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"value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-847": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-848": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-849": { "value": "-2591000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": 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"scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-854": { "value": "-283000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-855": { "value": "-35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-856": { "value": "-34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-857": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-858": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-859": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-860": { "value": "-81000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-861": { "value": "39000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-862": { "value": "-341000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-863": { "value": "-406000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-864": { "value": "4789000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-865": { "value": "5130000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-866": { "value": "5536000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-867": { "value": "4828000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-868": { "value": "4789000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-869": { "value": "5130000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-870": { "value": "
BASIS OF PRESENTATION
Group reorganization\u00a0
As described in Ferrovial SE 2023 consolidated financial statements, 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 finally completed on June 16, 2023. As a result of this transaction, the new
parent company of the Ferrovial Group was Ferrovial SE (or \"FSE\"), a European public limited company (\"Societas Europaea\") domiciled in the
Netherlands and currently listed in United States, Spain and The Netherlands. All the information included in the different reporting periods
corresponds with the historical consolidated information of Ferrovial group, without any adjustments in the value of assets and liabilities, as the
combined entity is considered a continuation of the former parent company Ferrovial, S.A. (Note 1.1.2).
1.1.1. Basis of presentation
The Group\u2019s presentation currency is the Euro, which is also the functional currency of the parent company, and unless otherwise stated amounts
are presented in millions of Euros.
1.1.2 Business reorganization
As described in Ferrovial SE 2023 consolidated financial statements, 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 finally completed on June 16, 2023. As a result of this transaction, the new
parent company of the Ferrovial Group was Ferrovial SE (or \"FSE\"), a European public limited company (\"Societas Europaea\") domiciled in the
Netherlands and currently listed in United States, Spain and The Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-871": { "value": "
1.1.1. Basis of presentation
These Ferrovial SE consolidated financial statements of Ferrovial SE have been approved by the Board of Directors on February 27, 2025, 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 aid to provide reliable information to investors.
The Group\u2019s presentation currency is the Euro, which is also the functional currency of the parent company, and unless otherwise stated amounts
are presented in millions of Euros.
1.1.2 Business reorganization
As described in Ferrovial SE 2023 consolidated financial statements, 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 finally completed on June 16, 2023. As a result of this transaction, the new
parent company of the Ferrovial Group was Ferrovial SE (or \"FSE\"), a European public limited company (\"Societas Europaea\") domiciled in the
Netherlands and currently listed in United States, Spain and The Netherlands.
All the information included in the different reporting periods corresponds with the historical consolidated information of Ferrovial group, without
any adjustments in the value of assets and liabilities, as the combined entity is considered a continuation of the former parent company Ferrovial,
S.A. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-872": { "value": "
These Ferrovial SE consolidated financial statements of Ferrovial SE have been approved by the Board of Directors on February 27, 2025, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-873": { "value": "Ferrovial SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-874": { "value": "a European public limited company (\"Societas Europaea\")", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-875": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-876": { "value": "
1.1.3 The Group\u2019s activities
Through these companies, Ferrovial is engaged in the following four business lines, which constitute its reporting segments under IFRS 8:
\u2022 Construction: Design and execution of all manner of public and private works, including most notably the construction of public
infrastructures.
\u2022 Toll Roads: Development, financing and operation of toll roads.
\u2022 Airports: Development, financing and operation of airports.
\u2022 Energy: It focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission
infrastructures.
In January 2024 in order to boost the energy transition related business and develop new capabilities in this area more quickly and efficiently,
Ferrovial approved a partial reorganization of the business divisions pursuant to which the Energy Solutions business line, which was part of the
Construction Business Division in 2023, and the energy infrastructures business line, which was part of the Energy Infrastructure and Mobility
Business Division in 2023, were merged. From this point onwards, the resulting Business Division is named the Energy Business Division.
1.5. SEGMENT REPORTING
As indicated in Note 1.1.3, in January 2024 Ferrovial approved a partial reorganization of the Business Divisions pursuant to which the energy
solutions business line and the energy infrastructures business line were merged. As a consequence of this reorganization, 2023 and 2022 figures
have been restated.
For management purposes, the Group is organized into business units based on its activities and services and has four reportable segments, as
follows (Note 1.1.3):
\u2022 Construction, which undertakes the design and 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: It focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission
infrastructures.
