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"concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-846": { "value": "5536000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-847": { "value": "
BASIS OF PRESENTATION
Group reorganization\u00a0
On February 28, 2023, Ferrovial\u2019s Board of Directors approved the common terms of the cross-border merger of Ferrovial, S.A., the Spanish listed
company and ultimate parent company of the Ferrovial Group, into its wholly-owned Dutch subsidiary Ferrovial International SE, which was also
approved by the general shareholders' meeting of both entities held on April 13, 2023 and finally completed on June 16, 2023. As a result of this
transaction, the new parent company of the Ferrovial Group is Ferrovial SE (or \"FSE\"), a European public limited company (\"Societas Europaea\")
domiciled in the Netherlands and currently listed on both Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. (the \u201cDutch
Stock Exchange\u201d) and the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges, regulated markets of Bolsas y Mercados Espa\u00f1oles, Sociedad
Holding de Mercados y Sistemas Financieros, S.A (the \u201cSpanish Stock Exchanges\u201d).
1.1.1. Basis of presentation
The Group\u2019s presentation currency is the Euro, which is also the functional currency of the Company, and unless otherwise stated amounts are
presented in millions of Euros.
1.1.2 Business reorganization
On February 28, 2023, Ferrovial\u2019s Board of Directors approved\u00a0 the common terms of the cross-border merger of Ferrovial, S.A., the Spanish listed
company and ultimate parent company of the Ferrovial Group, into its wholly-owned Dutch subsidiary Ferrovial International SE, which was also
approved by the General Shareholders' Meetings of both entities held on April 13, 2023 and finally completed on June 16, 2023. As a result of this
transaction, the new parent company of the Ferrovial Group is Ferrovial SE, a European public limited company (\"Societas Europaea\") domiciled in
the Netherlands and currently listed on both the Dutch Stock Exchange and the Spanish Stock Exchange.
This business reorganization was driven, among other reasons, by the growing internationalization of Ferrovial (in 2023, 83% of the group\u2019s
revenues and nearly 92% of its value came from activities outside Spain) and with the final aim of being listed in the United States of America.
1.1.3 Preparation of the consolidated financial statements
The accompanying consolidated financial statements have been prepared including the relevant consolidated financial information as of
December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-848": { "value": "BASIS OF PRESENTATIONGroup reorganization\u00a0 On February 28, 2023, Ferrovial\u2019s Board of Directors approved the common terms of the cross-border merger of Ferrovial, S.A., the Spanish listed company and ultimate parent company of the Ferrovial Group, into its wholly-owned Dutch subsidiary Ferrovial International SE, which was also approved by the general shareholders' meeting of both entities held on April 13, 2023 and finally completed on June 16, 2023. As a result of this transaction, the new parent company of the Ferrovial Group is Ferrovial SE (or \"FSE\"), a European public limited company (\"Societas Europaea\") domiciled in the Netherlands and currently listed on both Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. (the \u201cDutch Stock Exchange\u201d) and the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges, regulated markets of Bolsas y Mercados Espa\u00f1oles, Sociedad Holding de Mercados y Sistemas Financieros, S.A (the \u201cSpanish Stock Exchanges\u201d).1.1.2 Business reorganizationOn February 28, 2023, Ferrovial\u2019s Board of Directors approved\u00a0 the common terms of the cross-border merger of Ferrovial, S.A., the Spanish listed company and ultimate parent company of the Ferrovial Group, into its wholly-owned Dutch subsidiary Ferrovial International SE, which was also approved by the General Shareholders' Meetings of both entities held on April 13, 2023 and finally completed on June 16, 2023. As a result of this transaction, the new parent company of the Ferrovial Group is Ferrovial SE, a European public limited company (\"Societas Europaea\") domiciled in the Netherlands and currently listed on both the Dutch Stock Exchange and the Spanish Stock Exchange.This business reorganization was driven, among other reasons, by the growing internationalization of Ferrovial (in 2023, 83% of the group\u2019s revenues and nearly 92% of its value came from activities outside Spain) and with the final aim of being listed in the United States of America.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-849": { "value": "
1.1.1. Basis of presentation
These consolidated financial statements of Ferrovial SE have been signed-off by the Board of Directors on February 27, 2024, and have been
prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union.
The consolidated financial statements include the consolidated statement of financial position, consolidated income statement, consolidated
statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flow and the accompanying
notes (referred to collectively as the \u201cConsolidated Financial Statements\u201d).
For presentation of the consolidated income statement, the Group uses a classification method based on the nature of expenses, as it is more
representative of the format used by management for internal reporting purposes and able to provide reliable information to investors.
The Group\u2019s presentation currency is the Euro, which is also the functional currency of the Company, and unless otherwise stated amounts are
presented in millions of Euros.
1.1.2 Business reorganization
On February 28, 2023, Ferrovial\u2019s Board of Directors approved\u00a0 the common terms of the cross-border merger of Ferrovial, S.A., the Spanish listed
company and ultimate parent company of the Ferrovial Group, into its wholly-owned Dutch subsidiary Ferrovial International SE, which was also
approved by the General Shareholders' Meetings of both entities held on April 13, 2023 and finally completed on June 16, 2023. As a result of this
transaction, the new parent company of the Ferrovial Group is Ferrovial SE, a European public limited company (\"Societas Europaea\") domiciled in
the Netherlands and currently listed on both the Dutch Stock Exchange and the Spanish Stock Exchange.
This business reorganization was driven, among other reasons, by the growing internationalization of Ferrovial (in 2023, 83% of the group\u2019s
revenues and nearly 92% of its value came from activities outside Spain) and with the final aim of being listed in the United States of America.
Accounting treatment
In the merger, all shareholders of the former parent company of the Group, Ferrovial, S.A., were allotted shares in the new parent company of the
Group, Ferrovial SE, except for a small group of shareholders who received cash in lieu of shares in connection with the merger in compliance with
the applicable laws and regulations. The companies that are part of the Group remain the same without any type of change in terms of
shareholding percentages.
This type of reorganization is not considered a business combination under IFRS 3, and is not specifically covered by IFRS. Following IAS 8
guidance, the Company has analyzed other accounting rules treating similar transactions (such as chapter 19.7 of FRS 102 in UK, DAS 216.503 in
the Netherlands, or ASC 805.50.05 in US GAAP) in order to develop a policy that reflects the substance of the transaction. After that analysis, the
Group has decided to apply the \u201cpooling of interest\u201d or \u201cpredecessor accounting\u201d approach as it better reflects its substance.
As a result of this approach all the information included in the different reporting periods corresponds with the historical consolidated information
of the Ferrovial group, without any adjustments in the value of assets and liabilities, as the combined entity is considered a continuation of the
former Ferrovial, S.A., and it has only changed the location of its resources within the Group. Moreover, this approach provides useful information
about the combined company and is the best way for users of financial information to understand the performance of the underlying business.
The only accounting impact as a consequence of the merger was the modification of the share capital and share premium figures of the new legal
parent entity. Considering this change is a reclassification among the legal share capital and share premium of the former parent entity, any
difference is being included as a movement within equity reserves in 2023, the year that the merger formally took place.
1.1.3 Preparation of the consolidated financial statements
The accompanying consolidated financial statements have been prepared including the relevant consolidated financial information as of
December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-850": { "value": "
These consolidated financial statements of Ferrovial SE have been signed-off by the Board of Directors on February 27, 2024, and have been
prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-851": { "value": "Ferrovial SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-852": { "value": "a European public limited company (\"Societas Europaea\")", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-853": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-854": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-855": { "value": "Kingsfordweg 151, 1043GR, Amsterdam, Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-856": { "value": "Construction: Design and execution of all manner of public and private works, including most notably the construction of public infrastructure.\u2022 Toll roads: Development, financing and operation of toll roads.\u2022 Airports: Development, financing and operation of airports.\u2022 Energy Infrastructures and Mobility: This area was reported as a business segment for the first time in 2022. It focuses on development, financing and operation of power transmission lines and renewable energy generation plants, mobility, waste management plants and services to the mining industry in Chile. For the purpose of understanding these consolidated financial statements, it should be noted that a part of the activity carried out by the Group\u2019s business divisions consists of the development of infrastructure projects, primarily in the toll road and airport business lines, but also in the construction and energy activities.In order to aid understanding of the Group\u2019s financial performance, these consolidated financial statements disclose separately the impact of projects of this nature in \u201cfixed assets in infrastructure projects\u201d in long-term financial assets (distinguishing those to which the intangible asset model is applied from those to which the financial asset model is applied \u2013 Note 3.3) and, in particular, in the cash and cash equivalents and borrowings (Note 5.2). Following competitive bidding processes, these projects are conducted through long-term contracts entered with public authorities (\u201cthe grantor\u201d) which grant the right to build or upgrade, operate and maintain the infrastructure. The contract is awarded to a legal entity, the concessionaire entity,\u00a0 whose sole purpose is the performance of the project, where the Group has an ownership interest, together with other shareholders. The concessionaire has to finance the construction or upgrade of the public infrastructure mainly with borrowings guaranteed by the future cash flows coming from the project term; as a result, these projects usually have cash restrictions established in the financing agreements to ensure repayment of borrowings. The shareholders also make capital contributions. Borrowings are generally secured at the time of entering into the service concession arrangement, and have no recourse to the shareholder or, in some cases, the recourse to the shareholders is limited to the guarantees issued (see Note 6.5.2 b.1).Once construction or upgrade is complete, the concessionaire starts to operate and maintain the infrastructure, and in return, collects tolls or regulated charges for the use of the infrastructure, or through amounts paid by the grantor based on the availability for use of the related asset. These inflows allow to recover the initial investment. In most cases the construction and subsequent maintenance of the infrastructure is subcontracted by the concession operators to the Group\u2019s Construction Division.From an accounting standpoint, most of these arrangements are within the scope of application of IFRIC 12. A list of the companies regarded as infrastructure project companies in included in Appendix I.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-861": { "value": "
1.1.5. Assets and liabilities held for sale and discontinued operations
Assets and liabilities held for sale
Divestments made during 2023 are described below:
The held-for-sale assets balance as of December 2023 is nil. The balance of EUR 2 million in 2022 related to land owned by the company
Southern Crushed Concrete (SCC), a Webber subsidiary (Construction Division), which was sold in the first week of February 2023 to the company
BCG Investment Group for a price of USD 2.3 million.
The agreement reached for the sale of the Azores toll road in Portugal (Note 1.1.6) has no effect on the held for sale heading as it was classified as
such and also divested during 2023.
Divestments made during 2022 are described below:
In August 2022, the sale of the remaining 20% of the V\u00eda do Infante (Algarve) toll road to DIF Capital Partners was completed for EUR 23 million,
as part of the sale of Ferrovial\u2019s 49% ownership interest in this concession arranged in 2020. The impact on the income statement was
immaterial.
Divestments made during 2021 are described below:
During 2021 Ferrovial sold 20% of the Portuguese toll road Norte Litoral and the Group\u2019s shares in Concesionaria de Prisiones Figueras, S.A.U.
and in Urbs ludex Et Causidicus, S.A., as explained in Note 1.1.6
Discontinued operations
As indicated, discontinued operations relate to the Services Division, the divestment of which was completed in 2022, once the infrastructure
upkeep and maintenance business in Spain and in the UK (Amey) were sold.
During 2023
Profit from discontinued operations amounted to EUR 16 million and relates mainly to the update of the indemnities and earn-outs associated
with the Services Business disposal in Spain and Portugal as well as other adjustments related to the Amey business divestment in the UK.
Divestments made during 2022 are described below:
On January 31, 2022, the sale agreement between Ferrovial and Portobello Capital for the acquisition of the infrastructure upkeep and
maintenance business in Spain was completed once all the conditions precedent had been fulfilled. The total price received by Ferrovial reached
EUR 175 million. According to the sale agreement, a Ferrovial subsidiary acquired the 24.99% of the buyer\u2019s capital for a price of EUR 17.5 million.
The impact on the income statement was immaterial.
On December 31, 2022, the Amey business in the United Kingdom, related to full life-cycle engineering and infrastructure upkeep and
maintenance services, was sold to a company controlled by funds managed by One Equity Partners, which completed the transaction in
association with its shareholder Buckthorn Partners. The net consideration (equity value) received by Ferrovial was GBP 264.6 million (EUR 301.3
million), as per the final agreement reached on April,17 2023, with no further applicable price adjustments. The net consideration was in the form
of cash (GBP 112.8 million (EUR 128.5 million)) and a vendor loan note of GBP 151.8 million (EUR 172.8 million) to the seller, arranged on the
completion date, repayable over the coming five years and accruing 6% annual interest (increasing to 8% after year three). The capital gain
generated totaled EUR 58.3 million and was accounted for under Profit/(loss) from discontinued operations in the income statement, which also
included the transfer to the income statement of currency translation differences (EUR -155.6 million) and changes in the fair value of derivatives
(EUR -15.4 million) accumulated in equity (Note 5.1.1).
Previously, the business activity providing financial management services for PFI (Project Finance Initiative) project companies in the United
Kingdom through the subsidiary Amey was sold for GBP 5 million in the first half of 2022, while Amey\u2019s business area engaged in energy and
water infrastructure maintenance was also sold (to British fund Rubicon) for a total price of GBP 20.3 million, including a deferred payment of
GBP 18 million arranged through a loan to the buyer (Note 3.6.2). The impact on the income statement was immaterial.
Divestments made during 2021 are described below:
In November 2021, the agreement to sell the US Services business related to oil and gas industry infrastructure maintenance was completed for a
total price of USD 16 million (EUR 14 million). The impact on the income statement was a loss of EUR 28 million, recognized under Profit/(loss)
from discontinued operations.
On December 1, 2021, the sale agreement reached between Ferrovial and PreZero (company of the Schwarz Group) on July 26, 2021 for the
Environment Services business in Spain and Portugal was completed once all the conditions precedent had been fulfilled. The total price of the
shares received by Ferrovial was EUR 1,032 million. This transaction generated a profit of EUR 335 million, which is carried under Profit/(loss) from
discontinued operations in the income statement.
Additionally, in 2021 the UK waste treatment business (reported in Energy Infrastructures and Mobility), the contract to maintain and operate the
section of the A2 toll road and the contract to maintain and operate Madrid Calle 30 (reported in \u201cToll Roads\u201d), together with the US
infrastructure maintenance business and the energy efficiency services business (both reported in \u201cConstruction\u201d) were reclassified as continuing
operations. This decision was taken following the progress made in the divestment processes and considering that certain contracts included in the
Services division could fit strategically into other divisions of the Group, facilitating the execution of the divestment processes.
1.1.6. Consolidation scope changes and other divestments of investees
Investment in the company JFK NTO LLC, holding the concession for the new Terminal One at New York\u2019s JFK Airport
On June 10, 2022, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, so as to remodel, build, finance, operate and
maintain the facilities of the New Terminal One at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect. Ferrovial holds a 49%
indirect ownership interest in the project. The other shareholders are JLC and Ullico, which have direct interests of 30% and 19%, respectively,
and Carlyle with an indirect ownership interest of 2%.
The terminal is expected to come into operation in 2026. The concession agreement is for the operation of the terminal until 2060.
Also on June 10, 2022, the concession agreement between JFK NTO and the Port Authority of New York and New Jersey and the financing and
construction contracts between the concession operator, the financing banks and the design and build contractor all came into force.
The forecast investment in the project stands at USD 10,800 million (Phases A and B) and will be funded by a capital contribution of USD 2,330
million from the project partners, of which Ferrovial will contribute USD 1,142 million (USD 294 million contributed at December 2023) and the
remainder will be funded by non-recourse borrowings obtained by the shareholders.
In June 2022, the loan signed by JFK NTO LLC reached USD 6,630 million with a banking syndicate (USD 1,430 million drawn down at December
2022). The first debt refinancing took place in December 2023, when NTO issued USD 2.0 billion in series 2023 bonds designated as green bond by
Kestrel. This milestone mitigates nearly one-third of the refinancing risk with still three years still left to refund the initial bank loan. A portion of
the issuance (USD 800 million) was insured by Assured Guaranty Municipal Corp. (\u201cAGM\u201d). JFK NTO, in the course of its ongoing business
operations, continues monitoring the refinancing market for its bank facility and may refinance any outstanding amounts thereunder when
market conditions are deemed appropriate by the lessee (Note 3.5.3).
In connection with this transaction, the Ferrovial agreed with Carlyle Group on the payment of earn-out consideration should Carlyle divest its
outstanding 4% interest in Mars NTO LLC. This earn-out payment would be triggered either if Carlyle transfers its stake to a third party or to
Ferrovial. This payment depends on the value creation by the project. An estimation of the earn-out payment was included in our valuation of the
investment as presented in the audited financial statements. Any future changes in the valuation of the earn-out may affect our results.
In addition, a call/put option was agreed between Carlyle Group and Ferrovial over the shares that the former indirectly holds in the project. It is
exercisable by Carlyle from June 2028 to June 2032 and by Ferrovial from January 2031 to June 2034. The strike price will be based on an
estimate of the fair value at the exercise date. The call/put option does not meet the requirements included in the definition of a liability.
As required by IFRS 10, the shareholder agreements and the other project contracts were analyzed and the conclusion was drawn that the
qualified majorities and minority shareholders\u2019 veto rights set out in the aforementioned agreements for the approval of most of the relevant
decisions means that they must be taken, de facto, with the agreement of the other shareholders, entailing a situation of joint control. As it is a
joint venture, the ownership interest in the project is consolidated using the equity method, in accordance with IFRS 11.
On a different note, the analysis of the concession agreement with the Port Authority indicates that it comes under the scope of IFRIC 12 for the
intangible asset model, since there are no secured payments (see point 1.3.3.2. which details the treatment of this type of concessions). Therefore,
the costs incurred during the construction phase are mostly capitalized and carried as intangible assets to be amortized during the operating
phase, which will end in 2060.
Toll roads
During the year 2023:
Azores toll road
Ferrovial, through its Toll Roads subsidiary, has reached an agreement to sell 89.2% of the Azores toll road, in Portugal, to infrastructure funds
Horizon and RiverRock. The price of the transaction, which is in line with the company\u2019s asset rotation strategy, reached EUR 42.6 million.
The sale has provided EUR 39 million before taxes in capital gains for Ferrovial (reported in the income statement under Impairment and disposal
of fixed assets). Ferrovial will continue to provide technical services to the concession company for two years, which may be extended by mutual
agreement.
During the year 2022:
Ferrovial, through its toll road subsidiary Cintra acquired a further 7.135% interest in the I-77 toll road in North Carolina, USA, in November 2022.
The transaction was valued at USD 109 million (EUR 104 million). Ferrovial\u2019s stake in the asset has thus increased from 65.1% to 72.24%. Since
the Company was already fully consolidating this asset, the difference between the price paid and the book value of the acquired stake was
recorded against the reserves of the parent company (EUR -88 million) and by reducing the amount of minority interests (EUR-15 million as per
Note 5.1.1).
Acquisition of 24.86% of the Indian company IRB Infrastructure Developers Limited
On December, 29 2021, Ferrovial completed the acquisition, through its Dutch subsidiary Cintra INR Investments BV, of 24.86% of the Indian
company IRB Infrastructure Developers Limited by subscribing a preferred capital increase. The amount paid reached EUR 369 million. The
transaction price was established by considering the average price weighted by the trading volume for the two weeks prior to the closing.
IRB Infrastructure Developers was founded in 1998, is listed on the Bombay Stock Exchange and is one of India\u2019s leading infrastructure companies.
It has 24 toll road concessions representing a share of around 20% of the so-called Golden Quadrilateral, the road network that connects the
country\u2019s main economic development hubs, with a total of 11,930 kilometers of portfolio toll roads. The most significant assets include the
Mumbai-Pune toll road, regarded as one of India\u2019s most important highways. Revenue stood at EUR 828 in 2023).The company\u2019s construction
division, which currently works exclusively for its own concession projects, had a total of 11,930 kilometers of portfolio toll roads (15,444 km in
2023).
The ownership interest acquired together with Ferrovial\u2019s presence on the Board of Directors, awards Ferrovial significant influence in IRB (IAS
28.5 and 28.6). Consequently, under AS 28.10, the shareholding is equity accounted.
Construction
During the year 2021:
In February 2021, Budimex, Ferrovial\u2019s construction subsidiary in Poland, reached an agreement to sell the real estate business carried on through
its subsidiary Budimex Nieruchomo\u015bci. The sale, which was completed in June for the sum of PLN 1,513 million (EUR 330 million, net of transaction
costs), entailed recognizing a capital gain, before non-controlling interests, of EUR 107 million on the profit/(loss) net of tax from discontinued
operations line.
In addition, at year-end 2020 an agreement was reached with Aberdeen Infrastructure (Holdco) IV B.V to sell the Group\u2019s ownership interest in
Urbs Iudex Et Causidicus, S.A \u2013 URBICSA \u2013 (22%) for EUR 17 million. This transaction was completed in the second quarter of 2021 and entailed
recognizing a capital gain of EUR 17 million on the impairment and disposals line.
Services
During the year 2022:
As explained in Note 1.1.5 about held-for-sale assets and liabilities and discontinued operations, 2022 saw the completion of the Services business
divestment process thanks to the sale of the infrastructure upkeep and maintenance businesses in Spain and the services business in the UK
(Amey).
During the year 2021:
As indicated in the notes on results of discontinued operations (Note 2.9), during 2021, sale agreements were reached for the Environmental
Services business in Spain and Portugal and for infrastructure maintenance in the oil and gas industry business in the United States.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2023 amounted to EUR 215 million (EUR 165 million in 2022 and EUR (178) million in 2021).
Set out below is a breakdown of the most significant companies:
Profit/(loss) of equity-accounted companies
(Million euro)
2023
2022 (*)
2021
HAH
0
0
-238
407 ETR
154
124
52
AGS
0
0
-20
JFK
4
1
0
IRB
14
22
0
Serveo Group
11
6
0
Other
32
12
28
TOTAL
215
165
(178)
(*) Restated figures (Note 1.1.7)
Note 3.5 provides further details of these companies\u2019 profits/(losses).
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2023, profit/(loss) attributed to non-controlling interests amounted to EUR -170 million (EUR -117 million at December 2022, EUR -138\u00a0 million
at December 2021)
This figure relates to the profits obtained by Group companies that are attributable to the company\u2019s other shareholders. Positive figures reflect
loss-making companies and the negative figures refer to profit-making companies.
(Million euro)
2023
2022(*)
2021
NON-GROUP
Grupo Budimex
-83
-60
-109
49.86%
Autopista Terrasa Manresa, S.A.
-8
19
14
23.72%
LBJ Infraestructure Group
-20
-9
2
45.40%
NTE Mobility Partners
-60
-47
-25
37.00%
NTE Mobility Partners Segments 3 LLC
-41
-33
-20
46.30%
FAM Construction LLC
34
26
7
30.00%
Sugar Creek Construction LLC
0
-2
-1
30.00%
I-77 Mobilility Partners
-12
-6
-1
27.80%
I-66 Mobility Partners
16
10
0
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
7
-8
0
40.00%
Webber United LLC
1
0
0
40.00%
Other companies
-4
-7
-1
TOTAL continuing operations
-170
-117
-134
TOTAL discontinued operations
0
0
-3
TOTAL
-170
-117
-138
(*) Restated figures (Note 1.1.7)
Investments in associates
INVESTMENTS IN ASSOCIATES
(Million euro)
2023
2022 (*)
Opening balance at 01.01
1,951
1,838
Share of profit
215
164
Exchange rate effect
-43
-29
Dividends
-311
-258
Changes in share capital
214
77
Other movements
12
160
Closing balance at 12.31
2,038
1,951
(*) Restated figures (Note 1.1.7)
During 2023, the line \u201cInvestments in associates\u201d increased by EUR 87 million due to the share capital increase in JFK NTO Airport (EUR 214
million), the share of these companies\u2019 profits (EUR 215 million), relating primarily to 407 ETR (EUR 154 million), the accounting hedge gains
recognized under \u201cOther movements\u201d (EUR 12 million), mainly resulting from JFK, dividend payments of EUR -321 million (mainly 407 ETR) and
the foreign exchange effect (EUR -33 million) of the euro\u2019s appreciation against the US dollar.
During 2022, the variation under \u201cInvestments in associates\u201d was EUR 113 million due to the acquisition of 49% of JFK NTO Airport (EUR 59
million), the share of these companies\u2019 profits (EUR 164 million), relating primarily to 407 ETR (EUR 124 million), the accounting hedge gains
recognized under \u201cOther movements\u201d (EUR 160 million), mainly resulting from the JFK NTO acquisition, dividend payments of EUR-258 million
(mainly 407 ETR) and the foreign exchange effect (EUR -29 million) of the euro\u2019s depreciation against sterling and against the Indian rupee.
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in HAH (25%), 407 ETR (43.23%), JFK NTO (49%), AGS (50%) and IRB (24.86%) are presented
separately. The considerable losses posted in 2020 and 2021 in the Airports business reduced the investments in HAH and AGS to zero, as losses
exceeded the amount of the shareholdings, there being no commitments to inject additional funds (pursuant to IAS 28). The following table
shows the main items that explain the variation in these investments.
2023 (Million euro)
HAH (25%)
407 ETR
(43,23%)
AGS (50%)
IRB (24,86%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.22 (*)
-
1,063
-
377
235
276
1,951
Changes in share capital
-
-
-
-
214
-
214
Share of profit/(loss)
-
154
-
14
4
43
215
Dividends
-
(281)
-
(1)
-
(39)
(321)
Foreign exchange differences
-
(8)
-
(14)
(12)
1
(33)
Derivatives
-
-
-
1
31
(15)
17
Other
-
-
-
(1)
(1)
(3)
(5)
Balance at 12.31.23
-
928
-
376
471
263
2,038
(*) Restated figures (Note 1.1.7)
2022 (Million euro) (*)
HAH (25%)
407ETR
(43,23%)
AGS (50%)
IRB (24,86%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.21
-
1,181
-
378
-
280
1,838
Share capital contributions
-
-
-
59
17
77
Share of profit/(loss)
-
124
-
22
1
18
165
Dividends
-
(237)
-
(2)
-
(19)
(258)
Foreign exchange differences
-
(4)
-
(18)
(4)
(3)
(29)
Derivatives
-
-
-
(4)
117
100
213
Changes in scope of consolidation
-
-
-
-
-
(111)
(111)
Other
-
-
-
2
61
(5)
58
Balance at 12.31.22
-
1,063
-
377
235
276
1,951
(*) Restated figures (Note 1.1.7)
3.5.1. Disclosures relating to HAH
Possible divestment of Heathrow stake
At December 31, 2023 the completion of the transaction continues to be subject to the satisfaction of the tag-along condition, together with
applicable regulatory conditions, and consequently, there can be no certainty that the transaction will be completed. Therefore, this possible
divestment does not affect the 2023 Financial Statements.
On November 28, 2023 Ferrovial, through its subsidiary Hubco Netherlands B.V. (\u201cHubco\u201d), entered into a share purchase agreement (the
\u201cHeathrow SPA\u201d) with InfraEuropa SCA represented by its managing general partner InfraEuropa Management S.a r.l (entities and funds
managed or controlled by Ardian France SA and its affiliates) (\u201cArdian\u201d) and Alrahala First Investment Company (a wholly owned subsidiary of
The Public Investment Fund) (\u201cPIF\u201d, together with Ardian, the \u201cBuyers\u201d), pursuant to which Hubco agreed to sell and the Buyers agreed to
purchase Hubco\u2019s full stake (approximately 25% interest) in FGP Topco Limited (\u201cFGP\u201d), which is a direct shareholder of Heathrow Airports
Holdings Limited, the owner of the Heathrow airport in London, United Kingdom (the \u201cProposed Transaction\u201d).
Pursuant to the Heathrow SPA, Ardian is expected to acquire an approximately 15% interest in FGP and PIF is expected to acquire an
approximately 10% interest in FGP. Ardian and PIF are entering into the transaction as individual buyers. However, neither the Hubco nor the
Buyers are obliged to complete the transaction unless both Ardian and PIF acquire their respective stakes. The purchase price payable for Hubco\u2019s
interest in FGP is comprised of: (i) GBP 2,165 million (the \u201cBase Consideration\u201d); plus (ii) an amount equal to the aggregate of the daily interest on
the Base Consideration in the period from (and excluding) December 31, 2021 (the \u201cLocked Box Date\u201d) to (and including) the completion of the
Proposed Transaction, which will accrue from day to day and be compounded annually, assuming 365 days in a year. Under the Heathrow SPA,
Hubco also undertakes to the Buyers that no Leakage, as defined in the Heathrow SPA, including any dividend or distribution to the Ferrovial
Group, to Hubco or an affiliate of Hubco will occur from the Locked Box Date until completion of the Proposed Transaction and, if any such
Leakage does occur, it shall be deducted from the purchase price or, if not deducted from the purchase price, Hubco will reimburse the Buyers for
any such leakage. As at the date of entry into the SPA, no such Leakage had occurred.
The Proposed Transaction is expected to close in the second or third quarter of 2024 and is conditional upon: (i) the pre-emption and full tag-
along rights in favor of the other FGP shareholders under FGP\u2019s Bylaw and/or shareholders\u2019 agreement; and (ii) the UK Government granting
approval of each of the Buyers under the National Security and Investment Act 2021. Given the conditionality in points (i) and (ii), there can be no
assurance that closing will occur.
In January 2024, in accordance with the tag-along process, some of FGP Topco\u2019s shareholders exercised their tag-along rights in respect of
shares representing 35% of the share capital of FGP Topco (the \u201cTagged Shares\u201d). It is a condition under the Heathrow SPA for the completion of
the Proposed Transaction that the Tagged Shares are also sold. The parties are working towards satisfaction of such condition by exploring
different options.
a. Balance sheet and income statement movements 2023-2022
The balance sheet figures shown reflect HAH's full balances and are presented in pound sterling (details of the exchange rate used in 2023 for the
balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet 2023-2022
HAH (100%) Million GBP
2023
2022
Var.
Non-current assets
16,478
16,506
(28)
Fixed assets in infrastructure projects
12,384
12,369
15
Financial derivatives
952
1,145
(193)
Other non-current assets
3,142
2,992
150
Current assets
2,904
3,317
(413)
Financial derivatives
92
1
91
Other current assets
2,812
3,316
(504)
TOTAL ASSETS
19,382
19,823
(441)
HAH (100%) Million GBP
2023
2022
Var.
Equity
(2,693)
(3,018)
325
Non-current liabilities
19,947
21,334
(1,387)
Borrowings
16,913
18,025
(1,112)
Financial derivatives
2,010
2,436
(426)
Other non-current liabilities
1,024
873
151
Current liabilities
2,128
1,507
621
Borrowings
1,571
1,008
563
Financial derivatives
27
40
(13)
Other current liabilities
530
459
71
TOTAL LIABILITIES
19,382
19,823
(441)
Equity
As detailed previously, the ownership interest in this company had zero value in 2023 and 2022 since the prior-year losses caused by Covid-19
brought equity attributable to Ferrovial to zero.
The following table shows movements in the 25% equity interest in the company, including both results for the year and results not consolidated
because losses for the year exceeded the investment\u2019s value, relating mainly to pensions and derivatives:
2023 (Million euro)
HAH (25%)
Balance at 12.31.2021 without IAS 28
(176)
Share of profit/(loss)
49
Derivatives
21
Pensions
(101)
Currency translation differences
10
Balance at 12.31.2022 without IAS 28
(197)
Share of profit/(loss)
97
Derivatives
1
Pensions
(6)
Currency translation differences
(4)
Balance at 12.31.2023 without IAS 28
(108)
Income statement 2023-2021
The following table shows HAH's income statement movements for 2023, 2022 and 2021 .
HAH (100%) Million GBP
2023
2022
2021
Operating income
3,687
2,913
1,214
Operating expenses
(1,456)
(1,210)
(858)
Fixed asset depreciation
(754)
(795)
(828)
Operating profit/(loss)
1,478
909
(472)
Net financial income/(expense)
(1,012)
(687)
(1,509)
Profit/(loss) before tax
465
222
(1,981)
Corporate income tax
(127)
(54)
319
Net profit/(loss)
338
168
(1,662)
25% Profit/(loss) attributed to Ferrovial (million euro)
98
49
(484)
Profit/(loss) attributed to Ferrovial under IAS 28 (EUR million)
\u2014
\u2014
(238)
Heathrow traffic experienced a strong recovery during 2023 as the aviation sector bounced back from the impact of the pandemic.
3.5.2. Disclosures relating to 407 ETR
Given that Ferrovial\u2019s ownership interest in 407 ETR was restated when control was lost in 2010, analyzing the implicit existence of goodwill, as
stipulated paragraph 40 and following paragraphs of IAS 28, an impairment exercise is conducted on an annual basis.
a. Impairment analysis
This asset performed well in 2023, revenue having grown by 12.7% and operating profit by 12.7%. It should be noted that in both the in-house
valuation of this concession carried out by Ferrovial and the average valuation of 407 ETR carried out by the stock market analysts that follow
Ferrovial (more than 20 analysts), the value is more than nine times its carrying amount.
b. Balance sheet and income statement movements 2023-2022.
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2023 for
the balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet 2023-2022
407 ETR (100%) (million CAD)
Dec. 2023
Dec. 2022
Var. 23/22
Non-current assets
4,584
4,565
19
Fixed assets in infrastructure projects
3,954
3,972
(18)
Non-current financial assets
568
533
35
Deferred taxes
62
60
2
Current assets
1,014
883
130
Short-term trade and other receivables
322
265
57
Cash and cash equivalents
691
618
73
Total assets
5,598
5,448
150
Equity
(5,791)
(5,407)
(384)
Non-current liabilities
10,908
10,640
268
Borrowings
10,318
10,060
258
Deferred taxes
590
580
11
Current liabilities
481
216
265
Borrowings
403
139
265
Short-term trade and other payables
77
77
-
Total liabilities
5,598
5,448
150
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2023 compared to the previous year:
Equity
Equity fell by CAD 384 million with respect to the previous year, primarily due to the payment of CAD 950 million in dividends to shareholders,
which was offset by the profit for the year of CAD 567 million.
The 43.23% of the subsidiary\u2019s shareholders\u2019 funds does not reflect the consolidated carrying amount of the ownership interest, since the latter
also includes the amount of the gain arising from the fair value measurement of the investment retained following the divestment of a 10%
ownership interest in this company in 2010, recognized as an increase in the investment\u2019s value, and the goodwill that arose in 2009 as a result of
the merger of Grupo Ferrovial, S.A. and Cintra Concesiones de Infraestructuras de Transportes, S.A.
Therefore, the consolidated carrying amount of 407 ETR (EUR 928 million, CAD 1,356 million) is calculated taking into account the 43.23% of the
shareholder\u00b4s funds presented above (CAD -2,503 million) and the gain and goodwill related with the above-mentioned operations in 2009 and
2010 (CAD 3,859 million).
Borrowings
Overall financial debt (short and long term) increased in relation to December 2022 by CAD 500 million due to issuance of new borrowings.
Income statement 2023-2022
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 2023, December 2022 and
December 2021:
407 ETR (100%) (million CAD)
Dec.23
Dec.22
Dec.21
Operating income
1,495
1,327
1,023
Operating expenses
(212)
(188)
(164)
Fixed asset depreciation
(97)
(100)
(102)
Operating profit/(loss)
1,187
1,039
757
Net financial income/(expense)
(412)
(447)
(465)
Profit/(loss) before tax
775
592
292
Corporate income tax
(208)
(156)
(79)
Net profit/(loss)
567
435
213
Profit/(loss) attributable to Ferrovial (million CAD)
245
188
92
Intangible asset amortization adjustment (CAD million)
(21)
(19)
(15)
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million CAD)
225
169
77
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million euro)
154
124
52
Positive performance driven largely by the lifting of the COVID-19 restrictions by the province of Ontario and the resulting increases in traffic, with
return-to-work policies in place and supported by rehabilitation construction works in competing Highway 401.
It should be noted that the profit/(loss) attributable to Ferrovial also includes the depreciation charged over the concession term on the
remeasurement recognized following the loss of control of the company as a result of the sale in 2010 mentioned above.
3.5.3.Disclosures relating to JFK NTO LLC
As indicated in Note 1.1.6, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, which will remodel, build, finance, operate and
maintain the facilities of the new terminal one at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect on June 10, 2022.
Ferrovial holds a 49% indirect ownership interest in the project.
As also commented in that note, Ferrovial agreed with Carlyle Group on the payment of earn-out consideration should Carlyle divest its
outstanding 4% interest in Mars NTO LLC. This earn-out payment would be triggered either if Carlyle transfers its stake to a third party or to
Ferrovial. This payment depends on the value creation by the project. An estimation of the earn-out payment was included in our valuation of the
investment as presented in the audited financial statements. Any future changes in the valuation of the earn-out may affect our results.
The shareholders made a commitment to inject share capital of USD 2,330 million, of which Ferrovial will contribute USD 1,142 million. At
December 31, 2023, USD 600 million had been disbursed (USD 294 million relates to Ferrovial).
Dividend payments by the company are restricted during the construction phase, which is estimated to end in mid-2026. Dividend payments are
also subordinated to the payment of concession rent to the Airport Authority of New York and New Jersey.
The balance sheet resulting from the application of the intangible model (IFRIC 12) is shown below:
Balance sheet 2023
JFK (100%) Million USD
Dec. 2023
Dec. 2022
Non-current assets
6,478
5,265
Fixed assets in infrastructure projects
2,247
1,062
Right of use (Port Authority)
3,921
3,805
Non-current financial assets
178
270
Trade receivables
132
128
Current assets
325
116
Short-term trade and other receivables
178
13
Cash and cash equivalents
148
103
Total assets
6,803
5,381
Equity
931
382
Share capital
600
127
Share of profit/(loss)
11
3
Hedging instrument impact
321
252
Non-current liabilities
5,559
4,940
Long-term borrowings
1,740
1,137
Other long-term payables
3,819
3,802
Current liabilities
313
59
Short-term borrowings
40
54
Short-term trade and other payables
273
5
Total liabilities
6,803
5,381
JFK NTO's main assets and liabilities are described below:
\u2022 Fixed assets in infrastructures projects, which fundamentally comprise:
\u2013 Intangible assets (USD 2,247 million), including all the expenses necessary to obtain the concession contract, as well as the project\u2019s
construction and development costs.
\u2013 Payments to the Port Authority (USD 3,921 million) related to the present value of the future payments, throughout the concession
period, for the acquisition of the concession. Also, a liability of the same amount has been recorded, corresponding to the value of future
payment obligations, under financial debt in non-current liabilities (\u201cOther long-term payables\u201d).
\u2022 Long-term borrowings (USD 1,740 million) relating to the credit line carried at amortized cost under non-current liabilities, mainly the USD 2
billion nominal amount of the Munibond issued on December 6, 2023. This bond emission mitigates nearly one-third of the refinancing risk
with still three years to refund the initial bank loan. A portion of the issuance (USD 800 million) was insured by Assured Guaranty Municipal
Corp. (\u201cAGM\u201d). JFK NTO, as a matter of its ongoing business operations, continues monitoring the refinancing market for its bank facility and
may refinance any outstanding amounts thereunder when market conditions are deemed appropriate by the lessee.
\u2022 In addition, JFK NTO has contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 3,005 billion, which have been treated as effective accounting cash flows hedges. During the year there has been an
impact on the company's reserves in the amount of USD 69 million (EUR 31 million at Ferrovial's ownership interest).
\u2022 Equity (USD 931 million). Movements in equity are primarily explained by the capital contributions under this same heading in the amount of
USD 473 million and USD 69 million reflecting the impact on reserves of the change in market value of the derivative associated with the
current debt since the acquisition date.
3.5.4.Disclosures relating to AGS
Among the other equity-accounted businesses, the most noteworthy is the 50% ownership interest in the company AGS, which owns Aberdeen,
Glasgow and Southampton airports in the UK.
The three airports were severely affected by Covid-19, although in 2023 passenger numbers reached 10.4 million (9.2 million in 2022). The
airports are still below 2019 due primarily to the negative effect of the Flybe bankruptcy.
The consolidation of the resulting losses reduced the value of the ownership interest to zero at both December 2023 and December 2022.
The following table shows movements in the 50% equity interest in the company, including both results for the year and results not consolidated
because losses for the year exceeded the investment\u2019s value, relating mainly to pensions and derivatives:
2023 (Million euro)
AGS (50%)
Balance at 12.31.2021 without IAS 28
(60)
Share of profit/(loss)
(17)
Derivatives
10
Pensions
(4)
Other
(1)
Currency translation differences
14
Balance at 12.31.2022 without IAS 28
(58)
Share of profit/(loss)
(13)
Derivatives
(7)
Pensions
(3)
Currency translation differences
23
Balance at 12.31.2023 without IAS 28
(59)
Agreement to amend and extend the AGS syndicated loan
AGS closed the agreement with a syndicate of banks to amend and extend the facility agreement concluded in February 2017 in the amount of
GBP 793 million (the amount of GBP 757 million having been drawn). The negotiation of a refinancing operation with the financial institutions was
progressing at year-end 2023 and is expected to be closed in the first months of 2024.
The Company has reassessed the recoverability of the shareholder loan, concluding that it is recoverable on the basis of projections updated to
account for the refinancing agreement.
3.5.5 Consolidation of IRB
As indicated in Ferrovial\u2019s 2021 consolidated financial statements, the Group (through Cintra) acquired a 24.86% stake in the Indian listed
company IRB Infrastructure Developers Ltd on December 29, 2021. The deal was completed after a preferential share issue by IRB Infrastructure
Developers. The amount paid totaled EUR 369 million. The transaction price was set in accordance with applicable legislation, taking into
account the average price weighted by the trading volume during the two-week period prior to the year-end.
The price of IRB\u2019s stock at December 31, 2023 is INR (Indian Rupee) 41.55\u00a0 per share (29.09 at December 31, 2022).
The company's fiscal year runs from April through March. IRB\u2019s latest audited available financial statements are those of March 2023. IRB
contributed a profit of EUR 14.5 million to Ferrovial for the period between January to December 2023.
3.5.6. Other disclosures relating to associates
a) Movements relating to the remaining associates
The associates breakdown, showing consolidated ownership interests and the main data, is disclosed in Appendix I.
A summary is presented in the following table:
Million euro
2023
2022 (*)
Madrid Calle 30
52
51
Riverlinx Limited \u2013 Silvertown Tunnel
52
55
Netflow OSARS (Western)
42
50
Ruta del Cacao
22
8
FMM Company LLC
19
19
A66 Benavente - Zamora
17
17
Other
59
76
TOTAL
263
276
(*) Restated figures (Note 1.1.7)
b) Other information
There are no significant restrictions on the capacity of associates to transfer funds to the parent company in the form of dividends, debt
repayments or advances, other than such restrictions as might arise from the financing agreements of those associates or from their own financial
position, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
There are no significant companies in which the ownership interest exceeds 20% that are not equity-accounted.
The guarantees provided by Group companies to equity-accounted companies are detailed in Note 6.5.2.
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2023 and 2022, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were as
follows:
At December 31, 2023:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
TOLL ROADS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The financial highlights of the most significant Group companies in which there are non-controlling interests are as follows (data on 100% terms):
2023
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
590
196
394
18
27
LBJ Infrastructure Group Holding LLC
2,084
2,296
(212)
(1,828)
24
NTE Mobility Partners Holding LLC
1,967
1,954
13
(1,144)
102
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,019
1,735
284
(1,471)
48
I-77 Mobility Partners, LLC
775
509
266
(183)
31
I-66 Mobility Partners, LLC
6,108
2,567
3,542
(1,469)
(20)
Budimex
2,029
1,616
413
874
80
Dalaman
710
478
232
(86)
(10)
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2023 were as follows:
Company
(Million euro)
Balance at
12.31.2022
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Capital
contributions
Other
movements
Balance at
12.31.2023
Autopista Terrassa-Manresa, S.A.
94
8
4
\u2014
(13)
\u2014
\u2014
93
LBJ Infrastructure Group Holding LLC
(89)
20
\u2014
3
(31)
\u2014
\u2014
(96)
NTE Mobility Partners Holding LLC
9
60
\u2014
\u2014
(64)
\u2014
\u2014
5
NTE Mobility Partners Segments 3 LLC
282
41
\u2014
(6)
(216)
30
\u2014
131
I-77 Mobility Partners, LLC
64
12
\u2014
(2)
\u2014
\u2014
\u2014
74
I-66 Mobility Partners, LLC
1,610
(16)
\u2014
(49)
\u2014
26
\u2014
1,571
FAM Construction LLC (I-66)
(28)
(34)
\u2014
\u2014
\u2014
60
\u2014
\u2014
Budimex
192
83
\u2014
13
(54)
\u2014
\u2014
234
Dalaman
94
(7)
(2)
\u2014
\u2014
\u2014
1
86
Otros
11
2
\u2014
(2)
(1)
\u2014
4
15
TOTAL
2,240
170
3
(43)
(379)
117
5
2,113
The heading \u201cCapital contributions\u201d reflects the impact of the increase in funds attributable to non-controlling interests of the toll roads I-66
Mobility Partners LLC, FAM Construction LLC (I-66) and NTE Segment 3, amounting to EUR 26 million, EUR 60 million and EUR 30 million,
respectively.
At\u00a0 December 31, 2022:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
TOLL ROADS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The main financial statement aggregates of the most significant Group companies in which other shareholders own interests are as follows (data
on 100% terms):
2022
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
576
180
396
13
(60)
LBJ Infrastructure Group Holding LLC
2,168
2,363
(195)
(1,887)
10
NTE Mobility Partners Holding LLC
1,716
1,692
24
(1,142)
79
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,327
1,719
608
(1,152)
38
I-77 Mobility Partners, LLC
753
522
231
(240)
12
I-66 Mobility Partners, LLC
5,804
2,177
3,627
(1,536)
(12)
Budimex
1,668
1,343
325
673
57
Dalaman
704
452
252
(103)
13
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2022 were as follows:
Company
(Million euro)
Balance at
12.31.2021
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Capital
contributions
Other
movements
Balance at
12.31.2022
Autopista Terrassa-Manresa, S.A.
147
(19)
(21)
\u2014
(13)
\u2014
\u2014
94
LBJ Infrastructure Group Holding LLC
(68)
9
\u2014
(4)
(26)
\u2014
\u2014
(89)
NTE Mobility Partners Holding LLC
11
47
\u2014
1
(54)
\u2014
4
9
NTE Mobility Partners Segments 3 LLC
196
33
\u2014
11
\u2014
39
3
282
I-77 Mobility Partners, LLC
70
6
\u2014
3
\u2014
\u2014
(15)
64
I-66 Mobility Partners, LLC
1,288
(10)
\u2014
76
\u2014
256
\u2014
1,610
FAM Construction LLC (I-66)
(59)
(26)
\u2014
(4)
\u2014
61
\u2014
(28)
Budimex
202
60
\u2014
(3)
(67)
\u2014
\u2014
192
Dalaman
\u2014
8
3
\u2014
\u2014
\u2014
83
94
Otros
3
9
3
\u2014
\u2014
\u2014
(3)
12
TOTAL
1,790
117
(15)
80
(160)
356
72
2,240
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
CONTINUING OPERATIONS
CORPORATION
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
67
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
13
1
Ferrovial Corporaci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
5
1
Ferrofin, S.L. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
52.0%
24
1
Ferrofin, S.L. (a)
Ferrovial SE
48.0%
22
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
7
Ferrovial 001, S.A. (a)
Ferrovial SE
100.0%
0
Ferrovial 008, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 009, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 011, S.A
Ferrovial SE
100.0%
0
Ferrovial 012, S.A
Ferrovial SE
100.0%
0
Ferrovial 013, S.A
Ferrovial SE
100.0%
0
Ferrovial 014, S.A
Ferrovial SE
100.0%
0
Ferrovial 015, S.L.
Ferrovial SE
100.0%
0
Ferrovial 016, S.L.
Ferrovial SE
100.0%
0
Ferrovial 017, S.L.
Ferrovial SE
100.0%
0
Ferrovial Venture VI, S.A.U. (a)
Ferrovial SE
100.0%
6
Ferrovial Ventures, S.A.U. (a)
Ferrovial SE
100.0%
15
Pilum, S.A.
P
Ferrovial SE
94.1%
1
UNITED KINGDOM (Registered Office: Oxford)
Ferrocorp UK Ltd.
Ferrovial SE
100.0%
1
1
UNITED KINGDOM (Registered Office: London)
Ferrovial Ventures, Ltd.
Ferrovial SE
100.0%
7
1
Ferrovial Services UK, Ltd.
Ferrovial EG SE
100.0%
0
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
IRELAND (Registered Office: Dublin)
Landmille, Ltd
Ferrovial SE
100.0%
5
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
105
1
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
14
2
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, SE
100.0%
3,228
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: Wilmington)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
5
1
RailBX GmbH
Budimex, S.A.
100.0%
0
1
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sidney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
-4
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil)
Ferrovial Construction International SE
100.0%
1
CANADA (Registered Office: Alberta)
Webber Infrastructure Management Alberta Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
0
CANADA (Registered Office: Markham - Ontario)
Ferrovial Construction CANADA Inc.
Ferrovial Construction International SE
100.0%
66
1
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
11
Webber Infrastructure Management Ontario Limited
Webber Infrastructure Management Canada Holdings Ltd
100.0%
30
CANADA (Registered Office: Toronto)
Webber Infrastructure Management Canada Holdings Ltd
Ferrovial Construction International SE
100.0%
6
5
CHILE (Registered Office: Santiago de Chile)
Constructora Ferrovial Ltda.
Ferrovial Empresa Constructora Ltda.
97.2%
0
1
Ferrovial Construcci\u00f3n Chile S.A.
Ferrovial Empresa Constructora Ltda.
100.0%
33
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International SE
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Siemsa Chile S.p.A.
Siemsa Industria S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International SE
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
1
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
3
3
Ferrovial Construction Slovakia S.R.O.
Ferrovial Construction Holdings Ltd
99.0%
9
3
SPAIN (Registered Office: Barcelona)
Conc. Prisiones Lledoners,S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0
100.0%
16
1
SPAIN (Registered Office: Bilbao)
Cadagua, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
87
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
8
1
Ditecpesa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
20
1
Ferrovial Construcci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
711
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
Ferrovial Railway S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
Siemsa Control y Sistemas S.A.U. (a)
Siemsa Industria S.A. (a)
99.0%
1
1
Siemsa Industria S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
16
1
Urbaoeste, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Cimentaciones Especiales y Estructurales CIMSA, S.A.
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
2
1
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
UNITED STATES (Registered Office: Atlanta)
Ferrovial Construction East, LLC
Ferrovial Construction US Corp.
100.0%
457
UNITED STATES (Registered Office: Austin)
Cadagua US LLC
Ferrovial Construction US Holding Corp.
100.0%
14
Cintra ITR LLC
Ferrovial Construction US Corp.
44.0%
3
1
Ferrovial Agroman 56, LLC
Ferrovial Construction Texas, LLC
100.0%
35
Ferrovial Agroman Indiana, LLC
Ferrovial Construction US Corp.
100.0%
0
Ferrovial Construction Texas, LLC
Ferrovial Construction US Corp.
100.0%
158
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
453
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,002
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Grand Parkway Infrastructure LLC
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
Servicios (Delaware) Inc.
Webber Infrastructure Management Holding US Corp
100.0%
35
Webber Infrastructure Management US Inc.
Servicios (Delaware) Inc.
100.0%
255
1
Webber Infrastructure Management Inc.
Webber Infrastructure Management US
100.0%
39
1
Webber Infrastructure Management Holding US Corp
Ferrovial Holding US Corp
100.0%
31
1
Ferrovial Construccion JFK T1 LLC
Ferrovial Construction US Corp.
100.0%
0
Tecpresa Structural Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
UNITED STATES (Registered Office: Charlotte)
Sugar Creek Construction LLC
Ferrovial Construction East, LLC
70.0%
64
UNITED STATES (Registered Office: Dallas)
Trinity Infrastructure LLC
DBW Construction LLC
40.0%
0
Trinity Infrastructure LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
North Tarrant Infrastructures
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
39
1
UNITED STATES (Registered Office: Katy)
52 Block Builders
Webber Commercial Construction, LLC
100.0%
0
1
UNITED STATES (Registered Office: Los Angeles)
California Rail Builders
Ferrovial Construction West, LLC
80.0%
0
1
Ferrovial Construction West, LLC
Ferrovial Construction US Corp.
100.0%
0
1
UNITED STATES (Registered Office: North Richland Hills)
Bluebonnet Contractor, LLC
DBW Construction LLC
40.0%
0
Bluebonnet Contractor, LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
40
1
PLW Waterworks LLC
Cadagua US, LLC
50.0%
2
1
PLW Waterworks LLC
Webber, LLC
50.0%
2
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
584
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
6
1
Webber Equipment & Materials LLC
Webber, LLC
100.0%
227
1
Webber Management Group LLC
Webber Equipment & Materials LLC
100.0%
41
1
UNITED STATES (Registered Office: Virginia)
FAM Construction LLC (I-66)
Ferrovial Construction US Corp.
70.0%
240
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International SE
100.0%
13
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International SE
Ferrovial SE
100.0%
237
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
2
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.0%
0
Cadagua Ferr. Industrial MEXICO
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
25.0%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zeeland) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
1
PERU (Registered Office: Lima)
1
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C.
Ferrovial Construction International SE
100.0%
0
POLAND (Registered Office: Cracow)
Mostostal Krak\u00f3w S.A.
Budimex, S.A.
100.0%
3
1
Mostostal Krak\u00f3w Energetyka sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
8
1
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
21
1
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
6
1
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
5
1
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International SE
50.1%
83
1
Budimex Mobility, S.A.
Budimex, S.A.
100.0%
3
1
WM Serwis, S.A.
Budimex, S.A.
100.0%
0
1
BXF Energ\u00eda SP. z.o.o.
Budimex, S.A.
51.0%
8
1
Budimex Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Budimex Kolejnictwo SA
Budimex, S.A.
100.0%
19
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
68
1
JZE Sp. z o.o.
FBSerwis SA
100.0%
1
1
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
6
PPHUH Konstralex Sp. z.o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Green Waste Management 1 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
CZECH REPUBLIC (Registered Office: Prague)
Budimex Construction Prague S.P.O.
Budimex, S.A.
100.0%
0
1
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International SE
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International SE
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
31
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International SE
100.0%
31
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
1
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
155
1
Cintra Infraestructuras Irlanda, S.L.U. (a)
Cintra Global SE
100.0%
3
1
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
0
1
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)(a)
100.0%
0
1
Cintra Inversiones, S.L.U. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
46
Cintra Servicios de Infraestructuras, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
15
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
12
2
Pilum, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
2.1%
0
2
Ferrovial Aravia, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Cintra Desarrollo Espa\u00f1a, S.L.
Cintra Global SE
100.0%
0
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
414
1
AUSTRALIA (Registered Office: Melbourne)
Cintra OSARS (Western) Holdings Unit Trust
Cintra OSARS Western Ltd
100.0%
23
Cintra OSARS Western Unit Trust
Cintra OSARS (Western) Holdings Unit Trust
100.0%
-3
AUSTRALIA (Registered Office: Sydney)
Cintra Developments Australia PTY, Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
Cintra OSARS (Western) Holdings PTY Ltd
Cintra OSARS Western Ltd
100.0%
0
1
Cintra OSARS Western PTY Ltd
Cintra OSARS (Western) Holdings PTY Ltd
100.0%
0
1
CANADA (Registered Office: Toronto)
Cintra 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
2
Cintra OM&R 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
0
Cintra 4352238 Investments INC
407 Toronto Highway B.V.
100.0%
12
Blackbird Maintenance 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
1
Blackbird Infrastructure 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
0
COLOMBIA (Registered Office: Bogot\u00e1)
Cintra Infraestructuras Colombia, S.A.S. (a)
Cintra Global SE
100.0%
18
1
UNITED STATES (Registered Office: Austin)
Cintra Holding US Corp
Ferrovial Holding US Corp
96.8%
1,292
Cintra Texas Corp
Cintra Holding US Corp
100.0%
-22
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC
Cintra Holding US Corp
49.0%
0
Cintra LBJ LLC
Cintra Holding US Corp
100.0%
303
Cintra NTE LLC
Cintra Holding US Corp
100.0%
240
Cintra NTE Mobility Partners Segments 3 LLC
Cintra Holding US Corp
100.0%
282
Cintra Toll Services LLC
Cintra Holding US Corp
100.0%
0
Cintra I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
142
Cintra 2 I-77 Mobility Partners LLC (2)
Cintra Holding US Corp
100.0%
66
Cintra 2 I-66 Express Mobility Partners
Cintra Holding US Corp
100.0%
679
I-66 Express Mobility Partners Holdings LLC
P
Cintra 2 I-66 Express Mobility Partners
50.0%
679
I-66 Express Mobility Partners LLC
P
I-66 Express Mobility Partners Holdings LLC
100.0%
1,437
Cintra 3I-66 Express Mobility Partners LLC
Cintra Holding US Corp
100.0%
200
Cintra 3 I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
104
Cintra Digital Business Ventures LLC
P
Cintra Holding US Corp
100.0%
0
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
0
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Cintra North Corridor Transit Partners LLC
Cintra Holding US Corp
100.0%
0
UNITED STATES (Registered Office: Charlotte)
I-77 Mobility Partners Holding LLC
P
Cintra I-77 Mobility Partners LLC
50.1%
108
I-77 Mobility Partners Holding LLC
P
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
I-77 Mobility Partners Holding LLC
P
Cintra 3-I77 Mobility Partners Holding LLC
7.1%
104
I-77 Mobility Partners LLC
P
I-77 Mobility Partners Holding LLC
100.0%
218
1
UNITED STATES (Registered Office: Dallas)
LBJ Infrastructure Group Holding LLC
P
Cintra LBJ LLC
54.6%
302
LBJ Infrastructure Group LLC
P
LBJ Infrastructure Group Holding LLC
100.0%
521
1
UNITED STATES (Registered Office: North Richland Hills)
NTE Mobility Partners Holding LLC
P
Cintra NTE LLC
63.0%
240
1
NTE Mobility Partners LLC
P
NTE Mobility Partners Holding LLC
100.0%
322
1
NTE Mobility Partners Segments 3 Holding LLC
P
Cintra NTE Mobility Partners Segments 3 LLC
53.7%
276
1
NTE Mobility Partners Segments 3 LLC
P
NTE Mobility Partners Segments 3 Holding LLC
100.0%
436
1
NETHERLANDS (Registered Office: Amsterdam)
Cintra Infrastructures SE
Ferrovial SE
100.0%
3,033
1
Cintra Global SE
Ferrovial SE
100.0%
3,242
1
407 Toronto Highway B.V.
Cintra Global SE
100.0%
2,664
2
Cintra INR Investments B.V.
Cintra Global SE
100.0%
369
5
Cintra Latam Highways B.V.
Cintra Global SE
100.0%
1
INDIA (Registered Office: Mumbai)
Cinfra India Private Limited
Cintra INR Investments BV
99.9%
0
1
IRELAND (Registered Office: Dublin)
Financinfrastructures, Ltd
Cintra Global SE
100.0%
32
1
Cinsac, Ltd
Cintra Infraestructuras IRELAND, S.L.U. (a)
100.0%
1
1
PORTUGAL (Registered Office: Lisbon)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Vialivre, S.A.
P
Cintra Infrastructures SE
84.0%
0
1
UNITED KINGDOM (Registered Office: London)
Cintra Silvertown Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
UNITED KINGDOM (Registered Office: Oxford)
Cintra Infrastructures UK Ltd
Cintra Global SE
100.0%
42
1
Cintra Toowoomba Ltd
Cintra Infrastructures UK Ltd
100.0%
5
1
Cintra UK I-77 Ltd
Ferrovial Holding US Corp
100.0%
0
1
Cintra Slovakia Ltd
Cintra Global SE
100.0%
1
1
Cintra OSARS Western Ltd
Cintra Infrastructures UK Ltd
100.0%
23
1
CHILE (Registered Office: Santiago de Chile)
Cintra Infraestructuras Chile, S.p.A
Cintra Global SE
100.0%
0
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
43
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
325
Ferrovial Vertiports US LLC
Ferrovial Airports Holding US Corp
100.0%
8
Ferrovial Vertiports Florida LLC
P
Ferrovial Vertiports US LLC
100.0%
1
UNITED STATES (Registered Office: Denver)
Ferrovial Airports O&M Services LLC
Ferrovial Airports Holding US Corp
100.0%
0
Ferrovial Airports US Terminal One LLC.
Ferrovial Airports Holding US Corp
100.0%
265
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
273
NETHERLANDS (Registered Office: Amsterdam)
Hubco Netherlands B.V.
Ferrovial Airports International, SE
100.0%
807
FERROVIAL AIRPORTS FMM BV
Ferrovial Airports International, SE
100.0%
9
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
Ferrovial Vertiports UK Ltd.
P
Ferrovial Airports International, SE
100.0%
2
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
13
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
19
Parque Solar Casilla, S.L.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
9
1
Ferrovial Mobility, S.L. (a)
Ferrovial SE
100.0%
35
Cea Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Jucar Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Pisuerga Infraestructuras Energ\u00e9ticas, S.A.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Ferrovial Growth VI, S.L. (a)
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
10
Roland Servicios Empresariales, S.L.U.
Ferrovial Mobility, S.L. (a)
100.0%
15
Ferrovial 004, S.A. (a)
Ferrovial SE
100.0%
17
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
P
Ferrovial Transco International, B.V.
100.0%
60
1
Ferrovial Transco Chile II SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
P
Ferrovial Power Infraestructure Chile, SpA
99.9%
56
1
Ferrovial Transco Chile III SPA
P
Ferrovial Transco International, B.V.
100.0%
0
Ferrovial Transco Chile IV SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Transco Chile III SPA
49.9%
0
1
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
2
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
52
2
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
63
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
100.0%
0
1
Thalia MK ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia AWRP ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB ODC Limited
Thalia WB HoldCo Limited
100.0%
0
1
Thalia WB Services Limited
Thalia WB ODC Limited
100.0%
0
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Thalia WB SPV Limited
Thalia WB Services Limited
100.0%
0
1
Thalia IOW SPV Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia Services Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK SPV Limited
Thalia MK HoldCo Limited
100.0%
0
1
Thalia Ventures Limited
Thalia Holdco Ltd
100.0%
0
1
Thalia IOW ODC Ltd
Thalia Waste Management Limited
100.0%
0
1
Thalia Holdco Ltd
Thalia Waste Treatment BV
100.0%
0
1
CHILE (Registered Office: Antofagasta)
Berliam S.p.A.
Ferrovial Servicios Chile, SpA
65.1%
0
2
Berliam S.p.A.
Inversiones Chile Ltda
34.9%
3
2
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.
Ferrovial Servicios Chile SPA
99.9%
31
2
Veltis, Sp.a
Ferrovial EG SE
100.0%
12
CHILE (Registered Office: Santiago)
Walvis, S.A.
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada
Veltis, Sp.a
100.0%
27
2
Inversiones\u00a0 (Chile) Limitada
Inversiones (Chile) Holding Limitada
100.0%
0
Ferrovial Servicios Salud, SpA
Ferrovial Servicios Chile SPA
100.0%
0
Auditor Key:
Auditors: (1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial, S.A. and subsidiaries.
(*) New legal names (effective as of the first week of January 2022)
(P) Project Company
(Net Cost Ownership: Net Cost of the parent company over subsidiary)
Appendix I. Associate companies(equity-accounted companies)
(million euro)
Entity
Type
Parent
%
Owner.
V Eq.
Metho
d
Assets.
Liab.
Reve
n.
Result
s
Audit
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN
Grupo Serveo, S.L.
Ferrovial 004, S.L.U.
24.8%
17
663
585
1,241
44
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
-9
875
893
214
0
SPAIN
Via Olmedo Pedralba, S.A.
Ferrovial Construccion, S.A.
25.2%
1
5
2
4
0
3
Boremer, S.A.
Cadagua, S.A.
50.0%
1
2
1
0
0
2
UNITED STATES
Pepper Lawson Horizon Intl. Group
Webber Commercial Construction LLC
70.0%
0
2
2
0
0
1
OMAN
International Water Treatment LLC
Cadagua, S.A.
37.5%
2
0
0
0
0
4
POLAND
PPHU Promos Sp. z o.o.
Budimex SA
26.3%
1
0
0
0
0
AIRPORTS
UNITED KINGDOM
FGP Topco Limited
P
Hubco Netherlands B.V.
25.0%
0
22,358
25,465
4,240
389
4
AGS Airports Holdings Limited
P
Faero UK Holding Limited
50.0%
0
1,476
1,488
228
-26
2
QATAR
FMM Company LLC
P
Ferrovial Airports FMM B.V.
49.0%
19
69
29
99
15
UNITED STATES
,
JFK NTO SPONSOR AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
471
5,966
5,162
66
7
1
TOLL ROADS
AUSTRALIA
Nexus Infrastructure Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
1
0
0
0
Nexus Infrastructure Unit Trust
P
Nexus Infrastructure Holdings Unit Trust
40.0%
10
46
20
33
6
Nexus Infrastructure Holdings PTY Ltd
P
Cintra Toowoomba Ltd
40.0%
0
0
0
0
0
Nexus Infrastructure PTY Ltd
P
Nexus Infrastructure Holdings PTY Ltd
40.0%
0
0
0
0
0
Netflow Osars (Western) GP
P
Cintra Osars (Western) Unit Trust
50.0%
42
165
81
51
2
SPAIN
Serranopark, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
50.0%
1
74
47
7
6
2
Autov\u00eda de Arag\u00f3n Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
17
146
99
49
7
1
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
20.0%
5
34
13
17
4
Empresa Mant. y Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
-34
224
223
35
12
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30, S.A.
20.0%
52
655
140
146
62
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
928
3,667
7,797
1,025
403
2
407 East Development Group General Partnership
P
Cintra 407 East Development Group Inc
50.0%
15
109
63
8
3
2
OM&R 407 East Development Group General Partnership
P
Cintra OM&R 407 East Development Group Inc
50.0%
1
6
4
6
1
2
Blackbird Maintenance 407 GP
P
Blackbird Maintenance 407 Cintra GP Inc
50.0%
1
5
4
5
0
3
Blackbird Infrastructures 407 GP
P
Blackbird Infrastructures 407 Cintra GP Inc
50.0%
12
94
69
7
2
3
COLOMBIA
Concesionaria Ruta del Cacao S.A.S.
P
Cintra Infraestructuras Colombia S.A.S.
30.0%
22
815
739
183
51
2
INDIA
IRB Infrastructure Developers Limited
Cintra INR Investments B.V.
100.0%
376
4,803
3,311
828
61
3
IRELAND
Eurolink Motorway Operation (N4-N6) Ltd
P
Cintra Infraestructuras Irlanda, S.L.U.
20.0%
10
207
97
37
4
2
Eurolink Motorway Operations (M3) Ltd
P
Cinsac Ltd
20.0%
9
102
58
16
3
2
UNITED KINGDOM
Scot Roads Partnership Holdings Ltd
P
Cintra Infrastructures UK Ltd
20.0%
0
0
0
0
0
Scot Roads Partnership Finance Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
405
405
0
0
Scot Roads Partnership Project Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
433
433
37
0
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
35.0%
14
1,029
972
51
0
RiverLinx Holdings Ltd
P
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
22.5%
52
1,500
1,269
275
5
Total equity-accounted continuing operations
2,038
Auditor key:(1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Associados, Sroc.; (10) Grant Thornton UK LLP; (11) 3 Auditores SLP
(P) Project Company (Value Eq. Method: Net Cost of the parent company over the equity-accounted companies)", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-857": { "value": "
1.1.5. Assets and liabilities held for sale and discontinued operations
Assets and liabilities held for sale
Divestments made during 2023 are described below:
The held-for-sale assets balance as of December 2023 is nil. The balance of EUR 2 million in 2022 related to land owned by the company
Southern Crushed Concrete (SCC), a Webber subsidiary (Construction Division), which was sold in the first week of February 2023 to the company
BCG Investment Group for a price of USD 2.3 million.
The agreement reached for the sale of the Azores toll road in Portugal (Note 1.1.6) has no effect on the held for sale heading as it was classified as
such and also divested during 2023.
Divestments made during 2022 are described below:
In August 2022, the sale of the remaining 20% of the V\u00eda do Infante (Algarve) toll road to DIF Capital Partners was completed for EUR 23 million,
as part of the sale of Ferrovial\u2019s 49% ownership interest in this concession arranged in 2020. The impact on the income statement was
immaterial.
Divestments made during 2021 are described below:
During 2021 Ferrovial sold 20% of the Portuguese toll road Norte Litoral and the Group\u2019s shares in Concesionaria de Prisiones Figueras, S.A.U.
and in Urbs ludex Et Causidicus, S.A., as explained in Note 1.1.6
Discontinued operations
As indicated, discontinued operations relate to the Services Division, the divestment of which was completed in 2022, once the infrastructure
upkeep and maintenance business in Spain and in the UK (Amey) were sold.
During 2023
Profit from discontinued operations amounted to EUR 16 million and relates mainly to the update of the indemnities and earn-outs associated
with the Services Business disposal in Spain and Portugal as well as other adjustments related to the Amey business divestment in the UK.
Divestments made during 2022 are described below:
On January 31, 2022, the sale agreement between Ferrovial and Portobello Capital for the acquisition of the infrastructure upkeep and
maintenance business in Spain was completed once all the conditions precedent had been fulfilled. The total price received by Ferrovial reached
EUR 175 million. According to the sale agreement, a Ferrovial subsidiary acquired the 24.99% of the buyer\u2019s capital for a price of EUR 17.5 million.
The impact on the income statement was immaterial.
On December 31, 2022, the Amey business in the United Kingdom, related to full life-cycle engineering and infrastructure upkeep and
maintenance services, was sold to a company controlled by funds managed by One Equity Partners, which completed the transaction in
association with its shareholder Buckthorn Partners. The net consideration (equity value) received by Ferrovial was GBP 264.6 million (EUR 301.3
million), as per the final agreement reached on April,17 2023, with no further applicable price adjustments. The net consideration was in the form
of cash (GBP 112.8 million (EUR 128.5 million)) and a vendor loan note of GBP 151.8 million (EUR 172.8 million) to the seller, arranged on the
completion date, repayable over the coming five years and accruing 6% annual interest (increasing to 8% after year three). The capital gain
generated totaled EUR 58.3 million and was accounted for under Profit/(loss) from discontinued operations in the income statement, which also
included the transfer to the income statement of currency translation differences (EUR -155.6 million) and changes in the fair value of derivatives
(EUR -15.4 million) accumulated in equity (Note 5.1.1).
Previously, the business activity providing financial management services for PFI (Project Finance Initiative) project companies in the United
Kingdom through the subsidiary Amey was sold for GBP 5 million in the first half of 2022, while Amey\u2019s business area engaged in energy and
water infrastructure maintenance was also sold (to British fund Rubicon) for a total price of GBP 20.3 million, including a deferred payment of
GBP 18 million arranged through a loan to the buyer (Note 3.6.2). The impact on the income statement was immaterial.
Divestments made during 2021 are described below:
In November 2021, the agreement to sell the US Services business related to oil and gas industry infrastructure maintenance was completed for a
total price of USD 16 million (EUR 14 million). The impact on the income statement was a loss of EUR 28 million, recognized under Profit/(loss)
from discontinued operations.
On December 1, 2021, the sale agreement reached between Ferrovial and PreZero (company of the Schwarz Group) on July 26, 2021 for the
Environment Services business in Spain and Portugal was completed once all the conditions precedent had been fulfilled. The total price of the
shares received by Ferrovial was EUR 1,032 million. This transaction generated a profit of EUR 335 million, which is carried under Profit/(loss) from
discontinued operations in the income statement.
Additionally, in 2021 the UK waste treatment business (reported in Energy Infrastructures and Mobility), the contract to maintain and operate the
section of the A2 toll road and the contract to maintain and operate Madrid Calle 30 (reported in \u201cToll Roads\u201d), together with the US
infrastructure maintenance business and the energy efficiency services business (both reported in \u201cConstruction\u201d) were reclassified as continuing
operations. This decision was taken following the progress made in the divestment processes and considering that certain contracts included in the
Services division could fit strategically into other divisions of the Group, facilitating the execution of the divestment processes.
2.3. PERSONNEL EXPENSES
DISCONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
0
0
0
Senior managers
0
0
0
Executives
1,450
437
1,887
Managers/Professionals/Supervisors
4,995
1,444
6,439
Administrative/Support personnel
110
497
607
Manual workers
13,717
16,488
30,205
Total
20,272
18,866
39,138
2.8.PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS
Profit from discontinued operations for 2023, 2022 and 2021 amounted to EUR 16 million, EUR 64 million and EUR 361 million, respectively,
relating to the Services Division (amounting to EUR 16 million in 2023, EUR 64 million in 2022 and EUR 246 million in 2021) and the Construction
Division (amounting to EUR 115 million in 2021).
Services Division
2022 saw the completion of the Services Division divestment process, as explained in Note 1.1.5, .
During 2023, profit from discontinued operations amounted to EUR 16 million and relates mainly to the update of the indemnities and earn-outs
following the divestment of the Services Business in Spain and Portugal and other adjustments related to the Amey business divestment in the UK.
The main impact recognized in discontinued operations in 2022 relates to the divestment of the Amey business in the UK, completed in December
2022, generating a capital gain of EUR 58 million, including the transfer to the income statement of currency translation differences
accumulated in equity (EUR -156 million) and the interest rate hedge derivatives (EUR -15 million) (see Note 5.1.1).
The main impact recognized in 2021 profit/(loss) from discontinued operations related to the divestments of the Environment Services business in
Spain and Portugal completed at the end of 2021 at a net capital gain of EUR 335 million.
The Environment Services revenue for 2021 includes a profit for the year of EUR 119 million.
For a better understanding of the results of the Services business and the way in which they have been included in the Group\u2019s consolidated
results, the accompanying table provides a breakdown by line of profit/(loss) from these discontinued operations in 2022 and 2021.
(Million euro)
2023
2022
2021
Revenue
-
2,303
4,947
Operating profit/(loss)
28
9
260
Net financial income/(expense)
(15)
(1)
(23)
Share of profits of equity-accounted companies
-
5
9
Consolidated profit/(loss) before tax
13
13
246
Corporate income tax
3
(10)
(47)
Profit/(loss) after tax
16
3
199
Profit/(loss) for the year attributed to non- controlling interests
-
-
(3)
Profit/(loss) for the year attributed to the parent company
16
3
196
Adjustments to discontinued operations
-
61
50
Profit/(loss) from discontinued operations
16
64
246
Construction Division
On February 22, 2021, an agreement was reached to sell the real estate business of the Budimex Group (B.N.I.), which was included in
discontinued operations.
For a better understanding of the results of the Construction business and the way in which they have been included in the Group\u2019s consolidated
results, the accompanying table provides a breakdown by line of profit/(loss) from this discontinued operation:
(Million euro)
2021
Revenue
56
Fixed asset depreciation
-
Operating profit/(loss) before impairment and disposal of fixed assets
9
Impairment and disposal of fixed assets
130
Operating profit/(loss)
139
Net financial income/(expense)
-
Share of profits of equity-accounted companies
-
Consolidated profit/(loss) before tax
139
Corporate income tax
(24)
Profit/(loss) from discontinued operations
115
These results of EUR 115 million include both the amount recognized up to the company\u2019s exclusion from the consolidation scope (EUR 8 million)
and the capital gain (EUR 130 million) generated by the transaction (EUR 107 million net of tax), on the line impairment and disposal of fixed
assets. The effect for Ferrovial was EUR 53 million net of non-controlling interests.
Cash flows from discontinued operations:
The cash flows from discontinued operations are included in the Group\u2019s reported cash flows. The following table shows the disclosure
corresponding to the period 2023, 2022 and 2021:
(Million euro)
2023
2022
2021
Cash flows from operating activities ex tax payments
\u2014
83
231
Tax payments
\u2014
(4)
(74)
Cash flows from operating activities
\u2014
78
157
Investment
\u2014
(2)
(67)
Divestment
\u2014
9
\u2014
Cash flows before financing activities
\u2014
86
90
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-862": { "value": "
1.1.5. Assets and liabilities held for sale and discontinued operations
Divestments made during 2022 are described below:
On January 31, 2022, the sale agreement between Ferrovial and Portobello Capital for the acquisition of the infrastructure upkeep and
maintenance business in Spain was completed once all the conditions precedent had been fulfilled. The total price received by Ferrovial reached
EUR 175 million. According to the sale agreement, a Ferrovial subsidiary acquired the 24.99% of the buyer\u2019s capital for a price of EUR 17.5 million.
The impact on the income statement was immaterial.
On December 31, 2022, the Amey business in the United Kingdom, related to full life-cycle engineering and infrastructure upkeep and
maintenance services, was sold to a company controlled by funds managed by One Equity Partners, which completed the transaction in
association with its shareholder Buckthorn Partners. The net consideration (equity value) received by Ferrovial was GBP 264.6 million (EUR 301.3
million), as per the final agreement reached on April,17 2023, with no further applicable price adjustments. The net consideration was in the form
of cash (GBP 112.8 million (EUR 128.5 million)) and a vendor loan note of GBP 151.8 million (EUR 172.8 million) to the seller, arranged on the
completion date, repayable over the coming five years and accruing 6% annual interest (increasing to 8% after year three). The capital gain
generated totaled EUR 58.3 million and was accounted for under Profit/(loss) from discontinued operations in the income statement, which also
included the transfer to the income statement of currency translation differences (EUR -155.6 million) and changes in the fair value of derivatives
(EUR -15.4 million) accumulated in equity (Note 5.1.1).
Previously, the business activity providing financial management services for PFI (Project Finance Initiative) project companies in the United
Kingdom through the subsidiary Amey was sold for GBP 5 million in the first half of 2022, while Amey\u2019s business area engaged in energy and
water infrastructure maintenance was also sold (to British fund Rubicon) for a total price of GBP 20.3 million, including a deferred payment of
GBP 18 million arranged through a loan to the buyer (Note 3.6.2). The impact on the income statement was immaterial.
Divestments made during 2021 are described below:
In November 2021, the agreement to sell the US Services business related to oil and gas industry infrastructure maintenance was completed for a
total price of USD 16 million (EUR 14 million). The impact on the income statement was a loss of EUR 28 million, recognized under Profit/(loss)
from discontinued operations.
On December 1, 2021, the sale agreement reached between Ferrovial and PreZero (company of the Schwarz Group) on July 26, 2021 for the
Environment Services business in Spain and Portugal was completed once all the conditions precedent had been fulfilled. The total price of the
shares received by Ferrovial was EUR 1,032 million. This transaction generated a profit of EUR 335 million, which is carried under Profit/(loss) from
discontinued operations in the income statement.
Additionally, in 2021 the UK waste treatment business (reported in Energy Infrastructures and Mobility), the contract to maintain and operate the
section of the A2 toll road and the contract to maintain and operate Madrid Calle 30 (reported in \u201cToll Roads\u201d), together with the US
infrastructure maintenance business and the energy efficiency services business (both reported in \u201cConstruction\u201d) were reclassified as continuing
operations. This decision was taken following the progress made in the divestment processes and considering that certain contracts included in the
Services division could fit strategically into other divisions of the Group, facilitating the execution of the divestment processes.
1.1.6. Consolidation scope changes and other divestments of investees
I-66 acquisition and takeover
a. Description of the transaction
Cintra, a Ferrovial subsidiary and the indirect owner of 50% of the concession operator I-66 Express Mobility Partners Hold. LLC (I-66), acquired
an additional 5.704% ownership interest in that company for USD 182 million (approximately EUR 162 million) on 17 December 2021, together
with a commitment to inject additional capital until construction phase completion (EUR 36 million, approximately). Payment was made in cash.
As a result, Ferrovial\u2019s total shareholding stands at 55.704% of the concession awarded by the Virginia Transport Department. It is a
transformation project to design, build, finance, operate and maintain the 36-km I-66 toll road. Construction was completed at the end of 2022
and the toll road has been operational since then.
The acquisition of this additional ownership interest means that Ferrovial holds the majority of voting rights on the concession operator\u2019s Board
and can therefore direct its relevant activities. Since then, Ferrovial has had control of the company pursuant to IFRS 10, paragraph 10.
Consequently, the interest in the concession operator, which was equity-accounted, is now fully consolidated.
On taking control of the company and in accordance with IFRS 3.42, the equity-accounted interest (50%) was derecognized and measured at fair
value, a capital gain being recorded in the amount of the difference.
Fair value was calculated by extrapolating the price offered by a third party to purchase 10% of the shares, which was accepted by all the minority
shareholders, to all the shares. In addition, a control premium estimated at 2% was added on top of that extrapolated value. The fair value of the
prior 50% interest calculated as described stood at EUR 1,448 million (USD 1,628 million), including the control premium.
This valuation entailed recognizing a gain of EUR 1,101 million in the amount of the difference between the fair value of Ferrovial\u2019s pre-existing
50% ownership interest in the company (EUR 1,448 million) and its carrying amount (EUR 348 million); this gain was recognized in \u201cImpairment
and disposals of fixed assets\u201d.
Ferrovial also recorded an additional gain on the sale of EUR 16 million corresponding to the I-66 related currency translation differences that
existed at the date of the transaction, that pursuant to IFRS 3 and IAS 28 were reclassified to the income statement under the heading
\u201cimpairment and disposals of fixed assets\u201d. Therefore, the total result of the operation reached EUR 1,117 million.
b. Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of the concession operator I-66 Express Mobility Partners Hold. as at the date of acquisition
of the additional 5.704% ownership interest in that company\u00a0 were (for simplicity, the November balance sheet was used, since the effect of 17
days to the transaction date is immaterial, as indicated later on):
(Million euro)
FAIR VALUE RECOGNIZED ON
ACQUISITION
NON-CURRENT ASSETS
4,432
Fixed assets in infrastructure projects (Note 3.3)
4,432
CURRENT ASSETS
109
Receivables
108
Cash and cash equivalents
1
TOTAL ASSETS
4,542
NON-CURRENT LIABILITIES
1,527
Long-term borrowings
1,527
CURRENT LIABILITIES
118
Short-term borrowings
27
Trade and other payables
90
TOTAL LIABILITIES
1,654
TOTAL IDENTIFIABLE NET ASSETS AT FAIR VALUE
2,897
The fair value of the trade receivables amounted to EUR 108 million and it was expected that the full contractual amounts would be collected.
The fair value adjustments are briefly explained below:
a. Fixed assets in infrastructure projects: The fair value of this asset was calculated using the discounted cash-flows resulting from the economic
model, reaching EUR 4,432 million.
b. Deferred grant income. This balance sheet item did not represent an actual liability for the company. Therefore, in accordance with IFRS 3,
fair value was deemed to be zero and the amount was adjusted (EUR 65 million).
c. Borrowings: The concession operator entered into two debt agreements in November 2018 in order to finance the toll road\u2019s construction: a
senior loan comprising four fixed-rate listed bonds accruing quarterly interest payments and a subordinated loan obtained under the 1998
Transportation Infrastructure Finance and Innovation Act (TIFIA), which accrues interest of 2.8% per annum. The fair value of the bond debt
was calculated based on the quoted price at the acquisition date. In the case of the TIFIA loans, the fair value was obtained by discounting
flows. The resulting adjustment reduced the carrying amount of the debt by EUR 317 million.
d. The carrying amount of other assets and liabilities was equal to their fair value.
Tax effect of the transaction
The concession operator acquired is taxed under pass-through tax rules, meaning that deferred taxes are only recognized based on the\u00a0
shareholding percentage. According to IAS 12, paragraphs 19 and 20, if a balance sheet item is recognized in a business combination at fair value
when the tax base has not changed, deferred tax must be recorded considering the amount of this difference.
The tax effects recognized by the parent company (Cintra 2 I66 Express Mobility Partners LLC) were as follows:
\u2022 Deferred tax liability related to the debt: the fair value adjustment to the debt reached EUR -317 million million, giving rise to a deferred tax
liability of EUR 37 million. The deferred tax is being recognized through the income statement as per the debt repayment schedule.
\u2022 Deferred tax liability related to the intangible asset and the deferred income (grant): the fair value adjustment to the intangible asset reached
EUR 1,820 million, giving rise to a deferred tax liability of EUR 212 million in the shareholder. Another deferred tax liability of EUR 8 million
was also recognized due to the derecognition of deferred income (grant). These taxes are being taken to the income statement as the asset is
amortized.
The goodwill recognized on the acquisition reached EUR 254 million, netting the tax effects described above and recognized by the parent
company pursuant to IAS 12, paragraph 66.
No goodwill was attributed to non-controlling interests and transaction costs were immaterial.
c. Purchase consideration
Amount fair
value (EUR)
Shares issued, at fair value
162
Commitment to inject additional capital
36
TOTAL CONSIDERATION
198
1.3.3.4 Revenue recognition
Ferrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent
approach across all lines of business.
i) General revenue recognition approach
The first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.
A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the
various goods and services forming a combined output that is transferred to the customer over time.
In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since
the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.
As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has
established certain criteria that are applied consistently to similar performance obligations.
In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services the control of which is
transferred to the customer over time.
In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under
construction contracts, the applicable output method consists of measuring the work carried out or surveying performance completed to date, in
which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each contract are
measured and the relevant output is recognized as revenue.
Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.IV on provisions for deferred
expenses).
For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and
remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits
from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is
recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.
The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units
to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total
costs forecast to complete the work, taking account of the expected profit margins for the whole project, based on the most recently updated
budget.
This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and
recognizing them as revenue in proportion to the total revenues expected.
As indicated above, this method only applies to lump-sum construction or service contracts in which it is not possible to break down the price and
the measurement of units to be completed.
Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial
is the principal in both construction and service contracts if it provides goods and services directly to the customer and transfers control of them
without involving intermediaries.
In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it
is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications
and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore
recognized by the Construction Division. Conversely, the concession company acts as an agent in connection with the construction performance
obligation and does not therefore recognize revenues or results in this regard.
ii) Recognition of revenue from contract modifications, claims and disputes
Modifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to
the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating
to additional work.
The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of
work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will
apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.
Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the
modification has been approved.
A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs, legally mandated inflation
adjustment) subject to an application procedure directly to the customer. The general criterion followed by the Group is not to recognize revenue
until the request has been approved by the customer. In the event that the work is approved but the valuation is pending, the requirement
mentioned below for the case of \u201cvariable consideration\u201d in accordance with IFRS 15 is applied, recording the amount for which it is highly
probable that there will not be a significant reversal. This treatment is also applied in exceptional cases where no approval has been received from
the customer, recording revenue provided there is a legal report justifying that the disputed rights are clearly enforceable, as well as a technical
report supporting the technical basis of the request or claim in question and approval from the Division\u2019s CFO and General Counsel.
A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract,
the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings.
In line with the criteria followed by the Group, in the event that the revenues relating to a dispute in which the enforceability of the amount being
claimed are in doubt, these revenues will not be recognized and any amount recognized earlier will be cancelled, since the dispute shows that the
customer has not given its approval for the completed work.
In the event that the customer questions the value of the work completed, revenues will be recognized on the basis of the criteria applied in cases
of \u201cvariable consideration\u201d, as explained below.
Only in cases in which a legal report confirms that the rights forming the subject of the dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenues may be recognized up to the maximum amount of the
costs incurred.
iii) Determination of the transaction price
The transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the
consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end,
the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.
The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in
similar circumstances and to similar customers.
Variable consideration
If the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a
significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been
reached.
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
iv) Balance sheet items related to revenue recognition
Completed work pending certification/work certified in advance
Unlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on
acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the
amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.
For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named
\u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the
revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in
advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs of obtaining contracts (bidding costs),
costs incurred to fulfil contracts or start-up costs (mobilization costs) directly related to the main contract, provided they are recoverable during
the performance of the contract. These balances are included in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1).
Bidding costs are only capitalized when they are directly related to a contract, it is probable that they will be recovered in the future and the
contract has been awarded or the company has been selected as preferred bidder.
Bidding costs incurred before a contract is awarded or the contractor selected as preferred bidder are recognized as an expense, unless they are
explicitly recoverable from the customer in any event (whether or not the contract is obtained). They are amortized systematically as the goods
and services related to the asset are transferred to the customer.
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They expensed based on the proportion of
actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect an
existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the amount
of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a percentage of the
total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the option
of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a
contract exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 (paragraph 14 (b) as well as incremental costs and those
directly related to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless
they are explicitly passed on to the counterparty in accordance with the contract, in line with paragraph 68 (a) of IAS 37.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
vi) Segment-specific revenue recognition approach
Toll Roads business
The contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets
on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).
In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users
is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial
asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or
maintenance), which are recognized as separate performance obligations to which market prices must be allocated.
Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.
As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the
construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with
the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.
Airports business
Generally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a
point in time.
It should be noted that JFK NTO LLC\u00a0 is acting as an agent in relation to the construction performance obligation. In this case, the design and
construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction
company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the
provisions of IFRS 15, especially considering paragraphs B35 and B37.
Energy Infrastructures and Mobility business
These contracts cover a number of services that are substantially the same and are transferred based on the same pattern. The monthly rate
reflects the value of the services rendered. This type of contract includes a single performance obligation that is transferred over time for which
revenues are recognized using the output method.
1.3.4. Accounting estimates and judgments
These financial statements are prepared in accordance with IFRS-IASB and with IFRS as adopted by the European Union, which require the use of
estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities
and the amount of income and expenses recognized. The estimates and associated assumptions are based on management\u00b4s best judgement of
aspects that are known when the financial statements are prepared, on historical experience and on any other factor that is deemed to be
relevant.
The estimations of items for which there is a risk that a material difference could arise in the future in respect of the carrying amounts of assets
and liabilities, involves significant analysis and estimation and requires management to make judgments when determining the assumptions, as
discussed in the following paragraphs:
i) Revenue from long-term construction contracts with customers (Note 1.3.3.4), particularly as regards to:
\u2022 Application of the output method to recognize revenue over time, measuring the work carried out or surveying performance completed to
date, in which the revenue recognized reflects the work units executed.\u00a0 Under this method, the units completed in each contract are the basis
used to recognize revenue.\u00a0 Those units are calculated by each project team based on the technical progress made up to the financial
statements date. The revenue recognized reflects the work units executed valued applying the unit price established in the contract.
\u2022 Application of the input method to recognize revenue over time on those contracts where the output method cannot be applied, estimating
the total costs forecast to complete the work, using most recent contract budgets approved for each project by the relevant members of
management, making assumptions on future prices of materials and subcontractors\u2019 work.\u00a0 Prices included in future materials supply
arrangements and subcontractors\u2019 contracts are used.\u00a0 In case no supply contracts are in place, materials or subcontractors\u2019 costs are
calculated based on market evidence or supply arrangements recently signed for other contracts.\u00a0
\u2022 Provisions for deferred expenses: Management bases its calculations on historic experience and bears in mind the different countries and
contract requirements.
\u2022 Provisions for contractual losses: They are recognized when the probable budget scenario, adjusted for internal fees, shows a loss.
\u2022 Recognition of revenue for variable consideration, for a modification, for a claim or for a dispute. In this regard, management bases its
calculation on the specific clauses included in each contract and also considers past experience in other contracts. Management needs to
make assumptions regarding the amount of incurred costs that will give rise to these additional sources of revenue and whether those costs
meet the conditions for variable considerations, modifications, claims or disputes arising in connection with the contract.
ii) Toll Roads and Airports financial information under IFRIC-12 (Note 3.3 on Investments in infrastructure projects; Note 6.3 on Provisions) and the
related impairment test (Note 3.1. on Goodwill and acquisitions) performed based on a discounted cash flow model, which involves management
assumptions, mainly related to:
\u2022 Future traffic volumes (vehicles and passengers for toll roads and airports, respectively): For concessions already in operation, traffic estimates
are built on actual traffic and growth patterns are derived from macroeconomic data, external studies in certain cases and any other
information and plans that may impact future traffic. For concessions under construction, external projections (e.g. airports traffic forecast
from international agencies) and researches (e.g. impact of e-commerce on heavy vehicles traffic or home working habits on the use of
private vehicles for toll roads ) are used.\u00a0
\u2022 Pricing: Specific pricing arrangements included in concession contracts are considered.\u00a0 In case the arrangements do not include a fixed price,
internal estimates of elasticity of demand regarding prices and other related inputs are used.
\u2022 Future operating expenses: Estimates of future prices of materials, subcontractors and other costs required to operate the concessions are
based on historical experience, estimating price index grow and considering related requirements established in the concession agreements.
\u2022 Discount rates: Management calculates weighted average cost of capital based on external information sourced obtained from banks reports
and converts it into a pre-tax discount rate for impairment test purposes.
iii) Fair value of assets held for sale related to discontinued operations (Note 1.1.5.), which only applies to 2021 and 2022: If the divestment process
is in an advanced stage, non-binding and binding offers received from potential buyers are the main input. Where there are no offers in place,
calculations based on publicly available multiples of similar transactions are also used.
iv) Allocation of the consideration transferred on the acquisition of I-66 at December 2021 and Dalaman at June 2022 to the fair value of its
assets and liabilities and calculation of the corresponding goodwill, as well as calculation of the fair value of the previously held 50% stake in
I-66 (Note 1.1.6).
Fair value of the toll road, which is accounted for in the \u201cFixed asset infrastructure projects-Intangible asset model\u201d caption of the consolidated
statement of financial position, was calculated based on the enterprise value implicit in the acquisition of the above mentioned 5,704%, as the
toll road is the only relevant asset in the acquired company.
3.1. GOODWILL AND ACQUISITIONS
Impairment test
The Group analyzes at least once a year (in December) whether its assets show signs of impairment, in which case it performs the corresponding
impairment test, according to the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". The Group also
systematically tests for impairment the cash-generating units that include goodwill.
The goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests coincide with the last
available business projections approved by the Board and the conclusion was drawn that there is no impairment as at December 31, 2023.
Sensitivity analyses were not performed due to the existing headroom (difference between the recoverable amount and the carrying amount).
A. Construction Division goodwill (Webber and Budimex):
Methodology
In the case of Webber, in 2023 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 174% with respect to its
carrying amount of EUR 362 million. The flows were discounted at a rate of 8.9% (9.6% before taxes), calculated using the CAPM based on
current market input and in line with the method used in prior years.
As Budimex is listed on the Warsaw Stock Exchange and there is free float, we consider the share price is representative of its value. Therefore, the
goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2023\u00a0 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2023\u00a0 was 1,086% higher than its carrying amount of EUR 156 million; so there are no indications
of impairment.
B. Toll Roads Division goodwill (I-66):
The I-66 toll road goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners
Hold. LLC in December 2021. The toll road became operational in the last quarter of 2022.
In 2023, traffic ramped up to reach 29 million transactions and a 76.9% EBITDA margin. Therefore, there are no indications that the recoverable
amount is below its carrying amount.
The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and
research (e.g. impact of e-commerce in traffic of heavy vehicles or working from home habits in the use of private vehicles); tariffs used are in line
with traffic estimates and contract clauses. The 2023 impairment test reflects a headroom of 20% with respect to the carrying amount of EUR
1,971 million. The flows were discounted at a rate of 8.8% (9.7% before taxes).
C. Energy Infrastructures and Mobility Goodwill (Transchile and Ferrovial Services Chile):
The goodwill of Power Transmission Services, the company owning the power transmission lines in Chile, reached EUR 43 million in December
2023.
Based on the goodwill impairment test findings, which used long-term projections that go beyond one year after the first 20 years of the
regulated period, when the concessionaire is remunerated based on availability payments, the headroom was 79% with respect to the carrying
amount of EUR 34 million at December 31, 2023. The flows were discounted at a rate of 10.9% (11.3% before taxes) in 2023.
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services,
reclassified as a continuing operation in 2022 after being strategically allocated into the Group\u2019s Energy Infrastructures and Mobility Division.
The impairment test, based on a 5-year projection, identified a headroom of 12% in relation to the carrying amount, which was EUR 16 million at
December 31, 2023). The flows were discounted at a rate (WACC) of 12.8% (17.9% before taxes).
D. Airports Goodwill (Dalaman):
The goodwill recognized on the acquisition in 2022 amounts to EUR 27 million in December 2023 (EUR 27 million in December 2022)\u00a0 and is
essentially a balancing item for the tax effects.
The 2023 impairment test reflected a headroom of 26% in relation to the carrying amount which was EUR 146 million at December 31, 2023. The
flows were discounted at a rate of 12.7% (13.5% before taxes).
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.1. Intangible asset model
(Million euro)
BALANCE AT
01/01/2023 (*)
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN
EXCHANGE EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2023
Spanish toll roads
714
7
0
0
0
721
US toll roads
12,547
670
-1
-393
0
12,823
Other toll roads
391
0
0
0
-387
4
Toll road investment
13,653
677
-1
-393
-387
13,549
Accumulated depreciation/amortization
-781
-201
0
16
132
-834
Net investment in toll roads
12,872
476
-1
-377
-255
12,715
Investment in other infrastructure projects
632
18
0
0
0
650
Depreciation/amortization of other infrastructure
projects
0
-34
0
0
0
-34
Total net investment in other infrastructure
projects
632
-16
0
0
0
616
TOTAL INVESTMENT
14,285
695
-1
-393
-387
14,199
TOTAL DEPRECIATION/AMORTISATION AND
PROVISION
-781
-235
0
17
132
-867
TOTAL NET INVESTMENT
13,504
460
-1
-376
-255
13,333
(*) Restated figures (Note 1.1.7)
(Million euro)
BALANCE AT
01/01/2022
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN EXCHANGE
EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2022 (*)
Spanish toll roads
713
0
0
0
1
714
US toll roads
10,527
1,388
0
632
0
12,547
Other toll roads
391
0
0
0
0
391
Toll road investment
11,632
1,388
0
632
1
13,653
Accumulated depreciation/amortization
-617
-145
0
-19
0
-781
Net investment in toll roads
11,014
1,244
0
613
1
12,872
Investment in other infrastructure projects
0
0
0
0
632
632
Depreciation/amortization of other infrastructure
projects
0
0
0
0
0
0
Total net investment in other infrastructure
projects
0
0
0
0
632
632
TOTAL INVESTMENT
11,632
1,388
0
632
633
14,285
TOTAL DEPRECIATION/AMORTIS ATION AND
PROVISION
-617
-145
0
-19
0
-781
TOTAL NET INVESTMENT
11,014
1,243
0
613
633
13,504
(*) Restated figures (Note 1.1.7)
The most significant changes in 2023 and 2022 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 677 million in 2023, relating to the US toll roads (EUR 1,388 million in 2022). Out of these, the
most significant were the I-66 Express Mobility Partners LLC toll road for EUR 489 million (EUR 1,126 million in 2022) and the North Tarrant
Express Extension for EUR 178 million (EUR 261 million in 2022).
\u25e6 Exchange rate fluctuations resulted in a change of EUR -376 million in 2023 (EUR 613 million in 2022) in these asset balances, the full
amount of which was attributed to the effect of the euro/US dollar exchange rate on the US toll roads (Note 1.4).
\u25e6 At December 31, 2023 \u201cconsolidation scope changes and transfers\u201d of EUR -255 million relate to the sale of the Euroscut Azores toll road. At
December 31, 2022, they related essentially to the consolidation of the Dalaman International Airport assets acquired in July 2022 (Note
1.1.4).
All the concession assets of the infrastructure project companies are pledged to secure borrowings (Note 5.2).
Related borrowing costs capitalized in 2023 and\u00a0 2022 are described in Note 2.6.
3.3.2. Financial assets from financial asset model concessions
They mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments
made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2023 and 2022 are set out
below:
(Million euro)
INFRASTRUCTURE PROJECT\u00a0
RECEIVABLES 2023
INFRASTRUCTURE PROJECT
RECEIVABLES 2022 (*)
OPENING BALANCE
163
169
Additions
9
9
Disposals
-12
-12
Transfers and other
0
0
Foreign exchange effect
2
-4
Other
0
0
Reclassified to held for sale
0
0
YEAR-END BALANCE
162
163
Note: Balances net of provisions
(*) Restated figures (Note 1.1.7)
The following tables show the financial assets by concession operator for\u00a0 2023 and 2022:
BALANCES AT 12/31/2023
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
52
3
55
Depusa Arag\u00f3n
22
1
23
Budimex Parking Wroc\u0142aw
11
0
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
162
4
166
BALANCES AT 12/31/2022 (*)
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
53
3
56
Depusa Arag\u00f3n
23
1
24
Budimex Parking Wroc\u0142aw
10
0
10
CONSTRUCTION
86
3
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
163
3
166
(*) Restated figures (Note 1.1.7)
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -310 million (Note 5.3) (EUR
-784 million in 2022),\u00a0 which differed from the additions recognized in the balance sheet for the following main reasons:
\u2022 Payments owed under the concession agreement on the I-66 toll road (Note 6.4).
\u2022 For projects in which the intangible asset model is applied, due to differences between the accrual basis and cash basis of accounting, as well
as capitalized financial costs attributable to projects under construction, which do not give rise to cash outflows.
\u2022 For projects in which the financial asset model is applied, due to increases in receivables as a balancing entry for revenue from services
rendered, which also do not give rise to cash inflows.
\u2022 The impact on cash flows also reflects movements on the held for sale line, related to the sale of Azores (Note 1.1.6).
6.3. PROVISIONS
The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the
risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items,
other provisions net certain asset items and are disclosed in the specific notes on those assets.
Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31,
2023 and 2022:
(Million euro)
LITIGATION AND
TAXES
REPLACEMENTS
AND UPGRADES,
IFRIC 12
OTHER LONG-
TERM RISKS
TOTAL NON-
CURRENT
PROVISIONS
SHORT-TERM
PROVISIONS
TOTAL
Balance at December 31, 2022 (*)
272
97
47
416
930
1,346
Scope changes and transfers
5
-5
-9
-9
-6
-15
Charges:
Operating profit/(loss)
14
0
1
15
532
547
Net financial income/(expense)
3
7
0
10
2
12
Impairment and disposals
2
0
0
2
0
2
Corporate income tax
1
0
0
1
0
1
Fixed asset depreciation
0
24
0
24
0
24
Reversals:
Operating profit/(loss)
-11
0
-7
-17
-292
-309
Net financial income/(expense)
-53
0
0
-53
0
-53
Impairment and disposals
0
0
-7
-7
-1
-8
Corporate income tax
-75
0
0
-75
0
-75
Fixed asset depreciation
-1
0
0
-1
0
-1
Applications with balancing entries in current accounts
-4
0
0
-4
-201
-204
Applications with balancing entries in other assets
1
-34
0
-34
-6
-40
Foreign exchange differences
1
-2
1
-1
52
51
Balance at December 31, 2023
156
86
26
268
1,011
1,279
(*) Restated figures (Note 1.1.7)
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover the possible risks resulting from lawsuits and litigation in progress, amounting to EUR 71 million and EUR 68 million in 2023
and 2022, respectively, and largely relating to the Construction business. This provision is recognized and reversed against changes to
provisions in operating profit/(loss).
\u2022 Provisions for tax claims amounting to EUR 85 million and EUR 204 million in 2023 and 2022, arising in relation to local or central
government duties, taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which
the Group operates (Note 6.5.1).
Provision for replacements under IFRIC 12
This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 86 million and EUR 97 million in 2023
and 2022, respectively.
Provisions for other long-term risks
This heading includes provisions recognized to cover certain long- term risks other than those attributable to litigation or tax claims, such as third-
party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which
amounted to EUR 26 million at December 31, 2023 (EUR 47 million at December 31, 2022).
At December 31, 2023, it also contains the estimated cost of landfill closure and post- closure activities relating to Budimex and UK waste
treatment businesses (Thalia). The provision is calculated based on a technical estimate of total landfill capacity consumed to date. It is
recognized and reversed against changes to provisions in operating profit/loss, as and when the landfill closure costs are incurred. The balance
recognized for this item at December 31, 2023 amounted to EUR 14 million.
