Fomento De Construcciones Y Contratas, S.A
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FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. WorldReginfo - feb5105a-f90c-4b8a-b353-fa89baed4025 FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. WorldReginfo - feb5105a-f90c-4b8a-b353-fa89baed4025 FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. 2010 YEAR-END BALANCE SHEET (€’000) A S S E T S 31-12-2010 31-12-2009 NON-CURRENT ASSETS 5,169,058 4,285,179 Intangible assets (Note 5) 32,390 26,604 Concessions 7,367 7,468 Computer software 13,426 11,358 Total intangible assets 11,597 7,778 Property, plant and equipment (Note 6) 552,922 537,512 Land and buildings 85,481 69,656 Plant and other PPE 414,658 405,950 Work in progress and advance payments 52,783 61,906 Investments properties (Note 7) 226,964 230,512 Investments in group companies and associates 4,184,580 3,342,122 long term (Notes 10.a and 21.b) Equity instruments 2,247,074 1,993,416 Loans to companies 1,937,506 1,348,706 Long-term financial investments (Note 9.a) 76,012 76,250 Equity instruments 9,268 7,328 Loans to third parties 27,609 24,974 Derivatives (Note 12) 15,024 37,048 Other financial assets 24,111 6,900 Deferred tax assets (Note 18) 92,873 68,296 Deferred financial expenses for concession 3,317 3,883 Financing CURRENT ASSETS 2,102,598 2,614,542 Inventories 22,570 6,146 Sales force 16,281 — Raw materials and other supplies 5,794 5,803 Prepayments to suppliers 495 343 Trade and other 727,274 756,797 receivables Clients for sales and services rendered (Note 11) 652,289 645,416 Clients, group and associated companies (Note 21.b) 57,743 71,465 Sundry receivables 11,520 7,831 Accrued wages and salaries 945 1,471 Current tax assets (Note 18) 747 23,530 Other tax credits (Note 18) 4,030 7,084 Investments in group companies and associates 1,168,062 1,772,712 Short term Loans to companies (Note 10.b and 21.b) 1,137,417 1,767,533 Other financial assets 30,645 5,179 Short-term financial investments (Note 9.a) 12,018 30,866 Loans to companies 6,622 20,510 Debt securities 2,887 5,643 Other financial assets 2,509 4,713 Short term accruals and deferred income 2,584 1,827 Cash at bank and in hand 170,090 46,194 TOTAL ASSETS 7,271,656 6,899,721 Notes 1 to 23 and the enclosed Schedules I to IV are an integral part of the financial statements, along with which they form the annual accounts for fiscal year 2010. WorldReginfo - feb5105a-f90c-4b8a-b353-fa89baed4025 FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. EQUITY AND LIABILITIES 31-12-2010 31-12-2009 SHAREHOLDERS' EQUITY(Note 13) 1,272,436 1,253,585 Shareholders’ equity 1,295,249 1,272,707 Capital 127,303 127,303 Registered capital 127,303 120,303 Share premium account 242,133 242,133 Reserves 867,741 790,355 Legal and statutory reserves 26,114 26,114 Other reserves 841,627 764,241 Treasury stock (89,130 ) (89,130 ) Profit and loss (profit) 200,034 254,878 Interim dividend (88,746) (88,746) Other equity instruments 35,914 35,914 Value adjustments (25,072) (21,724) Available-for-sale financial assets 7,932 5,991 Hedging derivatives (Note12) (33,004) (27,715) Grants , donations and bequests received 2,259 2,602 NON-CURRENT LIABILITIES 4,469,114 4,552,262 Non-current provisions (Note 15) 314,455 207,927 Provisions for liabilities 118,994 119,428 Other provisions 195,461 88,499 Non-current payables (Note 16) 4,027,085 4,215,095 Debentures and other marketable securities 422,204 421,213 Bank borrowings 3,470,167 3,683,390 Finance lease liabilities 27,936 27,491 Derivatives (Note 12) 99,293 75,897 Other financial liabilities 7,485 7,104 Deferred tax liabilities (Note 18) 127,574 129,240 CURRENT LIABILITIES 1,530,106 1,093,874 Short-term provisions 1,517 1,316 Non-currnet payables (Note 16) 610,420 283,646 Debentures and other marketable securities 4,888 Bank borrowings 456,425 135,310 Finance lease liabilities 38,697 36,412 Other financial liabilities 110,410 111,924 Short-term payables to group companies and 498,357 464,564 associates (Note 10.c and 21.b) Trade and other payables (Note 23.c) 419,529 343,977 Suppliers 89,571 107,928 Suppliers, group and associated companies (Note 21.b) 17,388 15,540 Sundry payables 89,150 109,154 Accrued wages and salaries 43,305 35,398 Current tax liabilities (Note 18) 80,042 — Other taxes payable (Note 18) 40,198 45,005 Advances from clients (Note 11) 59,875 30,952 Short term accruals and deferred income 283 371 TOTAL LIABILITIES AND EQUITY 7,271,656 6,899,721 Notes 1 to 23 and the enclosed Schedules I to IV are an integral part of the financial statements, along with which they form the annual accounts for fiscal year 2010. WorldReginfo - feb5105a-f90c-4b8a-b353-fa89baed4025 FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. INCOME STATEMENT FOR THE FISCAL YEAR ENDED 31 DECEMBER 2010 (€’000) 31-12-2010 31-12-2009 CONTINUING OPERATIONS Net turnover (Note 20) 1,680,978 1,557,944 Sales of goods and services 1,325,333 1,296,802 Dividends from shares in group companies and associates 256,984 176,448 (Notes 20 and 21.a) Financial income from marketable securities and other financial instruments in group companies and associates (Notes 10, 20 and 98,661 84,694 21.a) Own work capitalised 2,126 1,914 Raw materials and consumables (197,720) (197,633) Consumption goods purchased for resale (2,163) (1,039) Consumption of raw materials and other consumable materials (101,688) (100,666) Subcontracted work (93,869) (95,928) Other operating revenues 74,143 77,528 Sundry and other income 71,990 75,769 Operating grants released to income during the year 2,153 1,759 Staff costs (823,240) (788,543) Wages, salaries and similar remuneration (624,912) (600,232) Staff welfare expenses (198,328) (188,311) Other operating expenses (240,096) (192,027) External services (158,521) (167,804) Taxes (7,321) (7,742) Losses, impairment and changes in provisions for commercial (685) (1,924) Other common management expenses (Note 20) (73,569) (14,557) Fixed asset depreciation (Notes 5, 6 and 7) (89,594) (83,912) Release of non-financial fixed asset grants 512 355 and others (Note 13.h) Excess provisions (Note 15) 1,380 23,120 Impairment and profit/ loss on fixed asset disposals 946 (1,616) Profit/loss on disposals and other 946 (1,616) OPERATING PROFIT (LOSS) 409,435 397,130 Financial income 2,519 6,286 From marketable securities and other third party financial instruments 2,519 6,286 Financial expense (160,962) (117,040) Payables to group companies and associates (Note 21.a) (7,255) (8,794) Payable to third parties (149,705) (103,946) Restatement of provisions (4,002) (4,300) Change in fair value of financial instruments (Note 12) (30,500) 9,421 Trading portfolio and other (30,500) 9,421 Exchange differences (5,993) (7,268) Impairment and losses on disposal of financial revenue (3,454) (8,025) Impairment and losses (Note 9.a) 3,658 (19,282) Profit (loss) on disposals and other (Note 10.a) (7,112) 11,257 FINANCIAL INCOME AND EXPENSE (198,390) (116,626) PROFIT/(LOSS) BEFORE INCOME TAX 211,045 280,504 CORPORATE INCOME TAX (Note 18) (11,011) (25,626) PROFIT/LOSS FOR YEAR FROM 200,034 254,878 CONTINUING OPERATIONS PROFIT/(LOSS) FOR THE YEAR 200,034 254,878 Notes 1 to 23 and the enclosed Schedules I to IV are an integral part of the financial statements, along with which they form the annual accounts for fiscal year 2010. WorldReginfo - feb5105a-f90c-4b8a-b353-fa89baed4025 FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. STATEMENT OF CHANGE EQUITY FOR THE FISCAL YEAR ENDED 31 DECEMBER 2010 A) STATEMENT OF RECOGNISED INCOME AND EXPENSES (€’000) 31-12-2010 31-12-2009 Profit/ loss for the year 200,034 254,878 Income and expense recognised directly in equity Net Available-for-sale financial assets 1,940 ⎯ Cash-flow hedges (34,977) (13,976) Grants, donations and bequests received 40 ⎯ Tax effect 10,486 4,193 Income and expense recognised directly in equity (22,511) (9,783) Transfers to the profit and loss account Cash-flow hedges 27,422 20,856 Grants, donations and bequests received (512) (355) Tax effect (8,090) (6,161) Total transfers to the profit and loss account 18,820 14,340 TOTAL RECOGNISED INCOME AND EXPENSE 196,343 259,435 WorldReginfo - feb5105a-f90c-4b8a-b353-fa89baed4025 FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. STRUCCIONES Y B) STATEMENT OF CHANGE EQUITY (€’000) Share capital Share premium Reserves Treasury stock Profit (loss) for Interim dividend Other equity Value adjustments Grants Net (Note 13.a) account (Note 13.c and d) (Note 13.e) year (Note 3) instruments (Notes 9.a and 13.g) (Note 13.h) Equity (Note 13.b) (Note 13 f) Shareholders' equity at 31 December 2008 127,303 242,133 644,817 342,906 (99,933) (26,540) 2,861 1,233,547 Total income/expense for the year 254,878 4,816 (259) 259,435 Operations with shareholders or owners 145,538 (89,130) (342,906) 11,187 (275,311) Distribution of dividends 145,538 (342,906) 11,187 (186,181) Trading in treasury shares (net) (89,130) (89,130) Other changes in equity 35,914 35,914 Convertible bond issue 35,914 35,914 Shareholders' equity at 31 December 09 127,303 242,133 790,355 (89,130) 254,878 (88,746) 35,914 (21,724) 2,602 1,253,585 Total recognised revenues and expenses 200,034 (3,348) (343) 196,343 Operations with shareholders or owners 77,386 (254,878) (177,492) Distribution of dividends 77,386 (254,878) (177,492) Shareholders' equity at 31 December 2010 127,303 242,133 867,741 (89,130) 200,034 (88,746) 35,914 (25,072) 2,259 1,272,436 Notes 1 to 23 and the enclosed Schedules I to IV are an integral part of the financial statements, along with which they form the annual accounts for fiscal year 2010.