No operating segments have been aggregated to form the above reportable operating 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 2024, 2023 and 2022. 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 businesses, such
as the waste treatment plants in UK, the mining services in Chile and the new activity started by the group in 2024 related to the development of
data centers called Digital Infrastructure. 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 is a distinct business line, managed separately and therefore disclosed as a reporting segment. The Energy segment is a
relatively new business area the Group is focusing on. 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 2024, 2023 and 2022 (Million euro).
(Millions of euros)
Construction
Toll Roads
Airports
Energy
Other
Adjustments
Total 2024
Revenue
7,234
1,256
91
270
520
(224)
9,147
Other operating income
2
\u2014
\u2014
\u2014
(1)
\u2014
1
Revenues and other operating income
7,236
1,256
91
270
519
(224)
9,148
Total operating expenses
6,806
338
65
268
551
(222)
7,806
Fixed asset depreciation
146
232
22
13
28
\u2014
441
Impairment and disposal of fixed assets
\u2014
151
2,025
\u2014
32
\u2014
2,208
Operating profit/(loss)
284
837
2,029
(11)
(28)
(2)
3,109
Profit/(loss) on derivatives and other net financial income/(expense)
(34)
(75)
627
\u2014
24
(3)
539
Net financial income/(expense) from financing
150
(215)
(2)
(8)
(193)
3
(265)
Net financial income/(expense)
116
(290)
625
(8)
(169)
\u2014
274
Share of profits of equity-accounted companies
\u2014
226
8
\u2014
4
\u2014
238
Profit/(loss) before tax from continuing operations
400
773
2,662
(19)
(193)
(2)
3,621
Income/(expense) tax
(142)
(110)
3
5
99
\u2014
(145)
Profit/(loss) net of tax from continuing operations
258
663
2,665
(14)
(94)
(2)
3,476
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
14
\u2014
14
Net profit/(loss)
258
663
2,665
(14)
(80)
(2)
3,490
Net profit/(loss) for the year attributed to non-controlling interests
(68)
(160)
(23)
\u2014
\u2014
\u2014
(251)
Net profit/(loss) for the year attributed to the parent company
190
503
2,642
(14)
(80)
(2)
3,239
Construction
Toll Roads
Airports
Energy
Other
Adjustments
Total 2023
Revenue
6,869
1,085
80
207
506
(233)
8,514
Other operating income
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
Revenues and other operating income
6,870
1,085
80
207
506
(233)
8,515
Total operating expenses
6,659
286
58
206
548
(233)
7,524
Fixed asset depreciation
134
213
20
9
26
(1)
401
Impairment and disposal of fixed assets
\u2014
38
\u2014
\u2014
(2)
(1)
35
Operating profit/(loss)
77
624
2
(8)
(70)
\u2014
625
Profit/(loss) on derivatives and other net financial income/(expense)
(28)
5
(12)
(1)
71
(2)
33
Net financial income/(expense) from financing
117
(224)
3
\u2014
(114)
1
(217)
Net financial income/(expense)
89
(219)
(9)
(1)
(43)
(1)
(184)
Share of profits of equity-accounted companies
\u2014
198
11
(1)
7
\u2014
215
Profit/(loss) before tax from continuing operations
166
603
4
(10)
(106)
(1)
656
Income/(expense) tax
(61)
(55)
(20)
2
91
1
(42)
Profit/(loss) net of tax from continuing operations
105
548
(16)
(8)
(15)
\u2014
614
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
16
\u2014
16
Net profit/(loss)
105
548
(16)
(8)
1
\u2014
630
Net profit/(loss) for the year attributed to non-controlling interests
(51)
(126)
7
\u2014
\u2014
\u2014
(170)
Net profit/(loss) for the year attributed to the parent company
54
422
(9)
(8)
1
\u2014
460
Construction
Toll Roads
Airports
Energy
Other
Adjustments
Total 2022
Revenue
6,280
780
54
191
466
(220)
7,551
Other operating income
2
\u2014
\u2014
\u2014
1
(1)
2
Revenues and other operating income
6,282
780
54
191
467
(221)
7,553
Total operating expenses
6,106
230
56
196
458
(221)
6,825
Fixed asset depreciation
107
159
7
8
18
\u2014
299
Impairment and disposal of fixed assets
\u2014
(3)
\u2014
\u2014
(3)
\u2014
(6)
Operating profit/(loss)
69
388
(9)
(13)
(12)
\u2014
423