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
projects close-out costs under the contract), amounting to EUR 313 million and EUR 276 million in 2023 and 2022 respectively),\u00a0 and provisions for
budgeted losses totaling EUR 604 million and EUR 567 million in 2023 and 2022 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 561 million and EUR 497 million in 2023 and
2022 respectively, and UK waste treatment businesses (Thalia) in the amount of EUR 46 million and EUR 69 million at December 31, 2023 and
2022, respectively.
The change during 2023 is essentially explained by net provisions recognized in the Construction Division (EUR 150 million), basically in the Polish
business, and to the application of provisions (EUR -119 million), relating particularly to budgeted losses in the US business.
For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-860": { "value": "
1.1.5. Assets and liabilities held for sale and discontinued operations
Divestments made during 2021 are described below:
During 2021 Ferrovial sold 20% of the Portuguese toll road Norte Litoral and the Group\u2019s shares in Concesionaria de Prisiones Figueras, S.A.U.
and in Urbs ludex Et Causidicus, S.A., as explained in Note 1.1.6
Discontinued operations
As indicated, discontinued operations relate to the Services Division, the divestment of which was completed in 2022, once the infrastructure
upkeep and maintenance business in Spain and in the UK (Amey) were sold.
During 2023
Profit from discontinued operations amounted to EUR 16 million and relates mainly to the update of the indemnities and earn-outs associated
with the Services Business disposal in Spain and Portugal as well as other adjustments related to the Amey business divestment in the UK.
Divestments made during 2022 are described below:
On January 31, 2022, the sale agreement between Ferrovial and Portobello Capital for the acquisition of the infrastructure upkeep and
maintenance business in Spain was completed once all the conditions precedent had been fulfilled. The total price received by Ferrovial reached
EUR 175 million. According to the sale agreement, a Ferrovial subsidiary acquired the 24.99% of the buyer\u2019s capital for a price of EUR 17.5 million.
The impact on the income statement was immaterial.
On December 31, 2022, the Amey business in the United Kingdom, related to full life-cycle engineering and infrastructure upkeep and
maintenance services, was sold to a company controlled by funds managed by One Equity Partners, which completed the transaction in
association with its shareholder Buckthorn Partners. The net consideration (equity value) received by Ferrovial was GBP 264.6 million (EUR 301.3
million), as per the final agreement reached on April,17 2023, with no further applicable price adjustments. The net consideration was in the form
of cash (GBP 112.8 million (EUR 128.5 million)) and a vendor loan note of GBP 151.8 million (EUR 172.8 million) to the seller, arranged on the
completion date, repayable over the coming five years and accruing 6% annual interest (increasing to 8% after year three). The capital gain
generated totaled EUR 58.3 million and was accounted for under Profit/(loss) from discontinued operations in the income statement, which also
included the transfer to the income statement of currency translation differences (EUR -155.6 million) and changes in the fair value of derivatives
(EUR -15.4 million) accumulated in equity (Note 5.1.1).
Previously, the business activity providing financial management services for PFI (Project Finance Initiative) project companies in the United
Kingdom through the subsidiary Amey was sold for GBP 5 million in the first half of 2022, while Amey\u2019s business area engaged in energy and
water infrastructure maintenance was also sold (to British fund Rubicon) for a total price of GBP 20.3 million, including a deferred payment of
GBP 18 million arranged through a loan to the buyer (Note 3.6.2). The impact on the income statement was immaterial.
Divestments made during 2021 are described below:
In November 2021, the agreement to sell the US Services business related to oil and gas industry infrastructure maintenance was completed for a
total price of USD 16 million (EUR 14 million). The impact on the income statement was a loss of EUR 28 million, recognized under Profit/(loss)
from discontinued operations.
On December 1, 2021, the sale agreement reached between Ferrovial and PreZero (company of the Schwarz Group) on July 26, 2021 for the
Environment Services business in Spain and Portugal was completed once all the conditions precedent had been fulfilled. The total price of the
shares received by Ferrovial was EUR 1,032 million. This transaction generated a profit of EUR 335 million, which is carried under Profit/(loss) from
discontinued operations in the income statement.
Additionally, in 2021 the UK waste treatment business (reported in Energy Infrastructures and Mobility), the contract to maintain and operate the
section of the A2 toll road and the contract to maintain and operate Madrid Calle 30 (reported in \u201cToll Roads\u201d), together with the US
infrastructure maintenance business and the energy efficiency services business (both reported in \u201cConstruction\u201d) were reclassified as continuing
operations. This decision was taken following the progress made in the divestment processes and considering that certain contracts included in the
Services division could fit strategically into other divisions of the Group, facilitating the execution of the divestment processes.
1.1.6. Consolidation scope changes and other divestments of investees
Toll roads
During the year 2023:
Azores toll road
Ferrovial, through its Toll Roads subsidiary, has reached an agreement to sell 89.2% of the Azores toll road, in Portugal, to infrastructure funds
Horizon and RiverRock. The price of the transaction, which is in line with the company\u2019s asset rotation strategy, reached EUR 42.6 million.
The sale has provided EUR 39 million before taxes in capital gains for Ferrovial (reported in the income statement under Impairment and disposal
of fixed assets). Ferrovial will continue to provide technical services to the concession company for two years, which may be extended by mutual
agreement.
During the year 2022:
Ferrovial, through its toll road subsidiary Cintra acquired a further 7.135% interest in the I-77 toll road in North Carolina, USA, in November 2022.
The transaction was valued at USD 109 million (EUR 104 million). Ferrovial\u2019s stake in the asset has thus increased from 65.1% to 72.24%. Since
the Company was already fully consolidating this asset, the difference between the price paid and the book value of the acquired stake was
recorded against the reserves of the parent company (EUR -88 million) and by reducing the amount of minority interests (EUR-15 million as per
Note 5.1.1).
Construction
During the year 2021:
In February 2021, Budimex, Ferrovial\u2019s construction subsidiary in Poland, reached an agreement to sell the real estate business carried on through
its subsidiary Budimex Nieruchomo\u015bci. The sale, which was completed in June for the sum of PLN 1,513 million (EUR 330 million, net of transaction
costs), entailed recognizing a capital gain, before non-controlling interests, of EUR 107 million on the profit/(loss) net of tax from discontinued
operations line.
Services
During the year 2022:
As explained in Note 1.1.5 about held-for-sale assets and liabilities and discontinued operations, 2022 saw the completion of the Services business
divestment process thanks to the sale of the infrastructure upkeep and maintenance businesses in Spain and the services business in the UK
(Amey).
During the year 2021:
As indicated in the notes on results of discontinued operations (Note 2.9), during 2021, sale agreements were reached for the Environmental
Services business in Spain and Portugal and for infrastructure maintenance in the oil and gas industry business in the United States.
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2023, profit/(loss) attributed to non-controlling interests amounted to EUR -170 million (EUR -117 million at December 2022, EUR -138\u00a0 million
at December 2021)
This figure relates to the profits obtained by Group companies that are attributable to the company\u2019s other shareholders. Positive figures reflect
loss-making companies and the negative figures refer to profit-making companies.
(Million euro)
2023
2022(*)
2021
NON-GROUP
Grupo Budimex
-83
-60
-109
49.86%
Autopista Terrasa Manresa, S.A.
-8
19
14
23.72%
LBJ Infraestructure Group
-20
-9
2
45.40%
NTE Mobility Partners
-60
-47
-25
37.00%
NTE Mobility Partners Segments 3 LLC
-41
-33
-20
46.30%
FAM Construction LLC
34
26
7
30.00%
Sugar Creek Construction LLC
0
-2
-1
30.00%
I-77 Mobilility Partners
-12
-6
-1
27.80%
I-66 Mobility Partners
16
10
0
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
7
-8
0
40.00%
Webber United LLC
1
0
0
40.00%
Other companies
-4
-7
-1
TOTAL continuing operations
-170
-117
-134
TOTAL discontinued operations
0
0
-3
TOTAL
-170
-117
-138
(*) Restated figures (Note 1.1.7)
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2023 and 2022, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were as
follows:
At December 31, 2023:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
TOLL ROADS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The financial highlights of the most significant Group companies in which there are non-controlling interests are as follows (data on 100% terms):
2023
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
590
196
394
18
27
LBJ Infrastructure Group Holding LLC
2,084
2,296
(212)
(1,828)
24
NTE Mobility Partners Holding LLC
1,967
1,954
13
(1,144)
102
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,019
1,735
284
(1,471)
48
I-77 Mobility Partners, LLC
775
509
266
(183)
31
I-66 Mobility Partners, LLC
6,108
2,567
3,542
(1,469)
(20)
Budimex
2,029
1,616
413
874
80
Dalaman
710
478
232
(86)
(10)
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2023 were as follows:
Company
(Million euro)
Balance at
12.31.2022
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Capital
contributions
Other
movements
Balance at
12.31.2023
Autopista Terrassa-Manresa, S.A.
94
8
4
\u2014
(13)
\u2014
\u2014
93
LBJ Infrastructure Group Holding LLC
(89)
20
\u2014
3
(31)
\u2014
\u2014
(96)
NTE Mobility Partners Holding LLC
9
60
\u2014
\u2014
(64)
\u2014
\u2014
5
NTE Mobility Partners Segments 3 LLC
282
41
\u2014
(6)
(216)
30
\u2014
131
I-77 Mobility Partners, LLC
64
12
\u2014
(2)
\u2014
\u2014
\u2014
74
I-66 Mobility Partners, LLC
1,610
(16)
\u2014
(49)
\u2014
26
\u2014
1,571
FAM Construction LLC (I-66)
(28)
(34)
\u2014
\u2014
\u2014
60
\u2014
\u2014
Budimex
192
83
\u2014
13
(54)
\u2014
\u2014
234
Dalaman
94
(7)
(2)
\u2014
\u2014
\u2014
1
86
Otros
11
2
\u2014
(2)
(1)
\u2014
4
15
TOTAL
2,240
170
3
(43)
(379)
117
5
2,113
The heading \u201cCapital contributions\u201d reflects the impact of the increase in funds attributable to non-controlling interests of the toll roads I-66
Mobility Partners LLC, FAM Construction LLC (I-66) and NTE Segment 3, amounting to EUR 26 million, EUR 60 million and EUR 30 million,
respectively.
At\u00a0 December 31, 2022:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
TOLL ROADS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The main financial statement aggregates of the most significant Group companies in which other shareholders own interests are as follows (data
on 100% terms):
2022
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
576
180
396
13
(60)
LBJ Infrastructure Group Holding LLC
2,168
2,363
(195)
(1,887)
10
NTE Mobility Partners Holding LLC
1,716
1,692
24
(1,142)
79
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,327
1,719
608
(1,152)
38
I-77 Mobility Partners, LLC
753
522
231
(240)
12
I-66 Mobility Partners, LLC
5,804
2,177
3,627
(1,536)
(12)
Budimex
1,668
1,343
325
673
57
Dalaman
704
452
252
(103)
13
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2022 were as follows:
Company
(Million euro)
Balance at
12.31.2021
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Capital
contributions
Other
movements
Balance at
12.31.2022
Autopista Terrassa-Manresa, S.A.
147
(19)
(21)
\u2014
(13)
\u2014
\u2014
94
LBJ Infrastructure Group Holding LLC
(68)
9
\u2014
(4)
(26)
\u2014
\u2014
(89)
NTE Mobility Partners Holding LLC
11
47
\u2014
1
(54)
\u2014
4
9
NTE Mobility Partners Segments 3 LLC
196
33
\u2014
11
\u2014
39
3
282
I-77 Mobility Partners, LLC
70
6
\u2014
3
\u2014
\u2014
(15)
64
I-66 Mobility Partners, LLC
1,288
(10)
\u2014
76
\u2014
256
\u2014
1,610
FAM Construction LLC (I-66)
(59)
(26)
\u2014
(4)
\u2014
61
\u2014
(28)
Budimex
202
60
\u2014
(3)
(67)
\u2014
\u2014
192
Dalaman
\u2014
8
3
\u2014
\u2014
\u2014
83
94
Otros
3
9
3
\u2014
\u2014
\u2014
(3)
12
TOTAL
1,790
117
(15)
80
(160)
356
72
2,240
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
CONTINUING OPERATIONS
CORPORATION
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
67
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
13
1
Ferrovial Corporaci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
5
1
Ferrofin, S.L. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
52.0%
24
1
Ferrofin, S.L. (a)
Ferrovial SE
48.0%
22
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
7
Ferrovial 001, S.A. (a)
Ferrovial SE
100.0%
0
Ferrovial 008, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 009, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 011, S.A
Ferrovial SE
100.0%
0
Ferrovial 012, S.A
Ferrovial SE
100.0%
0
Ferrovial 013, S.A
Ferrovial SE
100.0%
0
Ferrovial 014, S.A
Ferrovial SE
100.0%
0
Ferrovial 015, S.L.
Ferrovial SE
100.0%
0
Ferrovial 016, S.L.
Ferrovial SE
100.0%
0
Ferrovial 017, S.L.
Ferrovial SE
100.0%
0
Ferrovial Venture VI, S.A.U. (a)
Ferrovial SE
100.0%
6
Ferrovial Ventures, S.A.U. (a)
Ferrovial SE
100.0%
15
Pilum, S.A.
P
Ferrovial SE
94.1%
1
UNITED KINGDOM (Registered Office: Oxford)
Ferrocorp UK Ltd.
Ferrovial SE
100.0%
1
1
UNITED KINGDOM (Registered Office: London)
Ferrovial Ventures, Ltd.
Ferrovial SE
100.0%
7
1
Ferrovial Services UK, Ltd.
Ferrovial EG SE
100.0%
0
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
IRELAND (Registered Office: Dublin)
Landmille, Ltd
Ferrovial SE
100.0%
5
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
105
1
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
14
2
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, SE
100.0%
3,228
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: Wilmington)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
5
1
RailBX GmbH
Budimex, S.A.
100.0%
0
1
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sidney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
-4
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil)
Ferrovial Construction International SE
100.0%
1
CANADA (Registered Office: Alberta)
Webber Infrastructure Management Alberta Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
0
CANADA (Registered Office: Markham - Ontario)
Ferrovial Construction CANADA Inc.
Ferrovial Construction International SE
100.0%
66
1
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
11
Webber Infrastructure Management Ontario Limited
Webber Infrastructure Management Canada Holdings Ltd
100.0%
30
CANADA (Registered Office: Toronto)
Webber Infrastructure Management Canada Holdings Ltd
Ferrovial Construction International SE
100.0%
6
5
CHILE (Registered Office: Santiago de Chile)
Constructora Ferrovial Ltda.
Ferrovial Empresa Constructora Ltda.
97.2%
0
1
Ferrovial Construcci\u00f3n Chile S.A.
Ferrovial Empresa Constructora Ltda.
100.0%
33
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International SE
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Siemsa Chile S.p.A.
Siemsa Industria S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International SE
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
1
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
3
3
Ferrovial Construction Slovakia S.R.O.
Ferrovial Construction Holdings Ltd
99.0%
9
3
SPAIN (Registered Office: Barcelona)
Conc. Prisiones Lledoners,S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0
100.0%
16
1
SPAIN (Registered Office: Bilbao)
Cadagua, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
87
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
8
1
Ditecpesa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
20
1
Ferrovial Construcci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
711
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
Ferrovial Railway S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
Siemsa Control y Sistemas S.A.U. (a)
Siemsa Industria S.A. (a)
99.0%
1
1
Siemsa Industria S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
16
1
Urbaoeste, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Cimentaciones Especiales y Estructurales CIMSA, S.A.
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
2
1
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
UNITED STATES (Registered Office: Atlanta)
Ferrovial Construction East, LLC
Ferrovial Construction US Corp.
100.0%
457
UNITED STATES (Registered Office: Austin)
Cadagua US LLC
Ferrovial Construction US Holding Corp.
100.0%
14
Cintra ITR LLC
Ferrovial Construction US Corp.
44.0%
3
1
Ferrovial Agroman 56, LLC
Ferrovial Construction Texas, LLC
100.0%
35
Ferrovial Agroman Indiana, LLC
Ferrovial Construction US Corp.
100.0%
0
Ferrovial Construction Texas, LLC
Ferrovial Construction US Corp.
100.0%
158
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
453
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,002
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Grand Parkway Infrastructure LLC
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
Servicios (Delaware) Inc.
Webber Infrastructure Management Holding US Corp
100.0%
35
Webber Infrastructure Management US Inc.
Servicios (Delaware) Inc.
100.0%
255
1
Webber Infrastructure Management Inc.
Webber Infrastructure Management US
100.0%
39
1
Webber Infrastructure Management Holding US Corp
Ferrovial Holding US Corp
100.0%
31
1
Ferrovial Construccion JFK T1 LLC
Ferrovial Construction US Corp.
100.0%
0
Tecpresa Structural Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
UNITED STATES (Registered Office: Charlotte)
Sugar Creek Construction LLC
Ferrovial Construction East, LLC
70.0%
64
UNITED STATES (Registered Office: Dallas)
Trinity Infrastructure LLC
DBW Construction LLC
40.0%
0
Trinity Infrastructure LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
North Tarrant Infrastructures
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
39
1
UNITED STATES (Registered Office: Katy)
52 Block Builders
Webber Commercial Construction, LLC
100.0%
0
1
UNITED STATES (Registered Office: Los Angeles)
California Rail Builders
Ferrovial Construction West, LLC
80.0%
0
1
Ferrovial Construction West, LLC
Ferrovial Construction US Corp.
100.0%
0
1
UNITED STATES (Registered Office: North Richland Hills)
Bluebonnet Contractor, LLC
DBW Construction LLC
40.0%
0
Bluebonnet Contractor, LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
40
1
PLW Waterworks LLC
Cadagua US, LLC
50.0%
2
1
PLW Waterworks LLC
Webber, LLC
50.0%
2
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
584
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
6
1
Webber Equipment & Materials LLC
Webber, LLC
100.0%
227
1
Webber Management Group LLC
Webber Equipment & Materials LLC
100.0%
41
1
UNITED STATES (Registered Office: Virginia)
FAM Construction LLC (I-66)
Ferrovial Construction US Corp.
70.0%
240
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International SE
100.0%
13
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International SE
Ferrovial SE
100.0%
237
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
2
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.0%
0
Cadagua Ferr. Industrial MEXICO
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
25.0%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zeeland) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
1
PERU (Registered Office: Lima)
1
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C.
Ferrovial Construction International SE
100.0%
0
POLAND (Registered Office: Cracow)
Mostostal Krak\u00f3w S.A.
Budimex, S.A.
100.0%
3
1
Mostostal Krak\u00f3w Energetyka sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
8
1
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
21
1
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
6
1
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
5
1
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International SE
50.1%
83
1
Budimex Mobility, S.A.
Budimex, S.A.
100.0%
3
1
WM Serwis, S.A.
Budimex, S.A.
100.0%
0
1
BXF Energ\u00eda SP. z.o.o.
Budimex, S.A.
51.0%
8
1
Budimex Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Budimex Kolejnictwo SA
Budimex, S.A.
100.0%
19
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
68
1
JZE Sp. z o.o.
FBSerwis SA
100.0%
1
1
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
6
PPHUH Konstralex Sp. z.o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Green Waste Management 1 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
CZECH REPUBLIC (Registered Office: Prague)
Budimex Construction Prague S.P.O.
Budimex, S.A.
100.0%
0
1
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International SE
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International SE
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
31
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International SE
100.0%
31
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
1
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
155
1
Cintra Infraestructuras Irlanda, S.L.U. (a)
Cintra Global SE
100.0%
3
1
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
0
1
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)(a)
100.0%
0
1
Cintra Inversiones, S.L.U. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
46
Cintra Servicios de Infraestructuras, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
15
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
12
2
Pilum, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
2.1%
0
2
Ferrovial Aravia, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Cintra Desarrollo Espa\u00f1a, S.L.
Cintra Global SE
100.0%
0
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
414
1
AUSTRALIA (Registered Office: Melbourne)
Cintra OSARS (Western) Holdings Unit Trust
Cintra OSARS Western Ltd
100.0%
23
Cintra OSARS Western Unit Trust
Cintra OSARS (Western) Holdings Unit Trust
100.0%
-3
AUSTRALIA (Registered Office: Sydney)
Cintra Developments Australia PTY, Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
Cintra OSARS (Western) Holdings PTY Ltd
Cintra OSARS Western Ltd
100.0%
0
1
Cintra OSARS Western PTY Ltd
Cintra OSARS (Western) Holdings PTY Ltd
100.0%
0
1
CANADA (Registered Office: Toronto)
Cintra 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
2
Cintra OM&R 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
0
Cintra 4352238 Investments INC
407 Toronto Highway B.V.
100.0%
12
Blackbird Maintenance 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
1
Blackbird Infrastructure 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
0
COLOMBIA (Registered Office: Bogot\u00e1)
Cintra Infraestructuras Colombia, S.A.S. (a)
Cintra Global SE
100.0%
18
1
UNITED STATES (Registered Office: Austin)
Cintra Holding US Corp
Ferrovial Holding US Corp
96.8%
1,292
Cintra Texas Corp
Cintra Holding US Corp
100.0%
-22
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC
Cintra Holding US Corp
49.0%
0
Cintra LBJ LLC
Cintra Holding US Corp
100.0%
303
Cintra NTE LLC
Cintra Holding US Corp
100.0%
240
Cintra NTE Mobility Partners Segments 3 LLC
Cintra Holding US Corp
100.0%
282
Cintra Toll Services LLC
Cintra Holding US Corp
100.0%
0
Cintra I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
142
Cintra 2 I-77 Mobility Partners LLC (2)
Cintra Holding US Corp
100.0%
66
Cintra 2 I-66 Express Mobility Partners
Cintra Holding US Corp
100.0%
679
I-66 Express Mobility Partners Holdings LLC
P
Cintra 2 I-66 Express Mobility Partners
50.0%
679
I-66 Express Mobility Partners LLC
P
I-66 Express Mobility Partners Holdings LLC
100.0%
1,437
Cintra 3I-66 Express Mobility Partners LLC
Cintra Holding US Corp
100.0%
200
Cintra 3 I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
104
Cintra Digital Business Ventures LLC
P
Cintra Holding US Corp
100.0%
0
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
0
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Cintra North Corridor Transit Partners LLC
Cintra Holding US Corp
100.0%
0
UNITED STATES (Registered Office: Charlotte)
I-77 Mobility Partners Holding LLC
P
Cintra I-77 Mobility Partners LLC
50.1%
108
I-77 Mobility Partners Holding LLC
P
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
I-77 Mobility Partners Holding LLC
P
Cintra 3-I77 Mobility Partners Holding LLC
7.1%
104
I-77 Mobility Partners LLC
P
I-77 Mobility Partners Holding LLC
100.0%
218
1
UNITED STATES (Registered Office: Dallas)
LBJ Infrastructure Group Holding LLC
P
Cintra LBJ LLC
54.6%
302
LBJ Infrastructure Group LLC
P
LBJ Infrastructure Group Holding LLC
100.0%
521
1
UNITED STATES (Registered Office: North Richland Hills)
NTE Mobility Partners Holding LLC
P
Cintra NTE LLC
63.0%
240
1
NTE Mobility Partners LLC
P
NTE Mobility Partners Holding LLC
100.0%
322
1
NTE Mobility Partners Segments 3 Holding LLC
P
Cintra NTE Mobility Partners Segments 3 LLC
53.7%
276
1
NTE Mobility Partners Segments 3 LLC
P
NTE Mobility Partners Segments 3 Holding LLC
100.0%
436
1
NETHERLANDS (Registered Office: Amsterdam)
Cintra Infrastructures SE
Ferrovial SE
100.0%
3,033
1
Cintra Global SE
Ferrovial SE
100.0%
3,242
1
407 Toronto Highway B.V.
Cintra Global SE
100.0%
2,664
2
Cintra INR Investments B.V.
Cintra Global SE
100.0%
369
5
Cintra Latam Highways B.V.
Cintra Global SE
100.0%
1
INDIA (Registered Office: Mumbai)
Cinfra India Private Limited
Cintra INR Investments BV
99.9%
0
1
IRELAND (Registered Office: Dublin)
Financinfrastructures, Ltd
Cintra Global SE
100.0%
32
1
Cinsac, Ltd
Cintra Infraestructuras IRELAND, S.L.U. (a)
100.0%
1
1
PORTUGAL (Registered Office: Lisbon)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Vialivre, S.A.
P
Cintra Infrastructures SE
84.0%
0
1
UNITED KINGDOM (Registered Office: London)
Cintra Silvertown Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
UNITED KINGDOM (Registered Office: Oxford)
Cintra Infrastructures UK Ltd
Cintra Global SE
100.0%
42
1
Cintra Toowoomba Ltd
Cintra Infrastructures UK Ltd
100.0%
5
1
Cintra UK I-77 Ltd
Ferrovial Holding US Corp
100.0%
0
1
Cintra Slovakia Ltd
Cintra Global SE
100.0%
1
1
Cintra OSARS Western Ltd
Cintra Infrastructures UK Ltd
100.0%
23
1
CHILE (Registered Office: Santiago de Chile)
Cintra Infraestructuras Chile, S.p.A
Cintra Global SE
100.0%
0
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
43
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
325
Ferrovial Vertiports US LLC
Ferrovial Airports Holding US Corp
100.0%
8
Ferrovial Vertiports Florida LLC
P
Ferrovial Vertiports US LLC
100.0%
1
UNITED STATES (Registered Office: Denver)
Ferrovial Airports O&M Services LLC
Ferrovial Airports Holding US Corp
100.0%
0
Ferrovial Airports US Terminal One LLC.
Ferrovial Airports Holding US Corp
100.0%
265
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
273
NETHERLANDS (Registered Office: Amsterdam)
Hubco Netherlands B.V.
Ferrovial Airports International, SE
100.0%
807
FERROVIAL AIRPORTS FMM BV
Ferrovial Airports International, SE
100.0%
9
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
Ferrovial Vertiports UK Ltd.
P
Ferrovial Airports International, SE
100.0%
2
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
13
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
19
Parque Solar Casilla, S.L.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
9
1
Ferrovial Mobility, S.L. (a)
Ferrovial SE
100.0%
35
Cea Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Jucar Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Pisuerga Infraestructuras Energ\u00e9ticas, S.A.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Ferrovial Growth VI, S.L. (a)
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
10
Roland Servicios Empresariales, S.L.U.
Ferrovial Mobility, S.L. (a)
100.0%
15
Ferrovial 004, S.A. (a)
Ferrovial SE
100.0%
17
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
P
Ferrovial Transco International, B.V.
100.0%
60
1
Ferrovial Transco Chile II SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
P
Ferrovial Power Infraestructure Chile, SpA
99.9%
56
1
Ferrovial Transco Chile III SPA
P
Ferrovial Transco International, B.V.
100.0%
0
Ferrovial Transco Chile IV SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Transco Chile III SPA
49.9%
0
1
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
2
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
52
2
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
63
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
100.0%
0
1
Thalia MK ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia AWRP ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB ODC Limited
Thalia WB HoldCo Limited
100.0%
0
1
Thalia WB Services Limited
Thalia WB ODC Limited
100.0%
0
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Thalia WB SPV Limited
Thalia WB Services Limited
100.0%
0
1
Thalia IOW SPV Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia Services Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK SPV Limited
Thalia MK HoldCo Limited
100.0%
0
1
Thalia Ventures Limited
Thalia Holdco Ltd
100.0%
0
1
Thalia IOW ODC Ltd
Thalia Waste Management Limited
100.0%
0
1
Thalia Holdco Ltd
Thalia Waste Treatment BV
100.0%
0
1
CHILE (Registered Office: Antofagasta)
Berliam S.p.A.
Ferrovial Servicios Chile, SpA
65.1%
0
2
Berliam S.p.A.
Inversiones Chile Ltda
34.9%
3
2
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.
Ferrovial Servicios Chile SPA
99.9%
31
2
Veltis, Sp.a
Ferrovial EG SE
100.0%
12
CHILE (Registered Office: Santiago)
Walvis, S.A.
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada
Veltis, Sp.a
100.0%
27
2
Inversiones\u00a0 (Chile) Limitada
Inversiones (Chile) Holding Limitada
100.0%
0
Ferrovial Servicios Salud, SpA
Ferrovial Servicios Chile SPA
100.0%
0
Auditor Key:
Auditors: (1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial, S.A. and subsidiaries.
(*) New legal names (effective as of the first week of January 2022)
(P) Project Company
(Net Cost Ownership: Net Cost of the parent company over subsidiary)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-859": { "value": "
1.1.5. Assets and liabilities held for sale and discontinued operations
Divestments made during 2022 are described below:
On January 31, 2022, the sale agreement between Ferrovial and Portobello Capital for the acquisition of the infrastructure upkeep and
maintenance business in Spain was completed once all the conditions precedent had been fulfilled. The total price received by Ferrovial reached
EUR 175 million. According to the sale agreement, a Ferrovial subsidiary acquired the 24.99% of the buyer\u2019s capital for a price of EUR 17.5 million.
The impact on the income statement was immaterial.
On December 31, 2022, the Amey business in the United Kingdom, related to full life-cycle engineering and infrastructure upkeep and
maintenance services, was sold to a company controlled by funds managed by One Equity Partners, which completed the transaction in
association with its shareholder Buckthorn Partners. The net consideration (equity value) received by Ferrovial was GBP 264.6 million (EUR 301.3
million), as per the final agreement reached on April,17 2023, with no further applicable price adjustments. The net consideration was in the form
of cash (GBP 112.8 million (EUR 128.5 million)) and a vendor loan note of GBP 151.8 million (EUR 172.8 million) to the seller, arranged on the
completion date, repayable over the coming five years and accruing 6% annual interest (increasing to 8% after year three). The capital gain
generated totaled EUR 58.3 million and was accounted for under Profit/(loss) from discontinued operations in the income statement, which also
included the transfer to the income statement of currency translation differences (EUR -155.6 million) and changes in the fair value of derivatives
(EUR -15.4 million) accumulated in equity (Note 5.1.1).
Previously, the business activity providing financial management services for PFI (Project Finance Initiative) project companies in the United
Kingdom through the subsidiary Amey was sold for GBP 5 million in the first half of 2022, while Amey\u2019s business area engaged in energy and
water infrastructure maintenance was also sold (to British fund Rubicon) for a total price of GBP 20.3 million, including a deferred payment of
GBP 18 million arranged through a loan to the buyer (Note 3.6.2). The impact on the income statement was immaterial.
Divestments made during 2021 are described below:
In November 2021, the agreement to sell the US Services business related to oil and gas industry infrastructure maintenance was completed for a
total price of USD 16 million (EUR 14 million). The impact on the income statement was a loss of EUR 28 million, recognized under Profit/(loss)
from discontinued operations.
On December 1, 2021, the sale agreement reached between Ferrovial and PreZero (company of the Schwarz Group) on July 26, 2021 for the
Environment Services business in Spain and Portugal was completed once all the conditions precedent had been fulfilled. The total price of the
shares received by Ferrovial was EUR 1,032 million. This transaction generated a profit of EUR 335 million, which is carried under Profit/(loss) from
discontinued operations in the income statement.
Additionally, in 2021 the UK waste treatment business (reported in Energy Infrastructures and Mobility), the contract to maintain and operate the
section of the A2 toll road and the contract to maintain and operate Madrid Calle 30 (reported in \u201cToll Roads\u201d), together with the US
infrastructure maintenance business and the energy efficiency services business (both reported in \u201cConstruction\u201d) were reclassified as continuing
operations. This decision was taken following the progress made in the divestment processes and considering that certain contracts included in the
Services division could fit strategically into other divisions of the Group, facilitating the execution of the divestment processes.
I-66 acquisition and takeover
a. Description of the transaction
Cintra, a Ferrovial subsidiary and the indirect owner of 50% of the concession operator I-66 Express Mobility Partners Hold. LLC (I-66), acquired
an additional 5.704% ownership interest in that company for USD 182 million (approximately EUR 162 million) on 17 December 2021, together
with a commitment to inject additional capital until construction phase completion (EUR 36 million, approximately). Payment was made in cash.
As a result, Ferrovial\u2019s total shareholding stands at 55.704% of the concession awarded by the Virginia Transport Department. It is a
transformation project to design, build, finance, operate and maintain the 36-km I-66 toll road. Construction was completed at the end of 2022
and the toll road has been operational since then.
The acquisition of this additional ownership interest means that Ferrovial holds the majority of voting rights on the concession operator\u2019s Board
and can therefore direct its relevant activities. Since then, Ferrovial has had control of the company pursuant to IFRS 10, paragraph 10.
Consequently, the interest in the concession operator, which was equity-accounted, is now fully consolidated.
On taking control of the company and in accordance with IFRS 3.42, the equity-accounted interest (50%) was derecognized and measured at fair
value, a capital gain being recorded in the amount of the difference.
Fair value was calculated by extrapolating the price offered by a third party to purchase 10% of the shares, which was accepted by all the minority
shareholders, to all the shares. In addition, a control premium estimated at 2% was added on top of that extrapolated value. The fair value of the
prior 50% interest calculated as described stood at EUR 1,448 million (USD 1,628 million), including the control premium.
This valuation entailed recognizing a gain of EUR 1,101 million in the amount of the difference between the fair value of Ferrovial\u2019s pre-existing
50% ownership interest in the company (EUR 1,448 million) and its carrying amount (EUR 348 million); this gain was recognized in \u201cImpairment
and disposals of fixed assets\u201d.
Ferrovial also recorded an additional gain on the sale of EUR 16 million corresponding to the I-66 related currency translation differences that
existed at the date of the transaction, that pursuant to IFRS 3 and IAS 28 were reclassified to the income statement under the heading
\u201cimpairment and disposals of fixed assets\u201d. Therefore, the total result of the operation reached EUR 1,117 million.
b. Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of the concession operator I-66 Express Mobility Partners Hold. as at the date of acquisition
of the additional 5.704% ownership interest in that company\u00a0 were (for simplicity, the November balance sheet was used, since the effect of 17
days to the transaction date is immaterial, as indicated later on):
(Million euro)
FAIR VALUE RECOGNIZED ON
ACQUISITION
NON-CURRENT ASSETS
4,432
Fixed assets in infrastructure projects (Note 3.3)
4,432
CURRENT ASSETS
109
Receivables
108
Cash and cash equivalents
1
TOTAL ASSETS
4,542
NON-CURRENT LIABILITIES
1,527
Long-term borrowings
1,527
CURRENT LIABILITIES
118
Short-term borrowings
27
Trade and other payables
90
TOTAL LIABILITIES
1,654
TOTAL IDENTIFIABLE NET ASSETS AT FAIR VALUE
2,897
The fair value of the trade receivables amounted to EUR 108 million and it was expected that the full contractual amounts would be collected.
The fair value adjustments are briefly explained below:
a. Fixed assets in infrastructure projects: The fair value of this asset was calculated using the discounted cash-flows resulting from the economic
model, reaching EUR 4,432 million.
b. Deferred grant income. This balance sheet item did not represent an actual liability for the company. Therefore, in accordance with IFRS 3,
fair value was deemed to be zero and the amount was adjusted (EUR 65 million).
c. Borrowings: The concession operator entered into two debt agreements in November 2018 in order to finance the toll road\u2019s construction: a
senior loan comprising four fixed-rate listed bonds accruing quarterly interest payments and a subordinated loan obtained under the 1998
Transportation Infrastructure Finance and Innovation Act (TIFIA), which accrues interest of 2.8% per annum. The fair value of the bond debt
was calculated based on the quoted price at the acquisition date. In the case of the TIFIA loans, the fair value was obtained by discounting
flows. The resulting adjustment reduced the carrying amount of the debt by EUR 317 million.
d. The carrying amount of other assets and liabilities was equal to their fair value.
Tax effect of the transaction
The concession operator acquired is taxed under pass-through tax rules, meaning that deferred taxes are only recognized based on the\u00a0
shareholding percentage. According to IAS 12, paragraphs 19 and 20, if a balance sheet item is recognized in a business combination at fair value
when the tax base has not changed, deferred tax must be recorded considering the amount of this difference.
The tax effects recognized by the parent company (Cintra 2 I66 Express Mobility Partners LLC) were as follows:
\u2022 Deferred tax liability related to the debt: the fair value adjustment to the debt reached EUR -317 million million, giving rise to a deferred tax
liability of EUR 37 million. The deferred tax is being recognized through the income statement as per the debt repayment schedule.
\u2022 Deferred tax liability related to the intangible asset and the deferred income (grant): the fair value adjustment to the intangible asset reached
EUR 1,820 million, giving rise to a deferred tax liability of EUR 212 million in the shareholder. Another deferred tax liability of EUR 8 million
was also recognized due to the derecognition of deferred income (grant). These taxes are being taken to the income statement as the asset is
amortized.
The goodwill recognized on the acquisition reached EUR 254 million, netting the tax effects described above and recognized by the parent
company pursuant to IAS 12, paragraph 66.
No goodwill was attributed to non-controlling interests and transaction costs were immaterial.
c. Purchase consideration
Amount fair
value (EUR)
Shares issued, at fair value
162
Commitment to inject additional capital
36
TOTAL CONSIDERATION
198
1.3.3.4 Revenue recognition
Ferrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent
approach across all lines of business.
i) General revenue recognition approach
The first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.
A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the
various goods and services forming a combined output that is transferred to the customer over time.
In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since
the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.
As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has
established certain criteria that are applied consistently to similar performance obligations.
In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services the control of which is
transferred to the customer over time.
In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under
construction contracts, the applicable output method consists of measuring the work carried out or surveying performance completed to date, in
which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each contract are
measured and the relevant output is recognized as revenue.
Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.IV on provisions for deferred
expenses).
For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and
remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits
from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is
recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.
The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units
to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total
costs forecast to complete the work, taking account of the expected profit margins for the whole project, based on the most recently updated
budget.
This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and
recognizing them as revenue in proportion to the total revenues expected.
As indicated above, this method only applies to lump-sum construction or service contracts in which it is not possible to break down the price and
the measurement of units to be completed.
Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial
is the principal in both construction and service contracts if it provides goods and services directly to the customer and transfers control of them
without involving intermediaries.
In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it
is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications
and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore
recognized by the Construction Division. Conversely, the concession company acts as an agent in connection with the construction performance
obligation and does not therefore recognize revenues or results in this regard.
ii) Recognition of revenue from contract modifications, claims and disputes
Modifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to
the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating
to additional work.
The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of
work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will
apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.
Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the
modification has been approved.
A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs, legally mandated inflation
adjustment) subject to an application procedure directly to the customer. The general criterion followed by the Group is not to recognize revenue
until the request has been approved by the customer. In the event that the work is approved but the valuation is pending, the requirement
mentioned below for the case of \u201cvariable consideration\u201d in accordance with IFRS 15 is applied, recording the amount for which it is highly
probable that there will not be a significant reversal. This treatment is also applied in exceptional cases where no approval has been received from
the customer, recording revenue provided there is a legal report justifying that the disputed rights are clearly enforceable, as well as a technical
report supporting the technical basis of the request or claim in question and approval from the Division\u2019s CFO and General Counsel.
A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract,
the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings.
In line with the criteria followed by the Group, in the event that the revenues relating to a dispute in which the enforceability of the amount being
claimed are in doubt, these revenues will not be recognized and any amount recognized earlier will be cancelled, since the dispute shows that the
customer has not given its approval for the completed work.
In the event that the customer questions the value of the work completed, revenues will be recognized on the basis of the criteria applied in cases
of \u201cvariable consideration\u201d, as explained below.
Only in cases in which a legal report confirms that the rights forming the subject of the dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenues may be recognized up to the maximum amount of the
costs incurred.
iii) Determination of the transaction price
The transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the
consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end,
the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.
The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in
similar circumstances and to similar customers.
Variable consideration
If the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a
significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been
reached.
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
iv) Balance sheet items related to revenue recognition
Completed work pending certification/work certified in advance
Unlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on
acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the
amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.
For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named
\u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the
revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in
advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs of obtaining contracts (bidding costs),
costs incurred to fulfil contracts or start-up costs (mobilization costs) directly related to the main contract, provided they are recoverable during
the performance of the contract. These balances are included in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1).
Bidding costs are only capitalized when they are directly related to a contract, it is probable that they will be recovered in the future and the
contract has been awarded or the company has been selected as preferred bidder.
Bidding costs incurred before a contract is awarded or the contractor selected as preferred bidder are recognized as an expense, unless they are
explicitly recoverable from the customer in any event (whether or not the contract is obtained). They are amortized systematically as the goods
and services related to the asset are transferred to the customer.
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They expensed based on the proportion of
actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect an
existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the amount
of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a percentage of the
total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the option
of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a
contract exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 (paragraph 14 (b) as well as incremental costs and those
directly related to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless
they are explicitly passed on to the counterparty in accordance with the contract, in line with paragraph 68 (a) of IAS 37.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
vi) Segment-specific revenue recognition approach
Toll Roads business
The contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets
on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).
In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users
is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial
asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or
maintenance), which are recognized as separate performance obligations to which market prices must be allocated.
Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.
As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the
construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with
the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.
Airports business
Generally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a
point in time.
It should be noted that JFK NTO LLC\u00a0 is acting as an agent in relation to the construction performance obligation. In this case, the design and
construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction
company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the
provisions of IFRS 15, especially considering paragraphs B35 and B37.
Energy Infrastructures and Mobility business
These contracts cover a number of services that are substantially the same and are transferred based on the same pattern. The monthly rate
reflects the value of the services rendered. This type of contract includes a single performance obligation that is transferred over time for which
revenues are recognized using the output method.
1.3.4. Accounting estimates and judgments
These financial statements are prepared in accordance with IFRS-IASB and with IFRS as adopted by the European Union, which require the use of
estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities
and the amount of income and expenses recognized. The estimates and associated assumptions are based on management\u00b4s best judgement of
aspects that are known when the financial statements are prepared, on historical experience and on any other factor that is deemed to be
relevant.
The estimations of items for which there is a risk that a material difference could arise in the future in respect of the carrying amounts of assets
and liabilities, involves significant analysis and estimation and requires management to make judgments when determining the assumptions, as
discussed in the following paragraphs:
i) Revenue from long-term construction contracts with customers (Note 1.3.3.4), particularly as regards to:
\u2022 Application of the output method to recognize revenue over time, measuring the work carried out or surveying performance completed to
date, in which the revenue recognized reflects the work units executed.\u00a0 Under this method, the units completed in each contract are the basis
used to recognize revenue.\u00a0 Those units are calculated by each project team based on the technical progress made up to the financial
statements date. The revenue recognized reflects the work units executed valued applying the unit price established in the contract.
\u2022 Application of the input method to recognize revenue over time on those contracts where the output method cannot be applied, estimating
the total costs forecast to complete the work, using most recent contract budgets approved for each project by the relevant members of
management, making assumptions on future prices of materials and subcontractors\u2019 work.\u00a0 Prices included in future materials supply
arrangements and subcontractors\u2019 contracts are used.\u00a0 In case no supply contracts are in place, materials or subcontractors\u2019 costs are
calculated based on market evidence or supply arrangements recently signed for other contracts.\u00a0
\u2022 Provisions for deferred expenses: Management bases its calculations on historic experience and bears in mind the different countries and
contract requirements.
\u2022 Provisions for contractual losses: They are recognized when the probable budget scenario, adjusted for internal fees, shows a loss.
\u2022 Recognition of revenue for variable consideration, for a modification, for a claim or for a dispute. In this regard, management bases its
calculation on the specific clauses included in each contract and also considers past experience in other contracts. Management needs to
make assumptions regarding the amount of incurred costs that will give rise to these additional sources of revenue and whether those costs
meet the conditions for variable considerations, modifications, claims or disputes arising in connection with the contract.
ii) Toll Roads and Airports financial information under IFRIC-12 (Note 3.3 on Investments in infrastructure projects; Note 6.3 on Provisions) and the
related impairment test (Note 3.1. on Goodwill and acquisitions) performed based on a discounted cash flow model, which involves management
assumptions, mainly related to:
\u2022 Future traffic volumes (vehicles and passengers for toll roads and airports, respectively): For concessions already in operation, traffic estimates
are built on actual traffic and growth patterns are derived from macroeconomic data, external studies in certain cases and any other
information and plans that may impact future traffic. For concessions under construction, external projections (e.g. airports traffic forecast
from international agencies) and researches (e.g. impact of e-commerce on heavy vehicles traffic or home working habits on the use of
private vehicles for toll roads ) are used.\u00a0
\u2022 Pricing: Specific pricing arrangements included in concession contracts are considered.\u00a0 In case the arrangements do not include a fixed price,
internal estimates of elasticity of demand regarding prices and other related inputs are used.
\u2022 Future operating expenses: Estimates of future prices of materials, subcontractors and other costs required to operate the concessions are
based on historical experience, estimating price index grow and considering related requirements established in the concession agreements.
\u2022 Discount rates: Management calculates weighted average cost of capital based on external information sourced obtained from banks reports
and converts it into a pre-tax discount rate for impairment test purposes.
iii) Fair value of assets held for sale related to discontinued operations (Note 1.1.5.), which only applies to 2021 and 2022: If the divestment process
is in an advanced stage, non-binding and binding offers received from potential buyers are the main input. Where there are no offers in place,
calculations based on publicly available multiples of similar transactions are also used.
iv) Allocation of the consideration transferred on the acquisition of I-66 at December 2021 and Dalaman at June 2022 to the fair value of its
assets and liabilities and calculation of the corresponding goodwill, as well as calculation of the fair value of the previously held 50% stake in
I-66 (Note 1.1.6).
Fair value of the toll road, which is accounted for in the \u201cFixed asset infrastructure projects-Intangible asset model\u201d caption of the consolidated
statement of financial position, was calculated based on the enterprise value implicit in the acquisition of the above mentioned 5,704%, as the
toll road is the only relevant asset in the acquired company.
3.1. GOODWILL AND ACQUISITIONS
Impairment test
The Group analyzes at least once a year (in December) whether its assets show signs of impairment, in which case it performs the corresponding
impairment test, according to the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". The Group also
systematically tests for impairment the cash-generating units that include goodwill.
The goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests coincide with the last
available business projections approved by the Board and the conclusion was drawn that there is no impairment as at December 31, 2023.
Sensitivity analyses were not performed due to the existing headroom (difference between the recoverable amount and the carrying amount).
A. Construction Division goodwill (Webber and Budimex):
Methodology
In the case of Webber, in 2023 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 174% with respect to its
carrying amount of EUR 362 million. The flows were discounted at a rate of 8.9% (9.6% before taxes), calculated using the CAPM based on
current market input and in line with the method used in prior years.
As Budimex is listed on the Warsaw Stock Exchange and there is free float, we consider the share price is representative of its value. Therefore, the
goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2023\u00a0 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2023\u00a0 was 1,086% higher than its carrying amount of EUR 156 million; so there are no indications
of impairment.
B. Toll Roads Division goodwill (I-66):
The I-66 toll road goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners
Hold. LLC in December 2021. The toll road became operational in the last quarter of 2022.
In 2023, traffic ramped up to reach 29 million transactions and a 76.9% EBITDA margin. Therefore, there are no indications that the recoverable
amount is below its carrying amount.
The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and
research (e.g. impact of e-commerce in traffic of heavy vehicles or working from home habits in the use of private vehicles); tariffs used are in line
with traffic estimates and contract clauses. The 2023 impairment test reflects a headroom of 20% with respect to the carrying amount of EUR
1,971 million. The flows were discounted at a rate of 8.8% (9.7% before taxes).
C. Energy Infrastructures and Mobility Goodwill (Transchile and Ferrovial Services Chile):
The goodwill of Power Transmission Services, the company owning the power transmission lines in Chile, reached EUR 43 million in December
2023.
Based on the goodwill impairment test findings, which used long-term projections that go beyond one year after the first 20 years of the
regulated period, when the concessionaire is remunerated based on availability payments, the headroom was 79% with respect to the carrying
amount of EUR 34 million at December 31, 2023. The flows were discounted at a rate of 10.9% (11.3% before taxes) in 2023.
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services,
reclassified as a continuing operation in 2022 after being strategically allocated into the Group\u2019s Energy Infrastructures and Mobility Division.
The impairment test, based on a 5-year projection, identified a headroom of 12% in relation to the carrying amount, which was EUR 16 million at
December 31, 2023). The flows were discounted at a rate (WACC) of 12.8% (17.9% before taxes).
D. Airports Goodwill (Dalaman):
The goodwill recognized on the acquisition in 2022 amounts to EUR 27 million in December 2023 (EUR 27 million in December 2022)\u00a0 and is
essentially a balancing item for the tax effects.
The 2023 impairment test reflected a headroom of 26% in relation to the carrying amount which was EUR 146 million at December 31, 2023. The
flows were discounted at a rate of 12.7% (13.5% before taxes).
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.1. Intangible asset model
(Million euro)
BALANCE AT
01/01/2023 (*)
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN
EXCHANGE EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2023
Spanish toll roads
714
7
0
0
0
721
US toll roads
12,547
670
-1
-393
0
12,823
Other toll roads
391
0
0
0
-387
4
Toll road investment
13,653
677
-1
-393
-387
13,549
Accumulated depreciation/amortization
-781
-201
0
16
132
-834
Net investment in toll roads
12,872
476
-1
-377
-255
12,715
Investment in other infrastructure projects
632
18
0
0
0
650
Depreciation/amortization of other infrastructure
projects
0
-34
0
0
0
-34
Total net investment in other infrastructure
projects
632
-16
0
0
0
616
TOTAL INVESTMENT
14,285
695
-1
-393
-387
14,199
TOTAL DEPRECIATION/AMORTISATION AND
PROVISION
-781
-235
0
17
132
-867
TOTAL NET INVESTMENT
13,504
460
-1
-376
-255
13,333
(*) Restated figures (Note 1.1.7)
(Million euro)
BALANCE AT
01/01/2022
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN EXCHANGE
EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2022 (*)
Spanish toll roads
713
0
0
0
1
714
US toll roads
10,527
1,388
0
632
0
12,547
Other toll roads
391
0
0
0
0
391
Toll road investment
11,632
1,388
0
632
1
13,653
Accumulated depreciation/amortization
-617
-145
0
-19
0
-781
Net investment in toll roads
11,014
1,244
0
613
1
12,872
Investment in other infrastructure projects
0
0
0
0
632
632
Depreciation/amortization of other infrastructure
projects
0
0
0
0
0
0
Total net investment in other infrastructure
projects
0
0
0
0
632
632
TOTAL INVESTMENT
11,632
1,388
0
632
633
14,285
TOTAL DEPRECIATION/AMORTIS ATION AND
PROVISION
-617
-145
0
-19
0
-781
TOTAL NET INVESTMENT
11,014
1,243
0
613
633
13,504
(*) Restated figures (Note 1.1.7)
The most significant changes in 2023 and 2022 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 677 million in 2023, relating to the US toll roads (EUR 1,388 million in 2022). Out of these, the
most significant were the I-66 Express Mobility Partners LLC toll road for EUR 489 million (EUR 1,126 million in 2022) and the North Tarrant
Express Extension for EUR 178 million (EUR 261 million in 2022).
\u25e6 Exchange rate fluctuations resulted in a change of EUR -376 million in 2023 (EUR 613 million in 2022) in these asset balances, the full
amount of which was attributed to the effect of the euro/US dollar exchange rate on the US toll roads (Note 1.4).
\u25e6 At December 31, 2023 \u201cconsolidation scope changes and transfers\u201d of EUR -255 million relate to the sale of the Euroscut Azores toll road. At
December 31, 2022, they related essentially to the consolidation of the Dalaman International Airport assets acquired in July 2022 (Note
1.1.4).
All the concession assets of the infrastructure project companies are pledged to secure borrowings (Note 5.2).
Related borrowing costs capitalized in 2023 and\u00a0 2022 are described in Note 2.6.
3.3.2. Financial assets from financial asset model concessions
They mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments
made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2023 and 2022 are set out
below:
(Million euro)
INFRASTRUCTURE PROJECT\u00a0
RECEIVABLES 2023
INFRASTRUCTURE PROJECT
RECEIVABLES 2022 (*)
OPENING BALANCE
163
169
Additions
9
9
Disposals
-12
-12
Transfers and other
0
0
Foreign exchange effect
2
-4
Other
0
0
Reclassified to held for sale
0
0
YEAR-END BALANCE
162
163
Note: Balances net of provisions
(*) Restated figures (Note 1.1.7)
The following tables show the financial assets by concession operator for\u00a0 2023 and 2022:
BALANCES AT 12/31/2023
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
52
3
55
Depusa Arag\u00f3n
22
1
23
Budimex Parking Wroc\u0142aw
11
0
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
162
4
166
BALANCES AT 12/31/2022 (*)
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
53
3
56
Depusa Arag\u00f3n
23
1
24
Budimex Parking Wroc\u0142aw
10
0
10
CONSTRUCTION
86
3
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
163
3
166
(*) Restated figures (Note 1.1.7)
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -310 million (Note 5.3) (EUR
-784 million in 2022),\u00a0 which differed from the additions recognized in the balance sheet for the following main reasons:
\u2022 Payments owed under the concession agreement on the I-66 toll road (Note 6.4).
\u2022 For projects in which the intangible asset model is applied, due to differences between the accrual basis and cash basis of accounting, as well
as capitalized financial costs attributable to projects under construction, which do not give rise to cash outflows.
\u2022 For projects in which the financial asset model is applied, due to increases in receivables as a balancing entry for revenue from services
rendered, which also do not give rise to cash inflows.
\u2022 The impact on cash flows also reflects movements on the held for sale line, related to the sale of Azores (Note 1.1.6).
6.3. PROVISIONS
The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the
risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items,
other provisions net certain asset items and are disclosed in the specific notes on those assets.
Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31,
2023 and 2022:
(Million euro)
LITIGATION AND
TAXES
REPLACEMENTS
AND UPGRADES,
IFRIC 12
OTHER LONG-
TERM RISKS
TOTAL NON-
CURRENT
PROVISIONS
SHORT-TERM
PROVISIONS
TOTAL
Balance at December 31, 2022 (*)
272
97
47
416
930
1,346
Scope changes and transfers
5
-5
-9
-9
-6
-15
Charges:
Operating profit/(loss)
14
0
1
15
532
547
Net financial income/(expense)
3
7
0
10
2
12
Impairment and disposals
2
0
0
2
0
2
Corporate income tax
1
0
0
1
0
1
Fixed asset depreciation
0
24
0
24
0
24
Reversals:
Operating profit/(loss)
-11
0
-7
-17
-292
-309
Net financial income/(expense)
-53
0
0
-53
0
-53
Impairment and disposals
0
0
-7
-7
-1
-8
Corporate income tax
-75
0
0
-75
0
-75
Fixed asset depreciation
-1
0
0
-1
0
-1
Applications with balancing entries in current accounts
-4
0
0
-4
-201
-204
Applications with balancing entries in other assets
1
-34
0
-34
-6
-40
Foreign exchange differences
1
-2
1
-1
52
51
Balance at December 31, 2023
156
86
26
268
1,011
1,279
(*) Restated figures (Note 1.1.7)
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover the possible risks resulting from lawsuits and litigation in progress, amounting to EUR 71 million and EUR 68 million in 2023
and 2022, respectively, and largely relating to the Construction business. This provision is recognized and reversed against changes to
provisions in operating profit/(loss).
\u2022 Provisions for tax claims amounting to EUR 85 million and EUR 204 million in 2023 and 2022, arising in relation to local or central
government duties, taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which
the Group operates (Note 6.5.1).
Provision for replacements under IFRIC 12
This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 86 million and EUR 97 million in 2023
and 2022, respectively.
Provisions for other long-term risks
This heading includes provisions recognized to cover certain long- term risks other than those attributable to litigation or tax claims, such as third-
party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which
amounted to EUR 26 million at December 31, 2023 (EUR 47 million at December 31, 2022).
At December 31, 2023, it also contains the estimated cost of landfill closure and post- closure activities relating to Budimex and UK waste
treatment businesses (Thalia). The provision is calculated based on a technical estimate of total landfill capacity consumed to date. It is
recognized and reversed against changes to provisions in operating profit/loss, as and when the landfill closure costs are incurred. The balance
recognized for this item at December 31, 2023 amounted to EUR 14 million.
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
projects close-out costs under the contract), amounting to EUR 313 million and EUR 276 million in 2023 and 2022 respectively),\u00a0 and provisions for
budgeted losses totaling EUR 604 million and EUR 567 million in 2023 and 2022 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 561 million and EUR 497 million in 2023 and
2022 respectively, and UK waste treatment businesses (Thalia) in the amount of EUR 46 million and EUR 69 million at December 31, 2023 and
2022, respectively.
The change during 2023 is essentially explained by net provisions recognized in the Construction Division (EUR 150 million), basically in the Polish
business, and to the application of provisions (EUR -119 million), relating particularly to budgeted losses in the US business.
For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-858": { "value": "1.1.5. Assets and liabilities held for sale and discontinued operationsDivestments made during 2022 are described below:On January 31, 2022, the sale agreement between Ferrovial and Portobello Capital for the acquisition of the infrastructure upkeep and maintenance business in Spain was completed once all the conditions precedent had been fulfilled. The total price received by Ferrovial reached EUR 175 million. According to the sale agreement, a Ferrovial subsidiary acquired the 24.99% of the buyer\u2019s capital for a price of EUR 17.5 million. The impact on the income statement was immaterial.On December 31, 2022, the Amey business in the United Kingdom, related to full life-cycle engineering and infrastructure upkeep and maintenance services, was sold to a company controlled by funds managed by One Equity Partners, which completed the transaction in association with its shareholder Buckthorn Partners. The net consideration (equity value) received by Ferrovial was GBP 264.6 million (EUR 301.3 million), as per the final agreement reached on April,17 2023, with no further applicable price adjustments. The net consideration was in the form of cash (GBP 112.8 million (EUR 128.5 million)) and a vendor loan note of GBP 151.8 million (EUR 172.8 million) to the seller, arranged on the completion date, repayable over the coming five years and accruing 6% annual interest (increasing to 8% after year three). The capital gain generated totaled EUR 58.3 million and was accounted for under Profit/(loss) from discontinued operations in the income statement, which also included the transfer to the income statement of currency translation differences (EUR -155.6 million) and changes in the fair value of derivatives (EUR -15.4 million) accumulated in equity (Note 5.1.1).Previously, the business activity providing financial management services for PFI (Project Finance Initiative) project companies in the United Kingdom through the subsidiary Amey was sold for GBP 5 million in the first half of 2022, while Amey\u2019s business area engaged in energy and water infrastructure maintenance was also sold (to British fund Rubicon) for a total price of GBP 20.3 million, including a deferred payment of GBP 18 million arranged through a loan to the buyer (Note 3.6.2). The impact on the income statement was immaterial.Divestments made during 2021 are described below:In November 2021, the agreement to sell the US Services business related to oil and gas industry infrastructure maintenance was completed for a total price of USD 16 million (EUR 14 million). The impact on the income statement was a loss of EUR 28 million, recognized under Profit/(loss) from discontinued operations. On December 1, 2021, the sale agreement reached between Ferrovial and PreZero (company of the Schwarz Group) on July 26, 2021 for the Environment Services business in Spain and Portugal was completed once all the conditions precedent had been fulfilled. The total price of the shares received by Ferrovial was EUR 1,032 million. This transaction generated a profit of EUR 335 million, which is carried under Profit/(loss) from discontinued operations in the income statement.Additionally, in 2021 the UK waste treatment business (reported in Energy Infrastructures and Mobility), the contract to maintain and operate the section of the A2 toll road and the contract to maintain and operate Madrid Calle 30 (reported in \u201cToll Roads\u201d), together with the US infrastructure maintenance business and the energy efficiency services business (both reported in \u201cConstruction\u201d) were reclassified as continuing operations. This decision was taken following the progress made in the divestment processes and considering that certain contracts included in the Services division could fit strategically into other divisions of the Group, facilitating the execution of the divestment processes.I-66 acquisition and takeovera. Description of the transaction Cintra, a Ferrovial subsidiary and the indirect owner of 50% of the concession operator I-66 Express Mobility Partners Hold. LLC (I-66), acquired an additional 5.704% ownership interest in that company for USD 182 million (approximately EUR 162 million) on 17 December 2021, together with a commitment to inject additional capital until construction phase completion (EUR 36 million, approximately). Payment was made in cash.As a result, Ferrovial\u2019s total shareholding stands at 55.704% of the concession awarded by the Virginia Transport Department. It is a transformation project to design, build, finance, operate and maintain the 36-km I-66 toll road. Construction was completed at the end of 2022 and the toll road has been operational since then.The acquisition of this additional ownership interest means that Ferrovial holds the majority of voting rights on the concession operator\u2019s Board and can therefore direct its relevant activities. Since then, Ferrovial has had control of the company pursuant to IFRS 10, paragraph 10. Consequently, the interest in the concession operator, which was equity-accounted, is now fully consolidated.On taking control of the company and in accordance with IFRS 3.42, the equity-accounted interest (50%) was derecognized and measured at fair value, a capital gain being recorded in the amount of the difference.Fair value was calculated by extrapolating the price offered by a third party to purchase 10% of the shares, which was accepted by all the minority shareholders, to all the shares. In addition, a control premium estimated at 2% was added on top of that extrapolated value. The fair value of the prior 50% interest calculated as described stood at EUR 1,448 million (USD 1,628 million), including the control premium.This valuation entailed recognizing a gain of EUR 1,101 million in the amount of the difference between the fair value of Ferrovial\u2019s pre-existing 50% ownership interest in the company (EUR 1,448 million) and its carrying amount (EUR 348 million); this gain was recognized in \u201cImpairment and disposals of fixed assets\u201d.Ferrovial also recorded an additional gain on the sale of EUR 16 million corresponding to the I-66 related currency translation differences that existed at the date of the transaction, that pursuant to IFRS 3 and IAS 28 were reclassified to the income statement under the heading \u201cimpairment and disposals of fixed assets\u201d. Therefore, the total result of the operation reached EUR 1,117 million.b. Assets acquired and liabilities assumedThe fair values of the identifiable assets and liabilities of the concession operator I-66 Express Mobility Partners Hold. as at the date of acquisition of the additional 5.704% ownership interest in that company\u00a0 were (for simplicity, the November balance sheet was used, since the effect of 17 days to the transaction date is immaterial, as indicated later on):(Million euro)FAIR VALUE RECOGNIZED ON ACQUISITIONNON-CURRENT ASSETS4,432Fixed assets in infrastructure projects (Note 3.3)4,432CURRENT ASSETS109Receivables108Cash and cash equivalents1TOTAL ASSETS4,542NON-CURRENT LIABILITIES1,527Long-term borrowings1,527CURRENT LIABILITIES118Short-term borrowings27Trade and other payables90TOTAL LIABILITIES1,654TOTAL IDENTIFIABLE NET ASSETS AT FAIR VALUE2,897The fair value of the trade receivables amounted to EUR 108 million and it was expected that the full contractual amounts would be collected.The fair value adjustments are briefly explained below:a. Fixed assets in infrastructure projects: The fair value of this asset was calculated using the discounted cash-flows resulting from the economic model, reaching EUR 4,432 million.b. Deferred grant income. This balance sheet item did not represent an actual liability for the company. Therefore, in accordance with IFRS 3, fair value was deemed to be zero and the amount was adjusted (EUR 65 million).c. Borrowings: The concession operator entered into two debt agreements in November 2018 in order to finance the toll road\u2019s construction: a senior loan comprising four fixed-rate listed bonds accruing quarterly interest payments and a subordinated loan obtained under the 1998 Transportation Infrastructure Finance and Innovation Act (TIFIA), which accrues interest of 2.8% per annum. The fair value of the bond debt was calculated based on the quoted price at the acquisition date. In the case of the TIFIA loans, the fair value was obtained by discounting flows. The resulting adjustment reduced the carrying amount of the debt by EUR 317 million.d. The carrying amount of other assets and liabilities was equal to their fair value.Tax effect of the transactionThe concession operator acquired is taxed under pass-through tax rules, meaning that deferred taxes are only recognized based on the\u00a0 shareholding percentage. According to IAS 12, paragraphs 19 and 20, if a balance sheet item is recognized in a business combination at fair value when the tax base has not changed, deferred tax must be recorded considering the amount of this difference. The tax effects recognized by the parent company (Cintra 2 I66 Express Mobility Partners LLC) were as follows:\u2022 Deferred tax liability related to the debt: the fair value adjustment to the debt reached EUR -317 million million, giving rise to a deferred tax liability of EUR 37 million. The deferred tax is being recognized through the income statement as per the debt repayment schedule.\u2022 Deferred tax liability related to the intangible asset and the deferred income (grant): the fair value adjustment to the intangible asset reached EUR 1,820 million, giving rise to a deferred tax liability of EUR 212 million in the shareholder. Another deferred tax liability of EUR 8 million was also recognized due to the derecognition of deferred income (grant). These taxes are being taken to the income statement as the asset is amortized.The goodwill recognized on the acquisition reached EUR 254 million, netting the tax effects described above and recognized by the parent company pursuant to IAS 12, paragraph 66.No goodwill was attributed to non-controlling interests and transaction costs were immaterial.c. Purchase considerationAmount fair value (EUR)Shares issued, at fair value162Commitment to inject additional capital36TOTAL CONSIDERATION1981.3.3.4 Revenue recognitionFerrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent approach across all lines of business.i) General revenue recognition approachThe first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the various goods and services forming a combined output that is transferred to the customer over time.In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has established certain criteria that are applied consistently to similar performance obligations.In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services the control of which is transferred to the customer over time. In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under construction contracts, the applicable output method consists of measuring the work carried out or surveying performance completed to date, in which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each contract are measured and the relevant output is recognized as revenue.Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.IV on provisions for deferred expenses).For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total costs forecast to complete the work, taking account of the expected profit margins for the whole project, based on the most recently updated budget. This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and recognizing them as revenue in proportion to the total revenues expected. As indicated above, this method only applies to lump-sum construction or service contracts in which it is not possible to break down the price and the measurement of units to be completed.Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial is the principal in both construction and service contracts if it provides goods and services directly to the customer and transfers control of them without involving intermediaries.In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore recognized by the Construction Division. Conversely, the concession company acts as an agent in connection with the construction performance obligation and does not therefore recognize revenues or results in this regard.ii) Recognition of revenue from contract modifications, claims and disputesModifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating to additional work.The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the modification has been approved.A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs, legally mandated inflation adjustment) subject to an application procedure directly to the customer. The general criterion followed by the Group is not to recognize revenue until the request has been approved by the customer. In the event that the work is approved but the valuation is pending, the requirement mentioned below for the case of \u201cvariable consideration\u201d in accordance with IFRS 15 is applied, recording the amount for which it is highly probable that there will not be a significant reversal. This treatment is also applied in exceptional cases where no approval has been received from the customer, recording revenue provided there is a legal report justifying that the disputed rights are clearly enforceable, as well as a technical report supporting the technical basis of the request or claim in question and approval from the Division\u2019s CFO and General Counsel. A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract, the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings. In line with the criteria followed by the Group, in the event that the revenues relating to a dispute in which the enforceability of the amount being claimed are in doubt, these revenues will not be recognized and any amount recognized earlier will be cancelled, since the dispute shows that the customer has not given its approval for the completed work.In the event that the customer questions the value of the work completed, revenues will be recognized on the basis of the criteria applied in cases of \u201cvariable consideration\u201d, as explained below.Only in cases in which a legal report confirms that the rights forming the subject of the dispute are clearly enforceable and, therefore, at least the costs directly associated with the service relating to the dispute are recoverable, revenues may be recognized up to the maximum amount of the costs incurred.iii) Determination of the transaction priceThe transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end, the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in similar circumstances and to similar customers.Variable considerationIf the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been reached.Financing componentIn general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component is treated as financial income.Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of the consideration.In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment interest is only recognized when it is highly probable that it will be effectively received.iv) Balance sheet items related to revenue recognitionCompleted work pending certification/work certified in advanceUnlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named \u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.Bidding and mobilization costsIn addition to the balance sheet items described above, the Group also recognizes assets reflecting costs of obtaining contracts (bidding costs), costs incurred to fulfil contracts or start-up costs (mobilization costs) directly related to the main contract, provided they are recoverable during the performance of the contract. These balances are included in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1).Bidding costs are only capitalized when they are directly related to a contract, it is probable that they will be recovered in the future and the contract has been awarded or the company has been selected as preferred bidder.Bidding costs incurred before a contract is awarded or the contractor selected as preferred bidder are recognized as an expense, unless they are explicitly recoverable from the customer in any event (whether or not the contract is obtained). They are amortized systematically as the goods and services related to the asset are transferred to the customer.Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the future, excluding any expenses that would have been incurred if the contract had not been obtained. They expensed based on the proportion of actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.v) Provisions for contracts with customersThe main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect an existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the amount of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a percentage of the total revenue expected from the contract, if there is historical information for similar contracts.Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the option of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a contract exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract revenue will include the forecast revenue that is considered probable, in line with IAS 37 (paragraph 14 (b) as well as incremental costs and those directly related to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless they are explicitly passed on to the counterparty in accordance with the contract, in line with paragraph 68 (a) of IAS 37.This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when considered highly probable.Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition approach, the difference is reflected as a negative margin provision.vi) Segment-specific revenue recognition approachToll Roads businessThe contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or maintenance), which are recognized as separate performance obligations to which market prices must be allocated. Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.Airports businessGenerally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a point in time.It should be noted that JFK NTO LLC\u00a0 is acting as an agent in relation to the construction performance obligation. In this case, the design and construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the provisions of IFRS 15, especially considering paragraphs B35 and B37.Energy Infrastructures and Mobility businessThese contracts cover a number of services that are substantially the same and are transferred based on the same pattern. The monthly rate reflects the value of the services rendered. This type of contract includes a single performance obligation that is transferred over time for which revenues are recognized using the output method.1.3.4. Accounting estimates and judgmentsThese financial statements are prepared in accordance with IFRS-IASB and with IFRS as adopted by the European Union, which require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amount of income and expenses recognized. The estimates and associated assumptions are based on management\u00b4s best judgement of aspects that are known when the financial statements are prepared, on historical experience and on any other factor that is deemed to be relevant. The estimations of items for which there is a risk that a material difference could arise in the future in respect of the carrying amounts of assets and liabilities, involves significant analysis and estimation and requires management to make judgments when determining the assumptions, as discussed in the following paragraphs:i) Revenue from long-term construction contracts with customers (Note 1.3.3.4), particularly as regards to: \u2022 Application of the output method to recognize revenue over time, measuring the work carried out or surveying performance completed to date, in which the revenue recognized reflects the work units executed.\u00a0 Under this method, the units completed in each contract are the basis used to recognize revenue.\u00a0 Those units are calculated by each project team based on the technical progress made up to the financial statements date. The revenue recognized reflects the work units executed valued applying the unit price established in the contract. \u2022 Application of the input method to recognize revenue over time on those contracts where the output method cannot be applied, estimating the total costs forecast to complete the work, using most recent contract budgets approved for each project by the relevant members of management, making assumptions on future prices of materials and subcontractors\u2019 work.\u00a0 Prices included in future materials supply arrangements and subcontractors\u2019 contracts are used.\u00a0 In case no supply contracts are in place, materials or subcontractors\u2019 costs are calculated based on market evidence or supply arrangements recently signed for other contracts.\u00a0 \u2022 Provisions for deferred expenses: Management bases its calculations on historic experience and bears in mind the different countries and contract requirements.\u2022 Provisions for contractual losses: They are recognized when the probable budget scenario, adjusted for internal fees, shows a loss. \u2022 Recognition of revenue for variable consideration, for a modification, for a claim or for a dispute. In this regard, management bases its calculation on the specific clauses included in each contract and also considers past experience in other contracts. Management needs to make assumptions regarding the amount of incurred costs that will give rise to these additional sources of revenue and whether those costs meet the conditions for variable considerations, modifications, claims or disputes arising in connection with the contract.ii) Toll Roads and Airports financial information under IFRIC-12 (Note 3.3 on Investments in infrastructure projects; Note 6.3 on Provisions) and the related impairment test (Note 3.1. on Goodwill and acquisitions) performed based on a discounted cash flow model, which involves management assumptions, mainly related to:\u2022 Future traffic volumes (vehicles and passengers for toll roads and airports, respectively): For concessions already in operation, traffic estimates are built on actual traffic and growth patterns are derived from macroeconomic data, external studies in certain cases and any other information and plans that may impact future traffic. For concessions under construction, external projections (e.g. airports traffic forecast from international agencies) and researches (e.g. impact of e-commerce on heavy vehicles traffic or home working habits on the use of private vehicles for toll roads ) are used.\u00a0 \u2022 Pricing: Specific pricing arrangements included in concession contracts are considered.\u00a0 In case the arrangements do not include a fixed price, internal estimates of elasticity of demand regarding prices and other related inputs are used.\u2022 Future operating expenses: Estimates of future prices of materials, subcontractors and other costs required to operate the concessions are based on historical experience, estimating price index grow and considering related requirements established in the concession agreements.\u2022 Discount rates: Management calculates weighted average cost of capital based on external information sourced obtained from banks reports and converts it into a pre-tax discount rate for impairment test purposes.iii) Fair value of assets held for sale related to discontinued operations (Note 1.1.5.), which only applies to 2021 and 2022: If the divestment process is in an advanced stage, non-binding and binding offers received from potential buyers are the main input. Where there are no offers in place, calculations based on publicly available multiples of similar transactions are also used. iv) Allocation of the consideration transferred on the acquisition of I-66 at December 2021 and Dalaman at June 2022 to the fair value of its assets and liabilities and calculation of the corresponding goodwill, as well as calculation of the fair value of the previously held 50% stake in I-66 (Note 1.1.6).Fair value of the toll road, which is accounted for in the \u201cFixed asset infrastructure projects-Intangible asset model\u201d caption of the consolidated statement of financial position, was calculated based on the enterprise value implicit in the acquisition of the above mentioned 5,704%, as the toll road is the only relevant asset in the acquired company.3.1. GOODWILL AND ACQUISITIONSImpairment testThe Group analyzes at least once a year (in December) whether its assets show signs of impairment, in which case it performs the corresponding impairment test, according to the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". The Group also systematically tests for impairment the cash-generating units that include goodwill.The goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests coincide with the last available business projections approved by the Board and the conclusion was drawn that there is no impairment as at December 31, 2023. Sensitivity analyses were not performed due to the existing headroom (difference between the recoverable amount and the carrying amount). A. Construction Division goodwill (Webber and Budimex):MethodologyIn the case of Webber, in 2023 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 174% with respect to its carrying amount of EUR 362 million. The flows were discounted at a rate of 8.9% (9.6% before taxes), calculated using the CAPM based on current market input and in line with the method used in prior years. As Budimex is listed on the Warsaw Stock Exchange and there is free float, we consider the share price is representative of its value. Therefore, the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2023\u00a0 was higher than its carrying amount. Budimex\u2019s share price at December 31, 2023\u00a0 was 1,086% higher than its carrying amount of EUR 156 million; so there are no indications of impairment.B. Toll Roads Division goodwill (I-66):The I-66 toll road goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners Hold. LLC in December 2021. The toll road became operational in the last quarter of 2022.In 2023, traffic ramped up to reach 29 million transactions and a 76.9% EBITDA margin. Therefore, there are no indications that the recoverable amount is below its carrying amount.The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and research (e.g. impact of e-commerce in traffic of heavy vehicles or working from home habits in the use of private vehicles); tariffs used are in line with traffic estimates and contract clauses. The 2023 impairment test reflects a headroom of 20% with respect to the carrying amount of EUR 1,971 million. The flows were discounted at a rate of 8.8% (9.7% before taxes). C. Energy Infrastructures and Mobility Goodwill (Transchile and Ferrovial Services Chile):The goodwill of Power Transmission Services, the company owning the power transmission lines in Chile, reached EUR 43 million in December 2023.Based on the goodwill impairment test findings, which used long-term projections that go beyond one year after the first 20 years of the regulated period, when the concessionaire is remunerated based on availability payments, the headroom was 79% with respect to the carrying amount of EUR 34 million at December 31, 2023. The flows were discounted at a rate of 10.9% (11.3% before taxes) in 2023.Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services, reclassified as a continuing operation in 2022 after being strategically allocated into the Group\u2019s Energy Infrastructures and Mobility Division.The impairment test, based on a 5-year projection, identified a headroom of 12% in relation to the carrying amount, which was EUR 16 million at December 31, 2023). The flows were discounted at a rate (WACC) of 12.8% (17.9% before taxes). D. Airports Goodwill (Dalaman):The goodwill recognized on the acquisition in 2022 amounts to EUR 27 million in December 2023 (EUR 27 million in December 2022)\u00a0 and is essentially a balancing item for the tax effects. The 2023 impairment test reflected a headroom of 26% in relation to the carrying amount which was EUR 146 million at December 31, 2023. The flows were discounted at a rate of 12.7% (13.5% before taxes).3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS3.3.2. Financial assets from financial asset model concessionsThey mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2023 and 2022 are set out below:(Million euro)INFRASTRUCTURE PROJECT\u00a0 RECEIVABLES 2023INFRASTRUCTURE PROJECT RECEIVABLES 2022 (*)OPENING BALANCE163169Additions99Disposals-12-12Transfers and other00Foreign exchange effect2-4Other00Reclassified to held for sale00YEAR-END BALANCE162163Note: Balances net of provisions(*) Restated figures (Note 1.1.7)The following tables show the financial assets by concession operator for\u00a0 2023 and 2022: BALANCES AT 12/31/2023CONCESSION OPERATOR (Million euro)LONG-TERM RECEIVABLESSHORT-TERM RECEIVABLESTOTALConcesionaria de Prisiones Lledoners52355Depusa Arag\u00f3n22123Budimex Parking Wroc\u0142aw11011CONSTRUCTION85489UK Waste Treatment (Thalia)77077UK WASTE TREATMENT77077GROUP TOTAL1624166BALANCES AT 12/31/2022 (*)CONCESSION OPERATOR (Million euro)LONG-TERM RECEIVABLESSHORT-TERM RECEIVABLESTOTALConcesionaria de Prisiones Lledoners53356Depusa Arag\u00f3n23124Budimex Parking Wroc\u0142aw10010CONSTRUCTION86389UK Waste Treatment (Thalia)77077UK WASTE TREATMENT77077GROUP TOTAL1633166(*) Restated figures (Note 1.1.7)6.3. PROVISIONS The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items, other provisions net certain asset items and are disclosed in the specific notes on those assets.Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31, 2023 and 2022:(Million euro)LITIGATION AND TAXESREPLACEMENTS AND UPGRADES, IFRIC 12OTHER LONG- TERM RISKSTOTAL NON-CURRENT PROVISIONSSHORT-TERM PROVISIONSTOTALBalance at December 31, 2022 (*)27297474169301,346Scope changes and transfers5-5-9-9-6-15Charges:Operating profit/(loss)140115532547Net financial income/(expense)37010212Impairment and disposals200202Corporate income tax100101Fixed asset depreciation024024024Reversals:Operating profit/(loss)-110-7-17-292-309Net financial income/(expense)-5300-530-53Impairment and disposals00-7-7-1-8Corporate income tax-7500-750-75Fixed asset depreciation-100-10-1Applications with balancing entries in current accounts-400-4-201-204Applications with balancing entries in other assets1-340-34-6-40Foreign exchange differences1-21-15251Balance at December 31, 202315686262681,0111,279(*) Restated figures (Note 1.1.7)Litigation and tax provisionsThis includes the following provisions:\u2022 Provisions to cover the possible risks resulting from lawsuits and litigation in progress, amounting to EUR 71 million and EUR 68 million in 2023 and 2022, respectively, and largely relating to the Construction business. This provision is recognized and reversed against changes to provisions in operating profit/(loss).\u2022 Provisions for tax claims amounting to EUR 85 million and EUR 204 million in 2023 and 2022, arising in relation to local or central government duties, taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which the Group operates (Note 6.5.1). Provision for replacements under IFRIC 12This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 86 million and EUR 97 million in 2023 and 2022, respectively.Provisions for other long-term risksThis heading includes provisions recognized to cover certain long- term risks other than those attributable to litigation or tax claims, such as third-party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which amounted to EUR 26 million at December 31, 2023 (EUR 47 million at December 31, 2022). At December 31, 2023, it also contains the estimated cost of landfill closure and post- closure activities relating to Budimex and UK waste treatment businesses (Thalia). The provision is calculated based on a technical estimate of total landfill capacity consumed to date. It is recognized and reversed against changes to provisions in operating profit/loss, as and when the landfill closure costs are incurred. The balance recognized for this item at December 31, 2023 amounted to EUR 14 million.Short-term provisionsThis heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction projects close-out costs under the contract), amounting to EUR 313 million and EUR 276 million in 2023 and 2022 respectively),\u00a0 and provisions for budgeted losses totaling EUR 604 million and EUR 567 million in 2023 and 2022 respectively. Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 561 million and EUR 497 million in 2023 and 2022 respectively, and UK waste treatment businesses (Thalia) in the amount of EUR 46 million and EUR 69 million at December 31, 2023 and 2022, respectively.The change during 2023 is essentially explained by net provisions recognized in the Construction Division (EUR 150 million), basically in the Polish business, and to the application of provisions (EUR -119 million), relating particularly to budgeted losses in the US business.For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-863": { "value": "
Assets and liabilities held for sale
Divestments made during 2023 are described below:
The held-for-sale assets balance as of December 2023 is nil. The balance of EUR 2 million in 2022 related to land owned by the company
Southern Crushed Concrete (SCC), a Webber subsidiary (Construction Division), which was sold in the first week of February 2023 to the company
BCG Investment Group for a price of USD 2.3 million.
The agreement reached for the sale of the Azores toll road in Portugal (Note 1.1.6) has no effect on the held for sale heading as it was classified as
such and also divested during 2023.
Divestments made during 2022 are described below:
In August 2022, the sale of the remaining 20% of the V\u00eda do Infante (Algarve) toll road to DIF Capital Partners was completed for EUR 23 million,
as part of the sale of Ferrovial\u2019s 49% ownership interest in this concession arranged in 2020. The impact on the income statement was
immaterial.
Divestments made during 2021 are described below:
During 2021 Ferrovial sold 20% of the Portuguese toll road Norte Litoral and the Group\u2019s shares in Concesionaria de Prisiones Figueras, S.A.U.
and in Urbs ludex Et Causidicus, S.A., as explained in Note 1.1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-864": { "value": "
Discontinued operations
As indicated, discontinued operations relate to the Services Division, the divestment of which was completed in 2022, once the infrastructure
upkeep and maintenance business in Spain and in the UK (Amey) were sold.
During 2023
Profit from discontinued operations amounted to EUR 16 million and relates mainly to the update of the indemnities and earn-outs associated
with the Services Business disposal in Spain and Portugal as well as other adjustments related to the Amey business divestment in the UK.
Divestments made during 2022 are described below:
On January 31, 2022, the sale agreement between Ferrovial and Portobello Capital for the acquisition of the infrastructure upkeep and
maintenance business in Spain was completed once all the conditions precedent had been fulfilled. The total price received by Ferrovial reached
EUR 175 million. According to the sale agreement, a Ferrovial subsidiary acquired the 24.99% of the buyer\u2019s capital for a price of EUR 17.5 million.
The impact on the income statement was immaterial.
On December 31, 2022, the Amey business in the United Kingdom, related to full life-cycle engineering and infrastructure upkeep and
maintenance services, was sold to a company controlled by funds managed by One Equity Partners, which completed the transaction in
association with its shareholder Buckthorn Partners. The net consideration (equity value) received by Ferrovial was GBP 264.6 million (EUR 301.3
million), as per the final agreement reached on April,17 2023, with no further applicable price adjustments. The net consideration was in the form
of cash (GBP 112.8 million (EUR 128.5 million)) and a vendor loan note of GBP 151.8 million (EUR 172.8 million) to the seller, arranged on the
completion date, repayable over the coming five years and accruing 6% annual interest (increasing to 8% after year three). The capital gain
generated totaled EUR 58.3 million and was accounted for under Profit/(loss) from discontinued operations in the income statement, which also
included the transfer to the income statement of currency translation differences (EUR -155.6 million) and changes in the fair value of derivatives
(EUR -15.4 million) accumulated in equity (Note 5.1.1).
Previously, the business activity providing financial management services for PFI (Project Finance Initiative) project companies in the United
Kingdom through the subsidiary Amey was sold for GBP 5 million in the first half of 2022, while Amey\u2019s business area engaged in energy and
water infrastructure maintenance was also sold (to British fund Rubicon) for a total price of GBP 20.3 million, including a deferred payment of
GBP 18 million arranged through a loan to the buyer (Note 3.6.2). The impact on the income statement was immaterial.
Divestments made during 2021 are described below:
In November 2021, the agreement to sell the US Services business related to oil and gas industry infrastructure maintenance was completed for a
total price of USD 16 million (EUR 14 million). The impact on the income statement was a loss of EUR 28 million, recognized under Profit/(loss)
from discontinued operations.
On December 1, 2021, the sale agreement reached between Ferrovial and PreZero (company of the Schwarz Group) on July 26, 2021 for the
Environment Services business in Spain and Portugal was completed once all the conditions precedent had been fulfilled. The total price of the
shares received by Ferrovial was EUR 1,032 million. This transaction generated a profit of EUR 335 million, which is carried under Profit/(loss) from
discontinued operations in the income statement.
Additionally, in 2021 the UK waste treatment business (reported in Energy Infrastructures and Mobility), the contract to maintain and operate the
section of the A2 toll road and the contract to maintain and operate Madrid Calle 30 (reported in \u201cToll Roads\u201d), together with the US
infrastructure maintenance business and the energy efficiency services business (both reported in \u201cConstruction\u201d) were reclassified as continuing
operations. This decision was taken following the progress made in the divestment processes and considering that certain contracts included in the
Services division could fit strategically into other divisions of the Group, facilitating the execution of the divestment processes.
2.3. PERSONNEL EXPENSES
DISCONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
0
0
0
Senior managers
0
0
0
Executives
1,450
437
1,887
Managers/Professionals/Supervisors
4,995
1,444
6,439
Administrative/Support personnel
110
497
607
Manual workers
13,717
16,488
30,205
Total
20,272
18,866
39,138
2.8.PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS
Profit from discontinued operations for 2023, 2022 and 2021 amounted to EUR 16 million, EUR 64 million and EUR 361 million, respectively,
relating to the Services Division (amounting to EUR 16 million in 2023, EUR 64 million in 2022 and EUR 246 million in 2021) and the Construction
Division (amounting to EUR 115 million in 2021).
Services Division
2022 saw the completion of the Services Division divestment process, as explained in Note 1.1.5, .
During 2023, profit from discontinued operations amounted to EUR 16 million and relates mainly to the update of the indemnities and earn-outs
following the divestment of the Services Business in Spain and Portugal and other adjustments related to the Amey business divestment in the UK.
The main impact recognized in discontinued operations in 2022 relates to the divestment of the Amey business in the UK, completed in December
2022, generating a capital gain of EUR 58 million, including the transfer to the income statement of currency translation differences
accumulated in equity (EUR -156 million) and the interest rate hedge derivatives (EUR -15 million) (see Note 5.1.1).
The main impact recognized in 2021 profit/(loss) from discontinued operations related to the divestments of the Environment Services business in
Spain and Portugal completed at the end of 2021 at a net capital gain of EUR 335 million.
The Environment Services revenue for 2021 includes a profit for the year of EUR 119 million.
For a better understanding of the results of the Services business and the way in which they have been included in the Group\u2019s consolidated
results, the accompanying table provides a breakdown by line of profit/(loss) from these discontinued operations in 2022 and 2021.
(Million euro)
2023
2022
2021
Revenue
-
2,303
4,947
Operating profit/(loss)
28
9
260
Net financial income/(expense)
(15)
(1)
(23)
Share of profits of equity-accounted companies
-
5
9
Consolidated profit/(loss) before tax
13
13
246
Corporate income tax
3
(10)
(47)
Profit/(loss) after tax
16
3
199
Profit/(loss) for the year attributed to non- controlling interests
-
-
(3)
Profit/(loss) for the year attributed to the parent company
16
3
196
Adjustments to discontinued operations
-
61
50
Profit/(loss) from discontinued operations
16
64
246
Construction Division
On February 22, 2021, an agreement was reached to sell the real estate business of the Budimex Group (B.N.I.), which was included in
discontinued operations.
For a better understanding of the results of the Construction business and the way in which they have been included in the Group\u2019s consolidated
results, the accompanying table provides a breakdown by line of profit/(loss) from this discontinued operation:
(Million euro)
2021
Revenue
56
Fixed asset depreciation
-
Operating profit/(loss) before impairment and disposal of fixed assets
9
Impairment and disposal of fixed assets
130
Operating profit/(loss)
139
Net financial income/(expense)
-
Share of profits of equity-accounted companies
-
Consolidated profit/(loss) before tax
139
Corporate income tax
(24)
Profit/(loss) from discontinued operations
115
These results of EUR 115 million include both the amount recognized up to the company\u2019s exclusion from the consolidation scope (EUR 8 million)
and the capital gain (EUR 130 million) generated by the transaction (EUR 107 million net of tax), on the line impairment and disposal of fixed
assets. The effect for Ferrovial was EUR 53 million net of non-controlling interests.
Cash flows from discontinued operations:
The cash flows from discontinued operations are included in the Group\u2019s reported cash flows. The following table shows the disclosure
corresponding to the period 2023, 2022 and 2021:
(Million euro)
2023
2022
2021
Cash flows from operating activities ex tax payments
\u2014
83
231
Tax payments
\u2014
(4)
(74)
Cash flows from operating activities
\u2014
78
157
Investment
\u2014
(2)
(67)
Divestment
\u2014
9
\u2014
Cash flows before financing activities
\u2014
86
90
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-865": { "value": "16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-866": { "value": "
1.1.6. Consolidation scope changes and other divestments of investees
During the year 2022:
Ferrovial, through its toll road subsidiary Cintra acquired a further 7.135% interest in the I-77 toll road in North Carolina, USA, in November 2022.
The transaction was valued at USD 109 million (EUR 104 million). Ferrovial\u2019s stake in the asset has thus increased from 65.1% to 72.24%. Since
the Company was already fully consolidating this asset, the difference between the price paid and the book value of the acquired stake was
recorded against the reserves of the parent company (EUR -88 million) and by reducing the amount of minority interests (EUR-15 million as per
Note 5.1.1).
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2023, profit/(loss) attributed to non-controlling interests amounted to EUR -170 million (EUR -117 million at December 2022, EUR -138\u00a0 million
at December 2021)
This figure relates to the profits obtained by Group companies that are attributable to the company\u2019s other shareholders. Positive figures reflect
loss-making companies and the negative figures refer to profit-making companies.
(Million euro)
2023
2022(*)
2021
NON-GROUP
Grupo Budimex
-83
-60
-109
49.86%
Autopista Terrasa Manresa, S.A.
-8
19
14
23.72%
LBJ Infraestructure Group
-20
-9
2
45.40%
NTE Mobility Partners
-60
-47
-25
37.00%
NTE Mobility Partners Segments 3 LLC
-41
-33
-20
46.30%
FAM Construction LLC
34
26
7
30.00%
Sugar Creek Construction LLC
0
-2
-1
30.00%
I-77 Mobilility Partners
-12
-6
-1
27.80%
I-66 Mobility Partners
16
10
0
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
7
-8
0
40.00%
Webber United LLC
1
0
0
40.00%
Other companies
-4
-7
-1
TOTAL continuing operations
-170
-117
-134
TOTAL discontinued operations
0
0
-3
TOTAL
-170
-117
-138
(*) Restated figures (Note 1.1.7)
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2023 and 2022, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were as
follows:
At December 31, 2023:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
TOLL ROADS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The financial highlights of the most significant Group companies in which there are non-controlling interests are as follows (data on 100% terms):
2023
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
590
196
394
18
27
LBJ Infrastructure Group Holding LLC
2,084
2,296
(212)
(1,828)
24
NTE Mobility Partners Holding LLC
1,967
1,954
13
(1,144)
102
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,019
1,735
284
(1,471)
48
I-77 Mobility Partners, LLC
775
509
266
(183)
31
I-66 Mobility Partners, LLC
6,108
2,567
3,542
(1,469)
(20)
Budimex
2,029
1,616
413
874
80
Dalaman
710
478
232
(86)
(10)
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2023 were as follows:
Company
(Million euro)
Balance at
12.31.2022
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Capital
contributions
Other
movements
Balance at
12.31.2023
Autopista Terrassa-Manresa, S.A.
94
8
4
\u2014
(13)
\u2014
\u2014
93
LBJ Infrastructure Group Holding LLC
(89)
20
\u2014
3
(31)
\u2014
\u2014
(96)
NTE Mobility Partners Holding LLC
9
60
\u2014
\u2014
(64)
\u2014
\u2014
5
NTE Mobility Partners Segments 3 LLC
282
41
\u2014
(6)
(216)
30
\u2014
131
I-77 Mobility Partners, LLC
64
12
\u2014
(2)
\u2014
\u2014
\u2014
74
I-66 Mobility Partners, LLC
1,610
(16)
\u2014
(49)
\u2014
26
\u2014
1,571
FAM Construction LLC (I-66)
(28)
(34)
\u2014
\u2014
\u2014
60
\u2014
\u2014
Budimex
192
83
\u2014
13
(54)
\u2014
\u2014
234
Dalaman
94
(7)
(2)
\u2014
\u2014
\u2014
1
86
Otros
11
2
\u2014
(2)
(1)
\u2014
4
15
TOTAL
2,240
170
3
(43)
(379)
117
5
2,113
The heading \u201cCapital contributions\u201d reflects the impact of the increase in funds attributable to non-controlling interests of the toll roads I-66
Mobility Partners LLC, FAM Construction LLC (I-66) and NTE Segment 3, amounting to EUR 26 million, EUR 60 million and EUR 30 million,
respectively.
At\u00a0 December 31, 2022:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
TOLL ROADS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The main financial statement aggregates of the most significant Group companies in which other shareholders own interests are as follows (data
on 100% terms):
2022
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
576
180
396
13
(60)
LBJ Infrastructure Group Holding LLC
2,168
2,363
(195)
(1,887)
10
NTE Mobility Partners Holding LLC
1,716
1,692
24
(1,142)
79
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,327
1,719
608
(1,152)
38
I-77 Mobility Partners, LLC
753
522
231
(240)
12
I-66 Mobility Partners, LLC
5,804
2,177
3,627
(1,536)
(12)
Budimex
1,668
1,343
325
673
57
Dalaman
704
452
252
(103)
13
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2022 were as follows:
Company
(Million euro)
Balance at
12.31.2021
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Capital
contributions
Other
movements
Balance at
12.31.2022
Autopista Terrassa-Manresa, S.A.
147
(19)
(21)
\u2014
(13)
\u2014
\u2014
94
LBJ Infrastructure Group Holding LLC
(68)
9
\u2014
(4)
(26)
\u2014
\u2014
(89)
NTE Mobility Partners Holding LLC
11
47
\u2014
1
(54)
\u2014
4
9
NTE Mobility Partners Segments 3 LLC
196
33
\u2014
11
\u2014
39
3
282
I-77 Mobility Partners, LLC
70
6
\u2014
3
\u2014
\u2014
(15)
64
I-66 Mobility Partners, LLC
1,288
(10)
\u2014
76
\u2014
256
\u2014
1,610
FAM Construction LLC (I-66)
(59)
(26)
\u2014
(4)
\u2014
61
\u2014
(28)
Budimex
202
60
\u2014
(3)
(67)
\u2014
\u2014
192
Dalaman
\u2014
8
3
\u2014
\u2014
\u2014
83
94
Otros
3
9
3
\u2014
\u2014
\u2014
(3)
12
TOTAL
1,790
117
(15)
80
(160)
356
72
2,240
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-868": { "value": "
Investment in the company JFK NTO LLC, holding the concession for the new Terminal One at New York\u2019s JFK Airport
On June 10, 2022, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, so as to remodel, build, finance, operate and
maintain the facilities of the New Terminal One at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect. Ferrovial holds a 49%
indirect ownership interest in the project. The other shareholders are JLC and Ullico, which have direct interests of 30% and 19%, respectively,
and Carlyle with an indirect ownership interest of 2%.
The terminal is expected to come into operation in 2026. The concession agreement is for the operation of the terminal until 2060.
Also on June 10, 2022, the concession agreement between JFK NTO and the Port Authority of New York and New Jersey and the financing and
construction contracts between the concession operator, the financing banks and the design and build contractor all came into force.
The forecast investment in the project stands at USD 10,800 million (Phases A and B) and will be funded by a capital contribution of USD 2,330
million from the project partners, of which Ferrovial will contribute USD 1,142 million (USD 294 million contributed at December 2023) and the
remainder will be funded by non-recourse borrowings obtained by the shareholders.
In June 2022, the loan signed by JFK NTO LLC reached USD 6,630 million with a banking syndicate (USD 1,430 million drawn down at December
2022). The first debt refinancing took place in December 2023, when NTO issued USD 2.0 billion in series 2023 bonds designated as green bond by
Kestrel. This milestone mitigates nearly one-third of the refinancing risk with still three years still left to refund the initial bank loan. A portion of
the issuance (USD 800 million) was insured by Assured Guaranty Municipal Corp. (\u201cAGM\u201d). JFK NTO, in the course of its ongoing business
operations, continues monitoring the refinancing market for its bank facility and may refinance any outstanding amounts thereunder when
market conditions are deemed appropriate by the lessee (Note 3.5.3).
In connection with this transaction, the Ferrovial agreed with Carlyle Group on the payment of earn-out consideration should Carlyle divest its
outstanding 4% interest in Mars NTO LLC. This earn-out payment would be triggered either if Carlyle transfers its stake to a third party or to
Ferrovial. This payment depends on the value creation by the project. An estimation of the earn-out payment was included in our valuation of the
investment as presented in the audited financial statements. Any future changes in the valuation of the earn-out may affect our results.
In addition, a call/put option was agreed between Carlyle Group and Ferrovial over the shares that the former indirectly holds in the project. It is
exercisable by Carlyle from June 2028 to June 2032 and by Ferrovial from January 2031 to June 2034. The strike price will be based on an
estimate of the fair value at the exercise date. The call/put option does not meet the requirements included in the definition of a liability.
As required by IFRS 10, the shareholder agreements and the other project contracts were analyzed and the conclusion was drawn that the
qualified majorities and minority shareholders\u2019 veto rights set out in the aforementioned agreements for the approval of most of the relevant
decisions means that they must be taken, de facto, with the agreement of the other shareholders, entailing a situation of joint control. As it is a
joint venture, the ownership interest in the project is consolidated using the equity method, in accordance with IFRS 11.
On a different note, the analysis of the concession agreement with the Port Authority indicates that it comes under the scope of IFRIC 12 for the
intangible asset model, since there are no secured payments (see point 1.3.3.2. which details the treatment of this type of concessions). Therefore,
the costs incurred during the construction phase are mostly capitalized and carried as intangible assets to be amortized during the operating
phase, which will end in 2060.
Acquisition of 24.86% of the Indian company IRB Infrastructure Developers Limited
On December, 29 2021, Ferrovial completed the acquisition, through its Dutch subsidiary Cintra INR Investments BV, of 24.86% of the Indian
company IRB Infrastructure Developers Limited by subscribing a preferred capital increase. The amount paid reached EUR 369 million. The
transaction price was established by considering the average price weighted by the trading volume for the two weeks prior to the closing.
IRB Infrastructure Developers was founded in 1998, is listed on the Bombay Stock Exchange and is one of India\u2019s leading infrastructure companies.
It has 24 toll road concessions representing a share of around 20% of the so-called Golden Quadrilateral, the road network that connects the
country\u2019s main economic development hubs, with a total of 11,930 kilometers of portfolio toll roads. The most significant assets include the
Mumbai-Pune toll road, regarded as one of India\u2019s most important highways. Revenue stood at EUR 828 in 2023).The company\u2019s construction
division, which currently works exclusively for its own concession projects, had a total of 11,930 kilometers of portfolio toll roads (15,444 km in
2023).
The ownership interest acquired together with Ferrovial\u2019s presence on the Board of Directors, awards Ferrovial significant influence in IRB (IAS
28.5 and 28.6). Consequently, under AS 28.10, the shareholding is equity accounted.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2023 amounted to EUR 215 million (EUR 165 million in 2022 and EUR (178) million in 2021).
Set out below is a breakdown of the most significant companies:
Profit/(loss) of equity-accounted companies
(Million euro)
2023
2022 (*)
2021
HAH
0
0
-238
407 ETR
154
124
52
AGS
0
0
-20
JFK
4
1
0
IRB
14
22
0
Serveo Group
11
6
0
Other
32
12
28
TOTAL
215
165
(178)
(*) Restated figures (Note 1.1.7)
Note 3.5 provides further details of these companies\u2019 profits/(losses).
Investments in associates
INVESTMENTS IN ASSOCIATES
(Million euro)
2023
2022 (*)
Opening balance at 01.01
1,951
1,838
Share of profit
215
164
Exchange rate effect
-43
-29
Dividends
-311
-258
Changes in share capital
214
77
Other movements
12
160
Closing balance at 12.31
2,038
1,951
(*) Restated figures (Note 1.1.7)
During 2023, the line \u201cInvestments in associates\u201d increased by EUR 87 million due to the share capital increase in JFK NTO Airport (EUR 214
million), the share of these companies\u2019 profits (EUR 215 million), relating primarily to 407 ETR (EUR 154 million), the accounting hedge gains
recognized under \u201cOther movements\u201d (EUR 12 million), mainly resulting from JFK, dividend payments of EUR -321 million (mainly 407 ETR) and
the foreign exchange effect (EUR -33 million) of the euro\u2019s appreciation against the US dollar.
During 2022, the variation under \u201cInvestments in associates\u201d was EUR 113 million due to the acquisition of 49% of JFK NTO Airport (EUR 59
million), the share of these companies\u2019 profits (EUR 164 million), relating primarily to 407 ETR (EUR 124 million), the accounting hedge gains
recognized under \u201cOther movements\u201d (EUR 160 million), mainly resulting from the JFK NTO acquisition, dividend payments of EUR-258 million
(mainly 407 ETR) and the foreign exchange effect (EUR -29 million) of the euro\u2019s depreciation against sterling and against the Indian rupee.
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in HAH (25%), 407 ETR (43.23%), JFK NTO (49%), AGS (50%) and IRB (24.86%) are presented
separately. The considerable losses posted in 2020 and 2021 in the Airports business reduced the investments in HAH and AGS to zero, as losses
exceeded the amount of the shareholdings, there being no commitments to inject additional funds (pursuant to IAS 28). The following table
shows the main items that explain the variation in these investments.
2023 (Million euro)
HAH (25%)
407 ETR
(43,23%)
AGS (50%)
IRB (24,86%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.22 (*)
-
1,063
-
377
235
276
1,951
Changes in share capital
-
-
-
-
214
-
214
Share of profit/(loss)
-
154
-
14
4
43
215
Dividends
-
(281)
-
(1)
-
(39)
(321)
Foreign exchange differences
-
(8)
-
(14)
(12)
1
(33)
Derivatives
-
-
-
1
31
(15)
17
Other
-
-
-
(1)
(1)
(3)
(5)
Balance at 12.31.23
-
928
-
376
471
263
2,038
(*) Restated figures (Note 1.1.7)
2022 (Million euro) (*)
HAH (25%)
407ETR
(43,23%)
AGS (50%)
IRB (24,86%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.21
-
1,181
-
378
-
280
1,838
Share capital contributions
-
-
-
59
17
77
Share of profit/(loss)
-
124
-
22
1
18
165
Dividends
-
(237)
-
(2)
-
(19)
(258)
Foreign exchange differences
-
(4)
-
(18)
(4)
(3)
(29)
Derivatives
-
-
-
(4)
117
100
213
Changes in scope of consolidation
-
-
-
-
-
(111)
(111)
Other
-
-
-
2
61
(5)
58
Balance at 12.31.22
-
1,063
-
377
235
276
1,951
(*) Restated figures (Note 1.1.7)
3.5.1. Disclosures relating to HAH
Possible divestment of Heathrow stake
At December 31, 2023 the completion of the transaction continues to be subject to the satisfaction of the tag-along condition, together with
applicable regulatory conditions, and consequently, there can be no certainty that the transaction will be completed. Therefore, this possible
divestment does not affect the 2023 Financial Statements.
