 11 0 11 5
Other disposals 21 0 21 12
Impairment losses 0 -734 -734 -366
Total BAA 56 -734 -678 -336
Gains from disposals:
10% ETR 407 474 2,015 2,489 2,471
Chilean toll roads 206 148 354 274
Impairment losses 0 -277 -277 -193
Total Cintra 680 1,886 2,567 2,552
Gains relating to Tubelines 2 0 2 2
Other gains on disposals 2 0 2 2
Other impairment losses 0 -13 -13 -10
Impairment and gains and losses on disposals of non-current assets
and Other Non-recurring effects
Gains
740 1,139 1,879 2,210
On 5 October 2010, Cintra Infraestructuras reached an agreement to sell 10% of its interest in the share capital of the 407 ETR toll
road concession operator in Toronto, Canada for CAD 894 million (EUR 634 million). The transaction gave rise to a pre-tax gain of EUR
2,489 million (EUR 2,471 million effect on net profit), which is distributed between the gain itself on the sale of the 10% interest (EUR
474 million effect on profit before tax and EUR 467 million effect on net profit), and the remeasurement at fair value of the interest
retained, representing 43.23% of the share capital of that company (EUR 2,015 million effect on profit before tax and EUR 2,005
million effect on net profit), and the latter amount was recognised as a fair value adjustment in the Group’s consolidated income
statement.
Additionally, on 15 September 2010 Cintra Infraestructuras completed the sale of 60% of its equity interest in Cintra Chile, a company
that operates five stretches of Chilean toll roads, for CLF 7 million (approximately EUR 220 million). Furthermore, the buyer and seller
established cross call and put options on the remaining 40% of the shares. The transaction gave rise to a pre-tax gain of EUR 354
million (EUR 274 million effect on net profit), of which EUR 206 million relate to the gain on the 60% ownership interest sold (EUR 158
million net) and EUR 148 million (before tax) relate to the remeasurement at fair value of the interest retained and the latter amount
was recognised as a fair value adjustment in the Group’s consolidated income statement (EUR 116 million net).
The total effect of gains recognised on net profit was EUR 2,779 million.
Impairment
In 2010, the BAA Group reviewed the fair value of its assets and recognised an impairment loss of EUR 734 million before tax (EUR
369 million effect on net profit). Additionally, net impairment losses of EUR 3 million were reversed at companies accounted for using
the equity method within the BAA Group.
In the Toll Roads Division, an impairment loss of EUR 277 million (with an impact on net profit of EUR 200 million) was recognised in
relation to the portfolio of Spanish toll roads and other European toll roads, due to the negative evolution of traffic during 2010 and to
the update of the long-term assumptions made for these toll roads. Additionally, net impairment losses of EUR 7 million were reversed
at companies accounted for using the equity method in the Toll Roads Division.
Lastly, impairment losses were recognised in the other divisions with a net impact of EUR 10 million and, therefore, the total impact of
net impairment losses on the net profit for the year amounted to EUR -569 million.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 82