Profit/(loss) on derivatives and other net financial income/(expense)
(35)
(109)
19
\u2014
48
(1)
(78)
Net financial income/(expense) from financing
36
(240)
\u2014
(4)
(35)
1
(242)
Net financial income/(expense)
1
(349)
19
(4)
13
\u2014
(320)
Share of profits of equity-accounted companies
1
157
7
\u2014
(1)
1
165
Profit/(loss) before tax from continuing operations
71
196
17
(17)
\u2014
1
268
Income/(expense) tax
(6)
(39)
2
(2)
16
(1)
(30)
Profit/(loss) net of tax from continuing operations
65
157
19
(19)
16
\u2014
238
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
63
1
64
Net profit/(loss)
65
157
19
(19)
79
1
302
Net profit/(loss) for the year attributed to non-controlling interests
(42)
(66)
(9)
\u2014
\u2014
\u2014
(117)
Net profit/(loss) for the year attributed to the parent company
23
91
10
(19)
79
1
185
2.1. OPERATING INCOME
For the year ended December 31, 2024:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,919
315
7,234
5%
Toll Roads
1,246
10
1,256
16%
Airports
82
9
91
14%
Energy
268
2
270
30%
Other activities (*)
348
172
520
3%
Adjustments
-
(224)
(224)
(4)%
Total
8,864
283
9,147
7%
(*) 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, 2023:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,380
489
6,869
9%
Toll Roads
1,084
1
1,085
39%
Airports
80
-
80
48%
Energy
207
-
207
8%
Other activities (*)
350
156
506
9%
Adjustments
-
(233)
(233)
6%
Total
8,101
413
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
Construction
5,249
1,031
6,280
Toll Roads
779
1
780
Airports
54
-
54
Energy
191
-
191
Other activities (*)
327
139
466
Adjustments
-
(220)
(220)
Total
6,600
951
7,551
(*) Mainly 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 reached EUR 951 million, and are mainly related 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)
2024
2023
Var. 23/22
2022
Var. 22/21
USA
3,271
2,879
392
2,906
(27)
Poland
2,119
2,160
(41)
1,842
318
Spain
1,582
1,475
107
1,154
321
UK
809
771
38
708
63
Canada
246
161
85
100
61
Other
1,120
1,068
52
841
227
TOTAL
9,147
8,514
633
7,551
963
The Ferrovial Group\u2019s sales in its five main markets accounted for 88% of total sales in 2024 (87% in 2023 and 89% in 2022).
2.3. PERSONNEL EXPENSES
The average workforce by business division for the three periods\u00a0 is as follows:
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Toll Roads
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
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
48
21
69
202%
Other
3,866
670
4,536
3%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022
MEN
WOMEN
TOTAL
Construction
15,316
3,135
18,451
Toll Roads
373
169
541
Airports
192
43
235
Energy
17
6
23
Other
3,785
617
4,402
Total continuing operations
19,683
3,970
23,653
Total discontinued operations
7,346
3,352
10,698
Total
27,029
7,322
34,351
3.4. PROPERTY, PLANT AND EQUIPMENT
Significant changes in 2024 and 2023 by business division were as follows:
Additions:
(Million euro)
2024
2023
Construction
117
103
Energy
107
102
Other businesses
94
10
TOTAL
318
215
In 2024, additions mainly correspond to the Construction Division (EUR 117 million) due to the acquisition of machinery and other equipment, and
to the Energy Division (EUR 107 million), particularly Misae Solar IV project in the United States, a solar SPV project (257MW) in Leon County,
Texas, where the company will perform the design, construction and plant\u00a0 operation, the construction of the Centella project electricity
transmission infrastructure in Chile, and a solar plant of 60MW in Poland. Finally, the main additions in other businesses relate to the purchase of
a plot of land in Spain for data center development.
In 2023, additions totaled EUR 215 million, the most significant relating to the Construction Division (EUR 103 million) due to the acquisition of
machinery and other equipment, and to the Energy Division (EUR 102 million), arising primarily from the construction of the Centella project
electricity transmission infrastructure in Chile.