On November 28, 2023 Ferrovial, through its subsidiary Hubco Netherlands B.V. (\u201cHubco\u201d), entered into a share purchase agreement (the
\u201cHeathrow SPA\u201d) with InfraEuropa SCA represented by its managing general partner InfraEuropa Management S.a r.l (entities and funds
managed or controlled by Ardian France SA and its affiliates) (\u201cArdian\u201d) and Alrahala First Investment Company (a wholly owned subsidiary of
The Public Investment Fund) (\u201cPIF\u201d, together with Ardian, the \u201cBuyers\u201d), pursuant to which Hubco agreed to sell and the Buyers agreed to
purchase Hubco\u2019s full stake (approximately 25% interest) in FGP Topco Limited (\u201cFGP\u201d), which is a direct shareholder of Heathrow Airports
Holdings Limited, the owner of the Heathrow airport in London, United Kingdom (the \u201cProposed Transaction\u201d).
Pursuant to the Heathrow SPA, Ardian is expected to acquire an approximately 15% interest in FGP and PIF is expected to acquire an
approximately 10% interest in FGP. Ardian and PIF are entering into the transaction as individual buyers. However, neither the Hubco nor the
Buyers are obliged to complete the transaction unless both Ardian and PIF acquire their respective stakes. The purchase price payable for Hubco\u2019s
interest in FGP is comprised of: (i) GBP 2,165 million (the \u201cBase Consideration\u201d); plus (ii) an amount equal to the aggregate of the daily interest on
the Base Consideration in the period from (and excluding) December 31, 2021 (the \u201cLocked Box Date\u201d) to (and including) the completion of the
Proposed Transaction, which will accrue from day to day and be compounded annually, assuming 365 days in a year. Under the Heathrow SPA,
Hubco also undertakes to the Buyers that no Leakage, as defined in the Heathrow SPA, including any dividend or distribution to the Ferrovial
Group, to Hubco or an affiliate of Hubco will occur from the Locked Box Date until completion of the Proposed Transaction and, if any such
Leakage does occur, it shall be deducted from the purchase price or, if not deducted from the purchase price, Hubco will reimburse the Buyers for
any such leakage. As at the date of entry into the SPA, no such Leakage had occurred.
The Proposed Transaction is expected to close in the second or third quarter of 2024 and is conditional upon: (i) the pre-emption and full tag-
along rights in favor of the other FGP shareholders under FGP\u2019s Bylaw and/or shareholders\u2019 agreement; and (ii) the UK Government granting
approval of each of the Buyers under the National Security and Investment Act 2021. Given the conditionality in points (i) and (ii), there can be no
assurance that closing will occur.
In January 2024, in accordance with the tag-along process, some of FGP Topco\u2019s shareholders exercised their tag-along rights in respect of
shares representing 35% of the share capital of FGP Topco (the \u201cTagged Shares\u201d). It is a condition under the Heathrow SPA for the completion of
the Proposed Transaction that the Tagged Shares are also sold. The parties are working towards satisfaction of such condition by exploring
different options.
a. Balance sheet and income statement movements 2023-2022
The balance sheet figures shown reflect HAH's full balances and are presented in pound sterling (details of the exchange rate used in 2023 for the
balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet 2023-2022
HAH (100%) Million GBP
2023
2022
Var.
Non-current assets
16,478
16,506
(28)
Fixed assets in infrastructure projects
12,384
12,369
15
Financial derivatives
952
1,145
(193)
Other non-current assets
3,142
2,992
150
Current assets
2,904
3,317
(413)
Financial derivatives
92
1
91
Other current assets
2,812
3,316
(504)
TOTAL ASSETS
19,382
19,823
(441)
HAH (100%) Million GBP
2023
2022
Var.
Equity
(2,693)
(3,018)
325
Non-current liabilities
19,947
21,334
(1,387)
Borrowings
16,913
18,025
(1,112)
Financial derivatives
2,010
2,436
(426)
Other non-current liabilities
1,024
873
151
Current liabilities
2,128
1,507
621
Borrowings
1,571
1,008
563
Financial derivatives
27
40
(13)
Other current liabilities
530
459
71
TOTAL LIABILITIES
19,382
19,823
(441)
Equity
As detailed previously, the ownership interest in this company had zero value in 2023 and 2022 since the prior-year losses caused by Covid-19
brought equity attributable to Ferrovial to zero.
The following table shows movements in the 25% equity interest in the company, including both results for the year and results not consolidated
because losses for the year exceeded the investment\u2019s value, relating mainly to pensions and derivatives:
2023 (Million euro)
HAH (25%)
Balance at 12.31.2021 without IAS 28
(176)
Share of profit/(loss)
49
Derivatives
21
Pensions
(101)
Currency translation differences
10
Balance at 12.31.2022 without IAS 28
(197)
Share of profit/(loss)
97
Derivatives
1
Pensions
(6)
Currency translation differences
(4)
Balance at 12.31.2023 without IAS 28
(108)
Income statement 2023-2021
The following table shows HAH's income statement movements for 2023, 2022 and 2021 .
HAH (100%) Million GBP
2023
2022
2021
Operating income
3,687
2,913
1,214
Operating expenses
(1,456)
(1,210)
(858)
Fixed asset depreciation
(754)
(795)
(828)
Operating profit/(loss)
1,478
909
(472)
Net financial income/(expense)
(1,012)
(687)
(1,509)
Profit/(loss) before tax
465
222
(1,981)
Corporate income tax
(127)
(54)
319
Net profit/(loss)
338
168
(1,662)
25% Profit/(loss) attributed to Ferrovial (million euro)
98
49
(484)
Profit/(loss) attributed to Ferrovial under IAS 28 (EUR million)
\u2014
\u2014
(238)
Heathrow traffic experienced a strong recovery during 2023 as the aviation sector bounced back from the impact of the pandemic.
3.5.2. Disclosures relating to 407 ETR
Given that Ferrovial\u2019s ownership interest in 407 ETR was restated when control was lost in 2010, analyzing the implicit existence of goodwill, as
stipulated paragraph 40 and following paragraphs of IAS 28, an impairment exercise is conducted on an annual basis.
a. Impairment analysis
This asset performed well in 2023, revenue having grown by 12.7% and operating profit by 12.7%. It should be noted that in both the in-house
valuation of this concession carried out by Ferrovial and the average valuation of 407 ETR carried out by the stock market analysts that follow
Ferrovial (more than 20 analysts), the value is more than nine times its carrying amount.
b. Balance sheet and income statement movements 2023-2022.
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2023 for
the balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet 2023-2022
407 ETR (100%) (million CAD)
Dec. 2023
Dec. 2022
Var. 23/22
Non-current assets
4,584
4,565
19
Fixed assets in infrastructure projects
3,954
3,972
(18)
Non-current financial assets
568
533
35
Deferred taxes
62
60
2
Current assets
1,014
883
130
Short-term trade and other receivables
322
265
57
Cash and cash equivalents
691
618
73
Total assets
5,598
5,448
150
Equity
(5,791)
(5,407)
(384)
Non-current liabilities
10,908
10,640
268
Borrowings
10,318
10,060
258
Deferred taxes
590
580
11
Current liabilities
481
216
265
Borrowings
403
139
265
Short-term trade and other payables
77
77
-
Total liabilities
5,598
5,448
150
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2023 compared to the previous year:
Equity
Equity fell by CAD 384 million with respect to the previous year, primarily due to the payment of CAD 950 million in dividends to shareholders,
which was offset by the profit for the year of CAD 567 million.
The 43.23% of the subsidiary\u2019s shareholders\u2019 funds does not reflect the consolidated carrying amount of the ownership interest, since the latter
also includes the amount of the gain arising from the fair value measurement of the investment retained following the divestment of a 10%
ownership interest in this company in 2010, recognized as an increase in the investment\u2019s value, and the goodwill that arose in 2009 as a result of
the merger of Grupo Ferrovial, S.A. and Cintra Concesiones de Infraestructuras de Transportes, S.A.
Therefore, the consolidated carrying amount of 407 ETR (EUR 928 million, CAD 1,356 million) is calculated taking into account the 43.23% of the
shareholder\u00b4s funds presented above (CAD -2,503 million) and the gain and goodwill related with the above-mentioned operations in 2009 and
2010 (CAD 3,859 million).
Borrowings
Overall financial debt (short and long term) increased in relation to December 2022 by CAD 500 million due to issuance of new borrowings.
Income statement 2023-2022
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 2023, December 2022 and
December 2021:
407 ETR (100%) (million CAD)
Dec.23
Dec.22
Dec.21
Operating income
1,495
1,327
1,023
Operating expenses
(212)
(188)
(164)
Fixed asset depreciation
(97)
(100)
(102)
Operating profit/(loss)
1,187
1,039
757
Net financial income/(expense)
(412)
(447)
(465)
Profit/(loss) before tax
775
592
292
Corporate income tax
(208)
(156)
(79)
Net profit/(loss)
567
435
213
Profit/(loss) attributable to Ferrovial (million CAD)
245
188
92
Intangible asset amortization adjustment (CAD million)
(21)
(19)
(15)
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million CAD)
225
169
77
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million euro)
154
124
52
Positive performance driven largely by the lifting of the COVID-19 restrictions by the province of Ontario and the resulting increases in traffic, with
return-to-work policies in place and supported by rehabilitation construction works in competing Highway 401.
It should be noted that the profit/(loss) attributable to Ferrovial also includes the depreciation charged over the concession term on the
remeasurement recognized following the loss of control of the company as a result of the sale in 2010 mentioned above.
3.5.3.Disclosures relating to JFK NTO LLC
As indicated in Note 1.1.6, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, which will remodel, build, finance, operate and
maintain the facilities of the new terminal one at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect on June 10, 2022.
Ferrovial holds a 49% indirect ownership interest in the project.
As also commented in that note, Ferrovial agreed with Carlyle Group on the payment of earn-out consideration should Carlyle divest its
outstanding 4% interest in Mars NTO LLC. This earn-out payment would be triggered either if Carlyle transfers its stake to a third party or to
Ferrovial. This payment depends on the value creation by the project. An estimation of the earn-out payment was included in our valuation of the
investment as presented in the audited financial statements. Any future changes in the valuation of the earn-out may affect our results.
The shareholders made a commitment to inject share capital of USD 2,330 million, of which Ferrovial will contribute USD 1,142 million. At
December 31, 2023, USD 600 million had been disbursed (USD 294 million relates to Ferrovial).
Dividend payments by the company are restricted during the construction phase, which is estimated to end in mid-2026. Dividend payments are
also subordinated to the payment of concession rent to the Airport Authority of New York and New Jersey.
The balance sheet resulting from the application of the intangible model (IFRIC 12) is shown below:
Balance sheet 2023
JFK (100%) Million USD
Dec. 2023
Dec. 2022
Non-current assets
6,478
5,265
Fixed assets in infrastructure projects
2,247
1,062
Right of use (Port Authority)
3,921
3,805
Non-current financial assets
178
270
Trade receivables
132
128
Current assets
325
116
Short-term trade and other receivables
178
13
Cash and cash equivalents
148
103
Total assets
6,803
5,381
Equity
931
382
Share capital
600
127
Share of profit/(loss)
11
3
Hedging instrument impact
321
252
Non-current liabilities
5,559
4,940
Long-term borrowings
1,740
1,137
Other long-term payables
3,819
3,802
Current liabilities
313
59
Short-term borrowings
40
54
Short-term trade and other payables
273
5
Total liabilities
6,803
5,381
JFK NTO's main assets and liabilities are described below:
\u2022 Fixed assets in infrastructures projects, which fundamentally comprise:
\u2013 Intangible assets (USD 2,247 million), including all the expenses necessary to obtain the concession contract, as well as the project\u2019s
construction and development costs.
\u2013 Payments to the Port Authority (USD 3,921 million) related to the present value of the future payments, throughout the concession
period, for the acquisition of the concession. Also, a liability of the same amount has been recorded, corresponding to the value of future
payment obligations, under financial debt in non-current liabilities (\u201cOther long-term payables\u201d).
\u2022 Long-term borrowings (USD 1,740 million) relating to the credit line carried at amortized cost under non-current liabilities, mainly the USD 2
billion nominal amount of the Munibond issued on December 6, 2023. This bond emission mitigates nearly one-third of the refinancing risk
with still three years to refund the initial bank loan. A portion of the issuance (USD 800 million) was insured by Assured Guaranty Municipal
Corp. (\u201cAGM\u201d). JFK NTO, as a matter of its ongoing business operations, continues monitoring the refinancing market for its bank facility and
may refinance any outstanding amounts thereunder when market conditions are deemed appropriate by the lessee.
\u2022 In addition, JFK NTO has contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 3,005 billion, which have been treated as effective accounting cash flows hedges. During the year there has been an
impact on the company's reserves in the amount of USD 69 million (EUR 31 million at Ferrovial's ownership interest).
\u2022 Equity (USD 931 million). Movements in equity are primarily explained by the capital contributions under this same heading in the amount of
USD 473 million and USD 69 million reflecting the impact on reserves of the change in market value of the derivative associated with the
current debt since the acquisition date.
3.5.4.Disclosures relating to AGS
Among the other equity-accounted businesses, the most noteworthy is the 50% ownership interest in the company AGS, which owns Aberdeen,
Glasgow and Southampton airports in the UK.
The three airports were severely affected by Covid-19, although in 2023 passenger numbers reached 10.4 million (9.2 million in 2022). The
airports are still below 2019 due primarily to the negative effect of the Flybe bankruptcy.
The consolidation of the resulting losses reduced the value of the ownership interest to zero at both December 2023 and December 2022.
The following table shows movements in the 50% equity interest in the company, including both results for the year and results not consolidated
because losses for the year exceeded the investment\u2019s value, relating mainly to pensions and derivatives:
2023 (Million euro)
AGS (50%)
Balance at 12.31.2021 without IAS 28
(60)
Share of profit/(loss)
(17)
Derivatives
10
Pensions
(4)
Other
(1)
Currency translation differences
14
Balance at 12.31.2022 without IAS 28
(58)
Share of profit/(loss)
(13)
Derivatives
(7)
Pensions
(3)
Currency translation differences
23
Balance at 12.31.2023 without IAS 28
(59)
Agreement to amend and extend the AGS syndicated loan
AGS closed the agreement with a syndicate of banks to amend and extend the facility agreement concluded in February 2017 in the amount of
GBP 793 million (the amount of GBP 757 million having been drawn). The negotiation of a refinancing operation with the financial institutions was
progressing at year-end 2023 and is expected to be closed in the first months of 2024.
The Company has reassessed the recoverability of the shareholder loan, concluding that it is recoverable on the basis of projections updated to
account for the refinancing agreement.
3.5.5 Consolidation of IRB
As indicated in Ferrovial\u2019s 2021 consolidated financial statements, the Group (through Cintra) acquired a 24.86% stake in the Indian listed
company IRB Infrastructure Developers Ltd on December 29, 2021. The deal was completed after a preferential share issue by IRB Infrastructure
Developers. The amount paid totaled EUR 369 million. The transaction price was set in accordance with applicable legislation, taking into
account the average price weighted by the trading volume during the two-week period prior to the year-end.
The price of IRB\u2019s stock at December 31, 2023 is INR (Indian Rupee) 41.55\u00a0 per share (29.09 at December 31, 2022).
The company's fiscal year runs from April through March. IRB\u2019s latest audited available financial statements are those of March 2023. IRB
contributed a profit of EUR 14.5 million to Ferrovial for the period between January to December 2023.
3.5.6. Other disclosures relating to associates
a) Movements relating to the remaining associates
The associates breakdown, showing consolidated ownership interests and the main data, is disclosed in Appendix I.
A summary is presented in the following table:
Million euro
2023
2022 (*)
Madrid Calle 30
52
51
Riverlinx Limited \u2013 Silvertown Tunnel
52
55
Netflow OSARS (Western)
42
50
Ruta del Cacao
22
8
FMM Company LLC
19
19
A66 Benavente - Zamora
17
17
Other
59
76
TOTAL
263
276
(*) Restated figures (Note 1.1.7)
b) Other information
There are no significant restrictions on the capacity of associates to transfer funds to the parent company in the form of dividends, debt
repayments or advances, other than such restrictions as might arise from the financing agreements of those associates or from their own financial
position, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
There are no significant companies in which the ownership interest exceeds 20% that are not equity-accounted.
The guarantees provided by Group companies to equity-accounted companies are detailed in Note 6.5.2
b) Guarantees given by Group companies for other Group companies
The detail of the amounts of the guarantees, in relation to the financing of the equity-accounted infrastructure projects and, accordingly, the
borrowings of which are not included in the Group's consolidated financial statements is as follows.\u00a0
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2023
Serrano Park (Cintra)
Guarantee covering repayment of borrowings
3
Extensi\u00f3n ETR
Guarantee covering project cost overruns.
15
407 EXT PHASE II
Guarantee covering project cost overruns.
8
TOTAL GUARANTEES FOR EQUITY-ACCOUNTED INFRASTRUCTURE PROJECT COMPANIES
26
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-867": { "value": "
Investment in the company JFK NTO LLC, holding the concession for the new Terminal One at New York\u2019s JFK Airport
On June 10, 2022, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, so as to remodel, build, finance, operate and
maintain the facilities of the New Terminal One at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect. Ferrovial holds a 49%
indirect ownership interest in the project. The other shareholders are JLC and Ullico, which have direct interests of 30% and 19%, respectively,
and Carlyle with an indirect ownership interest of 2%.
The terminal is expected to come into operation in 2026. The concession agreement is for the operation of the terminal until 2060.
Also on June 10, 2022, the concession agreement between JFK NTO and the Port Authority of New York and New Jersey and the financing and
construction contracts between the concession operator, the financing banks and the design and build contractor all came into force.
The forecast investment in the project stands at USD 10,800 million (Phases A and B) and will be funded by a capital contribution of USD 2,330
million from the project partners, of which Ferrovial will contribute USD 1,142 million (USD 294 million contributed at December 2023) and the
remainder will be funded by non-recourse borrowings obtained by the shareholders.
In June 2022, the loan signed by JFK NTO LLC reached USD 6,630 million with a banking syndicate (USD 1,430 million drawn down at December
2022). The first debt refinancing took place in December 2023, when NTO issued USD 2.0 billion in series 2023 bonds designated as green bond by
Kestrel. This milestone mitigates nearly one-third of the refinancing risk with still three years still left to refund the initial bank loan. A portion of
the issuance (USD 800 million) was insured by Assured Guaranty Municipal Corp. (\u201cAGM\u201d). JFK NTO, in the course of its ongoing business
operations, continues monitoring the refinancing market for its bank facility and may refinance any outstanding amounts thereunder when
market conditions are deemed appropriate by the lessee (Note 3.5.3).
In connection with this transaction, the Ferrovial agreed with Carlyle Group on the payment of earn-out consideration should Carlyle divest its
outstanding 4% interest in Mars NTO LLC. This earn-out payment would be triggered either if Carlyle transfers its stake to a third party or to
Ferrovial. This payment depends on the value creation by the project. An estimation of the earn-out payment was included in our valuation of the
investment as presented in the audited financial statements. Any future changes in the valuation of the earn-out may affect our results.
In addition, a call/put option was agreed between Carlyle Group and Ferrovial over the shares that the former indirectly holds in the project. It is
exercisable by Carlyle from June 2028 to June 2032 and by Ferrovial from January 2031 to June 2034. The strike price will be based on an
estimate of the fair value at the exercise date. The call/put option does not meet the requirements included in the definition of a liability.
As required by IFRS 10, the shareholder agreements and the other project contracts were analyzed and the conclusion was drawn that the
qualified majorities and minority shareholders\u2019 veto rights set out in the aforementioned agreements for the approval of most of the relevant
decisions means that they must be taken, de facto, with the agreement of the other shareholders, entailing a situation of joint control. As it is a
joint venture, the ownership interest in the project is consolidated using the equity method, in accordance with IFRS 11.
On a different note, the analysis of the concession agreement with the Port Authority indicates that it comes under the scope of IFRIC 12 for the
intangible asset model, since there are no secured payments (see point 1.3.3.2. which details the treatment of this type of concessions). Therefore,
the costs incurred during the construction phase are mostly capitalized and carried as intangible assets to be amortized during the operating
phase, which will end in 2060.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-869": { "value": "
Acquisition and takeover of\u00a0 Dalaman International Airport
a. Description of the transaction
On July 19, 2022, the Group acquired 60% of the voting shares in YDA Havaliman\u0131 (Dalaman International Airport) as part of the strategy of
diversifying the airport portfolio when growth opportunities are identified. This Turkish company was awarded the concession agreement to
refurbish and operate Dalaman International Airport. The total nominal price stood at EUR 144 million, of which EUR 119.2 million was paid as of
December 2022. A further EUR 15.2 million relates to a deferred payment made in October 2023, and the remaining EUR 9.9 million corresponds
to the earn-out, that was paid in December 2023.
The YDA Group, which currently holds a 40% stake, was awarded the 28-year concession to operate the airport until 2042.
Fees per passenger are set and collected in euros under the concession agreement; also, the financing agreements are denominated in euros,
therefore, Dalaman\u00b4s airport functional currency is euro.
The acquisition of the 60% stake means that Ferrovial holds the majority of voting rights on the concession operator\u2019s Board and can therefore
direct its relevant activities. Therefore, Ferrovial has control over the company in accordance with IFRS 10, paragraph 10. Accordingly, the
ownership interest in the concession company is fully consolidated.
b. Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Dalaman Airport as at the date of acquisition were the following (for simplicity, the June
30, 2022 balance sheet was used, since the effect of 19 days to the transaction date is immaterial, as indicated later on):
(Million euro)
FAIR VALUE
RECOGNIZED ON
ACQUISITION
Property, plant and equipment
1
Intangible assets (Note 3.3.1.)
638
Deferred tax assets
18
TOTAL ASSETS
671
Long-term borrowings
115
Other long-term payables
281
Short-term borrowings
17
Trade and other payables
18
Deferred tax liability (Note 2.8.3)
46
TOTAL LIABILITIES
476
TOTAL IDENTIFIABLE NET ASSETS AT FAIR VALUE 100%
196
Total identifiable net assets at fair value 60%
117
Goodwill associated with deferred tax liability (Note 3.1.1)
27
PURCHASE CONSIDERATION TRANSFERRED
145
The main fair value adjustments made are explained below:
i. Intangible assets:
It represents the fair value of the concession calculated using the discounted cash-flows resulting from the economic model.\u00a0 The adjustment for
the intangible asset identified at the acquisition date stood at EUR 79 million.
ii. Bank borrowings:
In October 2016, the concession company arranged a loan of EUR 162 million from the European Bank for Reconstruction and Development
(EBRD) to fund the new international terminal. This loan accrues an interest rate of Euribor plus a spread of +4.2%.
Fair value was calculated by discounting cash flows at a rate representing acquisition date financial conditions. The resulting adjustment reduced
the carrying amount of the debt by EUR 9 million.
iii. Tax effects of the transaction
Under paragraphs 19 and 20 of IAS 12, if a balance sheet item is recognized at fair value in a business combination when its tax value has not
changed, a deferred tax asset or liability must be recorded. A 20% tax rate was applied, this being the corporate tax rate in Turkey at the
acquisition date. The net deferred tax effect was a deferred tax liability of EUR 46 million.
The goodwill recognized on the acquisition stood at EUR 27 million, netting the tax effects resulting from the fair value adjustment on intangible
assets and borrowings described above and recognized pursuant to IAS 12.
The carrying amount of other assets and liabilities is equal to their fair value. No contingent assets or liabilities were recognized in relation to this
business combination.
In July\u00a0 2023, the valuation was completed and the fair value of the net assets acquired are considered definitive.
c. Purchase consideration
Amount fair value
Shares issued, at fair value
104
Deferred payment
30
Contingent consideration
liability
11
TOTAL CONSIDERATION
145
Transaction costs of EUR 3 million were expensed.
d. Contingent consideration
As part of the purchase agreement a contingent consideration was agreed with the previous owner of YDA Group. There would be an additional
cash payment to the previous owners if the total number of international passengers departing from Dalaman Airport from the period between
October 1, 2021 until September 30, 2023 exceeded the threshold set by the share purchase agreement. As at the acquisition date, the fair value
of the contingent consideration was estimated, determined using the present value technique, to be EUR 11 million. This figure was revised in line
with the latest available traffic information (EUR 9.9 million) and was finally paid as of December, 2023, being the difference of both amounts
recognized as a financing result through the income statement.
I-66 acquisition and takeover
a. Description of the transaction
Cintra, a Ferrovial subsidiary and the indirect owner of 50% of the concession operator I-66 Express Mobility Partners Hold. LLC (I-66), acquired
an additional 5.704% ownership interest in that company for USD 182 million (approximately EUR 162 million) on 17 December 2021, together
with a commitment to inject additional capital until construction phase completion (EUR 36 million, approximately). Payment was made in cash.
As a result, Ferrovial\u2019s total shareholding stands at 55.704% of the concession awarded by the Virginia Transport Department. It is a
transformation project to design, build, finance, operate and maintain the 36-km I-66 toll road. Construction was completed at the end of 2022
and the toll road has been operational since then.
The acquisition of this additional ownership interest means that Ferrovial holds the majority of voting rights on the concession operator\u2019s Board
and can therefore direct its relevant activities. Since then, Ferrovial has had control of the company pursuant to IFRS 10, paragraph 10.
Consequently, the interest in the concession operator, which was equity-accounted, is now fully consolidated.
On taking control of the company and in accordance with IFRS 3.42, the equity-accounted interest (50%) was derecognized and measured at fair
value, a capital gain being recorded in the amount of the difference.
Fair value was calculated by extrapolating the price offered by a third party to purchase 10% of the shares, which was accepted by all the minority
shareholders, to all the shares. In addition, a control premium estimated at 2% was added on top of that extrapolated value. The fair value of the
prior 50% interest calculated as described stood at EUR 1,448 million (USD 1,628 million), including the control premium.
This valuation entailed recognizing a gain of EUR 1,101 million in the amount of the difference between the fair value of Ferrovial\u2019s pre-existing
50% ownership interest in the company (EUR 1,448 million) and its carrying amount (EUR 348 million); this gain was recognized in \u201cImpairment
and disposals of fixed assets\u201d.
Ferrovial also recorded an additional gain on the sale of EUR 16 million corresponding to the I-66 related currency translation differences that
existed at the date of the transaction, that pursuant to IFRS 3 and IAS 28 were reclassified to the income statement under the heading
\u201cimpairment and disposals of fixed assets\u201d. Therefore, the total result of the operation reached EUR 1,117 million.
b. Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of the concession operator I-66 Express Mobility Partners Hold. as at the date of acquisition
of the additional 5.704% ownership interest in that company\u00a0 were (for simplicity, the November balance sheet was used, since the effect of 17
days to the transaction date is immaterial, as indicated later on):
(Million euro)
FAIR VALUE RECOGNIZED ON
ACQUISITION
NON-CURRENT ASSETS
4,432
Fixed assets in infrastructure projects (Note 3.3)
4,432
CURRENT ASSETS
109
Receivables
108
Cash and cash equivalents
1
TOTAL ASSETS
4,542
NON-CURRENT LIABILITIES
1,527
Long-term borrowings
1,527
CURRENT LIABILITIES
118
Short-term borrowings
27
Trade and other payables
90
TOTAL LIABILITIES
1,654
TOTAL IDENTIFIABLE NET ASSETS AT FAIR VALUE
2,897
The fair value of the trade receivables amounted to EUR 108 million and it was expected that the full contractual amounts would be collected.
The fair value adjustments are briefly explained below:
a. Fixed assets in infrastructure projects: The fair value of this asset was calculated using the discounted cash-flows resulting from the economic
model, reaching EUR 4,432 million.
b. Deferred grant income. This balance sheet item did not represent an actual liability for the company. Therefore, in accordance with IFRS 3,
fair value was deemed to be zero and the amount was adjusted (EUR 65 million).
c. Borrowings: The concession operator entered into two debt agreements in November 2018 in order to finance the toll road\u2019s construction: a
senior loan comprising four fixed-rate listed bonds accruing quarterly interest payments and a subordinated loan obtained under the 1998
Transportation Infrastructure Finance and Innovation Act (TIFIA), which accrues interest of 2.8% per annum. The fair value of the bond debt
was calculated based on the quoted price at the acquisition date. In the case of the TIFIA loans, the fair value was obtained by discounting
flows. The resulting adjustment reduced the carrying amount of the debt by EUR 317 million.
d. The carrying amount of other assets and liabilities was equal to their fair value.
Tax effect of the transaction
The concession operator acquired is taxed under pass-through tax rules, meaning that deferred taxes are only recognized based on the\u00a0
shareholding percentage. According to IAS 12, paragraphs 19 and 20, if a balance sheet item is recognized in a business combination at fair value
when the tax base has not changed, deferred tax must be recorded considering the amount of this difference.
The tax effects recognized by the parent company (Cintra 2 I66 Express Mobility Partners LLC) were as follows:
\u2022 Deferred tax liability related to the debt: the fair value adjustment to the debt reached EUR -317 million million, giving rise to a deferred tax
liability of EUR 37 million. The deferred tax is being recognized through the income statement as per the debt repayment schedule.
\u2022 Deferred tax liability related to the intangible asset and the deferred income (grant): the fair value adjustment to the intangible asset reached
EUR 1,820 million, giving rise to a deferred tax liability of EUR 212 million in the shareholder. Another deferred tax liability of EUR 8 million
was also recognized due to the derecognition of deferred income (grant). These taxes are being taken to the income statement as the asset is
amortized.
The goodwill recognized on the acquisition reached EUR 254 million, netting the tax effects described above and recognized by the parent
company pursuant to IAS 12, paragraph 66.
No goodwill was attributed to non-controlling interests and transaction costs were immaterial.
c. Purchase consideration
Amount fair
value (EUR)
Shares issued, at fair value
162
Commitment to inject additional capital
36
TOTAL CONSIDERATION
198
1.1.7. Restatement of the comparative financial statements
The consolidated statement of financial position as of December 2022 was reexpressed to reflect changes related to JFK NTO in equity-accounted
investments, driven by the update allowed by IFRS 3 within the 12-month period from the acquisition moment, based on new information about
facts and circumstances that already existed at the point the investment was made.
This restatement had the following impact on the consolidated financial statements:
Balance Sheet
2022
2022
(Million euro)
Audited
Adjusted
Restated
Non-current assets
18,865
60
18,925
Investments in associates
1,892
59
1,951
Other non-current assets
16,973
1
16,974
Current assets
7,419
0
7,419
TOTAL ASSETS
26,284
60
26,344
2022
2022
(Million euro)
Audited
Adjusted
Restated
Equity
6,354
-1
6,353
Non-current liabilities
14,552
60
14,612
Other long-term payables
838
60
898
Other non-current liabilities
13,714
0
13,714
Current liabilities
5,378
1
5,379
TOTAL LIABILITIES
26,284
60
26,344
Income Statement
The impact on the income statement (EUR -1 million) disclosed in the Equity balance sheet heading in the previous table, was recognized as a
financial result, in the caption Profit/(loss) on derivatives and other net financial income/(expense).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-870": { "value": "
Acquisition of 24.86% of the Indian company IRB Infrastructure Developers Limited
On December, 29 2021, Ferrovial completed the acquisition, through its Dutch subsidiary Cintra INR Investments BV, of 24.86% of the Indian
company IRB Infrastructure Developers Limited by subscribing a preferred capital increase. The amount paid reached EUR 369 million. The
transaction price was established by considering the average price weighted by the trading volume for the two weeks prior to the closing.
IRB Infrastructure Developers was founded in 1998, is listed on the Bombay Stock Exchange and is one of India\u2019s leading infrastructure companies.
It has 24 toll road concessions representing a share of around 20% of the so-called Golden Quadrilateral, the road network that connects the
country\u2019s main economic development hubs, with a total of 11,930 kilometers of portfolio toll roads. The most significant assets include the
Mumbai-Pune toll road, regarded as one of India\u2019s most important highways. Revenue stood at EUR 828 in 2023).The company\u2019s construction
division, which currently works exclusively for its own concession projects, had a total of 11,930 kilometers of portfolio toll roads (15,444 km in
2023).
The ownership interest acquired together with Ferrovial\u2019s presence on the Board of Directors, awards Ferrovial significant influence in IRB (IAS
28.5 and 28.6). Consequently, under AS 28.10, the shareholding is equity accounted.
In addition, at year-end 2020 an agreement was reached with Aberdeen Infrastructure (Holdco) IV B.V to sell the Group\u2019s ownership interest in
Urbs Iudex Et Causidicus, S.A \u2013 URBICSA \u2013 (22%) for EUR 17 million. This transaction was completed in the second quarter of 2021 and entailed
recognizing a capital gain of EUR 17 million on the impairment and disposals line.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2023 amounted to EUR 215 million (EUR 165 million in 2022 and EUR (178) million in 2021).
Set out below is a breakdown of the most significant companies:
Profit/(loss) of equity-accounted companies
(Million euro)
2023
2022 (*)
2021
HAH
0
0
-238
407 ETR
154
124
52
AGS
0
0
-20
JFK
4
1
0
IRB
14
22
0
Serveo Group
11
6
0
Other
32
12
28
TOTAL
215
165
(178)
(*) Restated figures (Note 1.1.7)
Note 3.5 provides further details of these companies\u2019 profits/(losses).
Investments in associates
INVESTMENTS IN ASSOCIATES
(Million euro)
2023
2022 (*)
Opening balance at 01.01
1,951
1,838
Share of profit
215
164
Exchange rate effect
-43
-29
Dividends
-311
-258
Changes in share capital
214
77
Other movements
12
160
Closing balance at 12.31
2,038
1,951
(*) Restated figures (Note 1.1.7)
During 2023, the line \u201cInvestments in associates\u201d increased by EUR 87 million due to the share capital increase in JFK NTO Airport (EUR 214
million), the share of these companies\u2019 profits (EUR 215 million), relating primarily to 407 ETR (EUR 154 million), the accounting hedge gains
recognized under \u201cOther movements\u201d (EUR 12 million), mainly resulting from JFK, dividend payments of EUR -321 million (mainly 407 ETR) and
the foreign exchange effect (EUR -33 million) of the euro\u2019s appreciation against the US dollar.
During 2022, the variation under \u201cInvestments in associates\u201d was EUR 113 million due to the acquisition of 49% of JFK NTO Airport (EUR 59
million), the share of these companies\u2019 profits (EUR 164 million), relating primarily to 407 ETR (EUR 124 million), the accounting hedge gains
recognized under \u201cOther movements\u201d (EUR 160 million), mainly resulting from the JFK NTO acquisition, dividend payments of EUR-258 million
(mainly 407 ETR) and the foreign exchange effect (EUR -29 million) of the euro\u2019s depreciation against sterling and against the Indian rupee.
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in HAH (25%), 407 ETR (43.23%), JFK NTO (49%), AGS (50%) and IRB (24.86%) are presented
separately. The considerable losses posted in 2020 and 2021 in the Airports business reduced the investments in HAH and AGS to zero, as losses
exceeded the amount of the shareholdings, there being no commitments to inject additional funds (pursuant to IAS 28). The following table
shows the main items that explain the variation in these investments.
2023 (Million euro)
HAH (25%)
407 ETR
(43,23%)
AGS (50%)
IRB (24,86%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.22 (*)
-
1,063
-
377
235
276
1,951
Changes in share capital
-
-
-
-
214
-
214
Share of profit/(loss)
-
154
-
14
4
43
215
Dividends
-
(281)
-
(1)
-
(39)
(321)
Foreign exchange differences
-
(8)
-
(14)
(12)
1
(33)
Derivatives
-
-
-
1
31
(15)
17
Other
-
-
-
(1)
(1)
(3)
(5)
Balance at 12.31.23
-
928
-
376
471
263
2,038
(*) Restated figures (Note 1.1.7)
2022 (Million euro) (*)
HAH (25%)
407ETR
(43,23%)
AGS (50%)
IRB (24,86%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.21
-
1,181
-
378
-
280
1,838
Share capital contributions
-
-
-
59
17
77
Share of profit/(loss)
-
124
-
22
1
18
165
Dividends
-
(237)
-
(2)
-
(19)
(258)
Foreign exchange differences
-
(4)
-
(18)
(4)
(3)
(29)
Derivatives
-
-
-
(4)
117
100
213
Changes in scope of consolidation
-
-
-
-
-
(111)
(111)
Other
-
-
-
2
61
(5)
58
Balance at 12.31.22
-
1,063
-
377
235
276
1,951
(*) Restated figures (Note 1.1.7)
3.5.1. Disclosures relating to HAH
Possible divestment of Heathrow stake
At December 31, 2023 the completion of the transaction continues to be subject to the satisfaction of the tag-along condition, together with
applicable regulatory conditions, and consequently, there can be no certainty that the transaction will be completed. Therefore, this possible
divestment does not affect the 2023 Financial Statements.
On November 28, 2023 Ferrovial, through its subsidiary Hubco Netherlands B.V. (\u201cHubco\u201d), entered into a share purchase agreement (the
\u201cHeathrow SPA\u201d) with InfraEuropa SCA represented by its managing general partner InfraEuropa Management S.a r.l (entities and funds
managed or controlled by Ardian France SA and its affiliates) (\u201cArdian\u201d) and Alrahala First Investment Company (a wholly owned subsidiary of
The Public Investment Fund) (\u201cPIF\u201d, together with Ardian, the \u201cBuyers\u201d), pursuant to which Hubco agreed to sell and the Buyers agreed to
purchase Hubco\u2019s full stake (approximately 25% interest) in FGP Topco Limited (\u201cFGP\u201d), which is a direct shareholder of Heathrow Airports
Holdings Limited, the owner of the Heathrow airport in London, United Kingdom (the \u201cProposed Transaction\u201d).
Pursuant to the Heathrow SPA, Ardian is expected to acquire an approximately 15% interest in FGP and PIF is expected to acquire an
approximately 10% interest in FGP. Ardian and PIF are entering into the transaction as individual buyers. However, neither the Hubco nor the
Buyers are obliged to complete the transaction unless both Ardian and PIF acquire their respective stakes. The purchase price payable for Hubco\u2019s
interest in FGP is comprised of: (i) GBP 2,165 million (the \u201cBase Consideration\u201d); plus (ii) an amount equal to the aggregate of the daily interest on
the Base Consideration in the period from (and excluding) December 31, 2021 (the \u201cLocked Box Date\u201d) to (and including) the completion of the
Proposed Transaction, which will accrue from day to day and be compounded annually, assuming 365 days in a year. Under the Heathrow SPA,
Hubco also undertakes to the Buyers that no Leakage, as defined in the Heathrow SPA, including any dividend or distribution to the Ferrovial
Group, to Hubco or an affiliate of Hubco will occur from the Locked Box Date until completion of the Proposed Transaction and, if any such
Leakage does occur, it shall be deducted from the purchase price or, if not deducted from the purchase price, Hubco will reimburse the Buyers for
any such leakage. As at the date of entry into the SPA, no such Leakage had occurred.
The Proposed Transaction is expected to close in the second or third quarter of 2024 and is conditional upon: (i) the pre-emption and full tag-
along rights in favor of the other FGP shareholders under FGP\u2019s Bylaw and/or shareholders\u2019 agreement; and (ii) the UK Government granting
approval of each of the Buyers under the National Security and Investment Act 2021. Given the conditionality in points (i) and (ii), there can be no
assurance that closing will occur.
In January 2024, in accordance with the tag-along process, some of FGP Topco\u2019s shareholders exercised their tag-along rights in respect of
shares representing 35% of the share capital of FGP Topco (the \u201cTagged Shares\u201d). It is a condition under the Heathrow SPA for the completion of
the Proposed Transaction that the Tagged Shares are also sold. The parties are working towards satisfaction of such condition by exploring
different options.
a. Balance sheet and income statement movements 2023-2022
The balance sheet figures shown reflect HAH's full balances and are presented in pound sterling (details of the exchange rate used in 2023 for the
balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet 2023-2022
HAH (100%) Million GBP
2023
2022
Var.
Non-current assets
16,478
16,506
(28)
Fixed assets in infrastructure projects
12,384
12,369
15
Financial derivatives
952
1,145
(193)
Other non-current assets
3,142
2,992
150
Current assets
2,904
3,317
(413)
Financial derivatives
92
1
91
Other current assets
2,812
3,316
(504)
TOTAL ASSETS
19,382
19,823
(441)
HAH (100%) Million GBP
2023
2022
Var.
Equity
(2,693)
(3,018)
325
Non-current liabilities
19,947
21,334
(1,387)
Borrowings
16,913
18,025
(1,112)
Financial derivatives
2,010
2,436
(426)
Other non-current liabilities
1,024
873
151
Current liabilities
2,128
1,507
621
Borrowings
1,571
1,008
563
Financial derivatives
27
40
(13)
Other current liabilities
530
459
71
TOTAL LIABILITIES
19,382
19,823
(441)
Equity
As detailed previously, the ownership interest in this company had zero value in 2023 and 2022 since the prior-year losses caused by Covid-19
brought equity attributable to Ferrovial to zero.
The following table shows movements in the 25% equity interest in the company, including both results for the year and results not consolidated
because losses for the year exceeded the investment\u2019s value, relating mainly to pensions and derivatives:
2023 (Million euro)
HAH (25%)
Balance at 12.31.2021 without IAS 28
(176)
Share of profit/(loss)
49
Derivatives
21
Pensions
(101)
Currency translation differences
10
Balance at 12.31.2022 without IAS 28
(197)
Share of profit/(loss)
97
Derivatives
1
Pensions
(6)
Currency translation differences
(4)
Balance at 12.31.2023 without IAS 28
(108)
Income statement 2023-2021
The following table shows HAH's income statement movements for 2023, 2022 and 2021 .
HAH (100%) Million GBP
2023
2022
2021
Operating income
3,687
2,913
1,214
Operating expenses
(1,456)
(1,210)
(858)
Fixed asset depreciation
(754)
(795)
(828)
Operating profit/(loss)
1,478
909
(472)
Net financial income/(expense)
(1,012)
(687)
(1,509)
Profit/(loss) before tax
465
222
(1,981)
Corporate income tax
(127)
(54)
319
Net profit/(loss)
338
168
(1,662)
25% Profit/(loss) attributed to Ferrovial (million euro)
98
49
(484)
Profit/(loss) attributed to Ferrovial under IAS 28 (EUR million)
\u2014
\u2014
(238)
Heathrow traffic experienced a strong recovery during 2023 as the aviation sector bounced back from the impact of the pandemic.
3.5.2. Disclosures relating to 407 ETR
Given that Ferrovial\u2019s ownership interest in 407 ETR was restated when control was lost in 2010, analyzing the implicit existence of goodwill, as
stipulated paragraph 40 and following paragraphs of IAS 28, an impairment exercise is conducted on an annual basis.
a. Impairment analysis
This asset performed well in 2023, revenue having grown by 12.7% and operating profit by 12.7%. It should be noted that in both the in-house
valuation of this concession carried out by Ferrovial and the average valuation of 407 ETR carried out by the stock market analysts that follow
Ferrovial (more than 20 analysts), the value is more than nine times its carrying amount.
b. Balance sheet and income statement movements 2023-2022.
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2023 for
the balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet 2023-2022
407 ETR (100%) (million CAD)
Dec. 2023
Dec. 2022
Var. 23/22
Non-current assets
4,584
4,565
19
Fixed assets in infrastructure projects
3,954
3,972
(18)
Non-current financial assets
568
533
35
Deferred taxes
62
60
2
Current assets
1,014
883
130
Short-term trade and other receivables
322
265
57
Cash and cash equivalents
691
618
73
Total assets
5,598
5,448
150
Equity
(5,791)
(5,407)
(384)
Non-current liabilities
10,908
10,640
268
Borrowings
10,318
10,060
258
Deferred taxes
590
580
11
Current liabilities
481
216
265
Borrowings
403
139
265
Short-term trade and other payables
77
77
-
Total liabilities
5,598
5,448
150
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2023 compared to the previous year:
Equity
Equity fell by CAD 384 million with respect to the previous year, primarily due to the payment of CAD 950 million in dividends to shareholders,
which was offset by the profit for the year of CAD 567 million.
The 43.23% of the subsidiary\u2019s shareholders\u2019 funds does not reflect the consolidated carrying amount of the ownership interest, since the latter
also includes the amount of the gain arising from the fair value measurement of the investment retained following the divestment of a 10%
ownership interest in this company in 2010, recognized as an increase in the investment\u2019s value, and the goodwill that arose in 2009 as a result of
the merger of Grupo Ferrovial, S.A. and Cintra Concesiones de Infraestructuras de Transportes, S.A.
Therefore, the consolidated carrying amount of 407 ETR (EUR 928 million, CAD 1,356 million) is calculated taking into account the 43.23% of the
shareholder\u00b4s funds presented above (CAD -2,503 million) and the gain and goodwill related with the above-mentioned operations in 2009 and
2010 (CAD 3,859 million).
Borrowings
Overall financial debt (short and long term) increased in relation to December 2022 by CAD 500 million due to issuance of new borrowings.
Income statement 2023-2022
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 2023, December 2022 and
December 2021:
407 ETR (100%) (million CAD)
Dec.23
Dec.22
Dec.21
Operating income
1,495
1,327
1,023
Operating expenses
(212)
(188)
(164)
Fixed asset depreciation
(97)
(100)
(102)
Operating profit/(loss)
1,187
1,039
757
Net financial income/(expense)
(412)
(447)
(465)
Profit/(loss) before tax
775
592
292
Corporate income tax
(208)
(156)
(79)
Net profit/(loss)
567
435
213
Profit/(loss) attributable to Ferrovial (million CAD)
245
188
92
Intangible asset amortization adjustment (CAD million)
(21)
(19)
(15)
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million CAD)
225
169
77
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million euro)
154
124
52
Positive performance driven largely by the lifting of the COVID-19 restrictions by the province of Ontario and the resulting increases in traffic, with
return-to-work policies in place and supported by rehabilitation construction works in competing Highway 401.
It should be noted that the profit/(loss) attributable to Ferrovial also includes the depreciation charged over the concession term on the
remeasurement recognized following the loss of control of the company as a result of the sale in 2010 mentioned above.
3.5.3.Disclosures relating to JFK NTO LLC
As indicated in Note 1.1.6, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, which will remodel, build, finance, operate and
maintain the facilities of the new terminal one at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect on June 10, 2022.
Ferrovial holds a 49% indirect ownership interest in the project.
As also commented in that note, Ferrovial agreed with Carlyle Group on the payment of earn-out consideration should Carlyle divest its
outstanding 4% interest in Mars NTO LLC. This earn-out payment would be triggered either if Carlyle transfers its stake to a third party or to
Ferrovial. This payment depends on the value creation by the project. An estimation of the earn-out payment was included in our valuation of the
investment as presented in the audited financial statements. Any future changes in the valuation of the earn-out may affect our results.
The shareholders made a commitment to inject share capital of USD 2,330 million, of which Ferrovial will contribute USD 1,142 million. At
December 31, 2023, USD 600 million had been disbursed (USD 294 million relates to Ferrovial).
Dividend payments by the company are restricted during the construction phase, which is estimated to end in mid-2026. Dividend payments are
also subordinated to the payment of concession rent to the Airport Authority of New York and New Jersey.
The balance sheet resulting from the application of the intangible model (IFRIC 12) is shown below:
Balance sheet 2023
JFK (100%) Million USD
Dec. 2023
Dec. 2022
Non-current assets
6,478
5,265
Fixed assets in infrastructure projects
2,247
1,062
Right of use (Port Authority)
3,921
3,805
Non-current financial assets
178
270
Trade receivables
132
128
Current assets
325
116
Short-term trade and other receivables
178
13
Cash and cash equivalents
148
103
Total assets
6,803
5,381
Equity
931
382
Share capital
600
127
Share of profit/(loss)
11
3
Hedging instrument impact
321
252
Non-current liabilities
5,559
4,940
Long-term borrowings
1,740
1,137
Other long-term payables
3,819
3,802
Current liabilities
313
59
Short-term borrowings
40
54
Short-term trade and other payables
273
5
Total liabilities
6,803
5,381
JFK NTO's main assets and liabilities are described below:
\u2022 Fixed assets in infrastructures projects, which fundamentally comprise:
\u2013 Intangible assets (USD 2,247 million), including all the expenses necessary to obtain the concession contract, as well as the project\u2019s
construction and development costs.
\u2013 Payments to the Port Authority (USD 3,921 million) related to the present value of the future payments, throughout the concession
period, for the acquisition of the concession. Also, a liability of the same amount has been recorded, corresponding to the value of future
payment obligations, under financial debt in non-current liabilities (\u201cOther long-term payables\u201d).
\u2022 Long-term borrowings (USD 1,740 million) relating to the credit line carried at amortized cost under non-current liabilities, mainly the USD 2
billion nominal amount of the Munibond issued on December 6, 2023. This bond emission mitigates nearly one-third of the refinancing risk
with still three years to refund the initial bank loan. A portion of the issuance (USD 800 million) was insured by Assured Guaranty Municipal
Corp. (\u201cAGM\u201d). JFK NTO, as a matter of its ongoing business operations, continues monitoring the refinancing market for its bank facility and
may refinance any outstanding amounts thereunder when market conditions are deemed appropriate by the lessee.
\u2022 In addition, JFK NTO has contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 3,005 billion, which have been treated as effective accounting cash flows hedges. During the year there has been an
impact on the company's reserves in the amount of USD 69 million (EUR 31 million at Ferrovial's ownership interest).
\u2022 Equity (USD 931 million). Movements in equity are primarily explained by the capital contributions under this same heading in the amount of
USD 473 million and USD 69 million reflecting the impact on reserves of the change in market value of the derivative associated with the
current debt since the acquisition date.
3.5.4.Disclosures relating to AGS
Among the other equity-accounted businesses, the most noteworthy is the 50% ownership interest in the company AGS, which owns Aberdeen,
Glasgow and Southampton airports in the UK.
The three airports were severely affected by Covid-19, although in 2023 passenger numbers reached 10.4 million (9.2 million in 2022). The
airports are still below 2019 due primarily to the negative effect of the Flybe bankruptcy.
The consolidation of the resulting losses reduced the value of the ownership interest to zero at both December 2023 and December 2022.
The following table shows movements in the 50% equity interest in the company, including both results for the year and results not consolidated
because losses for the year exceeded the investment\u2019s value, relating mainly to pensions and derivatives:
2023 (Million euro)
AGS (50%)
Balance at 12.31.2021 without IAS 28
(60)
Share of profit/(loss)
(17)
Derivatives
10
Pensions
(4)
Other
(1)
Currency translation differences
14
Balance at 12.31.2022 without IAS 28
(58)
Share of profit/(loss)
(13)
Derivatives
(7)
Pensions
(3)
Currency translation differences
23
Balance at 12.31.2023 without IAS 28
(59)
Agreement to amend and extend the AGS syndicated loan
AGS closed the agreement with a syndicate of banks to amend and extend the facility agreement concluded in February 2017 in the amount of
GBP 793 million (the amount of GBP 757 million having been drawn). The negotiation of a refinancing operation with the financial institutions was
progressing at year-end 2023 and is expected to be closed in the first months of 2024.
The Company has reassessed the recoverability of the shareholder loan, concluding that it is recoverable on the basis of projections updated to
account for the refinancing agreement.
3.5.5 Consolidation of IRB
As indicated in Ferrovial\u2019s 2021 consolidated financial statements, the Group (through Cintra) acquired a 24.86% stake in the Indian listed
company IRB Infrastructure Developers Ltd on December 29, 2021. The deal was completed after a preferential share issue by IRB Infrastructure
Developers. The amount paid totaled EUR 369 million. The transaction price was set in accordance with applicable legislation, taking into
account the average price weighted by the trading volume during the two-week period prior to the year-end.
The price of IRB\u2019s stock at December 31, 2023 is INR (Indian Rupee) 41.55\u00a0 per share (29.09 at December 31, 2022).
The company's fiscal year runs from April through March. IRB\u2019s latest audited available financial statements are those of March 2023. IRB
contributed a profit of EUR 14.5 million to Ferrovial for the period between January to December 2023.
3.5.6. Other disclosures relating to associates
a) Movements relating to the remaining associates
The associates breakdown, showing consolidated ownership interests and the main data, is disclosed in Appendix I.
A summary is presented in the following table:
Million euro
2023
2022 (*)
Madrid Calle 30
52
51
Riverlinx Limited \u2013 Silvertown Tunnel
52
55
Netflow OSARS (Western)
42
50
Ruta del Cacao
22
8
FMM Company LLC
19
19
A66 Benavente - Zamora
17
17
Other
59
76
TOTAL
263
276
(*) Restated figures (Note 1.1.7)
b) Other information
There are no significant restrictions on the capacity of associates to transfer funds to the parent company in the form of dividends, debt
repayments or advances, other than such restrictions as might arise from the financing agreements of those associates or from their own financial
position, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
There are no significant companies in which the ownership interest exceeds 20% that are not equity-accounted.
The guarantees provided by Group companies to equity-accounted companies are detailed in Note 6.5.2.
Appendix I. Associate companies(equity-accounted companies)
(million euro)
Entity
Type
Parent
%
Owner.
V Eq.
Metho
d
Assets.
Liab.
Reve
n.
Result
s
Audit
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN
Grupo Serveo, S.L.
Ferrovial 004, S.L.U.
24.8%
17
663
585
1,241
44
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
-9
875
893
214
0
SPAIN
Via Olmedo Pedralba, S.A.
Ferrovial Construccion, S.A.
25.2%
1
5
2
4
0
3
Boremer, S.A.
Cadagua, S.A.
50.0%
1
2
1
0
0
2
UNITED STATES
Pepper Lawson Horizon Intl. Group
Webber Commercial Construction LLC
70.0%
0
2
2
0
0
1
OMAN
International Water Treatment LLC
Cadagua, S.A.
37.5%
2
0
0
0
0
4
POLAND
PPHU Promos Sp. z o.o.
Budimex SA
26.3%
1
0
0
0
0
AIRPORTS
UNITED KINGDOM
FGP Topco Limited
P
Hubco Netherlands B.V.
25.0%
0
22,358
25,465
4,240
389
4
AGS Airports Holdings Limited
P
Faero UK Holding Limited
50.0%
0
1,476
1,488
228
-26
2
QATAR
FMM Company LLC
P
Ferrovial Airports FMM B.V.
49.0%
19
69
29
99
15
UNITED STATES
,
JFK NTO SPONSOR AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
471
5,966
5,162
66
7
1
TOLL ROADS
AUSTRALIA
Nexus Infrastructure Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
1
0
0
0
Nexus Infrastructure Unit Trust
P
Nexus Infrastructure Holdings Unit Trust
40.0%
10
46
20
33
6
Nexus Infrastructure Holdings PTY Ltd
P
Cintra Toowoomba Ltd
40.0%
0
0
0
0
0
Nexus Infrastructure PTY Ltd
P
Nexus Infrastructure Holdings PTY Ltd
40.0%
0
0
0
0
0
Netflow Osars (Western) GP
P
Cintra Osars (Western) Unit Trust
50.0%
42
165
81
51
2
SPAIN
Serranopark, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
50.0%
1
74
47
7
6
2
Autov\u00eda de Arag\u00f3n Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
17
146
99
49
7
1
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
20.0%
5
34
13
17
4
Empresa Mant. y Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
-34
224
223
35
12
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30, S.A.
20.0%
52
655
140
146
62
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
928
3,667
7,797
1,025
403
2
407 East Development Group General Partnership
P
Cintra 407 East Development Group Inc
50.0%
15
109
63
8
3
2
OM&R 407 East Development Group General Partnership
P
Cintra OM&R 407 East Development Group Inc
50.0%
1
6
4
6
1
2
Blackbird Maintenance 407 GP
P
Blackbird Maintenance 407 Cintra GP Inc
50.0%
1
5
4
5
0
3
Blackbird Infrastructures 407 GP
P
Blackbird Infrastructures 407 Cintra GP Inc
50.0%
12
94
69
7
2
3
COLOMBIA
Concesionaria Ruta del Cacao S.A.S.
P
Cintra Infraestructuras Colombia S.A.S.
30.0%
22
815
739
183
51
2
INDIA
IRB Infrastructure Developers Limited
Cintra INR Investments B.V.
100.0%
376
4,803
3,311
828
61
3
IRELAND
Eurolink Motorway Operation (N4-N6) Ltd
P
Cintra Infraestructuras Irlanda, S.L.U.
20.0%
10
207
97
37
4
2
Eurolink Motorway Operations (M3) Ltd
P
Cinsac Ltd
20.0%
9
102
58
16
3
2
UNITED KINGDOM
Scot Roads Partnership Holdings Ltd
P
Cintra Infrastructures UK Ltd
20.0%
0
0
0
0
0
Scot Roads Partnership Finance Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
405
405
0
0
Scot Roads Partnership Project Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
433
433
37
0
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
35.0%
14
1,029
972
51
0
RiverLinx Holdings Ltd
P
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
22.5%
52
1,500
1,269
275
5
Total equity-accounted continuing operations
2,038
Auditor key:(1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Associados, Sroc.; (10) Grant Thornton UK LLP; (11) 3 Auditores SLP
(P) Project Company (Value Eq. Method: Net Cost of the parent company over the equity-accounted companies)", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-871": { "value": "
1.2. GOING CONCERN ASSESSMENT\u00a0
Ferrovial began 2024 in a very strong cash position. On December 31, 2023, our cash and cash equivalents of ex-infrastructure project companies
reached EUR 4,585 million. Ferrovial also has additional liquidity lines available in the amount of EUR 650 million related to corporate debt, and
EUR 139 million related to other borrowings balances at December 31, 2023. It should also be noted that the Group\u2019s short-term assets and
liabilities, including cash and debt, show a positive balance at end-December 31, 2023. Ferrovial believes that this strong cash position should be
sufficient to comply with its future obligations, including expected shareholder distributions for an accumulated amount of EUR 1.7 billion during
the period 2024-2026. Also worthy of note are the expected dividends from infrastructure assets in the existing portfolio (excluding dividends from
Heathrow), amounting to EUR 2.2 billion for 2024-2026.
As in prior financial years, in order to conclude as to the Company\u2019s capacity to continue as a going concern, the Group has analyzed future cash
needs, focusing on the financial years 2024 and 2025, also including a pessimistic scenario with a series of stress assumptions regarding the
Company's cash flow, most notably:
\u2022 Reduction in dividends from infrastructure project companies in 2024 and 2025 (50% in the case of airports and toll roads and all dividends in
the case of energy).
\u2022 Construction business cash flows for 2024 and 2025 projected to fall at around EUR -115 million per annum, explained by worse working
capital evolution and lower business profitability.
\u2022 Elimination of the asset divestments expected for the period 2024-2025, including the possible divestment of our current 25% stake in
Heathrow Airport and our minority stake in certain financial assets held by toll roads concessions.
\u2022 Contingent capital contributions of around EUR 100 million per annum.
The conclusion drawn from the analysis demonstrates that, although the scenario would entail a deterioration of the Company\u2019s cash position,
cash resources would continue to be sufficient to meet commitments. Therefore, based on the available information, no material uncertainties
have been identified with respect to events or conditions that could raise significant doubts regarding the Group's capacity to continue operating
under the going concern principle for twelve months following the date these financial statements are signed.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-872": { "value": "
1.3. ACCOUNTING POLICIES
1.3.2. Basis of consolidation
In 2023 and 2022, the reporting dates of the individual financial statements of all the companies included in the consolidation scope were either
the same as, or were temporarily brought into line with, that of the parent company. In this regard, in order to calculate the degree of control,
joint control or significant influence in each Group company, the consistency of the ownership interest held with the number of votes controlled in
each company under their Bylaws and shareholder agreements is reviewed.
In the case of business activities with companies in which joint control is identified, the general basis of consolidation is the equity method. In
relation to these businesses, besides situations in which there are two venturers, each with a 50% ownership interest, cases requiring a more in-
depth analysis are those relating to infrastructure projects in which Ferrovial is the shareholder with the largest ownership interest (less than or
equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the investee, while the other shareholders, mainly
infrastructure funds, sit directly on the Board of Directors.
Notable cases in this regard are the ownership interests held in the companies that own the following Toll Road projects (the percentage interest
held in each is shown in brackets): 407 ETR (43.23%), Slovakia (35%), Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO
(49%), which was incorporated into the Airports Division in 2022, as described in point 1.1.4.
Contracts that are undertaken through temporary consortia (JVs) or similar entities that meet IFRS 11 requirements to be classified as \u201cjoint
operations\u201d are proportionately consolidated.
It is considered that, in such joint operations, the shareholders have direct control over the assets, liabilities, income and expenses of these entities.
Operations of this nature contributed to the consolidated Group assets, profit/(loss) and revenue totaling EUR 517 million, EUR 36 million and EUR
1,437 million, respectively (EUR 428 million, EUR 40 million and EUR 1,242 million in 2022). The following companies stand out as being involved
in construction projects:
PROJECT
COUNTRY
ACTIVITY
% SHARE
REVENUE (EUR M)
HS2 Main works
UK
Works on 80 km of the HS2 between Chilterns and Warwickshire, including 15 viaducts, 5 km of
green tunnels, 22 km of road diversions.
15.00%
289
Sydney Metro West
Australia
Metro design and construction on an 11-kilometre stretch of twin railway tunnels between Sydney
Olympic Park and The Bays.
50.00%
224
Riverlinx
UK
Design, construction, financing, operation and maintenance of the Silvertown Tunnel in East
London.
50.00%
158
Ontario Transit Group
Constructor GP
Canada
Design, build and financing of the Ontario Line Subway: Construction of a 6.7 km, seven-station
rapid transit system.
50.00%
92
Coffs Harbour Bypass
Australia
Design and build contract for14 km of road, three tunnels and a service road.
50.00%
68
Undergrounding of Murcia
Station
Spain
Burying of the arterial railway network in the city of Murcia. New high-speed railway access to the
east. Madrid-Castilla La Mancha-Comunidad Valenciana-Region of Murcia.
50.00%
47
Linha Circular, A.C.E
Portugal
Ferrovial will build a new circular metro line in Oporto, the Pink Line, which will be 3.1 kilometres
long. The work on the Pink Line includes the construction of four new stations, three ventilation
shafts and the installation of the track and catenary.
65.00%
43
Linha Amarela, A.C.E.
Portugal
Construction of the Yellow metro line in Oporto, with a new 3.15-kilometre section of double-track
light rail. The work also includes the construction of a viaduct, a 770-metre tunnel and three
stations, among other tasks.
65.00%
41
Metro Paris Ligne 3A JV
France
Metro Paris with 6,7 KM tunnel. The work includes building three stations and eight ancillary
infrastructures.
50.00%
14
977
Finally, the companies over which Ferrovial, S.E. exercises significant influence and which do not meet the requirements of IFRS 11 to be classified
as \u201cjoint operations\u201d are also equity accounted.
A breakdown of the equity-accounted companies can be found in Note 3.5 and in Appendix I.
Intragroup balances and transactions are eliminated on consolidation. However, the transactions recognized in the income statement in relation
to construction works undertaken by the Construction Division for infrastructure project concession operators are not eliminated on consolidation,
since it is considered that the Group performs work for the concession awarding entity or regulator in exchange for the right to operate the
infrastructure under the terms pre-established by the granting entity or regulator.
The awarding entity or regulator thus controls the asset from inception and grants the above-mentioned right in exchange for the work
performed and, therefore, the conclusion may be reached that, at the Group level, the work is performed for third parties. This approach is in line
with IFRIC 12.
The non-elimination of these transactions had an impact of EUR -34 million on the 2023 income statement, after taxes and non-controlling
interests (EUR -60 million in 2022 and EUR 5 million in 2021).
Appendix I contains a list of subsidiaries and associates.
Finally, as regards to transactions for the purchase or sale of an ownership interest that does not entail a change of control in the company in
question, the non-controlling interest is measured at the proportional value of the net identifiable assets of the company acquired or sold.
Changes in the parent\u2019s ownership interest in a subsidiary that do not give rise to a loss of control are equity transactions.
1.3.3. Accounting policies applied to each item in the consolidated statement of financial position and consolidated income statement
Set forth below is a breakdown reflecting only those accounting policies applied by the consolidated Group when preparing these consolidated
financial statements that include an option permitted by IFRS or, as the case may be, on the basis of the specific nature of the industry in which it
operates or of materiality.
1.3.3.1. Intangible assets, property, plant and equipment and investment property
\u2022 Following initial recognition, \u201cIntangible assets\u201d, and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022\u00a0 \u00a0 \u00a0 The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the diminishing-
balance method.
The consolidated companies depreciate \u201cProperty, plant and equipment\u201d over the following useful lives:
YEARS OF USEFUL LIFE
Buildings and other structures
10-50
Machinery, installations and tooling
2-25
Furniture and fittings
2-15
Vehicles
3-20
Other fixed assets
2-20
1.3.3.2. Investments in infrastructure projects
This heading includes infrastructure investments made by the project companies within the scope of IFRIC 12 (mainly toll roads), where
remuneration consists of an unconditional right to receive cash or other assets, or a right to charge fees for the use of the public -infrastructure.
The assets acquired by the concession operator to provide the concession services but which do not form part of the infrastructure (such as
vehicles, furniture or computer hardware) are not included under this heading because they do not revert to the concession awarding entity.
Assets of this nature are carried under \u201cProperty, plant and equipment\u201d and are depreciated over their useful life using a financial method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including compulsory purchase costs and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case (generally
traffic forecasts in the case of toll roads) over the term of the concession.
Investments contractually agreed at concession inception on a final and irrevocable basis that will be made at a later date during the concession
term, provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an
asset and an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs
associated with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the
concession and the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In case that just part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment used for
investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these arrangements
relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both toll roads and
airports, highlighting the aforementioned acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022 (see Note
1.1.6) showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION METHOD
407 International Inc.
USA
Operation
1999
2098
Equity consolidation
NTE Mobility Partners, LLC
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
USA
Operation
2019
2069
Full consolidation
Eurolink Motorway Operations (M4-M6)
Ireland
Operation
2005
2033
Equity consolidation
Autopista Terrassa Manresa, S.A.
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A. (**)
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) In 2021, the maintenance and operation contract for the A2 Highway section was classified as a continuing operation.
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At\u00a0 December 31,\u00a0 2023 and 2022, financial returns recognized as revenue amounted to EUR 10\u00a0 million and EUR 10 million, respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2023, EUR 9 million in 2022 and EUR 12 million in 2021.
The main concession contracts that apply the account receivable model correspond to the Construction and Waste Treatment businesses (Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION
METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase)
In addition, within the companies accounted for by the equity method, the following toll road concession contracts also apply the account
receivable model:
CONCESSION
OPERATOR
COUNTRY
STATUS
START
YEAR (*)
END
YEAR
CONSOLIDATION
METHOD
Eurolink M3
Ireland
Operation
2010
2052
Equity consolidation
A66 Benavente - Zamora
Spain
Operation
2015
2042
Equity consolidation
407 East Extension
Canada
Operation
2016
2045
Equity consolidation
Scot Roads Partnership Project Limited
UK
Operation
2017
2047
Equity consolidation
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
Blackbird Infr. Group (407 East Phase 2)
Canada
Operation
2019
2047
Equity consolidation
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity consolidation
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity consolidation
Netflow OSARs Western
Australia
Construction
2017
2040
Equity consolidation
Riverlinx, Ltd.
UK
Construction
2019
2050
Equity consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
1.3.3.3. Other balance sheet and income statement items
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indicator exists, the asset's
recoverable amount is compared with its carrying value (i.e. net of accumulated depreciation). A provision for impairment is recognized in the
income statement if the recoverable amount is lower than the carrying value. The provision is reversed in future years if the recoverable amount
exceeds the carrying value.
The Group also assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for
an asset other than goodwill may no longer exist.
The line \u201cImpairment and disposal of fixed assets\u201d primarily includes asset impairment and gains or losses on the purchase, sale and disposal of
investments in Group companies and associates. When any such acquisitions or disposals of assets results in a takeover or loss of control, the
capital gain relating to the updating of the fair value in respect of the stake maintained is recognized in the column showing fair value
adjustments.
Leases
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets
which are expensed. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the
underlying assets (Note 3.7).
The Group recognizes right-of-use assets at lease inception (i.e. the date the underlying asset is available for use). Right-of-use assets are
measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the\u00a0 lease term.
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over
the lease term. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the lease payments or a change in the assessment of an option to purchase the underlying asset.
The Group applies the exception set forth in the IFRS 16 paragraph 5(a), based on which leases that have a term of less than twelve months are
treated as operating leases.
Taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the
Group operates and generates taxable income.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets are recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future
taxable profit will be available against which the unused tax losses and unused tax credits can be utilized.
Deferred tax assets and liabilities are not offset in these financial statements, as Ferrovial\u00b4s subsidiaries do not have a clear intention to settle
current tax liabilities and assets on a net basis or to realize the assets and settle the liabilities simultaneously.
Cash and cash equivalents of infrastructure project companies: Restricted cash (Note 5.2.1).
This heading includes investments of the same type and maturity that are assigned to the financing of infrastructure projects, the availability of
which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings and
to infrastructure maintenance and operation.
Fair value measurement
When measuring derivatives, the credit risk of the parties to the agreement is taken into account. The impact of credit risk will be taken to the
income statement unless the derivatives qualify as effective cash flow hedges, in which case the effect will be recognized in reserves.
The Group uses appropriate measurement methods based on the circumstances and on the volume of inputs available for each item, attempting
to maximize the use of relevant observable inputs and avoiding the use of unobservable inputs. According to IFRS 13, the Group establishes a fair
value band that categorizes the inputs to measurement methods used to measure fair value into the following three levels:
\u2022\u00a0 \u00a0 \u00a0 Level 1: Quoted prices for identical assets or liabilities.
\u2022\u00a0 \u00a0 \u00a0 Level 2: Inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly.
\u2022\u00a0 \u00a0 \u00a0 Level 3: Unobservable market inputs for the asset or liability.
As explained in Note 5.5 Financial derivatives, all the Group's financial derivatives are on Level 2.
Financial instruments
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated based on the coming 12-month or
lifetime expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in case default materializes.
The assignment of ratings and rate trends is overseen by the Financial Risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate expected loss, an average rating is obtained for
customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether the customer is
a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined payment periods per type of customer that trigger a breach and thus
the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected loss provision is calculated individually for each asset based on the
awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
Classification and measurement of financial assets.
Under IFRS 9, the classification and measurement method are based on two aspects: the characteristics of the contractual cash flows from the
financial asset and the entity's business approach to managing financial assets.
This entails three potential measurement methods: amortized cost, fair value through other comprehensive income (equity) and fair value
through profit or loss. The Group's financial assets are mainly assets held to maturity, the cash flows of which only comprise payments of principal
and interest, so financial assets are carried at amortized cost. It should be noted that there is an option to report fair value changes in other
comprehensive income from the outset in the case of equity instruments measured by default at fair value through profit or loss. This decision is
irrevocable and must be made for each individual asset.
IFRS 9 attempts to align hedge accounting more closely with risk management, and the new requirements establish a principle-based approach.
Other equity instruments
These are perpetual bonds with payment at the discretion of the party that issues the coupon in question. They do not meet the conditions to be
considered as a financial liability for accounting purposes, because they do not include any contractual obligation to make payment in the form of
cash or any other financial asset, nor do they include any obligation to exchange financial assets or liabilities. They are therefore entered as part
of the company\u2019s equity, in other equity instruments.
Non-refundable grants related to assets
Non-repayable capital grants are measured at the amount granted under \u201cDeferred income\u201d (Note 6.1) in the consolidated statement of
financial position and are progressively released to the income statement in proportion to the depreciation charged during the year on the assets
financed by the grants. From a cash flow standpoint, the investments made are presented separately from the non-refundable grants received
during the year.
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and\u00a0 with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
Provisions
This heading includes provisions covering risks arising in the course of business (see Note 6.3). The accounting treatment of each type of provision is
as follows:
i. Litigation provisions and taxes: These provisions are recognized and reversed against operating profit/(loss), against net financial income/
(expense) and/or against corporate income tax, depending on the nature of the tax for which the provision has been recognized (penalties,
related interest, and/or contested tax assessments).
ii. Provisions for replacements under IFRIC 12: These provisions are recognized and reversed against depreciation charged during the period in
which the obligations accrue, until the replacement becomes operational. The net depreciation charges amounted to EUR -6 million and EUR
28 million in 2023 and 2022, respectively.
iii. Provisions for other long-term risks: They are recognized and reversed against changes to provisions in operating profit/(loss), as and when
the landfill closure costs are incurred
iv. Trade provisions: These provisions are recognized and reversed against changes to provisions in operating profit/(loss).
Share-based remuneration schemes
Share-based remuneration scheme are accounted for as a future and therefore the value of the foreseeable dividends up to the\u00a0 date is
discounted to the value of the shares at the grant date using a rate of return equal to the average cost of borrowings over the share award period.
1.3.3.4 Revenue recognition
Ferrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent
approach across all lines of business.
i) General revenue recognition approach
The first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.
A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the
various goods and services forming a combined output that is transferred to the customer over time.
In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since
the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.
As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has
established certain criteria that are applied consistently to similar performance obligations.
In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services the control of which is
transferred to the customer over time.
In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under
construction contracts, the applicable output method consists of measuring the work carried out or surveying performance completed to date, in
which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each contract are
measured and the relevant output is recognized as revenue.
Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.IV on provisions for deferred
expenses).
For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and
remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits
from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is
recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.
The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units
to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total
costs forecast to complete the work, taking account of the expected profit margins for the whole project, based on the most recently updated
budget.
This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and
recognizing them as revenue in proportion to the total revenues expected.
As indicated above, this method only applies to lump-sum construction or service contracts in which it is not possible to break down the price and
the measurement of units to be completed.
Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial
is the principal in both construction and service contracts if it provides goods and services directly to the customer and transfers control of them
without involving intermediaries.
In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it
is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications
and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore
recognized by the Construction Division. Conversely, the concession company acts as an agent in connection with the construction performance
obligation and does not therefore recognize revenues or results in this regard.
ii) Recognition of revenue from contract modifications, claims and disputes
Modifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to
the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating
to additional work.
The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of
work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will
apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.
Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the
modification has been approved.
A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs, legally mandated inflation
adjustment) subject to an application procedure directly to the customer. The general criterion followed by the Group is not to recognize revenue
until the request has been approved by the customer. In the event that the work is approved but the valuation is pending, the requirement
mentioned below for the case of \u201cvariable consideration\u201d in accordance with IFRS 15 is applied, recording the amount for which it is highly
probable that there will not be a significant reversal. This treatment is also applied in exceptional cases where no approval has been received from
the customer, recording revenue provided there is a legal report justifying that the disputed rights are clearly enforceable, as well as a technical
report supporting the technical basis of the request or claim in question and approval from the Division\u2019s CFO and General Counsel.
A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract,
the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings.
In line with the criteria followed by the Group, in the event that the revenues relating to a dispute in which the enforceability of the amount being
claimed are in doubt, these revenues will not be recognized and any amount recognized earlier will be cancelled, since the dispute shows that the
customer has not given its approval for the completed work.
In the event that the customer questions the value of the work completed, revenues will be recognized on the basis of the criteria applied in cases
of \u201cvariable consideration\u201d, as explained below.
Only in cases in which a legal report confirms that the rights forming the subject of the dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenues may be recognized up to the maximum amount of the
costs incurred.
iii) Determination of the transaction price
The transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the
consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end,
the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.
The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in
similar circumstances and to similar customers.
Variable consideration
If the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a
significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been
reached.
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
iv) Balance sheet items related to revenue recognition
Completed work pending certification/work certified in advance
Unlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on
acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the
amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.
For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named
\u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the
revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in
advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs of obtaining contracts (bidding costs),
costs incurred to fulfil contracts or start-up costs (mobilization costs) directly related to the main contract, provided they are recoverable during
the performance of the contract. These balances are included in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1).
Bidding costs are only capitalized when they are directly related to a contract, it is probable that they will be recovered in the future and the
contract has been awarded or the company has been selected as preferred bidder.
Bidding costs incurred before a contract is awarded or the contractor selected as preferred bidder are recognized as an expense, unless they are
explicitly recoverable from the customer in any event (whether or not the contract is obtained). They are amortized systematically as the goods
and services related to the asset are transferred to the customer.
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They expensed based on the proportion of
actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect an
existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the amount
of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a percentage of the
total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the option
of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a
contract exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 (paragraph 14 (b) as well as incremental costs and those
directly related to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless
they are explicitly passed on to the counterparty in accordance with the contract, in line with paragraph 68 (a) of IAS 37.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
vi) Segment-specific revenue recognition approach
Toll Roads business
The contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets
on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).
In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users
is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial
asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or
maintenance), which are recognized as separate performance obligations to which market prices must be allocated.
Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.
As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the
construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with
the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.
Airports business
Generally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a
point in time.
It should be noted that JFK NTO LLC\u00a0 is acting as an agent in relation to the construction performance obligation. In this case, the design and
construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction
company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the
provisions of IFRS 15, especially considering paragraphs B35 and B37.
Energy Infrastructures and Mobility business
These contracts cover a number of services that are substantially the same and are transferred based on the same pattern. The monthly rate
reflects the value of the services rendered. This type of contract includes a single performance obligation that is transferred over time for which
revenues are recognized using the output method.
1.3.5. Disclosures
It should also be noted that information or disclosures that need not be included on the basis of qualitative significance have been omitted from
these consolidated financial statements due to being immaterial under the IFRS Conceptual Framework.
2.10. NET PROFIT/(LOSS) AND EARNINGS PER SHARE
Basic earnings per share have been calculated by dividing profit for the year attributed to the parent company's shareholders, adjusted for the net
coupon for the year on the subordinated perpetual bonds issued by the Group and taken directly to equity (Note 5.1.2), by the weighted average
number of ordinary shares outstanding, excluding the average number of treasury shares held during the year.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-874": { "value": "
1.3.1. New accounting standards
1.3.1.a) New standards, amendments and interpretations adopted by the European Union that must be first-time adopted in\u00a0 2023
At December 31, 2022 none of the standards, interpretations or amendments that are applicable for the first time in the current year have had a
significant impact on the measurement, recognition or presentation of any items in the Group's financial statements. The following paragraphs
explain the amendments to standards that have had an impact on disclosures in the financial statements:
Disclosure of Accounting Policies
Amendments to IAS 1 and IFRS Practice Statement 2 \u201cMaking Materiality Judgements\u201d: The amendments to IAS 1 and IFRS Practice Statement 2
aim to help entities to provide more useful accounting policy disclosures by replacing the requirement to disclose their \u2018significant\u2019 accounting
policies with a requirement to disclose their \u2018material\u2019 accounting policies, adding guidance on how entities apply the concept of materiality in
making decisions about accounting policy disclosures. The disclosures contained in these financial statements have been reviewed in line with
these Amendments to IAS 1 and IFRS Practice Statement 2.
International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12
The amendments to IAS 12 have been introduced in response to the OECD\u2019s Base Erosion and Profit Shifting (BEPS) Pillar Two rules and include:
\u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the
Pillar Two model rules; and
\u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two
income taxes arising from that legislation, particularly before its effective date.
The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements,
which\u00a0 apply for annual reporting periods beginning on or after January 1, 2023, have been included in Note 2.7.4.
Deferred tax related to assets and liabilities arising from a single transaction \u2013 Amendments to IAS 12
These amendments narrow the scope or the initial recognition exception under IAS 12, so it no longer applies to transactions that give rise to equal
taxable and deductible temporary. Differences\u201d.\u00a0 The impact of these amendments on these financial statements has been immaterial.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
1.3.1.b) New standards, amendments and interpretations mandatorily applicable in financial years after December 31, 2023
The new standards, amendments and interpretations approved by the IASB but not yet mandatorily applicable at December 31, 2023 that might
have an effect on the Group are as follows:
Standard, interpretation or amendment
Date
published in
the EU Official
Date applicable in
the EU
IASB
applicable
date
Amendment to IAS 1 Presentation of financial statements: Classification of financial liabilities as current or non-
current
December 19, 2023
January 1, 2024
January 1, 2024
Amendment to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
November 20, 2023
January 1, 2024
January 1, 2024
Amendment to IAS 7 and IFRS 7 - Characteristics of financing arrangements and new disclosures to help users of
financial statements understand the effects of these arrangements on liabilities, cash flows and exposure to liquidity
risk.
Pending
Pending
January 1, 2024
Amendment to IAS 21 \u2013 Clarifications to assess whether a currency is convertible and how they should determine the
spot rate when there is no convertibility.
Pending
Pending
January 1, 2025
Although the Group is currently analyzing the impact of the above amendments, the preliminary analyses carried out to date do not indicate that
first- time adoption will have a material impact on the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-873": { "value": "
1.3.1. New accounting standards
1.3.1.a) New standards, amendments and interpretations adopted by the European Union that must be first-time adopted in\u00a0 2023
At December 31, 2022 none of the standards, interpretations or amendments that are applicable for the first time in the current year have had a
significant impact on the measurement, recognition or presentation of any items in the Group's financial statements. The following paragraphs
explain the amendments to standards that have had an impact on disclosures in the financial statements:
Disclosure of Accounting Policies
Amendments to IAS 1 and IFRS Practice Statement 2 \u201cMaking Materiality Judgements\u201d: The amendments to IAS 1 and IFRS Practice Statement 2
aim to help entities to provide more useful accounting policy disclosures by replacing the requirement to disclose their \u2018significant\u2019 accounting
policies with a requirement to disclose their \u2018material\u2019 accounting policies, adding guidance on how entities apply the concept of materiality in
making decisions about accounting policy disclosures. The disclosures contained in these financial statements have been reviewed in line with
these Amendments to IAS 1 and IFRS Practice Statement 2.
International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12
The amendments to IAS 12 have been introduced in response to the OECD\u2019s Base Erosion and Profit Shifting (BEPS) Pillar Two rules and include:
\u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the
Pillar Two model rules; and
\u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two
income taxes arising from that legislation, particularly before its effective date.
The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements,
which\u00a0 apply for annual reporting periods beginning on or after January 1, 2023, have been included in Note 2.7.4.
Deferred tax related to assets and liabilities arising from a single transaction \u2013 Amendments to IAS 12
These amendments narrow the scope or the initial recognition exception under IAS 12, so it no longer applies to transactions that give rise to equal
taxable and deductible temporary. Differences\u201d.\u00a0 The impact of these amendments on these financial statements has been immaterial.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
1.3.1.b) New standards, amendments and interpretations mandatorily applicable in financial years after December 31, 2023
The new standards, amendments and interpretations approved by the IASB but not yet mandatorily applicable at December 31, 2023 that might
have an effect on the Group are as follows:
Standard, interpretation or amendment
Date
published in
the EU Official
Date applicable in
the EU
IASB
applicable
date
Amendment to IAS 1 Presentation of financial statements: Classification of financial liabilities as current or non-
current
December 19, 2023
January 1, 2024
January 1, 2024
Amendment to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
November 20, 2023
January 1, 2024
January 1, 2024
Amendment to IAS 7 and IFRS 7 - Characteristics of financing arrangements and new disclosures to help users of
financial statements understand the effects of these arrangements on liabilities, cash flows and exposure to liquidity
risk.
Pending
Pending
January 1, 2024
Amendment to IAS 21 \u2013 Clarifications to assess whether a currency is convertible and how they should determine the
spot rate when there is no convertibility.
Pending
Pending
January 1, 2025
Although the Group is currently analyzing the impact of the above amendments, the preliminary analyses carried out to date do not indicate that
first- time adoption will have a material impact on the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-876": { "value": "
1.3.2. Basis of consolidation
In 2023 and 2022, the reporting dates of the individual financial statements of all the companies included in the consolidation scope were either
the same as, or were temporarily brought into line with, that of the parent company. In this regard, in order to calculate the degree of control,
joint control or significant influence in each Group company, the consistency of the ownership interest held with the number of votes controlled in
each company under their Bylaws and shareholder agreements is reviewed.
In the case of business activities with companies in which joint control is identified, the general basis of consolidation is the equity method. In
relation to these businesses, besides situations in which there are two venturers, each with a 50% ownership interest, cases requiring a more in-
depth analysis are those relating to infrastructure projects in which Ferrovial is the shareholder with the largest ownership interest (less than or
equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the investee, while the other shareholders, mainly
infrastructure funds, sit directly on the Board of Directors.
Notable cases in this regard are the ownership interests held in the companies that own the following Toll Road projects (the percentage interest
held in each is shown in brackets): 407 ETR (43.23%), Slovakia (35%), Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO
(49%), which was incorporated into the Airports Division in 2022, as described in point 1.1.4.
Contracts that are undertaken through temporary consortia (JVs) or similar entities that meet IFRS 11 requirements to be classified as \u201cjoint
operations\u201d are proportionately consolidated.
It is considered that, in such joint operations, the shareholders have direct control over the assets, liabilities, income and expenses of these entities.
Operations of this nature contributed to the consolidated Group assets, profit/(loss) and revenue totaling EUR 517 million, EUR 36 million and EUR
1,437 million, respectively (EUR 428 million, EUR 40 million and EUR 1,242 million in 2022). The following companies stand out as being involved
in construction projects:
PROJECT
COUNTRY
ACTIVITY
% SHARE
REVENUE (EUR M)
HS2 Main works
UK
Works on 80 km of the HS2 between Chilterns and Warwickshire, including 15 viaducts, 5 km of
green tunnels, 22 km of road diversions.
15.00%
289
Sydney Metro West
Australia
Metro design and construction on an 11-kilometre stretch of twin railway tunnels between Sydney
Olympic Park and The Bays.
50.00%
224
Riverlinx
UK
Design, construction, financing, operation and maintenance of the Silvertown Tunnel in East
London.
50.00%
158
Ontario Transit Group
Constructor GP
Canada
Design, build and financing of the Ontario Line Subway: Construction of a 6.7 km, seven-station
rapid transit system.
50.00%
92
Coffs Harbour Bypass
Australia
Design and build contract for14 km of road, three tunnels and a service road.
50.00%
68
Undergrounding of Murcia
Station
Spain
Burying of the arterial railway network in the city of Murcia. New high-speed railway access to the
east. Madrid-Castilla La Mancha-Comunidad Valenciana-Region of Murcia.
50.00%
47
Linha Circular, A.C.E
Portugal
Ferrovial will build a new circular metro line in Oporto, the Pink Line, which will be 3.1 kilometres
long. The work on the Pink Line includes the construction of four new stations, three ventilation
shafts and the installation of the track and catenary.
65.00%
43
Linha Amarela, A.C.E.
Portugal
Construction of the Yellow metro line in Oporto, with a new 3.15-kilometre section of double-track
light rail. The work also includes the construction of a viaduct, a 770-metre tunnel and three
stations, among other tasks.
65.00%
41
Metro Paris Ligne 3A JV
France
Metro Paris with 6,7 KM tunnel. The work includes building three stations and eight ancillary
infrastructures.
50.00%
14
977
Finally, the companies over which Ferrovial, S.E. exercises significant influence and which do not meet the requirements of IFRS 11 to be classified
as \u201cjoint operations\u201d are also equity accounted.
A breakdown of the equity-accounted companies can be found in Note 3.5 and in Appendix I.
Intragroup balances and transactions are eliminated on consolidation. However, the transactions recognized in the income statement in relation
to construction works undertaken by the Construction Division for infrastructure project concession operators are not eliminated on consolidation,
since it is considered that the Group performs work for the concession awarding entity or regulator in exchange for the right to operate the
infrastructure under the terms pre-established by the granting entity or regulator.
The awarding entity or regulator thus controls the asset from inception and grants the above-mentioned right in exchange for the work
performed and, therefore, the conclusion may be reached that, at the Group level, the work is performed for third parties. This approach is in line
with IFRIC 12.
The non-elimination of these transactions had an impact of EUR -34 million on the 2023 income statement, after taxes and non-controlling
interests (EUR -60 million in 2022 and EUR 5 million in 2021).
Appendix I contains a list of subsidiaries and associates.
Finally, as regards to transactions for the purchase or sale of an ownership interest that does not entail a change of control in the company in
question, the non-controlling interest is measured at the proportional value of the net identifiable assets of the company acquired or sold.
Changes in the parent\u2019s ownership interest in a subsidiary that do not give rise to a loss of control are equity transactions.
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
CONTINUING OPERATIONS
CORPORATION
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
67
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
13
1
Ferrovial Corporaci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
5
1
Ferrofin, S.L. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
52.0%
24
1
Ferrofin, S.L. (a)
Ferrovial SE
48.0%
22
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
7
Ferrovial 001, S.A. (a)
Ferrovial SE
100.0%
0
Ferrovial 008, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 009, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 011, S.A
Ferrovial SE
100.0%
0
Ferrovial 012, S.A
Ferrovial SE
100.0%
0
Ferrovial 013, S.A
Ferrovial SE
100.0%
0
Ferrovial 014, S.A
Ferrovial SE
100.0%
0
Ferrovial 015, S.L.
Ferrovial SE
100.0%
0
Ferrovial 016, S.L.
Ferrovial SE
100.0%
0
Ferrovial 017, S.L.
Ferrovial SE
100.0%
0
Ferrovial Venture VI, S.A.U. (a)
Ferrovial SE
100.0%
6
Ferrovial Ventures, S.A.U. (a)
Ferrovial SE
100.0%
15
Pilum, S.A.
P
Ferrovial SE
94.1%
1
UNITED KINGDOM (Registered Office: Oxford)
Ferrocorp UK Ltd.
Ferrovial SE
100.0%
1
1
UNITED KINGDOM (Registered Office: London)
Ferrovial Ventures, Ltd.
Ferrovial SE
100.0%
7
1
Ferrovial Services UK, Ltd.
Ferrovial EG SE
100.0%
0
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
IRELAND (Registered Office: Dublin)
Landmille, Ltd
Ferrovial SE
100.0%
5
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
105
1
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
14
2
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, SE
100.0%
3,228
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: Wilmington)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
5
1
RailBX GmbH
Budimex, S.A.
100.0%
0
1
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sidney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
-4
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil)
Ferrovial Construction International SE
100.0%
1
CANADA (Registered Office: Alberta)
Webber Infrastructure Management Alberta Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
0
CANADA (Registered Office: Markham - Ontario)
Ferrovial Construction CANADA Inc.
Ferrovial Construction International SE
100.0%
66
1
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
11
Webber Infrastructure Management Ontario Limited
Webber Infrastructure Management Canada Holdings Ltd
100.0%
30
CANADA (Registered Office: Toronto)
Webber Infrastructure Management Canada Holdings Ltd
Ferrovial Construction International SE
100.0%
6
5
CHILE (Registered Office: Santiago de Chile)
Constructora Ferrovial Ltda.
Ferrovial Empresa Constructora Ltda.
97.2%
0
1
Ferrovial Construcci\u00f3n Chile S.A.
Ferrovial Empresa Constructora Ltda.
100.0%
33
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International SE
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Siemsa Chile S.p.A.
Siemsa Industria S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International SE
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
1
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
3
3
Ferrovial Construction Slovakia S.R.O.
Ferrovial Construction Holdings Ltd
99.0%
9
3
SPAIN (Registered Office: Barcelona)
Conc. Prisiones Lledoners,S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0
100.0%
16
1
SPAIN (Registered Office: Bilbao)
Cadagua, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
87
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
8
1
Ditecpesa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
20
1
Ferrovial Construcci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
711
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
Ferrovial Railway S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
Siemsa Control y Sistemas S.A.U. (a)
Siemsa Industria S.A. (a)
99.0%
1
1
Siemsa Industria S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
16
1
Urbaoeste, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Cimentaciones Especiales y Estructurales CIMSA, S.A.
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
2
1
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
UNITED STATES (Registered Office: Atlanta)
Ferrovial Construction East, LLC
Ferrovial Construction US Corp.
100.0%
457
UNITED STATES (Registered Office: Austin)
Cadagua US LLC
Ferrovial Construction US Holding Corp.
100.0%
14
Cintra ITR LLC
Ferrovial Construction US Corp.
44.0%
3
1
Ferrovial Agroman 56, LLC
Ferrovial Construction Texas, LLC
100.0%
35
Ferrovial Agroman Indiana, LLC
Ferrovial Construction US Corp.
100.0%
0
Ferrovial Construction Texas, LLC
Ferrovial Construction US Corp.
100.0%
158
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
453
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,002
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Grand Parkway Infrastructure LLC
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
Servicios (Delaware) Inc.
Webber Infrastructure Management Holding US Corp
100.0%
35
Webber Infrastructure Management US Inc.
Servicios (Delaware) Inc.
100.0%
255
1
Webber Infrastructure Management Inc.
Webber Infrastructure Management US
100.0%
39
1
Webber Infrastructure Management Holding US Corp
Ferrovial Holding US Corp
100.0%
31
1
Ferrovial Construccion JFK T1 LLC
Ferrovial Construction US Corp.
100.0%
0
Tecpresa Structural Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
UNITED STATES (Registered Office: Charlotte)
Sugar Creek Construction LLC
Ferrovial Construction East, LLC
70.0%
64
UNITED STATES (Registered Office: Dallas)
Trinity Infrastructure LLC
DBW Construction LLC
40.0%
0
Trinity Infrastructure LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
North Tarrant Infrastructures
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
39
1
UNITED STATES (Registered Office: Katy)
52 Block Builders
Webber Commercial Construction, LLC
100.0%
0
1
UNITED STATES (Registered Office: Los Angeles)
California Rail Builders
Ferrovial Construction West, LLC
80.0%
0
1
Ferrovial Construction West, LLC
Ferrovial Construction US Corp.
100.0%
0
1
UNITED STATES (Registered Office: North Richland Hills)
Bluebonnet Contractor, LLC
DBW Construction LLC
40.0%
0
Bluebonnet Contractor, LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
40
1
PLW Waterworks LLC
Cadagua US, LLC
50.0%
2
1
PLW Waterworks LLC
Webber, LLC
50.0%
2
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
584
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
6
1
Webber Equipment & Materials LLC
Webber, LLC
100.0%
227
1
Webber Management Group LLC
Webber Equipment & Materials LLC
100.0%
41
1
UNITED STATES (Registered Office: Virginia)
FAM Construction LLC (I-66)
Ferrovial Construction US Corp.
70.0%
240
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International SE
100.0%
13
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International SE
Ferrovial SE
100.0%
237
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
2
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.0%
0
Cadagua Ferr. Industrial MEXICO
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
25.0%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zeeland) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
1
PERU (Registered Office: Lima)
1
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C.
Ferrovial Construction International SE
100.0%
0
POLAND (Registered Office: Cracow)
Mostostal Krak\u00f3w S.A.
Budimex, S.A.
100.0%
3
1
Mostostal Krak\u00f3w Energetyka sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
8
1
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
21
1
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
6
1
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
5
1
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International SE
50.1%
83
1
Budimex Mobility, S.A.
Budimex, S.A.
100.0%
3
1
WM Serwis, S.A.
Budimex, S.A.
100.0%
0
1
BXF Energ\u00eda SP. z.o.o.
Budimex, S.A.
51.0%
8
1
Budimex Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Budimex Kolejnictwo SA
Budimex, S.A.
100.0%
19
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
68
1
JZE Sp. z o.o.
FBSerwis SA
100.0%
1
1
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
6
PPHUH Konstralex Sp. z.o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Green Waste Management 1 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
CZECH REPUBLIC (Registered Office: Prague)
Budimex Construction Prague S.P.O.
Budimex, S.A.
100.0%
0
1
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International SE
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International SE
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
31
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International SE
100.0%
31
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
1
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
155
1
Cintra Infraestructuras Irlanda, S.L.U. (a)
Cintra Global SE
100.0%
3
1
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
0
1
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)(a)
100.0%
0
1
Cintra Inversiones, S.L.U. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
46
Cintra Servicios de Infraestructuras, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
15
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
12
2
Pilum, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
2.1%
0
2
Ferrovial Aravia, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Cintra Desarrollo Espa\u00f1a, S.L.
Cintra Global SE
100.0%
0
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
414
1
AUSTRALIA (Registered Office: Melbourne)
Cintra OSARS (Western) Holdings Unit Trust
Cintra OSARS Western Ltd
100.0%
23
Cintra OSARS Western Unit Trust
Cintra OSARS (Western) Holdings Unit Trust
100.0%
-3
AUSTRALIA (Registered Office: Sydney)
Cintra Developments Australia PTY, Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
Cintra OSARS (Western) Holdings PTY Ltd
Cintra OSARS Western Ltd
100.0%
0
1
Cintra OSARS Western PTY Ltd
Cintra OSARS (Western) Holdings PTY Ltd
100.0%
0
1
CANADA (Registered Office: Toronto)
Cintra 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
2
Cintra OM&R 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
0
Cintra 4352238 Investments INC
407 Toronto Highway B.V.
100.0%
12
Blackbird Maintenance 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
1
Blackbird Infrastructure 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
0
COLOMBIA (Registered Office: Bogot\u00e1)
Cintra Infraestructuras Colombia, S.A.S. (a)
Cintra Global SE
100.0%
18
1
UNITED STATES (Registered Office: Austin)
Cintra Holding US Corp
Ferrovial Holding US Corp
96.8%
1,292
Cintra Texas Corp
Cintra Holding US Corp
100.0%
-22
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC
Cintra Holding US Corp
49.0%
0
Cintra LBJ LLC
Cintra Holding US Corp
100.0%
303
Cintra NTE LLC
Cintra Holding US Corp
100.0%
240
Cintra NTE Mobility Partners Segments 3 LLC
Cintra Holding US Corp
100.0%
282
Cintra Toll Services LLC
Cintra Holding US Corp
100.0%
0
Cintra I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
142
Cintra 2 I-77 Mobility Partners LLC (2)
Cintra Holding US Corp
100.0%
66
Cintra 2 I-66 Express Mobility Partners
Cintra Holding US Corp
100.0%
679
I-66 Express Mobility Partners Holdings LLC
P
Cintra 2 I-66 Express Mobility Partners
50.0%
679
I-66 Express Mobility Partners LLC
P
I-66 Express Mobility Partners Holdings LLC
100.0%
1,437
Cintra 3I-66 Express Mobility Partners LLC
Cintra Holding US Corp
100.0%
200
Cintra 3 I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
104
Cintra Digital Business Ventures LLC
P
Cintra Holding US Corp
100.0%
0
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
0
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Cintra North Corridor Transit Partners LLC
Cintra Holding US Corp
100.0%
0
UNITED STATES (Registered Office: Charlotte)
I-77 Mobility Partners Holding LLC
P
Cintra I-77 Mobility Partners LLC
50.1%
108
I-77 Mobility Partners Holding LLC
P
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
I-77 Mobility Partners Holding LLC
P
Cintra 3-I77 Mobility Partners Holding LLC
7.1%
104
I-77 Mobility Partners LLC
P
I-77 Mobility Partners Holding LLC
100.0%
218
1
UNITED STATES (Registered Office: Dallas)
LBJ Infrastructure Group Holding LLC
P
Cintra LBJ LLC
54.6%
302
LBJ Infrastructure Group LLC
P
LBJ Infrastructure Group Holding LLC
100.0%
521
1
UNITED STATES (Registered Office: North Richland Hills)
NTE Mobility Partners Holding LLC
P
Cintra NTE LLC
63.0%
240
1
NTE Mobility Partners LLC
P
NTE Mobility Partners Holding LLC
100.0%
322
1
NTE Mobility Partners Segments 3 Holding LLC
P
Cintra NTE Mobility Partners Segments 3 LLC
53.7%
276
1
NTE Mobility Partners Segments 3 LLC
P
NTE Mobility Partners Segments 3 Holding LLC
100.0%
436
1
NETHERLANDS (Registered Office: Amsterdam)
Cintra Infrastructures SE
Ferrovial SE
100.0%
3,033
1
Cintra Global SE
Ferrovial SE
100.0%
3,242
1
407 Toronto Highway B.V.
Cintra Global SE
100.0%
2,664
2
Cintra INR Investments B.V.
Cintra Global SE
100.0%
369
5
Cintra Latam Highways B.V.
Cintra Global SE
100.0%
1
INDIA (Registered Office: Mumbai)
Cinfra India Private Limited
Cintra INR Investments BV
99.9%
0
1
IRELAND (Registered Office: Dublin)
Financinfrastructures, Ltd
Cintra Global SE
100.0%
32
1
Cinsac, Ltd
Cintra Infraestructuras IRELAND, S.L.U. (a)
100.0%
1
1
PORTUGAL (Registered Office: Lisbon)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Vialivre, S.A.
P
Cintra Infrastructures SE
84.0%
0
1
UNITED KINGDOM (Registered Office: London)
Cintra Silvertown Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
UNITED KINGDOM (Registered Office: Oxford)
Cintra Infrastructures UK Ltd
Cintra Global SE
100.0%
42
1
Cintra Toowoomba Ltd
Cintra Infrastructures UK Ltd
100.0%
5
1
Cintra UK I-77 Ltd
Ferrovial Holding US Corp
100.0%
0
1
Cintra Slovakia Ltd
Cintra Global SE
100.0%
1
1
Cintra OSARS Western Ltd
Cintra Infrastructures UK Ltd
100.0%
23
1
CHILE (Registered Office: Santiago de Chile)
Cintra Infraestructuras Chile, S.p.A
Cintra Global SE
100.0%
0
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
43
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
325
Ferrovial Vertiports US LLC
Ferrovial Airports Holding US Corp
100.0%
8
Ferrovial Vertiports Florida LLC
P
Ferrovial Vertiports US LLC
100.0%
1
UNITED STATES (Registered Office: Denver)
Ferrovial Airports O&M Services LLC
Ferrovial Airports Holding US Corp
100.0%
0
Ferrovial Airports US Terminal One LLC.
Ferrovial Airports Holding US Corp
100.0%
265
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
273
NETHERLANDS (Registered Office: Amsterdam)
Hubco Netherlands B.V.
Ferrovial Airports International, SE
100.0%
807
FERROVIAL AIRPORTS FMM BV
Ferrovial Airports International, SE
100.0%
9
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
Ferrovial Vertiports UK Ltd.
P
Ferrovial Airports International, SE
100.0%
2
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
13
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
19
Parque Solar Casilla, S.L.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
9
1
Ferrovial Mobility, S.L. (a)
Ferrovial SE
100.0%
35
Cea Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Jucar Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Pisuerga Infraestructuras Energ\u00e9ticas, S.A.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Ferrovial Growth VI, S.L. (a)
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
10
Roland Servicios Empresariales, S.L.U.
Ferrovial Mobility, S.L. (a)
100.0%
15
Ferrovial 004, S.A. (a)
Ferrovial SE
100.0%
17
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
P
Ferrovial Transco International, B.V.
100.0%
60
1
Ferrovial Transco Chile II SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
P
Ferrovial Power Infraestructure Chile, SpA
99.9%
56
1
Ferrovial Transco Chile III SPA
P
Ferrovial Transco International, B.V.
100.0%
0
Ferrovial Transco Chile IV SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Transco Chile III SPA
49.9%
0
1
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
2
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
52
2
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
63
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
100.0%
0
1
Thalia MK ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia AWRP ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB ODC Limited
Thalia WB HoldCo Limited
100.0%
0
1
Thalia WB Services Limited
Thalia WB ODC Limited
100.0%
0
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Thalia WB SPV Limited
Thalia WB Services Limited
100.0%
0
1
Thalia IOW SPV Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia Services Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK SPV Limited
Thalia MK HoldCo Limited
100.0%
0
1
Thalia Ventures Limited
Thalia Holdco Ltd
100.0%
0
1
Thalia IOW ODC Ltd
Thalia Waste Management Limited
100.0%
0
1
Thalia Holdco Ltd
Thalia Waste Treatment BV
100.0%
0
1
CHILE (Registered Office: Antofagasta)
Berliam S.p.A.
