Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
Basic earnings per share attributable to the Parent:
2011 2010
Net profit attributable to the Parent 1,269 2,163
Weighted average number of shares outstanding (thousands of shares) 733,510 733,510
Less average number of treasury shares (thousands of shares) 0 0
Average number of shares to calculate basic earnings per
share
733,510 733,510
Basic earnings per share (euros) 1.73 2.95
B. Diluted earnings per share
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding in order to reflect
the conversion of all dilutive potential ordinary shares. For these purposes, it is considered that the shares are converted at the
beginning of the year or at the date of issue of the potential ordinary shares, if the latter were issued during the current period.
At 31 December 2011 and 2010, the Group did not have any dilutive potential ordinary shares, since no convertible shares were issued
and the share-based or stock option remuneration plans discussed in Note 34 will not give rise to any capital increases at the Group,
as explained in that Note. Consequently, no dilutive impact is envisaged when employee rights under the plans are exercised.
32. Cash flow
The consolidated statement of cash flows was prepared in accordance with IAS 7. This Note provides additional disclosures thereon.
This breakdown is based on internal criteria established by the Company for business purposes, which in certain cases differ from the
provisions of IAS 7. The main criteria applied are as follows:
- In order to provide a clearer explanation of cash generated, the Group separates cash flows into “Cash Flows Excluding Infrastructure
Projects” where infrastructure project concession holders are treated as financial assets and the investments in the capital of these
companies are therefore included in cash flows from investing activities, and yields on the investments (dividends and cash
reimbursements) are included in cash flows from operating activities, and “Cash Flows of Infrastructure Projects”, consisting of cash
flows from operating and financing activities of infrastructure project concession holders (Note 1 contains a detailed definition of
infrastructure projects).
- The treatment given to interest received on cash and cash equivalents differs from that of the cash flow statement under IAS 7, since
this interest is included in cash flows from financing activities with a reduction in the amount recognised under “Net Interest Paid”.
- Lastly, these flows endeavour to present the changes in the net cash position as defined in Note 20, as the net amount of
borrowings, cash and cash equivalents and restricted cash. This method also departs from IAS 7, which explains the changes in cash
and cash equivalents.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 86