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, 2024:
2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
Corporation
3
3
3
3
3
11
26
Construction
68
44
27
14
8
24
185
Toll Roads
2
2
-
-
-
-
4
Other
7
4
1
-
-
18
30
TOTAL LEASE LIABILITIES
80
53
31
17
11
53
245
4.4. BALANCES UNDER CONTRACTS WITH CUSTOMERS AND OTHER IFRS15 DISCLOSURES
Other disclosures relating to IFRS 15:
Revenue from contracts with customers:
EUR 9,024 million of the total revenue recognized in 2024 (EUR 8,339 million and EUR 7,385 million in 2023 and 2022, respectively) (Note 2.1
Operating income) relates to revenue from contracts with customers, which accounted for\u00a0 98.7% of revenue recognized ( 97.9% and\u00a0 97.8% in
2023 and 2022, respectively)
Million euro
2024
2023
2022
Construction
7,091
6,909
6,287
Toll Roads
1,236
1,071
765
Airports
90
8
5
Other segments
607
351
328
Revenue from contracts with customers
9,024
8,339
7,385
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations by business area at year-
end, and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2025
2026
2027
2028
2029 and beyond
TOTAL
Construction
6,482
5,309
2,521
683
1,760
16,756
Energy
523
193
113
101
394
1,324
Total
7,005
5,502
2,634
784
2,154
18,080
In 2024, there are a total of 738 contracts in force in the Construction businesses (750 contracts in 2023) and 138 Energy contracts (198 contracts
in\u00a0 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-877": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-878": { "value": "Gustav Mahlerplein 61-63 Symphony Towers, 14th Floor 1082 MS, Amsterdam, The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-879": { "value": "Construction: Design and execution of all manner of public and private works, including most notably the construction of public infrastructures.\u2022 Toll Roads: Development, financing and operation of toll roads.\u2022 Airports: Development, financing and operation of airports.\u2022 Energy: It focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission infrastructures. In January 2024 in order to boost the energy transition related business and develop new capabilities in this area more quickly and efficiently, Ferrovial approved a partial reorganization of the business divisions pursuant to which the Energy Solutions business line, which was part of the Construction Business Division in 2023, and the energy infrastructures business line, which was part of the Energy Infrastructure and Mobility Business Division in 2023, were merged. From this point onwards, the resulting Business Division is named the Energy Business Division.See note 1.5 for Segment Activities. Additionally, more detailed description of the various areas of activity in which the consolidated Group conducts business, please consult the Group's website: www.ferrovial.com.For the purpose of understanding these consolidated financial statements, it should be noted that 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 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 within the long-term financial assets headings (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 borrowing headings (Note 5.2).Following competitive bidding processes, these projects are conducted through long-term contracts entered into 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, in which the Group has an ownership interest.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.\u00a0 Borrowings are generally secured at inception of the service concession arrangement and have no recourse to the shareholder or, in some cases, recourse to the shareholders is limited to the guarantees issued. 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 amounts paid by the grantor based on the availability for use of the related asset. These inflows allow the initial investment to be recovered. 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 IFRIC 12 application. A list of the companies regarded as infrastructure project companies is included in Appendix I.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-885": { "value": "
1.1.4. Assets and liabilities held for sale and discontinued operations
Assets and liabilities held for sale
At December 31, 2024 assets held for sale amount to EUR 56 million and liabilities stand at EUR 24 million, related to energy assets scheduled to
be divested within 12 months, and to the 50% stake in AGS Airports Holdings Limited (AGS), the parent company owning the Aberdeen, Glasgow
and Southampton Airports.
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%), and as part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The
completion of this transaction was subject to the obtainment of applicable regulatory approvals by the 2024 year-end and therefore the 50%
ownership interest in AGS Airports Holdings Limited was reclassified to held for sale as of December 31, 2024. The ownership interest in this
company remained valued at zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
As disclosed in Note 3.6. of these consolidated financial statements, the group granted subordinated loans to AGS totaling EUR 235 million, that
after the agreement reached in November, have been reclassified from long-term financial assets to short-term receivables at December 2024,
as these loans are also part of the divestment transaction.
On January 28, 2025, and following satisfaction of the applicable regulatory conditions, Ferrovial and Macquarie completed the sale of the entire
ownership interest in AGS for a price of GBP 900 million, of which circa GBP\u00a0 450 million are Ferrovial's net proceeds, entailing a capital gain of
EUR 297 million for Ferrovial, which will impact Q1 2025 results\u00a0 (see Note 6.11).