Ferrovial Servicios Chile, SpA
65.1%
0
2
Berliam S.p.A.
Inversiones Chile Ltda
34.9%
3
2
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.
Ferrovial Servicios Chile SPA
99.9%
31
2
Veltis, Sp.a
Ferrovial EG SE
100.0%
12
CHILE (Registered Office: Santiago)
Walvis, S.A.
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada
Veltis, Sp.a
100.0%
27
2
Inversiones\u00a0 (Chile) Limitada
Inversiones (Chile) Holding Limitada
100.0%
0
Ferrovial Servicios Salud, SpA
Ferrovial Servicios Chile SPA
100.0%
0
Auditor Key:
Auditors: (1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial, S.A. and subsidiaries.
(*) New legal names (effective as of the first week of January 2022)
(P) Project Company
(Net Cost Ownership: Net Cost of the parent company over subsidiary)
Appendix I. Associate companies(equity-accounted companies)
(million euro)
Entity
Type
Parent
%
Owner.
V Eq.
Metho
d
Assets.
Liab.
Reve
n.
Result
s
Audit
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN
Grupo Serveo, S.L.
Ferrovial 004, S.L.U.
24.8%
17
663
585
1,241
44
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
-9
875
893
214
0
SPAIN
Via Olmedo Pedralba, S.A.
Ferrovial Construccion, S.A.
25.2%
1
5
2
4
0
3
Boremer, S.A.
Cadagua, S.A.
50.0%
1
2
1
0
0
2
UNITED STATES
Pepper Lawson Horizon Intl. Group
Webber Commercial Construction LLC
70.0%
0
2
2
0
0
1
OMAN
International Water Treatment LLC
Cadagua, S.A.
37.5%
2
0
0
0
0
4
POLAND
PPHU Promos Sp. z o.o.
Budimex SA
26.3%
1
0
0
0
0
AIRPORTS
UNITED KINGDOM
FGP Topco Limited
P
Hubco Netherlands B.V.
25.0%
0
22,358
25,465
4,240
389
4
AGS Airports Holdings Limited
P
Faero UK Holding Limited
50.0%
0
1,476
1,488
228
-26
2
QATAR
FMM Company LLC
P
Ferrovial Airports FMM B.V.
49.0%
19
69
29
99
15
UNITED STATES
,
JFK NTO SPONSOR AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
471
5,966
5,162
66
7
1
TOLL ROADS
AUSTRALIA
Nexus Infrastructure Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
1
0
0
0
Nexus Infrastructure Unit Trust
P
Nexus Infrastructure Holdings Unit Trust
40.0%
10
46
20
33
6
Nexus Infrastructure Holdings PTY Ltd
P
Cintra Toowoomba Ltd
40.0%
0
0
0
0
0
Nexus Infrastructure PTY Ltd
P
Nexus Infrastructure Holdings PTY Ltd
40.0%
0
0
0
0
0
Netflow Osars (Western) GP
P
Cintra Osars (Western) Unit Trust
50.0%
42
165
81
51
2
SPAIN
Serranopark, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
50.0%
1
74
47
7
6
2
Autov\u00eda de Arag\u00f3n Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
17
146
99
49
7
1
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
20.0%
5
34
13
17
4
Empresa Mant. y Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
-34
224
223
35
12
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30, S.A.
20.0%
52
655
140
146
62
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
928
3,667
7,797
1,025
403
2
407 East Development Group General Partnership
P
Cintra 407 East Development Group Inc
50.0%
15
109
63
8
3
2
OM&R 407 East Development Group General Partnership
P
Cintra OM&R 407 East Development Group Inc
50.0%
1
6
4
6
1
2
Blackbird Maintenance 407 GP
P
Blackbird Maintenance 407 Cintra GP Inc
50.0%
1
5
4
5
0
3
Blackbird Infrastructures 407 GP
P
Blackbird Infrastructures 407 Cintra GP Inc
50.0%
12
94
69
7
2
3
COLOMBIA
Concesionaria Ruta del Cacao S.A.S.
P
Cintra Infraestructuras Colombia S.A.S.
30.0%
22
815
739
183
51
2
INDIA
IRB Infrastructure Developers Limited
Cintra INR Investments B.V.
100.0%
376
4,803
3,311
828
61
3
IRELAND
Eurolink Motorway Operation (N4-N6) Ltd
P
Cintra Infraestructuras Irlanda, S.L.U.
20.0%
10
207
97
37
4
2
Eurolink Motorway Operations (M3) Ltd
P
Cinsac Ltd
20.0%
9
102
58
16
3
2
UNITED KINGDOM
Scot Roads Partnership Holdings Ltd
P
Cintra Infrastructures UK Ltd
20.0%
0
0
0
0
0
Scot Roads Partnership Finance Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
405
405
0
0
Scot Roads Partnership Project Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
433
433
37
0
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
35.0%
14
1,029
972
51
0
RiverLinx Holdings Ltd
P
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
22.5%
52
1,500
1,269
275
5
Total equity-accounted continuing operations
2,038
Auditor key:(1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Associados, Sroc.; (10) Grant Thornton UK LLP; (11) 3 Auditores SLP
(P) Project Company (Value Eq. Method: Net Cost of the parent company over the equity-accounted companies)", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-878": { "value": "
1.3.2. Basis of consolidation
In 2023 and 2022, the reporting dates of the individual financial statements of all the companies included in the consolidation scope were either
the same as, or were temporarily brought into line with, that of the parent company. In this regard, in order to calculate the degree of control,
joint control or significant influence in each Group company, the consistency of the ownership interest held with the number of votes controlled in
each company under their Bylaws and shareholder agreements is reviewed.
In the case of business activities with companies in which joint control is identified, the general basis of consolidation is the equity method. In
relation to these businesses, besides situations in which there are two venturers, each with a 50% ownership interest, cases requiring a more in-
depth analysis are those relating to infrastructure projects in which Ferrovial is the shareholder with the largest ownership interest (less than or
equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the investee, while the other shareholders, mainly
infrastructure funds, sit directly on the Board of Directors.
Notable cases in this regard are the ownership interests held in the companies that own the following Toll Road projects (the percentage interest
held in each is shown in brackets): 407 ETR (43.23%), Slovakia (35%), Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO
(49%), which was incorporated into the Airports Division in 2022, as described in point 1.1.4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-877": { "value": "
1.3.2. Basis of consolidation
In 2023 and 2022, the reporting dates of the individual financial statements of all the companies included in the consolidation scope were either
the same as, or were temporarily brought into line with, that of the parent company. In this regard, in order to calculate the degree of control,
joint control or significant influence in each Group company, the consistency of the ownership interest held with the number of votes controlled in
each company under their Bylaws and shareholder agreements is reviewed.
In the case of business activities with companies in which joint control is identified, the general basis of consolidation is the equity method. In
relation to these businesses, besides situations in which there are two venturers, each with a 50% ownership interest, cases requiring a more in-
depth analysis are those relating to infrastructure projects in which Ferrovial is the shareholder with the largest ownership interest (less than or
equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the investee, while the other shareholders, mainly
infrastructure funds, sit directly on the Board of Directors.
Notable cases in this regard are the ownership interests held in the companies that own the following Toll Road projects (the percentage interest
held in each is shown in brackets): 407 ETR (43.23%), Slovakia (35%), Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO
(49%), which was incorporated into the Airports Division in 2022, as described in point 1.1.4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-875": { "value": "
1.3.2. Basis of consolidation
In 2023 and 2022, the reporting dates of the individual financial statements of all the companies included in the consolidation scope were either
the same as, or were temporarily brought into line with, that of the parent company. In this regard, in order to calculate the degree of control,
joint control or significant influence in each Group company, the consistency of the ownership interest held with the number of votes controlled in
each company under their Bylaws and shareholder agreements is reviewed.
In the case of business activities with companies in which joint control is identified, the general basis of consolidation is the equity method. In
relation to these businesses, besides situations in which there are two venturers, each with a 50% ownership interest, cases requiring a more in-
depth analysis are those relating to infrastructure projects in which Ferrovial is the shareholder with the largest ownership interest (less than or
equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the investee, while the other shareholders, mainly
infrastructure funds, sit directly on the Board of Directors.
Notable cases in this regard are the ownership interests held in the companies that own the following Toll Road projects (the percentage interest
held in each is shown in brackets): 407 ETR (43.23%), Slovakia (35%), Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO
(49%), which was incorporated into the Airports Division in 2022, as described in point 1.1.4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-879": { "value": "
1.3.2. Basis of consolidation
Intragroup balances and transactions are eliminated on consolidation. However, the transactions recognized in the income statement in relation
to construction works undertaken by the Construction Division for infrastructure project concession operators are not eliminated on consolidation,
since it is considered that the Group performs work for the concession awarding entity or regulator in exchange for the right to operate the
infrastructure under the terms pre-established by the granting entity or regulator.
The awarding entity or regulator thus controls the asset from inception and grants the above-mentioned right in exchange for the work
performed and, therefore, the conclusion may be reached that, at the Group level, the work is performed for third parties. This approach is in line
with IFRIC 12.
The non-elimination of these transactions had an impact of EUR -34 million on the 2023 income statement, after taxes and non-controlling
interests (EUR -60 million in 2022 and EUR 5 million in 2021).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-881": { "value": "
1.3.3.1. Intangible assets, property, plant and equipment and investment property
\u2022 Following initial recognition, \u201cIntangible assets\u201d, and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022\u00a0 \u00a0 \u00a0 The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the diminishing-
balance method.
The consolidated companies depreciate \u201cProperty, plant and equipment\u201d over the following useful lives:
YEARS OF USEFUL LIFE
Buildings and other structures
10-50
Machinery, installations and tooling
2-25
Furniture and fittings
2-15
Vehicles
3-20
Other fixed assets
2-20
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-880": { "value": "
1.3.3.1. Intangible assets, property, plant and equipment and investment property
\u2022 Following initial recognition, \u201cIntangible assets\u201d, and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022\u00a0 \u00a0 \u00a0 The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the diminishing-
balance method.
The consolidated companies depreciate \u201cProperty, plant and equipment\u201d over the following useful lives:
YEARS OF USEFUL LIFE
Buildings and other structures
10-50
Machinery, installations and tooling
2-25
Furniture and fittings
2-15
Vehicles
3-20
Other fixed assets
2-20
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-883": { "value": "
1.3.3.1. Intangible assets, property, plant and equipment and investment property
\u2022 Following initial recognition, \u201cIntangible assets\u201d, and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022\u00a0 \u00a0 \u00a0 The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the diminishing-
balance method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including compulsory purchase costs and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case (generally
traffic forecasts in the case of toll roads) over the term of the concession.
Investments contractually agreed at concession inception on a final and irrevocable basis that will be made at a later date during the concession
term, provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an
asset and an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs
associated with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the
concession and the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In case that just part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment used for
investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these arrangements
relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both toll roads and
airports, highlighting the aforementioned acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022 (see Note
1.1.6) showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION METHOD
407 International Inc.
USA
Operation
1999
2098
Equity consolidation
NTE Mobility Partners, LLC
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
USA
Operation
2019
2069
Full consolidation
Eurolink Motorway Operations (M4-M6)
Ireland
Operation
2005
2033
Equity consolidation
Autopista Terrassa Manresa, S.A.
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A. (**)
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) In 2021, the maintenance and operation contract for the A2 Highway section was classified as a continuing operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-882": { "value": "
1.3.3.1. Intangible assets, property, plant and equipment and investment property
\u2022 Following initial recognition, \u201cIntangible assets\u201d, and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022\u00a0 \u00a0 \u00a0 The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the diminishing-
balance method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including compulsory purchase costs and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case (generally
traffic forecasts in the case of toll roads) over the term of the concession.
Investments contractually agreed at concession inception on a final and irrevocable basis that will be made at a later date during the concession
term, provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an
asset and an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs
associated with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the
concession and the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In case that just part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment used for
investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these arrangements
relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both toll roads and
airports, highlighting the aforementioned acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022 (see Note
1.1.6) showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION METHOD
407 International Inc.
USA
Operation
1999
2098
Equity consolidation
NTE Mobility Partners, LLC
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
USA
Operation
2019
2069
Full consolidation
Eurolink Motorway Operations (M4-M6)
Ireland
Operation
2005
2033
Equity consolidation
Autopista Terrassa Manresa, S.A.
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A. (**)
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) In 2021, the maintenance and operation contract for the A2 Highway section was classified as a continuing operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-885": { "value": "
1.3.3.2. Investments in infrastructure projects
This heading includes infrastructure investments made by the project companies within the scope of IFRIC 12 (mainly toll roads), where
remuneration consists of an unconditional right to receive cash or other assets, or a right to charge fees for the use of the public -infrastructure.
The assets acquired by the concession operator to provide the concession services but which do not form part of the infrastructure (such as
vehicles, furniture or computer hardware) are not included under this heading because they do not revert to the concession awarding entity.
Assets of this nature are carried under \u201cProperty, plant and equipment\u201d and are depreciated over their useful life using a financial method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including compulsory purchase costs and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case (generally
traffic forecasts in the case of toll roads) over the term of the concession.
Investments contractually agreed at concession inception on a final and irrevocable basis that will be made at a later date during the concession
term, provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an
asset and an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs
associated with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the
concession and the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In case that just part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment used for
investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these arrangements
relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both toll roads and
airports, highlighting the aforementioned acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022 (see Note
1.1.6) showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION METHOD
407 International Inc.
USA
Operation
1999
2098
Equity consolidation
NTE Mobility Partners, LLC
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
USA
Operation
2019
2069
Full consolidation
Eurolink Motorway Operations (M4-M6)
Ireland
Operation
2005
2033
Equity consolidation
Autopista Terrassa Manresa, S.A.
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A. (**)
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) In 2021, the maintenance and operation contract for the A2 Highway section was classified as a continuing operation.
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At\u00a0 December 31,\u00a0 2023 and 2022, financial returns recognized as revenue amounted to EUR 10\u00a0 million and EUR 10 million, respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2023, EUR 9 million in 2022 and EUR 12 million in 2021.
The main concession contracts that apply the account receivable model correspond to the Construction and Waste Treatment businesses (Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION
METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase)
In addition, within the companies accounted for by the equity method, the following toll road concession contracts also apply the account
receivable model:
CONCESSION
OPERATOR
COUNTRY
STATUS
START
YEAR (*)
END
YEAR
CONSOLIDATION
METHOD
Eurolink M3
Ireland
Operation
2010
2052
Equity consolidation
A66 Benavente - Zamora
Spain
Operation
2015
2042
Equity consolidation
407 East Extension
Canada
Operation
2016
2045
Equity consolidation
Scot Roads Partnership Project Limited
UK
Operation
2017
2047
Equity consolidation
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
Blackbird Infr. Group (407 East Phase 2)
Canada
Operation
2019
2047
Equity consolidation
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity consolidation
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity consolidation
Netflow OSARs Western
Australia
Construction
2017
2040
Equity consolidation
Riverlinx, Ltd.
UK
Construction
2019
2050
Equity consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-884": { "value": "
1.3.3.2. Investments in infrastructure projects
This heading includes infrastructure investments made by the project companies within the scope of IFRIC 12 (mainly toll roads), where
remuneration consists of an unconditional right to receive cash or other assets, or a right to charge fees for the use of the public -infrastructure.
The assets acquired by the concession operator to provide the concession services but which do not form part of the infrastructure (such as
vehicles, furniture or computer hardware) are not included under this heading because they do not revert to the concession awarding entity.
Assets of this nature are carried under \u201cProperty, plant and equipment\u201d and are depreciated over their useful life using a financial method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including compulsory purchase costs and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case (generally
traffic forecasts in the case of toll roads) over the term of the concession.
Investments contractually agreed at concession inception on a final and irrevocable basis that will be made at a later date during the concession
term, provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an
asset and an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs
associated with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the
concession and the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In case that just part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment used for
investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these arrangements
relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both toll roads and
airports, highlighting the aforementioned acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022 (see Note
1.1.6) showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION METHOD
407 International Inc.
USA
Operation
1999
2098
Equity consolidation
NTE Mobility Partners, LLC
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
USA
Operation
2019
2069
Full consolidation
Eurolink Motorway Operations (M4-M6)
Ireland
Operation
2005
2033
Equity consolidation
Autopista Terrassa Manresa, S.A.
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A. (**)
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) In 2021, the maintenance and operation contract for the A2 Highway section was classified as a continuing operation.
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At\u00a0 December 31,\u00a0 2023 and 2022, financial returns recognized as revenue amounted to EUR 10\u00a0 million and EUR 10 million, respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2023, EUR 9 million in 2022 and EUR 12 million in 2021.
The main concession contracts that apply the account receivable model correspond to the Construction and Waste Treatment businesses (Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION
METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase)
In addition, within the companies accounted for by the equity method, the following toll road concession contracts also apply the account
receivable model:
CONCESSION
OPERATOR
COUNTRY
STATUS
START
YEAR (*)
END
YEAR
CONSOLIDATION
METHOD
Eurolink M3
Ireland
Operation
2010
2052
Equity consolidation
A66 Benavente - Zamora
Spain
Operation
2015
2042
Equity consolidation
407 East Extension
Canada
Operation
2016
2045
Equity consolidation
Scot Roads Partnership Project Limited
UK
Operation
2017
2047
Equity consolidation
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
Blackbird Infr. Group (407 East Phase 2)
Canada
Operation
2019
2047
Equity consolidation
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity consolidation
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity consolidation
Netflow OSARs Western
Australia
Construction
2017
2040
Equity consolidation
Riverlinx, Ltd.
UK
Construction
2019
2050
Equity consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
2.5. NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2023, 2022 and 2021.
Net financial income/(expense) for these years from the infrastructure project companies is presented separately from that of ex-infrastructure
project companies (see the definition in Note 1.1.4 and in each case a distinction is made between net financial income/(expense) from financing
(which includes borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial
income/(expense) from derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income
and expenses not directly related to financing).
For 2023, as compared to 2022:
(Million euro)
2023
2022 (*)
Var. %
Financial income from infrastructure project financing
34
8
325%
Financial expense from infrastructure project financing
(362)
(251)
44%
Net financial income/(expense) from financing, infrastructure project companies
(328)
(243)
35%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
13
(105)
(112)%
Other net financial income/(expense), infrastructure project companies
(57)
(17)
235%
Other net financial income/(expense), infrastructure project companies
(44)
(122)
(64)%
Net financial income/(expense) from infrastructure projects
(372)
(365)
2%
Financial income, other companies
216
104
108%
Financial expense, other companies
(105)
(103)
2%
Net financial income/(expense) from financing, other companies
111
1
11000%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
11
47
(77)%
Other net financial income/(expense), other companies
66
(3)
(2300)%
Other net financial income/(expense), other companies
77
44
75%
Net financial income/(expense), other companies
188
45
318%
Total net financial income/(expense)
(184)
(320)
(43)%
(*) Restated figures (Note 1.1.7)
For 2022, as compared to 2021:
(Million euro)
2022 (*)
2021
Var. %
Financial income from infrastructure project financing
8
-
\u2014%
Financial expense from infrastructure project financing
(251)
(220)
14%
Net financial income/(expense) from financing, infrastructure project companies
(243)
(220)
10%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
(105)
(84)
25%
Other net financial income/(expense), infrastructure project companies
(17)
(3)
467%
Other net financial income/(expense), infrastructure project companies
(122)
(87)
40%
Net financial income/(expense) from infrastructure projects
(365)
(307)
19%
Financial income, other companies
104
24
333%
Financial expense, other companies
(103)
(51)
102%
Net financial income/(expense) from financing, other companies
1
(27)
(104)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
47
1
4600%
Other net financial income/(expense), other companies
(3)
(2)
50%
Other net financial income/(expense), other companies
44
(1)
(4500)%
Net financial income/(expense), other companies
45
(28)
(261)%
Total net financial income/(expense)
(320)
(335)
(4)%
(*) Restated figures (Note 1.1.7)
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to toll
roads under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2023
2022
2021
Accrued financial expenses
(379)
(347)
(257)
Expenses capitalized during the construction period
17
96
37
Financial expenses in P&L
(362)
(251)
(220)
SECTION 3: NON-CURRENT ASSETS
Investments in infrastructure projects
INVESTMENTS IN INFRASTRUCTURE PROJECTS
(Million euro)
2023
2022 (*)
Opening balance at 01.01
13,667
11,184
Additions
695
1,398
Depreciation
-235
-145
Disposals
-4
-12
Exchange rate effect
-374
608
Changes in the scope of consolidation and others
-254
634
Closing balance at 12.31
13,495
13,667
(*) Restated figures (Note 1.1.7)
The variation under Investments in infrastructure projects during the year was EUR -172 million, mainly due to the scope changes following the
sale of Euroscut Azores in Portugal for EUR -254 million in May 2023.\u00a0 There was also a positive variation as a result of the increase in the
investments in the I-66 and NTE 3. These two projects increased infrastructure project fixed assets by EUR 695 million, net of foreign exchange
effects. The foreign exchange effect during the year (EUR -374 million) was also significant, due primarily to the impact of the euro/US dollar
exchange rate on the US toll roads, particularly the North Tarrant Express Extension, the I-77 Mobility Partners LLC toll road and the I- 66 Express
Mobility Partners LLC toll road.
During 2022, the variation was EUR 2,482 million, mainly due to the increase in the investments in the I-66 and NTE3 toll roads. The foreign
exchange effect during the year (EUR 608 million) was also significant, due primarily to the impact of the euro/US dollar exchange rate on the US
toll roads.
Lastly, changes in the 2022 scope of consolidation are mainly due to the acquisition of Dalaman International Airport in Turkey for EUR 634
million in July 2022.
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.1. Intangible asset model
(Million euro)
BALANCE AT
01/01/2023 (*)
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN
EXCHANGE EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2023
Spanish toll roads
714
7
0
0
0
721
US toll roads
12,547
670
-1
-393
0
12,823
Other toll roads
391
0
0
0
-387
4
Toll road investment
13,653
677
-1
-393
-387
13,549
Accumulated depreciation/amortization
-781
-201
0
16
132
-834
Net investment in toll roads
12,872
476
-1
-377
-255
12,715
Investment in other infrastructure projects
632
18
0
0
0
650
Depreciation/amortization of other infrastructure
projects
0
-34
0
0
0
-34
Total net investment in other infrastructure
projects
632
-16
0
0
0
616
TOTAL INVESTMENT
14,285
695
-1
-393
-387
14,199
TOTAL DEPRECIATION/AMORTISATION AND
PROVISION
-781
-235
0
17
132
-867
TOTAL NET INVESTMENT
13,504
460
-1
-376
-255
13,333
(*) Restated figures (Note 1.1.7)
(Million euro)
BALANCE AT
01/01/2022
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN EXCHANGE
EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2022 (*)
Spanish toll roads
713
0
0
0
1
714
US toll roads
10,527
1,388
0
632
0
12,547
Other toll roads
391
0
0
0
0
391
Toll road investment
11,632
1,388
0
632
1
13,653
Accumulated depreciation/amortization
-617
-145
0
-19
0
-781
Net investment in toll roads
11,014
1,244
0
613
1
12,872
Investment in other infrastructure projects
0
0
0
0
632
632
Depreciation/amortization of other infrastructure
projects
0
0
0
0
0
0
Total net investment in other infrastructure
projects
0
0
0
0
632
632
TOTAL INVESTMENT
11,632
1,388
0
632
633
14,285
TOTAL DEPRECIATION/AMORTIS ATION AND
PROVISION
-617
-145
0
-19
0
-781
TOTAL NET INVESTMENT
11,014
1,243
0
613
633
13,504
(*) Restated figures (Note 1.1.7)
The most significant changes in 2023 and 2022 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 677 million in 2023, relating to the US toll roads (EUR 1,388 million in 2022). Out of these, the
most significant were the I-66 Express Mobility Partners LLC toll road for EUR 489 million (EUR 1,126 million in 2022) and the North Tarrant
Express Extension for EUR 178 million (EUR 261 million in 2022).
\u25e6 Exchange rate fluctuations resulted in a change of EUR -376 million in 2023 (EUR 613 million in 2022) in these asset balances, the full
amount of which was attributed to the effect of the euro/US dollar exchange rate on the US toll roads (Note 1.4).
\u25e6 At December 31, 2023 \u201cconsolidation scope changes and transfers\u201d of EUR -255 million relate to the sale of the Euroscut Azores toll road. At
December 31, 2022, they related essentially to the consolidation of the Dalaman International Airport assets acquired in July 2022 (Note
1.1.4).
All the concession assets of the infrastructure project companies are pledged to secure borrowings (Note 5.2).
Related borrowing costs capitalized in 2023 and\u00a0 2022 are described in Note 2.6.
3.3.2. Financial assets from financial asset model concessions
They mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments
made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2023 and 2022 are set out
below:
(Million euro)
INFRASTRUCTURE PROJECT\u00a0
RECEIVABLES 2023
INFRASTRUCTURE PROJECT
RECEIVABLES 2022 (*)
OPENING BALANCE
163
169
Additions
9
9
Disposals
-12
-12
Transfers and other
0
0
Foreign exchange effect
2
-4
Other
0
0
Reclassified to held for sale
0
0
YEAR-END BALANCE
162
163
Note: Balances net of provisions
(*) Restated figures (Note 1.1.7)
The following tables show the financial assets by concession operator for\u00a0 2023 and 2022:
BALANCES AT 12/31/2023
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
52
3
55
Depusa Arag\u00f3n
22
1
23
Budimex Parking Wroc\u0142aw
11
0
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
162
4
166
BALANCES AT 12/31/2022 (*)
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
53
3
56
Depusa Arag\u00f3n
23
1
24
Budimex Parking Wroc\u0142aw
10
0
10
CONSTRUCTION
86
3
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
163
3
166
(*) Restated figures (Note 1.1.7)
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -310 million (Note 5.3) (EUR
-784 million in 2022),\u00a0 which differed from the additions recognized in the balance sheet for the following main reasons:
\u2022 Payments owed under the concession agreement on the I-66 toll road (Note 6.4).
\u2022 For projects in which the intangible asset model is applied, due to differences between the accrual basis and cash basis of accounting, as well
as capitalized financial costs attributable to projects under construction, which do not give rise to cash outflows.
\u2022 For projects in which the financial asset model is applied, due to increases in receivables as a balancing entry for revenue from services
rendered, which also do not give rise to cash inflows.
\u2022 The impact on cash flows also reflects movements on the held for sale line, related to the sale of Azores (Note 1.1.6).
5.2.1. Cash and cash equivalents
a) Cash and cash equivalents and restricted cash of infrastructure projects companies
The cash and cash equivalents of infrastructures project companies as at December 31, 2023 and December 31, 2022 stood at EUR 204 million
and EUR 168 million, respectively.
Infrastructure project financing agreements often impose the obligation to arrange certain restricted accounts to cover short-term or long-term
obligations relating to the payment of the principal or interest on borrowings and to infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less than or more than one year. These
funds are invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is
also restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group\u2019s policy for the
placement of cash surpluses.
For 2023:
Short-term balances, which amounted to EUR 31 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 596 million are registered as financial assets. Therefore, short- and long-term restricted cash recognized at
December 31, 2023 amounts to EUR 627 million and relates to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 23
million, EUR 7 million, EUR 99 million, EUR 134 million and EUR 333 million, respectively), as well as to other European concessions in the amount
of EUR 31 million, primarily treatment plants in the United Kingdom and the Autov\u00eda de Arag\u00f3n toll road in Spain (EUR 14 million and EUR 17
million, respectively). The variation of EUR 33 million compared with December 2022 is explained by:
\u2022 A net increase in the restricted cash amount of EUR 60 million (excluding exchange rate effects), essentially from the NTE Mobility Partners
toll road (EUR 336 million), LBJ (EUR 5 million), I-66 (EUR 28 million), I-77 (EUR 62 million), the Autov\u00eda de Arag\u00f3n toll road (EUR 3 million),
which was partially offset by a decrease of EUR -374 million in the NTE Segment 3 toll road.
\u2022 The scope change during the year due to the Euroscut Azores toll road disposal (EUR -9 million).
\u2022 The exchange rate effect of EUR -18 million, caused mainly by US dollar fluctuations (Note 1.4).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
For 2022:
Short-term balances, which amounted to EUR 38 million, were recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances, of EUR 556 million, were classified as financial assets. Therefore, restricted cash recognized at December 31, 2022, both short and
long -term, amounted to EUR 594 million, relating to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 401 million,
EUR 2 million, EUR 40 million, EUR 110 million and EUR 3 million, respectively), as well as to other European concessions in the amount of EUR 37
million, primarily treatment plants in the United Kingdom, the Autov\u00eda de Arag\u00f3n toll road and other European Toll Roads (EUR 14 million, EUR
14 million and EUR 9 million, respectively).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
5.2.2. Borrowings
a) Infrastructure project companies
ab.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings guaranteed by the project cash flows, distinguishing between bonds and bank borrowings, short- and
long-term, and changes during\u00a0 2023 and 2022:
2023
2022 (*)
Change 23/22
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,441
3,412
7,852
4,123
3,770
7,893
317
-358
-41
Toll roads
4,441
2,937
7,378
4,123
3,361
7,484
317
-424
-107
US toll roads
4,441
2,307
6,748
4,123
2,438
6,561
317
-131
187
Spanish toll roads
0
611
611
0
626
626
0
-16
-16
Portuguese toll roads
0
0
0
0
264
264
0
-264
-264
Other concessions
0
19
19
0
33
33
0
-14
-14
Airports
0
89
89
0
95
95
0
-5
-5
Construction
0
102
102
0
95
95
0
6
6
Energy infrastructures and Mobility
0
284
284
0
219
219
0
65
65
Short term
1
62
63
0
74
74
1
-12
-10
Toll roads
1
31
33
0
43
43
1
-12
-10
US toll roads
1
0
1
0
0
0
1
0
1
Spanish toll roads
0
17
17
0
13
13
0
5
5
Portuguese toll roads
0
0
0
0
17
17
0
-17
-17
Other concessions
0
14
14
0
13
13
0
1
1
Airports
0
15
15
0
18
18
0
-3
-3
Construction
0
5
5
0
4
4
0
1
1
Energy infrastructures and Mobility
0
11
11
0
9
9
0
2
2
TOTAL
4,442
3,473
7,915
4,123
3,844
7,967
319
-370
-52
(*) Restated figures (Note 1.1.7)
The following table shows, for 2023 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalize d/accrued
interest
Dec. 2023
Infrastructures project borrowings
7,967
441
-211
-281
-1
7,915
(*) Restated figures (Note 1.1.7)
Infrastructure project borrowings in 2023 decreased by EUR -52 million with respect to December 2022, mainly for the following reasons:
\u2022 Effect of scope changes due to the disposal of Euroscut Azores toll road (Note 1.1.4) totaling EUR -281 million.
\u2022 Exchange rate effect reaching EUR -211 million, mainly due to the depreciation of the US dollar against the euro.
\u2022 Increase of EUR 440 million in debt, excluding the foreign exchange effect and scope changes, with respect to year-end 2022, relating
primarily to the US projects and attributable to the debt drawn down by the NTE Mobility Partners toll road, capitalization of interest and to
accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
The debt comprises a USD 871.1 million taxable bond issuance maturing in 2049 at a fixed interest rate of 3.92% and a USD 331.8 million
issuance of PABs (Private Activity Bonds) at a fixed interest rate of 4.00% on USD 122.8 million and 5.00% on USD 209.1 million, repayable from
2030 to 2039.
Additional debt was raised in August, 2023, through the issuance of USD 397 million in bonds at a fixed interest of 5.50%, repayable from 2052 to
2058, for the funding of the Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
The borrowings for the 3A-3B segments entailed issuing USD 265,9 million in PABs.
In November 2023, the Series 2013 3A-3B bonds were cancelled by a new issuance of PABs (Series 2023), repayable from 2033 to 2043 at a rate
of 5.00% fixed interest on USD 32.4 million, 5.13% on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on
USD 122.6 million.\u00a0
This company also has a TIFIA loan of USD 531 million bearing a fixed rate of 3.84%, against which USD 562.8 million had been drawn down at
December 31, 2023 (USD 427.3 million of principal and USD 135.5 million of interest added to the principal), finally maturing in 2053.
On March 30, 2023, Cintra executed the financing transaction for NTE Mobility Partners Seg 3 LLC 5-year bonds to be used for the 2023 and 2024
principal prepayments of the TIFIA loan. Out of a total committed USD 221 million, USD 2.9 million were drawn on March 31, 2023 to cover the
transaction costs, and USD 103.7 million were drawn on June 26, 2023 to be used for the partial prepayment of the TIFIA loan.
The 3C segment debt comprises a USD 653.9 million issuance of PABs (total of USD 750 million including the issuance premium) repayable from
2047 to 2058, at a fixed interest rate of 5.00%.
LBJ Infr. Group LLC
The debt structure comprises a USD 537.5 million issuance of PABs (total of USD 615 million including the premium) at a fixed interest rate of
4.00%, repayable from 2030 to 2040; and a USD 615.5 million taxable bond issuance (of which USD 7 million accrues a fixed interest rate of
2.75% and falls due in 2026, and USD 608.5 million accrues fixed interest of 3.80% and falls due in 2057).
It also has a TIFIA loan granted by the US Federal Government, the value of which at December, 31 2023 is USD 835.6 million with a repayment
profile from 2035 to 2050, which bears interest at a fixed rate of 4.22%.
A credit line was arranged in December 2022 for future CAPEX investments. It falls due in 2027, has a limit of USD 72.65 million and accrues fixed
interest of 4.51%. USD 6.9 million had been drawn at December 31, 2023.
I-77 Mobility Partners, LLC
This concession operator is financed through a USD 100 million issuance of PABs (5.00% fixed interest), of which USD 6.9 million have final
maturities between 2026 and 2030, USD 13.1 million has a final maturity in 2037 and USD 80 million has a final maturity in 2054.
It also has a TIFIA loan of USD 189 million against which USD 220.9 million had been drawn down at December 31, 2023 (USD 189 million of
principal and USD 31.8 million of capitalized interest). This loan bears interest at a fixed rate of 3.04% and finally matures in 2053.
I-66 Mobility Partners, LLC
The concession operator is funded by a USD 737 million PABs issuance (total of USD 800.4 million including the premium) at a fixed rate of
5.00%, of which USD 30.9 million falls due in 2047, USD 130.9 million in 2049, USD 222.4 million in 2052 and USD 352.8 million in 2056.
It also has a TIFIA loan balance of USD 1,362.6 million against which USD 1,229.1 million had been drawn down, USD 5.5 million has been prepaid
and USD 139 million of interest capitalized as of December 31, 2023. This loan bears interest at a fixed rate of 2.80% and finally matures in 2057.
Spanish toll roads
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa-Manresa toll road)
The company is funded by a loan consisting of tranche A and tranche B with limits of EUR 300 million and EUR 316 million, respectively, both of
which accrue interest at the 6-month EURIBOR rate +3.930% +1.50% at the year-end. Both tranches were fully utilized and fall due in 2035. The
respective balances at December 31, 2023 are EUR 283.5 million and EUR 298.7 million. The debt also includes a liquidity tranche (tranche C) with
a balance of EUR 40.7 million at December 31, 2023, drawable up to a maximum of EUR 25 million (the year-end interest rate is the 6-month
EURIBOR +3.930% +1.50%). It should also be noted that this company has a derivative with a notional amount of EUR 568.6 million, a
guaranteed interest rate of 5.304% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d,
Note 5.5) was EUR -90.6 million at the year- end 2023.
Breakdown of other projects:
2023
2022 (*)
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 23/22
Autov\u00eda de Arag\u00f3n
19
14
33
33
13
46
-13
Pilum, S.A.
0
0
0
0
0
0
0
Dalaman International Airport
89
15
104
95
18
112
-9
Conc. Prisiones Lledoners,S.A.
63
2
65
65
2
67
-2
Depusa Arag\u00f3n S.A.
24
1
25
25
1
26
-1
Budimex Group
15
1
16
5
0
5
10
Parque Solar Casilla
20
3
23
0
0
0
23
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
91
8
99
98
6
104
-5
Centella Transmisi\u00f3n, S.A.
125
0
125
73
0
73
52
UK Waste Treatment (Thalia)
48
1
49
48
3
51
-3
TOTAL Other infrastructure project company borrowings
494
44
538
442
43
486
52
(*) Restated figures (Note 1.1.7)
Other project borrowings increased by EUR 52 million against December 2022, mainly due to debt drawdowns for the Chilean Energy
Infrastructure projects.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2023
(Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total
maturities
Infrastructure project company
obligations
4,092
4,442
0
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
0
1
7
1
1
2,625
2,636
USD
4,092
4,442
0
1
7
1
1
2,625
2,636
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,473
3,473
76
60
285
61
169
4,782
5,434
TOLL ROADS
2,968
2,968
34
38
34
35
141
4,627
4,909
USD
2,307
2,307
3
0
0
0
97
4,154
4,253
EUR
661
661
31
38
34
35
44
473
656
AIRPORTS
104
104
10
14
16
18
20
37
115
EUR
104
104
10
14
16
18
20
37
115
CONSTRUCTION
106
106
4
4
4
5
5
84
106
EUR
91
91
4
4
4
5
5
69
91
PLN
15
15
0
0
0
0
0
15
15
ENERGY
INFRASTRUCTURES AND
MOBILITY
295
295
28
5
230
3
4
34
304
EUR
22
22
23
0
0
0
0
0
23
USD
224
224
2
2
228
0
0
0
232
GBP
49
49
3
3
3
3
4
34
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,565
7,915
76
61
292
62
171
7,407
8,070
At December 31, 2022
(Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total
maturities
Infrastructure project company
obligations
3,007
4,123
0
0
1
8
1
2,716
2,726
TOLL ROADS
3,007
4,123
0
0
1
8
1
2,716
2,726
USD
3,007
4,123
0
0
1
8
1
2,716
2,726
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,844
3,844
107
68
81
257
79
4,820
5,412
TOLL ROADS
3,404
3,404
90
49
59
56
53
4,647
4,955
USD
2,438
2,438
49
0
0
0
0
3,944
3,994
EUR
966
966
41
49
59
56
53
703
961
AIRPORTS
112
112
9
10
14
16
18
57
124
EUR
112
112
9
10
14
16
18
57
124
CONSTRUCTION
99
99
3
4
4
4
5
79
99
EUR
94
94
3
4
4
4
5
74
94
PLN
5
5
0
0
0
0
0
5
5
ENERGY
INFRASTRUCTURES AND
MOBILITY
228
228
4
5
5
181
3
37
234
USD
177
177
1
2
2
178
0
0
183
GBP
51
51
3
3
3
3
3
37
51
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,851
7,967
107
68
82
265
80
7,536
8,137
(*) Restated figures (Note 1.1.7)
At December 31, 2023 the difference between the total maturities of bank borrowings of EUR 8,070 million (EUR 8,137 million in 2022) and the
carrying amounts recognized at December 31, 2023 in the amount of EUR 7,915 million (EUR 7,967 million in 2022) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 155 million (EUR
170 million in 2022), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used.
a.3) Information on credit limits and credit drawable for infrastructure projects
Below is a comparative analysis of borrowings not drawn down at December 31, 2023 and 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
7,545
7,545
0
7,410
7,748
7,681
68
7,527
US toll roads
6,889
6,889
0
6,749
6,787
6,719
68
6,561
Spanish toll roads
623
623
0
628
636
636
0
639
Other concessions
33
33
0
33
325
325
0
327
Energy Infrastructures and Mobility
304
304
0
295
291
234
57
228
Airports
115
115
0
104
124
124
0
112
Construction
106
106
1
106
99
99
0
99
TOTAL BORROWINGS
8,070
8,070
1
7,915
8,262
8,137
125
7,967
(*) Restated figures (Note 1.1.7)
At December 31, 2023, the entire drawable amount of EUR 1 million related to borrowings not utilized in the Polish energy projects.
At December 31, 2022, the entire drawable amount of EUR 125 million related to borrowings not utilized in the Chilean energy projects (EUR 57
million) and in the US toll road companies (EUR 68 million). It should be noted that this drawable amount is associated exclusively with the
projects, based on the nature and performance thereof, as discussed below.
a.4) Guarantees and covenants for project borrowings
The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given.
The guarantees given by Ferrovial subsidiaries for project borrowings are described in Note 6.5 Contingent liabilities.
At December 31, 2023 and 2022, all the fully-consolidated project companies fulfilled the significant covenants in force.
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-887": { "value": "
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At\u00a0 December 31,\u00a0 2023 and 2022, financial returns recognized as revenue amounted to EUR 10\u00a0 million and EUR 10 million, respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2023, EUR 9 million in 2022 and EUR 12 million in 2021.
The main concession contracts that apply the account receivable model correspond to the Construction and Waste Treatment businesses (Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION
METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase)
In addition, within the companies accounted for by the equity method, the following toll road concession contracts also apply the account
receivable model:
CONCESSION
OPERATOR
COUNTRY
STATUS
START
YEAR (*)
END
YEAR
CONSOLIDATION
METHOD
Eurolink M3
Ireland
Operation
2010
2052
Equity consolidation
A66 Benavente - Zamora
Spain
Operation
2015
2042
Equity consolidation
407 East Extension
Canada
Operation
2016
2045
Equity consolidation
Scot Roads Partnership Project Limited
UK
Operation
2017
2047
Equity consolidation
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
Blackbird Infr. Group (407 East Phase 2)
Canada
Operation
2019
2047
Equity consolidation
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity consolidation
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity consolidation
Netflow OSARs Western
Australia
Construction
2017
2040
Equity consolidation
Riverlinx, Ltd.
UK
Construction
2019
2050
Equity consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
Cash and cash equivalents of infrastructure project companies: Restricted cash (Note 5.2.1).
This heading includes investments of the same type and maturity that are assigned to the financing of infrastructure projects, the availability of
which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings and
to infrastructure maintenance and operation.
Financial instruments
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated based on the coming 12-month or
lifetime expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in case default materializes.
The assignment of ratings and rate trends is overseen by the Financial Risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate expected loss, an average rating is obtained for
customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether the customer is
a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined payment periods per type of customer that trigger a breach and thus
the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected loss provision is calculated individually for each asset based on the
awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
Classification and measurement of financial assets.
Under IFRS 9, the classification and measurement method are based on two aspects: the characteristics of the contractual cash flows from the
financial asset and the entity's business approach to managing financial assets.
This entails three potential measurement methods: amortized cost, fair value through other comprehensive income (equity) and fair value
through profit or loss. The Group's financial assets are mainly assets held to maturity, the cash flows of which only comprise payments of principal
and interest, so financial assets are carried at amortized cost. It should be noted that there is an option to report fair value changes in other
comprehensive income from the outset in the case of equity instruments measured by default at fair value through profit or loss. This decision is
irrevocable and must be made for each individual asset.
IFRS 9 attempts to align hedge accounting more closely with risk management, and the new requirements establish a principle-based approach.
Other equity instruments
These are perpetual bonds with payment at the discretion of the party that issues the coupon in question. They do not meet the conditions to be
considered as a financial liability for accounting purposes, because they do not include any contractual obligation to make payment in the form of
cash or any other financial asset, nor do they include any obligation to exchange financial assets or liabilities. They are therefore entered as part
of the company\u2019s equity, in other equity instruments.
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and\u00a0 with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-886": { "value": "
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At\u00a0 December 31,\u00a0 2023 and 2022, financial returns recognized as revenue amounted to EUR 10\u00a0 million and EUR 10 million, respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2023, EUR 9 million in 2022 and EUR 12 million in 2021.
The main concession contracts that apply the account receivable model correspond to the Construction and Waste Treatment businesses (Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOLIDATION
METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase)
In addition, within the companies accounted for by the equity method, the following toll road concession contracts also apply the account
receivable model:
CONCESSION
OPERATOR
COUNTRY
STATUS
START
YEAR (*)
END
YEAR
CONSOLIDATION
METHOD
Eurolink M3
Ireland
Operation
2010
2052
Equity consolidation
A66 Benavente - Zamora
Spain
Operation
2015
2042
Equity consolidation
407 East Extension
Canada
Operation
2016
2045
Equity consolidation
Scot Roads Partnership Project Limited
UK
Operation
2017
2047
Equity consolidation
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
Blackbird Infr. Group (407 East Phase 2)
Canada
Operation
2019
2047
Equity consolidation
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity consolidation
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity consolidation
Netflow OSARs Western
Australia
Construction
2017
2040
Equity consolidation
Riverlinx, Ltd.
UK
Construction
2019
2050
Equity consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
Cash and cash equivalents of infrastructure project companies: Restricted cash (Note 5.2.1).
This heading includes investments of the same type and maturity that are assigned to the financing of infrastructure projects, the availability of
which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings and
to infrastructure maintenance and operation.
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated based on the coming 12-month or
lifetime expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in case default materializes.
The assignment of ratings and rate trends is overseen by the Financial Risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate expected loss, an average rating is obtained for
customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether the customer is
a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined payment periods per type of customer that trigger a breach and thus
the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected loss provision is calculated individually for each asset based on the
awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
Classification and measurement of financial assets.
Under IFRS 9, the classification and measurement method are based on two aspects: the characteristics of the contractual cash flows from the
financial asset and the entity's business approach to managing financial assets.
This entails three potential measurement methods: amortized cost, fair value through other comprehensive income (equity) and fair value
through profit or loss. The Group's financial assets are mainly assets held to maturity, the cash flows of which only comprise payments of principal
and interest, so financial assets are carried at amortized cost. It should be noted that there is an option to report fair value changes in other
comprehensive income from the outset in the case of equity instruments measured by default at fair value through profit or loss. This decision is
irrevocable and must be made for each individual asset.
IFRS 9 attempts to align hedge accounting more closely with risk management, and the new requirements establish a principle-based approach.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-889": { "value": "
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indicator exists, the asset's
recoverable amount is compared with its carrying value (i.e. net of accumulated depreciation). A provision for impairment is recognized in the
income statement if the recoverable amount is lower than the carrying value. The provision is reversed in future years if the recoverable amount
exceeds the carrying value.
The Group also assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for
an asset other than goodwill may no longer exist.
The line \u201cImpairment and disposal of fixed assets\u201d primarily includes asset impairment and gains or losses on the purchase, sale and disposal of
investments in Group companies and associates. When any such acquisitions or disposals of assets results in a takeover or loss of control, the
capital gain relating to the updating of the fair value in respect of the stake maintained is recognized in the column showing fair value
adjustments.
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated based on the coming 12-month or
lifetime expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in case default materializes.
The assignment of ratings and rate trends is overseen by the Financial Risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate expected loss, an average rating is obtained for
customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether the customer is
a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined payment periods per type of customer that trigger a breach and thus
the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected loss provision is calculated individually for each asset based on the
awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-888": { "value": "
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indicator exists, the asset's
recoverable amount is compared with its carrying value (i.e. net of accumulated depreciation). A provision for impairment is recognized in the
income statement if the recoverable amount is lower than the carrying value. The provision is reversed in future years if the recoverable amount
exceeds the carrying value.
The Group also assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for
an asset other than goodwill may no longer exist.
The line \u201cImpairment and disposal of fixed assets\u201d primarily includes asset impairment and gains or losses on the purchase, sale and disposal of
investments in Group companies and associates. When any such acquisitions or disposals of assets results in a takeover or loss of control, the
capital gain relating to the updating of the fair value in respect of the stake maintained is recognized in the column showing fair value
adjustments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-890": { "value": "
Leases
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets
which are expensed. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the
underlying assets (Note 3.7).
The Group recognizes right-of-use assets at lease inception (i.e. the date the underlying asset is available for use). Right-of-use assets are
measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the\u00a0 lease term.
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over
the lease term. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the lease payments or a change in the assessment of an option to purchase the underlying asset.
The Group applies the exception set forth in the IFRS 16 paragraph 5(a), based on which leases that have a term of less than twelve months are
treated as operating leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-891": { "value": "
Taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the
Group operates and generates taxable income.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets are recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future
taxable profit will be available against which the unused tax losses and unused tax credits can be utilized.
Deferred tax assets and liabilities are not offset in these financial statements, as Ferrovial\u00b4s subsidiaries do not have a clear intention to settle
current tax liabilities and assets on a net basis or to realize the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-892": { "value": "
Taxes
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets are recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future
taxable profit will be available against which the unused tax losses and unused tax credits can be utilized.
Deferred tax assets and liabilities are not offset in these financial statements, as Ferrovial\u00b4s subsidiaries do not have a clear intention to settle
current tax liabilities and assets on a net basis or to realize the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-894": { "value": "
Fair value measurement
When measuring derivatives, the credit risk of the parties to the agreement is taken into account. The impact of credit risk will be taken to the
income statement unless the derivatives qualify as effective cash flow hedges, in which case the effect will be recognized in reserves.
The Group uses appropriate measurement methods based on the circumstances and on the volume of inputs available for each item, attempting
to maximize the use of relevant observable inputs and avoiding the use of unobservable inputs. According to IFRS 13, the Group establishes a fair
value band that categorizes the inputs to measurement methods used to measure fair value into the following three levels:
\u2022\u00a0 \u00a0 \u00a0 Level 1: Quoted prices for identical assets or liabilities.
\u2022\u00a0 \u00a0 \u00a0 Level 2: Inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly.
\u2022\u00a0 \u00a0 \u00a0 Level 3: Unobservable market inputs for the asset or liability.
As explained in Note 5.5 Financial derivatives, all the Group's financial derivatives are on Level 2.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-893": { "value": "
Fair value measurement
When measuring derivatives, the credit risk of the parties to the agreement is taken into account. The impact of credit risk will be taken to the
income statement unless the derivatives qualify as effective cash flow hedges, in which case the effect will be recognized in reserves.
The Group uses appropriate measurement methods based on the circumstances and on the volume of inputs available for each item, attempting
to maximize the use of relevant observable inputs and avoiding the use of unobservable inputs. According to IFRS 13, the Group establishes a fair
value band that categorizes the inputs to measurement methods used to measure fair value into the following three levels:
\u2022\u00a0 \u00a0 \u00a0 Level 1: Quoted prices for identical assets or liabilities.
\u2022\u00a0 \u00a0 \u00a0 Level 2: Inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly.
\u2022\u00a0 \u00a0 \u00a0 Level 3: Unobservable market inputs for the asset or liability.
As explained in Note 5.5 Financial derivatives, all the Group's financial derivatives are on Level 2.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-895": { "value": "
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated based on the coming 12-month or
lifetime expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in case default materializes.
The assignment of ratings and rate trends is overseen by the Financial Risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate expected loss, an average rating is obtained for
customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether the customer is
a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined payment periods per type of customer that trigger a breach and thus
the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected loss provision is calculated individually for each asset based on the
awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-896": { "value": "
Non-refundable grants related to assets
Non-repayable capital grants are measured at the amount granted under \u201cDeferred income\u201d (Note 6.1) in the consolidated statement of
financial position and are progressively released to the income statement in proportion to the depreciation charged during the year on the assets
financed by the grants. From a cash flow standpoint, the investments made are presented separately from the non-refundable grants received
during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-898": { "value": "
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and\u00a0 with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-897": { "value": "
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and\u00a0 with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-899": { "value": "
Provisions
This heading includes provisions covering risks arising in the course of business (see Note 6.3). The accounting treatment of each type of provision is
as follows:
i. Litigation provisions and taxes: These provisions are recognized and reversed against operating profit/(loss), against net financial income/
(expense) and/or against corporate income tax, depending on the nature of the tax for which the provision has been recognized (penalties,
related interest, and/or contested tax assessments).
ii. Provisions for replacements under IFRIC 12: These provisions are recognized and reversed against depreciation charged during the period in
which the obligations accrue, until the replacement becomes operational. The net depreciation charges amounted to EUR -6 million and EUR
28 million in 2023 and 2022, respectively.
iii. Provisions for other long-term risks: They are recognized and reversed against changes to provisions in operating profit/(loss), as and when
the landfill closure costs are incurred
iv. Trade provisions: These provisions are recognized and reversed against changes to provisions in operating profit/(loss).
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect an
existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the amount
of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a percentage of the
total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the option
of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a
contract exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 (paragraph 14 (b) as well as incremental costs and those
directly related to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless
they are explicitly passed on to the counterparty in accordance with the contract, in line with paragraph 68 (a) of IAS 37.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-901": { "value": "
Share-based remuneration schemes
Share-based remuneration scheme are accounted for as a future and therefore the value of the foreseeable dividends up to the\u00a0 date is
discounted to the value of the shares at the grant date using a rate of return equal to the average cost of borrowings over the share award period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-900": { "value": "
Share-based remuneration schemes
Share-based remuneration scheme are accounted for as a future and therefore the value of the foreseeable dividends up to the\u00a0 date is
discounted to the value of the shares at the grant date using a rate of return equal to the average cost of borrowings over the share award period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-902": { "value": "
1.3.3.4 Revenue recognition
Ferrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent
approach across all lines of business.
i) General revenue recognition approach
The first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.
A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the
various goods and services forming a combined output that is transferred to the customer over time.
In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since
the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.
As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has
established certain criteria that are applied consistently to similar performance obligations.
In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services the control of which is
transferred to the customer over time.
In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under
construction contracts, the applicable output method consists of measuring the work carried out or surveying performance completed to date, in
which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each contract are
measured and the relevant output is recognized as revenue.
Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.IV on provisions for deferred
expenses).
For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and
remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits
from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is
recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.
The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units
to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total
costs forecast to complete the work, taking account of the expected profit margins for the whole project, based on the most recently updated
budget.
This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and
recognizing them as revenue in proportion to the total revenues expected.
As indicated above, this method only applies to lump-sum construction or service contracts in which it is not possible to break down the price and
the measurement of units to be completed.
Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial
is the principal in both construction and service contracts if it provides goods and services directly to the customer and transfers control of them
without involving intermediaries.
In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it
is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications
and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore
recognized by the Construction Division. Conversely, the concession company acts as an agent in connection with the construction performance
obligation and does not therefore recognize revenues or results in this regard.
ii) Recognition of revenue from contract modifications, claims and disputes
Modifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to
the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating
to additional work.
The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of
work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will
apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.
Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the
modification has been approved.
A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs, legally mandated inflation
adjustment) subject to an application procedure directly to the customer. The general criterion followed by the Group is not to recognize revenue
until the request has been approved by the customer. In the event that the work is approved but the valuation is pending, the requirement
mentioned below for the case of \u201cvariable consideration\u201d in accordance with IFRS 15 is applied, recording the amount for which it is highly
probable that there will not be a significant reversal. This treatment is also applied in exceptional cases where no approval has been received from
the customer, recording revenue provided there is a legal report justifying that the disputed rights are clearly enforceable, as well as a technical
report supporting the technical basis of the request or claim in question and approval from the Division\u2019s CFO and General Counsel.
A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract,
the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings.
In line with the criteria followed by the Group, in the event that the revenues relating to a dispute in which the enforceability of the amount being
claimed are in doubt, these revenues will not be recognized and any amount recognized earlier will be cancelled, since the dispute shows that the
customer has not given its approval for the completed work.
In the event that the customer questions the value of the work completed, revenues will be recognized on the basis of the criteria applied in cases
of \u201cvariable consideration\u201d, as explained below.
Only in cases in which a legal report confirms that the rights forming the subject of the dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenues may be recognized up to the maximum amount of the
costs incurred.
iii) Determination of the transaction price
The transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the
consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end,
the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.
The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in
similar circumstances and to similar customers.
Variable consideration
If the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a
significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been
reached.
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
iv) Balance sheet items related to revenue recognition
Completed work pending certification/work certified in advance
Unlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on
acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the
amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.
For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named
\u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the
revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in
advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs of obtaining contracts (bidding costs),
costs incurred to fulfil contracts or start-up costs (mobilization costs) directly related to the main contract, provided they are recoverable during
the performance of the contract. These balances are included in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1).
Bidding costs are only capitalized when they are directly related to a contract, it is probable that they will be recovered in the future and the
contract has been awarded or the company has been selected as preferred bidder.
Bidding costs incurred before a contract is awarded or the contractor selected as preferred bidder are recognized as an expense, unless they are
explicitly recoverable from the customer in any event (whether or not the contract is obtained). They are amortized systematically as the goods
and services related to the asset are transferred to the customer.
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They expensed based on the proportion of
actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect an
existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the amount
of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a percentage of the
total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the option
of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a
contract exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 (paragraph 14 (b) as well as incremental costs and those
directly related to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless
they are explicitly passed on to the counterparty in accordance with the contract, in line with paragraph 68 (a) of IAS 37.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
vi) Segment-specific revenue recognition approach
Toll Roads business
The contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets
on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).
In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users
is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial
asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or
maintenance), which are recognized as separate performance obligations to which market prices must be allocated.
Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.
As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the
construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with
the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.
Airports business
Generally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a
point in time.
It should be noted that JFK NTO LLC\u00a0 is acting as an agent in relation to the construction performance obligation. In this case, the design and
construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction
company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the
provisions of IFRS 15, especially considering paragraphs B35 and B37.
Energy Infrastructures and Mobility business
These contracts cover a number of services that are substantially the same and are transferred based on the same pattern. The monthly rate
reflects the value of the services rendered. This type of contract includes a single performance obligation that is transferred over time for which
revenues are recognized using the output method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-903": { "value": "
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-904": { "value": "
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs of obtaining contracts (bidding costs),
costs incurred to fulfil contracts or start-up costs (mobilization costs) directly related to the main contract, provided they are recoverable during
the performance of the contract. These balances are included in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1).
Bidding costs are only capitalized when they are directly related to a contract, it is probable that they will be recovered in the future and the
contract has been awarded or the company has been selected as preferred bidder.
Bidding costs incurred before a contract is awarded or the contractor selected as preferred bidder are recognized as an expense, unless they are
explicitly recoverable from the customer in any event (whether or not the contract is obtained). They are amortized systematically as the goods
and services related to the asset are transferred to the customer.
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They expensed based on the proportion of
actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-905": { "value": "
1.5. SEGMENT REPORTING
For management purposes, the Group is organized into business units based on its activities and services and has four reportable segments, as
follows (Note 1.1.4):
\u2022 Construction, which undertakes the design and/or build of all sorts of public and private works, including most notably the construction of
public infrastructures.
\u2022 Toll Roads, which carries out the development, financing and operation of toll roads.
\u2022 Airports, which is engaged in developing, financing and operating airports.
\u2022 Energy Infrastructures and Mobility, which basically focuses on developing energy transmission and renewable energy infrastructures, and
also on the Mobility businesses and some services related to waste treatment in the UK.
No segments have been aggregated to form the above reportable segments.
The global Chief Executive Officer is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately
for the purpose of making decisions on resource allocation and performance assessment. Segment performance is evaluated based on profit or
loss and is measured consistently with profit or loss in the consolidated financial statements. Furthermore, information reported to the market is
also broken down into the above four segments.
The income statement is shown below by segment for 2023, 2022 and 2021. The \u201cOther\u201d column includes the income and/or expenses of
companies not assigned to any of the business segments, including most notably the parent company Ferrovial SE and its other smaller
subsidiaries. The \u201cAdjustments\u201d column reflects inter-segment consolidation eliminations.
As can be seen in the following tables, Construction and Toll Roads revenues account for more than 10% of the Group\u2019s consolidated revenue.
The Airports segment used to exceed that threshold, but temporarily, and as a result of the pandemic, does not. Nevertheless, it is a distinct
business line, managed separately and therefore disclosed as a reporting segment. The Energy and Infrastructures Mobility segment is a relatively
new business area on which the Group is focusing. The CEO assesses its performance separately based on an income statement measured
consistently with profit or loss in the consolidated financial statements and with a similar presentation.
Income statement by business segment: 2023, 2022 and 2021 (Million euro).
Construction
Toll Roads
Airports
Energy and
mobility
Other
Adjustments
Total 2023
Revenue
7,070
1,085
80
334
181
(236)
8,514
Total operating expenses
6,853
286
58
324
239
(236)
7,524
Fixed asset depreciation
141
213
20
20
7
\u2014
401
Impairment and disposal of fixed assets
\u2014
37
\u2014
(2)
\u2014
\u2014
35
Operating profit/(loss)
77
623
2
(12)
(65)
\u2014
625
Profit/(loss) on derivatives and other net financial income/(expense)
(29)
5
(12)
9
62
(2)
33
Net financial income/(expense) from financing
117
(224)
3
(4)
(111)
2
(217)
Net financial income/(expense)
88
(219)
(9)
5
(49)
\u2014
(184)
Share of profits of equity-accounted companies
\u2014
198
11
6
\u2014
\u2014
215
Profit/(loss) before tax from continuing operations
165
602
4
(1)
(114)
\u2014
656
Income/(expense) tax
(61)
(54)
(20)
6
87
\u2014
(42)
Profit/(loss) net of tax from continuing operations
104
548
(16)
5
(27)
\u2014
614
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
16
\u2014
16
Net profit/(loss)
104
548
(16)
5
(11)
\u2014
630
Net profit/(loss) for the period attributed to non-controlling interests
(51)
(126)
7
\u2014
\u2014
\u2014
(170)
Net profit/(loss) for the period attributed to the parent company
53
422
(9)
5
(11)
\u2014
460
Construction
Toll Roads
Airports
Energy and
mobility
Other
Adjustments
Total 2022
(*)
Revenue
6,463
780
54
296
178
(220)
7,551
Total operating expenses
6,289
230
56
283
189
(222)
6,825
Fixed asset depreciation
113
160
7
12
7
\u2014
299
Impairment and disposal of fixed assets
\u2014
(3)
\u2014
(3)
\u2014
\u2014
(6)
Operating profit/(loss)
63
387
(9)
(2)
(16)
\u2014
423
Profit/(loss) on derivatives and other net financial income/(expense)
(34)
(110)
19
1
48
(2)
(78)
Net financial income/(expense) from financing
35
(240)
\u2014
(9)
(30)
2
(242)
Net financial income/(expense)
1
(350)
19
(8)
18
\u2014
(320)
Share of profits of equity-accounted companies
1
158
7
(1)
\u2014
\u2014
165
Profit/(loss) before tax from continuing operations
65
195
17
(11)
2
\u2014
268
Income/(expense) tax
(5)
(39)
2
(4)
16
\u2014
(30)
Profit/(loss) net of tax from continuing operations
60
156
19
(15)
18
\u2014
238
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
64
\u2014
64
Net profit/(loss)
60
156
19
(15)
82
\u2014
302
Net profit/(loss) for the period attributed to non-controlling interests
(42)
(65)
(9)
\u2014
\u2014
(1)
(117)
Net profit/(loss) for the period attributed to the parent company
18
91
10
(15)
82
(1)
185
Construction
Toll Roads
Airports
Energy and
mobility
Other
Adjustments
Total 2021
Revenue
6,077
588
2
252
157
(166)
6,910
Total operating expenses
5,833
173
28
264
168
(165)
6,301
Fixed asset depreciation
112
141
\u2014
12
5
\u2014
270
Impairment and disposal of fixed assets
22
1,117
\u2014
\u2014
1
(1)
1,139
Operating profit/(loss)
154
1,392
(26)
(24)
(16)
(1)
1,479
Profit/(loss) on derivatives and other net financial income/(expense)
(24)
(86)
(6)
4
23
1
(88)
Net financial income/(expense) from financing
(6)
(198)
\u2014
(7)
(36)
\u2014
(247)
Net financial income/(expense)
(30)
(284)
(6)
(3)
(13)
1
(335)
Share of profits of equity-accounted companies
\u2014
81
(254)
(6)
1
\u2014
(178)
Profit/(loss) before tax from continuing operations
124
1,189
(286)
(33)
(28)
\u2014
966
Income/(expense) tax
(49)
(71)
7
5
116
1
9
Profit/(loss) net of tax from continuing operations
75
1,118
(279)
(28)
88
1
975
Profit/(loss) net of tax from discontinued operations
115
\u2014
\u2014
\u2014
246
\u2014
361
Net profit/(loss)
190
1,118
(279)
(28)
334
1
1,336
Net profit/(loss) for the period attributed to non-controlling interests
(105)
(29)
\u2014
\u2014
(3)
(1)
(138)
Net profit/(loss) for the period attributed to the parent company
85
1,089
(279)
(28)
331
\u2014
1,198
2.1. OPERATING INCOME
For the year ended December 31, 2023 :
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,581
489
7,070
9%
Toll Roads
1,084
1
1,085
39%
Airports
80
-
80
59%
Energy and mobility infrastructures
334
-
334
13%
Other activities (*)
25
156
181
2%
Adjustments
-
(236)
(236)
7%
Total
8,104
410
8,514
13%
(*) Corresponds to support services provided by the Corporation Division to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
For the year ended December 31, 2022 (**):
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
5,432
1,031
6,463
6%
Toll Roads
779
1
780
33%
Airports
54
-
54
2600%
Energy and mobility infrastructures
296
-
296
17%
Other activities (*)
39
139
178
13%
Adjustments
-
(220)
(220)
33%
Total
6,600
951
7,551
9%
(*) Corresponds to support services provided by the Corporation Division to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
(**) Restated figures (Note 1.1.7)
For the year ended December 31, 2021 :
(Million euro)
External sales
Inter-segment sales
Total
Construction
5,044
1,033
6,077
Toll Roads
587
1
588
Airports
1
1
2
Energy and mobility infrastructures
252
-
252
Other activities (*)
3
154
157
Adjustments
-
(166)
(166)
Total
5,887
1,023
6,910
(*) Corresponds to support services provided by the Corporation Division to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
The inter-segment sales that are not eliminated in the Group\u2019s consolidated financial statements relate to works completed by the Construction
Division for the infrastructure concession operators (Note 1.3.2 and Note 6.8).
The breakdown of sales by geographic area is as follows:
(Million euro)
2023
2022 (*)
Var. 23/22
2021
Var. 22/21
USA
2,879
2,906
(27)
2,639
267
Poland
2,160
1,842
318
1,735
107
Spain
1,475
1,154
321
1,092
62
UK
771
708
63
644
64
Canada
161
100
61
80
20
Other
1,068
841
227
720
121
TOTAL
8,514
7,551
963
6,910
641
(*) Restated figures (Note 1.1.7)
The Ferrovial Group\u2019s sales in its five main markets accounted for 87% of total sales in 2023 (89% in 2022 and 90% in 2021).
2.3. PERSONNEL EXPENSES
The average workforce by business division for the three periods\u00a0 is as follows:
BUSINESS
12.31.2023
MEN
WOMEN
TOTAL
VAR. 23/22
Construction
16,067
3,345
19,412
5%
Toll Roads
678
233
911
68%
Airports
195
42
237
1%
Energy infrastructures and mobility
3,622
411
4,033
2%
Other
292
280
572
22%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022(*)
MEN
WOMEN
TOTAL
VAR. 22/21
Construction
15,316
3,135
18,451
(3)%
Toll Roads
373
169
542
\u2014%
Airports
192
43
235
6%
Energy infrastructures and mobility
3,541
415
3,956
1%
Other
261
208
469
13%
Total continuing operations
19,683
3,970
23,653
\u2014
Total discontinued operations
7,346
3,352
10,698
\u2014
Total
27,029
7,322
34,351
(956)%
(*) Restated figures (Note 1.1.7)
BUSINESS
12.31.2021
MEN
WOMEN
TOTAL
Construction
16,059
3,042
19,101
Toll Roads
385
159
544
Airports
22
10
32
Energy infrastructures and mobility
3,564
374
3,938
Other
229
186
415
Total continuing operations
20,259
3,771
24,030
Total discontinued operations
32,652
21,851
54,503
Total
52,911
25,622
78,533
3.4. PROPERTY, PLANT AND EQUIPMENT
Significant changes in 2023 and 2022 by business division were as follows:
Additions:
(Million euro)
2023
2022 (*)
Construction
103
98
Toll Roads
9
17
Energy Infrastructures and Mobility
102
86
Other
1
6
TOTAL
215
207
(*) Restated figures (Note 1.1.7)
Additions in the Construction Division related to the acquisition of machinery and other equipment; in the Energy Infrastructures and Mobility
Division, they primarily arose from the construction of the Centella electricity transmission infrastructure.
In 2022, additions totaled EUR 207 million, the most significant relating to the Construction Division (EUR 98 million) due to the acquisition of
machinery and fixtures, fittings, tooling, furniture and vehicles, and to the Energy Infrastructures and Mobility Division (EUR 86 million), arising
primarily from the construction of the Parque Solar Casilla renewable energy generation plant.
3.7. RIGHT-OF-USE ASSETS AND ASSOCIATED LIABILITIES
Set out below are future maturities of lease liabilities in each business area at December 31, 2023:
2024
2025
2026
2027
2028
2029 AND
BEYOND
TOTAL
Corporation
2
3
3
3
3
13
27
Construction
47
35
23
12
7
27
151
Toll Roads
2
1
1
-
-
-
4
Energy and mobility infrastructures
8
4
2
1
-
3
18
TOTAL LEASE LIABILITIES
59
43
29
16
10
43
200
4.4. BALANCES FROM CONTRACTS WITH CUSTOMERS AND OTHER DISCLOSURES RELATING TO IFRS 15
Other disclosures relating to IFRS 15:
Revenue from contracts with customers:
EUR 8,339 million of the total revenue recognized in 2023 (Note 2.1 Operating income) relates to revenue from contracts with customers, which
accounts for 97.9% of revenue recognized (97.8% and 98.6% in 2022 and 2021, respectively).
Million euro
2023
2022 (*)
2021
Construction
6,909
6,287
5,799
Toll Roads
1,071
765
570
Airports
8
5
2
Other segments
351
328
822
Revenue from contracts with customers
8,339
7,385
6,810
(*) Restated figures (Note 1.1.7)
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations at year-end by business
area and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2024
2025
2026
2027
2028 and beyond
TOTAL
Construction
6,552
4,200
2,006
1,179
1,695
15,632
Energy Infrastructures and Mobility
179
137
88
76
446
926
Total
6,731
4,337
2,094
1,255
2,141
16,558
There are a total of 1,236 contracts in force in the Construction businesses (1,159 contracts in 2022) and 31 Energy Infrastructure contracts (29
contracts in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-906": { "value": "460000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-907": { "value": "185000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-908": { "value": "
2.1. OPERATING INCOME
The Group\u2019s revenue as of and for the years ended December 31, 2023, 2022 and 2021 from contracts with customers, as interpreted by IFRS 15,
amounted to EUR 8,339 million, EUR 7,385 million and EUR 6,810 million, respectively (Note 4.4).
Revenue includes financial income from services provided by the concession operators that apply the financial asset model, totaling EUR 10
million, EUR 10 million and EUR 15 million in\u00a0 2023, 2022 and 2021, respectively.
Set out below is a breakdown of revenue by segment and comparative figures for 2023, 2022 and 2021:
For the year ended December 31, 2023 :
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,581
489
7,070
9%
Toll Roads
1,084
1
1,085
39%
Airports
80
-
80
59%
Energy and mobility infrastructures
334
-
334
13%
Other activities (*)
25
156
181
2%
Adjustments
-
(236)
(236)
7%
Total
8,104
410
8,514
13%
(*) Corresponds to support services provided by the Corporation Division to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
For the year ended December 31, 2022 (**):
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
5,432
1,031
6,463
6%
Toll Roads
779
1
780
33%
Airports
54
-
54
2600%
Energy and mobility infrastructures
296
-
296
17%
Other activities (*)
39
139
178
13%
Adjustments
-
(220)
(220)
33%
Total
6,600
951
7,551
9%
(*) Corresponds to support services provided by the Corporation Division to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
(**) Restated figures (Note 1.1.7)
For the year ended December 31, 2021 :
(Million euro)
External sales
Inter-segment sales
Total
Construction
5,044
1,033
6,077
Toll Roads
587
1
588
Airports
1
1
2
Energy and mobility infrastructures
252
-
252
Other activities (*)
3
154
157
Adjustments
-
(166)
(166)
Total
5,887
1,023
6,910
(*) Corresponds to support services provided by the Corporation Division to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
The inter-segment sales that are not eliminated in the Group\u2019s consolidated financial statements relate to works completed by the Construction
Division for the infrastructure concession operators (Note 1.3.2 and Note 6.8).
The breakdown of sales by geographic area is as follows:
(Million euro)
2023
2022 (*)
Var. 23/22
2021
Var. 22/21
USA
2,879
2,906
(27)
2,639
267
Poland
2,160
1,842
318
1,735
107
Spain
1,475
1,154
321
1,092
62
UK
771
708
63
644
64
Canada
161
100
61
80
20
Other
1,068
841
227
720
121
TOTAL
8,514
7,551
963
6,910
641
(*) Restated figures (Note 1.1.7)
The Ferrovial Group\u2019s sales in its five main markets accounted for 87% of total sales in 2023 (89% in 2022 and 90% in 2021).
4.4. BALANCES FROM CONTRACTS WITH CUSTOMERS AND OTHER DISCLOSURES RELATING TO IFRS 15
Information on the balance sheet relating to IFRS 15
As indicated in Note 1.3.3.4 in relation to the policy for recognizing contract revenue (IFRS 15), for contracts in which the performance obligations
are measured over time, the difference between the revenues recognized for services rendered and the amounts actually billed to the customer
are systematically analyzed on a contract- by-contract basis.
If the amount billed is lower than the revenue recognized, the difference is recognized as an asset under \u201cTrade receivables for sales and services -
Completed work pending certification\u201d (Note 4.2.a), whereas if the revenue recognized is lower than the amount billed, a liability is recognized
under \u201cShort-term trade and other payables - Work certified in advance\u201d (Note 4.3).
For certain construction contracts, advances are agreed, paid by the customer at contract inception and offset against progress billings as the
works are executed.
These balances are carried on the liabilities side of the balance sheet under the heading \u201cTrade payables\u201d (Note 4.3.a).
In contrast to the advance payments, under some contracts the customer retains a portion of the payment of each progress billing to guarantee
certain contractual obligations are met, which is not reimbursed until the contract is definitively settled. These balances are carried on the assets
side of the balance sheet under \u201cTrade receivables for sales and services\u201d (Note 4.2.a).
Unlike completed work pending certification and work certified in advance, advances and retentions are balances that will have an impact on
future cash flows, since in the case of the advances a lower amount will be collected in the future as the advances are discounted from the
progress billings, whereas the retentions will give rise to higher collections in the future, since the customer will reimburse the related amounts as
and when the contract work is settled. Most of the Revenue recognised in the reporting period was included in the contract liability balance at the
beginning of the period.
Set out below is a breakdown of these items at December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Completed work pending certification
406
2
\u2014
38
446
Retentions
141
1
\u2014
18
160
Total customer contract assets
547
3
\u2014
56
605
Work certified in advance
962
(3)
\u2014
165
1,124
Advance payments
402
5
\u2014
(1)
406
Total customer contract liabilities
1,364
2
\u2014
164
1,529
(*) Restated figures (Note 1.1.7)
The balance of completed work pending certification at December 31, 2023 relates almost entirely to revenue under the main contract with the
customer since, according to the Group\u2019s general policy, only work that is due and payable, i.e. has been approved by the customer, may be
recognized in the financial statements. Claims only include cases in which it is deemed highly likely that there will be no reversal of revenue in the
future.
In general, performance obligations in the construction business are fulfilled over time. Therefore, the balance relates basically to differences
between work completed and work certified due to timing differences in the customer certification and review process, billing milestones or
certification schedule.
Other disclosures relating to IFRS 15:
Revenue from contracts with customers:
EUR 8,339 million of the total revenue recognized in 2023 (Note 2.1 Operating income) relates to revenue from contracts with customers, which
accounts for 97.9% of revenue recognized (97.8% and 98.6% in 2022 and 2021, respectively).
Million euro
2023
2022 (*)
2021
Construction
6,909
6,287
5,799
Toll Roads
1,071
765
570
Airports
8
5
2
Other segments
351
328
822
Revenue from contracts with customers
8,339
7,385
6,810
(*) Restated figures (Note 1.1.7)
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations at year-end by business
area and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2024
2025
2026
2027
2028 and beyond
TOTAL
Construction
6,552
4,200
2,006
1,179
1,695
15,632
Energy Infrastructures and Mobility
179
137
88
76
446
926
Total
6,731
4,337
2,094
1,255
2,141
16,558
There are a total of 1,236 contracts in force in the Construction businesses (1,159 contracts in 2022) and 31 Energy Infrastructure contracts (29
contracts in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-912": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2023
2022 (*)
Var. 23/22
2021
Var. 22/21
Subcontracted work
3,337
2,975
362
2,824
151
Leases (Note 3.7)
250
256
(6)
235
21
Repairs and maintenance
82
89
(7)
70
19
Independent professional services
485
449
36
331
118
Changes in provisions for liabilities (Note 6.3)
53
(68)
121
51
(119)
Other operating expenses
671
481
190
412
69
Total other operating expenses
4,878
4,182
696
3,923
259
(*) Restated figures (Note 1.1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-911": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2023
2022 (*)
Var. 23/22
2021
Var. 22/21
Subcontracted work
3,337
2,975
362
2,824
151
Leases (Note 3.7)
250
256
(6)
235
21
Repairs and maintenance
82
89
(7)
70
19
Independent professional services
485
449
36
331
118
Changes in provisions for liabilities (Note 6.3)
53
(68)
121
51
(119)
Other operating expenses
671
481
190
412
69
Total other operating expenses
4,878
4,182
696
3,923
259
(*) Restated figures (Note 1.1.7)
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2023
2022(*)
Var.23/22
2021
VAR 22/21
Wages and salaries
1,350
1,111
239
1,006
105
Social security contributions
179
158
21
148
10
Pension plan contributions
15
13
3
10
2
Share-based payments
11
8
4
-9
17
Other welfare expenses
43
156
-113
138
18
TOTAL
1,599
1,446
153
1,293
153
(*) Restated figures (Note 1.1.7)
The trend in the number of employees at\u00a0 December 31, 2023, 2022 and 2021 by professional category and gender is as follows:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
VAR. 23/22
Executive directors
2
0
2
\u2014%
Senior managers
11
2
13
\u2014%
Executives
2,819
703
3,522
10%
Managers/Professionals/Supervisors
4,145
2,132
6,277
2%
Administrative/Support personnel
670
766
1,436
16%
Manual workers
12,910
639
13,549
\u2014%
Total
20,558
4,241
24,799
3%
12.31.2022(*)
CATEGORY
MEN
WOMEN
TOTAL
VAR. 22/21
Executive directors
2
0
2
\u2014%
Senior managers
12
1
13
\u2014%
Executives
2,580
635
3,215
8%
Managers/Professionals/Supervisors
4,117
2,044
6,161
4%
Administrative/Support personnel
565
668
1,233
11%
Manual workers
12,864
703
13,567
(2)%
Total
20,140
4,051
24,191
1%
(*) Restated figures (Note 1.1.7)
Discontinued operations included no workforce in 2023 and 2022. Set out below are the data for 2021, distinguishing between continuing and
discontinued operations:
CONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,442
540
2,982
Managers/Professionals/Supervisors
3,995
1,930
5,925
Administrative/Support personnel
519
589
1,108
Manual workers
13,141
762
13,903
Total
20,111
3,822
23,933
DISCONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
0
0
0
Senior managers
0
0
0
Executives
1,450
437
1,887
Managers/Professionals/Supervisors
4,995
1,444
6,439
Administrative/Support personnel
110
497
607
Manual workers
13,717
16,488
30,205
Total
20,272
18,866
39,138
At December 31, 2023, 2022 and 2021, there were 121, 107 and 1,482 employees, respectively, with a disability rating of 33% or more, accounting
for, 0.5%, 0.4% and\u00a0 2.3% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
BUSINESS
12.31.2023
MEN
WOMEN
TOTAL
VAR. 23/22
Construction
16,067
3,345
19,412
5%
Toll Roads
678
233
911
68%
Airports
195
42
237
1%
Energy infrastructures and mobility
3,622
411
4,033
2%
Other
292
280
572
22%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022(*)
MEN
WOMEN
TOTAL
VAR. 22/21
Construction
15,316
3,135
18,451
(3)%
Toll Roads
373
169
542
\u2014%
Airports
192
43
235
6%
Energy infrastructures and mobility
3,541
415
3,956
1%
Other
261
208
469
13%
Total continuing operations
19,683
3,970
23,653
\u2014
Total discontinued operations
7,346
3,352
10,698
\u2014
Total
27,029
7,322
34,351
(956)%
(*) Restated figures (Note 1.1.7)
BUSINESS
12.31.2021
MEN
WOMEN
TOTAL
Construction
16,059
3,042
19,101
Toll Roads
385
159
544
Airports
22
10
32
Energy infrastructures and mobility
3,564
374
3,938
Other
229
186
415
Total continuing operations
20,259
3,771
24,030
Total discontinued operations
32,652
21,851
54,503
Total
52,911
25,622
78,533
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-910": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2023
2022 (*)
Var. 23/22
2021
Var. 22/21
Subcontracted work
3,337
2,975
362
2,824
151
Leases (Note 3.7)
250
256
(6)
235
21
Repairs and maintenance
82
89
(7)
70
19
Independent professional services
485
449
36
331
118
Changes in provisions for liabilities (Note 6.3)
53
(68)
121
51
(119)
Other operating expenses
671
481
190
412
69
Total other operating expenses
4,878
4,182
696
3,923
259
(*) Restated figures (Note 1.1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-909": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2023
2022 (*)
Var. 23/22
2021
Var. 22/21
Subcontracted work
3,337
2,975
362
2,824
151
Leases (Note 3.7)
250
256
(6)
235
21
Repairs and maintenance
82
89
(7)
70
19
Independent professional services
485
449
36
331
118
Changes in provisions for liabilities (Note 6.3)
53
(68)
121
51
(119)
Other operating expenses
671
481
190
412
69
Total other operating expenses
4,878
4,182
696
3,923
259
(*) Restated figures (Note 1.1.7)
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2023
2022(*)
Var.23/22
2021
VAR 22/21
Wages and salaries
1,350
1,111
239
1,006
105
Social security contributions
179
158
21
148
10
Pension plan contributions
15
13
3
10
2
Share-based payments
11
8
4
-9
17
Other welfare expenses
43
156
-113
138
18
TOTAL
1,599
1,446
153
1,293
153
(*) Restated figures (Note 1.1.7)
The trend in the number of employees at\u00a0 December 31, 2023, 2022 and 2021 by professional category and gender is as follows:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
VAR. 23/22
Executive directors
2
0
2
\u2014%
Senior managers
11
2
13
\u2014%
Executives
2,819
703
3,522
10%
Managers/Professionals/Supervisors
4,145
2,132
6,277
2%
Administrative/Support personnel
670
766
1,436
16%
Manual workers
12,910
639
13,549
\u2014%
Total
20,558
4,241
24,799
3%
12.31.2022(*)
CATEGORY
MEN
WOMEN
TOTAL
VAR. 22/21
Executive directors
2
0
2
\u2014%
Senior managers
12
1
13
\u2014%
Executives
2,580
635
3,215
8%
Managers/Professionals/Supervisors
4,117
2,044
6,161
4%
Administrative/Support personnel
565
668
1,233
11%
Manual workers
12,864
703
13,567
(2)%
Total
20,140
4,051
24,191
1%
(*) Restated figures (Note 1.1.7)
Discontinued operations included no workforce in 2023 and 2022. Set out below are the data for 2021, distinguishing between continuing and
discontinued operations:
CONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,442
540
2,982
Managers/Professionals/Supervisors
3,995
1,930
5,925
Administrative/Support personnel
519
589
1,108
Manual workers
13,141
762
13,903
Total
20,111
3,822
23,933
DISCONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
0
0
0
Senior managers
0
0
0
Executives
1,450
437
1,887
Managers/Professionals/Supervisors
4,995
1,444
6,439
Administrative/Support personnel
110
497
607
Manual workers
13,717
16,488
30,205
Total
20,272
18,866
39,138
At December 31, 2023, 2022 and 2021, there were 121, 107 and 1,482 employees, respectively, with a disability rating of 33% or more, accounting
for, 0.5%, 0.4% and\u00a0 2.3% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
BUSINESS
12.31.2023
MEN
WOMEN
TOTAL
VAR. 23/22
Construction
16,067
3,345
19,412
5%
Toll Roads
678
233
911
68%
Airports
195
42
237
1%
Energy infrastructures and mobility
3,622
411
4,033
2%
Other
292
280
572
22%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022(*)
MEN
WOMEN
TOTAL
VAR. 22/21
Construction
15,316
3,135
18,451
(3)%
Toll Roads
373
169
542
\u2014%
Airports
192
43
235
6%
Energy infrastructures and mobility
3,541
415
3,956
1%
Other
261
208
469
13%
Total continuing operations
19,683
3,970
23,653
\u2014
Total discontinued operations
7,346
3,352
10,698
\u2014
Total
27,029
7,322
34,351
(956)%
(*) Restated figures (Note 1.1.7)
BUSINESS
12.31.2021
MEN
WOMEN
TOTAL
Construction
16,059
3,042
19,101
Toll Roads
385
159
544
Airports
22
10
32
Energy infrastructures and mobility
3,564
374
3,938
Other
229
186
415
Total continuing operations
20,259
3,771
24,030
Total discontinued operations
32,652
21,851
54,503
Total
52,911
25,622
78,533
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-914": { "value": "
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2023
2022(*)
Var.23/22
2021
VAR 22/21
Wages and salaries
1,350
1,111
239
1,006
105
Social security contributions
179
158
21
148
10
Pension plan contributions
15
13
3
10
2
Share-based payments
11
8
4
-9
17
Other welfare expenses
43
156
-113
138
18
TOTAL
1,599
1,446
153
1,293
153
(*) Restated figures (Note 1.1.7)
The trend in the number of employees at\u00a0 December 31, 2023, 2022 and 2021 by professional category and gender is as follows:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
VAR. 23/22
Executive directors
2
0
2
\u2014%
Senior managers
11
2
13
\u2014%
Executives
2,819
703
3,522
10%
Managers/Professionals/Supervisors
4,145
2,132
6,277
2%
Administrative/Support personnel
670
766
1,436
16%
Manual workers
12,910
639
13,549
\u2014%
Total
20,558
4,241
24,799
3%
12.31.2022(*)
CATEGORY
MEN
WOMEN
TOTAL
VAR. 22/21
Executive directors
2
0
2
\u2014%
Senior managers
12
1
13
\u2014%
Executives
2,580
635
3,215
8%
Managers/Professionals/Supervisors
4,117
2,044
6,161
4%
Administrative/Support personnel
565
668
1,233
11%
Manual workers
12,864
703
13,567
(2)%
Total
20,140
4,051
24,191
1%
(*) Restated figures (Note 1.1.7)
Discontinued operations included no workforce in 2023 and 2022. Set out below are the data for 2021, distinguishing between continuing and
discontinued operations:
CONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,442
540
2,982
Managers/Professionals/Supervisors
3,995
1,930
5,925
Administrative/Support personnel
519
589
1,108
Manual workers
13,141
762
13,903
Total
20,111
3,822
23,933
DISCONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
0
0
0
Senior managers
0
0
0
Executives
1,450
437
1,887
Managers/Professionals/Supervisors
4,995
1,444
6,439
Administrative/Support personnel
110
497
607
Manual workers
13,717
16,488
30,205
Total
20,272
18,866
39,138
At December 31, 2023, 2022 and 2021, there were 121, 107 and 1,482 employees, respectively, with a disability rating of 33% or more, accounting
for, 0.5%, 0.4% and\u00a0 2.3% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
BUSINESS
12.31.2023
MEN
WOMEN
TOTAL
VAR. 23/22
Construction
16,067
3,345
19,412
5%
Toll Roads
678
233
911
68%
Airports
195
42
237
1%
Energy infrastructures and mobility
3,622
411
4,033
2%
Other
292
280
572
22%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022(*)
MEN
WOMEN
TOTAL
VAR. 22/21
Construction
15,316
3,135
18,451
(3)%
Toll Roads
373
169
542
\u2014%
Airports
192
43
235
6%
Energy infrastructures and mobility
3,541
415
3,956
1%
Other
261
208
469
13%
Total continuing operations
19,683
3,970
23,653
\u2014
Total discontinued operations
7,346
3,352
10,698
\u2014
Total
27,029
7,322
34,351
(956)%
(*) Restated figures (Note 1.1.7)
BUSINESS
12.31.2021
MEN
WOMEN
TOTAL
Construction
16,059
3,042
19,101
Toll Roads
385
159
544
Airports
22
10
32
Energy infrastructures and mobility
3,564
374
3,938
Other
229
186
415
Total continuing operations
20,259
3,771
24,030
Total discontinued operations
32,652
21,851
54,503
Total
52,911
25,622
78,533
6.2. PENSION PLAN DEFICIT
This heading reflects the deficit in pension and other employee retirement benefit plans. At December 31, 2023, the provision recognized in the
balance sheet amounted to EUR 3 million and solely related to Budimex (EUR 2 million at December 31, 2022).
6.7.3. Pension funds and plans of life insurance premiums
As in 2022, no contributions were made in 2023 to pension plans or funds for former or current members of the Company\u2019s Board of Directors or
for directors of the Company who are members of other Boards of Directors and/or senior managers of Group companies and associates. No such
commitments were made during the year.
As regards life insurance premiums, the Company has insurance policies covering death (for which premiums totaling EUR 15 thousand were paid
in 2023; EUR 15 thousand in 2022), under which the executive directors are beneficiaries. No life insurance premiums were paid for Company
directors who are members of other Boards of Directors and/or senior managers of Group companies or associates.
Lastly, the Company has arranged a third-party liability insurance policy covering the directors and managers of the Group companies parented
by the Company. The insured parties include the Company\u2019s directors. The premium paid in 2023 under the aforementioned insurance policy
amounted to EUR 1,073 thousand (EUR 1,097 thousand in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-915": { "value": "
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2023
2022(*)
Var.23/22
2021
VAR 22/21
Wages and salaries
1,350
1,111
239
1,006
105
Social security contributions
179
158
21
148
10
Pension plan contributions
15
13
3
10
2
Share-based payments
11
8
4
-9
17
Other welfare expenses
43
156
-113
138
18
TOTAL
1,599
1,446
153
1,293
153
(*) Restated figures (Note 1.1.7)
6.6. SHARE-BASED REMUNERATION SCHEMES
Performance-based share plan.
Executive Directors participate in a long-term variable remuneration scheme based on performance share plans, in which other executives and
key professionals of the Group also participate (the \u201cLTVR\u201d). These plans are usually structured in overlapping multiyear cycles (currently three
years), granting \u201cunits\u201d each year (which may be converted into shares at the end of the vesting period (currently three years) if the metrics to
which the LTVR is subject are fulfilled). The LTVR can be summarized as follows:
The 2020-2022 plan
\u25aa The 2020-2022 plan was approved for the Executive Directors and certain other managers of the Group by the Ferrovial, S.A. Board on
December 19, 2019, and consequently approved for the Executive Directors at the General Meeting of Ferrovial, S.A. on April 17, 2020.
\u25aa The 2020-2022 Long-Term Remuneration Plan (the \u201cLTRP\u201d) provides for the allocation of \u201cunits,\u201d potentially convertible into shares, in
2020, 2021 and 2022. These shares, as the case may be, are to be delivered in the year in which the third anniversary of the allocation of the
corresponding units is reached (i.e. 2023 for the 2020 grant, 2024 for the 2021 grant, and 2025 for the 2022 grant).
\u25aa The \u201cunits\u201d granted under the 2020-2022 LTRP may be converted into shares if (i) the beneficiaries remain in the Company for a period of
three years from the date of grant of the units, except in exceptional circumstances such as retirement, disability or death, and (ii) certain
objectives linked to internal or external metrics reflecting economic-financial aspects and value creation for the company are met, as
approved by the Board of Directors of Ferrovial, S.A. and the General Meeting of Ferrovial, S.A.
The 2023-2025 plan
\u25aa The 2023-2025 LTRP was approved for the Executive Directors and certain other managers of the Group by the Ferrovial Board on December
15, 2022. The 2023-2025 LTRP was also consequently approved for the Executive Directors at the General Meeting of Ferrovial, S.A. on April
13, 2023, as required under Spanish corporate law.
\u25aa The 2023 LTRP provides for the grant of \u201cunits\u201d, potentially convertible into shares, in 2023, 2024 and 2025. These shares, as the case may
be, will be delivered in the year in which the third anniversary of the grant of the corresponding units is reached (i.e., 2026 for the 2023 grant,
2027 for the 2024 grant and 2028 for the 2025 grant).
\u25aa The \u201cunits\u201d granted under the 2023-2025 LTRP may be converted into shares if (i) the beneficiaries remain in the Company for a period of
three years from the date of grant of the units, expect in circumstances such as retirement, disability or death, and (ii) certain objectives linked
to internal or external metrics reflecting economic-financial aspects, value creation for the company and ESG targets are met, as approved by
the Board of Directors of Ferrovial, S.A. and the General Meeting of Ferrovial, S.A.
Both the 2020-2022 plan and the 2023-2025 plan as they apply to the Executive Directors were subsequently submitted to approval at the
General Shareholders\u2019 Meeting of Ferrovial International SE for approval as this relates to the plans\u2019 post-Merger implementation on June 13,
2023.
There were 1,953,016 shares outstanding\u00a0 on December\u00a0 31, 2023 relating to these plans, as commented in Note 5.1.1.
Changes to the share-based remuneration schemes in\u00a0 2023, 2022 and 2021 are summarized below:
2023
2022
2021
Number of shares at beginning of year
1,782,127
2,054,531
2.468.724
Plans granted
653,611
702,675
909,578
Plans settled
-277,493
-356,958
-292,413
Shares surrendered and other
-192,425
-526,552
-954,346
Shares exercised
-12,804
-91,569
-77,012
Number of shares at year-end
1,953,016
1,782,127
2.054.531
These share award plans are addressed in Note 6.7 on remuneration of executive directors and senior managers.
The impact of these remuneration schemes on the Group\u2019s income statement in 2023 was an expense of EUR 11 million (expense of EUR 8 million
in 2022 and income of EUR 9 million in 2021) with a balancing entry in equity. The change of the effect between 2022 and 2021 is due to the fact
that a smaller amount was reversed from the provision during the year to bring the cost into line with plan fulfillment (higher degree of
fulfillment).
Measurement of performance-based share plans.
This plan was accounted for as a future and therefore the value of the foreseeable dividends up to the delivery date is discounted to the value of
the shares at the grant date using a rate of return equal to the average cost of borrowings over the share award period. It is equity settled and
thus measured when granted. The initially calculated value is not re-estimated. The related amounts are recognized under \u201cStaff costs\u201d with a
balancing entry in reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-913": { "value": "
2.3. PERSONNEL EXPENSES
The trend in the number of employees at\u00a0 December 31, 2023, 2022 and 2021 by professional category and gender is as follows:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
VAR. 23/22
Executive directors
2
0
2
\u2014%
Senior managers
11
2
13
\u2014%
Executives
2,819
703
3,522
10%
Managers/Professionals/Supervisors
4,145
2,132
6,277
2%
Administrative/Support personnel
670
766
1,436
16%
Manual workers
12,910
639
13,549
\u2014%
Total
20,558
4,241
24,799
3%
12.31.2022(*)
CATEGORY
MEN
WOMEN
TOTAL
VAR. 22/21
Executive directors
2
0
2
\u2014%
Senior managers
12
1
13
\u2014%
Executives
2,580
635
3,215
8%
Managers/Professionals/Supervisors
4,117
2,044
6,161
4%
Administrative/Support personnel
565
668
1,233
11%
Manual workers
12,864
703
13,567
(2)%
Total
20,140
4,051
24,191
1%
(*) Restated figures (Note 1.1.7)
Discontinued operations included no workforce in 2023 and 2022. Set out below are the data for 2021, distinguishing between continuing and
discontinued operations:
CONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,442
540
2,982
Managers/Professionals/Supervisors
3,995
1,930
5,925
Administrative/Support personnel
519
589
1,108
Manual workers
13,141
762
13,903
Total
20,111
3,822
23,933
DISCONTINUED OPERATIONS
12.31.2021
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
0
0
0
Senior managers
0
0
0
Executives
1,450
437
1,887
Managers/Professionals/Supervisors
4,995
1,444
6,439
Administrative/Support personnel
110
497
607
Manual workers
13,717
16,488
30,205
Total
20,272
18,866
39,138
At December 31, 2023, 2022 and 2021, there were 121, 107 and 1,482 employees, respectively, with a disability rating of 33% or more, accounting
for, 0.5%, 0.4% and\u00a0 2.3% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
BUSINESS
12.31.2023
MEN
WOMEN
TOTAL
VAR. 23/22
Construction
16,067
3,345
19,412
5%
Toll Roads
678
233
911
68%
Airports
195
42
237
1%
Energy infrastructures and mobility
3,622
411
4,033
2%
Other
292
280
572
22%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022(*)
MEN
WOMEN
TOTAL
VAR. 22/21
Construction
15,316
3,135
18,451
(3)%
Toll Roads
373
169
542
\u2014%
Airports
192
43
235
6%
Energy infrastructures and mobility
3,541
415
3,956
1%
Other
261
208
469
13%
Total continuing operations
19,683
3,970
23,653
\u2014
Total discontinued operations
7,346
3,352
10,698
\u2014
Total
27,029
7,322
34,351
(956)%
(*) Restated figures (Note 1.1.7)
BUSINESS
12.31.2021
MEN
WOMEN
TOTAL
Construction
16,059
3,042
19,101
Toll Roads
385
159
544
Airports
22
10
32
Energy infrastructures and mobility
3,564
374
3,938
Other
229
186
415
Total continuing operations
20,259
3,771
24,030
Total discontinued operations
32,652
21,851
54,503
Total
52,911
25,622
78,533
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-916": { "value": "
2.4. IMPAIRMENT AND DISPOSALS
There follows a breakdown of the main gains and losses due to impairment and disposals for the corresponding periods.
2023
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss) after tax
Azores sale
39
41
Capital gains and disposals
39
41
Aravia
(2)
(2)
Zity Sale
(2)
(2)
Impairment gains/(losses)
(4)
(4)
TOTAL IMPAIRMENT AND DISPOSALS
35
37
2022 (*)
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss) after tax
Algarve sale
(3)
(3)
Capital gains and disposals
(3)
(3)
Impairment of the ownership interest in MaaS Global
(3)
(3)
Impairment gains/(losses)
(3)
(3)
TOTAL IMPAIRMENT AND DISPOSALS
(6)
(6)
2021
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss) after tax
Acquisition of 5.704% of I-66
1,117
1,117
Nalanda sale
17
17
Urbicsa sale
17
17
Nevasa sale
1
1
Figueras sale
(9)
(9)
Capital gains and disposals
1,142
1,141
Fixed asset impairment losses FB Serwis
(3)
(3)
Impairment gains/(losses)
(3)
(3)
TOTAL IMPAIRMENT AND DISPOSALS
1,139
1,139
(*) Restated figures (Note 1.1.7)
3.1. GOODWILL AND ACQUISITIONS
Impairment test
The Group analyzes at least once a year (in December) whether its assets show signs of impairment, in which case it performs the corresponding
impairment test, according to the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". The Group also
systematically tests for impairment the cash-generating units that include goodwill.
The goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests coincide with the last
available business projections approved by the Board and the conclusion was drawn that there is no impairment as at December 31, 2023.
Sensitivity analyses were not performed due to the existing headroom (difference between the recoverable amount and the carrying amount).
A. Construction Division goodwill (Webber and Budimex):
Methodology
In the case of Webber, in 2023 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 174% with respect to its
carrying amount of EUR 362 million. The flows were discounted at a rate of 8.9% (9.6% before taxes), calculated using the CAPM based on
current market input and in line with the method used in prior years.
As Budimex is listed on the Warsaw Stock Exchange and there is free float, we consider the share price is representative of its value. Therefore, the
goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2023\u00a0 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2023\u00a0 was 1,086% higher than its carrying amount of EUR 156 million; so there are no indications
of impairment.
B. Toll Roads Division goodwill (I-66):
The I-66 toll road goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners
Hold. LLC in December 2021. The toll road became operational in the last quarter of 2022.
In 2023, traffic ramped up to reach 29 million transactions and a 76.9% EBITDA margin. Therefore, there are no indications that the recoverable
amount is below its carrying amount.
The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and
research (e.g. impact of e-commerce in traffic of heavy vehicles or working from home habits in the use of private vehicles); tariffs used are in line
with traffic estimates and contract clauses. The 2023 impairment test reflects a headroom of 20% with respect to the carrying amount of EUR
1,971 million. The flows were discounted at a rate of 8.8% (9.7% before taxes).
C. Energy Infrastructures and Mobility Goodwill (Transchile and Ferrovial Services Chile):
The goodwill of Power Transmission Services, the company owning the power transmission lines in Chile, reached EUR 43 million in December
2023.
Based on the goodwill impairment test findings, which used long-term projections that go beyond one year after the first 20 years of the
regulated period, when the concessionaire is remunerated based on availability payments, the headroom was 79% with respect to the carrying
amount of EUR 34 million at December 31, 2023. The flows were discounted at a rate of 10.9% (11.3% before taxes) in 2023.
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services,
reclassified as a continuing operation in 2022 after being strategically allocated into the Group\u2019s Energy Infrastructures and Mobility Division.
The impairment test, based on a 5-year projection, identified a headroom of 12% in relation to the carrying amount, which was EUR 16 million at
December 31, 2023). The flows were discounted at a rate (WACC) of 12.8% (17.9% before taxes).
D. Airports Goodwill (Dalaman):
The goodwill recognized on the acquisition in 2022 amounts to EUR 27 million in December 2023 (EUR 27 million in December 2022)\u00a0 and is
essentially a balancing item for the tax effects.
The 2023 impairment test reflected a headroom of 26% in relation to the carrying amount which was EUR 146 million at December 31, 2023. The
flows were discounted at a rate of 12.7% (13.5% before taxes).
3.5.2. Disclosures relating to 407 ETR
Given that Ferrovial\u2019s ownership interest in 407 ETR was restated when control was lost in 2010, analyzing the implicit existence of goodwill, as
stipulated paragraph 40 and following paragraphs of IAS 28, an impairment exercise is conducted on an annual basis.
a. Impairment analysis
This asset performed well in 2023, revenue having grown by 12.7% and operating profit by 12.7%. It should be noted that in both the in-house
valuation of this concession carried out by Ferrovial and the average valuation of 407 ETR carried out by the stock market analysts that follow
Ferrovial (more than 20 analysts), the value is more than nine times its carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-920": { "value": "
2.5. NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2023, 2022 and 2021.
Net financial income/(expense) for these years from the infrastructure project companies is presented separately from that of ex-infrastructure
project companies (see the definition in Note 1.1.4 and in each case a distinction is made between net financial income/(expense) from financing
(which includes borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial
income/(expense) from derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income
and expenses not directly related to financing).
