Consolidated Financial Statements
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LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL INDEX INDEX CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED GROUP 101 } consolidaTED BALANCE SHEET 103 } consolidaTED INCOME STATEMENT 104 } consolidaTED STATEMENT OF COMPREHENSIVE INCOME 105 } consolidaTED STATEMENT OF CHANGES IN EQUITY 106 } consolidaTED STATEMENT OF CASH FLOWS 108 } NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 100 101 LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL INDEX INDEX CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET ASSETS 31/12/2011 31/12/2010 NON-CURRENT ASSETS 11,074,062 13,393,742 Intangible assets (Note 7) 4,317,029 5,063,681 CONSOLIDATED GROUP Concessions (Notes 7 and 11) 1,022,734 1,040,868 Goodwill 2,352,312 2,613,750 Other intangible assets 941,983 1,409,063 Property, plant and equipment (Note 8) 4,601,913 5,833,737 Land and buildings 1,480,246 1,629,153 Plant and other items of property, plant and equipment 3,121,667 4,204,584 Investment property (Note 9) 34,458 259,033 Investments accounted for using the equity method (Note 12) 1,115,719 1,222,895 Non-current financial assets (Note 14) 461,999 415,799 Deferred tax assets (Note 25) 542,944 598,597 CURRENT ASSETS 11,373,405 8,585,395 Non-current assets classified as held for sale (Note 4) 1,846,971 — Inventories (Note 15) 1,271,355 1,138,375 Trade and other receivables 5,496,798 5,491,691 Trade receivables for sales and services (Note 16) 4,953,813 4,938,574 Other receivables (Note 16) 514,703 514,783 Current tax assets (Note 25) 28,282 38,334 Other current financial assets (Note 14) 395,689 225,763 Other current assets 59,951 50,915 Cash and cash equivalents (Note 17) 2,302,641 1,678,651 TOTAL ASSETS 22,447,467 21,979,137 The accompanying Notes 1 to 34 and Appendixes I to V are an integral part of the consolidated financial statements and, together with the latter, make up the statutory consolidated financial statements for 2011. 100 101 LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL INDEX INDEX CONSOLIDATED FINANCIAL STATEMENTS FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 DECEMBER 2011 (IN THOUSANDS OF EUROS) EQUITY AND LIABILITIES 31/12/2011 31/12/2010 EQUITY (Note 18) 2,914,940 3,206,301 Equity attributable to the Parent 2,378,884 2,562,930 Shareholders’ equity 2,813,024 2,840,066 Share capital 127,303 127,303 Retained earnings and other reserves 2,969,654 2,811,257 Treasury shares (347,479) (346,915) Profit for the year attributable to the Parent 108,248 301,253 Interim dividend (80,616) (88,746) Other equity instruments 35,914 35,914 Valuation adjustments (434,140) (277,136) Non-controlling interests 536,056 643,371 NON-CURRENT LIABILITIES 7,535,310 10,962,527 Grants 159,721 104,693 Long-term provisions (Note 20) 1,083,109 1,047,836 Non-current financial liabilities (Note 21) 5,160,308 8,628,968 Debt instruments and other marketable securities 694,541 672,517 Bank borrowings 3,587,504 6,889,345 Other financial liabilities 878,263 1,067,106 Deferred tax liabilities (Note 25) 995,468 1,156,043 Other non-current liabilities (Note 22) 136,704 24,987 CURRENT LIABILITIES 11,997,217 7,810,309 Liabilities associated with non-current assets classified as held for sale (Note 4) 1,396,653 — Short-term provisions (Note 20) 178,887 143,233 Current financial liabilities (Note 21) 4,830,637 1,988,231 Debt instruments and other marketable securities 10,658 8,133 Bank borrowings 4,484,565 1,635,476 Other financial liabilities 335,414 344,622 Trade and other payables (Note 23) 5,577,414 5,662,968 Payable to suppliers 2,934,933 3,318,288 Other payables 2,584,056 2,237,173 Current tax liabilities (Note 25) 58,425 107,507 Other current liabilities 13,626 15,877 TOTAL EQUITY AND LIABILITIES 22,447,467 21,979,137 The accompanying Notes 1 to 34 and Appendixes I to V are an integral part of the consolidated financial statements and, together with the latter, make up the statutory consolidated financial statements for 2011. 