For 2023, as compared to 2022:
(Million euro)
2023
2022 (*)
Var. %
Financial income from infrastructure project financing
34
8
325%
Financial expense from infrastructure project financing
(362)
(251)
44%
Net financial income/(expense) from financing, infrastructure project companies
(328)
(243)
35%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
13
(105)
(112)%
Other net financial income/(expense), infrastructure project companies
(57)
(17)
235%
Other net financial income/(expense), infrastructure project companies
(44)
(122)
(64)%
Net financial income/(expense) from infrastructure projects
(372)
(365)
2%
Financial income, other companies
216
104
108%
Financial expense, other companies
(105)
(103)
2%
Net financial income/(expense) from financing, other companies
111
1
11000%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
11
47
(77)%
Other net financial income/(expense), other companies
66
(3)
(2300)%
Other net financial income/(expense), other companies
77
44
75%
Net financial income/(expense), other companies
188
45
318%
Total net financial income/(expense)
(184)
(320)
(43)%
(*) Restated figures (Note 1.1.7)
For 2022, as compared to 2021:
(Million euro)
2022 (*)
2021
Var. %
Financial income from infrastructure project financing
8
-
\u2014%
Financial expense from infrastructure project financing
(251)
(220)
14%
Net financial income/(expense) from financing, infrastructure project companies
(243)
(220)
10%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
(105)
(84)
25%
Other net financial income/(expense), infrastructure project companies
(17)
(3)
467%
Other net financial income/(expense), infrastructure project companies
(122)
(87)
40%
Net financial income/(expense) from infrastructure projects
(365)
(307)
19%
Financial income, other companies
104
24
333%
Financial expense, other companies
(103)
(51)
102%
Net financial income/(expense) from financing, other companies
1
(27)
(104)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
47
1
4600%
Other net financial income/(expense), other companies
(3)
(2)
50%
Other net financial income/(expense), other companies
44
(1)
(4500)%
Net financial income/(expense), other companies
45
(28)
(261)%
Total net financial income/(expense)
(320)
(335)
(4)%
(*) Restated figures (Note 1.1.7)
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to toll
roads under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2023
2022
2021
Accrued financial expenses
(379)
(347)
(257)
Expenses capitalized during the construction period
17
96
37
Financial expenses in P&L
(362)
(251)
(220)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-919": { "value": "
2.5. NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2023, 2022 and 2021.
Net financial income/(expense) for these years from the infrastructure project companies is presented separately from that of ex-infrastructure
project companies (see the definition in Note 1.1.4 and in each case a distinction is made between net financial income/(expense) from financing
(which includes borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial
income/(expense) from derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income
and expenses not directly related to financing).
For 2023, as compared to 2022:
(Million euro)
2023
2022 (*)
Var. %
Financial income from infrastructure project financing
34
8
325%
Financial expense from infrastructure project financing
(362)
(251)
44%
Net financial income/(expense) from financing, infrastructure project companies
(328)
(243)
35%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
13
(105)
(112)%
Other net financial income/(expense), infrastructure project companies
(57)
(17)
235%
Other net financial income/(expense), infrastructure project companies
(44)
(122)
(64)%
Net financial income/(expense) from infrastructure projects
(372)
(365)
2%
Financial income, other companies
216
104
108%
Financial expense, other companies
(105)
(103)
2%
Net financial income/(expense) from financing, other companies
111
1
11000%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
11
47
(77)%
Other net financial income/(expense), other companies
66
(3)
(2300)%
Other net financial income/(expense), other companies
77
44
75%
Net financial income/(expense), other companies
188
45
318%
Total net financial income/(expense)
(184)
(320)
(43)%
(*) Restated figures (Note 1.1.7)
For 2022, as compared to 2021:
(Million euro)
2022 (*)
2021
Var. %
Financial income from infrastructure project financing
8
-
\u2014%
Financial expense from infrastructure project financing
(251)
(220)
14%
Net financial income/(expense) from financing, infrastructure project companies
(243)
(220)
10%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
(105)
(84)
25%
Other net financial income/(expense), infrastructure project companies
(17)
(3)
467%
Other net financial income/(expense), infrastructure project companies
(122)
(87)
40%
Net financial income/(expense) from infrastructure projects
(365)
(307)
19%
Financial income, other companies
104
24
333%
Financial expense, other companies
(103)
(51)
102%
Net financial income/(expense) from financing, other companies
1
(27)
(104)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
47
1
4600%
Other net financial income/(expense), other companies
(3)
(2)
50%
Other net financial income/(expense), other companies
44
(1)
(4500)%
Net financial income/(expense), other companies
45
(28)
(261)%
Total net financial income/(expense)
(320)
(335)
(4)%
(*) Restated figures (Note 1.1.7)
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to toll
roads under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2023
2022
2021
Accrued financial expenses
(379)
(347)
(257)
Expenses capitalized during the construction period
17
96
37
Financial expenses in P&L
(362)
(251)
(220)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-918": { "value": "
2.5. NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2023, 2022 and 2021.
Net financial income/(expense) for these years from the infrastructure project companies is presented separately from that of ex-infrastructure
project companies (see the definition in Note 1.1.4 and in each case a distinction is made between net financial income/(expense) from financing
(which includes borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial
income/(expense) from derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income
and expenses not directly related to financing).
For 2023, as compared to 2022:
(Million euro)
2023
2022 (*)
Var. %
Financial income from infrastructure project financing
34
8
325%
Financial expense from infrastructure project financing
(362)
(251)
44%
Net financial income/(expense) from financing, infrastructure project companies
(328)
(243)
35%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
13
(105)
(112)%
Other net financial income/(expense), infrastructure project companies
(57)
(17)
235%
Other net financial income/(expense), infrastructure project companies
(44)
(122)
(64)%
Net financial income/(expense) from infrastructure projects
(372)
(365)
2%
Financial income, other companies
216
104
108%
Financial expense, other companies
(105)
(103)
2%
Net financial income/(expense) from financing, other companies
111
1
11000%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
11
47
(77)%
Other net financial income/(expense), other companies
66
(3)
(2300)%
Other net financial income/(expense), other companies
77
44
75%
Net financial income/(expense), other companies
188
45
318%
Total net financial income/(expense)
(184)
(320)
(43)%
(*) Restated figures (Note 1.1.7)
For 2022, as compared to 2021:
(Million euro)
2022 (*)
2021
Var. %
Financial income from infrastructure project financing
8
-
\u2014%
Financial expense from infrastructure project financing
(251)
(220)
14%
Net financial income/(expense) from financing, infrastructure project companies
(243)
(220)
10%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
(105)
(84)
25%
Other net financial income/(expense), infrastructure project companies
(17)
(3)
467%
Other net financial income/(expense), infrastructure project companies
(122)
(87)
40%
Net financial income/(expense) from infrastructure projects
(365)
(307)
19%
Financial income, other companies
104
24
333%
Financial expense, other companies
(103)
(51)
102%
Net financial income/(expense) from financing, other companies
1
(27)
(104)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
47
1
4600%
Other net financial income/(expense), other companies
(3)
(2)
50%
Other net financial income/(expense), other companies
44
(1)
(4500)%
Net financial income/(expense), other companies
45
(28)
(261)%
Total net financial income/(expense)
(320)
(335)
(4)%
(*) Restated figures (Note 1.1.7)
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to toll
roads under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2023
2022
2021
Accrued financial expenses
(379)
(347)
(257)
Expenses capitalized during the construction period
17
96
37
Financial expenses in P&L
(362)
(251)
(220)
3.3.2. Financial assets from financial asset model concessions
They mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments
made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2023 and 2022 are set out
below:
(Million euro)
INFRASTRUCTURE PROJECT\u00a0
RECEIVABLES 2023
INFRASTRUCTURE PROJECT
RECEIVABLES 2022 (*)
OPENING BALANCE
163
169
Additions
9
9
Disposals
-12
-12
Transfers and other
0
0
Foreign exchange effect
2
-4
Other
0
0
Reclassified to held for sale
0
0
YEAR-END BALANCE
162
163
Note: Balances net of provisions
(*) Restated figures (Note 1.1.7)
The following tables show the financial assets by concession operator for\u00a0 2023 and 2022:
BALANCES AT 12/31/2023
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
52
3
55
Depusa Arag\u00f3n
22
1
23
Budimex Parking Wroc\u0142aw
11
0
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
162
4
166
BALANCES AT 12/31/2022 (*)
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
53
3
56
Depusa Arag\u00f3n
23
1
24
Budimex Parking Wroc\u0142aw
10
0
10
CONSTRUCTION
86
3
89
UK Waste Treatment (Thalia)
77
0
77
UK WASTE TREATMENT
77
0
77
GROUP TOTAL
163
3
166
(*) Restated figures (Note 1.1.7)
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2023 and December 31, 2022:
MOVEMENTS (Million euro)
LONG- TERM LOANS
TO ASSOCIATES
RESTRICTED CASH
FROM
INFRASTRUCTURE
PROJECT COMPANIES
AND OTHER FINANCIAL
ASSETS
FINANCIAL
INVESTMENTS CARRIED
AT FAIR VALUE
LOANS ASSOCIATED
WITH DIVESTMENT
TRANSACTIONS
OTHER LONG- TERM
RECEIVABLES
TOTAL
BALANCE AT 01/01/2022
228
580
41
-
33
882
Additions
36
153
12
192
1
394
Disposals
(4)
(172)
-
(35)
(211)
Transfers and other
-
-
(19)
(3)
21
(1)
Foreign exchange
(13)
36
1
-
7
31
BALANCE AT 12/31/2022 (*)
247
597
35
189
27
1,095
Additions
40
432
9
10
6
497
Disposals
(37)
(381)
-
-
(5)
(423)
Transfers and other
-
-
1
(13)
-
(12)
Foreign exchange
12
(20)
-
-
(1)
(9)
BALANCE AT 12/31/2023
262
628
45
186
27
1,148
Note: Balances net of provisions
(*) Restated figures (Note 1.1.7)
Long-term loans to associates
Ferrovial granted a subordinated loan amounting to GBP 121 million (EUR 139 million) to the company AGS, not including the provision for
expected losses recognized under IFRS 9, which stands at GBP 9 million (EUR 11 million). The company\u2019s other shareholder has granted loans on
the same terms.
In addition, a subordinated debt loan is granted to Concesionaria Ruta del Cacao, S.A.S., in the amount of EUR 62 million. The increase in the year
corresponds to the capitalization of interest.
A recoverability analysis of the loan was carried out, including expectations of the asset\u2019s future performance, the company\u2019s liquidity forecasts
for the next twelve months, and the status of the bank borrowings following the agreement on the above-mentioned loan:
Future asset trends: AGS owns the assets, so operations are not subject to a concession period. Accordingly, a model was prepared in which traffic
is assumed to progressively recover. The assumptions in this model are consistent with forecasts of air traffic trends obtained from different
sources. The model shows a total value for AGS that is above the carrying amount of the current investment.
Liquidity: The contingency plans adopted during 2021 and 2022 allowed the Company to end the year in a positive liquidity position. Projections
show that the available liquidity would be sufficient to keep the business running based on estimated traffic levels.
Bank borrowings: Following the agreement in 2021 to amend and extend the loan granted by a syndicate of banks, AGS will have until June 2024
to repay it. The company is, at the end of 2023, in the last steps of agreeing a new refinancing of its external debt with a new syndicate of banks.
On the basis of the three factors analyzed, the amounts borrowed by the company are likely to be recovered, in view of the information currently
available. The above notwithstanding, an expected loss provision of GBP 9 million (EUR 11 million) was set up in its balance sheet in accordance
with IFRS 9.
Restricted cash from infrastructure project companies
The item \u201cRestricted cash from infrastructure project companies and other financial assets\u201d (EUR 432 million) relates primarily to the NTE Mobility
Partners toll road (EUR 336 million) and the I-77 Mobility Partners toll road (EUR 62 million).
The 2023 variation is related mainly to NTE Mobility Partners Segments 3 LLC (EUR -374 million), due primarily to dividend payments. The note on
the net cash position provides details of the main balances and changes recognized in relation to this line item.
Loans associated with divestment transactions
The item relates to the debt generated by divestments made on deferred payment terms in connection with the sale of Amey debt, as discussed in
Note 1.1.5 of these notes to the financial statements.
As explained in the above-mentioned notes, the business carried on in the United Kingdom through the subsidiary Amey was sold in 2022. The
purchase consideration was received partly in cash and partly in the form of loans granted to the buyers for an amount of GBP 151.8 million (EUR
172.8 million), to a company controlled by funds managed by One Equity Partners, in association with its shareholder Buckthorn Partners. At
December 2023, and derived from the agreement reached with Buckthorn to repay the loan, an impairment loss of GBP 13 million has already
been recorded through the income statement.
Additionally, the energy and water infrastructure maintenance services business was sold to the British fund Rubicon for the amount of GBP 18
million\u00a0 (EUR 20 million). In the final quarter of the year, Rubicon repaid GBP 2 million based on the agreed repayment schedule.
Following the divestment operation, the Company assessed the recoverability of the loans, concluding that they are recoverable on the basis of
the latest projections.
Other long-term receivables
Interests in investment funds amounting to EUR 20 million and relating to the Credit Suisse (Lux) Supply Chain Finance Fund, which invested in
supplier invoices insured by companies with an investment grade rating (average of AA-). This fund is currently in the process of liquidation. The
amount invested is regarded as recoverable and is expected to be recovered after more than one year.
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2023 AND 2022
This section contains the notes on Inventories (Note 4.1), Short-term trade and other receivables (Note 4.2) and Short-term trade and other
payables (Note 4.3). The net balance of these items is referred to as working capital.
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Inventories
476
5
\u2014
(23)
458
Short-term trade and other receivables
1,609
19
(12)
62
1,677
Short-term trade and other payables
(3,430)
(23)
1
(194)
(3,646)
TOTAL
(1,346)
1
(11)
(155)
(1,511)
Million euro
2021
Exchange rate
Consolidation scope
changes
Other
2022
Inventories
404
9
\u2014
63
476
Short-term trade and other receivables
1,344
(10)
15
260
1,609
Short-term trade and other payables
(2,813)
(4)
(6)
(608)
(3,430)
TOTAL
(1,065)
(4)
9
(285)
(1,346)
(*) Restated figures (Note 1.1.7)
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Set out below is a breakdown of this heading at December 31, 2023 and\u00a0 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope changes
Other
2023
Trade receivables for sales and services
1,300
15
(12)
51
1,353
Other receivables
309
4
\u2014
11
324
TOTAL RECEIVABLES
1,609
19
(12)
62
1,677
(*) Restated figures (Note 1.1.7)
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2023 and\u00a0 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Trade receivables
962
13
(12)
1
963
Bad debt provisions
(209)
(1)
\u2014
(6)
(216)
Net trade receivables
753
12
(12)
(5)
748
Completed work pending certification
406
2
\u2014
38
446
Retentions
141
1
\u2014
18
160
TRADE RECEIVABLES FOR SALES AND SERVICES
1,300
15
(12)
51
1,353
(*) Restated figures (Note 1.1.7)
The change under the heading \u201cOther\u201d (EUR 51 million) is explained primarily by the increase in Construction (EUR 43 million), particularly in
Poland (EUR 61 million), as a result of business performance.
In addition, the scope changes during the year relate primarily to the Euroscut Azores toll road disposal.\u00a0
Finally, there are no balance sheet items relating to factoring agreements at December 31, 2023 or 2022.
Set out below is a breakdown of the main trade receivables by debtor type:
At 12.31.2023
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
777
57%
93
n.a.
870
64%
Private sector
414
30%
13
n.a.
427
32%
Group companies and associates
171
13%
(116)
n.a.
55
4%
TOTAL
1,363
100%
(10)
N.A.
1,353
100%
At 12.31.2022
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
813
66%
90
n.a.
904
70%
Private sector
324
26%
22
n.a.
346
27%
Group companies and associates
97
8%
(47)
n.a.
50
4%
TOTAL
1,235
100%
65
N.A.
1,300
100%
The Group has pre- and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or
solvency studies, and monitoring incidents and default while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2023
2022 (*)
Opening balance
209
209
Amounts charged to the income statement:
5
(1)
Charges
12
5
Reversals
(8)
(4)
Applications
\u2014
(2)
Foreign exchange effect
1
\u2014
Transfers and other
1
1
Closing balance
216
209
(*) Restated figures (Note 1.1.7)
Group management considers that the carrying amount of trade receivables approximates fair value.
b) Other receivables
Other receivables breakdown is as follows at\u00a0 December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Advance payments to suppliers
61
\u2014
\u2014
6
67
Sundry receivables
96
4
\u2014
10
110
Infrastructure project receivables
3
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
148
1
\u2014
(5)
144
OTHER RECEIVABLES
309
4
\u2014
11
324
(*) Restated figures (Note 1.1.7)
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
Set out below is a breakdown of this heading at December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope changes
Other
2023
Trade payables
1,663
13
(2)
24
1,698
Work certified in advance
962
(3)
\u2014
165
1,124
Advance payments
402
5
\u2014
(1)
406
Other non-trade payables
403
9
1
6
419
TRADE AND OTHER PAYABLES
3,430
23
(1)
194
3,646
(*) Restated figures (Note 1.1.7)
a) Trade payables
Set out below is a breakdown of trade payables at December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Trade payables
1,187
7
(2)
(35)
1,158
Trade payables sent for reverse factoring
234
\u2014
\u2014
48
281
Withholdings made from suppliers
242
5
\u2014
11
259
TRADE PAYABLES
1,663
13
(2)
24
1,698
(*) Restated figures (Note 1.1.7)
Trade payables increased by EUR 35 million compared to the balance recognized at\u00a0 December 31,\u00a0 2022. Excluding the foreign exchange effect
and scope changes, trade payables grew by EUR 24 million, primarily in the Construction Division (EUR 80 million), partially offset by the deferred
payment for the acquisition of Dalaman airport in the previous year (EUR -26 million) and payments in the Energy Infrastructures and Mobility
business (EUR -15 million).
Trade payables pending payment to suppliers under reverse factoring arrangements (Note 1.3.3.3 on accounting policies) increased by EUR 48
million compared to the balance at December 31, 2022.
Group management considers that the carrying amount of trade receivables approximates fair value.
c) Other non-trade payables
\u201cOther non-trade payables\u201d breakdown is as follows:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Accrued wages and salaries
190
5
\u2014
32
227
Taxes payable
173
4
\u2014
(14)
162
Other payables
41
\u2014
1
(12)
30
OTHER NON- TRADE PAYABLES
403
9
1
6
419
(*) Restated figures (Note 1.1.7)
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2023 AND 2022
Regarding infrastructure projects borrowings, the variation during 2023 was primarily due to the foreign exchange effect (EUR -211 million) and
the impact of scope changes relating to the Azores Toll Road disposal (EUR -281 million). The increase of EUR 440 million is mainly explained by
the US projects due to the debt drawn down by NTE Mobility Partners toll road, capitalization of interest and accrued unmatured interest.
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2022 (*)
7,967
Net drawdowns
440
Exchange rate effects
-211
Changes in scope of consolidation
-281
Closing balance at 12.31.2023
7,915
(*) Restated figures (Note 1.1.7)
Regarding ex-infrastructure projects borrowings, the variation during the year is primarily due to the net drawdowns on corporate debt.
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2022 (*)
3,691
Net drawdowns
-228
Exchange rate effects
0
Changes in scope of consolidation
0
Closing balance at 12.31.2023
3,463
(*) Restated figures (Note 1.1.7)
5.2. CASH AND CASH EQUIVALENTS AND BORROWINGS
In order to aid understanding of the Group\u2019s financial performance, and as mentioned in Note 1.1.4, the Group analyzes cash and cash equivalents
and borrowings for each corresponding period distinguishing between infrastructure project companies and ex infrastructure companies.
The main\u00a0 items forming the Group\u2019s cash and cash equivalents and borrowings, are described below.
5.2.1. Cash and cash equivalents
a) Cash and cash equivalents and restricted cash of infrastructure projects companies
The cash and cash equivalents of infrastructures project companies as at December 31, 2023 and December 31, 2022 stood at EUR 204 million
and EUR 168 million, respectively.
Infrastructure project financing agreements often impose the obligation to arrange certain restricted accounts to cover short-term or long-term
obligations relating to the payment of the principal or interest on borrowings and to infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less than or more than one year. These
funds are invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is
also restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group\u2019s policy for the
placement of cash surpluses.
For 2023:
Short-term balances, which amounted to EUR 31 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 596 million are registered as financial assets. Therefore, short- and long-term restricted cash recognized at
December 31, 2023 amounts to EUR 627 million and relates to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 23
million, EUR 7 million, EUR 99 million, EUR 134 million and EUR 333 million, respectively), as well as to other European concessions in the amount
of EUR 31 million, primarily treatment plants in the United Kingdom and the Autov\u00eda de Arag\u00f3n toll road in Spain (EUR 14 million and EUR 17
million, respectively). The variation of EUR 33 million compared with December 2022 is explained by:
\u2022 A net increase in the restricted cash amount of EUR 60 million (excluding exchange rate effects), essentially from the NTE Mobility Partners
toll road (EUR 336 million), LBJ (EUR 5 million), I-66 (EUR 28 million), I-77 (EUR 62 million), the Autov\u00eda de Arag\u00f3n toll road (EUR 3 million),
which was partially offset by a decrease of EUR -374 million in the NTE Segment 3 toll road.
\u2022 The scope change during the year due to the Euroscut Azores toll road disposal (EUR -9 million).
\u2022 The exchange rate effect of EUR -18 million, caused mainly by US dollar fluctuations (Note 1.4).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
For 2022:
Short-term balances, which amounted to EUR 38 million, were recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances, of EUR 556 million, were classified as financial assets. Therefore, restricted cash recognized at December 31, 2022, both short and
long -term, amounted to EUR 594 million, relating to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 401 million,
EUR 2 million, EUR 40 million, EUR 110 million and EUR 3 million, respectively), as well as to other European concessions in the amount of EUR 37
million, primarily treatment plants in the United Kingdom, the Autov\u00eda de Arag\u00f3n toll road and other European Toll Roads (EUR 14 million, EUR
14 million and EUR 9 million, respectively).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
b) Cash and cash equivalents and restricted cash of ex-infrastructure projects
The cash and cash equivalents of ex-infrastructure project companies at December, 31 2023 and December, 31 2022 amounted to EUR 4,585
million and EUR 4,962 million, respectively. At December 2023, 1,479 million correspond to Canadian dollars and the exchange rate risk related
to this cash and cash equivalents is fully hedged with forward derivatives.
The method generally used to classify cash and cash equivalents as short- and long-term balances matches the approach applied when
preparing the 2023, 2022 and 2021 consolidated financial statements.
At December, 31 2023, certain accounts totaling EUR 4 million (EUR 29 million at December, 31 2022) were restricted due mainly to Thalia. This is
cash but kept in escrow so that Thalia cannot access it without Environment Agency's consent. When there is a need to pay for aftercare of the
landfill in the future the cash can be used at that time.
5.2.2. Borrowings
a) Infrastructure project companies
ab.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings guaranteed by the project cash flows, distinguishing between bonds and bank borrowings, short- and
long-term, and changes during\u00a0 2023 and 2022:
2023
2022 (*)
Change 23/22
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,441
3,412
7,852
4,123
3,770
7,893
317
-358
-41
Toll roads
4,441
2,937
7,378
4,123
3,361
7,484
317
-424
-107
US toll roads
4,441
2,307
6,748
4,123
2,438
6,561
317
-131
187
Spanish toll roads
0
611
611
0
626
626
0
-16
-16
Portuguese toll roads
0
0
0
0
264
264
0
-264
-264
Other concessions
0
19
19
0
33
33
0
-14
-14
Airports
0
89
89
0
95
95
0
-5
-5
Construction
0
102
102
0
95
95
0
6
6
Energy infrastructures and Mobility
0
284
284
0
219
219
0
65
65
Short term
1
62
63
0
74
74
1
-12
-10
Toll roads
1
31
33
0
43
43
1
-12
-10
US toll roads
1
0
1
0
0
0
1
0
1
Spanish toll roads
0
17
17
0
13
13
0
5
5
Portuguese toll roads
0
0
0
0
17
17
0
-17
-17
Other concessions
0
14
14
0
13
13
0
1
1
Airports
0
15
15
0
18
18
0
-3
-3
Construction
0
5
5
0
4
4
0
1
1
Energy infrastructures and Mobility
0
11
11
0
9
9
0
2
2
TOTAL
4,442
3,473
7,915
4,123
3,844
7,967
319
-370
-52
(*) Restated figures (Note 1.1.7)
The following table shows, for 2023 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalize d/accrued
interest
Dec. 2023
Infrastructures project borrowings
7,967
441
-211
-281
-1
7,915
(*) Restated figures (Note 1.1.7)
Infrastructure project borrowings in 2023 decreased by EUR -52 million with respect to December 2022, mainly for the following reasons:
\u2022 Effect of scope changes due to the disposal of Euroscut Azores toll road (Note 1.1.4) totaling EUR -281 million.
\u2022 Exchange rate effect reaching EUR -211 million, mainly due to the depreciation of the US dollar against the euro.
\u2022 Increase of EUR 440 million in debt, excluding the foreign exchange effect and scope changes, with respect to year-end 2022, relating
primarily to the US projects and attributable to the debt drawn down by the NTE Mobility Partners toll road, capitalization of interest and to
accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
The debt comprises a USD 871.1 million taxable bond issuance maturing in 2049 at a fixed interest rate of 3.92% and a USD 331.8 million
issuance of PABs (Private Activity Bonds) at a fixed interest rate of 4.00% on USD 122.8 million and 5.00% on USD 209.1 million, repayable from
2030 to 2039.
Additional debt was raised in August, 2023, through the issuance of USD 397 million in bonds at a fixed interest of 5.50%, repayable from 2052 to
2058, for the funding of the Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
The borrowings for the 3A-3B segments entailed issuing USD 265,9 million in PABs.
In November 2023, the Series 2013 3A-3B bonds were cancelled by a new issuance of PABs (Series 2023), repayable from 2033 to 2043 at a rate
of 5.00% fixed interest on USD 32.4 million, 5.13% on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on
USD 122.6 million.\u00a0
This company also has a TIFIA loan of USD 531 million bearing a fixed rate of 3.84%, against which USD 562.8 million had been drawn down at
December 31, 2023 (USD 427.3 million of principal and USD 135.5 million of interest added to the principal), finally maturing in 2053.
On March 30, 2023, Cintra executed the financing transaction for NTE Mobility Partners Seg 3 LLC 5-year bonds to be used for the 2023 and 2024
principal prepayments of the TIFIA loan. Out of a total committed USD 221 million, USD 2.9 million were drawn on March 31, 2023 to cover the
transaction costs, and USD 103.7 million were drawn on June 26, 2023 to be used for the partial prepayment of the TIFIA loan.
The 3C segment debt comprises a USD 653.9 million issuance of PABs (total of USD 750 million including the issuance premium) repayable from
2047 to 2058, at a fixed interest rate of 5.00%.
LBJ Infr. Group LLC
The debt structure comprises a USD 537.5 million issuance of PABs (total of USD 615 million including the premium) at a fixed interest rate of
4.00%, repayable from 2030 to 2040; and a USD 615.5 million taxable bond issuance (of which USD 7 million accrues a fixed interest rate of
2.75% and falls due in 2026, and USD 608.5 million accrues fixed interest of 3.80% and falls due in 2057).
It also has a TIFIA loan granted by the US Federal Government, the value of which at December, 31 2023 is USD 835.6 million with a repayment
profile from 2035 to 2050, which bears interest at a fixed rate of 4.22%.
A credit line was arranged in December 2022 for future CAPEX investments. It falls due in 2027, has a limit of USD 72.65 million and accrues fixed
interest of 4.51%. USD 6.9 million had been drawn at December 31, 2023.
I-77 Mobility Partners, LLC
This concession operator is financed through a USD 100 million issuance of PABs (5.00% fixed interest), of which USD 6.9 million have final
maturities between 2026 and 2030, USD 13.1 million has a final maturity in 2037 and USD 80 million has a final maturity in 2054.
It also has a TIFIA loan of USD 189 million against which USD 220.9 million had been drawn down at December 31, 2023 (USD 189 million of
principal and USD 31.8 million of capitalized interest). This loan bears interest at a fixed rate of 3.04% and finally matures in 2053.
I-66 Mobility Partners, LLC
The concession operator is funded by a USD 737 million PABs issuance (total of USD 800.4 million including the premium) at a fixed rate of
5.00%, of which USD 30.9 million falls due in 2047, USD 130.9 million in 2049, USD 222.4 million in 2052 and USD 352.8 million in 2056.
It also has a TIFIA loan balance of USD 1,362.6 million against which USD 1,229.1 million had been drawn down, USD 5.5 million has been prepaid
and USD 139 million of interest capitalized as of December 31, 2023. This loan bears interest at a fixed rate of 2.80% and finally matures in 2057.
Spanish toll roads
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa-Manresa toll road)
The company is funded by a loan consisting of tranche A and tranche B with limits of EUR 300 million and EUR 316 million, respectively, both of
which accrue interest at the 6-month EURIBOR rate +3.930% +1.50% at the year-end. Both tranches were fully utilized and fall due in 2035. The
respective balances at December 31, 2023 are EUR 283.5 million and EUR 298.7 million. The debt also includes a liquidity tranche (tranche C) with
a balance of EUR 40.7 million at December 31, 2023, drawable up to a maximum of EUR 25 million (the year-end interest rate is the 6-month
EURIBOR +3.930% +1.50%). It should also be noted that this company has a derivative with a notional amount of EUR 568.6 million, a
guaranteed interest rate of 5.304% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d,
Note 5.5) was EUR -90.6 million at the year- end 2023.
Breakdown of other projects:
2023
2022 (*)
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 23/22
Autov\u00eda de Arag\u00f3n
19
14
33
33
13
46
-13
Pilum, S.A.
0
0
0
0
0
0
0
Dalaman International Airport
89
15
104
95
18
112
-9
Conc. Prisiones Lledoners,S.A.
63
2
65
65
2
67
-2
Depusa Arag\u00f3n S.A.
24
1
25
25
1
26
-1
Budimex Group
15
1
16
5
0
5
10
Parque Solar Casilla
20
3
23
0
0
0
23
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
91
8
99
98
6
104
-5
Centella Transmisi\u00f3n, S.A.
125
0
125
73
0
73
52
UK Waste Treatment (Thalia)
48
1
49
48
3
51
-3
TOTAL Other infrastructure project company borrowings
494
44
538
442
43
486
52
(*) Restated figures (Note 1.1.7)
Other project borrowings increased by EUR 52 million against December 2022, mainly due to debt drawdowns for the Chilean Energy
Infrastructure projects.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2023
(Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total
maturities
Infrastructure project company
obligations
4,092
4,442
0
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
0
1
7
1
1
2,625
2,636
USD
4,092
4,442
0
1
7
1
1
2,625
2,636
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,473
3,473
76
60
285
61
169
4,782
5,434
TOLL ROADS
2,968
2,968
34
38
34
35
141
4,627
4,909
USD
2,307
2,307
3
0
0
0
97
4,154
4,253
EUR
661
661
31
38
34
35
44
473
656
AIRPORTS
104
104
10
14
16
18
20
37
115
EUR
104
104
10
14
16
18
20
37
115
CONSTRUCTION
106
106
4
4
4
5
5
84
106
EUR
91
91
4
4
4
5
5
69
91
PLN
15
15
0
0
0
0
0
15
15
ENERGY
INFRASTRUCTURES AND
MOBILITY
295
295
28
5
230
3
4
34
304
EUR
22
22
23
0
0
0
0
0
23
USD
224
224
2
2
228
0
0
0
232
GBP
49
49
3
3
3
3
4
34
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,565
7,915
76
61
292
62
171
7,407
8,070
At December 31, 2022
(Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total
maturities
Infrastructure project company
obligations
3,007
4,123
0
0
1
8
1
2,716
2,726
TOLL ROADS
3,007
4,123
0
0
1
8
1
2,716
2,726
USD
3,007
4,123
0
0
1
8
1
2,716
2,726
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,844
3,844
107
68
81
257
79
4,820
5,412
TOLL ROADS
3,404
3,404
90
49
59
56
53
4,647
4,955
USD
2,438
2,438
49
0
0
0
0
3,944
3,994
EUR
966
966
41
49
59
56
53
703
961
AIRPORTS
112
112
9
10
14
16
18
57
124
EUR
112
112
9
10
14
16
18
57
124
CONSTRUCTION
99
99
3
4
4
4
5
79
99
EUR
94
94
3
4
4
4
5
74
94
PLN
5
5
0
0
0
0
0
5
5
ENERGY
INFRASTRUCTURES AND
MOBILITY
228
228
4
5
5
181
3
37
234
USD
177
177
1
2
2
178
0
0
183
GBP
51
51
3
3
3
3
3
37
51
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,851
7,967
107
68
82
265
80
7,536
8,137
(*) Restated figures (Note 1.1.7)
At December 31, 2023 the difference between the total maturities of bank borrowings of EUR 8,070 million (EUR 8,137 million in 2022) and the
carrying amounts recognized at December 31, 2023 in the amount of EUR 7,915 million (EUR 7,967 million in 2022) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 155 million (EUR
170 million in 2022), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used.
a.3) Information on credit limits and credit drawable for infrastructure projects
Below is a comparative analysis of borrowings not drawn down at December 31, 2023 and 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
7,545
7,545
0
7,410
7,748
7,681
68
7,527
US toll roads
6,889
6,889
0
6,749
6,787
6,719
68
6,561
Spanish toll roads
623
623
0
628
636
636
0
639
Other concessions
33
33
0
33
325
325
0
327
Energy Infrastructures and Mobility
304
304
0
295
291
234
57
228
Airports
115
115
0
104
124
124
0
112
Construction
106
106
1
106
99
99
0
99
TOTAL BORROWINGS
8,070
8,070
1
7,915
8,262
8,137
125
7,967
(*) Restated figures (Note 1.1.7)
At December 31, 2023, the entire drawable amount of EUR 1 million related to borrowings not utilized in the Polish energy projects.
At December 31, 2022, the entire drawable amount of EUR 125 million related to borrowings not utilized in the Chilean energy projects (EUR 57
million) and in the US toll road companies (EUR 68 million). It should be noted that this drawable amount is associated exclusively with the
projects, based on the nature and performance thereof, as discussed below.
a.4) Guarantees and covenants for project borrowings
The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given.
The guarantees given by Ferrovial subsidiaries for project borrowings are described in Note 6.5 Contingent liabilities.
At December 31, 2023 and 2022, all the fully-consolidated project companies fulfilled the significant covenants in force.
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2023 and main features
2023
2022 (*)
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
2,270
320
2,590
2,072
16
2,088
Euro Commercial Paper
0
500
500
0
696
696
Corporate liquidity lines
296
0
296
802
3
805
Other borrowings
5
58
63
9
88
97
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
2,570
879
3,449
2,883
804
3,686
(*) Restated figures (Note 1.1.7)
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2023, which do not
affect period cash positions:
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2023
Bank borrowings/ Project bonds
3,686
-224
-9
0
-4
3,449
Cross- currency swaps
5
0
9
0
0
13
Ex-infrastructure projects borrowings
3,691
-224
0
0
-4
3,463
(*) Restated figures (Note 1.1.7)
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR\u00a0 2,590 million at December 31,\u00a0 2023 (EUR 2,088 million at December, 31 2022). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
7/15/2014
300
7/15/2024
2.50%
3/29/2017
500
3/31/2025
1.375%
5/14/2020
780
5/14/2026
1.382%
11/12/2020
500
11/12/2028
0.54%
9/13/2023
500
9/13/2030
4.375%
All issuances completed as from 2014 to 2022 are traded on the AIAF Fixed Income Market (Spain). All of these are guaranteed by the Group\u2019s
parent company Ferrovial SE.
In 2023, non-current bonds included a sustainability-linked bond amounting to EUR 500 million issued on September 10, 2023, with an interest
rate of 4.375%, and maturing on September 13, 2030. The issuance price was 99.587%. This bond was fully subscribed and paid in by investors
on that date and admitted to trading on the Irish Stock Exchange\u2019s regulated market.
Euro Commercial Paper:
In the first quarter of 2018, the Company arranged a Euro Commercial Paper (ECP) program for a maximum amount of EUR 1,000 million, with
maturities between 1 and 365 days as from the issue date, allowing further diversification of capital market funding and more efficient liquidity
management. At the end of 2019, the maximum limit was increased up to EUR 1,500 million.
This note issuance program has been renewed each year since 2018. Until March 30, 2023, Company\u00b4s ECPs were issued under the EUR 1.500
million ECP program admitted to trading on the Euronext Dublin regulated market.
Other corporate debt:
In July 2018, Ferrovial refinanced the liquidity facility and included sustainability criteria in the process for a maximum of EUR 1.100 million. This
limit was reduced to EUR 900 million in 2023. The balance can be drawn down in EUR, USD, CAD and GBP. USD 260 million (EUR 236 million) had
been utilized at December 31,\u00a0 2023 and USD 260 million (EUR 245 million) had been utilized at December 31, 2022.
In order to hedge possible interest rate and foreign exchange fluctuations affecting the amount drawn, Ferrovial arranged cross currency swaps
for USD 260 million, maturing in 2025 for an agreed equivalent value of EUR 250 million, the fair value of which amounts to EUR -13 million (EUR
-5 million at December 31, 2022).
During the year 2023, Ferrovial has a loan for a total of EUR 60 million, which matures in 2027 at a fixed rate of 0.425%.
The variation in corporate debt compared to December 2022 (EUR -203 million) is explained mainly by the lower volume of ECPs issued (EUR
-196 million) compared to the previous year, at an average rate of 3.13%.
The Group\u2019s liquidity stood at EUR 5,387 million and EUR 6,118 million (Note 5.4.d) at December 31, 2023 and 2022, respectively.
b.1.2) Information on corporate debt limits and drawable balances.
Set out below is a breakdown of corporate debt limits and drawable balances at December 31, 2023 and at December 31, 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,581
2,581
0
2,590
2,081
2,081
0
2,088
Syndicated facility
900
250
650
236
1,100
250
850
245
ECPs
500
500
0
500
696
696
0
696
Credit lines
60
60
0
60
560
560
0
560
TOTAL CORPORATE
DEBT
4,041
3,391
650
3,386
4,437
3,587
850
3,589
(*) Restated figures (Note 1.1.7)
The Company's credit rating
The credit rating agencies Standard & Poor\u2019s and Fitch maintained their opinion regarding the financial rating of Ferrovial\u2019s corporate debt in\u00a0
2023 and 2022, respectively rating it at BBB and BBB with stable outlook and, therefore, within the \u201cInvestment Grade\u201d category.
b.1.3) Other borrowings
At December 31, 2023 \u201cOther borrowings\u201d of EUR 63 million (EUR 97 million at December 31, 2022) related primarily to the Energy Infrastructures
and Mobility Division bank borrowings.
At December 31, 2022 \u201cOther borrowings\u201d of EUR 97 million mainly included Construction Division bank borrowings.
b.1.4) Information on limits and drawable balances of other borrowings:
Set out below is a breakdown of debt limits and drawable balances at December 31, 2023 and 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
163
26
137
13
149
37
112
33
Airports
0
0
0
31
0
0
0
41
Energy Infrastructures and Mobility
22
20
2
19
24
22
2
23
OTHER BORROWINGS
185
46
139
63
173
59
114
97
(*) Restated figures (Note 1.1.7)
The differences between total bank borrowings and the carrying amount at December 31, 2023 and 2022 are explained mainly by the difference
between the face values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable accounting
rules.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2023
Borrowings (Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total maturities
Corporate debt
3,331
3,386
800
750
781
60
500
500
3,391
EUR
3,331
3,386
800
750
781
60
500
500
3,391
Other borrowings
63
63
21
5
13
6
1
0
46
EUR
3
3
0
0
0
0
1
0
1
PLN
9
9
1
5
2
1
0
0
9
CLP
19
19
20
0
0
0
0
0
20
Other
32
32
0
0
11
5
0
0
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
At December 31, 2022
Borrowings (Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total maturities
Corporate debt
3,385
3,589
696
300
750
781
560
500
3,587
EUR
3,385
3,589
696
300
750
781
560
500
3,587
Other borrowings
97
97
22
3
9
17
8
2
59
EUR
13
13
0
0
0
0
0
1
2
PLN
14
14
0
1
9
3
1
1
14
CLP
23
23
22
1
0
0
0
0
22
Other
48
48
0
0
0
14
7
0
21
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,482
3,686
718
303
759
798
568
502
3,646
(*) Restated figures (Note 1.1.7)
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2023 and 2022 are primarily
explained by the difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance
with applicable accounting legislation (basically accrued interest payable and the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2023 and
December 31, 2022 stood at EUR\u00a0 3,394 million and EUR 3,482 million, respectively.
The 2024 maturities reached EUR 821 million and primarily relate to the ECPs (EUR 500 million) and corporate bonds (EUR 300 million). The debt
maturities do not include interest.
5.4. . FINANCIAL RISK AND CAPITAL MANAGEMENT
The Group\u2019s businesses are affected by changes to financial variables, such as interest rates, exchange rates, inflation, credit, liquidity and
equities.
The following are specific data on the Group's exposure to each of these risks and an analysis of the sensitivity to a change in the various variables,
together with a brief description of the way in which each risk is managed.
a. Exposure to interest rate fluctuations
Ferrovial's businesses are exposed to interest rate fluctuations, which may affect the Company\u2019s net financial expense due to the variable interest
on financial assets and liabilities, as well as the measurement of financial instruments arranged at fixed interest rates.
Ferrovial manages interest rate risk so as to optimize the financial expense borne by the Group and achieve suitable proportions of fixed- and
variable-rate debt based on market conditions. Therefore, when interest rates are low, the Group seeks to fix future amounts at the ex-
infrastructure project company level, although such hedging can affect liquidity in the event of cancellation.
At the infrastructure project company level, banks and rating agencies require a higher percentage of fixed-rate debt. These strategies are
implemented by issuing fixed-rate debt or by arranging financial derivative hedges, a breakdown of which is provided in Note 5.5 Financial
derivatives at fair value.
The accompanying table shows a breakdown of the Group\u2019s borrowings, indicating the percentage considered to be hedged (either by a fixed rate
or by derivatives).
BORROWINGS
2023
2022 (*)
(Million euro)
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Ex-infrastructure project companies
3,463
92%
260
3
3,691
79%
772
8
Toll Roads
7,410
99%
51
1
7,527
98%
157
2
Construction
106
91%
10
0
99
97%
3
0
Energy Infrastructures and Mobility
295
93%
22
0
228
80%
46
0
Airports
104
100%
0
1
112
100%
0
3
Infrastructure project companies
7,915
99%
83
1
7,967
96%
317
3
Total borrowings
11,378
97%
339
4
11,658
92%
962
11
(*) Restated figures (Note 1.1.7)
Accordingly, in the fully-consolidated companies, a linear increase of 100 basis points in market interest rate curves at December 31, 2023 and
2022 would increase financial expenses in the income statement by an estimated EUR 4 million (EUR 11 million at December 31, 2022), of which
EUR 1 million (EUR 3 million at December, 31 2022) relates to infrastructure project companies and EUR 3 million (EUR 8 million at December 31,
2022) to ex- infrastructure project companies, entailing a net effect on Ferrovial\u2019s results of EUR 3 million (EUR 7 million at December 31,\u00a0 2022)
(expense).
The Group's cash resources amounted to EUR 4,789 million in 2023, a large portion of which accrued variable rates, improving the financial result
for the year.
It is also necessary to take into account changes in the fair value of the financial derivatives arranged, which are indicated in Note 5.5.
Regarding these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2023 would, in
the case of the effective hedges, have a positive impact of approximately EUR 109 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 55 million at December 31, 2022), while a decrease of 100 basis points would have a negative impact of
approximately EUR 41 million (EUR 67 million at December 31, 2022).
As a balancing entry to this impact, should be noted that a drop in interest rates would trigger an increase in the value of the projects, through a
lower discount rate.
b. Exposure to foreign exchange fluctuations
Ferrovial regularly monitors net exposure to each currency over the coming years for dividends receivable, investments in new projects and
potential divestments.
Ferrovial establishes its hedging strategy by analyzing past fluctuations in both short- and long-term exchanges rates and has monitoring
mechanisms in place, such as future projections and long-term equilibrium exchange rates. These hedges consist of foreign currency deposits or
derivatives (Note 5.5 for more details).
The following tables show, by type of currency, the value of assets, liabilities, non-controlling interests and shareholders\u2019 funds attributed to the
parent company at December 2023, adjusted to account for the above-mentioned currency forwards relating to each currency:
DEC. 2023
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
7,957
5,996
1,780
181
Pound sterling
715
477
237
1
US dollar
13,399
11,294
408
1,696
Canadian dollar
976
469
507
\u2014
Australian dollar
269
225
44
\u2014
Polish zloty
2,011
1,613
164
234
Chilean peso
301
191
110
\u2014
Colombian peso
230
142
89
\u2014
Indian rupee
380
4
376
\u2014
Other
81
28
52
1
GROUP TOTAL
26,318
20,439
3,766
2,113
DEC. 2022 (*)
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
9,503
7,072
2,244
186
Pound sterling
1,126
638
487
1
US dollar
12,307
10,032
414
1,860
Canadian dollar
541
377
164
\u2014
Australian dollar
186
141
45
\u2014
Polish zloty
1,653
1,341
119
193
Chilean peso
342
244
98
\u2014
Colombian peso
167
105
61
\u2014
Indian rupee
380
1
379
\u2014
Other
141
39
102
\u2014
GROUP TOTAL
26,344
19,991
4,113
2,240
(*) Restated figures (Note 1.1.7)
Note 1.4 contains a breakdown of year-end exchange rates. As a result of these changes, the impact of currency translation differences on equity
at December 31, 2023 was EUR -83 million (EUR 43 million at December 31, 2022) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2023 Ferrovial estimates that a 10% depreciation in the value of the euro at the year-end
against the main currencies in which the Group holds investments would have an impact on the parent company shareholders' funds of EUR 215
million, of which 26% would relate to the effect of the Canadian dollar, 21% to the US dollar, 12% to the pound sterling and 19% to the Indian
rupee.
Note 1.4 contains a breakdown of average exchange rates for 2023 and 2022. In this regard, the impact on the income statement of a 10%
appreciation of the euro against other currencies would have amounted to a change of EUR 52 million in 2023 (EUR 35 million in 2022).
c. Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
2023
2022 (*)
Var. 23/22
Investments in financial assets (1)
671
569
101
Non-current financial assets
1,310
1,258
52
Net financial derivatives (assets)
285
331
-46
Trade and other receivables
1,677
1,609
69
(1) Included in cash and cash equivalents
(*) Restated figures (Note 1.1.7)
\u2022 Ferrovial actively and continuously monitors counterparty risk affecting financial transactions and performs internal credit quality analyses on
each of the financial institutions with which there is exposure.
\u2022 The internal rules for managing cash\u00a0 surpluses impose maximum investment limits for each counterparty, based on objective criteria:
minimum acceptable risk requirements for the investment of cash surpluses and limits on the amounts invested in line with the defined risk in
each case. In addition, the Risk Department monitors each counterparty\u2019s performance and proposes appropriate protective or corrective
measures depending on the specific circumstances.
\u2022 Geographies: Ferrovial monitors trends in markets (geographies) where it has operations, as well as in its target markets. The Financial Risk
Department proposes potential actions to be taken should changes in risk levels be expected in a particular geography or market.
\u2022 Customers: Ferrovial analyses and monitors customer credit risk by means of an internal method used by all the Group companies to assign
credit ratings to Ferrovial\u2019s customers.
d. Exposure to liquidity risk
The Group has the necessary mechanisms in place to preserve the required liquidity through periodic procedures that take account of cash flow
projections, cash needs, short-term collections and payments, and long-term obligations.
Ex-infrastructure project companies
At December 31, 2023, cash and cash equivalents reached EUR 4,585 million (EUR 4,962 million in 2022). At that date, undrawn credit lines
totaled EUR 789 million (EUR 964 million in 2022), forwards hedging cash flows denominated in a currency other than the euro amounted to EUR
-18 million (EUR 151 million in 2022) and long term restricted cash stood at EUR 32 million (EUR 41 million in 2022).
Therefore, liquidity totaled EUR 5,387 million (EUR 6,118 million in December\u00a0 2022).
Infrastructure project companies
At December 31, 2023, cash and cash equivalents (including short- term restricted cash) amounted to EUR 204 million (EUR 168 million in 2022).
Also, at that date undrawn credit lines stood at EUR 1 million (EUR 125 million in 2022), and were primarily arranged to hedge committed
investment needs.
Liquidity (including long-term restricted cash) totaled EUR 817 million (EUR 841 million in December 2022).
e. Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises in equity swaps used to hedge against risks of appreciation
of share-based remuneration schemes, the detail of which is shown in Note 5.5 to these consolidated financial statements.
As the equity swaps are not classified as accounting hedges, the market value has an impact on profit or loss. Accordingly, a EUR 1 increase/
decrease in Ferrovial\u2019s share price would have a positive/negative impact of EUR 2.8 million on Ferrovial\u2019s net profit/(loss).
f. Exposure to inflation risk
Most of the revenue from infrastructure projects is associated with prices tied directly to inflation. This is the case of the prices of both the toll road
concession contracts and those of Heathrow. Therefore, an increase in inflation as is currently the case will increase cash flows from assets of this
kind.
The recent rise in inflation may have an adverse effect on operating margins under the construction contracts, therefore the risk is hedged by
closing the main direct costs at the time of bidding.
The toll road concession operator Autema records a derivative linked to inflation in Spain. At year-end 2020, 37% of the derivative was cancelled
as a result of the shift from the concession model to the intangible asset model. The remaining 63% is still treated as a hedge accounting
instrument. An increase of 100 bps across the inflation curve would have a negative effect on reserves of EUR -95 million and EUR -56 million on
profit/(loss)s.
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2023 and 2022, as well as the maturity dates of the notional
amounts to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are
presented as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
943
38
-1
-1
2,515
3,493
Toll road index-linked swaps
115
-2
-3
-4
-3
78
66
Toll road cross-currency swaps
72
0
0
0
0
1,850
1,850
Transchile and Centella IRS
50
0
0
0
0
457
458
Dalaman interest rate swaps
3
0
0
0
0
100
100
Toll road interest rate swaps
1
0
0
0
0
5
5
Equity swaps - Corporate
20
73
0
0
0
0
73
Toll roads foreign exchange derivatives
11
766
0
0
0
0
766
Other derivatives
13
106
41
3
2
24
175
LIABILITY BALANCES
132
2,065
338
42
37
523
3,004
Toll Roads IRS
91
28
34
37
32
471
602
Corporate cross-currency swaps
13
0
250
0
0
0
250
Corporate interest rate swaps
0
0
50
0
0
0
50
Corporate foreign exchange derivatives
0
15
0
0
0
0
15
Toll roads foreign exchange derivatives
18
1,786
0
0
0
0
1,786
Other derivatives
9
237
4
5
5
52
302
NET BALANCES (ASSETS)
153
3,008
376
41
36
3,037
6,497
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
41
1
-3
-5
252
285
Toll road index-linked swaps
115
10
10
10
10
75
115
Toll road cross-currency swaps
72
-18
-18
-18
-17
143
72
Transchile and Centella IRS
50
6
4
4
2
33
50
Dalaman interest rate swaps
3
2
1
0
0
0
3
Toll road interest rate swaps
1
2
0
0
0
0
1
Equity swaps - Corporate
20
20
0
0
0
0
20
Toll roads foreign exchange derivatives
11
11
0
0
0
0
11
Other derivatives
13
8
4
0
0
1
13
LIABILITY BALANCES
132
26
36
15
13
42
132
Toll Roads IRS
91
10
15
14
12
40
91
Corporate cross-currency swaps
13
-6
20
0
0
0
13
Corporate interest rate swaps
0
0
0
0
0
0
0
Corporate foreign exchange derivatives
0
0
0
0
0
0
0
Toll roads foreign exchange derivatives
18
18
0
0
0
0
18
Other derivatives
9
5
1
1
1
2
9
NET BALANCES (ASSETS)
153
14
-35
-18
-18
210
153
Derivative project companies
Interest Rate Swaps
To hedge interest rate risk in infrastructure projects, the borrowings of which accrue variable interest (primarily Cintra Inversora Autopistas de
Catalu\u00f1a, S.A., Transchile, Centella, Autov\u00eda de Arag\u00f3n, Depusa Arag\u00f3n, Dalaman International Airport and the UK waste treatment businesses
(Thalia)). The companies have contracted interest rate hedges on project debt, establishing a fixed or increasing interest rate, for a total notional
amount of EUR 1,250 million at December 31, 2023. Overall, the fair value valuation of these hedges has decreased from EUR -10 million at
December 2022 to EUR -39 million at December 2023.
In general, hedge effectiveness measurements performed periodically show that derivatives are effective, so changes in their fair value are
recorded in reserves, amounting to EUR-36 million (EUR -30 million after taxes and minority interests attributable to the parent company).
The movement in settlements and accruals had an impact on net financial income/(expense) of EUR -8 million and on cash of EUR 6 million.
Index-linked swaps
They relate solely to Autema, which arranged an index-linked swap fixing the annual inflation rate at 2.5% in 2008 to hedge revenue variability.
The underlying hedged items are the toll flows and price compensation flows received by the Catalan Regional Government, which are inflation-
adjusted.
The reduction in the hedged item due to the change of concession scheme entailed the partial discontinuance of the hedge, so that 63% of the
derivative is currently classed as a hedge and the remainder is classed as speculative. The rise in inflation during 2023 had an impact of EUR 25
million on reserves and a fair value impact of EUR 13 million on results.
Derivatives ex-project companies
Interest rate swaps
In September 2023, the Group cancelled the interest rate derivatives which were contracted (mainly by Ferrovial SE) to hedge bank borrowings, as
the debt has been also cancelled. By the end of 2022 these IRS had a notional amount of EUR 359 million and\u00a0 a fair value of EUR 10 million.
In December, the Group\u00a0 closed new interest rate swaps. Ferrovial SE contracted a pre-hedge to hedge the refinancing of a future bond with a\u00a0
notional of EUR 50 million, and Parque Solar Casilla, one to hedge El Berrocal financing (an energy project), with a notional of EUR 23 million.
Cross-currency swaps
At December 31, 2023, Ferrovial SE recorded cross-currency swaps to hedge a corporate liquidity line in US dollars (Note 5.2.2). These instruments
have a notional value of USD 260 million (EUR 250 million agreed equivalent value) and expire in 2025 and have a fair value of EUR -13\u00a0 million
(EUR -5 million in 2022).
The results of the effectiveness tests carried out show that the derivatives are effective. The change in fair value during the year had an impact\u00a0 on
reserves of EUR -1 million, on the financial result of EUR 6 million and on cash of EUR -6 million.
On the other hand, the Cintra Infrastructure SE Company and 407 Toronto Highway BV have cross currency swaps (CCS) as fair value coverage of
its net investment in the US in USD and the investment in Canada in CAD . These instruments have a notional amount of EUR 1,712 million and
EUR 138 million, a maturity in 2032 and a fair value of EUR 72 million and EUR 0.01 million.
The result of the effectiveness tests carried out shows that the derivatives are effective. The interest rate component of these derivatives,
considered as a hedging cost, amounts to -11 million euros and is recorded as reserves. As the coupons for the interest rate differential are paid,
this cost will be transferred to income. In addition, the impact of the hedging of the investment was EUR 51 million recognized as translation
differences.
Exchange rate derivatives
There are exchange rate risk hedges, designed to hedge the investment that the Group has in CAD. Its notional amounts to EUR 1,786 million at
December 31, 2023 (CAD 2,639 million) (Note 1.3). Its fair value amounts to EUR -18 million.
Changes in their valuation are recorded under the conversion differences heading and amount to EUR 57 million in 2023. Additionally, the
movement of settlements and accruals has had an impact on the financial result of EUR -19 million and on cash of EUR -140 million.
Additionally there are hedges of foreign currency risk, which aim is to protect against the volatility of future cash flows in foreign currencies
(primarily US dollar, pound sterling and polish zloty). Their notional value amounted to EUR 1,149 million at December 31, 2023, of which EUR 229
million relate to pound sterling and EUR 777 million to the US dollar and EUR 142 million to zloty, they all expire in the short-term.
Value changes are recognized as translation differences and amounted to EUR 22 million in 2023 (for effective derivatives). Options, which are not
classified as accounting hedges, are recognized in net financial income/(expense) at fair value, entailing an expense of EUR 9 million during the
year.
Equity swaps
The Company has arranged equity swaps hedging the potential financial impact of the exercise of share-based remuneration schemes granted to
employees. These swaps contracted by the Company generally hedge its own shares, therefore, they are treated as economic hedging derivatives
but not as accounting hedges (speculative), so the change in fair value of these derivatives in recognized through the income statement as a fair
value adjustment.
These contracts are described below:
\u2022 The calculation base comprises a given number of Ferrovial shares and a reference price, which is usually the share price on the execution
date.
\u2022 During the swap term, Ferrovial pays interest at a given interest rate (EURIBOR plus a spread to be applied to the result of multiplying the
number of shares by the strike price) and receives remuneration equal to the dividends on those shares.
\u2022 When the swap expires, if the share price has risen, Ferrovial will receive the difference between the arithmetic mean of the share price during
the observation period and the reference price, by the number of shares contracted. Otherwise, Ferrovial would pay this differential to the
financial institution.
Its fair value at December 31. 2023 is EUR 20 million. The change in value during the year was due to the increase\u00a0 in the Ferrovial share price
from EUR 24.47 at December 31, 2022 to EUR\u00a0 33.02 at\u00a0 December 31, 2023, entailing an impact of EUR 25 million under the income statement
heading \u201cChanges in the fair value of financial instruments\u201d. In the column \u201cImpact on Net financial income/(expense)\u201d includes the
remuneration as income and the finance cost of these instruments as an expense in the amount of EUR -2 million (Note 2.6). The total impact of
these instruments on cash resources amounted to EUR -6 million.
At December 2023 , these derivatives had a notional value equivalent to 2,796 thousand shares which, based on the strike price of the equity
swaps (price at which they must be settled with the banks), represented a total notional amount of EUR 73 million.
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2023 and 2022 and the effect on reserves, profit/(loss) and other balance sheet items:
FAIR VALUE
EFFECTS
TYPE OF INSTRUMENT
(Million euro)
BALANCES
AT
12/31/2023
BALANCES
AT
12/31/2022
Var.
EFFECT ON
RESERVES (I)
FAIR VALUE
EFFECT ON
PROFIT/(LOS
S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
115
77
38
25
13
4
-11
0
7
38
Cash flow hedge
115
77
38
25
13
4
-11
0
7
38
Interest rate derivatives
-39
0
-40
-39
12
-7
-5
-2
2
-40
Cash flow hedge
-39
0
-40
-48
12
-7
-5
-2
11
-40
Fair value hedge
0
0
0
8
0
0
0
0
-8
0
Cross-currency swaps
58
-32
91
30
-1
6
12
51
-7
91
Cash flow hedge
-13
-5
-9
-1
0
6
-6
0
-7
-9
Hedge of net investment in foreign
72
-28
99
32
-1
0
18
51
0
99
Fair value hedge
0
0
0
0
0
0
0
0
0
0
Foreign exchange derivatives
-1
172
-173
1
-3
-19
-166
12
2
-173
Fair value hedge
0
3
-3
0
0
0
-12
9
0
-3
Hedge of net investment in foreign
-8
169
-177
0
-4
-19
-157
3
0
-177
Cash flow hedge
11
1
11
1
7
0
0
1
2
11
Speculative
-4
0
-4
0
-7
0
3
0
0
-4
Equity swaps
20
2
17
0
25
-2
-6
0
0
17
Speculative
20
2
17
0
25
-2
-6
0
0
17
TOTAL
153
219
-66
16
46
-18
-175
61
4
-66
(*) Restated figures (Note 1.1.7)
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to cash flow hedging derivatives are recognized, with a balancing entry in reserves by the effective portion
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects from financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year.
\u2022 The effect of foreign exchange fluctuations from December 31,\u00a0 2023 to December 31, 2022 on currency translation differences is also
presented separately (column V).
\u2022 The \u201cOther effects\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange rate) and other effects not
previously mentioned (column VI).
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.
6.4. OTHER LONG-TERM PAYABLES
This heading mainly includes:
\u2022 Participating loans accruing interest granted by Spain\u2019s Central Government to various infrastructure project concession operators totaling
EUR 53 million at December 31, 2023 and EUR 51 million at December 31, 2022 owed by \u201cAutov\u00eda de Arag\u00f3n\u201din the Toll Roads Division.
\u2022 Long-term loans from associates of the Toll Roads Division, amounting to EUR 21 million at December 31, 2023 and EUR 22 million at
December 31, 2022.
\u2022 Debt owed by Dalaman International Airport to the administration for the concession fee, which amounted to EUR 276 million in the long
term at the year-end (EUR 277 million at December 31, 2022).
\u2022 Mandatory payments owed under the concession agreement on the I-66, which amounted to EUR 865 million (EUR 485 million at\u00a0 December
31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-917": { "value": "
2.5. NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2023, 2022 and 2021.
Net financial income/(expense) for these years from the infrastructure project companies is presented separately from that of ex-infrastructure
project companies (see the definition in Note 1.1.4 and in each case a distinction is made between net financial income/(expense) from financing
(which includes borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial
income/(expense) from derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income
and expenses not directly related to financing).
For 2023, as compared to 2022:
(Million euro)
2023
2022 (*)
Var. %
Financial income from infrastructure project financing
34
8
325%
Financial expense from infrastructure project financing
(362)
(251)
44%
Net financial income/(expense) from financing, infrastructure project companies
(328)
(243)
35%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
13
(105)
(112)%
Other net financial income/(expense), infrastructure project companies
(57)
(17)
235%
Other net financial income/(expense), infrastructure project companies
(44)
(122)
(64)%
Net financial income/(expense) from infrastructure projects
(372)
(365)
2%
Financial income, other companies
216
104
108%
Financial expense, other companies
(105)
(103)
2%
Net financial income/(expense) from financing, other companies
111
1
11000%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
11
47
(77)%
Other net financial income/(expense), other companies
66
(3)
(2300)%
Other net financial income/(expense), other companies
77
44
75%
Net financial income/(expense), other companies
188
45
318%
Total net financial income/(expense)
(184)
(320)
(43)%
(*) Restated figures (Note 1.1.7)
For 2022, as compared to 2021:
(Million euro)
2022 (*)
2021
Var. %
Financial income from infrastructure project financing
8
-
\u2014%
Financial expense from infrastructure project financing
(251)
(220)
14%
Net financial income/(expense) from financing, infrastructure project companies
(243)
(220)
10%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
(105)
(84)
25%
Other net financial income/(expense), infrastructure project companies
(17)
(3)
467%
Other net financial income/(expense), infrastructure project companies
(122)
(87)
40%
Net financial income/(expense) from infrastructure projects
(365)
(307)
19%
Financial income, other companies
104
24
333%
Financial expense, other companies
(103)
(51)
102%
Net financial income/(expense) from financing, other companies
1
(27)
(104)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
47
1
4600%
Other net financial income/(expense), other companies
(3)
(2)
50%
Other net financial income/(expense), other companies
44
(1)
(4500)%
Net financial income/(expense), other companies
45
(28)
(261)%
Total net financial income/(expense)
(320)
(335)
(4)%
(*) Restated figures (Note 1.1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-921": { "value": "
2.7.CORPORATE INCOME TAX EXPENSE AND DEFERRED TAXES
2.7.1 Breakdown of current and deferred tax expense and tax paid for the year
The breakdown of income tax expense for 2023, 2022, and 2021, distinguishing between current tax, deferred tax, withholdings on a foreign
operation and changes in prior year tax estimates and other items, is as follows.
(Million euro)
2023
2022 (*)
2021
Tax expense for the year
-42
-30
9
Current tax expense
-146
-64
-31
Deferred tax expense
65
42
50
Withholdings in a foreign operation
-50
-21
-3
Change to the prior-year tax evaluation and other
89
13
-7
(*) Restated figures (Note 1.1.7)
Corporate income tax paid during the year amounted to EUR 170 million (EUR 82 million in 2022, EUR 155 million in 2021), as shown in the note
on cash flows (Note 5.3).
2.7.2. Explanation of corporate income tax expense for the year and the applicable tax rate
In 2023, corporate tax losses were recognized in the amount of EUR -42 million (income of EUR -30 million in 2022; income of EUR 9 million in
2021) as shown in the following table:
(Million euro)
2023
2022 (*)
2021
Profit/(loss) before tax on continuing operations
656
267
964
Results of associates
-215
-165
178
Pass-through tax rules (US & Canada)
-94
-71
-38
Adjusted profit/(loss) before tax on continuing operations adjusted
348
31
1,104
Theoretical income tax expense (25.8%)
-90
-8
-285
Recognition of previously unrecognized net operating losses and use of deductions
73
6
9
Unrecognized tax losses
-56
-44
-7
I-66 fair value reassessment after additional 5.704% stake acquisition
0
0
235
5% taxable dividends received in Spain and eliminated on consolidation
-3
-15
0
Non-deductible financial expense
-45
-1
-1
Derivatives associated with taxable dividends (eliminated at consolidated level)
17
11
0
Effect of different tax rates of subsidiaries operating in other jurisdictions
20
17
-21
Prior-year tax
87
14
65
Withholding tax
-50
-19
0
Other adjustments
3
8
15
Income tax expense
-42
-30
9
Effective tax rate (%)
6.5%
11.3%
(1.0)%
(*) Restated figures (Note 1.1.7)
For the analysis of the effective tax rate, these are the items previously adjusted:
\u2022 Results of associates: the results of the equity method companies already include the tax effect, so they must be adjusted for the analysis.
\u2022 Pass-through tax rule: Profit/(loss) on consolidation with no tax impact. Primarily relates to profit/losses in concession project companies in
the US and Canada, which are fully consolidated. However, the associated tax credit was recognized based solely on Ferrovial's ownership
interest, as these companies are taxed under pass-through tax rules, whereby the shareholders are the taxpayers.
The main adjustments to theoretical income tax expense excluding the items already discussed in relation to the results of associates and the
pass-through tax rule for the year, are as follows:
\u2022 Recognition of previously unrecognized net operating losses and use of deductions, primarily in Spain, US and Canada (EUR 73 million in
2023).
\u2022 Unrecognized tax losses, primarily generated in the Netherlands and international construction business in Colombia, for which no tax credit
had been recognized. Additionally, derecognition of previously recognized DTA in the UK.
\u2022 Positive result from the fair value reassessment of the previous 50% stake in I-66 Express Mobility Partners, which had no tax impact in 2021.
\u2022 5% of dividends in Spain that are taxable but are eliminated on consolidation and treated as a permanent difference.
\u2022 Non tax deductible financial expenses primarily in the Netherlands, due to the limit applicable to this deduction to the lesser of two amounts:
20% of the operating profit or EUR 1 million.
\u2022 Derivatives associated with taxable dividends received in the Netherlands from Canada, which were eliminated on consolidation and treated
as a permanent difference.
\u2022 Effect of different tax rates of subsidiaries operating in other jurisdictions, highlighting USA, Poland and the UK.
\u2022 Prior-years tax effects recognized in 2023 mainly include:
\u25e6 Deduction for export activities litigation. On September 12, 2023, the Spanish Supreme Court ruled in favor of Ferrovial regarding the
assessment issued by the Spanish tax authorities for 2006 Corporate Income Tax. The dispute related to the application of a tax
deduction for export activities connected to the investment made to acquire the ownership interest in the former BAA (now Heathrow
Airport Holding Limited). The estimated amount claimed from Ferrovial by the Spanish tax authorities at December 2022 including
interest, was EUR 119 million (EUR 73 million effect on corporate income tax and\u00a0 EUR 46 million on financial results, recorded in the line
item \u201cProfit/(loss) on derivatives and other net financial income/(expense)\u201d).
\u25e6 For the purpose of assessing the recoverability of tax-loss carryforwards in Spain, a model was designed based on the Group companies'
latest available earnings projections, which implied the recognition of future net operating losses of EUR 36 million and tax credits EUR 27
million.
\u25e6 Provision for net operating losses recognized from previous years in the Netherlands in the amount of EUR -18 million as will not be
recovered in the future.
\u25e6 Deferred tax movement during the year related to withholding tax on future dividends from Canada (EUR -22.5 million), as a net effect of
EUR -72 million deferred tax recognition in 2023 corresponding to expected future dividends, partially offset by EUR 50 million deferred
tax\u00a0 applied related to withholding tax on dividends paid during 2023 already recognized at December 2022, commented in the following
item.
\u2022 EUR 50 million recognition related to withholding tax paid during 2023 from dividends received from Canada (EUR 19 million\u00a0 euros impact
for 2022).
2.7.3. Movements in deferred tax assets and liabilities
Set out below is a breakdown of movements in deferred tax assets and liabilities in 2023:
ASSETS
(Million euro)
2022 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2023
Tax credits
370
26
119
0
-13
503
Differences between tax and accounting criteria
274
46
87
4
11
422
Equity measurement adjustments
86
-1
11
-47
0
48
Other items
55
9
-31
1
0
33
TOTAL
784
80
186
-42
-2
1,006
LIABILITIES
(Million euro)
2022 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2023
Deferred taxes on goodwill
21
0
1
0
0
22
Deferred fair value adjustments to acquisitions
315
13
-12
0
-8
308
Differences
between tax and accounting criteria
378
65
131
0
-13
561
Equity measurement adjustments
64
2
1
3
-1
69
Other items
145
-22
0
0
2
126
TOTAL
924
58
121
3
-20
1,086
(*) Restated figures (Note 1.1.7)
Set out below is a breakdown of movements in deferred tax assets and liabilities in 2022 (*):
ASSETS
(Million euro)
2021 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2022 (*)
Tax credits
192
21
145
2
10
370
Differences between tax and accounting
304
-2
-26
0
-3
274
Equity measurement adjustments
90
12
18
-34
0
86
Other items
-16
34
8
27
2
55
TOTAL
570
66
145
-5
9
784
LIABILITIES
(Million euro)
2021 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2022 (*)
Deferred taxes on goodwill
20
0
1
0
0
21
Deferred fair value adjustments to acquisitions
255
44
0
0
16
315
Differences between tax and accounting
277
-10
99
2
10
378
Equity measurement adjustments
45
0
2
18
-1
64
Other items
90
55
1
0
-1
145
TOTAL
687
89
103
20
25
924
(*) Restated figures (Note 1.1.7)
Deferred tax assets
a) Tax credits
This item relates to tax credits that have not yet been used by the Group companies.
It does not include all the tax credits available, only those that the Group expects to be able to use in the short or medium term, based on a 10
year-period financial projections performed. The total balance recognized amounts to EUR 503 million, of which EUR 473 million relates to tax
credits for tax-loss carryforwards and EUR 30 million to other tax credits.
Set out below is a breakdown of tax-loss carryforwards pending offset, and showing the maximum tax credit and the tax credit recognized:
2023
(Million euro) Country
Tax-loss
carryforwards
Limitation
period
Maximum tax credit
Tax credit recognized
US tax consolidated group
1,790
No expiry date
409
376
Spanish tax consolidated group
585
No expiry date
146
36
Netherlands tax consolidated group
227
No expiry date
59
0
UK
201
No expiry date
50
5
Canada
106
2024-2044
28
20
Turkey
81
2024-2028
20
0
Other
559
2024 - No expiry date
141
36
Total
3,549
853
473
2022 (*)
(Million euro) Country
Tax-loss
carryforwards
Limitation
period
Maximum tax credit
Tax credit recognized
Spanish tax consolidated group
642
No expiry date
160
0
US tax consolidated group
1,564
No expiry date
328
274
Turkey
105
2023-2028
21
0
Canada
137
2023-2042
36
11
UK
193
No expiry date
48
17
Other
461
2023-No expiry date
119
66
Total
3,102
712
368
(*) Restated figures (Note 1.1.7)
Spanish and US tax-consolidated groups:
In relation to the Spanish tax group, for the purpose of assessing the recoverability of tax-loss carryforwards, a model was designed based on the
Group companies' latest available earnings projections, the decision having been taken not to recognize all the tax credits available, given the
reasonable doubts regarding recovery in the short and medium term.
Regarding US tax group, similarly to what is indicated in the previous paragraph and in accordance with IAS 12, an amount of tax credits was
recognized equal to the excess of liability temporary differences over asset temporary differences, amounting to EUR 26 million (EUR 17 million in
2022).
UK:
Considering that the tax-loss carryforwards generated after April 1, 2017 may be used by any UK Group company, tax credits were recognized for
tax losses in the amount of EUR 5 million in respect of continuing operations. (EUR 17 million in 2021).
b) Assets arising from temporary differences between accounting and tax criteria
This item reflects the tax effects arising from the different timing of the recognition of certain expenses and income for accounting and tax
purposes.
The recognition of an asset means that certain expenses have been recognized for accounting purposes before they may be recognized for tax
purposes and therefore the company will recover the income or expense for tax purposes in future years.
The main deferred tax assets are set out below:
\u2022 Provisions recognized in the financial statements that do not have tax effects until they are applied (EUR 195 million) (EUR 145 million in
2022).
\u2022 Deferred tax assets of EUR 216 million due to differences between the tax and accounting approach to revenue recognition, mainly in the
Construction Division. (EUR 133 million in 2022).
\u2022 Different between the tax and accounting depreciation/amortization (EUR 7 million) (EUR 3 million in 2022).
c) Deferred taxes arising from measurement adjustments recognized in reserves.
This reflects the cumulative tax effect of measurement adjustments to various items recognized in reserves. The effect is reflected as an asset or
liability since there is generally no direct tax effect until the amount in reserves is taken to the income statement.
The deferred asset balance relates to losses accumulated in reserves that will have a tax effect when they are taken to the income statement.
They relate mostly to deferred tax assets arising from financial derivatives, which amount to EUR 48 million (EUR 86 million in 2022).
Deferred tax liabilities
a) Deferred taxes relating to goodwill
These relate to deferred tax liabilities relating to the tax credit for goodwill amounting to EUR 21 million, which mainly include those related to the
amortization of Webber, LLC goodwill. (EUR 21 million in 2022).
b) Deferred taxes due to the fair value adjustment to acquisitions
I-66 Mobility Partners
This reflects deferred tax liabilities due to differences between tax and accounting values:
\u2022 EUR 222 million recognized due to the difference between tax and accounting values following the restatement of the I-66 toll road assets on
December 31, 2022. (EUR 231 million at December 31, 2022). EUR 35 million recognized as a result of measuring the concession debt at fair
value on December 31, 2022 (EUR 38 million at December 31, 2022).
These amounts were recognized in 2021 with a balancing item in goodwill in the same amount, in accordance with IAS 12, paragraph 66.
Dalaman
EUR 51 million recognized as a result of the acquisition of the 60% interest held by the Group in the company, as deferred tax (see Note 1.1.4) in
2022 (EUR 46 million at December 31, 2022). The increase in deferred tax is a consequence of the change in the tax rate from 20% to 25% in
Turkey.
According to paragraphs 19 and 20 of IAS 12, if in a business combination a balance sheet item is measured at fair value but its tax value does not
change, a deferred tax asset or liability must be recognized.
c) Liabilities arising from temporary differences between accounting and tax criteria
A liability represents an expense that is recognized for tax purposes before it may be recognized for accounting purposes, or income recognized in
the financial statements before it is declared in the tax return.
Deferred tax liabilities relate essentially to:
\u2022 Deferred tax liabilities for differences between tax and accounting amortization (EUR 242 million). (EUR 287 million in 2022).
\u2022 Deferred tax liabilities of EUR 201 million arising as a result of differences between the tax and accounting methods used to recognize revenue
under IFRIC 12, mainly in the Toll Roads Division. (EUR 66 million in 2022).
d) Deferred taxes arising from equity measurement adjustments.
This reflects the cumulative tax effect of measurement adjustments to various items recognized in reserves. The effect is reflected as an asset or
liability since there is generally no direct tax effect until the amount in reserves is taken to the income statement.
The deferred liability balance reflects profits not yet recognized for tax purposes. They relate mostly to deferred tax liabilities arising from financial
derivatives, which amount to EUR 69 million. (EUR 64 million in 2022).
Other deferred taxes
e) Deferred tax liabilities relating to dividends pending payment by investees
The Group recognizes EUR 72,5 million in deferred tax liabilities in relation to withholding tax on the repatriation of future dividends from Canada,
as shown on the \u201cOther items\u201d line in the above table. (EUR 50 million in 2022)
2.7.4. International Tax Reform - Pillar Two
The Organization for Economic Cooperation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS)
addresses the tax challenges arising from the digitalization of the global economy. The Pillar Two Global Anti-Base Erosion rules (GloBE Rules)
represent the first substantial overhaul of international tax rules in almost a century. The GloBE Rules propose four new taxing mechanisms under
which multinational enterprises (MNEs) would pay a minimum level of tax (Minimum Tax).
Substantially based on the GloBE Rules, the Council Directive (EU) 2022/2523 of December 14, 2022 on ensuring a global minimum level of
taxation for multinational enterprise groups and large-scale domestic groups in the Union entered into force on December 23, the day following
publication in the Official Journal of the European Union. Member States had to transpose the Directive into their domestic law by December 31,
2023.
In alignment with Council Directive (EU) 2022/2523, the legislative proposal of the Netherlands to transpose Pillar Two into the Dutch company
tax system, entitled Minimum Tax Act 2024 proposal, was adopted by the Dutch Senate on December 19, 2023. The new legislation has therefore
been substantively enacted as of that date.
Under IAS 12, a new tax law is effective when it is enacted or substantively enacted in a particular jurisdiction. MNEs need to monitor regulatory
developments in respect of the (substantive) enactment of the GloBE Rules in all of the jurisdictions where they operate, whether through wholly-
or partially-owned subsidiaries, joint ventures, flow-through entities or permanent establishments.
In May 2023, the IASB amended IAS 12 to provide timely relief for affected entities, avoid diverse interpretations of IAS 12 and improve disclosures.
The amendments introduced a temporary exception to the requirements to recognize and disclose deferred tax assets and liabilities related to
Pillar Two income taxes. The amendments also brought in targeted disclosure requirements for affected entities to help users of the financial
statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.
In this respect, Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation
is effective for the Group\u2019s financial year beginning January 1, 2024. The Group is within the scope of the enacted or substantively enacted
legislation and has performed an assessment of its potential exposure to Pillar Two income taxes.
The assessment of potential exposure to Pillar Two income taxes is based on the Group companies\u2019 most recent tax filings, country-by-country
reporting and financial statements. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group
operates are above 15%. However, there are a limited number of jurisdictions where transitional safe harbor relief does not apply and the Pillar
Two effective tax rate is close to 15%. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.
2.7.5. Years open to tax inspection
In accordance with prevailing legislation, taxes may not be deemed to be finally settled until the returns filed have been inspected by the tax
authorities or the legally stipulated limitation period has elapsed.
The following inspections are in progress, in the jurisdictions indicated:
Spain: The start of general tax audit for Ferrovial S.E. (successor Company of Ferrovial S.A) and its subsidiaries has been notified in June 2023,
including Corporate Income Taxes FY 2017-2020, Withholding Tax FY 2019-2020, and VAT FY 2019-2020. Verification and investigation will be
carried out in a single inspection procedure for the tax group. Documentation required is currently being submitted.
The last four financial years are generally open to inspection for the main applicable taxes.
Canada: The Canadian tax authorities (CRA) initiated a tax audit to Corporate Income Tax for fiscal years 2013 to 2019 in relation to Cintra
4352238 Investments Inc and in relation to Cintra 11200232 Investments Inc. in 2019. The CRA challenges the tax deductibility of intragroup
charges made by Cintra Servicios de Infraestructuras, S.A. (Spanish company) for the provision of financial services and reclassifies the transaction
as dividend for fiscal years 2013 to 2016.
No settlement proposal has yet been issued for fiscal years 2017 to 2019. As this tax audit involves intragroup transactions of a different nature to
those that took place in the years already assessed, the inspectorate\u2019s stance in this regard is unknown. The regularization pending of payment for
financial services is estimated at EUR 2 million (CAD 2.9 million), including the non-deductible expense, withholding tax per Double Taxation
Treaty, interest and penalties.
The claim in the Canadian courts is held in abeyance until Mutual Agreement Procedure (MAP) initiated is resolved.
The Netherlands: The Dutch tax authorities have questioned the existence of Ferrovial International, S.E\u2019s horizontal tax consolidated group in the
Netherlands in 2019 and the first two months of 2020. The potential impact of regularization in the event that the Dutch tax authorities consider
that all the Group\u2019s Dutch companies should be taxed under the individual scheme has been estimated at EUR 2.5 million (for 2019 and 2020).
Chile - Transmission lines: The Chilean tax authorities have initiated an inspection of Transchile Charrua for 2018 and 2019, in which they have
questioned the deductibility of financial expenses on third- party financing and the arm\u2019s length nature of intercompany financing. The potential
impact is expected to be EUR 1.2 million. The tax audit proposal is awaiting a judicial ruling which is not expected until 2026. In January 2023,
notification was received of the start of an inspection of the company Ferrovial Power Infrastructures for 2019 and 2020. The Chilean tax
authorities have challenged the arm\u2019s length nature of an intercompany loan. The tax audit is currently under administrative review and the
impact is estimated at EUR 0.9M.
Morocco: regarding the previous activity of Ferrovial in this country, the Moroccan tax authorities have sent a settlement proposal to the Ferrovial
branch following the inspection of the period 2016 to 2021 carried out as part of the branch closure process. A settlement of EUR 5 million is
proposed for corporate income tax, VAT and withholdings on payments to non-residents. An administrative appeal has been lodged against the
proposal (partially provisioned).
The companies are subject to a statute of limitations of between three and five years in most of the countries in which the Group has operations.
In view of the different interpretations to which tax regulations lend themselves, any inspections that may be undertaken in the future by the tax
authorities for the years open to inspection could give rise to tax liabilities the amount of which cannot currently be objectively quantified.
Nonetheless, the likelihood that significant liabilities in addition to those recognized could have a material impact on the Ferrovial Group\u2019s equity
is regarded as remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-922": { "value": "
2.7.1 Breakdown of current and deferred tax expense and tax paid for the year
The breakdown of income tax expense for 2023, 2022, and 2021, distinguishing between current tax, deferred tax, withholdings on a foreign
operation and changes in prior year tax estimates and other items, is as follows.
(Million euro)
2023
2022 (*)
2021
Tax expense for the year
-42
-30
9
Current tax expense
-146
-64
-31
Deferred tax expense
65
42
50
Withholdings in a foreign operation
-50
-21
-3
Change to the prior-year tax evaluation and other
89
13
-7
(*) Restated figures (Note 1.1.7)
Corporate income tax paid during the year amounted to EUR 170 million (EUR 82 million in 2022, EUR 155 million in 2021), as shown in the note
on cash flows (Note 5.3).
2.7.3. Movements in deferred tax assets and liabilities
Set out below is a breakdown of movements in deferred tax assets and liabilities in 2023:
ASSETS
(Million euro)
2022 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2023
Tax credits
370
26
119
0
-13
503
Differences between tax and accounting criteria
274
46
87
4
11
422
Equity measurement adjustments
86
-1
11
-47
0
48
Other items
55
9
-31
1
0
33
TOTAL
784
80
186
-42
-2
1,006
LIABILITIES
(Million euro)
2022 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2023
Deferred taxes on goodwill
21
0
1
0
0
22
Deferred fair value adjustments to acquisitions
315
13
-12
0
-8
308
Differences
between tax and accounting criteria
378
65
131
0
-13
561
Equity measurement adjustments
64
2
1
3
-1
69
Other items
145
-22
0
0
2
126
TOTAL
924
58
121
3
-20
1,086
(*) Restated figures (Note 1.1.7)
Set out below is a breakdown of movements in deferred tax assets and liabilities in 2022 (*):
ASSETS
(Million euro)
2021 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2022 (*)
Tax credits
192
21
145
2
10
370
Differences between tax and accounting
304
-2
-26
0
-3
274
Equity measurement adjustments
90
12
18
-34
0
86
Other items
-16
34
8
27
2
55
TOTAL
570
66
145
-5
9
784
LIABILITIES
(Million euro)
2021 (*)
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2022 (*)
Deferred taxes on goodwill
20
0
1
0
0
21
Deferred fair value adjustments to acquisitions
255
44
0
0
16
315
Differences between tax and accounting
277
-10
99
2
10
378
Equity measurement adjustments
45
0
2
18
-1
64
Other items
90
55
1
0
-1
145
TOTAL
687
89
103
20
25
924
(*) Restated figures (Note 1.1.7)
Deferred tax assets
a) Tax credits
This item relates to tax credits that have not yet been used by the Group companies.
It does not include all the tax credits available, only those that the Group expects to be able to use in the short or medium term, based on a 10
year-period financial projections performed. The total balance recognized amounts to EUR 503 million, of which EUR 473 million relates to tax
credits for tax-loss carryforwards and EUR 30 million to other tax credits.
Set out below is a breakdown of tax-loss carryforwards pending offset, and showing the maximum tax credit and the tax credit recognized:
2023
(Million euro) Country
Tax-loss
carryforwards
Limitation
period
Maximum tax credit
Tax credit recognized
US tax consolidated group
1,790
No expiry date
409
376
Spanish tax consolidated group
585
No expiry date
146
36
Netherlands tax consolidated group
227
No expiry date
59
0
UK
201
No expiry date
50
5
Canada
106
2024-2044
28
20
Turkey
81
2024-2028
20
0
Other
559
2024 - No expiry date
141
36
Total
3,549
853
473
2022 (*)
(Million euro) Country
Tax-loss
carryforwards
Limitation
period
Maximum tax credit
Tax credit recognized
Spanish tax consolidated group
642
No expiry date
160
0
US tax consolidated group
1,564
No expiry date
328
274
Turkey
105
2023-2028
21
0
Canada
137
2023-2042
36
11
UK
193
No expiry date
48
17
Other
461
2023-No expiry date
119
66
Total
3,102
712
368
(*) Restated figures (Note 1.1.7)
Spanish and US tax-consolidated groups:
In relation to the Spanish tax group, for the purpose of assessing the recoverability of tax-loss carryforwards, a model was designed based on the
Group companies' latest available earnings projections, the decision having been taken not to recognize all the tax credits available, given the
reasonable doubts regarding recovery in the short and medium term.
Regarding US tax group, similarly to what is indicated in the previous paragraph and in accordance with IAS 12, an amount of tax credits was
recognized equal to the excess of liability temporary differences over asset temporary differences, amounting to EUR 26 million (EUR 17 million in
2022).
UK:
Considering that the tax-loss carryforwards generated after April 1, 2017 may be used by any UK Group company, tax credits were recognized for
tax losses in the amount of EUR 5 million in respect of continuing operations. (EUR 17 million in 2021).
b) Assets arising from temporary differences between accounting and tax criteria
This item reflects the tax effects arising from the different timing of the recognition of certain expenses and income for accounting and tax
purposes.
The recognition of an asset means that certain expenses have been recognized for accounting purposes before they may be recognized for tax
purposes and therefore the company will recover the income or expense for tax purposes in future years.
The main deferred tax assets are set out below:
\u2022 Provisions recognized in the financial statements that do not have tax effects until they are applied (EUR 195 million) (EUR 145 million in
2022).
\u2022 Deferred tax assets of EUR 216 million due to differences between the tax and accounting approach to revenue recognition, mainly in the
Construction Division. (EUR 133 million in 2022).
\u2022 Different between the tax and accounting depreciation/amortization (EUR 7 million) (EUR 3 million in 2022).
c) Deferred taxes arising from measurement adjustments recognized in reserves.
This reflects the cumulative tax effect of measurement adjustments to various items recognized in reserves. The effect is reflected as an asset or
liability since there is generally no direct tax effect until the amount in reserves is taken to the income statement.
The deferred asset balance relates to losses accumulated in reserves that will have a tax effect when they are taken to the income statement.
They relate mostly to deferred tax assets arising from financial derivatives, which amount to EUR 48 million (EUR 86 million in 2022).
Deferred tax liabilities
a) Deferred taxes relating to goodwill
These relate to deferred tax liabilities relating to the tax credit for goodwill amounting to EUR 21 million, which mainly include those related to the
amortization of Webber, LLC goodwill. (EUR 21 million in 2022).
b) Deferred taxes due to the fair value adjustment to acquisitions
I-66 Mobility Partners
This reflects deferred tax liabilities due to differences between tax and accounting values:
\u2022 EUR 222 million recognized due to the difference between tax and accounting values following the restatement of the I-66 toll road assets on
December 31, 2022. (EUR 231 million at December 31, 2022). EUR 35 million recognized as a result of measuring the concession debt at fair
value on December 31, 2022 (EUR 38 million at December 31, 2022).
These amounts were recognized in 2021 with a balancing item in goodwill in the same amount, in accordance with IAS 12, paragraph 66.
Dalaman
EUR 51 million recognized as a result of the acquisition of the 60% interest held by the Group in the company, as deferred tax (see Note 1.1.4) in
2022 (EUR 46 million at December 31, 2022). The increase in deferred tax is a consequence of the change in the tax rate from 20% to 25% in
Turkey.
According to paragraphs 19 and 20 of IAS 12, if in a business combination a balance sheet item is measured at fair value but its tax value does not
change, a deferred tax asset or liability must be recognized.
c) Liabilities arising from temporary differences between accounting and tax criteria
A liability represents an expense that is recognized for tax purposes before it may be recognized for accounting purposes, or income recognized in
the financial statements before it is declared in the tax return.
Deferred tax liabilities relate essentially to:
\u2022 Deferred tax liabilities for differences between tax and accounting amortization (EUR 242 million). (EUR 287 million in 2022).
\u2022 Deferred tax liabilities of EUR 201 million arising as a result of differences between the tax and accounting methods used to recognize revenue
under IFRIC 12, mainly in the Toll Roads Division. (EUR 66 million in 2022).
d) Deferred taxes arising from equity measurement adjustments.
This reflects the cumulative tax effect of measurement adjustments to various items recognized in reserves. The effect is reflected as an asset or
liability since there is generally no direct tax effect until the amount in reserves is taken to the income statement.
The deferred liability balance reflects profits not yet recognized for tax purposes. They relate mostly to deferred tax liabilities arising from financial
derivatives, which amount to EUR 69 million. (EUR 64 million in 2022).
Other deferred taxes
e) Deferred tax liabilities relating to dividends pending payment by investees
The Group recognizes EUR 72,5 million in deferred tax liabilities in relation to withholding tax on the repatriation of future dividends from Canada,
as shown on the \u201cOther items\u201d line in the above table. (EUR 50 million in 2022)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-923": { "value": "16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-924": { "value": "64000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-925": { "value": "361000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-926": { "value": "16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-927": { "value": "64000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-928": { "value": "16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-930": { "value": "
2.10. NET PROFIT/(LOSS) AND EARNINGS PER SHARE
The calculation of earnings per share attributed to the parent company for 2023, 2022 and 2021 is as follows:
(Million euro, except otherwise indicated)
2023
2022 (**)
2021
Net profit/(loss) attributable to ordinary equity holders of the parent:
Continuing operations
444
121
840
Discontinued operations
16
64
358
Net cost of subordinated perpetual bond
-5
-8
-8
Profit/(loss) attributable to ordinary equity holders of the parent for basic earnings
455
177
1,190
Effects of dilution
0
0
0
Profit/(loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution
455
177
1,190
Weighted average number of ordinary shares for basic EPS (*) (thousands of shares)
728,255
723,477
731,772
Effects of dilution
0
0
0
Weighted average number of ordinary shares adjusted for the effect of dilution (thousands of shares)
728,255
723,477
731,772
Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the
basic EPS calculations
16
64
358
Effects of dilution
0
0
0
Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the
diluted EPS calculations
16
64
358
(*) The weighted average number of ordinary shares takes into account the weighted effect of changes in treasury shares during the year.
(**) Restated figures (Note 1.1.7)
Basic earnings per share have been calculated by dividing profit for the year attributed to the parent company's shareholders, adjusted for the net
coupon for the year on the subordinated perpetual bonds issued by the Group and taken directly to equity (Note 5.1.2), by the weighted average
number of ordinary shares outstanding, excluding the average number of treasury shares held during the year.
As regards diluted earnings per share, it should be noted that the Group did not have any dilutive potential ordinary shares, since no convertible
debt instruments were issued and the share-based remuneration schemes will not give rise to any share capital increases in the Group.
Consequently, no dilutive impact is envisaged when employee rights under the plans are exercised. Hence there was no difference between basic
and diluted earnings per share, as shown in the following table:
2023
2022 (*)
2021
Net earnings per share attributed to the parent company (in euros)
Diluted
0.62
0.24
1.63
Basic
0.62
0.24
1.63
Net earnings per share attributed to the parent company, discontinued operations (in euros)
Diluted
0.02
0.09
0.49
Basic
0.02
0.09
0.49
(*) Restated figures (Note 1.1.7)
Profit/(loss) per business segment is shown in Note 1.5 for 2023, 2022 and 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-929": { "value": "
2.10. NET PROFIT/(LOSS) AND EARNINGS PER SHARE
Basic earnings per share have been calculated by dividing profit for the year attributed to the parent company's shareholders, adjusted for the net
coupon for the year on the subordinated perpetual bonds issued by the Group and taken directly to equity (Note 5.1.2), by the weighted average
number of ordinary shares outstanding, excluding the average number of treasury shares held during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-931": { "value": "2038000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-932": { "value": "475000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-934": { "value": "
Goodwill
As regards changes in goodwill, in 2023 there was a decrease of EUR -5 million, primarily due to the exchange rate.
During 2022 there was an increase of EUR 48 million, primarily due to the acquisition of the 60% ownership interest in Dalaman International
Airport (EUR 27 million) in July 2022.
3.1. GOODWILL AND ACQUISITIONS
Movements in goodwill during 2023 and 2022 are set out below:
(Million euro)
BALANCE AT 12.31.
2022
Changes in
consolidation scope
and other
Exchange rate
BALANCE AT 12.31.
2023
Construction
132
0
3
135
Budimex
65
0
5
70
Webber
67
0
-2
65
Toll Roads
265
0
-6
259
I-66 Express Mobility Partners Hold. LLC
265
0
-6
259
Airports
27
0
0
27
Dalaman
27
0
0
27
Energy Infrastructures
56
0
-2
54
Power Transmission Serv. Chile
45
0
-1
43
Mining Services Chile
11
0
-1
10
TOTAL
479
0
-5
475
(Million euro)
BALANCE AT 12.31.
2021
Changes in
consolidation scope
and other
Exchange rate
BALANCE AT 12.31.
2022
Construction
127
2
3
132
Budimex
64
2
-1
65
Webber
50
13
4
67
Ferrovial Services Infrastructure
13
-13
0
0
Toll Roads
251
0
14
265
I-66 Express Mobility Partners Hold. LLC
251
0
14
265
Airports
0
27
0
27
Dalaman
0
27
0
27
Energy Infrastructures
52
0
3
56
Power Transmission Services Chile
42
0
3
45
Mining Services Chile
10
0
1
11
TOTAL
431
29
19
479
Impairment test
The Group analyzes at least once a year (in December) whether its assets show signs of impairment, in which case it performs the corresponding
impairment test, according to the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". The Group also
systematically tests for impairment the cash-generating units that include goodwill.
The goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests coincide with the last
available business projections approved by the Board and the conclusion was drawn that there is no impairment as at December 31, 2023.
Sensitivity analyses were not performed due to the existing headroom (difference between the recoverable amount and the carrying amount).
A. Construction Division goodwill (Webber and Budimex):
Methodology
In the case of Webber, in 2023 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 174% with respect to its
carrying amount of EUR 362 million. The flows were discounted at a rate of 8.9% (9.6% before taxes), calculated using the CAPM based on
current market input and in line with the method used in prior years.
As Budimex is listed on the Warsaw Stock Exchange and there is free float, we consider the share price is representative of its value. Therefore, the
goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2023\u00a0 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2023\u00a0 was 1,086% higher than its carrying amount of EUR 156 million; so there are no indications
of impairment.
B. Toll Roads Division goodwill (I-66):
The I-66 toll road goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners
Hold. LLC in December 2021. The toll road became operational in the last quarter of 2022.
In 2023, traffic ramped up to reach 29 million transactions and a 76.9% EBITDA margin. Therefore, there are no indications that the recoverable
amount is below its carrying amount.
The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and
research (e.g. impact of e-commerce in traffic of heavy vehicles or working from home habits in the use of private vehicles); tariffs used are in line
with traffic estimates and contract clauses. The 2023 impairment test reflects a headroom of 20% with respect to the carrying amount of EUR
1,971 million. The flows were discounted at a rate of 8.8% (9.7% before taxes).
C. Energy Infrastructures and Mobility Goodwill (Transchile and Ferrovial Services Chile):
The goodwill of Power Transmission Services, the company owning the power transmission lines in Chile, reached EUR 43 million in December
2023.
Based on the goodwill impairment test findings, which used long-term projections that go beyond one year after the first 20 years of the
regulated period, when the concessionaire is remunerated based on availability payments, the headroom was 79% with respect to the carrying
amount of EUR 34 million at December 31, 2023. The flows were discounted at a rate of 10.9% (11.3% before taxes) in 2023.
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services,
reclassified as a continuing operation in 2022 after being strategically allocated into the Group\u2019s Energy Infrastructures and Mobility Division.
The impairment test, based on a 5-year projection, identified a headroom of 12% in relation to the carrying amount, which was EUR 16 million at
December 31, 2023). The flows were discounted at a rate (WACC) of 12.8% (17.9% before taxes).
D. Airports Goodwill (Dalaman):
The goodwill recognized on the acquisition in 2022 amounts to EUR 27 million in December 2023 (EUR 27 million in December 2022)\u00a0 and is
essentially a balancing item for the tax effects.
The 2023 impairment test reflected a headroom of 26% in relation to the carrying amount which was EUR 146 million at December 31, 2023. The
flows were discounted at a rate of 12.7% (13.5% before taxes).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-933": { "value": "
Goodwill
As regards changes in goodwill, in 2023 there was a decrease of EUR -5 million, primarily due to the exchange rate.
During 2022 there was an increase of EUR 48 million, primarily due to the acquisition of the 60% ownership interest in Dalaman International
Airport (EUR 27 million) in July 2022.
3.1. GOODWILL AND ACQUISITIONS
Movements in goodwill during 2023 and 2022 are set out below:
(Million euro)
BALANCE AT 12.31.
2022
Changes in
consolidation scope
and other
Exchange rate
BALANCE AT 12.31.
2023
Construction
132
0
3
135
Budimex
65
0
5
70
Webber
67
0
-2
65
Toll Roads
265
0
-6
259
I-66 Express Mobility Partners Hold. LLC
265
0
-6
259
Airports
27
0
0
27
Dalaman
27
0
0
27
Energy Infrastructures
56
0
-2
54
Power Transmission Serv. Chile
45
0
-1
43
Mining Services Chile
11
0
-1
10
TOTAL
479
0
-5
475
(Million euro)
BALANCE AT 12.31.
2021
Changes in
consolidation scope
and other
Exchange rate
BALANCE AT 12.31.
2022
Construction
127
2
3
132
Budimex
64
2
-1
65
Webber
50
13
4
67
Ferrovial Services Infrastructure
13
-13
0
0
Toll Roads
251
0
14
265
I-66 Express Mobility Partners Hold. LLC
251
0
14
265
Airports
0
27
0
27
Dalaman
0
27
0
27
Energy Infrastructures
52
0
3
56
Power Transmission Services Chile
42
0
3
45
Mining Services Chile
10
0
1
11
TOTAL
431
29
19
479
Impairment test
The Group analyzes at least once a year (in December) whether its assets show signs of impairment, in which case it performs the corresponding
impairment test, according to the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". The Group also
systematically tests for impairment the cash-generating units that include goodwill.
The goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests coincide with the last
available business projections approved by the Board and the conclusion was drawn that there is no impairment as at December 31, 2023.
Sensitivity analyses were not performed due to the existing headroom (difference between the recoverable amount and the carrying amount).
A. Construction Division goodwill (Webber and Budimex):
Methodology
In the case of Webber, in 2023 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 174% with respect to its
carrying amount of EUR 362 million. The flows were discounted at a rate of 8.9% (9.6% before taxes), calculated using the CAPM based on
current market input and in line with the method used in prior years.
As Budimex is listed on the Warsaw Stock Exchange and there is free float, we consider the share price is representative of its value. Therefore, the
goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2023\u00a0 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2023\u00a0 was 1,086% higher than its carrying amount of EUR 156 million; so there are no indications
of impairment.
B. Toll Roads Division goodwill (I-66):
The I-66 toll road goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners
Hold. LLC in December 2021. The toll road became operational in the last quarter of 2022.
In 2023, traffic ramped up to reach 29 million transactions and a 76.9% EBITDA margin. Therefore, there are no indications that the recoverable
amount is below its carrying amount.
The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and
research (e.g. impact of e-commerce in traffic of heavy vehicles or working from home habits in the use of private vehicles); tariffs used are in line
with traffic estimates and contract clauses. The 2023 impairment test reflects a headroom of 20% with respect to the carrying amount of EUR
1,971 million. The flows were discounted at a rate of 8.8% (9.7% before taxes).
C. Energy Infrastructures and Mobility Goodwill (Transchile and Ferrovial Services Chile):
The goodwill of Power Transmission Services, the company owning the power transmission lines in Chile, reached EUR 43 million in December
2023.
Based on the goodwill impairment test findings, which used long-term projections that go beyond one year after the first 20 years of the
regulated period, when the concessionaire is remunerated based on availability payments, the headroom was 79% with respect to the carrying
amount of EUR 34 million at December 31, 2023. The flows were discounted at a rate of 10.9% (11.3% before taxes) in 2023.
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services,
reclassified as a continuing operation in 2022 after being strategically allocated into the Group\u2019s Energy Infrastructures and Mobility Division.
The impairment test, based on a 5-year projection, identified a headroom of 12% in relation to the carrying amount, which was EUR 16 million at
December 31, 2023). The flows were discounted at a rate (WACC) of 12.8% (17.9% before taxes).
D. Airports Goodwill (Dalaman):
The goodwill recognized on the acquisition in 2022 amounts to EUR 27 million in December 2023 (EUR 27 million in December 2022)\u00a0 and is
essentially a balancing item for the tax effects.
The 2023 impairment test reflected a headroom of 26% in relation to the carrying amount which was EUR 146 million at December 31, 2023. The
flows were discounted at a rate of 12.7% (13.5% before taxes).
3.2. INTANGIBLE ASSETS
At year-end 2023, the balance of intangible assets, excluding infrastructure project companies, amounted to EUR 122 million (EUR 138 million in
2022).
This heading includes mainly:
\u2022 \u201cConcession rights\u201d, reflecting rights to operate the concessions that are not classified as Projects (see definition in Note 1.1.2). At December
31, 2023, the carrying amount of EUR 3 million (EUR 20 million at December 31, 2022) relates primarily to the UK Waste Treatment activity.
\u2022 \u201cComputer software\u201d with a net value of EUR 28 million (EUR 24 million at December 31,\u00a0 2022).
\u2022 \u201cOther intangible assets\u201d, different from IFRIC 12 intangible rights, amounting to EUR 90 million (EUR 90 million at December 31, 2022),
relating essentially to the Budimex Services business included in the Construction Division (EUR 25 million), licenses for the Parque Solar
Casilla photovoltaic plant amounting to EUR 9 million, and the easements of the Chilean power transmission lines amounting to EUR 44
million (EUR 40 million at December 31, 2022).
\u2022 No significant fully-depreciated assets were written off during 2023 and 2022.
3.3.1. Intangible asset model
(Million euro)
BALANCE AT
01/01/2023 (*)
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN
EXCHANGE EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2023
Spanish toll roads
714
7
0
0
0
721
US toll roads
12,547
670
-1
-393
0
12,823
Other toll roads
391
0
0
0
-387
4
Toll road investment
13,653
677
-1
-393
-387
13,549
Accumulated depreciation/amortization
-781
-201
0
16
132
-834
Net investment in toll roads
12,872
476
-1
-377
-255
12,715
Investment in other infrastructure projects
632
18
0
0
0
650
Depreciation/amortization of other infrastructure
projects
0
-34
0
0
0
-34
Total net investment in other infrastructure
projects
632
-16
0
0
0
616
TOTAL INVESTMENT
14,285
695
-1
-393
-387
14,199
TOTAL DEPRECIATION/AMORTISATION AND
PROVISION
-781
-235
0
17
132
-867
TOTAL NET INVESTMENT
13,504
460
-1
-376
-255
13,333
(*) Restated figures (Note 1.1.7)
(Million euro)
BALANCE AT
01/01/2022
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN EXCHANGE
EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2022 (*)
Spanish toll roads
713
0
0
0
1
714
US toll roads
10,527
1,388
0
632
0
12,547
Other toll roads
391
0
0
0
0
391
Toll road investment
11,632
1,388
0
632
1
13,653
Accumulated depreciation/amortization
-617
-145
0
-19
0
-781
Net investment in toll roads
11,014
1,244
0
613
1
12,872
Investment in other infrastructure projects
0
0
0
0
632
632
Depreciation/amortization of other infrastructure
projects
0
0
0
0
0
0
Total net investment in other infrastructure
projects
0
0
0
0
632
632
TOTAL INVESTMENT
11,632
1,388
0
632
633
14,285
TOTAL DEPRECIATION/AMORTIS ATION AND
PROVISION
-617
-145
0
-19
0
-781
TOTAL NET INVESTMENT
11,014
1,243
0
613
633
13,504
(*) Restated figures (Note 1.1.7)
The most significant changes in 2023 and 2022 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 677 million in 2023, relating to the US toll roads (EUR 1,388 million in 2022). Out of these, the
most significant were the I-66 Express Mobility Partners LLC toll road for EUR 489 million (EUR 1,126 million in 2022) and the North Tarrant
Express Extension for EUR 178 million (EUR 261 million in 2022).
\u25e6 Exchange rate fluctuations resulted in a change of EUR -376 million in 2023 (EUR 613 million in 2022) in these asset balances, the full
amount of which was attributed to the effect of the euro/US dollar exchange rate on the US toll roads (Note 1.4).
\u25e6 At December 31, 2023 \u201cconsolidation scope changes and transfers\u201d of EUR -255 million relate to the sale of the Euroscut Azores toll road. At
December 31, 2022, they related essentially to the consolidation of the Dalaman International Airport assets acquired in July 2022 (Note
1.1.4).
All the concession assets of the infrastructure project companies are pledged to secure borrowings (Note 5.2).
Related borrowing costs capitalized in 2023 and\u00a0 2022 are described in Note 2.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-935": { "value": "
3.2. INTANGIBLE ASSETS
At year-end 2023, the balance of intangible assets, excluding infrastructure project companies, amounted to EUR 122 million (EUR 138 million in
2022).
This heading includes mainly:
\u2022 \u201cConcession rights\u201d, reflecting rights to operate the concessions that are not classified as Projects (see definition in Note 1.1.2). At December
31, 2023, the carrying amount of EUR 3 million (EUR 20 million at December 31, 2022) relates primarily to the UK Waste Treatment activity.
\u2022 \u201cComputer software\u201d with a net value of EUR 28 million (EUR 24 million at December 31,\u00a0 2022).
\u2022 \u201cOther intangible assets\u201d, different from IFRIC 12 intangible rights, amounting to EUR 90 million (EUR 90 million at December 31, 2022),
relating essentially to the Budimex Services business included in the Construction Division (EUR 25 million), licenses for the Parque Solar
Casilla photovoltaic plant amounting to EUR 9 million, and the easements of the Chilean power transmission lines amounting to EUR 44
million (EUR 40 million at December 31, 2022).
\u2022 No significant fully-depreciated assets were written off during 2023 and 2022.
3.3.1. Intangible asset model
(Million euro)
BALANCE AT
01/01/2023 (*)
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN
EXCHANGE EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2023
Spanish toll roads
714
7
0
0
0
721
US toll roads
12,547
670
-1
-393
0
12,823
Other toll roads
391
0
0
0
-387
4
Toll road investment
13,653
677
-1
-393
-387
13,549
Accumulated depreciation/amortization
-781
-201
0
16
132
-834
Net investment in toll roads
12,872
476
-1
-377
-255
12,715
Investment in other infrastructure projects
632
18
0
0
0
650
Depreciation/amortization of other infrastructure
projects
0
-34
0
0
0
-34
Total net investment in other infrastructure
projects
632
-16
0
0
0
616
TOTAL INVESTMENT
14,285
695
-1
-393
-387
14,199
TOTAL DEPRECIATION/AMORTISATION AND
PROVISION
-781
-235
0
17
132
-867
TOTAL NET INVESTMENT
13,504
460
-1
-376
-255
13,333
(*) Restated figures (Note 1.1.7)
(Million euro)
BALANCE AT
01/01/2022
TOTAL ADDITIONS
TOTAL DISPOSALS
FOREIGN EXCHANGE
EFFECT
CONSOLIDATION
SCOPE CHANGES AND
TRANSFERS
BALANCE AT
12/31/2022 (*)
Spanish toll roads
713
0
0
0
1
714
US toll roads
10,527
1,388
0
632
0
12,547
Other toll roads
391
0
0
0
0
391
Toll road investment
11,632
1,388
0
632
1
13,653
Accumulated depreciation/amortization
-617
-145
0
-19
0
-781
Net investment in toll roads
11,014
1,244
0
613
1
12,872
Investment in other infrastructure projects
0
0
0
0
632
632
Depreciation/amortization of other infrastructure
projects
0
0
0
0
0
0
Total net investment in other infrastructure
projects
0
0
0
0
632
632
TOTAL INVESTMENT
11,632
1,388
0
632
633
14,285
TOTAL DEPRECIATION/AMORTIS ATION AND
PROVISION
-617
-145
0
-19
0
-781
TOTAL NET INVESTMENT
11,014
1,243
0
613
633
13,504
(*) Restated figures (Note 1.1.7)
The most significant changes in 2023 and 2022 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 677 million in 2023, relating to the US toll roads (EUR 1,388 million in 2022). Out of these, the
most significant were the I-66 Express Mobility Partners LLC toll road for EUR 489 million (EUR 1,126 million in 2022) and the North Tarrant
Express Extension for EUR 178 million (EUR 261 million in 2022).
\u25e6 Exchange rate fluctuations resulted in a change of EUR -376 million in 2023 (EUR 613 million in 2022) in these asset balances, the full
amount of which was attributed to the effect of the euro/US dollar exchange rate on the US toll roads (Note 1.4).
\u25e6 At December 31, 2023 \u201cconsolidation scope changes and transfers\u201d of EUR -255 million relate to the sale of the Euroscut Azores toll road. At
December 31, 2022, they related essentially to the consolidation of the Dalaman International Airport assets acquired in July 2022 (Note
1.1.4).
All the concession assets of the infrastructure project companies are pledged to secure borrowings (Note 5.2).
Related borrowing costs capitalized in 2023 and\u00a0 2022 are described in Note 2.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-936": { "value": "122000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-937": { "value": "138000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-938": { "value": "
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -310 million (Note 5.3) (EUR
-784 million in 2022),\u00a0 which differed from the additions recognized in the balance sheet for the following main reasons:
\u2022 Payments owed under the concession agreement on the I-66 toll road (Note 6.4).
\u2022 For projects in which the intangible asset model is applied, due to differences between the accrual basis and cash basis of accounting, as well
as capitalized financial costs attributable to projects under construction, which do not give rise to cash outflows.
\u2022 For projects in which the financial asset model is applied, due to increases in receivables as a balancing entry for revenue from services
rendered, which also do not give rise to cash inflows.
\u2022 The impact on cash flows also reflects movements on the held for sale line, related to the sale of Azores (Note 1.1.6).
3.4. PROPERTY, PLANT AND EQUIPMENT
Cash flow effect:
The 2023 impact on cash flows arising from additions to property, plant and equipment amounted to EUR -77 million (EUR -80 million in 2022),
of which EUR -73 million (EUR -74 million in 2022) relates to the Construction Division.
5.2.2. Borrowings
a) Infrastructure project companies
The following table shows, for 2023 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalize d/accrued
interest
Dec. 2023
Infrastructures project borrowings
7,967
441
-211
-281
-1
7,915
(*) Restated figures (Note 1.1.7)
Infrastructure project borrowings in 2023 decreased by EUR -52 million with respect to December 2022, mainly for the following reasons:
\u2022 Effect of scope changes due to the disposal of Euroscut Azores toll road (Note 1.1.4) totaling EUR -281 million.
\u2022 Exchange rate effect reaching EUR -211 million, mainly due to the depreciation of the US dollar against the euro.
\u2022 Increase of EUR 440 million in debt, excluding the foreign exchange effect and scope changes, with respect to year-end 2022, relating
primarily to the US projects and attributable to the debt drawn down by the NTE Mobility Partners toll road, capitalization of interest and to
accrued unmatured interest.
b) Ex-infrastructure projects
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2023, which do not
affect period cash positions:
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2023
Bank borrowings/ Project bonds
3,686
-224
-9
0
-4
3,449
Cross- currency swaps
5
0
9
0
0
13
Ex-infrastructure projects borrowings
3,691
-224
0
0
-4
3,463
(*) Restated figures (Note 1.1.7)
5.3. CASH FLOW
The following table summarizes the cash flows from operating, investing and financing activities for each of the years ended December 31, 2023,
2022 and 2021.
(Million euro)
2023
2022 (*)
2021
Cash flows from operating activities ex tax payments
1,433
1,084
965
Tax payments
(170)
(82)
(155)
Cash flows from operating activities
1,263
1,002
810
Investment
(468)
(1,161)
(1,164)
Divestment
43
429
1,621
Cash flows from investing activities
(425)
(732)
457
Cash flows before financing activities
838
270
1,267
Cash flows from financing activities
(1,305)
(316)
(2,221)
Change in cash and cash equivalents
(341)
(406)
(990)
(*) Restated figures (Note 1.1.7)
Cash flows from discontinued operations:
The cash flows from discontinued operations are included in the Group\u2019s reported cash flows. The following table shows the disclosure
corresponding to the period 2023, 2022 and 2021:
(Million euro)
2023
2022
2021
Cash flows from operating activities ex tax payments
\u2014
83
231
Tax payments
\u2014
(4)
(74)
Cash flows from operating activities
\u2014
78
157
Investment
\u2014
(2)
(67)
Divestment
\u2014
9
\u2014
Cash flows before financing activities
\u2014
86
90
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-939": { "value": "
3.4. PROPERTY, PLANT AND EQUIPMENT
Movements under property, plant and equipment in the consolidated statement of financial position for 2023 and 2022 are set out below:
Movements during
2023 (Million euro)
Land and buildings
Plant and machinery
Fixtures, fittings, tooling
and furniture
Total
Investment: Balance at
01.01.2023 (*)
94
480
395
969
Additions
4
69
142
215
Disposals
(2)
(34)
(27)
(63)
Scope changes and transfers
8
3
(11)
-
Foreign exchange effect
2
5
(4)
3
Balances at 12.31.2023
106
523
495
1,124
Accumulated depreciation and impairment losses at
01.01.2023 (*)
(29)
(297)
(164)
(490)
Depreciation charge
(6)
(48)
(19)
(73)
Disposals
-
18
14
32
Scope changes and transfers
1
7
(5)
3
Foreign exchange effect
(1)
(3)
1
(3)
Impairment of property, plant and equipment
-
-
1
1
Balances at 12.31.2023
(35)
(323)
(172)
(530)
Carrying amount at
12.31.2023
71
200
323
594
(*) Restated figures (Note 1.1.7)
Movements during
2022 (Million euro) (*)
Land and buildings
Plant and machinery
Fixtures, fittings, tooling
and furniture
Total
Investment: Balance at
01.01.2022
100
445
287
832
Additions
17
75
115
207
Disposals
-
(43)
(13)
(56)
Scope changes and transfers
(24)
(3)
5
(22)
Foreign exchange effect
1
6
1
8
Balances at 12.31.2022
94
480
395
969
Accumulated depreciation and impairment losses at
01.01.2022
(31)
(297)
(150)
(478)
Depreciation charge
(4)
(26)
(17)
(47)
Disposals
-
27
8
35
Scope changes and transfers
6
1
1
8
Foreign exchange effect
-
(2)
-
(2)
Impairment of property, plant and equipment
-
-
(6)
(6)
Balances at 12.31.2022
(29)
(297)
(164)
(490)
Carrying amount at
12.31.2022
65
183
231
479
(*) Restated figures (Note 1.1.7)
Significant changes in 2023 and 2022 by business division were as follows:
Additions:
(Million euro)
2023
2022 (*)
Construction
103
98
Toll Roads
9
17
Energy Infrastructures and Mobility
102
86
Other
1
6
TOTAL
215
207
(*) Restated figures (Note 1.1.7)
Additions in the Construction Division related to the acquisition of machinery and other equipment; in the Energy Infrastructures and Mobility
Division, they primarily arose from the construction of the Centella electricity transmission infrastructure.
In 2022, additions totaled EUR 207 million, the most significant relating to the Construction Division (EUR 98 million) due to the acquisition of
machinery and fixtures, fittings, tooling, furniture and vehicles, and to the Energy Infrastructures and Mobility Division (EUR 86 million), arising
primarily from the construction of the Parque Solar Casilla renewable energy generation plant.
Cash flow effect:
The 2023 impact on cash flows arising from additions to property, plant and equipment amounted to EUR -77 million (EUR -80 million in 2022),
of which EUR -73 million (EUR -74 million in 2022) relates to the Construction Division.
Disposals due to sales or retirement:
As of December 31, 2023, disposals due to sales or retirement amounted to EUR 63 million. Approximately EUR 52 million of this amount relates
to Construction, mainly machinery and other equipment.
In 2022, disposals due to sales or retirements amounted to EUR 56 million. Approximately EUR 7 million of this amount relates to sales of Grand
Parkway Infrastructure property, plant and equipment, specifically two four-track pavers (EUR 4 million) and two dump trucks (EUR 2.4 million),
among other items. The remaining amount relates mainly to the disposal or retirement of fully-depreciated or obsolete assets, having no
significant effect on the consolidated income statement.
Other disclosures relating to property, plant and equipment:
The Group has taken out insurance policies to cover the possible risks to which its property, plant and equipment are subject and any claims that
may be brought in the course of business. These policies are considered to provide sufficient coverage for the related risks.
Property, plant and equipment under construction totaled EUR 191 million in 2023 (EUR 150 million in 2022).
At December 31, 2023 and 2022, no significant property, plant or equipment were subject to ownership restrictions or pledged as collateral for
liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-940": { "value": "
3.5.3.Disclosures relating to JFK NTO LLC
In addition, JFK NTO has contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 3,005 billion, which have been treated as effective accounting cash flows hedges. During the year there has been an
impact on the company's reserves in the amount of USD 69 million (EUR 31 million at Ferrovial's ownership interest).
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2023 and 2022, as well as the maturity dates of the notional
amounts to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are
presented as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
943
38
-1
-1
2,515
3,493
Toll road index-linked swaps
115
-2
-3
-4
-3
78
66
Toll road cross-currency swaps
72
0
0
0
0
1,850
1,850
Transchile and Centella IRS
50
0
0
0
0
457
458
Dalaman interest rate swaps
3
0
0
0
0
100
100
Toll road interest rate swaps
1
0
0
0
0
5
5
Equity swaps - Corporate
20
73
0
0
0
0
73
Toll roads foreign exchange derivatives
11
766
0
0
0
0
766
Other derivatives
13
106
41
3
2
24
175
LIABILITY BALANCES
132
2,065
338
42
37
523
3,004
Toll Roads IRS
91
28
34
37
32
471
602
Corporate cross-currency swaps
13
0
250
0
0
0
250
Corporate interest rate swaps
0
0
50
0
0
0
50
Corporate foreign exchange derivatives
0
15
0
0
0
0
15
Toll roads foreign exchange derivatives
18
1,786
0
0
0
0
1,786
Other derivatives
9
237
4
5
5
52
302
NET BALANCES (ASSETS)
153
3,008
376
41
36
3,037
6,497
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
41
1
-3
-5
252
285
Toll road index-linked swaps
115
10
10
10
10
75
115
Toll road cross-currency swaps
72
-18
-18
-18
-17
143
72
Transchile and Centella IRS
50
6
4
4
2
33
50
Dalaman interest rate swaps
3
2
1
0
0
0
3
Toll road interest rate swaps
1
2
0
0
0
0
1
Equity swaps - Corporate
20
20
0
0
0
0
20
Toll roads foreign exchange derivatives
11
11
0
0
0
0
11
Other derivatives
13
8
4
0
0
1
13
LIABILITY BALANCES
132
26
36
15
13
42
132
Toll Roads IRS
91
10
15
14
12
40
91
Corporate cross-currency swaps
13
-6
20
0
0
0
13
Corporate interest rate swaps
0
0
0
0
0
0
0
Corporate foreign exchange derivatives
0
0
0
0
0
0
0
Toll roads foreign exchange derivatives
18
18
0
0
0
0
18
Other derivatives
9
5
1
1
1
2
9
NET BALANCES (ASSETS)
153
14
-35
-18
-18
210
153
Derivative project companies
Interest Rate Swaps
To hedge interest rate risk in infrastructure projects, the borrowings of which accrue variable interest (primarily Cintra Inversora Autopistas de
Catalu\u00f1a, S.A., Transchile, Centella, Autov\u00eda de Arag\u00f3n, Depusa Arag\u00f3n, Dalaman International Airport and the UK waste treatment businesses
(Thalia)). The companies have contracted interest rate hedges on project debt, establishing a fixed or increasing interest rate, for a total notional
amount of EUR 1,250 million at December 31, 2023. Overall, the fair value valuation of these hedges has decreased from EUR -10 million at
December 2022 to EUR -39 million at December 2023.
In general, hedge effectiveness measurements performed periodically show that derivatives are effective, so changes in their fair value are
recorded in reserves, amounting to EUR-36 million (EUR -30 million after taxes and minority interests attributable to the parent company).
The movement in settlements and accruals had an impact on net financial income/(expense) of EUR -8 million and on cash of EUR 6 million.
Index-linked swaps
They relate solely to Autema, which arranged an index-linked swap fixing the annual inflation rate at 2.5% in 2008 to hedge revenue variability.
The underlying hedged items are the toll flows and price compensation flows received by the Catalan Regional Government, which are inflation-
adjusted.
The reduction in the hedged item due to the change of concession scheme entailed the partial discontinuance of the hedge, so that 63% of the
derivative is currently classed as a hedge and the remainder is classed as speculative. The rise in inflation during 2023 had an impact of EUR 25
million on reserves and a fair value impact of EUR 13 million on results.
Derivatives ex-project companies
Interest rate swaps
In September 2023, the Group cancelled the interest rate derivatives which were contracted (mainly by Ferrovial SE) to hedge bank borrowings, as
the debt has been also cancelled. By the end of 2022 these IRS had a notional amount of EUR 359 million and\u00a0 a fair value of EUR 10 million.
In December, the Group\u00a0 closed new interest rate swaps. Ferrovial SE contracted a pre-hedge to hedge the refinancing of a future bond with a\u00a0
notional of EUR 50 million, and Parque Solar Casilla, one to hedge El Berrocal financing (an energy project), with a notional of EUR 23 million.
Cross-currency swaps
At December 31, 2023, Ferrovial SE recorded cross-currency swaps to hedge a corporate liquidity line in US dollars (Note 5.2.2). These instruments
have a notional value of USD 260 million (EUR 250 million agreed equivalent value) and expire in 2025 and have a fair value of EUR -13\u00a0 million
(EUR -5 million in 2022).
The results of the effectiveness tests carried out show that the derivatives are effective. The change in fair value during the year had an impact\u00a0 on
reserves of EUR -1 million, on the financial result of EUR 6 million and on cash of EUR -6 million.
On the other hand, the Cintra Infrastructure SE Company and 407 Toronto Highway BV have cross currency swaps (CCS) as fair value coverage of
its net investment in the US in USD and the investment in Canada in CAD . These instruments have a notional amount of EUR 1,712 million and
EUR 138 million, a maturity in 2032 and a fair value of EUR 72 million and EUR 0.01 million.
The result of the effectiveness tests carried out shows that the derivatives are effective. The interest rate component of these derivatives,
considered as a hedging cost, amounts to -11 million euros and is recorded as reserves. As the coupons for the interest rate differential are paid,
this cost will be transferred to income. In addition, the impact of the hedging of the investment was EUR 51 million recognized as translation
differences.
Exchange rate derivatives
There are exchange rate risk hedges, designed to hedge the investment that the Group has in CAD. Its notional amounts to EUR 1,786 million at
December 31, 2023 (CAD 2,639 million) (Note 1.3). Its fair value amounts to EUR -18 million.
Changes in their valuation are recorded under the conversion differences heading and amount to EUR 57 million in 2023. Additionally, the
movement of settlements and accruals has had an impact on the financial result of EUR -19 million and on cash of EUR -140 million.
Additionally there are hedges of foreign currency risk, which aim is to protect against the volatility of future cash flows in foreign currencies
(primarily US dollar, pound sterling and polish zloty). Their notional value amounted to EUR 1,149 million at December 31, 2023, of which EUR 229
million relate to pound sterling and EUR 777 million to the US dollar and EUR 142 million to zloty, they all expire in the short-term.
Value changes are recognized as translation differences and amounted to EUR 22 million in 2023 (for effective derivatives). Options, which are not
classified as accounting hedges, are recognized in net financial income/(expense) at fair value, entailing an expense of EUR 9 million during the
year.
Equity swaps
The Company has arranged equity swaps hedging the potential financial impact of the exercise of share-based remuneration schemes granted to
employees. These swaps contracted by the Company generally hedge its own shares, therefore, they are treated as economic hedging derivatives
but not as accounting hedges (speculative), so the change in fair value of these derivatives in recognized through the income statement as a fair
value adjustment.
These contracts are described below:
\u2022 The calculation base comprises a given number of Ferrovial shares and a reference price, which is usually the share price on the execution
date.
\u2022 During the swap term, Ferrovial pays interest at a given interest rate (EURIBOR plus a spread to be applied to the result of multiplying the
number of shares by the strike price) and receives remuneration equal to the dividends on those shares.
\u2022 When the swap expires, if the share price has risen, Ferrovial will receive the difference between the arithmetic mean of the share price during
the observation period and the reference price, by the number of shares contracted. Otherwise, Ferrovial would pay this differential to the
financial institution.
Its fair value at December 31. 2023 is EUR 20 million. The change in value during the year was due to the increase\u00a0 in the Ferrovial share price
from EUR 24.47 at December 31, 2022 to EUR\u00a0 33.02 at\u00a0 December 31, 2023, entailing an impact of EUR 25 million under the income statement
heading \u201cChanges in the fair value of financial instruments\u201d. In the column \u201cImpact on Net financial income/(expense)\u201d includes the
remuneration as income and the finance cost of these instruments as an expense in the amount of EUR -2 million (Note 2.6). The total impact of
these instruments on cash resources amounted to EUR -6 million.
At December 2023 , these derivatives had a notional value equivalent to 2,796 thousand shares which, based on the strike price of the equity
swaps (price at which they must be settled with the banks), represented a total notional amount of EUR 73 million.
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2023 and 2022 and the effect on reserves, profit/(loss) and other balance sheet items:
FAIR VALUE
EFFECTS
TYPE OF INSTRUMENT
(Million euro)
BALANCES
AT
12/31/2023
BALANCES
AT
12/31/2022
Var.
EFFECT ON
RESERVES (I)
FAIR VALUE
EFFECT ON
PROFIT/(LOS
S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
115
77
38
25
13
4
-11
0
7
38
Cash flow hedge
115
77
38
25
13
4
-11
0
7
38
Interest rate derivatives
-39
0
-40
-39
12
-7
-5
-2
2
-40
Cash flow hedge
-39
0
-40
-48
12
-7
-5
-2
11
-40
Fair value hedge
0
0
0
8
0
0
0
0
-8
0
Cross-currency swaps
58
-32
91
30
-1
6
12
51
-7
91
Cash flow hedge
-13
-5
-9
-1
0
6
-6
0
-7
-9
Hedge of net investment in foreign
72
-28
99
32
-1
0
18
51
0
99
Fair value hedge
0
0
0
0
0
0
0
0
0
0
Foreign exchange derivatives
-1
172
-173
1
-3
-19
-166
12
2
-173
Fair value hedge
0
3
-3
0
0
0
-12
9
0
-3
Hedge of net investment in foreign
-8
169
-177
0
-4
-19
-157
3
0
-177
Cash flow hedge
11
1
11
1
7
0
0
1
2
11
Speculative
-4
0
-4
0
-7
0
3
0
0
-4
Equity swaps
20
2
17
0
25
-2
-6
0
0
17
Speculative
20
2
17
0
25
-2
-6
0
0
17
TOTAL
153
219
-66
16
46
-18
-175
61
4
-66
(*) Restated figures (Note 1.1.7)
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to cash flow hedging derivatives are recognized, with a balancing entry in reserves by the effective portion
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects from financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year.
\u2022 The effect of foreign exchange fluctuations from December 31,\u00a0 2023 to December 31, 2022 on currency translation differences is also
presented separately (column V).
\u2022 The \u201cOther effects\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange rate) and other effects not
previously mentioned (column VI).
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-942": { "value": "
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2023 and December 31, 2022:
MOVEMENTS (Million euro)
LONG- TERM LOANS
TO ASSOCIATES
RESTRICTED CASH
FROM
INFRASTRUCTURE
PROJECT COMPANIES
AND OTHER FINANCIAL
ASSETS
FINANCIAL
INVESTMENTS CARRIED
AT FAIR VALUE
LOANS ASSOCIATED
WITH DIVESTMENT
TRANSACTIONS
OTHER LONG- TERM
RECEIVABLES
TOTAL
BALANCE AT 01/01/2022
228
580
41
-
33
882
Additions
36
153
12
192
1
394
Disposals
(4)
(172)
-
(35)
(211)
Transfers and other
-
-
(19)
(3)
21
(1)
Foreign exchange
(13)
36
1
-
7
31
BALANCE AT 12/31/2022 (*)
247
597
35
189
27
1,095
Additions
40
432
9
10
6
497
Disposals
(37)
(381)
-
-
(5)
(423)
Transfers and other
-
-
1
(13)
-
(12)
Foreign exchange
12
(20)
-
-
(1)
(9)
BALANCE AT 12/31/2023
262
628
45
186
27
1,148
Note: Balances net of provisions
(*) Restated figures (Note 1.1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-941": { "value": "
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2023 and December 31, 2022:
MOVEMENTS (Million euro)
LONG- TERM LOANS
TO ASSOCIATES
RESTRICTED CASH
FROM
INFRASTRUCTURE
PROJECT COMPANIES
AND OTHER FINANCIAL
ASSETS
FINANCIAL
INVESTMENTS CARRIED
AT FAIR VALUE
LOANS ASSOCIATED
WITH DIVESTMENT
TRANSACTIONS
OTHER LONG- TERM
RECEIVABLES
TOTAL
BALANCE AT 01/01/2022
228
580
41
-
33
882
Additions
36
153
12
192
1
394
Disposals
(4)
(172)
-
(35)
(211)
Transfers and other
-
-
(19)
(3)
21
(1)
Foreign exchange
(13)
36
1
-
7
31
BALANCE AT 12/31/2022 (*)
247
597
35
189
27
1,095
Additions
40
432
9
10
6
497
Disposals
(37)
(381)
-
-
(5)
(423)
Transfers and other
-
-
1
(13)
-
(12)
Foreign exchange
12
(20)
-
-
(1)
(9)
BALANCE AT 12/31/2023
262
628
45
186
27
1,148
Note: Balances net of provisions
(*) Restated figures (Note 1.1.7)
Restricted cash from infrastructure project companies
The item \u201cRestricted cash from infrastructure project companies and other financial assets\u201d (EUR 432 million) relates primarily to the NTE Mobility
Partners toll road (EUR 336 million) and the I-77 Mobility Partners toll road (EUR 62 million).
The 2023 variation is related mainly to NTE Mobility Partners Segments 3 LLC (EUR -374 million), due primarily to dividend payments. The note on
the net cash position provides details of the main balances and changes recognized in relation to this line item.
5.2. CASH AND CASH EQUIVALENTS AND BORROWINGS
a) Cash and cash equivalents and restricted cash of infrastructure projects companies
The cash and cash equivalents of infrastructures project companies as at December 31, 2023 and December 31, 2022 stood at EUR 204 million
and EUR 168 million, respectively.
Infrastructure project financing agreements often impose the obligation to arrange certain restricted accounts to cover short-term or long-term
obligations relating to the payment of the principal or interest on borrowings and to infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less than or more than one year. These
funds are invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is
also restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group\u2019s policy for the
placement of cash surpluses.
For 2023:
Short-term balances, which amounted to EUR 31 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 596 million are registered as financial assets. Therefore, short- and long-term restricted cash recognized at
December 31, 2023 amounts to EUR 627 million and relates to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 23
million, EUR 7 million, EUR 99 million, EUR 134 million and EUR 333 million, respectively), as well as to other European concessions in the amount
of EUR 31 million, primarily treatment plants in the United Kingdom and the Autov\u00eda de Arag\u00f3n toll road in Spain (EUR 14 million and EUR 17
million, respectively). The variation of EUR 33 million compared with December 2022 is explained by:
\u2022 A net increase in the restricted cash amount of EUR 60 million (excluding exchange rate effects), essentially from the NTE Mobility Partners
toll road (EUR 336 million), LBJ (EUR 5 million), I-66 (EUR 28 million), I-77 (EUR 62 million), the Autov\u00eda de Arag\u00f3n toll road (EUR 3 million),
which was partially offset by a decrease of EUR -374 million in the NTE Segment 3 toll road.
\u2022 The scope change during the year due to the Euroscut Azores toll road disposal (EUR -9 million).
\u2022 The exchange rate effect of EUR -18 million, caused mainly by US dollar fluctuations (Note 1.4).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
For 2022:
Short-term balances, which amounted to EUR 38 million, were recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances, of EUR 556 million, were classified as financial assets. Therefore, restricted cash recognized at December 31, 2022, both short and
long -term, amounted to EUR 594 million, relating to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 401 million,
EUR 2 million, EUR 40 million, EUR 110 million and EUR 3 million, respectively), as well as to other European concessions in the amount of EUR 37
million, primarily treatment plants in the United Kingdom, the Autov\u00eda de Arag\u00f3n toll road and other European Toll Roads (EUR 14 million, EUR
14 million and EUR 9 million, respectively).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
b) Cash and cash equivalents and restricted cash of ex-infrastructure projects
The cash and cash equivalents of ex-infrastructure project companies at December, 31 2023 and December, 31 2022 amounted to EUR 4,585
million and EUR 4,962 million, respectively. At December 2023, 1,479 million correspond to Canadian dollars and the exchange rate risk related
to this cash and cash equivalents is fully hedged with forward derivatives.
The method generally used to classify cash and cash equivalents as short- and long-term balances matches the approach applied when
preparing the 2023, 2022 and 2021 consolidated financial statements.
At December, 31 2023, certain accounts totaling EUR 4 million (EUR 29 million at December, 31 2022) were restricted due mainly to Thalia. This is
cash but kept in escrow so that Thalia cannot access it without Environment Agency's consent. When there is a need to pay for aftercare of the
landfill in the future the cash can be used at that time.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-943": { "value": "
3.7. RIGHT-OF-USE ASSETS AND ASSOCIATED LIABILITIES
Set out below are movements in right-of-use assets in the balance sheet:
MOVEMENTS
LAND
BUILDINGS
VEHICLES
PLANT AND
MACHINERY
OFFICE EQUIPMENT
TOTAL
(Million euro)
AND OTHER
BALANCE AT 12/31/2021
12
67
70
23
4
176
Additions
6
25
21
15
3
70
Disposals
(2)
(6)
(8)
(2)
(3)
(21)
Transfers and other
(2)
3
(8)
2
1
(4)
Depreciation/amortization
(1)
(13)
(15)
(10)
(2)
(41)
Scope changes
-
-
-
-
-
-
Foreign exchange effect
-
1
1
1
-
3
BALANCE AT 12/31/2022 (*)
13
77
61
29
3
183
Additions
2
16
34
30
5
87
Disposals
2
3
1
(2)
(1)
3
Transfers and other
(2)
6
-
(2)
-
2
Depreciation/amortization
(1)
(15)
(27)
(20)
(2)
(65)
Scope changes
(2)
(4)
(5)
(1)
-
(12)
Foreign exchange effect
-
-
(1)
(1)
-
(2)
BALANCE AT 12/31/2023
12
83
63
33
5
196
(*) Restated figures (Note 1.1.7)
The most significant variations under this heading relate to additions totaling EUR 87 million (EUR 70 million in 2022), of which EUR 72 million
(EUR 64 million in 2022) is associated with Construction Division leases.
Movements in lease liabilities are set out below:
LEASE LIABILITIES
BALANCE AT 12.31.2021
173
Additions under new leases
86
Associated financial expenses
12
Disposals due to payments
(72)
Foreign exchange effect
1
Consolidation scope change and other
(15)
BALANCE AT 12/31/2022 (*)
184
Additions under new leases
97
Associated financial expenses
14
Disposals due to payments
(87)
Foreign exchange effect
(1)
Consolidation scope changes and other
(7)
BALANCE AT 12/31/2023
200
Short-term lease liabilities 2023
59
Long-term lease liabilities 2023
141
(*) Restated figures (Note 1.1.7)
Financial expenses associated with lease agreements amounted to EUR 14 million at December 31, 2023 (EUR 12 million at December 31, 2022).
Lease payments in 2023 amounted to EUR -87 million (EUR -72 million in 2022) (Note 5.3).
Set out below are future maturities of lease liabilities in each business area at December 31, 2023:
2024
2025
2026
2027
2028
2029 AND
BEYOND
TOTAL
Corporation
2
3
3
3
3
13
27
Construction
47
35
23
12
7
27
151
Toll Roads
2
1
1
-
-
-
4
Energy and mobility infrastructures
8
4
2
1
-
3
18
TOTAL LEASE LIABILITIES
59
43
29
16
10
43
200
At December 31, 2023 lease expenses recognized in operating profit/(loss) reached EUR 250 million (EUR 256 million in 2022 and EUR 236 million
in 2021) and relate to the following items:
a. Expenses under agreements that, though meeting the definition of a lease under IFRS 16 are using the exemptions granted by the standard
for short-term leases and leases for which the underlying asset is of low value. Given the nature of the Group\u2019s business, assets are normally
leased to carry out various phases of a project for periods of less than one year or are considered to have a low value (below EUR 5,000).
b. Agreements that are not leases as defined in IFRS 16 as they do not convey the right to control the use of an identified asset or even if an asset
is specified, the supplier has the substantive right to substitute the asset throughout the period of use. This is especially frequent in
construction projects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-945": { "value": "
3.7. RIGHT-OF-USE ASSETS AND ASSOCIATED LIABILITIES
Set out below are future maturities of lease liabilities in each business area at December 31, 2023:
2024
2025
2026
2027
2028
2029 AND
BEYOND
TOTAL
Corporation
2
3
3
3
3
13
27
Construction
47
35
23
12
7
27
151
Toll Roads
2
1
1
-
-
-
4
Energy and mobility infrastructures
8
4
2
1
-
3
18
TOTAL LEASE LIABILITIES
59
43
29
16
10
43
200
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Changes to trade provisions are set out below:
(Million euro)
2023
2022 (*)
Opening balance
209
209
Amounts charged to the income statement:
5
(1)
Charges
12
5
Reversals
(8)
(4)
Applications
\u2014
(2)
Foreign exchange effect
1
\u2014
Transfers and other
1
1
Closing balance
216
209
(*) Restated figures (Note 1.1.7)
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2023
(Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total
maturities
Infrastructure project company
obligations
4,092
4,442
0
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
0
1
7
1
1
2,625
2,636
USD
4,092
4,442
0
1
7
1
1
2,625
2,636
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,473
3,473
76
60
285
61
169
4,782
5,434
TOLL ROADS
2,968
2,968
34
38
34
35
141
4,627
4,909
USD
2,307
2,307
3
0
0
0
97
4,154
4,253
EUR
661
661
31
38
34
35
44
473
656
AIRPORTS
104
104
10
14
16
18
20
37
115
EUR
104
104
10
14
16
18
20
37
115
CONSTRUCTION
106
106
4
4
4
5
5
84
106
EUR
91
91
4
4
4
5
5
69
91
PLN
15
15
0
0
0
0
0
15
15
ENERGY
INFRASTRUCTURES AND
MOBILITY
295
295
28
5
230
3
4
34
304
EUR
22
22
23
0
0
0
0
0
23
USD
224
224
2
2
228
0
0
0
232
GBP
49
49
3
3
3
3
4
34
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,565
7,915
76
61
292
62
171
7,407
8,070
At December 31, 2022
(Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total
maturities
Infrastructure project company
obligations
3,007
4,123
0
0
1
8
1
2,716
2,726
TOLL ROADS
3,007
4,123
0
0
1
8
1
2,716
2,726
USD
3,007
4,123
0
0
1
8
1
2,716
2,726
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,844
3,844
107
68
81
257
79
4,820
5,412
TOLL ROADS
3,404
3,404
90
49
59
56
53
4,647
4,955
USD
2,438
2,438
49
0
0
0
0
3,944
3,994
EUR
966
966
41
49
59
56
53
703
961
AIRPORTS
112
112
9
10
14
16
18
57
124
EUR
112
112
9
10
14
16
18
57
124
CONSTRUCTION
99
99
3
4
4
4
5
79
99
EUR
94
94
3
4
4
4
5
74
94
PLN
5
5
0
0
0
0
0
5
5
ENERGY
INFRASTRUCTURES AND
MOBILITY
228
228
4
5
5
181
3
37
234
USD
177
177
1
2
2
178
0
0
183
GBP
51
51
3
3
3
3
3
37
51
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,851
7,967
107
68
82
265
80
7,536
8,137
(*) Restated figures (Note 1.1.7)
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2023
Borrowings (Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total maturities
Corporate debt
3,331
3,386
800
750
781
60
500
500
3,391
EUR
3,331
3,386
800
750
781
60
500
500
3,391
Other borrowings
63
63
21
5
13
6
1
0
46
EUR
3
3
0
0
0
0
1
0
1
PLN
9
9
1
5
2
1
0
0
9
CLP
19
19
20
0
0
0
0
0
20
Other
32
32
0
0
11
5
0
0
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
At December 31, 2022
Borrowings (Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total maturities
Corporate debt
3,385
3,589
696
300
750
781
560
500
3,587
EUR
3,385
3,589
696
300
750
781
560
500
3,587
Other borrowings
97
97
22
3
9
17
8
2
59
EUR
13
13
0
0
0
0
0
1
2
PLN
14
14
0
1
9
3
1
1
14
CLP
23
23
22
1
0
0
0
0
22
Other
48
48
0
0
0
14
7
0
21
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,482
3,686
718
303
759
798
568
502
3,646
(*) Restated figures (Note 1.1.7)
5.4. . FINANCIAL RISK AND CAPITAL MANAGEMENT
The Group\u2019s businesses are affected by changes to financial variables, such as interest rates, exchange rates, inflation, credit, liquidity and
equities.
The following are specific data on the Group's exposure to each of these risks and an analysis of the sensitivity to a change in the various variables,
together with a brief description of the way in which each risk is managed.
a. Exposure to interest rate fluctuations
Ferrovial's businesses are exposed to interest rate fluctuations, which may affect the Company\u2019s net financial expense due to the variable interest
on financial assets and liabilities, as well as the measurement of financial instruments arranged at fixed interest rates.
Ferrovial manages interest rate risk so as to optimize the financial expense borne by the Group and achieve suitable proportions of fixed- and
variable-rate debt based on market conditions. Therefore, when interest rates are low, the Group seeks to fix future amounts at the ex-
infrastructure project company level, although such hedging can affect liquidity in the event of cancellation.
At the infrastructure project company level, banks and rating agencies require a higher percentage of fixed-rate debt. These strategies are
implemented by issuing fixed-rate debt or by arranging financial derivative hedges, a breakdown of which is provided in Note 5.5 Financial
derivatives at fair value.
The accompanying table shows a breakdown of the Group\u2019s borrowings, indicating the percentage considered to be hedged (either by a fixed rate
or by derivatives).
BORROWINGS
2023
2022 (*)
(Million euro)
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Ex-infrastructure project companies
3,463
92%
260
3
3,691
79%
772
8
Toll Roads
7,410
99%
51
1
7,527
98%
157
2
Construction
106
91%
10
0
99
97%
3
0
Energy Infrastructures and Mobility
295
93%
22
0
228
80%
46
0
Airports
104
100%
0
1
112
100%
0
3
Infrastructure project companies
7,915
99%
83
1
7,967
96%
317
3
Total borrowings
11,378
97%
339
4
11,658
92%
962
11
(*) Restated figures (Note 1.1.7)
Accordingly, in the fully-consolidated companies, a linear increase of 100 basis points in market interest rate curves at December 31, 2023 and
2022 would increase financial expenses in the income statement by an estimated EUR 4 million (EUR 11 million at December 31, 2022), of which
EUR 1 million (EUR 3 million at December, 31 2022) relates to infrastructure project companies and EUR 3 million (EUR 8 million at December 31,
2022) to ex- infrastructure project companies, entailing a net effect on Ferrovial\u2019s results of EUR 3 million (EUR 7 million at December 31,\u00a0 2022)
(expense).
The Group's cash resources amounted to EUR 4,789 million in 2023, a large portion of which accrued variable rates, improving the financial result
for the year.
It is also necessary to take into account changes in the fair value of the financial derivatives arranged, which are indicated in Note 5.5.
Regarding these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2023 would, in
the case of the effective hedges, have a positive impact of approximately EUR 109 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 55 million at December 31, 2022), while a decrease of 100 basis points would have a negative impact of
approximately EUR 41 million (EUR 67 million at December 31, 2022).
As a balancing entry to this impact, should be noted that a drop in interest rates would trigger an increase in the value of the projects, through a
lower discount rate.
b. Exposure to foreign exchange fluctuations
Ferrovial regularly monitors net exposure to each currency over the coming years for dividends receivable, investments in new projects and
potential divestments.
Ferrovial establishes its hedging strategy by analyzing past fluctuations in both short- and long-term exchanges rates and has monitoring
mechanisms in place, such as future projections and long-term equilibrium exchange rates. These hedges consist of foreign currency deposits or
derivatives (Note 5.5 for more details).
The following tables show, by type of currency, the value of assets, liabilities, non-controlling interests and shareholders\u2019 funds attributed to the
parent company at December 2023, adjusted to account for the above-mentioned currency forwards relating to each currency:
DEC. 2023
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
7,957
5,996
1,780
181
Pound sterling
715
477
237
1
US dollar
13,399
11,294
408
1,696
Canadian dollar
976
469
507
\u2014
Australian dollar
269
225
44
\u2014
Polish zloty
2,011
1,613
164
234
Chilean peso
301
191
110
\u2014
Colombian peso
230
142
89
\u2014
Indian rupee
380
4
376
\u2014
Other
81
28
52
1
GROUP TOTAL
26,318
20,439
3,766
2,113
DEC. 2022 (*)
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
9,503
7,072
2,244
186
Pound sterling
1,126
638
487
1
US dollar
12,307
10,032
414
1,860
Canadian dollar
541
377
164
\u2014
Australian dollar
186
141
45
\u2014
Polish zloty
1,653
1,341
119
193
Chilean peso
342
244
98
\u2014
Colombian peso
167
105
61
\u2014
Indian rupee
380
1
379
\u2014
Other
141
39
102
\u2014
GROUP TOTAL
26,344
19,991
4,113
2,240
(*) Restated figures (Note 1.1.7)
Note 1.4 contains a breakdown of year-end exchange rates. As a result of these changes, the impact of currency translation differences on equity
at December 31, 2023 was EUR -83 million (EUR 43 million at December 31, 2022) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2023 Ferrovial estimates that a 10% depreciation in the value of the euro at the year-end
against the main currencies in which the Group holds investments would have an impact on the parent company shareholders' funds of EUR 215
million, of which 26% would relate to the effect of the Canadian dollar, 21% to the US dollar, 12% to the pound sterling and 19% to the Indian
rupee.
Note 1.4 contains a breakdown of average exchange rates for 2023 and 2022. In this regard, the impact on the income statement of a 10%
appreciation of the euro against other currencies would have amounted to a change of EUR 52 million in 2023 (EUR 35 million in 2022).
c. Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
2023
2022 (*)
Var. 23/22
Investments in financial assets (1)
671
569
101
Non-current financial assets
1,310
1,258
52
Net financial derivatives (assets)
285
331
-46
Trade and other receivables
1,677
1,609
69
(1) Included in cash and cash equivalents
(*) Restated figures (Note 1.1.7)
\u2022 Ferrovial actively and continuously monitors counterparty risk affecting financial transactions and performs internal credit quality analyses on
each of the financial institutions with which there is exposure.
\u2022 The internal rules for managing cash\u00a0 surpluses impose maximum investment limits for each counterparty, based on objective criteria:
minimum acceptable risk requirements for the investment of cash surpluses and limits on the amounts invested in line with the defined risk in
each case. In addition, the Risk Department monitors each counterparty\u2019s performance and proposes appropriate protective or corrective
measures depending on the specific circumstances.
\u2022 Geographies: Ferrovial monitors trends in markets (geographies) where it has operations, as well as in its target markets. The Financial Risk
Department proposes potential actions to be taken should changes in risk levels be expected in a particular geography or market.
\u2022 Customers: Ferrovial analyses and monitors customer credit risk by means of an internal method used by all the Group companies to assign
credit ratings to Ferrovial\u2019s customers.
d. Exposure to liquidity risk
The Group has the necessary mechanisms in place to preserve the required liquidity through periodic procedures that take account of cash flow
projections, cash needs, short-term collections and payments, and long-term obligations.
Ex-infrastructure project companies
At December 31, 2023, cash and cash equivalents reached EUR 4,585 million (EUR 4,962 million in 2022). At that date, undrawn credit lines
totaled EUR 789 million (EUR 964 million in 2022), forwards hedging cash flows denominated in a currency other than the euro amounted to EUR
-18 million (EUR 151 million in 2022) and long term restricted cash stood at EUR 32 million (EUR 41 million in 2022).
Therefore, liquidity totaled EUR 5,387 million (EUR 6,118 million in December\u00a0 2022).
Infrastructure project companies
At December 31, 2023, cash and cash equivalents (including short- term restricted cash) amounted to EUR 204 million (EUR 168 million in 2022).
Also, at that date undrawn credit lines stood at EUR 1 million (EUR 125 million in 2022), and were primarily arranged to hedge committed
investment needs.
Liquidity (including long-term restricted cash) totaled EUR 817 million (EUR 841 million in December 2022).
e. Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises in equity swaps used to hedge against risks of appreciation
of share-based remuneration schemes, the detail of which is shown in Note 5.5 to these consolidated financial statements.
As the equity swaps are not classified as accounting hedges, the market value has an impact on profit or loss. Accordingly, a EUR 1 increase/
decrease in Ferrovial\u2019s share price would have a positive/negative impact of EUR 2.8 million on Ferrovial\u2019s net profit/(loss).
f. Exposure to inflation risk
Most of the revenue from infrastructure projects is associated with prices tied directly to inflation. This is the case of the prices of both the toll road
concession contracts and those of Heathrow. Therefore, an increase in inflation as is currently the case will increase cash flows from assets of this
kind.
The recent rise in inflation may have an adverse effect on operating margins under the construction contracts, therefore the risk is hedged by
closing the main direct costs at the time of bidding.
The toll road concession operator Autema records a derivative linked to inflation in Spain. At year-end 2020, 37% of the derivative was cancelled
as a result of the shift from the concession model to the intangible asset model. The remaining 63% is still treated as a hedge accounting
instrument. An increase of 100 bps across the inflation curve would have a negative effect on reserves of EUR -95 million and EUR -56 million on
profit/(loss)s.
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2023 and 2022, as well as the maturity dates of the notional
amounts to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are
presented as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
943
38
-1
-1
2,515
3,493
Toll road index-linked swaps
115
-2
-3
-4
-3
78
66
Toll road cross-currency swaps
72
0
0
0
0
1,850
1,850
Transchile and Centella IRS
50
0
0
0
0
457
458
Dalaman interest rate swaps
3
0
0
0
0
100
100
Toll road interest rate swaps
1
0
0
0
0
5
5
Equity swaps - Corporate
20
73
0
0
0
0
73
Toll roads foreign exchange derivatives
11
766
0
0
0
0
766
Other derivatives
13
106
41
3
2
24
175
LIABILITY BALANCES
132
2,065
338
42
37
523
3,004
Toll Roads IRS
91
28
34
37
32
471
602
Corporate cross-currency swaps
13
0
250
0
0
0
250
Corporate interest rate swaps
0
0
50
0
0
0
50
Corporate foreign exchange derivatives
0
15
0
0
0
0
15
Toll roads foreign exchange derivatives
18
1,786
0
0
0
0
1,786
Other derivatives
9
237
4
5
5
52
302
NET BALANCES (ASSETS)
153
3,008
376
41
36
3,037
6,497
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
41
1
-3
-5
252
285
Toll road index-linked swaps
115
10
10
10
10
75
115
Toll road cross-currency swaps
72
-18
-18
-18
-17
143
72
Transchile and Centella IRS
50
6
4
4
2
33
50
Dalaman interest rate swaps
3
2
1
0
0
0
3
Toll road interest rate swaps
1
2
0
0
0
0
1
Equity swaps - Corporate
20
20
0
0
0
0
20
Toll roads foreign exchange derivatives
11
11
0
0
0
0
11
Other derivatives
13
8
4
0
0
1
13
LIABILITY BALANCES
132
26
36
15
13
42
132
Toll Roads IRS
91
10
15
14
12
40
91
Corporate cross-currency swaps
13
-6
20
0
0
0
13
Corporate interest rate swaps
0
0
0
0
0
0
0
Corporate foreign exchange derivatives
0
0
0
0
0
0
0
Toll roads foreign exchange derivatives
18
18
0
0
0
0
18
Other derivatives
9
5
1
1
1
2
9
NET BALANCES (ASSETS)
153
14
-35
-18
-18
210
153
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-944": { "value": "
3.7. RIGHT-OF-USE ASSETS AND ASSOCIATED LIABILITIES
Set out below are future maturities of lease liabilities in each business area at December 31, 2023:
2024
2025
2026
2027
2028
2029 AND
BEYOND
TOTAL
Corporation
2
3
3
3
3
13
27
Construction
47
35
23
12
7
27
151
Toll Roads
2
1
1
-
-
-
4
Energy and mobility infrastructures
8
4
2
1
-
3
18
TOTAL LEASE LIABILITIES
59
43
29
16
10
43
200
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2023
(Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total
maturities
Infrastructure project company
obligations
4,092
4,442
0
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
0
1
7
1
1
2,625
2,636
USD
4,092
4,442
0
1
7
1
1
2,625
2,636
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,473
3,473
76
60
285
61
169
4,782
5,434
TOLL ROADS
2,968
2,968
34
38
34
35
141
4,627
4,909
USD
2,307
2,307
3
0
0
0
97
4,154
4,253
EUR
661
661
31
38
34
35
44
473
656
AIRPORTS
104
104
10
14
16
18
20
37
115
EUR
104
104
10
14
16
18
20
37
115
CONSTRUCTION
106
106
4
4
4
5
5
84
106
EUR
91
91
4
4
4
5
5
69
91
PLN
15
15
0
0
0
0
0
15
15
ENERGY
INFRASTRUCTURES AND
MOBILITY
295
295
28
5
230
3
4
34
304
EUR
22
22
23
0
0
0
0
0
23
USD
224
224
2
2
228
0
0
0
232
GBP
49
49
3
3
3
3
4
34
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,565
7,915
76
61
292
62
171
7,407
8,070
At December 31, 2022
(Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total
maturities
Infrastructure project company
obligations
3,007
4,123
0
0
1
8
1
2,716
2,726
TOLL ROADS
3,007
4,123
0
0
1
8
1
2,716
2,726
USD
3,007
4,123
0
0
1
8
1
2,716
2,726
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,844
3,844
107
68
81
257
79
4,820
5,412
TOLL ROADS
3,404
3,404
90
49
59
56
53
4,647
4,955
USD
2,438
2,438
49
0
0
0
0
3,944
3,994
EUR
966
966
41
49
59
56
53
703
961
AIRPORTS
112
112
9
10
14
16
18
57
124
EUR
112
112
9
10
14
16
18
57
124
CONSTRUCTION
99
99
3
4
4
4
5
79
99
EUR
94
94
3
4
4
4
5
74
94
PLN
5
5
0
0
0
0
0
5
5
ENERGY
INFRASTRUCTURES AND
MOBILITY
228
228
4
5
5
181
3
37
234
USD
177
177
1
2
2
178
0
0
183
GBP
51
51
3
3
3
3
3
37
51
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,851
7,967
107
68
82
265
80
7,536
8,137
(*) Restated figures (Note 1.1.7)
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2023
Borrowings (Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total maturities
Corporate debt
3,331
3,386
800
750
781
60
500
500
3,391
EUR
3,331
3,386
800
750
781
60
500
500
3,391
Other borrowings
63
63
21
5
13
6
1
0
46
EUR
3
3
0
0
0
0
1
0
1
PLN
9
9
1
5
2
1
0
0
9
CLP
19
19
20
0
0
0
0
0
20
Other
32
32
0
0
11
5
0
0
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
At December 31, 2022
Borrowings (Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total maturities
Corporate debt
3,385
3,589
696
300
750
781
560
500
3,587
EUR
3,385
3,589
696
300
750
781
560
500
3,587
Other borrowings
97
97
22
3
9
17
8
2
59
EUR
13
13
0
0
0
0
0
1
2
PLN
14
14
0
1
9
3
1
1
14
CLP
23
23
22
1
0
0
0
0
22
Other
48
48
0
0
0
14
7
0
21
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,482
3,686
718
303
759
798
568
502
3,646
(*) Restated figures (Note 1.1.7)
d. Exposure to liquidity risk
The Group has the necessary mechanisms in place to preserve the required liquidity through periodic procedures that take account of cash flow
projections, cash needs, short-term collections and payments, and long-term obligations.
Ex-infrastructure project companies
At December 31, 2023, cash and cash equivalents reached EUR 4,585 million (EUR 4,962 million in 2022). At that date, undrawn credit lines
totaled EUR 789 million (EUR 964 million in 2022), forwards hedging cash flows denominated in a currency other than the euro amounted to EUR
-18 million (EUR 151 million in 2022) and long term restricted cash stood at EUR 32 million (EUR 41 million in 2022).
Therefore, liquidity totaled EUR 5,387 million (EUR 6,118 million in December\u00a0 2022).
Infrastructure project companies
At December 31, 2023, cash and cash equivalents (including short- term restricted cash) amounted to EUR 204 million (EUR 168 million in 2022).
Also, at that date undrawn credit lines stood at EUR 1 million (EUR 125 million in 2022), and were primarily arranged to hedge committed
investment needs.
Liquidity (including long-term restricted cash) totaled EUR 817 million (EUR 841 million in December 2022).
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2023 and 2022, as well as the maturity dates of the notional
amounts to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are
presented as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
943
38
-1
-1
2,515
3,493
Toll road index-linked swaps
115
-2
-3
-4
-3
78
66
Toll road cross-currency swaps
72
0
0
0
0
1,850
1,850
Transchile and Centella IRS
50
0
0
0
0
457
458
Dalaman interest rate swaps
3
0
0
0
0
100
100
Toll road interest rate swaps
1
0
0
0
0
5
5
Equity swaps - Corporate
20
73
0
0
0
0
73
Toll roads foreign exchange derivatives
11
766
0
0
0
0
766
Other derivatives
13
106
41
3
2
24
175
LIABILITY BALANCES
132
2,065
338
42
37
523
3,004
Toll Roads IRS
91
28
34
37
32
471
602
Corporate cross-currency swaps
13
0
250
0
0
0
250
Corporate interest rate swaps
0
0
50
0
0
0
50
Corporate foreign exchange derivatives
0
15
0
0
0
0
15
Toll roads foreign exchange derivatives
18
1,786
0
0
0
0
1,786
Other derivatives
9
237
4
5
5
52
302
NET BALANCES (ASSETS)
153
3,008
376
41
36
3,037
6,497
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
41
1
-3
-5
252
285
Toll road index-linked swaps
115
10
10
10
10
75
115
Toll road cross-currency swaps
72
-18
-18
-18
-17
143
72
Transchile and Centella IRS
50
6
4
4
2
33
50
Dalaman interest rate swaps
3
2
1
0
0
0
3
Toll road interest rate swaps
1
2
0
0
0
0
1
Equity swaps - Corporate
20
20
0
0
0
0
20
Toll roads foreign exchange derivatives
11
11
0
0
0
0
11
Other derivatives
13
8
4
0
0
1
13
LIABILITY BALANCES
132
26
36
15
13
42
132
Toll Roads IRS
91
10
15
14
12
40
91
Corporate cross-currency swaps
13
-6
20
0
0
0
13
Corporate interest rate swaps
0
0
0
0
0
0
0
Corporate foreign exchange derivatives
0
0
0
0
0
0
0
Toll roads foreign exchange derivatives
18
18
0
0
0
0
18
Other derivatives
9
5
1
1
1
2
9
NET BALANCES (ASSETS)
153
14
-35
-18
-18
210
153
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-949": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2023 AND 2022
This section contains the notes on Inventories (Note 4.1), Short-term trade and other receivables (Note 4.2) and Short-term trade and other
payables (Note 4.3). The net balance of these items is referred to as working capital.
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Inventories
476
5
\u2014
(23)
458
Short-term trade and other receivables
1,609
19
(12)
62
1,677
Short-term trade and other payables
(3,430)
(23)
1
(194)
(3,646)
TOTAL
(1,346)
1
(11)
(155)
(1,511)
Million euro
2021
Exchange rate
Consolidation scope
changes
Other
2022
Inventories
404
9
\u2014
63
476
Short-term trade and other receivables
1,344
(10)
15
260
1,609
Short-term trade and other payables
(2,813)
(4)
(6)
(608)
(3,430)
TOTAL
(1,065)
(4)
9
(285)
(1,346)
(*) Restated figures (Note 1.1.7)
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
Set out below is a breakdown of this heading at December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope changes
Other
2023
Trade payables
1,663
13
(2)
24
1,698
Work certified in advance
962
(3)
\u2014
165
1,124
Advance payments
402
5
\u2014
(1)
406
Other non-trade payables
403
9
1
6
419
TRADE AND OTHER PAYABLES
3,430
23
(1)
194
3,646
(*) Restated figures (Note 1.1.7)
a) Trade payables
Set out below is a breakdown of trade payables at December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Trade payables
1,187
7
(2)
(35)
1,158
Trade payables sent for reverse factoring
234
\u2014
\u2014
48
281
Withholdings made from suppliers
242
5
\u2014
11
259
TRADE PAYABLES
1,663
13
(2)
24
1,698
(*) Restated figures (Note 1.1.7)
Trade payables increased by EUR 35 million compared to the balance recognized at\u00a0 December 31,\u00a0 2022. Excluding the foreign exchange effect
and scope changes, trade payables grew by EUR 24 million, primarily in the Construction Division (EUR 80 million), partially offset by the deferred
payment for the acquisition of Dalaman airport in the previous year (EUR -26 million) and payments in the Energy Infrastructures and Mobility
business (EUR -15 million).
Trade payables pending payment to suppliers under reverse factoring arrangements (Note 1.3.3.3 on accounting policies) increased by EUR 48
million compared to the balance at December 31, 2022.
Group management considers that the carrying amount of trade receivables approximates fair value.
c) Other non-trade payables
\u201cOther non-trade payables\u201d breakdown is as follows:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Accrued wages and salaries
190
5
\u2014
32
227
Taxes payable
173
4
\u2014
(14)
162
Other payables
41
\u2014
1
(12)
30
OTHER NON- TRADE PAYABLES
403
9
1
6
419
(*) Restated figures (Note 1.1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-948": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2023 AND 2022
This section contains the notes on Inventories (Note 4.1), Short-term trade and other receivables (Note 4.2) and Short-term trade and other
payables (Note 4.3). The net balance of these items is referred to as working capital.
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Inventories
476
5
\u2014
(23)
458
Short-term trade and other receivables
1,609
19
(12)
62
1,677
Short-term trade and other payables
(3,430)
(23)
1
(194)
(3,646)
TOTAL
(1,346)
1
(11)
(155)
(1,511)
Million euro
2021
Exchange rate
Consolidation scope
changes
Other
2022
Inventories
404
9
\u2014
63
476
Short-term trade and other receivables
1,344
(10)
15
260
1,609
Short-term trade and other payables
(2,813)
(4)
(6)
(608)
(3,430)
TOTAL
(1,065)
(4)
9
(285)
(1,346)
(*) Restated figures (Note 1.1.7)
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Set out below is a breakdown of this heading at December 31, 2023 and\u00a0 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope changes
Other
2023
Trade receivables for sales and services
1,300
15
(12)
51
1,353
Other receivables
309
4
\u2014
11
324
TOTAL RECEIVABLES
1,609
19
(12)
62
1,677
(*) Restated figures (Note 1.1.7)
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2023 and\u00a0 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Trade receivables
962
13
(12)
1
963
Bad debt provisions
(209)
(1)
\u2014
(6)
(216)
Net trade receivables
753
12
(12)
(5)
748
Completed work pending certification
406
2
\u2014
38
446
Retentions
141
1
\u2014
18
160
TRADE RECEIVABLES FOR SALES AND SERVICES
1,300
15
(12)
51
1,353
(*) Restated figures (Note 1.1.7)
The change under the heading \u201cOther\u201d (EUR 51 million) is explained primarily by the increase in Construction (EUR 43 million), particularly in
Poland (EUR 61 million), as a result of business performance.
In addition, the scope changes during the year relate primarily to the Euroscut Azores toll road disposal.\u00a0
Finally, there are no balance sheet items relating to factoring agreements at December 31, 2023 or 2022.
Set out below is a breakdown of the main trade receivables by debtor type:
At 12.31.2023
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
777
57%
93
n.a.
870
64%
Private sector
414
30%
13
n.a.
427
32%
Group companies and associates
171
13%
(116)
n.a.
55
4%
TOTAL
1,363
100%
(10)
N.A.
1,353
100%
At 12.31.2022
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
813
66%
90
n.a.
904
70%
Private sector
324
26%
22
n.a.
346
27%
Group companies and associates
97
8%
(47)
n.a.
50
4%
TOTAL
1,235
100%
65
N.A.
1,300
100%
The Group has pre- and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or
solvency studies, and monitoring incidents and default while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2023
2022 (*)
Opening balance
209
209
Amounts charged to the income statement:
5
(1)
Charges
12
5
Reversals
(8)
(4)
Applications
\u2014
(2)
Foreign exchange effect
1
\u2014
Transfers and other
1
1
Closing balance
216
209
(*) Restated figures (Note 1.1.7)
Group management considers that the carrying amount of trade receivables approximates fair value.
b) Other receivables
Other receivables breakdown is as follows at\u00a0 December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Advance payments to suppliers
61
\u2014
\u2014
6
67
Sundry receivables
96
4
\u2014
10
110
Infrastructure project receivables
3
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
148
1
\u2014
(5)
144
OTHER RECEIVABLES
309
4
\u2014
11
324
(*) Restated figures (Note 1.1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-946": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2023 AND 2022
This section contains the notes on Inventories (Note 4.1), Short-term trade and other receivables (Note 4.2) and Short-term trade and other
payables (Note 4.3). The net balance of these items is referred to as working capital.
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Inventories
476
5
\u2014
(23)
458
Short-term trade and other receivables
1,609
19
(12)
62
1,677
Short-term trade and other payables
(3,430)
(23)
1
(194)
(3,646)
TOTAL
(1,346)
1
(11)
(155)
(1,511)
Million euro
2021
Exchange rate
Consolidation scope
changes
Other
2022
Inventories
404
9
\u2014
63
476
Short-term trade and other receivables
1,344
(10)
15
260
1,609
Short-term trade and other payables
(2,813)
(4)
(6)
(608)
(3,430)
TOTAL
(1,065)
(4)
9
(285)
(1,346)
(*) Restated figures (Note 1.1.7)
4.1.INVENTORIES
Inventories break down as follows at December 31, 2023 y 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Goods purchased for resale
24
\u2014
\u2014
(4)
20
Raw materials and other supplies
322
8
\u2014
(27)
303
Bidding and mobilization costs
129
(2)
\u2014
8
135
Inventories
476
5
\u2014
(23)
458
(*) Restated figures (Note 1.1.7)
Goods purchased for resale relates primarily to the Construction business (EUR 19 million in 2023, compared to EUR 24 million in 2022).
EUR 303 million in 2023 (compared to EUR 322 million in 2022) in raw materials and other supplies relates mainly to the Construction Division,
primarily the Poland activity reaching EUR 140 million (EUR 159 million in 2022) and the US activity standing at EUR 101 million (EUR 96 million in
2022).
Bidding and mobilization costs are written off systematically as the goods and services relating to the assets are transferred to customers. In 2023,
EUR 14 million of bidding costs and EUR 0.02 million of mobilization costs were amortized. The increase in the year (EUR 8 million) is mainly in US.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-947": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2023 AND 2022
Changes to trade provisions are set out below:
(Million euro)
2023
2022 (*)
Opening balance
209
209
Amounts charged to the income statement:
5
(1)
Charges
12
5
Reversals
(8)
(4)
Applications
\u2014
(2)
Foreign exchange effect
1
\u2014
Transfers and other
1
1
Closing balance
216
209
(*) Restated figures (Note 1.1.7)
c. Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
2023
2022 (*)
Var. 23/22
Investments in financial assets (1)
671
569
101
Non-current financial assets
1,310
1,258
52
Net financial derivatives (assets)
285
331
-46
Trade and other receivables
1,677
1,609
69
(1) Included in cash and cash equivalents
(*) Restated figures (Note 1.1.7)
\u2022 Ferrovial actively and continuously monitors counterparty risk affecting financial transactions and performs internal credit quality analyses on
each of the financial institutions with which there is exposure.
\u2022 The internal rules for managing cash\u00a0 surpluses impose maximum investment limits for each counterparty, based on objective criteria:
minimum acceptable risk requirements for the investment of cash surpluses and limits on the amounts invested in line with the defined risk in
each case. In addition, the Risk Department monitors each counterparty\u2019s performance and proposes appropriate protective or corrective
measures depending on the specific circumstances.
\u2022 Geographies: Ferrovial monitors trends in markets (geographies) where it has operations, as well as in its target markets. The Financial Risk
Department proposes potential actions to be taken should changes in risk levels be expected in a particular geography or market.
\u2022 Customers: Ferrovial analyses and monitors customer credit risk by means of an internal method used by all the Group companies to assign
credit ratings to Ferrovial\u2019s customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-950": { "value": "
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2023 and\u00a0 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Trade receivables
962
13
(12)
1
963
Bad debt provisions
(209)
(1)
\u2014
(6)
(216)
Net trade receivables
753
12
(12)
(5)
748
Completed work pending certification
406
2
\u2014
38
446
Retentions
141
1
\u2014
18
160
TRADE RECEIVABLES FOR SALES AND SERVICES
1,300
15
(12)
51
1,353
(*) Restated figures (Note 1.1.7)
The Group has pre- and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or
solvency studies, and monitoring incidents and default while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2023
2022 (*)
Opening balance
209
209
Amounts charged to the income statement:
5
(1)
Charges
12
5
Reversals
(8)
(4)
Applications
\u2014
(2)
Foreign exchange effect
1
\u2014
Transfers and other
1
1
Closing balance
216
209
(*) Restated figures (Note 1.1.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-951": { "value": "
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
b) Work certified in advance and advance payments from customers
This heading includes:
\u2022 Work certified in advance (see definition in Notes 4.4 and 1.2.3.4) increased by EUR 165 million against December 2022 (excluding the foreign
exchange effect and scope changes), primarily in the US and Canada, relating particularly to the Ontario Metro project (EUR 72 million).
\u2022 The balance of advance payments from customers (see definition in point 4.4) decrease by EUR -1 million in relation to December 2022.
4.4. BALANCES FROM CONTRACTS WITH CUSTOMERS AND OTHER DISCLOSURES RELATING TO IFRS 15
Information on the balance sheet relating to IFRS 15
As indicated in Note 1.3.3.4 in relation to the policy for recognizing contract revenue (IFRS 15), for contracts in which the performance obligations
are measured over time, the difference between the revenues recognized for services rendered and the amounts actually billed to the customer
are systematically analyzed on a contract- by-contract basis.
If the amount billed is lower than the revenue recognized, the difference is recognized as an asset under \u201cTrade receivables for sales and services -
Completed work pending certification\u201d (Note 4.2.a), whereas if the revenue recognized is lower than the amount billed, a liability is recognized
under \u201cShort-term trade and other payables - Work certified in advance\u201d (Note 4.3).
For certain construction contracts, advances are agreed, paid by the customer at contract inception and offset against progress billings as the
works are executed.
These balances are carried on the liabilities side of the balance sheet under the heading \u201cTrade payables\u201d (Note 4.3.a).
Unlike completed work pending certification and work certified in advance, advances and retentions are balances that will have an impact on
future cash flows, since in the case of the advances a lower amount will be collected in the future as the advances are discounted from the
progress billings, whereas the retentions will give rise to higher collections in the future, since the customer will reimburse the related amounts as
and when the contract work is settled. Most of the Revenue recognised in the reporting period was included in the contract liability balance at the
beginning of the period.
Set out below is a breakdown of these items at December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Completed work pending certification
406
2
\u2014
38
446
Retentions
141
1
\u2014
18
160
Total customer contract assets
547
3
\u2014
56
605
Work certified in advance
962
(3)
\u2014
165
1,124
Advance payments
402
5
\u2014
(1)
406
Total customer contract liabilities
1,364
2
\u2014
164
1,529
(*) Restated figures (Note 1.1.7)
The balance of completed work pending certification at December 31, 2023 relates almost entirely to revenue under the main contract with the
customer since, according to the Group\u2019s general policy, only work that is due and payable, i.e. has been approved by the customer, may be
recognized in the financial statements. Claims only include cases in which it is deemed highly likely that there will be no reversal of revenue in the
future.
In general, performance obligations in the construction business are fulfilled over time. Therefore, the balance relates basically to differences
between work completed and work certified due to timing differences in the customer certification and review process, billing milestones or
certification schedule.
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations at year-end by business
area and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2024
2025
2026
2027
2028 and beyond
TOTAL
Construction
6,552
4,200
2,006
1,179
1,695
15,632
Energy Infrastructures and Mobility
179
137
88
76
446
926
Total
6,731
4,337
2,094
1,255
2,141
16,558
There are a total of 1,236 contracts in force in the Construction businesses (1,159 contracts in 2022) and 31 Energy Infrastructure contracts (29
contracts in 2022).
6.1. DEFERRED INCOME
Deferred income breaks down as follows at December 31, 2023 and 2022:
(Million euro)
2023
2022 (*)
Var. 23/22
Capital grants
1,317
1,377
(60)
Other deferred income
17
33
(16)
TOTAL DEFERRED INCOME
1,334
1,410
(76)
(*) Restated figures (Note 1.1.7)
Capital grants awarded by government bodies relate entirely to infrastructure projects in the Toll Roads Division at December 31, 2023 and 2022.
These grants are primarily found in the following Toll Road projects: EUR 407 million and EUR 425 million for LBJ Infrastructure Group in 2023
and 2022, respectively. EUR 486 million and EUR 512 million for NTE Mobility Partners, in 2023 and 2022 , respectively. EUR 204 million and EUR
211 million for NTE Mobility Partners Segments 3 LLC, in 2023 and 2022, respectively and, lastly, EUR 205 million and EUR 214 million for I-77
Mobility Partners, in 2023 and 2022 , respectively.
Amounts received by the US companies decreased by EUR -41 million and increased by EUR 86 million in 2023 and 2022 respectively, due to the
dollar's appreciation against the euro.
These capital grants are released to the income statement for each year at the same rate as the depreciation charged on the assets. As the
charge estimated for the following 12 months is not significant, the balance as at December 31, 2023 is presented as non-current in the balance
sheet. The impact of the grants on cash flows are presented as an increase in investments for 2023, 2022 and 2021 .
The effect of these grants on cash flows is presented net of cash flows from investing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-952": { "value": "
4.4. BALANCES FROM CONTRACTS WITH CUSTOMERS AND OTHER DISCLOSURES RELATING TO IFRS 15
Information on the balance sheet relating to IFRS 15
As indicated in Note 1.3.3.4 in relation to the policy for recognizing contract revenue (IFRS 15), for contracts in which the performance obligations
are measured over time, the difference between the revenues recognized for services rendered and the amounts actually billed to the customer
are systematically analyzed on a contract- by-contract basis.
If the amount billed is lower than the revenue recognized, the difference is recognized as an asset under \u201cTrade receivables for sales and services -
Completed work pending certification\u201d (Note 4.2.a), whereas if the revenue recognized is lower than the amount billed, a liability is recognized
under \u201cShort-term trade and other payables - Work certified in advance\u201d (Note 4.3).
For certain construction contracts, advances are agreed, paid by the customer at contract inception and offset against progress billings as the
works are executed.
These balances are carried on the liabilities side of the balance sheet under the heading \u201cTrade payables\u201d (Note 4.3.a).
In contrast to the advance payments, under some contracts the customer retains a portion of the payment of each progress billing to guarantee
certain contractual obligations are met, which is not reimbursed until the contract is definitively settled. These balances are carried on the assets
side of the balance sheet under \u201cTrade receivables for sales and services\u201d (Note 4.2.a).
Unlike completed work pending certification and work certified in advance, advances and retentions are balances that will have an impact on
future cash flows, since in the case of the advances a lower amount will be collected in the future as the advances are discounted from the
progress billings, whereas the retentions will give rise to higher collections in the future, since the customer will reimburse the related amounts as
and when the contract work is settled. Most of the Revenue recognised in the reporting period was included in the contract liability balance at the
beginning of the period.
Set out below is a breakdown of these items at December 31, 2023 and 2022:
Million euro
2022 (*)
Exchange rate
Consolidation scope
changes
Other
2023
Completed work pending certification
406
2
\u2014
38
446
Retentions
141
1
\u2014
18
160
Total customer contract assets
547
3
\u2014
56
605
Work certified in advance
962
(3)
\u2014
165
1,124
Advance payments
402
5
\u2014
(1)
406
Total customer contract liabilities
1,364
2
\u2014
164
1,529
(*) Restated figures (Note 1.1.7)
The balance of completed work pending certification at December 31, 2023 relates almost entirely to revenue under the main contract with the
customer since, according to the Group\u2019s general policy, only work that is due and payable, i.e. has been approved by the customer, may be
recognized in the financial statements. Claims only include cases in which it is deemed highly likely that there will be no reversal of revenue in the
future.
In general, performance obligations in the construction business are fulfilled over time. Therefore, the balance relates basically to differences
between work completed and work certified due to timing differences in the customer certification and review process, billing milestones or
certification schedule.
Other disclosures relating to IFRS 15:
Revenue from contracts with customers:
EUR 8,339 million of the total revenue recognized in 2023 (Note 2.1 Operating income) relates to revenue from contracts with customers, which
accounts for 97.9% of revenue recognized (97.8% and 98.6% in 2022 and 2021, respectively).
Million euro
2023
2022 (*)
2021
Construction
6,909
6,287
5,799
Toll Roads
1,071
765
570
Airports
8
5
2
Other segments
351
328
822
Revenue from contracts with customers
8,339
7,385
6,810
(*) Restated figures (Note 1.1.7)
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations at year-end by business
area and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2024
2025
2026
2027
2028 and beyond
TOTAL
Construction
6,552
4,200
2,006
1,179
1,695
15,632
Energy Infrastructures and Mobility
179
137
88
76
446
926
Total
6,731
4,337
2,094
1,255
2,141
16,558
There are a total of 1,236 contracts in force in the Construction businesses (1,159 contracts in 2022) and 31 Energy Infrastructure contracts (29
contracts in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-955": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2023 AND 2022
Regarding infrastructure projects borrowings, the variation during 2023 was primarily due to the foreign exchange effect (EUR -211 million) and
the impact of scope changes relating to the Azores Toll Road disposal (EUR -281 million). The increase of EUR 440 million is mainly explained by
the US projects due to the debt drawn down by NTE Mobility Partners toll road, capitalization of interest and accrued unmatured interest.
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2022 (*)
7,967
Net drawdowns
440
Exchange rate effects
-211
Changes in scope of consolidation
-281
Closing balance at 12.31.2023
7,915
(*) Restated figures (Note 1.1.7)
Regarding ex-infrastructure projects borrowings, the variation during the year is primarily due to the net drawdowns on corporate debt.
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2022 (*)
3,691
Net drawdowns
-228
Exchange rate effects
0
Changes in scope of consolidation
0
Closing balance at 12.31.2023
3,463
(*) Restated figures (Note 1.1.7)
5.2.2. Borrowings
a) Infrastructure project companies
ab.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings guaranteed by the project cash flows, distinguishing between bonds and bank borrowings, short- and
long-term, and changes during\u00a0 2023 and 2022:
2023
2022 (*)
Change 23/22
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,441
3,412
7,852
4,123
3,770
7,893
317
-358
-41
Toll roads
4,441
2,937
7,378
4,123
3,361
7,484
317
-424
-107
US toll roads
4,441
2,307
6,748
4,123
2,438
6,561
317
-131
187
Spanish toll roads
0
611
611
0
626
626
0
-16
-16
Portuguese toll roads
0
0
0
0
264
264
0
-264
-264
Other concessions
0
19
19
0
33
33
0
-14
-14
Airports
0
89
89
0
95
95
0
-5
-5
Construction
0
102
102
0
95
95
0
6
6
Energy infrastructures and Mobility
0
284
284
0
219
219
0
65
65
Short term
1
62
63
0
74
74
1
-12
-10
Toll roads
1
31
33
0
43
43
1
-12
-10
US toll roads
1
0
1
0
0
0
1
0
1
Spanish toll roads
0
17
17
0
13
13
0
5
5
Portuguese toll roads
0
0
0
0
17
17
0
-17
-17
Other concessions
0
14
14
0
13
13
0
1
1
Airports
0
15
15
0
18
18
0
-3
-3
Construction
0
5
5
0
4
4
0
1
1
Energy infrastructures and Mobility
0
11
11
0
9
9
0
2
2
TOTAL
4,442
3,473
7,915
4,123
3,844
7,967
319
-370
-52
(*) Restated figures (Note 1.1.7)
The following table shows, for 2023 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalize d/accrued
interest
Dec. 2023
Infrastructures project borrowings
7,967
441
-211
-281
-1
7,915
(*) Restated figures (Note 1.1.7)
Infrastructure project borrowings in 2023 decreased by EUR -52 million with respect to December 2022, mainly for the following reasons:
\u2022 Effect of scope changes due to the disposal of Euroscut Azores toll road (Note 1.1.4) totaling EUR -281 million.
\u2022 Exchange rate effect reaching EUR -211 million, mainly due to the depreciation of the US dollar against the euro.
\u2022 Increase of EUR 440 million in debt, excluding the foreign exchange effect and scope changes, with respect to year-end 2022, relating
primarily to the US projects and attributable to the debt drawn down by the NTE Mobility Partners toll road, capitalization of interest and to
accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
The debt comprises a USD 871.1 million taxable bond issuance maturing in 2049 at a fixed interest rate of 3.92% and a USD 331.8 million
issuance of PABs (Private Activity Bonds) at a fixed interest rate of 4.00% on USD 122.8 million and 5.00% on USD 209.1 million, repayable from
2030 to 2039.
Additional debt was raised in August, 2023, through the issuance of USD 397 million in bonds at a fixed interest of 5.50%, repayable from 2052 to
2058, for the funding of the Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
The borrowings for the 3A-3B segments entailed issuing USD 265,9 million in PABs.
In November 2023, the Series 2013 3A-3B bonds were cancelled by a new issuance of PABs (Series 2023), repayable from 2033 to 2043 at a rate
of 5.00% fixed interest on USD 32.4 million, 5.13% on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on
USD 122.6 million.\u00a0
This company also has a TIFIA loan of USD 531 million bearing a fixed rate of 3.84%, against which USD 562.8 million had been drawn down at
December 31, 2023 (USD 427.3 million of principal and USD 135.5 million of interest added to the principal), finally maturing in 2053.
On March 30, 2023, Cintra executed the financing transaction for NTE Mobility Partners Seg 3 LLC 5-year bonds to be used for the 2023 and 2024
principal prepayments of the TIFIA loan. Out of a total committed USD 221 million, USD 2.9 million were drawn on March 31, 2023 to cover the
transaction costs, and USD 103.7 million were drawn on June 26, 2023 to be used for the partial prepayment of the TIFIA loan.
The 3C segment debt comprises a USD 653.9 million issuance of PABs (total of USD 750 million including the issuance premium) repayable from
2047 to 2058, at a fixed interest rate of 5.00%.
LBJ Infr. Group LLC
The debt structure comprises a USD 537.5 million issuance of PABs (total of USD 615 million including the premium) at a fixed interest rate of
4.00%, repayable from 2030 to 2040; and a USD 615.5 million taxable bond issuance (of which USD 7 million accrues a fixed interest rate of
2.75% and falls due in 2026, and USD 608.5 million accrues fixed interest of 3.80% and falls due in 2057).
It also has a TIFIA loan granted by the US Federal Government, the value of which at December, 31 2023 is USD 835.6 million with a repayment
profile from 2035 to 2050, which bears interest at a fixed rate of 4.22%.
A credit line was arranged in December 2022 for future CAPEX investments. It falls due in 2027, has a limit of USD 72.65 million and accrues fixed
interest of 4.51%. USD 6.9 million had been drawn at December 31, 2023.
I-77 Mobility Partners, LLC
This concession operator is financed through a USD 100 million issuance of PABs (5.00% fixed interest), of which USD 6.9 million have final
maturities between 2026 and 2030, USD 13.1 million has a final maturity in 2037 and USD 80 million has a final maturity in 2054.
It also has a TIFIA loan of USD 189 million against which USD 220.9 million had been drawn down at December 31, 2023 (USD 189 million of
principal and USD 31.8 million of capitalized interest). This loan bears interest at a fixed rate of 3.04% and finally matures in 2053.
I-66 Mobility Partners, LLC
The concession operator is funded by a USD 737 million PABs issuance (total of USD 800.4 million including the premium) at a fixed rate of
5.00%, of which USD 30.9 million falls due in 2047, USD 130.9 million in 2049, USD 222.4 million in 2052 and USD 352.8 million in 2056.
It also has a TIFIA loan balance of USD 1,362.6 million against which USD 1,229.1 million had been drawn down, USD 5.5 million has been prepaid
and USD 139 million of interest capitalized as of December 31, 2023. This loan bears interest at a fixed rate of 2.80% and finally matures in 2057.
a.3) Information on credit limits and credit drawable for infrastructure projects
Below is a comparative analysis of borrowings not drawn down at December 31, 2023 and 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
7,545
7,545
0
7,410
7,748
7,681
68
7,527
US toll roads
6,889
6,889
0
6,749
6,787
6,719
68
6,561
Spanish toll roads
623
623
0
628
636
636
0
639
Other concessions
33
33
0
33
325
325
0
327
Energy Infrastructures and Mobility
304
304
0
295
291
234
57
228
Airports
115
115
0
104
124
124
0
112
Construction
106
106
1
106
99
99
0
99
TOTAL BORROWINGS
8,070
8,070
1
7,915
8,262
8,137
125
7,967
(*) Restated figures (Note 1.1.7)
At December 31, 2023, the entire drawable amount of EUR 1 million related to borrowings not utilized in the Polish energy projects.
At December 31, 2022, the entire drawable amount of EUR 125 million related to borrowings not utilized in the Chilean energy projects (EUR 57
million) and in the US toll road companies (EUR 68 million). It should be noted that this drawable amount is associated exclusively with the
projects, based on the nature and performance thereof, as discussed below.
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2023 and main features
2023
2022 (*)
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
2,270
320
2,590
2,072
16
2,088
Euro Commercial Paper
0
500
500
0
696
696
Corporate liquidity lines
296
0
296
802
3
805
Other borrowings
5
58
63
9
88
97
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
2,570
879
3,449
2,883
804
3,686
(*) Restated figures (Note 1.1.7)
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2023, which do not
affect period cash positions:
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2023
Bank borrowings/ Project bonds
3,686
-224
-9
0
-4
3,449
Cross- currency swaps
5
0
9
0
0
13
Ex-infrastructure projects borrowings
3,691
-224
0
0
-4
3,463
(*) Restated figures (Note 1.1.7)
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR\u00a0 2,590 million at December 31,\u00a0 2023 (EUR 2,088 million at December, 31 2022). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
7/15/2014
300
7/15/2024
2.50%
3/29/2017
500
3/31/2025
1.375%
5/14/2020
780
5/14/2026
1.382%
11/12/2020
500
11/12/2028
0.54%
9/13/2023
500
9/13/2030
4.375%
All issuances completed as from 2014 to 2022 are traded on the AIAF Fixed Income Market (Spain). All of these are guaranteed by the Group\u2019s
parent company Ferrovial SE.
In 2023, non-current bonds included a sustainability-linked bond amounting to EUR 500 million issued on September 10, 2023, with an interest
rate of 4.375%, and maturing on September 13, 2030. The issuance price was 99.587%. This bond was fully subscribed and paid in by investors
on that date and admitted to trading on the Irish Stock Exchange\u2019s regulated market.
Euro Commercial Paper:
In the first quarter of 2018, the Company arranged a Euro Commercial Paper (ECP) program for a maximum amount of EUR 1,000 million, with
maturities between 1 and 365 days as from the issue date, allowing further diversification of capital market funding and more efficient liquidity
management. At the end of 2019, the maximum limit was increased up to EUR 1,500 million.
This note issuance program has been renewed each year since 2018. Until March 30, 2023, Company\u00b4s ECPs were issued under the EUR 1.500
million ECP program admitted to trading on the Euronext Dublin regulated market.
Other corporate debt:
In July 2018, Ferrovial refinanced the liquidity facility and included sustainability criteria in the process for a maximum of EUR 1.100 million. This
limit was reduced to EUR 900 million in 2023. The balance can be drawn down in EUR, USD, CAD and GBP. USD 260 million (EUR 236 million) had
been utilized at December 31,\u00a0 2023 and USD 260 million (EUR 245 million) had been utilized at December 31, 2022.
In order to hedge possible interest rate and foreign exchange fluctuations affecting the amount drawn, Ferrovial arranged cross currency swaps
for USD 260 million, maturing in 2025 for an agreed equivalent value of EUR 250 million, the fair value of which amounts to EUR -13 million (EUR
-5 million at December 31, 2022).
During the year 2023, Ferrovial has a loan for a total of EUR 60 million, which matures in 2027 at a fixed rate of 0.425%.
The variation in corporate debt compared to December 2022 (EUR -203 million) is explained mainly by the lower volume of ECPs issued (EUR
-196 million) compared to the previous year, at an average rate of 3.13%.
The Group\u2019s liquidity stood at EUR 5,387 million and EUR 6,118 million (Note 5.4.d) at December 31, 2023 and 2022, respectively.
b.1.2) Information on corporate debt limits and drawable balances.
Set out below is a breakdown of corporate debt limits and drawable balances at December 31, 2023 and at December 31, 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,581
2,581
0
2,590
2,081
2,081
0
2,088
Syndicated facility
900
250
650
236
1,100
250
850
245
ECPs
500
500
0
500
696
696
0
696
Credit lines
60
60
0
60
560
560
0
560
TOTAL CORPORATE
DEBT
4,041
3,391
650
3,386
4,437
3,587
850
3,589
(*) Restated figures (Note 1.1.7)
The Company's credit rating
The credit rating agencies Standard & Poor\u2019s and Fitch maintained their opinion regarding the financial rating of Ferrovial\u2019s corporate debt in\u00a0
2023 and 2022, respectively rating it at BBB and BBB with stable outlook and, therefore, within the \u201cInvestment Grade\u201d category.
b.1.4) Information on limits and drawable balances of other borrowings:
Set out below is a breakdown of debt limits and drawable balances at December 31, 2023 and 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
163
26
137
13
149
37
112
33
Airports
0
0
0
31
0
0
0
41
Energy Infrastructures and Mobility
22
20
2
19
24
22
2
23
OTHER BORROWINGS
185
46
139
63
173
59
114
97
(*) Restated figures (Note 1.1.7)
The differences between total bank borrowings and the carrying amount at December 31, 2023 and 2022 are explained mainly by the difference
between the face values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable accounting
rules.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2023
Borrowings (Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total maturities
Corporate debt
3,331
3,386
800
750
781
60
500
500
3,391
EUR
3,331
3,386
800
750
781
60
500
500
3,391
Other borrowings
63
63
21
5
13
6
1
0
46
EUR
3
3
0
0
0
0
1
0
1
PLN
9
9
1
5
2
1
0
0
9
CLP
19
19
20
0
0
0
0
0
20
Other
32
32
0
0
11
5
0
0
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
At December 31, 2022
Borrowings (Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total maturities
Corporate debt
3,385
3,589
696
300
750
781
560
500
3,587
EUR
3,385
3,589
696
300
750
781
560
500
3,587
Other borrowings
97
97
22
3
9
17
8
2
59
EUR
13
13
0
0
0
0
0
1
2
PLN
14
14
0
1
9
3
1
1
14
CLP
23
23
22
1
0
0
0
0
22
Other
48
48
0
0
0
14
7
0
21
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,482
3,686
718
303
759
798
568
502
3,646
(*) Restated figures (Note 1.1.7)
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2023 and 2022 are primarily
explained by the difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance
with applicable accounting legislation (basically accrued interest payable and the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2023 and
December 31, 2022 stood at EUR\u00a0 3,394 million and EUR 3,482 million, respectively.
The 2024 maturities reached EUR 821 million and primarily relate to the ECPs (EUR 500 million) and corporate bonds (EUR 300 million). The debt
maturities do not include interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-954": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2023 AND 2022
At December 31, 2023, the Company\u00b4s equity (Note 5.1) attributed to shareholders decreased in relation to the previous year, due essentially to
the net profit for the year, partially offset by shareholder remuneration and the hybrid loan reimbursement.
EQUITY ATTRIBUTED TO SHAREHOLDERS
Million euro
Closing balance at 12.31.2022 (*)
4,113
Net profit/(loss)
460
Income and expenses recognized directly in equity
-80
Amounts transferred to the income statement
8
Shareholder remuneration
-250
Share-based remuneration scheme
12
Hybrid bond reimbursement
-513
Other
16
Closing balance at 12.31.2023
3,766
(*) Restated figures (Note 1.1.7)
5.1.EQUITY
5.1.1 Changes in equity
There follows a breakdown of the main equity impacts in 2023, net of taxes, which explain the changes in equity from December 2022 to 2023:
Attributed to
shareholders
Attributed to non-
controlling interest
Total equity
Equity at 01.01.2022
4,039
1,790
5,829
Consolidated profit/(loss) for the year
185
117
302
Impact on hedge reserves
348
(15)
333
Impact on defined benefit plan reserves
\u2014
\u2014
\u2014
Currency translation differences
43
80
123
Income and expenses recognized directly in equity
391
65
456
Amounts transferred to the income statement
131
\u2014
131
TOTAL RECOGNIZED INCOME AND EXPENSES
707
182
889
Scrip dividend/other dividends
(132)
(160)
(292)
Treasury share transaction
(446)
\u2014
(446)
SHAREHOLDER REMUNERATION
(578)
(160)
(738)
Share capital increases/reductions
\u2014
356
356
Share-based remuneration scheme
\u2014
\u2014
\u2014
Hybrid bond
(8)
\u2014
(8)
Scope changes
(88)
67
(21)
Other movements
41
5
46
OTHER TRANSACTIONS
(55)
428
373
Equity at 12.31.2022 (*)
4,113
2,240
6,353
Consolidated profit/(loss) for the year
460
170
630
Impact on hedge reserves
3
3
6
Impact on defined benefit plan reserves
\u2014
\u2014
\u2014
Currency translation differences
(83)
(42)
(125)
Income and expenses recognized directly in equity
(80)
(39)
(119)
Amounts transferred to the income statement
8
\u2014
8
TOTAL RECOGNIZED INCOME AND EXPENSES
388
131
519
Scrip dividend/other dividends
(136)
(379)
(515)
Treasury share transaction
(114)
\u2014
(114)
SHAREHOLDER REMUNERATION
(250)
(379)
(629)
Share capital increases/reductions
\u2014
117
117
Share-based remuneration scheme
12
\u2014
12
Hybrid bond reimbursement
(513)
\u2014
(513)
Scope changes
\u2014
2
2
Other movements
16
2
18
OTHER TRANSACTIONS
(485)
121
(364)
Equity at 12.31.2023
3,766
2,113
5,879
(*) Restated figures (Note 1.1.7)
There follows a description of the main movements in shareholders\u2019 funds in 2023 and 2022, which resulted in a decrease of EUR -347 million in
2023 and an increase of EUR 74 million in 2022 in equity attributable to shareholders.
Consolidated profit/(loss) for 2023 and 2022 attributed to the parent company reached EUR 460 million and EUR 185 million, respectively.
Income and expense recognized directly in equity relate to:
\u2022 Hedging instruments: recognition of the changes in value of the effective portion of derivatives designated as hedges, as detailed in Note 5.5,
with a positive impact of EUR 3 million in 2023, of which EUR -9 million related to fully-consolidated companies, EUR 17 million to equity-
accounted companies and EUR -5 million to companies held for sale, as compared to EUR 348 million in 2022, of which EUR 187 million
related to fully-consolidated companies and EUR 161 million to equity-accounted companies.
\u2022 Currency translation differences: in 2023, the currencies to which Ferrovial was most exposed in terms of equity (mainly the Canadian dollar,
US dollar, pound sterling and Indian rupee), as detailed in Note 5.4.b, gave rise to currency translation differences of EUR -83 million
attributed to the parent company, primarily the US dollar (EUR -52 million) and Canadian dollar (EUR -34 million). These translation
differences are presented net of the effect of foreign currency hedging instruments contracted by the Group (Note 5.5).
During 2022, the currencies to which Ferrovial was most exposed in terms of equity (mainly the Canadian dollar, US dollar, pound sterling and
Indian rupee), as detailed in Note 5.4.b, gave rise to currency translation differences of EUR 43 million attributed to the parent company, so
the appreciation of the Canadian dollar (EUR 29 million) and US dollar (EUR 59 million) against the euro was partially offset by the
depreciation of the pound sterling (EUR -23 million) and the Indian rupee (EUR -18 million) against the euro. These translation differences are
presented net of the effect of foreign currency hedging instruments contracted by the Group (Note 5.5).
Amounts transferred to the income statement:
At\u00a0 December 31, 2023
This reflects the impact of the reclassification from shareholders\u2019 funds to results (under IAS 21) of the effect accumulated in reserves of\u00a0
derivatives contracted to hedge the bank borrowings obtained by Ferrovial SE in 2022 (which were voluntarily repaid in September 2023), in the
amount of EUR -9 million after tax (positive impact on the income statement). This was partially offset by the reclassification to the income
statement of the impact accumulated in reserves of the derivatives used to hedge the debt of Euroscut Azores, the toll road sold in December
2023, as indicated in Note 1.1.6, and the pre-hedged bond issue initially planned for 2018 by Ferrovial Emisiones S.A. and cancelled in 2020 as
indicated in Note 5.5, in the amounts of EUR 11 million and EUR 6 million after tax, respectively (negative effects on the income statement).
At December 31, 2022
This reflects the impact of the reclassification from shareholders\u2019 funds to results (under IAS 21) of the amounts accumulated in equity in respect
of currency translation differences and the derivatives hedging divestment transactions and acquisitions, as mentioned in Note 1.1.6, with a special
focus on derivatives hedging the borrowings of the Infrastructure Services business in Spain (EUR 7 million net of taxes), as well as the currency
translation differences and debt hedging derivatives relating to the Amey business in the UK, amounting to EUR 156 million and EUR 15 million,
respectively.
The aforementioned amounts were partially offset by the reclassification to the income statement of the impact accumulated in reserves of the
pre-hedged bond issuance initially planned for 2022, which finally was not issued, in the amount of EUR -46 million after tax (positive impact on
the income statement), as indicated in Note 5.5.
Shareholder remuneration:
\u2022 Scrip dividend: For the tenth consecutive year, Ferrovial approved a flexible shareholder remuneration scheme whereby the shareholders may
freely choose to receive new shares or an amount in cash.
\u2022 In July 2023, 5,051,417 new shares were issued (3,968,559 in May 2022). The amount paid in cash was EUR 58 million (EUR 108 million in
May 2022).
\u2022 In November 2023, 8,193,687 new shares were issued (12,116,333 new shares in November 2022). The amount paid in cash was EUR 78
million (EUR 24 million in 2022), representing a price per share of EUR\u00a0 0.4276 (EUR 0.41 in 2022).
\u2022 The cash flow impact of shareholder remuneration in 2023 amounted to EUR 250 million (EUR 578 million in 2022).
Share-based remuneration schemes:
In 2023, no shares were acquired (315,000 shares in 2022 representing 0.043% of Ferrovial's share capital), for subsequent delivery, together
with a part of the treasury shares recognized at the beginning of the year, under share-based remuneration schemes.
The total gain on these remuneration schemes recognized in the Company's equity was EUR 12 million in 2023 (with a counterparty impact
through income statement EUR 11 million (Note 6.6.).
The total acquisition cost of the shares in 2022 was EUR 7.7 million and there was no equity impact since the effect of settling the plan falling due
during the year was offset by the reversal of the provision recognized so as to reflect the degree of fulfillment of the plan that matured in 2023.
As explained in Note 5.5, the Company has equity swaps hedging against the possible equity impact of these share-based remuneration schemes.
The equity swaps had a fair value effect of EUR 25 million in 2023 on net financial income/(expense) (EUR -9 million in 2022).
Subordinated hybrid bond:
In February 2023, and as a result of the reverse merger transaction described in Note 1.1.2, Ferrovial committed to repurchase its subordinated
hybrid bond. As of June 2023, the company obtained acceptance of 94.28% of the amount of the issuance to which the offer was directed.
Specifically, of the EUR 500 million that the placement amounted to, holders of a total of EUR 471.44 million accepted Ferrovial's early purchase
proposal, leaving a balance of around EUR 29 million in short-term debt to be paid at end-June. The company executed the fully cancellation of
the bond on\u00a0 August 7. Therefore, at the close of these financial statements, no balance is recorded in relation to this hybrid bond.
This subordinated hybrid bond was treated as an equity instrument (IAS 32.16), as mentioned in Note 1.3.3., because the issuer did not have a
contractual obligation to (i) deliver cash or another financial asset to another entity; or (ii) exchange financial assets or financial liabilities with
another entity under conditions that are potentially unfavorable to the issuer.
Scope changes related to the following transactions:
The impact in 2023 is explained by the completion of the sale agreement reached in June 2023 to sell 89.2% of the Azores toll road (Note 1.1.6).
The impact in 2022 is due to the purchase of 7.135% of the I-77 Mobility Partners LLC toll road (Note 1.1.6) in December 2022. In accordance with
IFRS 3, and since the company was already fully consolidated, the difference between the price paid and the book value of the acquired stake was
recorded against the parent company reserves (EUR -88 million) and the amount of minority interests was reduced accordingly (EUR -15 million).
5.1.2 Equity components
There follows an explanation of each equity item reflected in the consolidated statement of changes in equity:
a) Share capital
As commented in Note 1.1.2, the merger between Ferrovial, S.A. and Ferrovial International SE (now Ferrovial SE) had no impact on a consolidated
level, and only affected the breakdown of equity (see Consolidated Statement of Changes in Equity).
As a result of this transaction, the Ferrovial Group\u2019s new parent company is Ferrovial SE, a European public limited company (\"Societas Europaea\")
domiciled in the Netherlands and currently listed on both the Dutch and the Spanish stock markets. Ferrovial SE\u00b4s opening share capital consists of
727,443,261 shares with a par value of 0.01 euros per share.
At December 31, 2023, share capital stood at EUR 7,406,883.65, fully subscribed and paid in, corresponding to Ferrovial SE as the parent holding
company of the Group (see Consolidated Statement of Changes in Equity). Share capital consists of 740,688,365 ordinary shares in a single class
with a par value of one euro cent (EUR 0.01) each. Movements during the year, broken down in the following table, relate to the share capital
increase and reduction transactions mentioned in the preceding section.
SHARES
NUMBER
PAR VALUE
Opening balance
727,443,261
7,274,433
Scrip dividend
13,245,104
132,451
Share capital reduction
\u2014
\u2014
CLOSING SHARES
740,688,365
7,406,884
At December 31, 2022, share capital stood at EUR 145,488,652.20, fully subscribed and paid in, corresponding to the former parent company
Ferrovial S.A. previous to the merger transaction, as commented at the beginning of this note (see Consolidated Statement of Changes in Equity).
Share capital consisted of 727,443,261 ordinary shares in a single class with a par value of twenty euro cents each (EUR 0.20). Movements during
the year 2022, broken down in the following table, relate to the share capital increase and reduction transactions mentioned in the preceding
section.
SHARES
NUMBER
PAR VALUE
Opening balance
733,602,481
146,720,496
Scrip dividend
16,084,892
3,216,978
Share capital reduction
(22,244,112)
(4,448,822)
CLOSING SHARES
727,443,261
145,488,652
At December 31, 2023 and 2022, the only company with an ownership interest over 10% was Rijn Capital BV, which held 20.56% (20.42% in
2022) of the shares and is controlled by the Chairman of the Company's Board of Directors, Rafael del Pino y Calvo Sotelo.
At December 31, 2023 , as a result the business reorganization (as explained in Note 1), the new parent company's shares were traded on the Dutch
Stock Exchange and the Spanish Stock Exchange.
At December 31, 2022 and 2021, prior to the business reorganization, the parent company's shares were traded on the Spanish Electronic Trading
System (SIBE) and on the Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. (the \u201cDutch Stock Exchange\u201d). They all carried
the same voting and dividend rights.
b) Share premium and merger premium
As commented in Note 1.1.2, the merger between Ferrovial, S.A. and Ferrovial International SE had no impact on a consolidated level, and only
affected the breakdown of equity (see Consolidated Statement of Changes in Equity). This transaction gave rise to a merger share premium of
EUR 4,426 million. The reduction in the share/merger premium in relation to the balance at January 1, 2023 is explained by the redemption of
treasury shares agreed in the Buy-Back Program explained in the following section. Consequently, at December 31, 2023 the share/merger
premium totaled EUR 4,316 million. They are both classed as unrestricted reserves.
The reduction during 2022 in the share premium and merger premium, which arose in 2009 as a result of the merger of Grupo Ferrovial, S.A. with
Cintra Concesiones de Infraestructuras de Transporte, S.A. (formerly Ferrovial, S.A.), in relation to the previous year is explained by the redemption
of treasury shares agreed in the Buy-Back Program explained in the following section. Consequently, at December 31, 2022 there\u00a0 was no share
premium or merger premium. They are both classed as unrestricted reserves.
c) Treasury shares
Movements during 2023 and 2022 were as follows:
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2022
1,168,290
Share capital
3,900,000
\u2014
3,900,000
Remuneration schemes
\u2014
(308,980)
(308,980)
Shares received - scrip dividend
\u2014
\u2014
\u2014
Balance at 12.31.2023
4,759,310
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2021
5,072,018
Share capital reduction
17,912,899
(22,244,112)
(4,331,213)
Remuneration schemes
315,000
(338,815)
(23,815)
Shares received - scrip dividend
451,300
\u2014
451,300
Balance at 12.31.2022
1,168,290
On November 30, 2023 Ferrovial SE announced its decision to implement a buy-back program for its own shares for a maximum of up to 34
million shares and for a maximum amount of EUR 500 million, the purpose of which was a subsequent capital reduction by redeeming the shares.
The Program has been authorised for the period from December 1, 2023 to May 1, 2024 (both inclusive), although the Company may extend the
latter date in view of the prevailing circumstances and in the interest of the Company and its shareholders.
In December 2023 1,900,000 treasury shares were acquired at an average price of EUR 32.46 per share totaling EUR 62 million. Over the course
of 2024, 5,510,954 treasury shares were acquired at an average price of EUR 34.45 per share totaling EUR 189 million.