102 103 LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL INDEX INDEX CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2011 (IN THOUSANDS OF EUROS) 31/12/2011 31/12/2010 Revenue (Note 29) 11,754,765 11,908,088 In-house work on non-current assets 53,641 62,752 Other operating income (Note 28) 322,310 335,882 Changes in inventories of finished goods and work in progress 66,897 13,301 Procurements (Note 28) (5,515,387) (5,589,896) Staff costs (Note 28) (3,292,672) (3,258,153) Other operating expenses (2,137,231) (2,105,851) Depreciation and amortisation charge (Notes 7, 8 and 9) (643,516) (659,217) Allocation to profit or loss of grants related to non-financial non-current assets and other grants 2,890 2,700 Impairment and gains or losses on disposals of non-current assets (Note 28) (98,693) 145,018 Other gains or losses (112,208) (76,689) PROFIT FROM OPERATIONS 400,796 777,935 Finance income (Note 28) 89,839 59,499 Finance costs (Note 28) (501,341) (391,478) Changes in fair value of financial instruments (Note 28) 13,198 (30,486) Exchange differences 8,455 20,864 Impairment and gains or losses on disposals of financial instruments 10,760 (4,972) FINANCIAL LOSS (379,089) (346,573) Result of companies accounted for using the equity method (Note 28) 33,286 12,903 PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 54,993 444,265 Income tax (Note 25) (27,154) (97,761) PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 27,839 346,504 Loss for the year from discontinued operations, net of tax (24,925) (32,921) CONSOLIDATED PROFIT FOR THE YEAR 2,914 313,583 Profit attributable to the Parent 108,248 301,253 Profit (Loss) attributable to non-controlling interests (Note 18) (105,334) 12,330 EARNINGS PER SHARE (Note 18) Basic 0.94 2.60 Diluted 0.94 2.56 The accompanying Notes 1 to 34 and Appendixes I to V are an integral part of the consolidated financial statements and, together with the latter, make up the statutory consolidated financial statements for 2011. 102 103 LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL INDEX INDEX CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2011 (IN THOUSANDS OF EUROS) 31/12/2011 31/12/2010 CONSOLIDATED PROFIT FOR THE YEAR 2,914 313,583 Income and expense recognised directly in equity (211,074) (12,745) Revaluation of financial instruments 78 1,752 Cash flow hedges (139,528) (86,384) Translation differences 6,227 56,070 Companies accounted for using the equity method (109,062) (284) Tax effect 31,211 16,101 Transfers to profit or loss 62,773 70,104 Cash flow hedges 74,988 101,086 Companies accounted for using the equity method 9,773 3 Tax effect (21,988) (30,985) TOTAL COMPREHENSIVE INCOME (145,387) 370,942 Attributable to the Parent (37,136) 342,720 Attributable to non-controlling interests (108,251) 28,222 104 105 LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL LETTER FROM THE CHAIRMAN GOVERNING BODIES STRATEGY RELEVANT EVENTS FCC IN FIGURES SERVICES INFRASTRUCTURE CEMENT ENERGY FINANCIAL STATEMENTS CORPORATE GOVERNANCE ICFR CSR EXECUTIVE PERSONNEL INDEX INDEX CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2011 (IN THOUSANDS OF EUROS) Share capital Share Interim Treasury Profit Other equity Valuation Equity Non- Equity (Note 18.a) premium dividend shares for the year instruments adjustments attributable controlling and reserves (Note 18.d) (Note 18.c) attributable (Note 18.e) (Note 18.f) to shareholders interests (Note 18.b) to the Parent of the Parent (Note 18.II) Equity at 31 December 2009 127,303 2,670,802