On June 22, 2023 Ferrovial SE announced an interim scrip dividend of EUR 0.2871 per Ferrovial share. The dividend was payable in cash or shares
at the choice of the shareholder, against Ferrovial's share premium reserve. There were no tradable rights in respect of the scrip dividend.
On October 16, 2023 Ferrovial SE announced a second interim scrip dividend of EUR 0.4276 per Ferrovial share. The dividend was payable in cash
or shares at the choice of the shareholder, against Ferrovial's reserves. There were no tradable rights in respect of the scrip dividend.
Over the course of 2023, 3,900,000 treasury shares were acquired at an average price of EUR 29.17 per share giving rise to a payment of\u00a0 EUR
114 million (17,912,899 treasury shares at an average price of EUR 24.83 per share totaling EUR 446 million in 2022).
The market value of the treasury shares held by Ferrovial at\u00a0 December 31, 2023 (4,759,310 shares) was EUR 157 million (EUR 29 million in 2022).
d) Measurement adjustments
\u201cMeasurement adjustments\u201d in the consolidated statement of changes in equity reached EUR -849 million in 2023 (EUR -777 million in 2022) and
comprise adjustments to currency translation differences accumulated in reserves of EUR -405 million (EUR -322 million in 2022), pension plans
of EUR -455 million (EUR -455 million in 2022) and derivatives of EUR 11 million (EUR -1 million in 2022).
e) Retained earnings and other reserves
This heading includes retained earnings and other reserves totaling EUR 370 million (EUR 4,263 million in 2022). Other reserves include the
impact of the merger between Ferrovial, S.A. and Ferrovial International SE (EUR -4,288 million) which, although it does not have an impact on a
consolidated level, does affect the breakdown of equity (see Consolidated Statement of Changes in Equity).
Adjustments relating to share-based remuneration schemes and the impact of the subordinated perpetual bond coupons and associated costs
are also recognized under this heading.
5.1.3 Proposed distribution of 2023 profit/(loss)
The Company posted a profit for 2023 of EUR 428 million.
The Board of Directors proposed to the Company\u2019s Annual General Meeting the following distribution of Ferrovial's individual profit/(loss), at
December 31, 2023:
Million EUR
2023
Profit/(loss) of Ferrovial SE. (individual company)
428
Distribution (million euros):
Other reserves
428
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-953": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2023 AND 2022
Regarding infrastructure projects borrowings, the variation during 2023 was primarily due to the foreign exchange effect (EUR -211 million) and
the impact of scope changes relating to the Azores Toll Road disposal (EUR -281 million). The increase of EUR 440 million is mainly explained by
the US projects due to the debt drawn down by NTE Mobility Partners toll road, capitalization of interest and accrued unmatured interest.
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2022 (*)
7,967
Net drawdowns
440
Exchange rate effects
-211
Changes in scope of consolidation
-281
Closing balance at 12.31.2023
7,915
(*) Restated figures (Note 1.1.7)
Regarding ex-infrastructure projects borrowings, the variation during the year is primarily due to the net drawdowns on corporate debt.
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2022 (*)
3,691
Net drawdowns
-228
Exchange rate effects
0
Changes in scope of consolidation
0
Closing balance at 12.31.2023
3,463
(*) Restated figures (Note 1.1.7)
5.2.2. Borrowings
a) Infrastructure project companies
ab.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings guaranteed by the project cash flows, distinguishing between bonds and bank borrowings, short- and
long-term, and changes during\u00a0 2023 and 2022:
2023
2022 (*)
Change 23/22
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,441
3,412
7,852
4,123
3,770
7,893
317
-358
-41
Toll roads
4,441
2,937
7,378
4,123
3,361
7,484
317
-424
-107
US toll roads
4,441
2,307
6,748
4,123
2,438
6,561
317
-131
187
Spanish toll roads
0
611
611
0
626
626
0
-16
-16
Portuguese toll roads
0
0
0
0
264
264
0
-264
-264
Other concessions
0
19
19
0
33
33
0
-14
-14
Airports
0
89
89
0
95
95
0
-5
-5
Construction
0
102
102
0
95
95
0
6
6
Energy infrastructures and Mobility
0
284
284
0
219
219
0
65
65
Short term
1
62
63
0
74
74
1
-12
-10
Toll roads
1
31
33
0
43
43
1
-12
-10
US toll roads
1
0
1
0
0
0
1
0
1
Spanish toll roads
0
17
17
0
13
13
0
5
5
Portuguese toll roads
0
0
0
0
17
17
0
-17
-17
Other concessions
0
14
14
0
13
13
0
1
1
Airports
0
15
15
0
18
18
0
-3
-3
Construction
0
5
5
0
4
4
0
1
1
Energy infrastructures and Mobility
0
11
11
0
9
9
0
2
2
TOTAL
4,442
3,473
7,915
4,123
3,844
7,967
319
-370
-52
(*) Restated figures (Note 1.1.7)
The following table shows, for 2023 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalize d/accrued
interest
Dec. 2023
Infrastructures project borrowings
7,967
441
-211
-281
-1
7,915
(*) Restated figures (Note 1.1.7)
Infrastructure project borrowings in 2023 decreased by EUR -52 million with respect to December 2022, mainly for the following reasons:
\u2022 Effect of scope changes due to the disposal of Euroscut Azores toll road (Note 1.1.4) totaling EUR -281 million.
\u2022 Exchange rate effect reaching EUR -211 million, mainly due to the depreciation of the US dollar against the euro.
\u2022 Increase of EUR 440 million in debt, excluding the foreign exchange effect and scope changes, with respect to year-end 2022, relating
primarily to the US projects and attributable to the debt drawn down by the NTE Mobility Partners toll road, capitalization of interest and to
accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
The debt comprises a USD 871.1 million taxable bond issuance maturing in 2049 at a fixed interest rate of 3.92% and a USD 331.8 million
issuance of PABs (Private Activity Bonds) at a fixed interest rate of 4.00% on USD 122.8 million and 5.00% on USD 209.1 million, repayable from
2030 to 2039.
Additional debt was raised in August, 2023, through the issuance of USD 397 million in bonds at a fixed interest of 5.50%, repayable from 2052 to
2058, for the funding of the Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
The borrowings for the 3A-3B segments entailed issuing USD 265,9 million in PABs.
In November 2023, the Series 2013 3A-3B bonds were cancelled by a new issuance of PABs (Series 2023), repayable from 2033 to 2043 at a rate
of 5.00% fixed interest on USD 32.4 million, 5.13% on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on
USD 122.6 million.\u00a0
This company also has a TIFIA loan of USD 531 million bearing a fixed rate of 3.84%, against which USD 562.8 million had been drawn down at
December 31, 2023 (USD 427.3 million of principal and USD 135.5 million of interest added to the principal), finally maturing in 2053.
On March 30, 2023, Cintra executed the financing transaction for NTE Mobility Partners Seg 3 LLC 5-year bonds to be used for the 2023 and 2024
principal prepayments of the TIFIA loan. Out of a total committed USD 221 million, USD 2.9 million were drawn on March 31, 2023 to cover the
transaction costs, and USD 103.7 million were drawn on June 26, 2023 to be used for the partial prepayment of the TIFIA loan.
The 3C segment debt comprises a USD 653.9 million issuance of PABs (total of USD 750 million including the issuance premium) repayable from
2047 to 2058, at a fixed interest rate of 5.00%.
LBJ Infr. Group LLC
The debt structure comprises a USD 537.5 million issuance of PABs (total of USD 615 million including the premium) at a fixed interest rate of
4.00%, repayable from 2030 to 2040; and a USD 615.5 million taxable bond issuance (of which USD 7 million accrues a fixed interest rate of
2.75% and falls due in 2026, and USD 608.5 million accrues fixed interest of 3.80% and falls due in 2057).
It also has a TIFIA loan granted by the US Federal Government, the value of which at December, 31 2023 is USD 835.6 million with a repayment
profile from 2035 to 2050, which bears interest at a fixed rate of 4.22%.
A credit line was arranged in December 2022 for future CAPEX investments. It falls due in 2027, has a limit of USD 72.65 million and accrues fixed
interest of 4.51%. USD 6.9 million had been drawn at December 31, 2023.
I-77 Mobility Partners, LLC
This concession operator is financed through a USD 100 million issuance of PABs (5.00% fixed interest), of which USD 6.9 million have final
maturities between 2026 and 2030, USD 13.1 million has a final maturity in 2037 and USD 80 million has a final maturity in 2054.
It also has a TIFIA loan of USD 189 million against which USD 220.9 million had been drawn down at December 31, 2023 (USD 189 million of
principal and USD 31.8 million of capitalized interest). This loan bears interest at a fixed rate of 3.04% and finally matures in 2053.
I-66 Mobility Partners, LLC
The concession operator is funded by a USD 737 million PABs issuance (total of USD 800.4 million including the premium) at a fixed rate of
5.00%, of which USD 30.9 million falls due in 2047, USD 130.9 million in 2049, USD 222.4 million in 2052 and USD 352.8 million in 2056.
It also has a TIFIA loan balance of USD 1,362.6 million against which USD 1,229.1 million had been drawn down, USD 5.5 million has been prepaid
and USD 139 million of interest capitalized as of December 31, 2023. This loan bears interest at a fixed rate of 2.80% and finally matures in 2057.
Spanish toll roads
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa-Manresa toll road)
The company is funded by a loan consisting of tranche A and tranche B with limits of EUR 300 million and EUR 316 million, respectively, both of
which accrue interest at the 6-month EURIBOR rate +3.930% +1.50% at the year-end. Both tranches were fully utilized and fall due in 2035. The
respective balances at December 31, 2023 are EUR 283.5 million and EUR 298.7 million. The debt also includes a liquidity tranche (tranche C) with
a balance of EUR 40.7 million at December 31, 2023, drawable up to a maximum of EUR 25 million (the year-end interest rate is the 6-month
EURIBOR +3.930% +1.50%). It should also be noted that this company has a derivative with a notional amount of EUR 568.6 million, a
guaranteed interest rate of 5.304% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d,
Note 5.5) was EUR -90.6 million at the year- end 2023.
Breakdown of other projects:
2023
2022 (*)
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 23/22
Autov\u00eda de Arag\u00f3n
19
14
33
33
13
46
-13
Pilum, S.A.
0
0
0
0
0
0
0
Dalaman International Airport
89
15
104
95
18
112
-9
Conc. Prisiones Lledoners,S.A.
63
2
65
65
2
67
-2
Depusa Arag\u00f3n S.A.
24
1
25
25
1
26
-1
Budimex Group
15
1
16
5
0
5
10
Parque Solar Casilla
20
3
23
0
0
0
23
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
91
8
99
98
6
104
-5
Centella Transmisi\u00f3n, S.A.
125
0
125
73
0
73
52
UK Waste Treatment (Thalia)
48
1
49
48
3
51
-3
TOTAL Other infrastructure project company borrowings
494
44
538
442
43
486
52
(*) Restated figures (Note 1.1.7)
Other project borrowings increased by EUR 52 million against December 2022, mainly due to debt drawdowns for the Chilean Energy
Infrastructure projects.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2023
(Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total
maturities
Infrastructure project company
obligations
4,092
4,442
0
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
0
1
7
1
1
2,625
2,636
USD
4,092
4,442
0
1
7
1
1
2,625
2,636
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,473
3,473
76
60
285
61
169
4,782
5,434
TOLL ROADS
2,968
2,968
34
38
34
35
141
4,627
4,909
USD
2,307
2,307
3
0
0
0
97
4,154
4,253
EUR
661
661
31
38
34
35
44
473
656
AIRPORTS
104
104
10
14
16
18
20
37
115
EUR
104
104
10
14
16
18
20
37
115
CONSTRUCTION
106
106
4
4
4
5
5
84
106
EUR
91
91
4
4
4
5
5
69
91
PLN
15
15
0
0
0
0
0
15
15
ENERGY
INFRASTRUCTURES AND
MOBILITY
295
295
28
5
230
3
4
34
304
EUR
22
22
23
0
0
0
0
0
23
USD
224
224
2
2
228
0
0
0
232
GBP
49
49
3
3
3
3
4
34
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,565
7,915
76
61
292
62
171
7,407
8,070
At December 31, 2022
(Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total
maturities
Infrastructure project company
obligations
3,007
4,123
0
0
1
8
1
2,716
2,726
TOLL ROADS
3,007
4,123
0
0
1
8
1
2,716
2,726
USD
3,007
4,123
0
0
1
8
1
2,716
2,726
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,844
3,844
107
68
81
257
79
4,820
5,412
TOLL ROADS
3,404
3,404
90
49
59
56
53
4,647
4,955
USD
2,438
2,438
49
0
0
0
0
3,944
3,994
EUR
966
966
41
49
59
56
53
703
961
AIRPORTS
112
112
9
10
14
16
18
57
124
EUR
112
112
9
10
14
16
18
57
124
CONSTRUCTION
99
99
3
4
4
4
5
79
99
EUR
94
94
3
4
4
4
5
74
94
PLN
5
5
0
0
0
0
0
5
5
ENERGY
INFRASTRUCTURES AND
MOBILITY
228
228
4
5
5
181
3
37
234
USD
177
177
1
2
2
178
0
0
183
GBP
51
51
3
3
3
3
3
37
51
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,851
7,967
107
68
82
265
80
7,536
8,137
(*) Restated figures (Note 1.1.7)
At December 31, 2023 the difference between the total maturities of bank borrowings of EUR 8,070 million (EUR 8,137 million in 2022) and the
carrying amounts recognized at December 31, 2023 in the amount of EUR 7,915 million (EUR 7,967 million in 2022) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 155 million (EUR
170 million in 2022), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used.
a.3) Information on credit limits and credit drawable for infrastructure projects
Below is a comparative analysis of borrowings not drawn down at December 31, 2023 and 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
7,545
7,545
0
7,410
7,748
7,681
68
7,527
US toll roads
6,889
6,889
0
6,749
6,787
6,719
68
6,561
Spanish toll roads
623
623
0
628
636
636
0
639
Other concessions
33
33
0
33
325
325
0
327
Energy Infrastructures and Mobility
304
304
0
295
291
234
57
228
Airports
115
115
0
104
124
124
0
112
Construction
106
106
1
106
99
99
0
99
TOTAL BORROWINGS
8,070
8,070
1
7,915
8,262
8,137
125
7,967
(*) Restated figures (Note 1.1.7)
At December 31, 2023, the entire drawable amount of EUR 1 million related to borrowings not utilized in the Polish energy projects.
At December 31, 2022, the entire drawable amount of EUR 125 million related to borrowings not utilized in the Chilean energy projects (EUR 57
million) and in the US toll road companies (EUR 68 million). It should be noted that this drawable amount is associated exclusively with the
projects, based on the nature and performance thereof, as discussed below.
a.4) Guarantees and covenants for project borrowings
The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given.
The guarantees given by Ferrovial subsidiaries for project borrowings are described in Note 6.5 Contingent liabilities.
At December 31, 2023 and 2022, all the fully-consolidated project companies fulfilled the significant covenants in force.
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2023 and main features
2023
2022 (*)
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
2,270
320
2,590
2,072
16
2,088
Euro Commercial Paper
0
500
500
0
696
696
Corporate liquidity lines
296
0
296
802
3
805
Other borrowings
5
58
63
9
88
97
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
2,570
879
3,449
2,883
804
3,686
(*) Restated figures (Note 1.1.7)
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2023, which do not
affect period cash positions:
(Million euro)
Dec. 2022 (*)
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2023
Bank borrowings/ Project bonds
3,686
-224
-9
0
-4
3,449
Cross- currency swaps
5
0
9
0
0
13
Ex-infrastructure projects borrowings
3,691
-224
0
0
-4
3,463
(*) Restated figures (Note 1.1.7)
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR\u00a0 2,590 million at December 31,\u00a0 2023 (EUR 2,088 million at December, 31 2022). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
7/15/2014
300
7/15/2024
2.50%
3/29/2017
500
3/31/2025
1.375%
5/14/2020
780
5/14/2026
1.382%
11/12/2020
500
11/12/2028
0.54%
9/13/2023
500
9/13/2030
4.375%
All issuances completed as from 2014 to 2022 are traded on the AIAF Fixed Income Market (Spain). All of these are guaranteed by the Group\u2019s
parent company Ferrovial SE.
In 2023, non-current bonds included a sustainability-linked bond amounting to EUR 500 million issued on September 10, 2023, with an interest
rate of 4.375%, and maturing on September 13, 2030. The issuance price was 99.587%. This bond was fully subscribed and paid in by investors
on that date and admitted to trading on the Irish Stock Exchange\u2019s regulated market.
Euro Commercial Paper:
In the first quarter of 2018, the Company arranged a Euro Commercial Paper (ECP) program for a maximum amount of EUR 1,000 million, with
maturities between 1 and 365 days as from the issue date, allowing further diversification of capital market funding and more efficient liquidity
management. At the end of 2019, the maximum limit was increased up to EUR 1,500 million.
This note issuance program has been renewed each year since 2018. Until March 30, 2023, Company\u00b4s ECPs were issued under the EUR 1.500
million ECP program admitted to trading on the Euronext Dublin regulated market.
Other corporate debt:
In July 2018, Ferrovial refinanced the liquidity facility and included sustainability criteria in the process for a maximum of EUR 1.100 million. This
limit was reduced to EUR 900 million in 2023. The balance can be drawn down in EUR, USD, CAD and GBP. USD 260 million (EUR 236 million) had
been utilized at December 31,\u00a0 2023 and USD 260 million (EUR 245 million) had been utilized at December 31, 2022.
In order to hedge possible interest rate and foreign exchange fluctuations affecting the amount drawn, Ferrovial arranged cross currency swaps
for USD 260 million, maturing in 2025 for an agreed equivalent value of EUR 250 million, the fair value of which amounts to EUR -13 million (EUR
-5 million at December 31, 2022).
During the year 2023, Ferrovial has a loan for a total of EUR 60 million, which matures in 2027 at a fixed rate of 0.425%.
The variation in corporate debt compared to December 2022 (EUR -203 million) is explained mainly by the lower volume of ECPs issued (EUR
-196 million) compared to the previous year, at an average rate of 3.13%.
The Group\u2019s liquidity stood at EUR 5,387 million and EUR 6,118 million (Note 5.4.d) at December 31, 2023 and 2022, respectively.
b.1.2) Information on corporate debt limits and drawable balances.
Set out below is a breakdown of corporate debt limits and drawable balances at December 31, 2023 and at December 31, 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,581
2,581
0
2,590
2,081
2,081
0
2,088
Syndicated facility
900
250
650
236
1,100
250
850
245
ECPs
500
500
0
500
696
696
0
696
Credit lines
60
60
0
60
560
560
0
560
TOTAL CORPORATE
DEBT
4,041
3,391
650
3,386
4,437
3,587
850
3,589
(*) Restated figures (Note 1.1.7)
The Company's credit rating
The credit rating agencies Standard & Poor\u2019s and Fitch maintained their opinion regarding the financial rating of Ferrovial\u2019s corporate debt in\u00a0
2023 and 2022, respectively rating it at BBB and BBB with stable outlook and, therefore, within the \u201cInvestment Grade\u201d category.
b.1.3) Other borrowings
At December 31, 2023 \u201cOther borrowings\u201d of EUR 63 million (EUR 97 million at December 31, 2022) related primarily to the Energy Infrastructures
and Mobility Division bank borrowings.
At December 31, 2022 \u201cOther borrowings\u201d of EUR 97 million mainly included Construction Division bank borrowings.
b.1.4) Information on limits and drawable balances of other borrowings:
Set out below is a breakdown of debt limits and drawable balances at December 31, 2023 and 2022:
2023
2022 (*)
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
163
26
137
13
149
37
112
33
Airports
0
0
0
31
0
0
0
41
Energy Infrastructures and Mobility
22
20
2
19
24
22
2
23
OTHER BORROWINGS
185
46
139
63
173
59
114
97
(*) Restated figures (Note 1.1.7)
The differences between total bank borrowings and the carrying amount at December 31, 2023 and 2022 are explained mainly by the difference
between the face values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable accounting
rules.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2023
Borrowings (Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total maturities
Corporate debt
3,331
3,386
800
750
781
60
500
500
3,391
EUR
3,331
3,386
800
750
781
60
500
500
3,391
Other borrowings
63
63
21
5
13
6
1
0
46
EUR
3
3
0
0
0
0
1
0
1
PLN
9
9
1
5
2
1
0
0
9
CLP
19
19
20
0
0
0
0
0
20
Other
32
32
0
0
11
5
0
0
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
At December 31, 2022
Borrowings (Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total maturities
Corporate debt
3,385
3,589
696
300
750
781
560
500
3,587
EUR
3,385
3,589
696
300
750
781
560
500
3,587
Other borrowings
97
97
22
3
9
17
8
2
59
EUR
13
13
0
0
0
0
0
1
2
PLN
14
14
0
1
9
3
1
1
14
CLP
23
23
22
1
0
0
0
0
22
Other
48
48
0
0
0
14
7
0
21
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,482
3,686
718
303
759
798
568
502
3,646
(*) Restated figures (Note 1.1.7)
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2023 and 2022 are primarily
explained by the difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance
with applicable accounting legislation (basically accrued interest payable and the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2023 and
December 31, 2022 stood at EUR\u00a0 3,394 million and EUR 3,482 million, respectively.
The 2024 maturities reached EUR 821 million and primarily relate to the ECPs (EUR 500 million) and corporate bonds (EUR 300 million). The debt
maturities do not include interest.
6.4. OTHER LONG-TERM PAYABLES
This heading mainly includes:
\u2022 Participating loans accruing interest granted by Spain\u2019s Central Government to various infrastructure project concession operators totaling
EUR 53 million at December 31, 2023 and EUR 51 million at December 31, 2022 owed by \u201cAutov\u00eda de Arag\u00f3n\u201din the Toll Roads Division.
\u2022 Long-term loans from associates of the Toll Roads Division, amounting to EUR 21 million at December 31, 2023 and EUR 22 million at
December 31, 2022.
\u2022 Debt owed by Dalaman International Airport to the administration for the concession fee, which amounted to EUR 276 million in the long
term at the year-end (EUR 277 million at December 31, 2022).
\u2022 Mandatory payments owed under the concession agreement on the I-66, which amounted to EUR 865 million (EUR 485 million at\u00a0 December
31, 2022).
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Shareholder remuneration:
\u2022 Scrip dividend: For the tenth consecutive year, Ferrovial approved a flexible shareholder remuneration scheme whereby the shareholders may
freely choose to receive new shares or an amount in cash.
\u2022 In July 2023, 5,051,417 new shares were issued (3,968,559 in May 2022). The amount paid in cash was EUR 58 million (EUR 108 million in
May 2022).
\u2022 In November 2023, 8,193,687 new shares were issued (12,116,333 new shares in November 2022). The amount paid in cash was EUR 78
million (EUR 24 million in 2022), representing a price per share of EUR\u00a0 0.4276 (EUR 0.41 in 2022).
\u2022 The cash flow impact of shareholder remuneration in 2023 amounted to EUR 250 million (EUR 578 million in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-957": { "value": "
a) Share capital
As commented in Note 1.1.2, the merger between Ferrovial, S.A. and Ferrovial International SE (now Ferrovial SE) had no impact on a consolidated
level, and only affected the breakdown of equity (see Consolidated Statement of Changes in Equity).
As a result of this transaction, the Ferrovial Group\u2019s new parent company is Ferrovial SE, a European public limited company (\"Societas Europaea\")
domiciled in the Netherlands and currently listed on both the Dutch and the Spanish stock markets. Ferrovial SE\u00b4s opening share capital consists of
727,443,261 shares with a par value of 0.01 euros per share.
At December 31, 2023, share capital stood at EUR 7,406,883.65, fully subscribed and paid in, corresponding to Ferrovial SE as the parent holding
company of the Group (see Consolidated Statement of Changes in Equity). Share capital consists of 740,688,365 ordinary shares in a single class
with a par value of one euro cent (EUR 0.01) each. Movements during the year, broken down in the following table, relate to the share capital
increase and reduction transactions mentioned in the preceding section.
SHARES
NUMBER
PAR VALUE
Opening balance
727,443,261
7,274,433
Scrip dividend
13,245,104
132,451
Share capital reduction
\u2014
\u2014
CLOSING SHARES
740,688,365
7,406,884
At December 31, 2022, share capital stood at EUR 145,488,652.20, fully subscribed and paid in, corresponding to the former parent company
Ferrovial S.A. previous to the merger transaction, as commented at the beginning of this note (see Consolidated Statement of Changes in Equity).
Share capital consisted of 727,443,261 ordinary shares in a single class with a par value of twenty euro cents each (EUR 0.20). Movements during
the year 2022, broken down in the following table, relate to the share capital increase and reduction transactions mentioned in the preceding
section.
SHARES
NUMBER
PAR VALUE
Opening balance
733,602,481
146,720,496
Scrip dividend
16,084,892
3,216,978
Share capital reduction
(22,244,112)
(4,448,822)
CLOSING SHARES
727,443,261
145,488,652
At December 31, 2023 and 2022, the only company with an ownership interest over 10% was Rijn Capital BV, which held 20.56% (20.42% in
2022) of the shares and is controlled by the Chairman of the Company's Board of Directors, Rafael del Pino y Calvo Sotelo.
At December 31, 2023 , as a result the business reorganization (as explained in Note 1), the new parent company's shares were traded on the Dutch
Stock Exchange and the Spanish Stock Exchange.
At December 31, 2022 and 2021, prior to the business reorganization, the parent company's shares were traded on the Spanish Electronic Trading
System (SIBE) and on the Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. (the \u201cDutch Stock Exchange\u201d). They all carried
the same voting and dividend rights.
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c) Treasury shares
Movements during 2023 and 2022 were as follows:
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2022
1,168,290
Share capital
3,900,000
\u2014
3,900,000
Remuneration schemes
\u2014
(308,980)
(308,980)
Shares received - scrip dividend
\u2014
\u2014
\u2014
Balance at 12.31.2023
4,759,310
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2021
5,072,018
Share capital reduction
17,912,899
(22,244,112)
(4,331,213)
Remuneration schemes
315,000
(338,815)
(23,815)
Shares received - scrip dividend
451,300
\u2014
451,300
Balance at 12.31.2022
1,168,290
On November 30, 2023 Ferrovial SE announced its decision to implement a buy-back program for its own shares for a maximum of up to 34
million shares and for a maximum amount of EUR 500 million, the purpose of which was a subsequent capital reduction by redeeming the shares.
The Program has been authorised for the period from December 1, 2023 to May 1, 2024 (both inclusive), although the Company may extend the
latter date in view of the prevailing circumstances and in the interest of the Company and its shareholders.
In December 2023 1,900,000 treasury shares were acquired at an average price of EUR 32.46 per share totaling EUR 62 million. Over the course
of 2024, 5,510,954 treasury shares were acquired at an average price of EUR 34.45 per share totaling EUR 189 million.
On June 22, 2023 Ferrovial SE announced an interim scrip dividend of EUR 0.2871 per Ferrovial share. The dividend was payable in cash or shares
at the choice of the shareholder, against Ferrovial's share premium reserve. There were no tradable rights in respect of the scrip dividend.
On October 16, 2023 Ferrovial SE announced a second interim scrip dividend of EUR 0.4276 per Ferrovial share. The dividend was payable in cash
or shares at the choice of the shareholder, against Ferrovial's reserves. There were no tradable rights in respect of the scrip dividend.
Over the course of 2023, 3,900,000 treasury shares were acquired at an average price of EUR 29.17 per share giving rise to a payment of\u00a0 EUR
114 million (17,912,899 treasury shares at an average price of EUR 24.83 per share totaling EUR 446 million in 2022).
The market value of the treasury shares held by Ferrovial at\u00a0 December 31, 2023 (4,759,310 shares) was EUR 157 million (EUR 29 million in 2022).
6.10. EVENTS AFTER THE REPORTING PERIOD
Treasury share buy-back program
In connection with the buy-back program for Ferrovial SE own shares explained in Note 5.1, over the course of 2024, 5,510,954 treasury shares
were acquired at an average price of EUR 34.45 per share totaling EUR 189 million.
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d) Measurement adjustments
\u201cMeasurement adjustments\u201d in the consolidated statement of changes in equity reached EUR -849 million in 2023 (EUR -777 million in 2022) and
comprise adjustments to currency translation differences accumulated in reserves of EUR -405 million (EUR -322 million in 2022), pension plans
of EUR -455 million (EUR -455 million in 2022) and derivatives of EUR 11 million (EUR -1 million in 2022).
e) Retained earnings and other reserves
This heading includes retained earnings and other reserves totaling EUR 370 million (EUR 4,263 million in 2022). Other reserves include the
impact of the merger between Ferrovial, S.A. and Ferrovial International SE (EUR -4,288 million) which, although it does not have an impact on a
consolidated level, does affect the breakdown of equity (see Consolidated Statement of Changes in Equity).
Adjustments relating to share-based remuneration schemes and the impact of the subordinated perpetual bond coupons and associated costs
are also recognized under this heading.
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5.2.1. Cash and cash equivalents
a) Cash and cash equivalents and restricted cash of infrastructure projects companies
The cash and cash equivalents of infrastructures project companies as at December 31, 2023 and December 31, 2022 stood at EUR 204 million
and EUR 168 million, respectively.
Infrastructure project financing agreements often impose the obligation to arrange certain restricted accounts to cover short-term or long-term
obligations relating to the payment of the principal or interest on borrowings and to infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less than or more than one year. These
funds are invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is
also restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group\u2019s policy for the
placement of cash surpluses.
For 2023:
Short-term balances, which amounted to EUR 31 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 596 million are registered as financial assets. Therefore, short- and long-term restricted cash recognized at
December 31, 2023 amounts to EUR 627 million and relates to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 23
million, EUR 7 million, EUR 99 million, EUR 134 million and EUR 333 million, respectively), as well as to other European concessions in the amount
of EUR 31 million, primarily treatment plants in the United Kingdom and the Autov\u00eda de Arag\u00f3n toll road in Spain (EUR 14 million and EUR 17
million, respectively). The variation of EUR 33 million compared with December 2022 is explained by:
\u2022 A net increase in the restricted cash amount of EUR 60 million (excluding exchange rate effects), essentially from the NTE Mobility Partners
toll road (EUR 336 million), LBJ (EUR 5 million), I-66 (EUR 28 million), I-77 (EUR 62 million), the Autov\u00eda de Arag\u00f3n toll road (EUR 3 million),
which was partially offset by a decrease of EUR -374 million in the NTE Segment 3 toll road.
\u2022 The scope change during the year due to the Euroscut Azores toll road disposal (EUR -9 million).
\u2022 The exchange rate effect of EUR -18 million, caused mainly by US dollar fluctuations (Note 1.4).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
For 2022:
Short-term balances, which amounted to EUR 38 million, were recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances, of EUR 556 million, were classified as financial assets. Therefore, restricted cash recognized at December 31, 2022, both short and
long -term, amounted to EUR 594 million, relating to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 401 million,
EUR 2 million, EUR 40 million, EUR 110 million and EUR 3 million, respectively), as well as to other European concessions in the amount of EUR 37
million, primarily treatment plants in the United Kingdom, the Autov\u00eda de Arag\u00f3n toll road and other European Toll Roads (EUR 14 million, EUR
14 million and EUR 9 million, respectively).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
b) Cash and cash equivalents and restricted cash of ex-infrastructure projects
The cash and cash equivalents of ex-infrastructure project companies at December, 31 2023 and December, 31 2022 amounted to EUR 4,585
million and EUR 4,962 million, respectively. At December 2023, 1,479 million correspond to Canadian dollars and the exchange rate risk related
to this cash and cash equivalents is fully hedged with forward derivatives.
The method generally used to classify cash and cash equivalents as short- and long-term balances matches the approach applied when
preparing the 2023, 2022 and 2021 consolidated financial statements.
At December, 31 2023, certain accounts totaling EUR 4 million (EUR 29 million at December, 31 2022) were restricted due mainly to Thalia. This is
cash but kept in escrow so that Thalia cannot access it without Environment Agency's consent. When there is a need to pay for aftercare of the
landfill in the future the cash can be used at that time.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-968": { "value": "204000000", "decimals": -6, "dimensions": { "concept": "ferr:CashAndCashEquivalentsInfrastructureProjects", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-969": { "value": "168000000", "decimals": -6, "dimensions": { "concept": "ferr:CashAndCashEquivalentsInfrastructureProjects", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-970": { "value": "31000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-971": { "value": "38000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-972": { "value": "
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2023
(Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total
maturities
Infrastructure project company
obligations
4,092
4,442
0
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
0
1
7
1
1
2,625
2,636
USD
4,092
4,442
0
1
7
1
1
2,625
2,636
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,473
3,473
76
60
285
61
169
4,782
5,434
TOLL ROADS
2,968
2,968
34
38
34
35
141
4,627
4,909
USD
2,307
2,307
3
0
0
0
97
4,154
4,253
EUR
661
661
31
38
34
35
44
473
656
AIRPORTS
104
104
10
14
16
18
20
37
115
EUR
104
104
10
14
16
18
20
37
115
CONSTRUCTION
106
106
4
4
4
5
5
84
106
EUR
91
91
4
4
4
5
5
69
91
PLN
15
15
0
0
0
0
0
15
15
ENERGY
INFRASTRUCTURES AND
MOBILITY
295
295
28
5
230
3
4
34
304
EUR
22
22
23
0
0
0
0
0
23
USD
224
224
2
2
228
0
0
0
232
GBP
49
49
3
3
3
3
4
34
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,565
7,915
76
61
292
62
171
7,407
8,070
At December 31, 2022
(Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total
maturities
Infrastructure project company
obligations
3,007
4,123
0
0
1
8
1
2,716
2,726
TOLL ROADS
3,007
4,123
0
0
1
8
1
2,716
2,726
USD
3,007
4,123
0
0
1
8
1
2,716
2,726
EUR
0
0
0
0
0
0
0
0
0
Bank borrowings of
infrastructure project
companies
3,844
3,844
107
68
81
257
79
4,820
5,412
TOLL ROADS
3,404
3,404
90
49
59
56
53
4,647
4,955
USD
2,438
2,438
49
0
0
0
0
3,944
3,994
EUR
966
966
41
49
59
56
53
703
961
AIRPORTS
112
112
9
10
14
16
18
57
124
EUR
112
112
9
10
14
16
18
57
124
CONSTRUCTION
99
99
3
4
4
4
5
79
99
EUR
94
94
3
4
4
4
5
74
94
PLN
5
5
0
0
0
0
0
5
5
ENERGY
INFRASTRUCTURES AND
MOBILITY
228
228
4
5
5
181
3
37
234
USD
177
177
1
2
2
178
0
0
183
GBP
51
51
3
3
3
3
3
37
51
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,851
7,967
107
68
82
265
80
7,536
8,137
(*) Restated figures (Note 1.1.7)
At December 31, 2023 the difference between the total maturities of bank borrowings of EUR 8,070 million (EUR 8,137 million in 2022) and the
carrying amounts recognized at December 31, 2023 in the amount of EUR 7,915 million (EUR 7,967 million in 2022) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 155 million (EUR
170 million in 2022), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2023
Borrowings (Million euro)
Currency
Fair value
2023
Carrying
amount
2023
2024
2025
2026
2027
2028
2029+
Total maturities
Corporate debt
3,331
3,386
800
750
781
60
500
500
3,391
EUR
3,331
3,386
800
750
781
60
500
500
3,391
Other borrowings
63
63
21
5
13
6
1
0
46
EUR
3
3
0
0
0
0
1
0
1
PLN
9
9
1
5
2
1
0
0
9
CLP
19
19
20
0
0
0
0
0
20
Other
32
32
0
0
11
5
0
0
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
At December 31, 2022
Borrowings (Million euro)
Currency
Fair value
2022
Carrying
amount
2022 (*)
2023
2024
2025
2026
2027
2028+
Total maturities
Corporate debt
3,385
3,589
696
300
750
781
560
500
3,587
EUR
3,385
3,589
696
300
750
781
560
500
3,587
Other borrowings
97
97
22
3
9
17
8
2
59
EUR
13
13
0
0
0
0
0
1
2
PLN
14
14
0
1
9
3
1
1
14
CLP
23
23
22
1
0
0
0
0
22
Other
48
48
0
0
0
14
7
0
21
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,482
3,686
718
303
759
798
568
502
3,646
(*) Restated figures (Note 1.1.7)
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2023 and 2022 are primarily
explained by the difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance
with applicable accounting legislation (basically accrued interest payable and the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2023 and
December 31, 2022 stood at EUR\u00a0 3,394 million and EUR 3,482 million, respectively.
The 2024 maturities reached EUR 821 million and primarily relate to the ECPs (EUR 500 million) and corporate bonds (EUR 300 million). The debt
maturities do not include interest.
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2023 and 2022, as well as the maturity dates of the notional
amounts to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are
presented as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
943
38
-1
-1
2,515
3,493
Toll road index-linked swaps
115
-2
-3
-4
-3
78
66
Toll road cross-currency swaps
72
0
0
0
0
1,850
1,850
Transchile and Centella IRS
50
0
0
0
0
457
458
Dalaman interest rate swaps
3
0
0
0
0
100
100
Toll road interest rate swaps
1
0
0
0
0
5
5
Equity swaps - Corporate
20
73
0
0
0
0
73
Toll roads foreign exchange derivatives
11
766
0
0
0
0
766
Other derivatives
13
106
41
3
2
24
175
LIABILITY BALANCES
132
2,065
338
42
37
523
3,004
Toll Roads IRS
91
28
34
37
32
471
602
Corporate cross-currency swaps
13
0
250
0
0
0
250
Corporate interest rate swaps
0
0
50
0
0
0
50
Corporate foreign exchange derivatives
0
15
0
0
0
0
15
Toll roads foreign exchange derivatives
18
1,786
0
0
0
0
1,786
Other derivatives
9
237
4
5
5
52
302
NET BALANCES (ASSETS)
153
3,008
376
41
36
3,037
6,497
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
41
1
-3
-5
252
285
Toll road index-linked swaps
115
10
10
10
10
75
115
Toll road cross-currency swaps
72
-18
-18
-18
-17
143
72
Transchile and Centella IRS
50
6
4
4
2
33
50
Dalaman interest rate swaps
3
2
1
0
0
0
3
Toll road interest rate swaps
1
2
0
0
0
0
1
Equity swaps - Corporate
20
20
0
0
0
0
20
Toll roads foreign exchange derivatives
11
11
0
0
0
0
11
Other derivatives
13
8
4
0
0
1
13
LIABILITY BALANCES
132
26
36
15
13
42
132
Toll Roads IRS
91
10
15
14
12
40
91
Corporate cross-currency swaps
13
-6
20
0
0
0
13
Corporate interest rate swaps
0
0
0
0
0
0
0
Corporate foreign exchange derivatives
0
0
0
0
0
0
0
Toll roads foreign exchange derivatives
18
18
0
0
0
0
18
Other derivatives
9
5
1
1
1
2
9
NET BALANCES (ASSETS)
153
14
-35
-18
-18
210
153
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2023 and 2022 and the effect on reserves, profit/(loss) and other balance sheet items:
FAIR VALUE
EFFECTS
TYPE OF INSTRUMENT
(Million euro)
BALANCES
AT
12/31/2023
BALANCES
AT
12/31/2022
Var.
EFFECT ON
RESERVES (I)
FAIR VALUE
EFFECT ON
PROFIT/(LOS
S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
115
77
38
25
13
4
-11
0
7
38
Cash flow hedge
115
77
38
25
13
4
-11
0
7
38
Interest rate derivatives
-39
0
-40
-39
12
-7
-5
-2
2
-40
Cash flow hedge
-39
0
-40
-48
12
-7
-5
-2
11
-40
Fair value hedge
0
0
0
8
0
0
0
0
-8
0
Cross-currency swaps
58
-32
91
30
-1
6
12
51
-7
91
Cash flow hedge
-13
-5
-9
-1
0
6
-6
0
-7
-9
Hedge of net investment in foreign
72
-28
99
32
-1
0
18
51
0
99
Fair value hedge
0
0
0
0
0
0
0
0
0
0
Foreign exchange derivatives
-1
172
-173
1
-3
-19
-166
12
2
-173
Fair value hedge
0
3
-3
0
0
0
-12
9
0
-3
Hedge of net investment in foreign
-8
169
-177
0
-4
-19
-157
3
0
-177
Cash flow hedge
11
1
11
1
7
0
0
1
2
11
Speculative
-4
0
-4
0
-7
0
3
0
0
-4
Equity swaps
20
2
17
0
25
-2
-6
0
0
17
Speculative
20
2
17
0
25
-2
-6
0
0
17
TOTAL
153
219
-66
16
46
-18
-175
61
4
-66
(*) Restated figures (Note 1.1.7)
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to cash flow hedging derivatives are recognized, with a balancing entry in reserves by the effective portion
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects from financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year.
\u2022 The effect of foreign exchange fluctuations from December 31,\u00a0 2023 to December 31, 2022 on currency translation differences is also
presented separately (column V).
\u2022 The \u201cOther effects\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange rate) and other effects not
previously mentioned (column VI).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-973": { "value": "
5.4. . FINANCIAL RISK AND CAPITAL MANAGEMENT
a. Exposure to interest rate fluctuations
Ferrovial's businesses are exposed to interest rate fluctuations, which may affect the Company\u2019s net financial expense due to the variable interest
on financial assets and liabilities, as well as the measurement of financial instruments arranged at fixed interest rates.
Ferrovial manages interest rate risk so as to optimize the financial expense borne by the Group and achieve suitable proportions of fixed- and
variable-rate debt based on market conditions. Therefore, when interest rates are low, the Group seeks to fix future amounts at the ex-
infrastructure project company level, although such hedging can affect liquidity in the event of cancellation.
At the infrastructure project company level, banks and rating agencies require a higher percentage of fixed-rate debt. These strategies are
implemented by issuing fixed-rate debt or by arranging financial derivative hedges, a breakdown of which is provided in Note 5.5 Financial
derivatives at fair value.
The accompanying table shows a breakdown of the Group\u2019s borrowings, indicating the percentage considered to be hedged (either by a fixed rate
or by derivatives).
BORROWINGS
2023
2022 (*)
(Million euro)
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Ex-infrastructure project companies
3,463
92%
260
3
3,691
79%
772
8
Toll Roads
7,410
99%
51
1
7,527
98%
157
2
Construction
106
91%
10
0
99
97%
3
0
Energy Infrastructures and Mobility
295
93%
22
0
228
80%
46
0
Airports
104
100%
0
1
112
100%
0
3
Infrastructure project companies
7,915
99%
83
1
7,967
96%
317
3
Total borrowings
11,378
97%
339
4
11,658
92%
962
11
(*) Restated figures (Note 1.1.7)
Accordingly, in the fully-consolidated companies, a linear increase of 100 basis points in market interest rate curves at December 31, 2023 and
2022 would increase financial expenses in the income statement by an estimated EUR 4 million (EUR 11 million at December 31, 2022), of which
EUR 1 million (EUR 3 million at December, 31 2022) relates to infrastructure project companies and EUR 3 million (EUR 8 million at December 31,
2022) to ex- infrastructure project companies, entailing a net effect on Ferrovial\u2019s results of EUR 3 million (EUR 7 million at December 31,\u00a0 2022)
(expense).
The Group's cash resources amounted to EUR 4,789 million in 2023, a large portion of which accrued variable rates, improving the financial result
for the year.
It is also necessary to take into account changes in the fair value of the financial derivatives arranged, which are indicated in Note 5.5.
Regarding these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2023 would, in
the case of the effective hedges, have a positive impact of approximately EUR 109 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 55 million at December 31, 2022), while a decrease of 100 basis points would have a negative impact of
approximately EUR 41 million (EUR 67 million at December 31, 2022).
As a balancing entry to this impact, should be noted that a drop in interest rates would trigger an increase in the value of the projects, through a
lower discount rate.
b. Exposure to foreign exchange fluctuations
Ferrovial regularly monitors net exposure to each currency over the coming years for dividends receivable, investments in new projects and
potential divestments.
Ferrovial establishes its hedging strategy by analyzing past fluctuations in both short- and long-term exchanges rates and has monitoring
mechanisms in place, such as future projections and long-term equilibrium exchange rates. These hedges consist of foreign currency deposits or
derivatives (Note 5.5 for more details).
The following tables show, by type of currency, the value of assets, liabilities, non-controlling interests and shareholders\u2019 funds attributed to the
parent company at December 2023, adjusted to account for the above-mentioned currency forwards relating to each currency:
DEC. 2023
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
7,957
5,996
1,780
181
Pound sterling
715
477
237
1
US dollar
13,399
11,294
408
1,696
Canadian dollar
976
469
507
\u2014
Australian dollar
269
225
44
\u2014
Polish zloty
2,011
1,613
164
234
Chilean peso
301
191
110
\u2014
Colombian peso
230
142
89
\u2014
Indian rupee
380
4
376
\u2014
Other
81
28
52
1
GROUP TOTAL
26,318
20,439
3,766
2,113
DEC. 2022 (*)
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
9,503
7,072
2,244
186
Pound sterling
1,126
638
487
1
US dollar
12,307
10,032
414
1,860
Canadian dollar
541
377
164
\u2014
Australian dollar
186
141
45
\u2014
Polish zloty
1,653
1,341
119
193
Chilean peso
342
244
98
\u2014
Colombian peso
167
105
61
\u2014
Indian rupee
380
1
379
\u2014
Other
141
39
102
\u2014
GROUP TOTAL
26,344
19,991
4,113
2,240
(*) Restated figures (Note 1.1.7)
Note 1.4 contains a breakdown of year-end exchange rates. As a result of these changes, the impact of currency translation differences on equity
at December 31, 2023 was EUR -83 million (EUR 43 million at December 31, 2022) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2023 Ferrovial estimates that a 10% depreciation in the value of the euro at the year-end
against the main currencies in which the Group holds investments would have an impact on the parent company shareholders' funds of EUR 215
million, of which 26% would relate to the effect of the Canadian dollar, 21% to the US dollar, 12% to the pound sterling and 19% to the Indian
rupee.
Note 1.4 contains a breakdown of average exchange rates for 2023 and 2022. In this regard, the impact on the income statement of a 10%
appreciation of the euro against other currencies would have amounted to a change of EUR 52 million in 2023 (EUR 35 million in 2022).
e. Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises in equity swaps used to hedge against risks of appreciation
of share-based remuneration schemes, the detail of which is shown in Note 5.5 to these consolidated financial statements.
As the equity swaps are not classified as accounting hedges, the market value has an impact on profit or loss. Accordingly, a EUR 1 increase/
decrease in Ferrovial\u2019s share price would have a positive/negative impact of EUR 2.8 million on Ferrovial\u2019s net profit/(loss).
f. Exposure to inflation risk
Most of the revenue from infrastructure projects is associated with prices tied directly to inflation. This is the case of the prices of both the toll road
concession contracts and those of Heathrow. Therefore, an increase in inflation as is currently the case will increase cash flows from assets of this
kind.
The recent rise in inflation may have an adverse effect on operating margins under the construction contracts, therefore the risk is hedged by
closing the main direct costs at the time of bidding.
The toll road concession operator Autema records a derivative linked to inflation in Spain. At year-end 2020, 37% of the derivative was cancelled
as a result of the shift from the concession model to the intangible asset model. The remaining 63% is still treated as a hedge accounting
instrument. An increase of 100 bps across the inflation curve would have a negative effect on reserves of EUR -95 million and EUR -56 million on
profit/(loss)s.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-974": { "value": "204000000", "decimals": -6, "dimensions": { "concept": "ferr:CashAndCashEquivalentsInfrastructureProjects", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-975": { "value": "168000000", "decimals": -6, "dimensions": { "concept": "ferr:CashAndCashEquivalentsInfrastructureProjects", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-976": { "value": "
g. Capital management
The Group aims to achieve a debt-equity ratio that makes it possible to optimize costs while safeguarding the capacity to continue managing
recurring activities and the capacity to continue to grow through new projects in order to create shareholder value.
With regard to borrowings, the Ferrovial Group seeks to maintain a level of indebtedness, excluding infrastructure project companies, so as to
retain an investment grade credit rating. To achieve this, a clear and consistent financial policy has been established in which a relevant metric
refers to the maintenance of the Consolidated Net Debt of ex-infrastructure project companies (gross debt less cash) to EBITDA ratio, plus project
dividends, of no more than 2x.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-977": { "value": "
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2023 and 2022, as well as the maturity dates of the notional
amounts to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are
presented as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
943
38
-1
-1
2,515
3,493
Toll road index-linked swaps
115
-2
-3
-4
-3
78
66
Toll road cross-currency swaps
72
0
0
0
0
1,850
1,850
Transchile and Centella IRS
50
0
0
0
0
457
458
Dalaman interest rate swaps
3
0
0
0
0
100
100
Toll road interest rate swaps
1
0
0
0
0
5
5
Equity swaps - Corporate
20
73
0
0
0
0
73
Toll roads foreign exchange derivatives
11
766
0
0
0
0
766
Other derivatives
13
106
41
3
2
24
175
LIABILITY BALANCES
132
2,065
338
42
37
523
3,004
Toll Roads IRS
91
28
34
37
32
471
602
Corporate cross-currency swaps
13
0
250
0
0
0
250
Corporate interest rate swaps
0
0
50
0
0
0
50
Corporate foreign exchange derivatives
0
15
0
0
0
0
15
Toll roads foreign exchange derivatives
18
1,786
0
0
0
0
1,786
Other derivatives
9
237
4
5
5
52
302
NET BALANCES (ASSETS)
153
3,008
376
41
36
3,037
6,497
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
BALANCES
AT
12/31/2023
2024
2025
2026
2027
2028 and
beyond
TOTAL
ASSET BALANCES
285
41
1
-3
-5
252
285
Toll road index-linked swaps
115
10
10
10
10
75
115
Toll road cross-currency swaps
72
-18
-18
-18
-17
143
72
Transchile and Centella IRS
50
6
4
4
2
33
50
Dalaman interest rate swaps
3
2
1
0
0
0
3
Toll road interest rate swaps
1
2
0
0
0
0
1
Equity swaps - Corporate
20
20
0
0
0
0
20
Toll roads foreign exchange derivatives
11
11
0
0
0
0
11
Other derivatives
13
8
4
0
0
1
13
LIABILITY BALANCES
132
26
36
15
13
42
132
Toll Roads IRS
91
10
15
14
12
40
91
Corporate cross-currency swaps
13
-6
20
0
0
0
13
Corporate interest rate swaps
0
0
0
0
0
0
0
Corporate foreign exchange derivatives
0
0
0
0
0
0
0
Toll roads foreign exchange derivatives
18
18
0
0
0
0
18
Other derivatives
9
5
1
1
1
2
9
NET BALANCES (ASSETS)
153
14
-35
-18
-18
210
153
Derivative project companies
Interest Rate Swaps
To hedge interest rate risk in infrastructure projects, the borrowings of which accrue variable interest (primarily Cintra Inversora Autopistas de
Catalu\u00f1a, S.A., Transchile, Centella, Autov\u00eda de Arag\u00f3n, Depusa Arag\u00f3n, Dalaman International Airport and the UK waste treatment businesses
(Thalia)). The companies have contracted interest rate hedges on project debt, establishing a fixed or increasing interest rate, for a total notional
amount of EUR 1,250 million at December 31, 2023. Overall, the fair value valuation of these hedges has decreased from EUR -10 million at
December 2022 to EUR -39 million at December 2023.
In general, hedge effectiveness measurements performed periodically show that derivatives are effective, so changes in their fair value are
recorded in reserves, amounting to EUR-36 million (EUR -30 million after taxes and minority interests attributable to the parent company).
The movement in settlements and accruals had an impact on net financial income/(expense) of EUR -8 million and on cash of EUR 6 million.
Index-linked swaps
They relate solely to Autema, which arranged an index-linked swap fixing the annual inflation rate at 2.5% in 2008 to hedge revenue variability.
The underlying hedged items are the toll flows and price compensation flows received by the Catalan Regional Government, which are inflation-
adjusted.
The reduction in the hedged item due to the change of concession scheme entailed the partial discontinuance of the hedge, so that 63% of the
derivative is currently classed as a hedge and the remainder is classed as speculative. The rise in inflation during 2023 had an impact of EUR 25
million on reserves and a fair value impact of EUR 13 million on results.
Derivatives ex-project companies
Interest rate swaps
In September 2023, the Group cancelled the interest rate derivatives which were contracted (mainly by Ferrovial SE) to hedge bank borrowings, as
the debt has been also cancelled. By the end of 2022 these IRS had a notional amount of EUR 359 million and\u00a0 a fair value of EUR 10 million.
In December, the Group\u00a0 closed new interest rate swaps. Ferrovial SE contracted a pre-hedge to hedge the refinancing of a future bond with a\u00a0
notional of EUR 50 million, and Parque Solar Casilla, one to hedge El Berrocal financing (an energy project), with a notional of EUR 23 million.
Cross-currency swaps
At December 31, 2023, Ferrovial SE recorded cross-currency swaps to hedge a corporate liquidity line in US dollars (Note 5.2.2). These instruments
have a notional value of USD 260 million (EUR 250 million agreed equivalent value) and expire in 2025 and have a fair value of EUR -13\u00a0 million
(EUR -5 million in 2022).
The results of the effectiveness tests carried out show that the derivatives are effective. The change in fair value during the year had an impact\u00a0 on
reserves of EUR -1 million, on the financial result of EUR 6 million and on cash of EUR -6 million.
On the other hand, the Cintra Infrastructure SE Company and 407 Toronto Highway BV have cross currency swaps (CCS) as fair value coverage of
its net investment in the US in USD and the investment in Canada in CAD . These instruments have a notional amount of EUR 1,712 million and
EUR 138 million, a maturity in 2032 and a fair value of EUR 72 million and EUR 0.01 million.
The result of the effectiveness tests carried out shows that the derivatives are effective. The interest rate component of these derivatives,
considered as a hedging cost, amounts to -11 million euros and is recorded as reserves. As the coupons for the interest rate differential are paid,
this cost will be transferred to income. In addition, the impact of the hedging of the investment was EUR 51 million recognized as translation
differences.
Exchange rate derivatives
There are exchange rate risk hedges, designed to hedge the investment that the Group has in CAD. Its notional amounts to EUR 1,786 million at
December 31, 2023 (CAD 2,639 million) (Note 1.3). Its fair value amounts to EUR -18 million.
Changes in their valuation are recorded under the conversion differences heading and amount to EUR 57 million in 2023. Additionally, the
movement of settlements and accruals has had an impact on the financial result of EUR -19 million and on cash of EUR -140 million.
Additionally there are hedges of foreign currency risk, which aim is to protect against the volatility of future cash flows in foreign currencies
(primarily US dollar, pound sterling and polish zloty). Their notional value amounted to EUR 1,149 million at December 31, 2023, of which EUR 229
million relate to pound sterling and EUR 777 million to the US dollar and EUR 142 million to zloty, they all expire in the short-term.
Value changes are recognized as translation differences and amounted to EUR 22 million in 2023 (for effective derivatives). Options, which are not
classified as accounting hedges, are recognized in net financial income/(expense) at fair value, entailing an expense of EUR 9 million during the
year.
Equity swaps
The Company has arranged equity swaps hedging the potential financial impact of the exercise of share-based remuneration schemes granted to
employees. These swaps contracted by the Company generally hedge its own shares, therefore, they are treated as economic hedging derivatives
but not as accounting hedges (speculative), so the change in fair value of these derivatives in recognized through the income statement as a fair
value adjustment.
These contracts are described below:
\u2022 The calculation base comprises a given number of Ferrovial shares and a reference price, which is usually the share price on the execution
date.
\u2022 During the swap term, Ferrovial pays interest at a given interest rate (EURIBOR plus a spread to be applied to the result of multiplying the
number of shares by the strike price) and receives remuneration equal to the dividends on those shares.
\u2022 When the swap expires, if the share price has risen, Ferrovial will receive the difference between the arithmetic mean of the share price during
the observation period and the reference price, by the number of shares contracted. Otherwise, Ferrovial would pay this differential to the
financial institution.
Its fair value at December 31. 2023 is EUR 20 million. The change in value during the year was due to the increase\u00a0 in the Ferrovial share price
from EUR 24.47 at December 31, 2022 to EUR\u00a0 33.02 at\u00a0 December 31, 2023, entailing an impact of EUR 25 million under the income statement
heading \u201cChanges in the fair value of financial instruments\u201d. In the column \u201cImpact on Net financial income/(expense)\u201d includes the
remuneration as income and the finance cost of these instruments as an expense in the amount of EUR -2 million (Note 2.6). The total impact of
these instruments on cash resources amounted to EUR -6 million.
At December 2023 , these derivatives had a notional value equivalent to 2,796 thousand shares which, based on the strike price of the equity
swaps (price at which they must be settled with the banks), represented a total notional amount of EUR 73 million.
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2023 and 2022 and the effect on reserves, profit/(loss) and other balance sheet items:
FAIR VALUE
EFFECTS
TYPE OF INSTRUMENT
(Million euro)
BALANCES
AT
12/31/2023
BALANCES
AT
12/31/2022
Var.
EFFECT ON
RESERVES (I)
FAIR VALUE
EFFECT ON
PROFIT/(LOS
S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
115
77
38
25
13
4
-11
0
7
38
Cash flow hedge
115
77
38
25
13
4
-11
0
7
38
Interest rate derivatives
-39
0
-40
-39
12
-7
-5
-2
2
-40
Cash flow hedge
-39
0
-40
-48
12
-7
-5
-2
11
-40
Fair value hedge
0
0
0
8
0
0
0
0
-8
0
Cross-currency swaps
58
-32
91
30
-1
6
12
51
-7
91
Cash flow hedge
-13
-5
-9
-1
0
6
-6
0
-7
-9
Hedge of net investment in foreign
72
-28
99
32
-1
0
18
51
0
99
Fair value hedge
0
0
0
0
0
0
0
0
0
0
Foreign exchange derivatives
-1
172
-173
1
-3
-19
-166
12
2
-173
Fair value hedge
0
3
-3
0
0
0
-12
9
0
-3
Hedge of net investment in foreign
-8
169
-177
0
-4
-19
-157
3
0
-177
Cash flow hedge
11
1
11
1
7
0
0
1
2
11
Speculative
-4
0
-4
0
-7
0
3
0
0
-4
Equity swaps
20
2
17
0
25
-2
-6
0
0
17
Speculative
20
2
17
0
25
-2
-6
0
0
17
TOTAL
153
219
-66
16
46
-18
-175
61
4
-66
(*) Restated figures (Note 1.1.7)
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to cash flow hedging derivatives are recognized, with a balancing entry in reserves by the effective portion
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects from financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year.
\u2022 The effect of foreign exchange fluctuations from December 31,\u00a0 2023 to December 31, 2022 on currency translation differences is also
presented separately (column V).
\u2022 The \u201cOther effects\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange rate) and other effects not
previously mentioned (column VI).
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-980": { "value": "
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-979": { "value": "
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-978": { "value": "
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs.
Fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, they are
reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Cross-currency swaps (CCS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate corresponding to the settlement period
and currency at the measurement date, taking account of cross-currency basis spreads. The present value of the flows in a currency other
than the measurement currency is translated at the spot exchange rate prevailing at the measurement date.
\u2022 Foreign currency derivatives: as a general rule, future flows are estimated using the exchange rates and market curves associated with each
currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to the settlement period and
currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement methods are used for each
instrument, taking into consideration the necessary market data.
Lastly, credit risk, which is included when measuring derivatives under IFRS 9, is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using Monte Carlo simulations. A probability of default and a loss given default is applied
to this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-981": { "value": "
SECTION 6: OTHER DISCLOSURES
Note 6.5 stands out on contingent liabilities and assets, as it describes the main lawsuits in which Group companies are involved and the
guarantees given. Special emphasis is placed on the guarantees given by ex-infrastructure project companies on behalf of infrastructure project
companies.
6.3. PROVISIONS
The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the
risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items,
other provisions net certain asset items and are disclosed in the specific notes on those assets.
Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31,
2023 and 2022:
(Million euro)
LITIGATION AND
TAXES
REPLACEMENTS
AND UPGRADES,
IFRIC 12
OTHER LONG-
TERM RISKS
TOTAL NON-
CURRENT
PROVISIONS
SHORT-TERM
PROVISIONS
TOTAL
Balance at December 31, 2022 (*)
272
97
47
416
930
1,346
Scope changes and transfers
5
-5
-9
-9
-6
-15
Charges:
Operating profit/(loss)
14
0
1
15
532
547
Net financial income/(expense)
3
7
0
10
2
12
Impairment and disposals
2
0
0
2
0
2
Corporate income tax
1
0
0
1
0
1
Fixed asset depreciation
0
24
0
24
0
24
Reversals:
Operating profit/(loss)
-11
0
-7
-17
-292
-309
Net financial income/(expense)
-53
0
0
-53
0
-53
Impairment and disposals
0
0
-7
-7
-1
-8
Corporate income tax
-75
0
0
-75
0
-75
Fixed asset depreciation
-1
0
0
-1
0
-1
Applications with balancing entries in current accounts
-4
0
0
-4
-201
-204
Applications with balancing entries in other assets
1
-34
0
-34
-6
-40
Foreign exchange differences
1
-2
1
-1
52
51
Balance at December 31, 2023
156
86
26
268
1,011
1,279
(*) Restated figures (Note 1.1.7)
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover the possible risks resulting from lawsuits and litigation in progress, amounting to EUR 71 million and EUR 68 million in 2023
and 2022, respectively, and largely relating to the Construction business. This provision is recognized and reversed against changes to
provisions in operating profit/(loss).
\u2022 Provisions for tax claims amounting to EUR 85 million and EUR 204 million in 2023 and 2022, arising in relation to local or central
government duties, taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which
the Group operates (Note 6.5.1).
Provision for replacements under IFRIC 12
This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 86 million and EUR 97 million in 2023
and 2022, respectively.
Provisions for other long-term risks
This heading includes provisions recognized to cover certain long- term risks other than those attributable to litigation or tax claims, such as third-
party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which
amounted to EUR 26 million at December 31, 2023 (EUR 47 million at December 31, 2022).
At December 31, 2023, it also contains the estimated cost of landfill closure and post- closure activities relating to Budimex and UK waste
treatment businesses (Thalia). The provision is calculated based on a technical estimate of total landfill capacity consumed to date. It is
recognized and reversed against changes to provisions in operating profit/loss, as and when the landfill closure costs are incurred. The balance
recognized for this item at December 31, 2023 amounted to EUR 14 million.
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
projects close-out costs under the contract), amounting to EUR 313 million and EUR 276 million in 2023 and 2022 respectively),\u00a0 and provisions for
budgeted losses totaling EUR 604 million and EUR 567 million in 2023 and 2022 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 561 million and EUR 497 million in 2023 and
2022 respectively, and UK waste treatment businesses (Thalia) in the amount of EUR 46 million and EUR 69 million at December 31, 2023 and
2022, respectively.
The change during 2023 is essentially explained by net provisions recognized in the Construction Division (EUR 150 million), basically in the Polish
business, and to the application of provisions (EUR -119 million), relating particularly to budgeted losses in the US business.
For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of lawsuits or litigation of different kinds arising in the course of its business. When such
risks are deemed to be probable,\u00a0 provisions must be booked using the best estimate of the disbursements that are expected to be necessary to
settle the obligations arising from those lawsuits and litigation. These provisions are set out in Note 6.3. When such risks are less likely to
materialize, contingent liabilities arise. No significant liabilities are envisaged to have a material adverse effect on the Group other than those for
which provisions have already been recognized.
There are also contingent assets, meaning assets that might arise from various proceedings in progress. Assets of this kind are not recognized in
the financial statements unless it is virtually certain that they will materialize, as required by accounting legislation.
There follows a description of the most significant litigation, in terms of the amount, in the Group's various business divisions: This includes those
that may generate both liabilities or assets.
a) Litigation and other contingent liabilities relating to the Toll Road business
Ongoing litigation at December 2023
US Toll roads: NTE 35W
On February 11, 2021 there was a multiple accident on the 35W Managed Lanes toll road in Dallas, Texas involving 133 vehicles and resulting in six
deaths and several people injured.
As a result of this incident, the concession company NTE Mobility Partners Segment 3 LLC, which is 53.66% -owned by Ferrovial, together with
several non-Group US companies, is a party in 29 of the claims that have been filed and are in the early stages of legal proceedings.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling due to the insurance policies in place.
Therefore, no provision has been recorded to date in relation to this risk.
Portugal- Auto-Estradas Norte Litoral, S.A.
The insolvency estate of J. Gomes - Constru\u00e7\u00f5es do C\u00e1vado, S.A., (the \u201cJ. Gomes Parent\u201d) filed a civil lawsuit against Cintra Infrastructures SE
(\u201cCISE\u201d) seeking the invalidity of its purchase of shares of Auto-Estradas Norte Litoral, S.A. (\"AENL\u201d) (the \u201cAENL Shares\u201d) by CISE from J. Gomes \u2013
Concess\u00f5es Norte, Unipessoal, Lda. (the \u201cJ. Gomes Subsidiary\u201d), a fully-owned subsidiary of J. Gomes Parent. J. Gomes Parent initiated
proceedings against both CISE and J. Gomes Subsidiary on the basis that the purchase price paid by CISE was lower than the fair market value of
the AENL Shares. J. Gomes Subsidiary is not an insolvent entity (unlike the claimant, J. Gomes Parent). CISE acquired the AENL Shares from J.
Gomes Subsidiary and the rest of the minority shareholders of AENL, paying the same price per share to all shareholders.
The claimant, J. Gomes Parent has requested that (i) CISE return to the claimant (a) the AENL Shares and (b) an amount corresponding to the
total dividends received in connection with those shares since the date on which the sale took place; and (ii) the claimant is allowed to pay a small
fraction of the price received by the J. Gomes Subsidiary from CISE for such AENL Shares, with the remainder of the price to be claimed by CISE as a
common creditor under the J. Gomes Parent insolvency proceedings.
The Company estimates the value of the claim, including accrued legal interest, that although not yet claimed, may be requested in connection
with the proceedings by J. Gomes Parent, to be an amount under EUR 10 million.
The Company believes, after consultation with external legal advisors, that its position is reasonable and therefore has not recorded a provision in
relation to this risk.
Litigation ended during or before 2023
Court proceedings instigated by the financial institutions of the
Radial 4 project:
In June 2013 a group of financial institutions forming part of the banking syndicate financing the Radial 4 project commenced court proceedings
in Madrid Court of First Instance No. 61 against the shareholders of the concession company, Cintra Infrastructures, SE and Sacyr Concesiones, S.L.
The concession shareholders had guaranteed a contingent capital contribution upon occurrence of certain events set forth in the relevant project
financing agreement.
Specifically, the group of financial institutions sought enforcement of a EUR 23 million corporate guarantee put in place by the shareholders (of
which Cintra Infrastructures, SE\u2019s proportional share is EUR 14.95 million), on the grounds of an alleged breach of certain financial agreement
ratios.
Madrid Court of First Instance No. 61 dismissed the lawsuit, declaring the lack of legal standing of the bank syndicate to request an enforcement of
such guarantee. The bank syndicate then lodged an appeal before the Madrid Provincial Court, which was also dismissed by the court that upheld
the Madrid Court of First Instance No. 61 judgement. The group of financial institutions decided to lodge an extraordinary appeal for procedural
infringement before the Spanish Supreme Court, which the court admitted. As a result, the Madrid Provincial Court heard and reviewed the merits
of the case. The Madrid Provincial Court upheld the appeal lodged by the bank syndicate.
Following the Madrid Provincial Court\u2019s resolution in favor of the group of financial institutions, Cintra Infrastructures, SE and Sacyr Concesiones,
S.L. filed a cassation appeal with the Spanish Supreme Court on December 10, 2020.
On October 23, 2023 Cintra Infrastructures SE received the Supreme Court\u2019s Decision dismissing the cassation appeal filed on December 10, 2020.
Such dismissal rendered the Madrid Provincial Court\u2019s resolution final and binding. As a consequence, on November 15, 2023 Cintra
Infrastructures, SE paid EUR 14.95 million plus EUR 6.38 million in accrued interest, that were totally provided for. At present, only the legal costs
requested by the defendants remain outstanding.
b) Litigation relating to the Construction business
The Construction Division is involved in several ongoing legal proceedings, relating principally to potential construction defects in the building
work it has completed and claims for civil liability. As indicated in Note 6.3, as of December 31, 2023 and 2022, respectively, provisions amounting
to EUR 68 million and EUR 68 million had been recorded globally, in relation to these proceedings, with the provisions recorded for each lawsuit
not exceeding EUR 10 million. The provision for each of the lawsuits corresponds to the best estimate made by Ferrovial on the possible impact of
the same.
Below is a description of the most relevant lawsuits in terms of amount.\u00a0
Ongoing litigation at December 2023
Construction business Spain:
In 2019, the Spanish National Markets and Competition Commission (CNMC) initiated penalty proceedings against Ferrovial Construcci\u00f3n, S.A. and
other construction firms for alleged anti-competitive behavior.
On July 6, 2022, the CNMC issued a resolution finding that Ferrovial Construcci\u00f3n S.A. had committed a \u201cvery serious infringement\u201d of Article 1 of
Law 15/2007, of July 3,2007, on the Defense of Competition and Article 101 of the European Union Treaty and imposing a fine of EUR 38.5
million.
Ferrovial Construcci\u00f3n, S.A. filed a contentious-administrative appeal against the CNMC\u2019s resolution in the Spanish National High Court on
October 4, 2022. The claim also requested a precautionary measure staying enforcement.
On December 9, 2022 the Spanish National High Court agreed to suspend the resolution issued by the CNMC\u2019s Competition Court, pending its
decision on the contentious-administrative appeal.
The Group considers the outcome of this lawsuit is unlikely to be unfavorable and therefore no amount has been provisioned in this respect.
D4R7 project (Slovakia)
There are two proceedings under way:
Criminal Investigation for Alleged Environmental Risks and Damage in Connection with the Exploitation of Plots of Land in J\u00e1no\u0161\u00edkov\u00e1.
In June 2019, by the Provincial Headquarters of the National Police in Bratislava (Slovakia) initiated a criminal investigation ex officio against
D4R7 Construction s.r.o., the joint venture established to carry out the D4R7 toll road construction project in Bratislava, which was formed by
Ferrovial and PORR (with 65% and 35% stakes in the joint venture, respectively). The grounds for the investigation are alleged environmental
risks and damage, as defined in the Slovakian Criminal Code, due to an alleged failure to obtain the necessary permits to excavate dirt from two
plots of land in J\u00e1no\u0161\u00edkov\u00e1, Slovakia. The alleged damages were quantified at EUR 8.7 million.
The two plots requiring the environmental permits do not form part of the toll road site layout, although materials extracted from the plots were
used to construct the project pursuant to agreements with the owners, who incurred no environmental damage. The excavation work, which also
included obtaining the property owners\u2019 consent, as well as the necessary environmental permits to extract the dirt material, was subcontracted
to a local company specialized in this type of work.
The investigation is ongoing and several people have been charged and a variety of defense submissions in response to said alleged charges and
expert reports have been submitted by the Slovakian authorities, as the investigator/prosecutor, and by the joint venture, as the investigated
party/defendant. The last expert report in connection with the investigation was submitted by the joint venture in December 2022, after which the
prosecutor submitted the investigation file to the court. Upon review, the court will decide whether there is sufficient evidence to support the
allegations and if all legal requirements have been met to set the case for trial or otherwise will revert the investigation file to the prosecutor\u2019s
office for further investigation.
The Group considers improbable that the investigation will give rise to risk and, therefore, no provision has been set aside with respect to this
dispute.
Criminal Investigation for Alleged Hazardous Substances and Environmental Damage in Connection with the Exploitation of Plots of Land in
Blatn\u00e1 na Ostrove
On June 2, 2023, the Presidium of the Police Force for the National Center of Special Types of Criminality, the division investigating hazardous
substances and environmental crimes, filed charges against D4R7 Construction s.r.o. for an alleged crime of \u201cendangering and damaging the
environment\u201d in violation of Section 300(1) of the Slovak Criminal Procedure Code. The charges allege that, between May and December 2018,
D4R7 Construction s.r.o. caused environmental damage quantified at EUR 6,6 million on certain protected parcels of land located in Blatn\u00e1 na
Ostrove by extracting more than 200,000 tons of dirt without a permit. The excavation work, as well as the necessary environmental permits to
extract the dirt material, was subcontracted to a local company specialized in this type of work. A hearing date has not yet been set. D4R7 disputes
these charges and intends to file a timely response.
The Group considers improbable that the investigation will give rise to risk and, therefore, no provision has been set aside with respect to this
dispute.
FBSerwis (Poland)
On February 1, 2023, the President and Vice-President of the Management Board of FBSerwis, S.A., a subsidiary of Budimex,\u00a0 were detained in
Warsaw, Poland, by the Polish Central Anticorruption Office. According to the information provided publicly by the Polish National Prosecutor's
Office, the arrests were related to a broader investigation for alleged tax fraud and money laundering, invoice forgery, and bribery. According to
these public sources, over a dozen people have been detained as part of the ongoing proceedings, including three employees of FBSerwis, S.A.. On
March 28, 2023, the supervisory board of FBSerwis, S.A. decided to dismiss the president and vice-president of the management board from said
management board. FBSerwis, S.A. has therefore terminated their employment contracts. The investigation is ongoing and FBSerwis S.A. is
cooperating with the authorities.
FBSerwis S.A.\u2019s management board does not presently identify any significant risk for its operations. In addition, it commissioned an independent
law firm to investigate any irregularities related to the above-mentioned events. This investigation is now concluded.
In May 2023, the supervisory board named a new president of the management board.\u00a0
The management board of FBSerwis, S.A. has established an internal control office to monitor compliance with its policies and procedures, which
have been reviewed and improved in 2023.
Considering the above, the management board of FBSerwis,S.A. believes that, at present, there is no need to make adjustments to the financial
statements in connection with these events. In the opinion of the external legal counsel engaged by FBSerwis S.A., the risk that the company could
be held liable for the events under investigation is remote and is not expected to exceed EUR 1 million. Therefore, as of 31 December 2023 we have
not recognized a liability in our financial statements in relation to this matter.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (ANI) of Colombia imposed a fine for project delays on the concessionaire for the Ruta del
Cacao project,\u00a0 Concesionaria Ruta del Cacao, S.A.S. The fine flows on a \u201cback-to-back\u201d basis to Consorcio Ferrocol Santander (CJV), the entity
responsible for the construction of the project and in which Ferrovial Construcci\u00f3n has a 70% stake. The fine amounts to approximately USD 15
million and has been appealed.\u00a0 The delay that triggered the fine relates to the completion of segment 8 (UF8) of the project and was caused by
unforeseeable geological conditions in the terrain that have resulted in multiple landslides. These conditions constitute unforeseen conditions
that are contractually beyond the responsibility of the concessionaire, and consequently the CJV, under the concession contract with ANI. The
concessionaire and CJV have initiated several proceedings seeking the nullity of the imposed fines as well as a declaration of force majeure due to
said unforeseeable geological conditions. If either proceeding is successful, the fines would be rendered void. The impact of this delay and the
associated costs have been considered in the provision for future losses in 2023 relating to this project.
I-66 and I-285 projects (USA)
In 2015, Georgia\u2019s Department of Transportation awarded the design and construction of the I-285/SR-400 improvement project to North
Perimeter Contractors, LLC whose sole member is Ferrovial Construction US Corp.
In 2016, FAM Construction, LLC (in which Ferrovial Construction US Corp. holds a 70% interest and Allan Myers VA holds a 30% interest) was
awarded the design and construction of the Interstate 66 Outside the Beltway project.\u00a0
These design-build projects are near completion but have incurred losses due to unforeseen events beyond the above contractors\u2019 control,
including due to the impact of the Covid-19 pandemic, client-directed scope changes, and weather events, among others. The above contractors
have accordingly initiated upstream\u00a0 claims proceedings to recover part of the costs incurred. The claims have thus far been denied, and the
respective contractors have accordingly initiated claim proceedings to recover the incurred losses.
These claims have been considered in the calculation of the group\u2019s future loss provisions in accordance with IFRS 15.
c)\u00a0 Tax-related litigation
Ongoing litigation at December 2023:
As indicated in Note 6.3, Ferrovial has provisions for taxes recognized in its balance sheet for a total amount of EUR 85 million, EUR 200 million
and EUR 209 million at\u00a0 December 31, 2023, 2022 and 2021 respectively.
These provisions relate essentially to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
207 million, EUR 332 million and EUR 333 million for 2023, 2022 and 2021 respectively, the most significant amounts relating to corporate income
tax and VAT for the periods 2002 to 2017.
Tax proceedings relating to the amortization for tax purposes of financial goodwill on the acquisitions of Amey and Swissport
The most noteworthy litigation is the proceedings related to the amortization for tax purposes of financial goodwill on the acquisitions of Amey
and Swissport. On September 27, 2023, the European General Court issued a ruling overturning the European Commission\u2019s October 15, 2014,
decision, which considered the Spanish tax depreciation of financial goodwill with respect to the indirect acquisition of non-resident companies to
be \u201cstate aid\u201d incompatible with the EU Treaty. The European General Court\u2019s ruling upheld the appeals of Spain and several Spanish companies,
including Ferrovial, and found that the European Commission\u2019s decision violated the principles of legal certainty and protection of legitimate
expectations. The ruling was subject to appeal by the European Commission before the Court of Justice of the European Union.
On December 14, 2023 the European Commission logged its appeal against this ruling before the Court of Justice of the European Union
(C-780/23 P). The proceeding is currently ongoing.
As the Group considers there are sound grounds supporting its procedural stance in this proceeding, no provision has been recorded as of
December 31, 2023. However, if the final ruling is unfavorable there will be an adverse effect of EUR 87.6 million on the Group's income statement
in relation to additional Spanish Corporate Income Tax for 2002 to 2022. The maximum amount payable in connection with a potential
unfavorable result would be EUR 42 million, as the remainder has already been settled by the Group. In case of a favorable ruling the Spanish Tax
Agency must refund the initially claimed and paid amounts (EUR 45.6 million).
Unconstitutional Royal Decree-Law 3/2016
On January 18, 2024, the Spanish Constitutional Court announced its ruling related to Royal Decree-Law 3/2016 (RDL 3/2016), on tax measures
aimed at the consolidation of public finances, which amended corporate income taxation by limiting the offsetting of net operating losses (25%
current limit versus 70% previous to RDL 3/2016), establishing limits on the application of double taxation deductions and forcing the inclusion in
the tax base of impairment losses on portfolio investments deducted in previous years.
The Spanish Constitutional Court ruling, officially published on February 20, 2024, resolves that the use of the Royal Decree-Law is not suitable
for amending the essential elements of Corporate Income Tax (CIT), and this practice infringes constitutional requirements. Based on the
aforementioned grounds, the Spanish Constitutional Court overturned the RDL 3/2016, which is considered null and void. The Company filed
several lawsuits with respect to its CIT assessment for tax years 2016 through 2023 based on the same argument.
As a result of the Spanish Constitutional Court ruling, the Company believes it is likely it will obtain a favorable ruling, with the expected amount
to be recovered by the Group in relation to years 2016 to 2023 amounting to EUR 37 million. The Company has not recorded any impact in its2023
consolidated financial statements as the RDL 3/2016 was not overturned at December 31, 2023 and, according to IAS 37.35, contingent assets are
only accounted for if its recoverability has become virtually certain in the year. The total expected effect would impact the Company\u00b4s 2024
consolidated financial statements.
The Company estimates an additional EUR 49 million positive impact of this ruling on its tax-loss recoverability analysis for years beyond 2023,
which would also impact the Company\u00b4s 2024 consolidated financial statements. Any change in legislation may have an impact in this estimate.
Litigation ended during or before 2023
Settlement resolution arising from the tax assessment of 2006 Spanish Corporate Income Tax
The Company had an ongoing dispute in connection with the Group\u2019s 2006 Spanish CIT assessment pertaining to the application of a deduction
for export activities relating to an investment made to acquire the ownership interest in the former BAA (now Heathrow Airport Holding Limited).
The Group filed a cassation appeal with the Spanish Supreme Court against the settlement resolution arising from the Spanish tax authority\u2019s tax
assessment raised on Ferrovial\u2019s 2006 Spanish CIT. The Group had recorded a provision of EUR 119.2 million as of December 31, 2022. On
September 12, 2023, the Spanish Supreme Court ruled in favor of Ferrovial.
The ruling resolves the dispute and declares the tax audit assessment null and void, therefore the provision registered in the financial statements
was released in 2023, affecting financial results and income tax.
6.5.2. Guarantees
a) Bank guarantees and other guarantees issued by insurance companies
In the course of business, the Group is exposed to possible risks the materialization of which is uncertain, relating to liability under the various
contracts entered into in its business divisions.
The Group obtains bank guarantees and other guarantees issued by insurance companies to cover such liabilities. At December 31, 2023, the
balance amounted to EUR 8,533 million (EUR 8,093 million in 2022).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2023
Dec. 2022
Construction
7,013
6,067
Toll Roads
404
642
Airports
799
1,044
Energy and mobility infrastructures
66
81
Other
251
258
Total continuing operations
8,533
8,093
TOTAL
8,533
8,093
The EUR 8,533 1 million, by type of instrument, relate to: i) EUR\u00a0 3,358 million of bank guarantees; ii) EUR 4,507 million of guarantees provided by
bonding agencies and iii) EUR 668 million of bank guarantees provided by insurance companies.
These guarantees cover the liability to customers for the proper performance of construction or services contracts involving Group companies; the
guarantee would be enforced by the customer were a project not carried out.
Despite the significant amount of these guarantees, the impact that might arise is very low, since the Group Companies perform contracts in
accordance with the terms and conditions agreed upon with the customers and recognize provisions within the results of each contract for
potential risks that might arise from performance thereof (Note 6.3).
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 796 million secures
commitments to invest in the capital of infrastructure project companies, mainly, in JFK-NTO (Note 6.5.3).
b) Guarantees given by Group companies for other Group companies
As indicated previously, guarantees are generally given among the Group companies to cover third-party liability arising from contractual,
commercial or financial relationships.
Although these guarantees do not have any effect at the Group\u2019s consolidated level, there are certain guarantees provided by ex- infrastructure
project companies to infrastructure project companies (Note 1.1.2.) which should be noted due to the classification of project borrowings as
without recourse to the shareholders or with limited recourse to the guarantees provided (see b.1 contingent capital guarantees).
Other guarantees have also been given to equity-accounted companies (see b.2. below).
b.1) Guarantees provided by ex-infrastructure project companies to infrastructure project companies to secure borrowings, which could
give rise to future additional capital disbursements should the guaranteed events take place (contingent capital guarantees).
Two types of guarantees are given by ex-infrastructure project companies to infrastructure project companies:
\u2022 Guarantees securing the proper performance of construction and service contracts (Note 6.5.2.a).
\u2022 Guarantees related to risks other than the correct performance of construction and service contracts, which could give rise to future additional
capital disbursements should the guaranteed events take place (some of which are also included in note 6.5.2.a) because they are bank
guarantees).
The latter guarantees are explained in further detail in this section since, as mentioned in Note 5.2. on cash and cash equivalents and borrowings,
infrastructure project company borrowings are without recourse to the shareholders or with limited recourse to the guarantees provided and,
therefore, it is relevant to distinguish the guarantees which, should the guaranteed event occur, could be enforced and lead to payments to the
infrastructure project companies or the holders of their debt, other than the committed capital or investment mentioned in Note 6.5.3. They are
referred to as contingent capital guarantees.
The detail, by beneficiary company, purpose and maximum amount, of the outstanding guarantees of this nature at December 31, 2023 relating
to fully consolidated infrastructure project companies is as follows. It should be noted that the following amounts relate to Ferrovial:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2023
Conc. Prisiones Lledoners
Technical guarantee to repay amounts to the bank in the event of termination of
the contract. Does not cover insolvency (default) or breach by the awarding entity
64
GUARANTEES FOR CONSTRUCTION PROJECTS
64
I-66
Guarantee covering project cost overruns.
15
GUARANTEES FOR TOLL ROAD PROJECTS
15
Centella
Bank guarantees to cover the achievement of various milestones and payment of
any fines during the initial execution period. PCG to cover the liquidity gap up to EUR
20 million
35
GUARANTEES FOR ENERGY AND MOBILITY PROJECTS
35
Dalaman
Bank guarantee to cover the debt ratios
6
AIRPORT PROJECT GUARANTEES
6
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
120
The detail of the amounts of the guarantees, in relation to the financing of the equity-accounted infrastructure projects and, accordingly, the
borrowings of which are not included in the Group's consolidated financial statements is as follows.\u00a0
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2023
Serrano Park (Cintra)
Guarantee covering repayment of borrowings
3
Extensi\u00f3n ETR
Guarantee covering project cost overruns.
15
407 EXT PHASE II
Guarantee covering project cost overruns.
8
TOTAL GUARANTEES FOR EQUITY-ACCOUNTED INFRASTRUCTURE PROJECT COMPANIES
26
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
The \u201cThalia\u201d Group operates four waste treatment plants generating energy during the process in the UK. The plants are run under construction
and operation concessions granted by the local authorities. Each of these plants (Cambridge, North York, Milton Keynes and Isle of Wight) are in
operation with the energy recovery facility of Isle of Wight in the commissioning phase. The four concessions contracts represent the majority of
our waste management operations and expire between 2033 and 2042. Other current waste management contracts expire earlier, starting in
2024.
The plants were being operated by Thalia, which was still part of the Amey Group, so the contractual commitments were secured by Amey and by
Cespa (Prezero nowadays), the parent company of the waste treatment business in Spain that was sold to a third party in 2021. Thalia\u2019s assets
were excluded from the scope of the Amey sale. As the Amey sale was completed in December 2022, those assets had already been transferred
within the Ferrovial Group. In parallel, the guarantees securing fulfillment of commitments relating to the assets are expected to be transferred to
other Group companies in 2024.
The guarantees given by various Group companies total GBP 358 million (GBP 322 million in 2022). The guarantee may be unlimited in certain
specific scenarios involving fraud, willful misconduct or abandonment of the asset.
In recent years, the plants have had issues in both the construction phase and the commissioning and operation phase, particularly in the case of
Milton Keynes and the Isle of Wight. At year-end 2023, the Group recognized a provision for future losses covering these plants in the amount of
GBP 40 million (GBP 61 million as of December 31, 2022). The provision does not include structural costs of the business estimated at GBP 8
million per annum.
b.3) Guarantees given in divestment processes
The sale agreements entered into during the divestment of the former Services Division include various guarantees given to the buyers in
connection with a number of potential lawsuits or litigation in progress on the transaction dates.
Guarantees that met the relevant requirements of accounting legislation (IAS 37) were provisioned at the year-end. These provisions amount to
EUR 22 million.
The main guarantees are as follows:
Litigation relating to the penalty proceedings opened by the Spanish National Markets and Competition Commission (CNMC) in relation to the road
maintenance sector (see point 6.5 of the 2021 Ferrovial consolidated financial statements):
In July 2019, the CNMC initiated penalty proceedings against Ferroser Infraestructuras, S.A. (currently Serveo Infraestructuras S.A.), as well as
against other companies in the sector, due to alleged anti-trust practices during tendering for maintenance and operations services for the State
Road Network, arranged by the Ministry of Public Works.
In August 2021, notice was received of a Resolution by the CNMC\u2019s Board declaring a very serious infringement of Article 1 of the Spanish
Competition Law (LDC) and Article 101 of the Treaty on the Functioning of the European Union (TFUE). The Board imposed a fine of EUR 5.7
million.\u00a0
A contentious-administrative appeal has been filed against the resolution at the National High Court. In December 2021, notification was received
of the admission of the appeal. On February 22, 2022, notification was received of the decision to suspend the penalty resolution in relation to
both the fine and the prohibition on contracting. The appealed was suspended on May 10,2022.
Ferroser Infraestructuras, S.A. (now Serveo Infraestructuras, S.A.) is one of the companies sold as a result of the divestment of the infrastructure
maintenance business in Spain completed on January 31, 2022 and is therefore no longer controlled by Ferrovial, S.A.
Ferrovial gave a guarantee of EUR 6 million to the buyer in relation to this lawsuit, though for a limited period. This amount has been provisioned.
Tax Proceedings
Guarantees have been granted to PREZERO in connection with various ongoing tax proceedings. The amount of the guarantees, which have been
provisioned, amounts to EUR 5.9 million.
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6.1. DEFERRED INCOME
Deferred income breaks down as follows at December 31, 2023 and 2022:
(Million euro)
2023
2022 (*)
Var. 23/22
Capital grants
1,317
1,377
(60)
Other deferred income
17
33
(16)
TOTAL DEFERRED INCOME
1,334
1,410
(76)
(*) Restated figures (Note 1.1.7)
Capital grants awarded by government bodies relate entirely to infrastructure projects in the Toll Roads Division at December 31, 2023 and 2022.
These grants are primarily found in the following Toll Road projects: EUR 407 million and EUR 425 million for LBJ Infrastructure Group in 2023
and 2022, respectively. EUR 486 million and EUR 512 million for NTE Mobility Partners, in 2023 and 2022 , respectively. EUR 204 million and EUR
211 million for NTE Mobility Partners Segments 3 LLC, in 2023 and 2022, respectively and, lastly, EUR 205 million and EUR 214 million for I-77
Mobility Partners, in 2023 and 2022 , respectively.
Amounts received by the US companies decreased by EUR -41 million and increased by EUR 86 million in 2023 and 2022 respectively, due to the
dollar's appreciation against the euro.
These capital grants are released to the income statement for each year at the same rate as the depreciation charged on the assets. As the
charge estimated for the following 12 months is not significant, the balance as at December 31, 2023 is presented as non-current in the balance
sheet. The impact of the grants on cash flows are presented as an increase in investments for 2023, 2022 and 2021 .
The effect of these grants on cash flows is presented net of cash flows from investing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-983": { "value": "
6.2. PENSION PLAN DEFICIT
This heading reflects the deficit in pension and other employee retirement benefit plans. At December 31, 2023, the provision recognized in the
balance sheet amounted to EUR 3 million and solely related to Budimex (EUR 2 million at December 31, 2022).
6.3. PROVISIONS
The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the
risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items,
other provisions net certain asset items and are disclosed in the specific notes on those assets.
Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31,
2023 and 2022:
(Million euro)
LITIGATION AND
TAXES
REPLACEMENTS
AND UPGRADES,
IFRIC 12
OTHER LONG-
TERM RISKS
TOTAL NON-
CURRENT
PROVISIONS
SHORT-TERM
PROVISIONS
TOTAL
Balance at December 31, 2022 (*)
272
97
47
416
930
1,346
Scope changes and transfers
5
-5
-9
-9
-6
-15
Charges:
Operating profit/(loss)
14
0
1
15
532
547
Net financial income/(expense)
3
7
0
10
2
12
Impairment and disposals
2
0
0
2
0
2
Corporate income tax
1
0
0
1
0
1
Fixed asset depreciation
0
24
0
24
0
24
Reversals:
Operating profit/(loss)
-11
0
-7
-17
-292
-309
Net financial income/(expense)
-53
0
0
-53
0
-53
Impairment and disposals
0
0
-7
-7
-1
-8
Corporate income tax
-75
0
0
-75
0
-75
Fixed asset depreciation
-1
0
0
-1
0
-1
Applications with balancing entries in current accounts
-4
0
0
-4
-201
-204
Applications with balancing entries in other assets
1
-34
0
-34
-6
-40
Foreign exchange differences
1
-2
1
-1
52
51
Balance at December 31, 2023
156
86
26
268
1,011
1,279
(*) Restated figures (Note 1.1.7)
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover the possible risks resulting from lawsuits and litigation in progress, amounting to EUR 71 million and EUR 68 million in 2023
and 2022, respectively, and largely relating to the Construction business. This provision is recognized and reversed against changes to
provisions in operating profit/(loss).
\u2022 Provisions for tax claims amounting to EUR 85 million and EUR 204 million in 2023 and 2022, arising in relation to local or central
government duties, taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which
the Group operates (Note 6.5.1).
Provision for replacements under IFRIC 12
This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 86 million and EUR 97 million in 2023
and 2022, respectively.
Provisions for other long-term risks
This heading includes provisions recognized to cover certain long- term risks other than those attributable to litigation or tax claims, such as third-
party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which
amounted to EUR 26 million at December 31, 2023 (EUR 47 million at December 31, 2022).
At December 31, 2023, it also contains the estimated cost of landfill closure and post- closure activities relating to Budimex and UK waste
treatment businesses (Thalia). The provision is calculated based on a technical estimate of total landfill capacity consumed to date. It is
recognized and reversed against changes to provisions in operating profit/loss, as and when the landfill closure costs are incurred. The balance
recognized for this item at December 31, 2023 amounted to EUR 14 million.
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
projects close-out costs under the contract), amounting to EUR 313 million and EUR 276 million in 2023 and 2022 respectively),\u00a0 and provisions for
budgeted losses totaling EUR 604 million and EUR 567 million in 2023 and 2022 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 561 million and EUR 497 million in 2023 and
2022 respectively, and UK waste treatment businesses (Thalia) in the amount of EUR 46 million and EUR 69 million at December 31, 2023 and
2022, respectively.
The change during 2023 is essentially explained by net provisions recognized in the Construction Division (EUR 150 million), basically in the Polish
business, and to the application of provisions (EUR -119 million), relating particularly to budgeted losses in the US business.
For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.
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6.5.CONTINGENT LIABILITIES, CONTINGENT ASSETS AND COMMITMENTS
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of lawsuits or litigation of different kinds arising in the course of its business. When such
risks are deemed to be probable,\u00a0 provisions must be booked using the best estimate of the disbursements that are expected to be necessary to
settle the obligations arising from those lawsuits and litigation. These provisions are set out in Note 6.3. When such risks are less likely to
materialize, contingent liabilities arise. No significant liabilities are envisaged to have a material adverse effect on the Group other than those for
which provisions have already been recognized.
There are also contingent assets, meaning assets that might arise from various proceedings in progress. Assets of this kind are not recognized in
the financial statements unless it is virtually certain that they will materialize, as required by accounting legislation.
There follows a description of the most significant litigation, in terms of the amount, in the Group's various business divisions: This includes those
that may generate both liabilities or assets.
a) Litigation and other contingent liabilities relating to the Toll Road business
Ongoing litigation at December 2023
US Toll roads: NTE 35W
On February 11, 2021 there was a multiple accident on the 35W Managed Lanes toll road in Dallas, Texas involving 133 vehicles and resulting in six
deaths and several people injured.
As a result of this incident, the concession company NTE Mobility Partners Segment 3 LLC, which is 53.66% -owned by Ferrovial, together with
several non-Group US companies, is a party in 29 of the claims that have been filed and are in the early stages of legal proceedings.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling due to the insurance policies in place.
Therefore, no provision has been recorded to date in relation to this risk.
Portugal- Auto-Estradas Norte Litoral, S.A.
The insolvency estate of J. Gomes - Constru\u00e7\u00f5es do C\u00e1vado, S.A., (the \u201cJ. Gomes Parent\u201d) filed a civil lawsuit against Cintra Infrastructures SE
(\u201cCISE\u201d) seeking the invalidity of its purchase of shares of Auto-Estradas Norte Litoral, S.A. (\"AENL\u201d) (the \u201cAENL Shares\u201d) by CISE from J. Gomes \u2013
Concess\u00f5es Norte, Unipessoal, Lda. (the \u201cJ. Gomes Subsidiary\u201d), a fully-owned subsidiary of J. Gomes Parent. J. Gomes Parent initiated
proceedings against both CISE and J. Gomes Subsidiary on the basis that the purchase price paid by CISE was lower than the fair market value of
the AENL Shares. J. Gomes Subsidiary is not an insolvent entity (unlike the claimant, J. Gomes Parent). CISE acquired the AENL Shares from J.
Gomes Subsidiary and the rest of the minority shareholders of AENL, paying the same price per share to all shareholders.
The claimant, J. Gomes Parent has requested that (i) CISE return to the claimant (a) the AENL Shares and (b) an amount corresponding to the
total dividends received in connection with those shares since the date on which the sale took place; and (ii) the claimant is allowed to pay a small
fraction of the price received by the J. Gomes Subsidiary from CISE for such AENL Shares, with the remainder of the price to be claimed by CISE as a
common creditor under the J. Gomes Parent insolvency proceedings.
The Company estimates the value of the claim, including accrued legal interest, that although not yet claimed, may be requested in connection
with the proceedings by J. Gomes Parent, to be an amount under EUR 10 million.
The Company believes, after consultation with external legal advisors, that its position is reasonable and therefore has not recorded a provision in
relation to this risk.
Litigation ended during or before 2023
Court proceedings instigated by the financial institutions of the
Radial 4 project:
In June 2013 a group of financial institutions forming part of the banking syndicate financing the Radial 4 project commenced court proceedings
in Madrid Court of First Instance No. 61 against the shareholders of the concession company, Cintra Infrastructures, SE and Sacyr Concesiones, S.L.
The concession shareholders had guaranteed a contingent capital contribution upon occurrence of certain events set forth in the relevant project
financing agreement.
Specifically, the group of financial institutions sought enforcement of a EUR 23 million corporate guarantee put in place by the shareholders (of
which Cintra Infrastructures, SE\u2019s proportional share is EUR 14.95 million), on the grounds of an alleged breach of certain financial agreement
ratios.
Madrid Court of First Instance No. 61 dismissed the lawsuit, declaring the lack of legal standing of the bank syndicate to request an enforcement of
such guarantee. The bank syndicate then lodged an appeal before the Madrid Provincial Court, which was also dismissed by the court that upheld
the Madrid Court of First Instance No. 61 judgement. The group of financial institutions decided to lodge an extraordinary appeal for procedural
infringement before the Spanish Supreme Court, which the court admitted. As a result, the Madrid Provincial Court heard and reviewed the merits
of the case. The Madrid Provincial Court upheld the appeal lodged by the bank syndicate.
Following the Madrid Provincial Court\u2019s resolution in favor of the group of financial institutions, Cintra Infrastructures, SE and Sacyr Concesiones,
S.L. filed a cassation appeal with the Spanish Supreme Court on December 10, 2020.
On October 23, 2023 Cintra Infrastructures SE received the Supreme Court\u2019s Decision dismissing the cassation appeal filed on December 10, 2020.
Such dismissal rendered the Madrid Provincial Court\u2019s resolution final and binding. As a consequence, on November 15, 2023 Cintra
Infrastructures, SE paid EUR 14.95 million plus EUR 6.38 million in accrued interest, that were totally provided for. At present, only the legal costs
requested by the defendants remain outstanding.
b) Litigation relating to the Construction business
The Construction Division is involved in several ongoing legal proceedings, relating principally to potential construction defects in the building
work it has completed and claims for civil liability. As indicated in Note 6.3, as of December 31, 2023 and 2022, respectively, provisions amounting
to EUR 68 million and EUR 68 million had been recorded globally, in relation to these proceedings, with the provisions recorded for each lawsuit
not exceeding EUR 10 million. The provision for each of the lawsuits corresponds to the best estimate made by Ferrovial on the possible impact of
the same.
Below is a description of the most relevant lawsuits in terms of amount.\u00a0
Ongoing litigation at December 2023
Construction business Spain:
In 2019, the Spanish National Markets and Competition Commission (CNMC) initiated penalty proceedings against Ferrovial Construcci\u00f3n, S.A. and
other construction firms for alleged anti-competitive behavior.
On July 6, 2022, the CNMC issued a resolution finding that Ferrovial Construcci\u00f3n S.A. had committed a \u201cvery serious infringement\u201d of Article 1 of
Law 15/2007, of July 3,2007, on the Defense of Competition and Article 101 of the European Union Treaty and imposing a fine of EUR 38.5
million.
Ferrovial Construcci\u00f3n, S.A. filed a contentious-administrative appeal against the CNMC\u2019s resolution in the Spanish National High Court on
October 4, 2022. The claim also requested a precautionary measure staying enforcement.
On December 9, 2022 the Spanish National High Court agreed to suspend the resolution issued by the CNMC\u2019s Competition Court, pending its
decision on the contentious-administrative appeal.
The Group considers the outcome of this lawsuit is unlikely to be unfavorable and therefore no amount has been provisioned in this respect.
D4R7 project (Slovakia)
There are two proceedings under way:
Criminal Investigation for Alleged Environmental Risks and Damage in Connection with the Exploitation of Plots of Land in J\u00e1no\u0161\u00edkov\u00e1.
In June 2019, by the Provincial Headquarters of the National Police in Bratislava (Slovakia) initiated a criminal investigation ex officio against
D4R7 Construction s.r.o., the joint venture established to carry out the D4R7 toll road construction project in Bratislava, which was formed by
Ferrovial and PORR (with 65% and 35% stakes in the joint venture, respectively). The grounds for the investigation are alleged environmental
risks and damage, as defined in the Slovakian Criminal Code, due to an alleged failure to obtain the necessary permits to excavate dirt from two
plots of land in J\u00e1no\u0161\u00edkov\u00e1, Slovakia. The alleged damages were quantified at EUR 8.7 million.
The two plots requiring the environmental permits do not form part of the toll road site layout, although materials extracted from the plots were
used to construct the project pursuant to agreements with the owners, who incurred no environmental damage. The excavation work, which also
included obtaining the property owners\u2019 consent, as well as the necessary environmental permits to extract the dirt material, was subcontracted
to a local company specialized in this type of work.
The investigation is ongoing and several people have been charged and a variety of defense submissions in response to said alleged charges and
expert reports have been submitted by the Slovakian authorities, as the investigator/prosecutor, and by the joint venture, as the investigated
party/defendant. The last expert report in connection with the investigation was submitted by the joint venture in December 2022, after which the
prosecutor submitted the investigation file to the court. Upon review, the court will decide whether there is sufficient evidence to support the
allegations and if all legal requirements have been met to set the case for trial or otherwise will revert the investigation file to the prosecutor\u2019s
office for further investigation.
The Group considers improbable that the investigation will give rise to risk and, therefore, no provision has been set aside with respect to this
dispute.
Criminal Investigation for Alleged Hazardous Substances and Environmental Damage in Connection with the Exploitation of Plots of Land in
Blatn\u00e1 na Ostrove
On June 2, 2023, the Presidium of the Police Force for the National Center of Special Types of Criminality, the division investigating hazardous
substances and environmental crimes, filed charges against D4R7 Construction s.r.o. for an alleged crime of \u201cendangering and damaging the
environment\u201d in violation of Section 300(1) of the Slovak Criminal Procedure Code. The charges allege that, between May and December 2018,
D4R7 Construction s.r.o. caused environmental damage quantified at EUR 6,6 million on certain protected parcels of land located in Blatn\u00e1 na
Ostrove by extracting more than 200,000 tons of dirt without a permit. The excavation work, as well as the necessary environmental permits to
extract the dirt material, was subcontracted to a local company specialized in this type of work. A hearing date has not yet been set. D4R7 disputes
these charges and intends to file a timely response.
The Group considers improbable that the investigation will give rise to risk and, therefore, no provision has been set aside with respect to this
dispute.
FBSerwis (Poland)
On February 1, 2023, the President and Vice-President of the Management Board of FBSerwis, S.A., a subsidiary of Budimex,\u00a0 were detained in
Warsaw, Poland, by the Polish Central Anticorruption Office. According to the information provided publicly by the Polish National Prosecutor's
Office, the arrests were related to a broader investigation for alleged tax fraud and money laundering, invoice forgery, and bribery. According to
these public sources, over a dozen people have been detained as part of the ongoing proceedings, including three employees of FBSerwis, S.A.. On
March 28, 2023, the supervisory board of FBSerwis, S.A. decided to dismiss the president and vice-president of the management board from said
management board. FBSerwis, S.A. has therefore terminated their employment contracts. The investigation is ongoing and FBSerwis S.A. is
cooperating with the authorities.
FBSerwis S.A.\u2019s management board does not presently identify any significant risk for its operations. In addition, it commissioned an independent
law firm to investigate any irregularities related to the above-mentioned events. This investigation is now concluded.
In May 2023, the supervisory board named a new president of the management board.\u00a0
The management board of FBSerwis, S.A. has established an internal control office to monitor compliance with its policies and procedures, which
have been reviewed and improved in 2023.
Considering the above, the management board of FBSerwis,S.A. believes that, at present, there is no need to make adjustments to the financial
statements in connection with these events. In the opinion of the external legal counsel engaged by FBSerwis S.A., the risk that the company could
be held liable for the events under investigation is remote and is not expected to exceed EUR 1 million. Therefore, as of 31 December 2023 we have
not recognized a liability in our financial statements in relation to this matter.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (ANI) of Colombia imposed a fine for project delays on the concessionaire for the Ruta del
Cacao project,\u00a0 Concesionaria Ruta del Cacao, S.A.S. The fine flows on a \u201cback-to-back\u201d basis to Consorcio Ferrocol Santander (CJV), the entity
responsible for the construction of the project and in which Ferrovial Construcci\u00f3n has a 70% stake. The fine amounts to approximately USD 15
million and has been appealed.\u00a0 The delay that triggered the fine relates to the completion of segment 8 (UF8) of the project and was caused by
unforeseeable geological conditions in the terrain that have resulted in multiple landslides. These conditions constitute unforeseen conditions
that are contractually beyond the responsibility of the concessionaire, and consequently the CJV, under the concession contract with ANI. The
concessionaire and CJV have initiated several proceedings seeking the nullity of the imposed fines as well as a declaration of force majeure due to
said unforeseeable geological conditions. If either proceeding is successful, the fines would be rendered void. The impact of this delay and the
associated costs have been considered in the provision for future losses in 2023 relating to this project.
I-66 and I-285 projects (USA)
In 2015, Georgia\u2019s Department of Transportation awarded the design and construction of the I-285/SR-400 improvement project to North
Perimeter Contractors, LLC whose sole member is Ferrovial Construction US Corp.
In 2016, FAM Construction, LLC (in which Ferrovial Construction US Corp. holds a 70% interest and Allan Myers VA holds a 30% interest) was
awarded the design and construction of the Interstate 66 Outside the Beltway project.\u00a0
These design-build projects are near completion but have incurred losses due to unforeseen events beyond the above contractors\u2019 control,
including due to the impact of the Covid-19 pandemic, client-directed scope changes, and weather events, among others. The above contractors
have accordingly initiated upstream\u00a0 claims proceedings to recover part of the costs incurred. The claims have thus far been denied, and the
respective contractors have accordingly initiated claim proceedings to recover the incurred losses.
These claims have been considered in the calculation of the group\u2019s future loss provisions in accordance with IFRS 15.
c)\u00a0 Tax-related litigation
Ongoing litigation at December 2023:
As indicated in Note 6.3, Ferrovial has provisions for taxes recognized in its balance sheet for a total amount of EUR 85 million, EUR 200 million
and EUR 209 million at\u00a0 December 31, 2023, 2022 and 2021 respectively.
These provisions relate essentially to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
207 million, EUR 332 million and EUR 333 million for 2023, 2022 and 2021 respectively, the most significant amounts relating to corporate income
tax and VAT for the periods 2002 to 2017.
Tax proceedings relating to the amortization for tax purposes of financial goodwill on the acquisitions of Amey and Swissport
The most noteworthy litigation is the proceedings related to the amortization for tax purposes of financial goodwill on the acquisitions of Amey
and Swissport. On September 27, 2023, the European General Court issued a ruling overturning the European Commission\u2019s October 15, 2014,
decision, which considered the Spanish tax depreciation of financial goodwill with respect to the indirect acquisition of non-resident companies to
be \u201cstate aid\u201d incompatible with the EU Treaty. The European General Court\u2019s ruling upheld the appeals of Spain and several Spanish companies,
including Ferrovial, and found that the European Commission\u2019s decision violated the principles of legal certainty and protection of legitimate
expectations. The ruling was subject to appeal by the European Commission before the Court of Justice of the European Union.
On December 14, 2023 the European Commission logged its appeal against this ruling before the Court of Justice of the European Union
(C-780/23 P). The proceeding is currently ongoing.
As the Group considers there are sound grounds supporting its procedural stance in this proceeding, no provision has been recorded as of
December 31, 2023. However, if the final ruling is unfavorable there will be an adverse effect of EUR 87.6 million on the Group's income statement
in relation to additional Spanish Corporate Income Tax for 2002 to 2022. The maximum amount payable in connection with a potential
unfavorable result would be EUR 42 million, as the remainder has already been settled by the Group. In case of a favorable ruling the Spanish Tax
Agency must refund the initially claimed and paid amounts (EUR 45.6 million).
Unconstitutional Royal Decree-Law 3/2016
On January 18, 2024, the Spanish Constitutional Court announced its ruling related to Royal Decree-Law 3/2016 (RDL 3/2016), on tax measures
aimed at the consolidation of public finances, which amended corporate income taxation by limiting the offsetting of net operating losses (25%
current limit versus 70% previous to RDL 3/2016), establishing limits on the application of double taxation deductions and forcing the inclusion in
the tax base of impairment losses on portfolio investments deducted in previous years.
The Spanish Constitutional Court ruling, officially published on February 20, 2024, resolves that the use of the Royal Decree-Law is not suitable
for amending the essential elements of Corporate Income Tax (CIT), and this practice infringes constitutional requirements. Based on the
aforementioned grounds, the Spanish Constitutional Court overturned the RDL 3/2016, which is considered null and void. The Company filed
several lawsuits with respect to its CIT assessment for tax years 2016 through 2023 based on the same argument.
As a result of the Spanish Constitutional Court ruling, the Company believes it is likely it will obtain a favorable ruling, with the expected amount
to be recovered by the Group in relation to years 2016 to 2023 amounting to EUR 37 million. The Company has not recorded any impact in its2023
consolidated financial statements as the RDL 3/2016 was not overturned at December 31, 2023 and, according to IAS 37.35, contingent assets are
only accounted for if its recoverability has become virtually certain in the year. The total expected effect would impact the Company\u00b4s 2024
consolidated financial statements.
The Company estimates an additional EUR 49 million positive impact of this ruling on its tax-loss recoverability analysis for years beyond 2023,
which would also impact the Company\u00b4s 2024 consolidated financial statements. Any change in legislation may have an impact in this estimate.
Litigation ended during or before 2023
Settlement resolution arising from the tax assessment of 2006 Spanish Corporate Income Tax
The Company had an ongoing dispute in connection with the Group\u2019s 2006 Spanish CIT assessment pertaining to the application of a deduction
for export activities relating to an investment made to acquire the ownership interest in the former BAA (now Heathrow Airport Holding Limited).
The Group filed a cassation appeal with the Spanish Supreme Court against the settlement resolution arising from the Spanish tax authority\u2019s tax
assessment raised on Ferrovial\u2019s 2006 Spanish CIT. The Group had recorded a provision of EUR 119.2 million as of December 31, 2022. On
September 12, 2023, the Spanish Supreme Court ruled in favor of Ferrovial.
The ruling resolves the dispute and declares the tax audit assessment null and void, therefore the provision registered in the financial statements
was released in 2023, affecting financial results and income tax.
6.5.2. Guarantees
a) Bank guarantees and other guarantees issued by insurance companies
In the course of business, the Group is exposed to possible risks the materialization of which is uncertain, relating to liability under the various
contracts entered into in its business divisions.
The Group obtains bank guarantees and other guarantees issued by insurance companies to cover such liabilities. At December 31, 2023, the
balance amounted to EUR 8,533 million (EUR 8,093 million in 2022).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2023
Dec. 2022
Construction
7,013
6,067
Toll Roads
404
642
Airports
799
1,044
Energy and mobility infrastructures
66
81
Other
251
258
Total continuing operations
8,533
8,093
TOTAL
8,533
8,093
The EUR 8,533 1 million, by type of instrument, relate to: i) EUR\u00a0 3,358 million of bank guarantees; ii) EUR 4,507 million of guarantees provided by
bonding agencies and iii) EUR 668 million of bank guarantees provided by insurance companies.
These guarantees cover the liability to customers for the proper performance of construction or services contracts involving Group companies; the
guarantee would be enforced by the customer were a project not carried out.
Despite the significant amount of these guarantees, the impact that might arise is very low, since the Group Companies perform contracts in
accordance with the terms and conditions agreed upon with the customers and recognize provisions within the results of each contract for
potential risks that might arise from performance thereof (Note 6.3).
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 796 million secures
commitments to invest in the capital of infrastructure project companies, mainly, in JFK-NTO (Note 6.5.3).
b) Guarantees given by Group companies for other Group companies
As indicated previously, guarantees are generally given among the Group companies to cover third-party liability arising from contractual,
commercial or financial relationships.
Although these guarantees do not have any effect at the Group\u2019s consolidated level, there are certain guarantees provided by ex- infrastructure
project companies to infrastructure project companies (Note 1.1.2.) which should be noted due to the classification of project borrowings as
without recourse to the shareholders or with limited recourse to the guarantees provided (see b.1 contingent capital guarantees).
Other guarantees have also been given to equity-accounted companies (see b.2. below).
b.1) Guarantees provided by ex-infrastructure project companies to infrastructure project companies to secure borrowings, which could
give rise to future additional capital disbursements should the guaranteed events take place (contingent capital guarantees).
Two types of guarantees are given by ex-infrastructure project companies to infrastructure project companies:
\u2022 Guarantees securing the proper performance of construction and service contracts (Note 6.5.2.a).
\u2022 Guarantees related to risks other than the correct performance of construction and service contracts, which could give rise to future additional
capital disbursements should the guaranteed events take place (some of which are also included in note 6.5.2.a) because they are bank
guarantees).
The latter guarantees are explained in further detail in this section since, as mentioned in Note 5.2. on cash and cash equivalents and borrowings,
infrastructure project company borrowings are without recourse to the shareholders or with limited recourse to the guarantees provided and,
therefore, it is relevant to distinguish the guarantees which, should the guaranteed event occur, could be enforced and lead to payments to the
infrastructure project companies or the holders of their debt, other than the committed capital or investment mentioned in Note 6.5.3. They are
referred to as contingent capital guarantees.
The detail, by beneficiary company, purpose and maximum amount, of the outstanding guarantees of this nature at December 31, 2023 relating
to fully consolidated infrastructure project companies is as follows. It should be noted that the following amounts relate to Ferrovial:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2023
Conc. Prisiones Lledoners
Technical guarantee to repay amounts to the bank in the event of termination of
the contract. Does not cover insolvency (default) or breach by the awarding entity
64
GUARANTEES FOR CONSTRUCTION PROJECTS
64
I-66
Guarantee covering project cost overruns.
15
GUARANTEES FOR TOLL ROAD PROJECTS
15
Centella
Bank guarantees to cover the achievement of various milestones and payment of
any fines during the initial execution period. PCG to cover the liquidity gap up to EUR
20 million
35
GUARANTEES FOR ENERGY AND MOBILITY PROJECTS
35
Dalaman
Bank guarantee to cover the debt ratios
6
AIRPORT PROJECT GUARANTEES
6
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
120
The detail of the amounts of the guarantees, in relation to the financing of the equity-accounted infrastructure projects and, accordingly, the
borrowings of which are not included in the Group's consolidated financial statements is as follows.\u00a0
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2023
Serrano Park (Cintra)
Guarantee covering repayment of borrowings
3
Extensi\u00f3n ETR
Guarantee covering project cost overruns.
15
407 EXT PHASE II
Guarantee covering project cost overruns.
8
TOTAL GUARANTEES FOR EQUITY-ACCOUNTED INFRASTRUCTURE PROJECT COMPANIES
26
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
The \u201cThalia\u201d Group operates four waste treatment plants generating energy during the process in the UK. The plants are run under construction
and operation concessions granted by the local authorities. Each of these plants (Cambridge, North York, Milton Keynes and Isle of Wight) are in
operation with the energy recovery facility of Isle of Wight in the commissioning phase. The four concessions contracts represent the majority of
our waste management operations and expire between 2033 and 2042. Other current waste management contracts expire earlier, starting in
2024.
The plants were being operated by Thalia, which was still part of the Amey Group, so the contractual commitments were secured by Amey and by
Cespa (Prezero nowadays), the parent company of the waste treatment business in Spain that was sold to a third party in 2021. Thalia\u2019s assets
were excluded from the scope of the Amey sale. As the Amey sale was completed in December 2022, those assets had already been transferred
within the Ferrovial Group. In parallel, the guarantees securing fulfillment of commitments relating to the assets are expected to be transferred to
other Group companies in 2024.
The guarantees given by various Group companies total GBP 358 million (GBP 322 million in 2022). The guarantee may be unlimited in certain
specific scenarios involving fraud, willful misconduct or abandonment of the asset.
In recent years, the plants have had issues in both the construction phase and the commissioning and operation phase, particularly in the case of
Milton Keynes and the Isle of Wight. At year-end 2023, the Group recognized a provision for future losses covering these plants in the amount of
GBP 40 million (GBP 61 million as of December 31, 2022). The provision does not include structural costs of the business estimated at GBP 8
million per annum.
b.3) Guarantees given in divestment processes
The sale agreements entered into during the divestment of the former Services Division include various guarantees given to the buyers in
connection with a number of potential lawsuits or litigation in progress on the transaction dates.
Guarantees that met the relevant requirements of accounting legislation (IAS 37) were provisioned at the year-end. These provisions amount to
EUR 22 million.
The main guarantees are as follows:
Litigation relating to the penalty proceedings opened by the Spanish National Markets and Competition Commission (CNMC) in relation to the road
maintenance sector (see point 6.5 of the 2021 Ferrovial consolidated financial statements):
In July 2019, the CNMC initiated penalty proceedings against Ferroser Infraestructuras, S.A. (currently Serveo Infraestructuras S.A.), as well as
against other companies in the sector, due to alleged anti-trust practices during tendering for maintenance and operations services for the State
Road Network, arranged by the Ministry of Public Works.
In August 2021, notice was received of a Resolution by the CNMC\u2019s Board declaring a very serious infringement of Article 1 of the Spanish
Competition Law (LDC) and Article 101 of the Treaty on the Functioning of the European Union (TFUE). The Board imposed a fine of EUR 5.7
million.\u00a0
A contentious-administrative appeal has been filed against the resolution at the National High Court. In December 2021, notification was received
of the admission of the appeal. On February 22, 2022, notification was received of the decision to suspend the penalty resolution in relation to
both the fine and the prohibition on contracting. The appealed was suspended on May 10,2022.
Ferroser Infraestructuras, S.A. (now Serveo Infraestructuras, S.A.) is one of the companies sold as a result of the divestment of the infrastructure
maintenance business in Spain completed on January 31, 2022 and is therefore no longer controlled by Ferrovial, S.A.
Ferrovial gave a guarantee of EUR 6 million to the buyer in relation to this lawsuit, though for a limited period. This amount has been provisioned.
Tax Proceedings
Guarantees have been granted to PREZERO in connection with various ongoing tax proceedings. The amount of the guarantees, which have been
provisioned, amounts to EUR 5.9 million.
c) Security interests in assets
Security interests in assets are described in the following notes:
\u2022 Guarantees given for fixed assets (Note 3.4)
\u2022 Security interests in deposits or restricted cash (Note 5.2).
d) Guarantees received from third parties.
At December 31,\u00a0 2023, Ferrovial had received guarantees from third parties totaling EUR 1,757 million (EUR 1,631 million at December 31, 2022),
mainly in the Ferrovial Construcci\u00f3n companies in the United States (EUR 1,326 million), the Budimex Group (EUR 161 million) and other
construction companies (EUR 271 million), particularly noteworthy were the companies in the UK (EUR 114 million) and Australia (EUR 115 million).
These third-party guarantees are technical guarantees that are offered by certain subcontractors or suppliers in the construction business in order
to guarantee complete compliance with their contractual obligations with regard to the work they are engaged to complete and may not be sold
or pledged.
6.5.3. Commitments
As described in Note 1.1, the infrastructure projects are performed through long-term contracts where the concession operator is a company in
which the Group has interests, either alone or together with other partners, and the borrowings necessary for financing the project are allocated
to the project itself, without recourse to the shareholders or with recourse limited to the guarantees provided, under the terms set forth in Note
5.2. From a management viewpoint, Ferrovial takes into account only the investment commitments relating to project capital, since the
investment in the assets is financed by the project company\u2019s borrowings.
a) Investment commitments
The investment commitments undertaken by the Group in relation to the capital contribution in infrastructure projects amount to EUR 850 million
(EUR 1,163 million in December 2022). The decrease during the year 2023 is explained primarily by the investments made by Ferrovial to
contribute capital to the new Terminal One at New York\u2019s JFK Airport and US Toll Roads. The investment commitments to the new Terminal One
at New York\u00b4s JFK Airport at December 31, 2023 amount to EUR 768 million\u00a0 (EUR 1,013 million in December 2022). This reduction related to the
investment commitments has been partially offset by an increase in capital committed to the Energy and Mobility business due to new
transmission projects in Chile.
A breakdown of the Group\u2019s commitments to investment in infrastructure project company capital is as follows:
\u00a0
(Million euro)
2024
2025
2026
2027
2028
2028 AND
BEYOND
TOTAL
Toll Roads
12
0
0
0
0
0
12
Energy and Mobility
9
13
17
0
0
3
42
INVESTMENTS IN FULLY- CONSOLIDATED INFRASTRUCTURE PROJECT
COMPANIES
21
13
17
0
0
3
54
Toll Roads
0
27
0
0
0
0
27
Airports
459
242
67
0
0
0
768
Construction
1
0
0
0
0
0
1
INVESTMENTS IN EQUITY- ACCOUNTED INFRASTRUCTURE PROJECT
COMPANIES
460
269
67
0
0
0
796
TOTAL INVESTMENTS
IN INFRASTRUCTURE PROJECT
COMPANIES
481
282
84
0
0
3
850
Under the AGS refinancing agreement described in Note 5.4.c.v, Ferrovial also committed to inject up to GBP 15 million into AGS (50% share
capital - 50% debt) subject to the fulfillment of certain liquidity conditions to the maturity date of the loan in 2024.
In addition, commitments were made to invest up to EUR 41 (EUR 53 million in December 2022) million in companies in which Ferrovial holds non-
controlling interests that are engaged in innovation projects related primarily to energy and mobility.
b) Environmental commitments
Any operation undertaken mainly to prevent, reduce or repair damage to the environment is treated as an environmental activity.
Costs incurred to protect and improve the environment are taken to profit or loss in the year in which they are incurred, irrespective of when the
resulting monetary or financial flow takes place.
Provisions for probable or certain environmental liability, litigation in progress and indemnities or other outstanding obligations of undetermined
amount not covered by insurance policies are recorded when the liability or obligation giving rise to the indemnity or payment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-987": { "value": "
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of lawsuits or litigation of different kinds arising in the course of its business. When such
risks are deemed to be probable,\u00a0 provisions must be booked using the best estimate of the disbursements that are expected to be necessary to
settle the obligations arising from those lawsuits and litigation. These provisions are set out in Note 6.3. When such risks are less likely to
materialize, contingent liabilities arise. No significant liabilities are envisaged to have a material adverse effect on the Group other than those for
which provisions have already been recognized.
There are also contingent assets, meaning assets that might arise from various proceedings in progress. Assets of this kind are not recognized in
the financial statements unless it is virtually certain that they will materialize, as required by accounting legislation.
There follows a description of the most significant litigation, in terms of the amount, in the Group's various business divisions: This includes those
that may generate both liabilities or assets.
a) Litigation and other contingent liabilities relating to the Toll Road business
Ongoing litigation at December 2023
US Toll roads: NTE 35W
On February 11, 2021 there was a multiple accident on the 35W Managed Lanes toll road in Dallas, Texas involving 133 vehicles and resulting in six
deaths and several people injured.
As a result of this incident, the concession company NTE Mobility Partners Segment 3 LLC, which is 53.66% -owned by Ferrovial, together with
several non-Group US companies, is a party in 29 of the claims that have been filed and are in the early stages of legal proceedings.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling due to the insurance policies in place.
Therefore, no provision has been recorded to date in relation to this risk.
Portugal- Auto-Estradas Norte Litoral, S.A.
The insolvency estate of J. Gomes - Constru\u00e7\u00f5es do C\u00e1vado, S.A., (the \u201cJ. Gomes Parent\u201d) filed a civil lawsuit against Cintra Infrastructures SE
(\u201cCISE\u201d) seeking the invalidity of its purchase of shares of Auto-Estradas Norte Litoral, S.A. (\"AENL\u201d) (the \u201cAENL Shares\u201d) by CISE from J. Gomes \u2013
Concess\u00f5es Norte, Unipessoal, Lda. (the \u201cJ. Gomes Subsidiary\u201d), a fully-owned subsidiary of J. Gomes Parent. J. Gomes Parent initiated
proceedings against both CISE and J. Gomes Subsidiary on the basis that the purchase price paid by CISE was lower than the fair market value of
the AENL Shares. J. Gomes Subsidiary is not an insolvent entity (unlike the claimant, J. Gomes Parent). CISE acquired the AENL Shares from J.
Gomes Subsidiary and the rest of the minority shareholders of AENL, paying the same price per share to all shareholders.
The claimant, J. Gomes Parent has requested that (i) CISE return to the claimant (a) the AENL Shares and (b) an amount corresponding to the
total dividends received in connection with those shares since the date on which the sale took place; and (ii) the claimant is allowed to pay a small
fraction of the price received by the J. Gomes Subsidiary from CISE for such AENL Shares, with the remainder of the price to be claimed by CISE as a
common creditor under the J. Gomes Parent insolvency proceedings.
The Company estimates the value of the claim, including accrued legal interest, that although not yet claimed, may be requested in connection
with the proceedings by J. Gomes Parent, to be an amount under EUR 10 million.
The Company believes, after consultation with external legal advisors, that its position is reasonable and therefore has not recorded a provision in
relation to this risk.
Litigation ended during or before 2023
Court proceedings instigated by the financial institutions of the
Radial 4 project:
In June 2013 a group of financial institutions forming part of the banking syndicate financing the Radial 4 project commenced court proceedings
in Madrid Court of First Instance No. 61 against the shareholders of the concession company, Cintra Infrastructures, SE and Sacyr Concesiones, S.L.
The concession shareholders had guaranteed a contingent capital contribution upon occurrence of certain events set forth in the relevant project
financing agreement.
Specifically, the group of financial institutions sought enforcement of a EUR 23 million corporate guarantee put in place by the shareholders (of
which Cintra Infrastructures, SE\u2019s proportional share is EUR 14.95 million), on the grounds of an alleged breach of certain financial agreement
ratios.
Madrid Court of First Instance No. 61 dismissed the lawsuit, declaring the lack of legal standing of the bank syndicate to request an enforcement of
such guarantee. The bank syndicate then lodged an appeal before the Madrid Provincial Court, which was also dismissed by the court that upheld
the Madrid Court of First Instance No. 61 judgement. The group of financial institutions decided to lodge an extraordinary appeal for procedural
infringement before the Spanish Supreme Court, which the court admitted. As a result, the Madrid Provincial Court heard and reviewed the merits
of the case. The Madrid Provincial Court upheld the appeal lodged by the bank syndicate.
Following the Madrid Provincial Court\u2019s resolution in favor of the group of financial institutions, Cintra Infrastructures, SE and Sacyr Concesiones,
S.L. filed a cassation appeal with the Spanish Supreme Court on December 10, 2020.
On October 23, 2023 Cintra Infrastructures SE received the Supreme Court\u2019s Decision dismissing the cassation appeal filed on December 10, 2020.
Such dismissal rendered the Madrid Provincial Court\u2019s resolution final and binding. As a consequence, on November 15, 2023 Cintra
Infrastructures, SE paid EUR 14.95 million plus EUR 6.38 million in accrued interest, that were totally provided for. At present, only the legal costs
requested by the defendants remain outstanding.
b) Litigation relating to the Construction business
The Construction Division is involved in several ongoing legal proceedings, relating principally to potential construction defects in the building
work it has completed and claims for civil liability. As indicated in Note 6.3, as of December 31, 2023 and 2022, respectively, provisions amounting
to EUR 68 million and EUR 68 million had been recorded globally, in relation to these proceedings, with the provisions recorded for each lawsuit
not exceeding EUR 10 million. The provision for each of the lawsuits corresponds to the best estimate made by Ferrovial on the possible impact of
the same.
Below is a description of the most relevant lawsuits in terms of amount.\u00a0
Ongoing litigation at December 2023
Construction business Spain:
In 2019, the Spanish National Markets and Competition Commission (CNMC) initiated penalty proceedings against Ferrovial Construcci\u00f3n, S.A. and
other construction firms for alleged anti-competitive behavior.
On July 6, 2022, the CNMC issued a resolution finding that Ferrovial Construcci\u00f3n S.A. had committed a \u201cvery serious infringement\u201d of Article 1 of
Law 15/2007, of July 3,2007, on the Defense of Competition and Article 101 of the European Union Treaty and imposing a fine of EUR 38.5
million.
Ferrovial Construcci\u00f3n, S.A. filed a contentious-administrative appeal against the CNMC\u2019s resolution in the Spanish National High Court on
October 4, 2022. The claim also requested a precautionary measure staying enforcement.
On December 9, 2022 the Spanish National High Court agreed to suspend the resolution issued by the CNMC\u2019s Competition Court, pending its
decision on the contentious-administrative appeal.
The Group considers the outcome of this lawsuit is unlikely to be unfavorable and therefore no amount has been provisioned in this respect.
D4R7 project (Slovakia)
There are two proceedings under way:
Criminal Investigation for Alleged Environmental Risks and Damage in Connection with the Exploitation of Plots of Land in J\u00e1no\u0161\u00edkov\u00e1.
In June 2019, by the Provincial Headquarters of the National Police in Bratislava (Slovakia) initiated a criminal investigation ex officio against
D4R7 Construction s.r.o., the joint venture established to carry out the D4R7 toll road construction project in Bratislava, which was formed by
Ferrovial and PORR (with 65% and 35% stakes in the joint venture, respectively). The grounds for the investigation are alleged environmental
risks and damage, as defined in the Slovakian Criminal Code, due to an alleged failure to obtain the necessary permits to excavate dirt from two
plots of land in J\u00e1no\u0161\u00edkov\u00e1, Slovakia. The alleged damages were quantified at EUR 8.7 million.
The two plots requiring the environmental permits do not form part of the toll road site layout, although materials extracted from the plots were
used to construct the project pursuant to agreements with the owners, who incurred no environmental damage. The excavation work, which also
included obtaining the property owners\u2019 consent, as well as the necessary environmental permits to extract the dirt material, was subcontracted
to a local company specialized in this type of work.
The investigation is ongoing and several people have been charged and a variety of defense submissions in response to said alleged charges and
expert reports have been submitted by the Slovakian authorities, as the investigator/prosecutor, and by the joint venture, as the investigated
party/defendant. The last expert report in connection with the investigation was submitted by the joint venture in December 2022, after which the
prosecutor submitted the investigation file to the court. Upon review, the court will decide whether there is sufficient evidence to support the
allegations and if all legal requirements have been met to set the case for trial or otherwise will revert the investigation file to the prosecutor\u2019s
office for further investigation.
The Group considers improbable that the investigation will give rise to risk and, therefore, no provision has been set aside with respect to this
dispute.
Criminal Investigation for Alleged Hazardous Substances and Environmental Damage in Connection with the Exploitation of Plots of Land in
Blatn\u00e1 na Ostrove
On June 2, 2023, the Presidium of the Police Force for the National Center of Special Types of Criminality, the division investigating hazardous
substances and environmental crimes, filed charges against D4R7 Construction s.r.o. for an alleged crime of \u201cendangering and damaging the
environment\u201d in violation of Section 300(1) of the Slovak Criminal Procedure Code. The charges allege that, between May and December 2018,
D4R7 Construction s.r.o. caused environmental damage quantified at EUR 6,6 million on certain protected parcels of land located in Blatn\u00e1 na
Ostrove by extracting more than 200,000 tons of dirt without a permit. The excavation work, as well as the necessary environmental permits to
extract the dirt material, was subcontracted to a local company specialized in this type of work. A hearing date has not yet been set. D4R7 disputes
these charges and intends to file a timely response.
The Group considers improbable that the investigation will give rise to risk and, therefore, no provision has been set aside with respect to this
dispute.
FBSerwis (Poland)
On February 1, 2023, the President and Vice-President of the Management Board of FBSerwis, S.A., a subsidiary of Budimex,\u00a0 were detained in
Warsaw, Poland, by the Polish Central Anticorruption Office. According to the information provided publicly by the Polish National Prosecutor's
Office, the arrests were related to a broader investigation for alleged tax fraud and money laundering, invoice forgery, and bribery. According to
these public sources, over a dozen people have been detained as part of the ongoing proceedings, including three employees of FBSerwis, S.A.. On
March 28, 2023, the supervisory board of FBSerwis, S.A. decided to dismiss the president and vice-president of the management board from said
management board. FBSerwis, S.A. has therefore terminated their employment contracts. The investigation is ongoing and FBSerwis S.A. is
cooperating with the authorities.
FBSerwis S.A.\u2019s management board does not presently identify any significant risk for its operations. In addition, it commissioned an independent
law firm to investigate any irregularities related to the above-mentioned events. This investigation is now concluded.
In May 2023, the supervisory board named a new president of the management board.\u00a0
The management board of FBSerwis, S.A. has established an internal control office to monitor compliance with its policies and procedures, which
have been reviewed and improved in 2023.
Considering the above, the management board of FBSerwis,S.A. believes that, at present, there is no need to make adjustments to the financial
statements in connection with these events. In the opinion of the external legal counsel engaged by FBSerwis S.A., the risk that the company could
be held liable for the events under investigation is remote and is not expected to exceed EUR 1 million. Therefore, as of 31 December 2023 we have
not recognized a liability in our financial statements in relation to this matter.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (ANI) of Colombia imposed a fine for project delays on the concessionaire for the Ruta del
Cacao project,\u00a0 Concesionaria Ruta del Cacao, S.A.S. The fine flows on a \u201cback-to-back\u201d basis to Consorcio Ferrocol Santander (CJV), the entity
responsible for the construction of the project and in which Ferrovial Construcci\u00f3n has a 70% stake. The fine amounts to approximately USD 15
million and has been appealed.\u00a0 The delay that triggered the fine relates to the completion of segment 8 (UF8) of the project and was caused by
unforeseeable geological conditions in the terrain that have resulted in multiple landslides. These conditions constitute unforeseen conditions
that are contractually beyond the responsibility of the concessionaire, and consequently the CJV, under the concession contract with ANI. The
concessionaire and CJV have initiated several proceedings seeking the nullity of the imposed fines as well as a declaration of force majeure due to
said unforeseeable geological conditions. If either proceeding is successful, the fines would be rendered void. The impact of this delay and the
associated costs have been considered in the provision for future losses in 2023 relating to this project.
I-66 and I-285 projects (USA)
In 2015, Georgia\u2019s Department of Transportation awarded the design and construction of the I-285/SR-400 improvement project to North
Perimeter Contractors, LLC whose sole member is Ferrovial Construction US Corp.
In 2016, FAM Construction, LLC (in which Ferrovial Construction US Corp. holds a 70% interest and Allan Myers VA holds a 30% interest) was
awarded the design and construction of the Interstate 66 Outside the Beltway project.\u00a0
These design-build projects are near completion but have incurred losses due to unforeseen events beyond the above contractors\u2019 control,
including due to the impact of the Covid-19 pandemic, client-directed scope changes, and weather events, among others. The above contractors
have accordingly initiated upstream\u00a0 claims proceedings to recover part of the costs incurred. The claims have thus far been denied, and the
respective contractors have accordingly initiated claim proceedings to recover the incurred losses.
These claims have been considered in the calculation of the group\u2019s future loss provisions in accordance with IFRS 15.
c)\u00a0 Tax-related litigation
Ongoing litigation at December 2023:
As indicated in Note 6.3, Ferrovial has provisions for taxes recognized in its balance sheet for a total amount of EUR 85 million, EUR 200 million
and EUR 209 million at\u00a0 December 31, 2023, 2022 and 2021 respectively.
These provisions relate essentially to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
207 million, EUR 332 million and EUR 333 million for 2023, 2022 and 2021 respectively, the most significant amounts relating to corporate income
tax and VAT for the periods 2002 to 2017.
Tax proceedings relating to the amortization for tax purposes of financial goodwill on the acquisitions of Amey and Swissport
The most noteworthy litigation is the proceedings related to the amortization for tax purposes of financial goodwill on the acquisitions of Amey
and Swissport. On September 27, 2023, the European General Court issued a ruling overturning the European Commission\u2019s October 15, 2014,
decision, which considered the Spanish tax depreciation of financial goodwill with respect to the indirect acquisition of non-resident companies to
be \u201cstate aid\u201d incompatible with the EU Treaty. The European General Court\u2019s ruling upheld the appeals of Spain and several Spanish companies,
including Ferrovial, and found that the European Commission\u2019s decision violated the principles of legal certainty and protection of legitimate
expectations. The ruling was subject to appeal by the European Commission before the Court of Justice of the European Union.
On December 14, 2023 the European Commission logged its appeal against this ruling before the Court of Justice of the European Union
(C-780/23 P). The proceeding is currently ongoing.
As the Group considers there are sound grounds supporting its procedural stance in this proceeding, no provision has been recorded as of
December 31, 2023. However, if the final ruling is unfavorable there will be an adverse effect of EUR 87.6 million on the Group's income statement
in relation to additional Spanish Corporate Income Tax for 2002 to 2022. The maximum amount payable in connection with a potential
unfavorable result would be EUR 42 million, as the remainder has already been settled by the Group. In case of a favorable ruling the Spanish Tax
Agency must refund the initially claimed and paid amounts (EUR 45.6 million).
Unconstitutional Royal Decree-Law 3/2016
On January 18, 2024, the Spanish Constitutional Court announced its ruling related to Royal Decree-Law 3/2016 (RDL 3/2016), on tax measures
aimed at the consolidation of public finances, which amended corporate income taxation by limiting the offsetting of net operating losses (25%
current limit versus 70% previous to RDL 3/2016), establishing limits on the application of double taxation deductions and forcing the inclusion in
the tax base of impairment losses on portfolio investments deducted in previous years.
The Spanish Constitutional Court ruling, officially published on February 20, 2024, resolves that the use of the Royal Decree-Law is not suitable
for amending the essential elements of Corporate Income Tax (CIT), and this practice infringes constitutional requirements. Based on the
aforementioned grounds, the Spanish Constitutional Court overturned the RDL 3/2016, which is considered null and void. The Company filed
several lawsuits with respect to its CIT assessment for tax years 2016 through 2023 based on the same argument.
As a result of the Spanish Constitutional Court ruling, the Company believes it is likely it will obtain a favorable ruling, with the expected amount
to be recovered by the Group in relation to years 2016 to 2023 amounting to EUR 37 million. The Company has not recorded any impact in its2023
consolidated financial statements as the RDL 3/2016 was not overturned at December 31, 2023 and, according to IAS 37.35, contingent assets are
only accounted for if its recoverability has become virtually certain in the year. The total expected effect would impact the Company\u00b4s 2024
consolidated financial statements.
The Company estimates an additional EUR 49 million positive impact of this ruling on its tax-loss recoverability analysis for years beyond 2023,
which would also impact the Company\u00b4s 2024 consolidated financial statements. Any change in legislation may have an impact in this estimate.
Litigation ended during or before 2023
Settlement resolution arising from the tax assessment of 2006 Spanish Corporate Income Tax
The Company had an ongoing dispute in connection with the Group\u2019s 2006 Spanish CIT assessment pertaining to the application of a deduction
for export activities relating to an investment made to acquire the ownership interest in the former BAA (now Heathrow Airport Holding Limited).
The Group filed a cassation appeal with the Spanish Supreme Court against the settlement resolution arising from the Spanish tax authority\u2019s tax
assessment raised on Ferrovial\u2019s 2006 Spanish CIT. The Group had recorded a provision of EUR 119.2 million as of December 31, 2022. On
September 12, 2023, the Spanish Supreme Court ruled in favor of Ferrovial.
The ruling resolves the dispute and declares the tax audit assessment null and void, therefore the provision registered in the financial statements
was released in 2023, affecting financial results and income tax.
6.5.2. Guarantees
a) Bank guarantees and other guarantees issued by insurance companies
In the course of business, the Group is exposed to possible risks the materialization of which is uncertain, relating to liability under the various
contracts entered into in its business divisions.
The Group obtains bank guarantees and other guarantees issued by insurance companies to cover such liabilities. At December 31, 2023, the
balance amounted to EUR 8,533 million (EUR 8,093 million in 2022).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2023
Dec. 2022
Construction
7,013
6,067
Toll Roads
404
642
Airports
799
1,044
Energy and mobility infrastructures
66
81
Other
251
258
Total continuing operations
8,533
8,093
TOTAL
8,533
8,093
The EUR 8,533 1 million, by type of instrument, relate to: i) EUR\u00a0 3,358 million of bank guarantees; ii) EUR 4,507 million of guarantees provided by
bonding agencies and iii) EUR 668 million of bank guarantees provided by insurance companies.
These guarantees cover the liability to customers for the proper performance of construction or services contracts involving Group companies; the
guarantee would be enforced by the customer were a project not carried out.
Despite the significant amount of these guarantees, the impact that might arise is very low, since the Group Companies perform contracts in
accordance with the terms and conditions agreed upon with the customers and recognize provisions within the results of each contract for
potential risks that might arise from performance thereof (Note 6.3).
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 796 million secures
commitments to invest in the capital of infrastructure project companies, mainly, in JFK-NTO (Note 6.5.3).
b) Guarantees given by Group companies for other Group companies
As indicated previously, guarantees are generally given among the Group companies to cover third-party liability arising from contractual,
commercial or financial relationships.
Although these guarantees do not have any effect at the Group\u2019s consolidated level, there are certain guarantees provided by ex- infrastructure
project companies to infrastructure project companies (Note 1.1.2.) which should be noted due to the classification of project borrowings as
without recourse to the shareholders or with limited recourse to the guarantees provided (see b.1 contingent capital guarantees).
Other guarantees have also been given to equity-accounted companies (see b.2. below).
b.1) Guarantees provided by ex-infrastructure project companies to infrastructure project companies to secure borrowings, which could
give rise to future additional capital disbursements should the guaranteed events take place (contingent capital guarantees).
Two types of guarantees are given by ex-infrastructure project companies to infrastructure project companies:
\u2022 Guarantees securing the proper performance of construction and service contracts (Note 6.5.2.a).
\u2022 Guarantees related to risks other than the correct performance of construction and service contracts, which could give rise to future additional
capital disbursements should the guaranteed events take place (some of which are also included in note 6.5.2.a) because they are bank
guarantees).
The latter guarantees are explained in further detail in this section since, as mentioned in Note 5.2. on cash and cash equivalents and borrowings,
infrastructure project company borrowings are without recourse to the shareholders or with limited recourse to the guarantees provided and,
therefore, it is relevant to distinguish the guarantees which, should the guaranteed event occur, could be enforced and lead to payments to the
infrastructure project companies or the holders of their debt, other than the committed capital or investment mentioned in Note 6.5.3. They are
referred to as contingent capital guarantees.
The detail, by beneficiary company, purpose and maximum amount, of the outstanding guarantees of this nature at December 31, 2023 relating
to fully consolidated infrastructure project companies is as follows. It should be noted that the following amounts relate to Ferrovial:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2023
Conc. Prisiones Lledoners
Technical guarantee to repay amounts to the bank in the event of termination of
the contract. Does not cover insolvency (default) or breach by the awarding entity
64
GUARANTEES FOR CONSTRUCTION PROJECTS
64
I-66
Guarantee covering project cost overruns.
15
GUARANTEES FOR TOLL ROAD PROJECTS
15
Centella
Bank guarantees to cover the achievement of various milestones and payment of
any fines during the initial execution period. PCG to cover the liquidity gap up to EUR
20 million
35
GUARANTEES FOR ENERGY AND MOBILITY PROJECTS
35
Dalaman
Bank guarantee to cover the debt ratios
6
AIRPORT PROJECT GUARANTEES
6
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
120
The detail of the amounts of the guarantees, in relation to the financing of the equity-accounted infrastructure projects and, accordingly, the
borrowings of which are not included in the Group's consolidated financial statements is as follows.\u00a0
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2023
Serrano Park (Cintra)
Guarantee covering repayment of borrowings
3
Extensi\u00f3n ETR
Guarantee covering project cost overruns.
15
407 EXT PHASE II
Guarantee covering project cost overruns.
8
TOTAL GUARANTEES FOR EQUITY-ACCOUNTED INFRASTRUCTURE PROJECT COMPANIES
26
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
The \u201cThalia\u201d Group operates four waste treatment plants generating energy during the process in the UK. The plants are run under construction
and operation concessions granted by the local authorities. Each of these plants (Cambridge, North York, Milton Keynes and Isle of Wight) are in
operation with the energy recovery facility of Isle of Wight in the commissioning phase. The four concessions contracts represent the majority of
our waste management operations and expire between 2033 and 2042. Other current waste management contracts expire earlier, starting in
2024.
The plants were being operated by Thalia, which was still part of the Amey Group, so the contractual commitments were secured by Amey and by
Cespa (Prezero nowadays), the parent company of the waste treatment business in Spain that was sold to a third party in 2021. Thalia\u2019s assets
were excluded from the scope of the Amey sale. As the Amey sale was completed in December 2022, those assets had already been transferred
within the Ferrovial Group. In parallel, the guarantees securing fulfillment of commitments relating to the assets are expected to be transferred to
other Group companies in 2024.
The guarantees given by various Group companies total GBP 358 million (GBP 322 million in 2022). The guarantee may be unlimited in certain
specific scenarios involving fraud, willful misconduct or abandonment of the asset.
In recent years, the plants have had issues in both the construction phase and the commissioning and operation phase, particularly in the case of
Milton Keynes and the Isle of Wight. At year-end 2023, the Group recognized a provision for future losses covering these plants in the amount of
GBP 40 million (GBP 61 million as of December 31, 2022). The provision does not include structural costs of the business estimated at GBP 8
million per annum.
b.3) Guarantees given in divestment processes
The sale agreements entered into during the divestment of the former Services Division include various guarantees given to the buyers in
connection with a number of potential lawsuits or litigation in progress on the transaction dates.
Guarantees that met the relevant requirements of accounting legislation (IAS 37) were provisioned at the year-end. These provisions amount to
EUR 22 million.
The main guarantees are as follows:
Litigation relating to the penalty proceedings opened by the Spanish National Markets and Competition Commission (CNMC) in relation to the road
maintenance sector (see point 6.5 of the 2021 Ferrovial consolidated financial statements):
In July 2019, the CNMC initiated penalty proceedings against Ferroser Infraestructuras, S.A. (currently Serveo Infraestructuras S.A.), as well as
against other companies in the sector, due to alleged anti-trust practices during tendering for maintenance and operations services for the State
Road Network, arranged by the Ministry of Public Works.
In August 2021, notice was received of a Resolution by the CNMC\u2019s Board declaring a very serious infringement of Article 1 of the Spanish
Competition Law (LDC) and Article 101 of the Treaty on the Functioning of the European Union (TFUE). The Board imposed a fine of EUR 5.7
million.\u00a0
A contentious-administrative appeal has been filed against the resolution at the National High Court. In December 2021, notification was received
of the admission of the appeal. On February 22, 2022, notification was received of the decision to suspend the penalty resolution in relation to
both the fine and the prohibition on contracting. The appealed was suspended on May 10,2022.
Ferroser Infraestructuras, S.A. (now Serveo Infraestructuras, S.A.) is one of the companies sold as a result of the divestment of the infrastructure
maintenance business in Spain completed on January 31, 2022 and is therefore no longer controlled by Ferrovial, S.A.
Ferrovial gave a guarantee of EUR 6 million to the buyer in relation to this lawsuit, though for a limited period. This amount has been provisioned.
Tax Proceedings
Guarantees have been granted to PREZERO in connection with various ongoing tax proceedings. The amount of the guarantees, which have been
provisioned, amounts to EUR 5.9 million.
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6.5.3. Commitments
As described in Note 1.1, the infrastructure projects are performed through long-term contracts where the concession operator is a company in
which the Group has interests, either alone or together with other partners, and the borrowings necessary for financing the project are allocated
to the project itself, without recourse to the shareholders or with recourse limited to the guarantees provided, under the terms set forth in Note
5.2. From a management viewpoint, Ferrovial takes into account only the investment commitments relating to project capital, since the
investment in the assets is financed by the project company\u2019s borrowings.
a) Investment commitments
The investment commitments undertaken by the Group in relation to the capital contribution in infrastructure projects amount to EUR 850 million
(EUR 1,163 million in December 2022). The decrease during the year 2023 is explained primarily by the investments made by Ferrovial to
contribute capital to the new Terminal One at New York\u2019s JFK Airport and US Toll Roads. The investment commitments to the new Terminal One
at New York\u00b4s JFK Airport at December 31, 2023 amount to EUR 768 million\u00a0 (EUR 1,013 million in December 2022). This reduction related to the
investment commitments has been partially offset by an increase in capital committed to the Energy and Mobility business due to new
transmission projects in Chile.
A breakdown of the Group\u2019s commitments to investment in infrastructure project company capital is as follows:
\u00a0
(Million euro)
2024
2025
2026
2027
2028
2028 AND
BEYOND
TOTAL
Toll Roads
12
0
0
0
0
0
12
Energy and Mobility
9
13
17
0
0
3
42
INVESTMENTS IN FULLY- CONSOLIDATED INFRASTRUCTURE PROJECT
COMPANIES
21
13
17
0
0
3
54
Toll Roads
0
27
0
0
0
0
27
Airports
459
242
67
0
0
0
768
Construction
1
0
0
0
0
0
1
INVESTMENTS IN EQUITY- ACCOUNTED INFRASTRUCTURE PROJECT
COMPANIES
460
269
67
0
0
0
796
TOTAL INVESTMENTS
IN INFRASTRUCTURE PROJECT
COMPANIES
481
282
84
0
0
3
850
Under the AGS refinancing agreement described in Note 5.4.c.v, Ferrovial also committed to inject up to GBP 15 million into AGS (50% share
capital - 50% debt) subject to the fulfillment of certain liquidity conditions to the maturity date of the loan in 2024.
In addition, commitments were made to invest up to EUR 41 (EUR 53 million in December 2022) million in companies in which Ferrovial holds non-
controlling interests that are engaged in innovation projects related primarily to energy and mobility.
b) Environmental commitments
Any operation undertaken mainly to prevent, reduce or repair damage to the environment is treated as an environmental activity.
Costs incurred to protect and improve the environment are taken to profit or loss in the year in which they are incurred, irrespective of when the
resulting monetary or financial flow takes place.
Provisions for probable or certain environmental liability, litigation in progress and indemnities or other outstanding obligations of undetermined
amount not covered by insurance policies are recorded when the liability or obligation giving rise to the indemnity or payment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-990": { "value": "
6.7. REMUNERATION OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT
6.7.1.\u00a0 Directors\u2019 remuneration in their capacity as such (i.e. for their membership of the Board)
Under the Company\u2019s current remuneration scheme, regulated by Article 8.5 of its Articles of Association, the Annual General Meeting determines
the maximum annual remuneration for all the members of the Board of Directors.
The Directors\u2019 Remuneration Policy adopted by the Company\u2019s General Meeting on June 13, 2023 (as also approved by the General Meeting of
Ferrovial, S.A. held on April 13, 2023), which came into effect upon completion of the merger between Ferrovial, S.A. and Ferrovial International
SE (renamed Ferrovial SE), fixed the overall maximum annual amount of Directors\u2019 remuneration at EUR 1,900,000 for the duration of the
Policy.
Directors\u2019 remuneration comprises: (i) a fixed allocation, a part of which is paid on a quarterly basis and the remainder (complementary fixed
allocation) in a single payment at the end of the financial year; and (ii) attendance fees for actual attendance at Board and Committee meetings.
Remuneration is linked to the functions and responsibilities assigned to each Director, membership of Board committees and other objective
circumstances that the Board of Directors deems relevant, thereby ensuring their long-term independence and commitment.
On the same date these financial statements are approved, the Board of Directors approves a Remuneration Report which is published on the
Company\u2019s website as part of the Management Report. The report describes in greater detail aspects of the Company's remuneration policy
applicable in the current year, providing an overview of how it has been applied in\u00a0 2022 . The table below shows the itemized remuneration of the
members of the Board of Directors in their capacity as such accrued during 2023 and 2022.
Should more meetings be held than initially envisaged or, for any other reason, the total and joint maximum annual amount is exceeded, the
difference is firstly deducted from the amount of the complementary fixed allocation proportionally for each Director proportionally to his/her
condition. In accordance with the resolutions adopted by the Board of Directors, if the amount of the attendance fees plus the amount of fixed
components does not reach the said maximum annual figure, the difference will be distributed among the Directors on a pro rata basis according
their period of office during the year, if the Board so determines. This distribution was carried out in 2022 and 2023, adding the amount to the
complementary fixed allocation.
The difference between the amounts of attendance fees and complementary fixed allocation in 2023 and 2022 is explained by the fact that: (i)
there were more meetings in 2023 than in 2022; y (ii) the amount distributed to the Directors as described in the last two sentences of the previous
paragraph was higher in\u00a0 2022.
This table does not include remuneration received by the Executive Directors for discharging executive duties at the Company, as described in Note
6.7.2.
2023
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino Calvo-Sotelo
35
119
99
253
Oscar Fanjul Mart\u00edn
35
86
87
208
Ignacio Madridejos Fern\u00e1ndez
35
60
53
148
Mar\u00eda del Pino y Calvo-Sotelo
35
57
53
145
Jos\u00e9 Fernando S\u00e1nchez-Junco Mans
35
66
53
154
Philip Bowman
35
55
53
143
Hanne Birgitte Breinbjerg Sorensen
35
47
53
135
Bruno Di Leo
35
55
53
143
Juan Hoyos Mart\u00ednez de Irujo
35
60
53
148
Gonzalo Urquijo Fern\u00e1ndez de Araoz
35
62
53
150
Hildegard Wortmann
35
42
53
130
Alicia Reyes Revuelta
35
55
53
143
TOTAL
420
764
716
1,900
(a) Includes the amount of the difference up to the maximum annual amount of the 2022 compensation distributed pro rata among the Directors.
(*) The amounts shown are rounded.
2022
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino Calvo-Sotelo
35
103
107
245
Oscar Fanjul Mart\u00edn
35
73
96
204
Ignacio Madridejos Fern\u00e1ndez
35
51
61
148
Mar\u00eda del Pino y Calvo-Sotelo
35
51
61
148
Jos\u00e9 Fernando S\u00e1nchez-Junco Mans
35
58
61
154
Philip Bowman
35
47
61
143
Hanne Birgitte Breinbjerg Sorensen
35
41
61
137
Bruno Di Leo
35
49
61
146
Juan Hoyos Mart\u00ednez de Irujo
35
51
61
148
Gonzalo Urquijo Fern\u00e1ndez de Araoz
35
54
61
150
Hildegard Wortmann
35
36
61
132
Alicia Reyes Revuelta
35
47
61
143
TOTAL
420
662
818
1,900
(a) Includes the amount of the difference up to the maximum annual amount of the 2022 compensation distributed pro rata among the Directors.
(*) The amounts shown are rounded.
6.7.2. Individual executive directors\u00b4 remuneration
a) Remuneration accrued in\u00a0 2023, 2022 and 2021
In 2023, the following remuneration accrued to the executive directors for the performance of their functions, irrespective of the remuneration
referred to in the preceding section.
2023
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,313
2,813
Variable remuneration
2,809
1,926
4,735
Life insurance premiums
10
5
15
Other remuneration in kind
3
13
16
Plans linked to shares (1)
795
795
1,590
Total 2023
5,117
4,052
9,169
*Remuneration as executive directors
(1) In March 2023, a number of shares equivalent to the level of completion of the units allocated in 2020 were delivered, after the relevant withholdings had been made. The Spanish Regulator,
the CNMV, was notified of the shares received by Rafael del Pino and by Ignacio Madridejos on 13/3/2023 and 9/3/2023, respectively (at that time, Ferrovial shares were only\u00a0 traded on the
Spanish Stock Exchanges)
(2) EUR 1,150 thousand until June 15, 2023 and EUR 1,450 thousand from June 16, 2023 onwards.
The 2022 information is shown in the following table:
2022
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,150
2,650
Variable remuneration
2,609
1,538
4,147
Life insurance premiums
10
5
15
Share plans (1)
883
183
1,066
Total 2022
5,002
2,876
7,878
*Remuneration as executive directors
(1) In March 2022, a number of shares equivalent to the level of completion of the units allocated in 2019 were delivered, after the relevant withholdings had been made. The CNMV was notified
of the shares received by Rafael del Pino and by Ignacio Madridejos on 21/3/2022 and 17/3/2022, respectively.
(2) In 2022, the amount of EUR 8 thousand was allocated to Ignacio Madridejos as remuneration in kind relating to a company car.
The 2021 information is shown in the following table:
2021
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
IGNACIO MADRIDEJOS
(2)
TOTAL
Fixed remuneration
1,500
1,100
2,600
Variable remuneration
2,275
1,283
3,558
Life insurance premiums
9
4
13
Share plans (1)
490
0
490
Total 2021
4,274
2,387
6,661
*Remuneration as executive directors
(1)In March 2021, a number of shares equivalent to the level of completion of the units allocated in 2018 were delivered, after the relevant withholdings had been made. The CNMV was notified on
22/3/2021.
(2) In 2021, the amount of EUR 8 thousand was allocated to Ignacio Madridejos as remuneration in kind relating to a company car
b) Share-based remuneration schemes
There follows a breakdown of the share-based remuneration schemes linked to objectives, entitlement to which has not yet vested:
EXECUTIVE DIRECTORS\u2019 PLAN AT 31.12.2023
UNITS
NO. OF VOTING RIGHTS
%\u00a0 NO. OF VOTING RIGHTS
Rafael del Pino y Calvo-Sotelo
2021 allocation
67,500
67,500
0.009%
2022 allocation
56,400
56,400
0.008%
2023 allocation
50,680
50,680
0.007%
Ignacio Madridejos Fern\u00e1ndez
2021 allocation
67,500
67,500
0.009%
2022 allocation
56,400
56,400
0.008%
2023 allocation
69,925
69,925
0.009%
6.7.3. Pension funds and plans of life insurance premiums
As in 2022, no contributions were made in 2023 to pension plans or funds for former or current members of the Company\u2019s Board of Directors or
for directors of the Company who are members of other Boards of Directors and/or senior managers of Group companies and associates. No such
commitments were made during the year.
As regards life insurance premiums, the Company has insurance policies covering death (for which premiums totaling EUR 15 thousand were paid
in 2023; EUR 15 thousand in 2022), under which the executive directors are beneficiaries. No life insurance premiums were paid for Company
directors who are members of other Boards of Directors and/or senior managers of Group companies or associates.
Lastly, the Company has arranged a third-party liability insurance policy covering the directors and managers of the Group companies parented
by the Company. The insured parties include the Company\u2019s directors. The premium paid in 2023 under the aforementioned insurance policy
amounted to EUR 1,073 thousand (EUR 1,097 thousand in 2022).
6.7.4. Advances and loans
At 31 December 2023, no advances or loans had been granted by the Company to the directors in their capacity as such or as members of other
Boards of Directors or senior managers of Group companies or associates.
6.7.5. Senior management remuneration
The overall remuneration accrued to the Company\u2019s senior managers in\u00a0 2023 is analyzed below (*):
SENIOR MANAGEMENT REMUNERATION (Thousand euro) (*)
2023
2022
Fixed remuneration
5,094
4,755
Variable remuneration
5,534
4,822
Performance-based share plan
1,934
1,629
Remuneration as members of administrative bodies of other Group companies, jointly-controlled entities or associates
33
32
Insurance premiums
19
19
Other (1)
486
0
Other (2)
533
0
Total
13,633
11,257
(1)\u00a0 Separation of members of the Non-Management Committee in 2023 (amount subject to personal income tax).
(2)\u00a0 Expatriates\u00b4 payments
(*) The average remuneration of senior management is not broken down by gender in order to preserve the confidentiality of remuneration, as there are two women in this group.
The remuneration shown corresponds to the holders of the following positions: General Secretary, Chief Financial Officer, Chief Human Resources
Officer, Chief Construction Officer, Chief Airports Officer, Chief Toll Roads Officer, Chief Energy and Mobility Infrastructure Officer, Chief
Information and Innovation Systems Officer, Chief Internal\u00a0 Audit\u00a0 Officer, Chief\u00a0 Communications\u00a0 and\u00a0 Corporate Responsibility Officer, Chief
Strategy Officer, Chief Compliance and Risk Officer and Chief Sustainability Officer. The remuneration of the members of senior management
who have been Executive Directors at the same time is not included, since it is indicated in the Note 6.6.2.
The Company has also implemented a \u201cFlexible Remuneration Scheme\u201d, which allows employees to voluntarily change their remuneration
package based on personal needs, replacing a portion with certain benefits in kind. These products include a life and retirement savings group
insurance scheme. Participants may request that a portion of their gross annual remuneration be paid by the Company in the form of a premium
under a life and retirement savings group insurance policy. The senior managers requested contributions totaling EUR 71 thousand from the
Company, replacing the remuneration shown in the table above (EUR 39 thousand in 2022).
6.7.6. Other disclosures on remuneration
The agreements between the Company and the senior managers specifically provide for the right to receive the indemnities referred to in Article
56 of the Spanish Labour Statute in the event of unfair dismissal.
In order to encourage loyalty and continuity, a deferred remuneration scheme was granted to ten senior managers, including one executive
director. The scheme consists of extraordinary remuneration that will only be paid in one of the following circumstances:
\u2022 Exit of the senior manager by mutual agreement upon reaching a certain age.
\u2022 Unfair dismissal or exit at the Company\u2019s discretion without cause for dismissal, before the senior manager reaches the age initially agreed, if
the amount exceeds the figure stipulated in the Labour Statute.
\u2022 Death or disability of the senior manager.
\u2022 To cover this incentive, each year the Company makes contributions to a group savings insurance policy under which the Company is both
policyholder and beneficiary. The contributions are quantified on the basis of a certain percentage of each senior manager\u2019s total monetary
remuneration. Contributions made in 2023 amounted to EUR 2,076 thousand (EUR 1,921 thousand in 2022), of which EUR 527 thousand
relates to the executive director (EUR 461 thousand in 2022).
6.8. RELATED-PARTY TRANSACTIONS
Related party transactions are reported following the standards set forth by International Accounting Standard 24 (\u201cIAS 24\u201d). The commercial
transactions between the Company (or the Group companies) and related parties carried out in 2023, 2022 and 2021 are disclosed below, in four
separate categories: a) transactions between Ferrovial and its directors or senior managers; b) transactions between Group companies and the
Company\u2019s directors or senior managers; c) transactions with Group companies and equity-accounted companies; and d) transactions between
Group companies.
Transactions carried out by Ferrovial (or its Group companies) with related parties are entered into in the ordinary course of business and on
normal market terms.
Where the profit or loss from a transaction cannot be disclosed, as it pertains to the provider entity or individual, the transaction is marked with an
asterisk (*).
a) Transactions between Ferrovial and its directors or senior managers
This section includes the transactions between Ferrovial and its directors and senior managers, their close family members, or entities in which one
or the other holds control or joint control. For 2022 and 2021, in accordance with regulations applicable at that time to Ferrovial S.A. (the former
parent company of the\u00a0 Ferrovial Group), this section also includes: (i) transactions with entities in which the executive directors of Ferrovial are
directors or senior managers or the non-executive directors of Ferrovial are executive directors or senior managers, or (ii) entities over which
Ferrovial\u2019s directors could exercise significant influence. For entities mentioned in (i) and (ii) ordinary transactions, made on standard customer
terms and immaterial, are not included.
If the related party\u00a0 were a related party for a part of the year, transactions during that period are disclosed.
There were no transactions of this type for the years ended December 31, 2023, 2022 and 2021.
b) Transactions between subsidiaries of Ferrovial, S.A. and their directors or senior managers
This section includes the transactions between Group companies and Ferrovial\u2019s directors or senior managers, or their close family members or
entities in which one or the other holds control or joint control. For 2022 and 2021, in accordance with regulations applicable at that time to
Ferrovial, S.A.(the former parent company of the Ferrovial Group), this section also includes: (i) transactions with entities in which the executive
directors of Ferrovial are directors or senior managers, or the non-executive directors of Ferrovial are executive directors or senior managers, or (ii)
over which Ferrovial directors could exercise significant influence. For entities mentioned in (i) and (ii) ordinary transactions made on standard
customer terms and immaterial are not included.
If the party related to the Company was a related party for a part of the year, the transactions carried out in that period are disclosed.\u00a0
For the years ended 31 December 2023, 2022 and 2021, the following transactions were carried out with related parties. Only material
transactions are disclosed in 2023.
At December 31, 2023:
(Thousand euro)
NAME/COMPANY NAME
TRANSACTIONS (1)
AMOUNT
PROFIT OR
LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
25
-12
27
Ignacio del Pino Fdez-Fontecha
Services rendered
25
-12
27
Rafael del Pino Fdez-Fontecha
Services rendered
25
-12
27
1 Please see point 2.8.4.1 of the Corporate Governance section on transactions with conflicts of interest, included in the Management Report. It describes two contracts entered into with a Ferrovial
Group company. The first by an entity controlled by the Chairman of the Company and the second by certain close family members of the Chairman. The amounts already invoiced in 2023 under
the latter contract are disclosed in the table above.
At December 31, 2022:
(Thousand euro)
NAME/COMPANY NAME
TRANSACTIONS (2)
AMOUNT
PROFIT OR
LOSS
BALANCE
D. Rafael del Pino y Calvo-Sotelo
Services rendered
2
0
0
D\u00aa. Mar\u00eda del Pino y Calvo-Sotelo
Services rendered
5
1
0
Criu, S.L.
Services rendered
1
0
0
Polan, S.A.
Services received
-12
0
0
Polan, S.A.
Services rendered
17
1
0
At December 31, 2021:
(Thousand euro)
NAME/COMPANY NAME
TRANSACTIONS (2)
AMOUNT
PROFIT OR
LOSS
BALANCE
D. Rafael del Pino y Calvo-Sotelo
Services rendered
7
0
1
D\u00aa. Mar\u00eda del Pino y Calvo-Sotelo
Services rendered
6
1
0
Criu, S.L.
Services rendered
17
1
2
Polan, S.A.
Services rendered
159
1
59
c) Transactions with equity-accounted companies
This section includes the transactions carried out between Group companies and equity-accounted companies entered into in the ordinary course
of business and on normal market terms
(Million euro)
2023
2022
2021
Services received
-3
-2
0
Services provided
111
89
632
Net financial expenses/Income
28
22
14
Payables to related parties
23
28
21
Receivables from related parties
294
252
203
d) Transactions between Group companies
This section includes the transactions carried out between the Group companies in the ordinary course of business, in terms of purpose and
conditions, and were not eliminated on consolidation for the following reason.
As explained in detail in Note 1.3.2., balances and transactions relating to construction work performed by the Construction Division for the Group's
infrastructure concession operators are not eliminated on consolidation since, at the consolidated level, contracts of this type are classed as
construction contracts in which the work, while being executed, is deemed to be performed for third parties, as the ultimate owner of the works is
the awarding entity from both a financial and a legal viewpoint.
In 2023 Ferrovial\u2019s Construction Division billed those concession operators for EUR 375,680 thousand (EUR 865,487 thousand in 2022 and EUR
955,920 thousand in 2021), for work performed and related advance payments and, in this respect, recognized sales for that construction work
totaling EUR 489,259 thousand (EUR 1,030,639 thousand in\u00a0 2022 and EUR 1,016,628 thousand in\u00a0 2021).
In 2023 the profit from these transactions attributable to the Company\u2019s holdings in the concession operators in question and not eliminated on
consolidation, net of taxes and non-controlling interests, was EUR -34,942 thousand. In 2022, this amounted to EUR -60,507 thousand and in
2021, this amounted to EUR 5,748 thousand.
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
CONTINUING OPERATIONS
CORPORATION
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
67
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
13
1
Ferrovial Corporaci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
5
1
Ferrofin, S.L. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
52.0%
24
1
Ferrofin, S.L. (a)
Ferrovial SE
48.0%
22
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
7
Ferrovial 001, S.A. (a)
Ferrovial SE
100.0%
0
Ferrovial 008, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 009, S.L.U (a)
Ferrovial SE
100.0%
0
Ferrovial 011, S.A
Ferrovial SE
100.0%
0
Ferrovial 012, S.A
Ferrovial SE
100.0%
0
Ferrovial 013, S.A
Ferrovial SE
100.0%
0
Ferrovial 014, S.A
Ferrovial SE
100.0%
0
Ferrovial 015, S.L.
Ferrovial SE
100.0%
0
Ferrovial 016, S.L.
Ferrovial SE
100.0%
0
Ferrovial 017, S.L.
Ferrovial SE
100.0%
0
Ferrovial Venture VI, S.A.U. (a)
Ferrovial SE
100.0%
6
Ferrovial Ventures, S.A.U. (a)
Ferrovial SE
100.0%
15
Pilum, S.A.
P
Ferrovial SE
94.1%
1
UNITED KINGDOM (Registered Office: Oxford)
Ferrocorp UK Ltd.
Ferrovial SE
100.0%
1
1
UNITED KINGDOM (Registered Office: London)
Ferrovial Ventures, Ltd.
Ferrovial SE
100.0%
7
1
Ferrovial Services UK, Ltd.
Ferrovial EG SE
100.0%
0
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
IRELAND (Registered Office: Dublin)
Landmille, Ltd
Ferrovial SE
100.0%
5
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
105
1
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
14
2
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, SE
100.0%
3,228
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: Wilmington)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
5
1
RailBX GmbH
Budimex, S.A.
100.0%
0
1
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sidney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
-4
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil)
Ferrovial Construction International SE
100.0%
1
CANADA (Registered Office: Alberta)
Webber Infrastructure Management Alberta Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
0
CANADA (Registered Office: Markham - Ontario)
Ferrovial Construction CANADA Inc.
Ferrovial Construction International SE
100.0%
66
1
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada Holdings Ltd
100.0%
11
Webber Infrastructure Management Ontario Limited
Webber Infrastructure Management Canada Holdings Ltd
100.0%
30
CANADA (Registered Office: Toronto)
Webber Infrastructure Management Canada Holdings Ltd
Ferrovial Construction International SE
100.0%
6
5
CHILE (Registered Office: Santiago de Chile)
Constructora Ferrovial Ltda.
Ferrovial Empresa Constructora Ltda.
97.2%
0
1
Ferrovial Construcci\u00f3n Chile S.A.
Ferrovial Empresa Constructora Ltda.
100.0%
33
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International SE
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Siemsa Chile S.p.A.
Siemsa Industria S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International SE
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
1
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
3
3
Ferrovial Construction Slovakia S.R.O.
Ferrovial Construction Holdings Ltd
99.0%
9
3
SPAIN (Registered Office: Barcelona)
Conc. Prisiones Lledoners,S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0
100.0%
16
1
SPAIN (Registered Office: Bilbao)
Cadagua, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
87
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
8
1
Ditecpesa, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
20
1
Ferrovial Construcci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
711
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
1
Ferrovial Railway S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
Siemsa Control y Sistemas S.A.U. (a)
Siemsa Industria S.A. (a)
99.0%
1
1
Siemsa Industria S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
16
1
Urbaoeste, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Cimentaciones Especiales y Estructurales CIMSA, S.A.
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
0
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
2
1
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
UNITED STATES (Registered Office: Atlanta)
Ferrovial Construction East, LLC
Ferrovial Construction US Corp.
100.0%
457
UNITED STATES (Registered Office: Austin)
Cadagua US LLC
Ferrovial Construction US Holding Corp.
100.0%
14
Cintra ITR LLC
Ferrovial Construction US Corp.
44.0%
3
1
Ferrovial Agroman 56, LLC
Ferrovial Construction Texas, LLC
100.0%
35
Ferrovial Agroman Indiana, LLC
Ferrovial Construction US Corp.
100.0%
0
Ferrovial Construction Texas, LLC
Ferrovial Construction US Corp.
100.0%
158
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
453
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,002
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Grand Parkway Infrastructure LLC
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
Servicios (Delaware) Inc.
Webber Infrastructure Management Holding US Corp
100.0%
35
Webber Infrastructure Management US Inc.
Servicios (Delaware) Inc.
100.0%
255
1
Webber Infrastructure Management Inc.
Webber Infrastructure Management US
100.0%
39
1
Webber Infrastructure Management Holding US Corp
Ferrovial Holding US Corp
100.0%
31
1
Ferrovial Construccion JFK T1 LLC
Ferrovial Construction US Corp.
100.0%
0
Tecpresa Structural Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
0
UNITED STATES (Registered Office: Charlotte)
Sugar Creek Construction LLC
Ferrovial Construction East, LLC
70.0%
64
UNITED STATES (Registered Office: Dallas)
Trinity Infrastructure LLC
DBW Construction LLC
40.0%
0
Trinity Infrastructure LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
North Tarrant Infrastructures
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
39
1
UNITED STATES (Registered Office: Katy)
52 Block Builders
Webber Commercial Construction, LLC
100.0%
0
1
UNITED STATES (Registered Office: Los Angeles)
California Rail Builders
Ferrovial Construction West, LLC
80.0%
0
1
Ferrovial Construction West, LLC
Ferrovial Construction US Corp.
100.0%
0
1
UNITED STATES (Registered Office: North Richland Hills)
Bluebonnet Contractor, LLC
DBW Construction LLC
40.0%
0
Bluebonnet Contractor, LLC
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
40
1
PLW Waterworks LLC
Cadagua US, LLC
50.0%
2
1
PLW Waterworks LLC
Webber, LLC
50.0%
2
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
584
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
6
1
Webber Equipment & Materials LLC
Webber, LLC
100.0%
227
1
Webber Management Group LLC
Webber Equipment & Materials LLC
100.0%
41
1
UNITED STATES (Registered Office: Virginia)
FAM Construction LLC (I-66)
Ferrovial Construction US Corp.
70.0%
240
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International SE
100.0%
13
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International SE
Ferrovial SE
100.0%
237
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
2
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.0%
0
Cadagua Ferr. Industrial MEXICO
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
25.0%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zeeland) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
1
PERU (Registered Office: Lima)
1
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C.
Ferrovial Construction International SE
100.0%
0
POLAND (Registered Office: Cracow)
Mostostal Krak\u00f3w S.A.
Budimex, S.A.
100.0%
3
1
Mostostal Krak\u00f3w Energetyka sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
8
1
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
21
1
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
6
1
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
5
1
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International SE
50.1%
83
1
Budimex Mobility, S.A.
Budimex, S.A.
100.0%
3
1
WM Serwis, S.A.
Budimex, S.A.
100.0%
0
1
BXF Energ\u00eda SP. z.o.o.
Budimex, S.A.
51.0%
8
1
Budimex Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Budimex Kolejnictwo SA
Budimex, S.A.
100.0%
19
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
68
1
JZE Sp. z o.o.
FBSerwis SA
100.0%
1
1
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
6
PPHUH Konstralex Sp. z.o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Green Waste Management 1 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
Green Waste Management\u00a0 S.P. Z.o.o.
FBSerwis SA
100.0%
0
1
CZECH REPUBLIC (Registered Office: Prague)
Budimex Construction Prague S.P.O.
Budimex, S.A.
100.0%
0
1
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International SE
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International SE
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
31
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International SE
100.0%
31
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
1
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
155
1
Cintra Infraestructuras Irlanda, S.L.U. (a)
Cintra Global SE
100.0%
3
1
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
0
1
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)(a)
100.0%
0
1
Cintra Inversiones, S.L.U. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
46
Cintra Servicios de Infraestructuras, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
24
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
15
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
12
2
Pilum, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
2.1%
0
2
Ferrovial Aravia, S.A.
P
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Cintra Desarrollo Espa\u00f1a, S.L.
Cintra Global SE
100.0%
0
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
414
1
AUSTRALIA (Registered Office: Melbourne)
Cintra OSARS (Western) Holdings Unit Trust
Cintra OSARS Western Ltd
100.0%
23
Cintra OSARS Western Unit Trust
Cintra OSARS (Western) Holdings Unit Trust
100.0%
-3
AUSTRALIA (Registered Office: Sydney)
Cintra Developments Australia PTY, Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
Cintra OSARS (Western) Holdings PTY Ltd
Cintra OSARS Western Ltd
100.0%
0
1
Cintra OSARS Western PTY Ltd
Cintra OSARS (Western) Holdings PTY Ltd
100.0%
0
1
CANADA (Registered Office: Toronto)
Cintra 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
2
Cintra OM&R 407 East Development Group Inc
407 Toronto Highway B.V.
100.0%
0
Cintra 4352238 Investments INC
407 Toronto Highway B.V.
100.0%
12
Blackbird Maintenance 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
1
Blackbird Infrastructure 407 Cintra GP Inc
407 Toronto Highway B.V.
100.0%
0
COLOMBIA (Registered Office: Bogot\u00e1)
Cintra Infraestructuras Colombia, S.A.S. (a)
Cintra Global SE
100.0%
18
1
UNITED STATES (Registered Office: Austin)
Cintra Holding US Corp
Ferrovial Holding US Corp
96.8%
1,292
Cintra Texas Corp
Cintra Holding US Corp
100.0%
-22
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC
Cintra Holding US Corp
49.0%
0
Cintra LBJ LLC
Cintra Holding US Corp
100.0%
303
Cintra NTE LLC
Cintra Holding US Corp
100.0%
240
Cintra NTE Mobility Partners Segments 3 LLC
Cintra Holding US Corp
100.0%
282
Cintra Toll Services LLC
Cintra Holding US Corp
100.0%
0
Cintra I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
142
Cintra 2 I-77 Mobility Partners LLC (2)
Cintra Holding US Corp
100.0%
66
Cintra 2 I-66 Express Mobility Partners
Cintra Holding US Corp
100.0%
679
I-66 Express Mobility Partners Holdings LLC
P
Cintra 2 I-66 Express Mobility Partners
50.0%
679
I-66 Express Mobility Partners LLC
P
I-66 Express Mobility Partners Holdings LLC
100.0%
1,437
Cintra 3I-66 Express Mobility Partners LLC
Cintra Holding US Corp
100.0%
200
Cintra 3 I-77 Mobility Partners LLC
Cintra Holding US Corp
100.0%
104
Cintra Digital Business Ventures LLC
P
Cintra Holding US Corp
100.0%
0
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
0
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Cintra North Corridor Transit Partners LLC
Cintra Holding US Corp
100.0%
0
UNITED STATES (Registered Office: Charlotte)
I-77 Mobility Partners Holding LLC
P
Cintra I-77 Mobility Partners LLC
50.1%
108
I-77 Mobility Partners Holding LLC
P
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
I-77 Mobility Partners Holding LLC
P
Cintra 3-I77 Mobility Partners Holding LLC
7.1%
104
I-77 Mobility Partners LLC
P
I-77 Mobility Partners Holding LLC
100.0%
218
1
UNITED STATES (Registered Office: Dallas)
LBJ Infrastructure Group Holding LLC
P
Cintra LBJ LLC
54.6%
302
LBJ Infrastructure Group LLC
P
LBJ Infrastructure Group Holding LLC
100.0%
521
1
UNITED STATES (Registered Office: North Richland Hills)
NTE Mobility Partners Holding LLC
P
Cintra NTE LLC
63.0%
240
1
NTE Mobility Partners LLC
P
NTE Mobility Partners Holding LLC
100.0%
322
1
NTE Mobility Partners Segments 3 Holding LLC
P
Cintra NTE Mobility Partners Segments 3 LLC
53.7%
276
1
NTE Mobility Partners Segments 3 LLC
P
NTE Mobility Partners Segments 3 Holding LLC
100.0%
436
1
NETHERLANDS (Registered Office: Amsterdam)
Cintra Infrastructures SE
Ferrovial SE
100.0%
3,033
1
Cintra Global SE
Ferrovial SE
100.0%
3,242
1
407 Toronto Highway B.V.
Cintra Global SE
100.0%
2,664
2
Cintra INR Investments B.V.
Cintra Global SE
100.0%
369
5
Cintra Latam Highways B.V.
Cintra Global SE
100.0%
1
INDIA (Registered Office: Mumbai)
Cinfra India Private Limited
Cintra INR Investments BV
99.9%
0
1
IRELAND (Registered Office: Dublin)
Financinfrastructures, Ltd
Cintra Global SE
100.0%
32
1
Cinsac, Ltd
Cintra Infraestructuras IRELAND, S.L.U. (a)
100.0%
1
1
PORTUGAL (Registered Office: Lisbon)
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Vialivre, S.A.
P
Cintra Infrastructures SE
84.0%
0
1
UNITED KINGDOM (Registered Office: London)
Cintra Silvertown Ltd
Cintra Infrastructures UK Ltd
100.0%
1
1
UNITED KINGDOM (Registered Office: Oxford)
Cintra Infrastructures UK Ltd
Cintra Global SE
100.0%
42
1
Cintra Toowoomba Ltd
Cintra Infrastructures UK Ltd
100.0%
5
1
Cintra UK I-77 Ltd
Ferrovial Holding US Corp
100.0%
0
1
Cintra Slovakia Ltd
Cintra Global SE
100.0%
1
1
Cintra OSARS Western Ltd
Cintra Infrastructures UK Ltd
100.0%
23
1
CHILE (Registered Office: Santiago de Chile)
Cintra Infraestructuras Chile, S.p.A
Cintra Global SE
100.0%
0
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
43
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
325
Ferrovial Vertiports US LLC
Ferrovial Airports Holding US Corp
100.0%
8
Ferrovial Vertiports Florida LLC
P
Ferrovial Vertiports US LLC
100.0%
1
UNITED STATES (Registered Office: Denver)
Ferrovial Airports O&M Services LLC
Ferrovial Airports Holding US Corp
100.0%
0
Ferrovial Airports US Terminal One LLC.
Ferrovial Airports Holding US Corp
100.0%
265
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
273
NETHERLANDS (Registered Office: Amsterdam)
Hubco Netherlands B.V.
Ferrovial Airports International, SE
100.0%
807
FERROVIAL AIRPORTS FMM BV
Ferrovial Airports International, SE
100.0%
9
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
Ferrovial Vertiports UK Ltd.
P
Ferrovial Airports International, SE
100.0%
2
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
13
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
19
Parque Solar Casilla, S.L.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
9
1
Ferrovial Mobility, S.L. (a)
Ferrovial SE
100.0%
35
Cea Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Jucar Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Pisuerga Infraestructuras Energ\u00e9ticas, S.A.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
0
Ferrovial Growth VI, S.L. (a)
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
100.0%
10
Roland Servicios Empresariales, S.L.U.
Ferrovial Mobility, S.L. (a)
100.0%
15
Ferrovial 004, S.A. (a)
Ferrovial SE
100.0%
17
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
P
Ferrovial Transco International, B.V.
100.0%
60
1
Ferrovial Transco Chile II SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
P
Ferrovial Power Infraestructure Chile, SpA
99.9%
56
1
Ferrovial Transco Chile III SPA
P
Ferrovial Transco International, B.V.
100.0%
0
Ferrovial Transco Chile IV SpA
P
Ferrovial Power Infraestructure Chile, SpA
100.0%
0
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Transco Chile III SPA
49.9%
0
1
Centella Transmisi\u00f3n, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
2
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
52
2
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
63
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
100.0%
0
1
Thalia MK ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia AWRP ODC Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia WB ODC Limited
Thalia WB HoldCo Limited
100.0%
0
1
Thalia WB Services Limited
Thalia WB ODC Limited
100.0%
0
1
Entity
Type
Parent
% Ownership
Net Cost Ownership
Audit
Thalia WB SPV Limited
Thalia WB Services Limited
100.0%
0
1
Thalia IOW SPV Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia Services Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK HoldCo Limited
Thalia Waste Management Limited
100.0%
0
1
Thalia MK SPV Limited
Thalia MK HoldCo Limited
100.0%
0
1
Thalia Ventures Limited
Thalia Holdco Ltd
100.0%
0
1
Thalia IOW ODC Ltd
Thalia Waste Management Limited
100.0%
0
1
Thalia Holdco Ltd
Thalia Waste Treatment BV
100.0%
0
1
CHILE (Registered Office: Antofagasta)
Berliam S.p.A.
Ferrovial Servicios Chile, SpA
65.1%
0
2
Berliam S.p.A.
Inversiones Chile Ltda
34.9%
3
2
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.
Ferrovial Servicios Chile SPA
99.9%
31
2
Veltis, Sp.a
Ferrovial EG SE
100.0%
12
CHILE (Registered Office: Santiago)
Walvis, S.A.
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada
Veltis, Sp.a
100.0%
27
2
Inversiones\u00a0 (Chile) Limitada
Inversiones (Chile) Holding Limitada
100.0%
0
Ferrovial Servicios Salud, SpA
Ferrovial Servicios Chile SPA
100.0%
0
Auditor Key:
Auditors: (1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial, S.A. and subsidiaries.
(*) New legal names (effective as of the first week of January 2022)
(P) Project Company
(Net Cost Ownership: Net Cost of the parent company over subsidiary)
Appendix I. Associate companies(equity-accounted companies)
(million euro)
Entity
Type
Parent
%
Owner.
V Eq.
Metho
d
Assets.
Liab.
Reve
n.
Result
s
Audit
ENERGY INFRASTRUCTURES AND MOBILITY
SPAIN
Grupo Serveo, S.L.
Ferrovial 004, S.L.U.
24.8%
17
663
585
1,241
44
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
-9
875
893
214
0
SPAIN
Via Olmedo Pedralba, S.A.
Ferrovial Construccion, S.A.
25.2%
1
5
2
4
0
3
Boremer, S.A.
Cadagua, S.A.
50.0%
1
2
1
0
0
2
UNITED STATES
Pepper Lawson Horizon Intl. Group
Webber Commercial Construction LLC
70.0%
0
2
2
0
0
1
OMAN
International Water Treatment LLC
Cadagua, S.A.
37.5%
2
0
0
0
0
4
POLAND
PPHU Promos Sp. z o.o.
Budimex SA
26.3%
1
0
0
0
0
AIRPORTS
UNITED KINGDOM
FGP Topco Limited
P
Hubco Netherlands B.V.
25.0%
0
22,358
25,465
4,240
389
4
AGS Airports Holdings Limited
P
Faero UK Holding Limited
50.0%
0
1,476
1,488
228
-26
2
QATAR
FMM Company LLC
P
Ferrovial Airports FMM B.V.
49.0%
19
69
29
99
15
UNITED STATES
,
JFK NTO SPONSOR AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
471
5,966
5,162
66
7
1
TOLL ROADS
AUSTRALIA
Nexus Infrastructure Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
1
0
0
0
Nexus Infrastructure Unit Trust
P
Nexus Infrastructure Holdings Unit Trust
40.0%
10
46
20
33
6
Nexus Infrastructure Holdings PTY Ltd
P
Cintra Toowoomba Ltd
40.0%
0
0
0
0
0
Nexus Infrastructure PTY Ltd
P
Nexus Infrastructure Holdings PTY Ltd
40.0%
0
0
0
0
0
Netflow Osars (Western) GP
P
Cintra Osars (Western) Unit Trust
50.0%
42
165
81
51
2
SPAIN
Serranopark, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
50.0%
1
74
47
7
6
2
Autov\u00eda de Arag\u00f3n Sociedad Concesionaria, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
17
146
99
49
7
1
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
20.0%
5
34
13
17
4
Empresa Mant. y Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
-34
224
223
35
12
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30, S.A.
20.0%
52
655
140
146
62
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
928
3,667
7,797
1,025
403
2
407 East Development Group General Partnership
P
Cintra 407 East Development Group Inc
50.0%
15
109
63
8
3
2
OM&R 407 East Development Group General Partnership
P
Cintra OM&R 407 East Development Group Inc
50.0%
1
6
4
6
1
2
Blackbird Maintenance 407 GP
P
Blackbird Maintenance 407 Cintra GP Inc
50.0%
1
5
4
5
0
3
Blackbird Infrastructures 407 GP
P
Blackbird Infrastructures 407 Cintra GP Inc
50.0%
12
94
69
7
2
3
COLOMBIA
Concesionaria Ruta del Cacao S.A.S.
P
Cintra Infraestructuras Colombia S.A.S.
30.0%
22
815
739
183
51
2
INDIA
IRB Infrastructure Developers Limited
Cintra INR Investments B.V.
100.0%
376
4,803
3,311
828
61
3
IRELAND
Eurolink Motorway Operation (N4-N6) Ltd
P
Cintra Infraestructuras Irlanda, S.L.U.
20.0%
10
207
97
37
4
2
Eurolink Motorway Operations (M3) Ltd
P
Cinsac Ltd
20.0%
9
102
58
16
3
2
UNITED KINGDOM
Scot Roads Partnership Holdings Ltd
P
Cintra Infrastructures UK Ltd
20.0%
0
0
0
0
0
Scot Roads Partnership Finance Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
405
405
0
0
Scot Roads Partnership Project Ltd
P
Scot Roads Partnership Holdings Ltd
20.0%
0
433
433
37
0
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
35.0%
14
1,029
972
51
0
RiverLinx Holdings Ltd
P
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
22.5%
52
1,500
1,269
275
5
Total equity-accounted continuing operations
2,038
Auditor key:(1) EY; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Associados, Sroc.; (10) Grant Thornton UK LLP; (11) 3 Auditores SLP
(P) Project Company (Value Eq. Method: Net Cost of the parent company over the equity-accounted companies).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-989": { "value": "
6.7. REMUNERATION OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT
6.7.1.\u00a0 Directors\u2019 remuneration in their capacity as such (i.e. for their membership of the Board)
Under the Company\u2019s current remuneration scheme, regulated by Article 8.5 of its Articles of Association, the Annual General Meeting determines
the maximum annual remuneration for all the members of the Board of Directors.
The Directors\u2019 Remuneration Policy adopted by the Company\u2019s General Meeting on June 13, 2023 (as also approved by the General Meeting of
Ferrovial, S.A. held on April 13, 2023), which came into effect upon completion of the merger between Ferrovial, S.A. and Ferrovial International
SE (renamed Ferrovial SE), fixed the overall maximum annual amount of Directors\u2019 remuneration at EUR 1,900,000 for the duration of the
Policy.
Directors\u2019 remuneration comprises: (i) a fixed allocation, a part of which is paid on a quarterly basis and the remainder (complementary fixed
allocation) in a single payment at the end of the financial year; and (ii) attendance fees for actual attendance at Board and Committee meetings.
Remuneration is linked to the functions and responsibilities assigned to each Director, membership of Board committees and other objective
circumstances that the Board of Directors deems relevant, thereby ensuring their long-term independence and commitment.
On the same date these financial statements are approved, the Board of Directors approves a Remuneration Report which is published on the
Company\u2019s website as part of the Management Report. The report describes in greater detail aspects of the Company's remuneration policy
applicable in the current year, providing an overview of how it has been applied in\u00a0 2022 . The table below shows the itemized remuneration of the
members of the Board of Directors in their capacity as such accrued during 2023 and 2022.
Should more meetings be held than initially envisaged or, for any other reason, the total and joint maximum annual amount is exceeded, the
difference is firstly deducted from the amount of the complementary fixed allocation proportionally for each Director proportionally to his/her
condition. In accordance with the resolutions adopted by the Board of Directors, if the amount of the attendance fees plus the amount of fixed
components does not reach the said maximum annual figure, the difference will be distributed among the Directors on a pro rata basis according
their period of office during the year, if the Board so determines. This distribution was carried out in 2022 and 2023, adding the amount to the
complementary fixed allocation.
The difference between the amounts of attendance fees and complementary fixed allocation in 2023 and 2022 is explained by the fact that: (i)
there were more meetings in 2023 than in 2022; y (ii) the amount distributed to the Directors as described in the last two sentences of the previous
paragraph was higher in\u00a0 2022.
This table does not include remuneration received by the Executive Directors for discharging executive duties at the Company, as described in Note
6.7.2.
2023
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino Calvo-Sotelo
35
119
99
253
Oscar Fanjul Mart\u00edn
35
86
87
208
Ignacio Madridejos Fern\u00e1ndez
35
60
53
148
Mar\u00eda del Pino y Calvo-Sotelo
35
57
53
145
Jos\u00e9 Fernando S\u00e1nchez-Junco Mans
35
66
53
154
Philip Bowman
35
55
53
143
Hanne Birgitte Breinbjerg Sorensen
35
47
53
135
Bruno Di Leo
35
55
53
143
Juan Hoyos Mart\u00ednez de Irujo
35
60
53
148
Gonzalo Urquijo Fern\u00e1ndez de Araoz
35
62
53
150
Hildegard Wortmann
35
42
53
130
Alicia Reyes Revuelta
35
55
53
143
TOTAL
420
764
716
1,900
(a) Includes the amount of the difference up to the maximum annual amount of the 2022 compensation distributed pro rata among the Directors.
(*) The amounts shown are rounded.
2022
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino Calvo-Sotelo
35
103
107
245
Oscar Fanjul Mart\u00edn
35
73
96
204
Ignacio Madridejos Fern\u00e1ndez
35
51
61
148
Mar\u00eda del Pino y Calvo-Sotelo
35
51
61
148
Jos\u00e9 Fernando S\u00e1nchez-Junco Mans
35
58
61
154
Philip Bowman
35
47
61
143
Hanne Birgitte Breinbjerg Sorensen
35
41
61
137
Bruno Di Leo
35
49
61
146
Juan Hoyos Mart\u00ednez de Irujo
35
51
61
148
Gonzalo Urquijo Fern\u00e1ndez de Araoz
35
54
61
150
Hildegard Wortmann
35
36
61
132
Alicia Reyes Revuelta
35
47
61
143
TOTAL
420
662
818
1,900
(a) Includes the amount of the difference up to the maximum annual amount of the 2022 compensation distributed pro rata among the Directors.
(*) The amounts shown are rounded.
6.7.2. Individual executive directors\u00b4 remuneration
a) Remuneration accrued in\u00a0 2023, 2022 and 2021
In 2023, the following remuneration accrued to the executive directors for the performance of their functions, irrespective of the remuneration
referred to in the preceding section.
2023
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,313
2,813
Variable remuneration
2,809
1,926
4,735
Life insurance premiums
10
5
15
Other remuneration in kind
3
13
16
Plans linked to shares (1)
795
795
1,590
Total 2023
5,117
4,052
9,169
*Remuneration as executive directors
(1) In March 2023, a number of shares equivalent to the level of completion of the units allocated in 2020 were delivered, after the relevant withholdings had been made. The Spanish Regulator,
the CNMV, was notified of the shares received by Rafael del Pino and by Ignacio Madridejos on 13/3/2023 and 9/3/2023, respectively (at that time, Ferrovial shares were only\u00a0 traded on the
Spanish Stock Exchanges)
(2) EUR 1,150 thousand until June 15, 2023 and EUR 1,450 thousand from June 16, 2023 onwards.
The 2022 information is shown in the following table:
2022
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,150
2,650
Variable remuneration
2,609
1,538
4,147
Life insurance premiums
10
5
15
Share plans (1)
883
183
1,066
Total 2022
5,002
2,876
7,878
*Remuneration as executive directors
(1) In March 2022, a number of shares equivalent to the level of completion of the units allocated in 2019 were delivered, after the relevant withholdings had been made. The CNMV was notified
of the shares received by Rafael del Pino and by Ignacio Madridejos on 21/3/2022 and 17/3/2022, respectively.
(2) In 2022, the amount of EUR 8 thousand was allocated to Ignacio Madridejos as remuneration in kind relating to a company car.
The 2021 information is shown in the following table:
2021
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
IGNACIO MADRIDEJOS
(2)
TOTAL
Fixed remuneration
1,500
1,100
2,600
Variable remuneration
2,275
1,283
3,558
Life insurance premiums
9
4
13
Share plans (1)
490
0
490
Total 2021
4,274
2,387
6,661
*Remuneration as executive directors
(1)In March 2021, a number of shares equivalent to the level of completion of the units allocated in 2018 were delivered, after the relevant withholdings had been made. The CNMV was notified on
22/3/2021.
(2) In 2021, the amount of EUR 8 thousand was allocated to Ignacio Madridejos as remuneration in kind relating to a company car
b) Share-based remuneration schemes
There follows a breakdown of the share-based remuneration schemes linked to objectives, entitlement to which has not yet vested:
EXECUTIVE DIRECTORS\u2019 PLAN AT 31.12.2023
UNITS
NO. OF VOTING RIGHTS
%\u00a0 NO. OF VOTING RIGHTS
Rafael del Pino y Calvo-Sotelo
2021 allocation
67,500
67,500
0.009%
2022 allocation
56,400
56,400
0.008%
2023 allocation
50,680
50,680
0.007%
Ignacio Madridejos Fern\u00e1ndez
2021 allocation
67,500
67,500
0.009%
2022 allocation
56,400
56,400
0.008%
2023 allocation
69,925
69,925
0.009%
6.7.3. Pension funds and plans of life insurance premiums
As in 2022, no contributions were made in 2023 to pension plans or funds for former or current members of the Company\u2019s Board of Directors or
for directors of the Company who are members of other Boards of Directors and/or senior managers of Group companies and associates. No such
commitments were made during the year.
As regards life insurance premiums, the Company has insurance policies covering death (for which premiums totaling EUR 15 thousand were paid
in 2023; EUR 15 thousand in 2022), under which the executive directors are beneficiaries. No life insurance premiums were paid for Company
directors who are members of other Boards of Directors and/or senior managers of Group companies or associates.
Lastly, the Company has arranged a third-party liability insurance policy covering the directors and managers of the Group companies parented
by the Company. The insured parties include the Company\u2019s directors. The premium paid in 2023 under the aforementioned insurance policy
amounted to EUR 1,073 thousand (EUR 1,097 thousand in 2022).
6.7.4. Advances and loans
At 31 December 2023, no advances or loans had been granted by the Company to the directors in their capacity as such or as members of other
Boards of Directors or senior managers of Group companies or associates.
6.7.5. Senior management remuneration
The overall remuneration accrued to the Company\u2019s senior managers in\u00a0 2023 is analyzed below (*):
SENIOR MANAGEMENT REMUNERATION (Thousand euro) (*)
2023
2022
Fixed remuneration
5,094
4,755
Variable remuneration
5,534
4,822
Performance-based share plan
1,934
1,629
Remuneration as members of administrative bodies of other Group companies, jointly-controlled entities or associates
33
32
Insurance premiums
19
19
Other (1)
486
0
Other (2)
533
0
Total
13,633
11,257
(1)\u00a0 Separation of members of the Non-Management Committee in 2023 (amount subject to personal income tax).
(2)\u00a0 Expatriates\u00b4 payments
(*) The average remuneration of senior management is not broken down by gender in order to preserve the confidentiality of remuneration, as there are two women in this group.
The remuneration shown corresponds to the holders of the following positions: General Secretary, Chief Financial Officer, Chief Human Resources
Officer, Chief Construction Officer, Chief Airports Officer, Chief Toll Roads Officer, Chief Energy and Mobility Infrastructure Officer, Chief
Information and Innovation Systems Officer, Chief Internal\u00a0 Audit\u00a0 Officer, Chief\u00a0 Communications\u00a0 and\u00a0 Corporate Responsibility Officer, Chief
Strategy Officer, Chief Compliance and Risk Officer and Chief Sustainability Officer. The remuneration of the members of senior management
who have been Executive Directors at the same time is not included, since it is indicated in the Note 6.6.2.
The Company has also implemented a \u201cFlexible Remuneration Scheme\u201d, which allows employees to voluntarily change their remuneration
package based on personal needs, replacing a portion with certain benefits in kind. These products include a life and retirement savings group
insurance scheme. Participants may request that a portion of their gross annual remuneration be paid by the Company in the form of a premium
under a life and retirement savings group insurance policy. The senior managers requested contributions totaling EUR 71 thousand from the
Company, replacing the remuneration shown in the table above (EUR 39 thousand in 2022).
6.7.6. Other disclosures on remuneration
The agreements between the Company and the senior managers specifically provide for the right to receive the indemnities referred to in Article
56 of the Spanish Labour Statute in the event of unfair dismissal.
In order to encourage loyalty and continuity, a deferred remuneration scheme was granted to ten senior managers, including one executive
director. The scheme consists of extraordinary remuneration that will only be paid in one of the following circumstances:
\u2022 Exit of the senior manager by mutual agreement upon reaching a certain age.
\u2022 Unfair dismissal or exit at the Company\u2019s discretion without cause for dismissal, before the senior manager reaches the age initially agreed, if
the amount exceeds the figure stipulated in the Labour Statute.
\u2022 Death or disability of the senior manager.
\u2022 To cover this incentive, each year the Company makes contributions to a group savings insurance policy under which the Company is both
policyholder and beneficiary. The contributions are quantified on the basis of a certain percentage of each senior manager\u2019s total monetary
remuneration. Contributions made in 2023 amounted to EUR 2,076 thousand (EUR 1,921 thousand in 2022), of which EUR 527 thousand
relates to the executive director (EUR 461 thousand in 2022).
a) Transactions between Ferrovial and its directors or senior managers
This section includes the transactions between Ferrovial and its directors and senior managers, their close family members, or entities in which one
or the other holds control or joint control. For 2022 and 2021, in accordance with regulations applicable at that time to Ferrovial S.A. (the former
parent company of the\u00a0 Ferrovial Group), this section also includes: (i) transactions with entities in which the executive directors of Ferrovial are
directors or senior managers or the non-executive directors of Ferrovial are executive directors or senior managers, or (ii) entities over which
Ferrovial\u2019s directors could exercise significant influence. For entities mentioned in (i) and (ii) ordinary transactions, made on standard customer
terms and immaterial, are not included.
If the related party\u00a0 were a related party for a part of the year, transactions during that period are disclosed.
There were no transactions of this type for the years ended December 31, 2023, 2022 and 2021.
b) Transactions between subsidiaries of Ferrovial, S.A. and their directors or senior managers
This section includes the transactions between Group companies and Ferrovial\u2019s directors or senior managers, or their close family members or
entities in which one or the other holds control or joint control. For 2022 and 2021, in accordance with regulations applicable at that time to
Ferrovial, S.A.(the former parent company of the Ferrovial Group), this section also includes: (i) transactions with entities in which the executive
directors of Ferrovial are directors or senior managers, or the non-executive directors of Ferrovial are executive directors or senior managers, or (ii)
over which Ferrovial directors could exercise significant influence. For entities mentioned in (i) and (ii) ordinary transactions made on standard
customer terms and immaterial are not included.
If the party related to the Company was a related party for a part of the year, the transactions carried out in that period are disclosed.\u00a0
For the years ended 31 December 2023, 2022 and 2021, the following transactions were carried out with related parties. Only material
transactions are disclosed in 2023.
At December 31, 2023:
(Thousand euro)
NAME/COMPANY NAME
TRANSACTIONS (1)
AMOUNT
PROFIT OR
LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
25
-12
27
Ignacio del Pino Fdez-Fontecha
Services rendered
25
-12
27
Rafael del Pino Fdez-Fontecha
Services rendered
25
-12
27
1 Please see point 2.8.4.1 of the Corporate Governance section on transactions with conflicts of interest, included in the Management Report. It describes two contracts entered into with a Ferrovial
Group company. The first by an entity controlled by the Chairman of the Company and the second by certain close family members of the Chairman. The amounts already invoiced in 2023 under
the latter contract are disclosed in the table above.
At December 31, 2022:
(Thousand euro)
NAME/COMPANY NAME
TRANSACTIONS (2)
AMOUNT
PROFIT OR
LOSS
BALANCE
D. Rafael del Pino y Calvo-Sotelo
Services rendered
2
0
0
D\u00aa. Mar\u00eda del Pino y Calvo-Sotelo
Services rendered
5
1
0
Criu, S.L.
Services rendered
1
0
0
Polan, S.A.
Services received
-12
0
0
Polan, S.A.
Services rendered
17
1
0
At December 31, 2021:
(Thousand euro)
NAME/COMPANY NAME
TRANSACTIONS (2)
AMOUNT
PROFIT OR
LOSS
BALANCE
D. Rafael del Pino y Calvo-Sotelo
Services rendered
7
0
1
D\u00aa. Mar\u00eda del Pino y Calvo-Sotelo
Services rendered
6
1
0
Criu, S.L.
Services rendered
17
1
2
Polan, S.A.
Services rendered
159
1
59
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6.9. AUDIT FEES
The following table summarizes the fees for professional services provided by Ernst & Young for the fiscal years 2023 and 2022.
Million euros
2023
2022
Fees for audit services
13.53
4.79
Recurring services
8.54
4.79
No recurring services
4.99
0.00
Fees for audit related services
0.67
0.42
Tax fees
0.00
0.01
Other non-audit services
0.04
0.57
\u201cFees for audit services\u201d relate to the following recurring audit services:
\u2022 Statutory consolidated financial statements;
\u2022 Statutory subsidiaries' financial statements,
\u2022 Consolidated financial statements under PCAOB standards filed with the SEC;
\u2022 Review of the half year interim consolidated financial statements performed in June.
During 2023, the principal accountant also provided non-recurrent services, which amount to EUR 4,990 thousand, related to the registration
process of the Company within the SEC. Specifically, the principal auditor provided audit services under PCAOB standards in relation to the
financial statements of the years 2020, 2021 and 2022 included within the registration statement with the SEC.
\u201cFees for audit related services\u201d are assurance and related services that are reasonably related to the performance of the audit or review of the
Group\u2019s financial statements. This category includes fees related to the preparation of comfort letters for debt issued and verification of the no
financial information among others.
\"Tax fees\" relate to fees incurred for tax compliance, tax advice and tax planning.
The figures for 2022 exclude, for comparative purposes, the fees of those companies that, as a result of the divestment processes, have already
left Ferrovial's perimeter.
Approval from the Audit and Control Committee is required for non-audit services provided by the external auditor.
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6.10. EVENTS AFTER THE REPORTING PERIOD
Impact of the Spanish Royal Decree-Law 3/2016 ruling
On January 18, 2024, the Spanish Constitutional Court announced its ruling related to Royal Decree-Law 3/2016 (RDL 3/2016), on tax measures
aimed at the consolidation of public finances, which amended corporate income taxation by limiting the offsetting of net operating losses (25%
current limit versus 70% previous to RDL 3/2016), establishing limits on the application of double taxation deductions and forcing the inclusion in
the tax base of impairment losses on portfolio investments deducted in previous years.
The Spanish Constitutional Court ruling, officially published on February 20, 2024, resolves that the use of the Royal Decree-Law is not suitable
for amending the essential elements of Corporate Income Tax (CIT), and this practice infringes constitutional requirements. Based on the
aforementioned grounds, the Spanish Constitutional Court overturned the RDL 3/2016, which is considered null and void. The Company filed
several lawsuits with respect to its CIT assessment for tax years 2016 through 2023 based on the same argument.
As a result of the Spanish Constitutional Court ruling, the Company believes it is likely it will obtain a favorable ruling, with the expected amount
to be recovered by the Group in relation to years 2016 to 2023 amounting to EUR 37 million. The Company has not recorded any impact in its2023
consolidated financial statements as the RDL 3/2016 was not overturned at December 31, 2023 and, according to IAS 37.35, contingent assets are
only accounted for if its recoverability has become virtually certain in the year. The total expected effect would impact the Company\u00b4s 2024
consolidated financial statements.
The Company estimates an additional EUR 49 million positive impact of this ruling on its tax-loss recoverability analysis for years beyond 2023,
which would also impact the Company\u00b4s 2024 consolidated financial statements. Any change in legislation may have an impact in this estimate
Treasury share buy-back program
In connection with the buy-back program for Ferrovial SE own shares explained in Note 5.1, over the course of 2024, 5,510,954 treasury shares
were acquired at an average price of EUR 34.45 per share totaling EUR 189 million.
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