There were no assets and liabilities held for sale at December 31, 2023.
The following table provides a breakdown by nature of the assets and liabilities classified as held for sale as of December 2024:
.
(Million euro)
2024
Intangible assets
9
Property, plant and equipment
39
Other non-current assets
4
Non-current assets
52
Short-term trade and other receivables
1
Cash and cash equivalents
1
Other current assets
2
Current assets
4
TOTAL assets classified as held for sale
56
Borrowings
17
Other non-current liabilities
4
Non-current liabilities
21
Borrowings
2
Other current liabilities
1
Current liabilities
3
TOTAL liabilities classified as held for sale
24
Discontinued operations
Discontinued operations fundamentally relate to the Services Division, the divestment of which was completed in 2022, once the Infrastructure
Upkeep and Maintenance business in Spain and the United Kingdom (Amey) had been sold.
During 2024 and 2023
Profit from discontinued operations amounted to EUR 14 and EUR 16 million in 2024 and 2023, respectively, and relates mainly to the
indemnities and updated earn-outs associated with the disposal of the Services Business in Spain and Portugal, as well as other adjustments
related to the Amey business divestment in the United Kingdom (see Note 2.8.).
Divestments executed during 2022:
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.
Following completion of the sale, Ferrovial acquired a stake (24.8%) in the share capital of the acquirer (Grupo Serveo) for EUR 17.5 million, the
impact on the income statement being immaterial. As described below in Note 1.1.5, on June 28, 2024, Ferrovial completed the sale of this
24.78% stake in Grupo Serveo, consolidated as an equity-accounted company, to the main shareholder, Portobello Capital, for EUR 55 million,
entailing a capital gain before taxes of EUR 33 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed
assets\u201d (Note 2.4).
On December 31, 2022, the Amey business in the United Kingdom, relating to full lifecycle 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 buyer, 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.
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.
1.1.5. Consolidation scope changes and other divestments of investees
Airports
During 2024
Heathrow Airport Holdings divestment
Regarding the Heathrow Airport Holdings divestment, as disclosed in the December 31, 2023 Consolidated Financial Statements, on November 28,
2023, Ferrovial entered into a share purchase agreement with Ardian and the Public Investment Fund (PIF), pursuant to which Ferrovial agreed to
sell its full stake (25% interest) in FGP Topco Limited.
At the 2023 year-end, the completion of the transaction was subject to the fulfillment of some shareholder tag-along rights and applicable
regulatory conditions, and consequently, there was no certainty whether the transaction would be completed.
During 2024, the parties worked towards fulfilling the above-mentioned conditions, which led to a revised offer presented by Ardian and PIF on
June 14 to acquire shares representing 37.62% of FGP Topco\u2019s share capital for GBP 3,259 million, of which 19.75% would relate to Ferrovial\u2019s
stake, subject to fulfillment of some shareholders\u2019 tag-along rights and applicable regulatory conditions. On July 25, 2024, following the expiry
of the period to exercise the tag-along and pre-emption rights, no FGP Topco shareholder exercised either its tag-along or pre-emption rights.
On December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of 19.75% of the share capital of
FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of Heathrow Airport in London (UK), to
Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero, due to the fact that losses
generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial now holds 5.25% stake, which is recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.),
once concluded that according to IAS28 p.5-6, Ferrovial will no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group will have no participation in the policy-making processes of the asset,
neither participation in decisions related to dividend distributions. The fair value of the remaining stake has been determined by referencing the
selling price of the recently 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
Finally, on January 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire remaining
stake (5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million (current book value of the
asset), which will be adjusted with an interest rate to be applied until closing (Note 6.11). The transaction is subject to complying with the right of
first offer (ROFO) which may be exercised by Topco shareholders pursuant to the Shareholders\u2019 Agreement and the Articles of Association of the
company. Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
Vertiports divestment
On December 11, 2024, Ferrovial has completed the sale of its Vertiports business in United States, with a capital gain of EUR 2 million.
During 2023:
There were no changes in the consolidation scope during 2023.
Toll roads
During 2024
Divestment of a 5% stake in IRB Infrastructure Developers
On June 11, Ferrovial, through its subsidiary Cintra, completed the sale of a 5% stake in the Indian company IRB Infrastructure Developers (IRB) for
EUR 215 million excluding transaction costs (assuming a EUR/INR exchange rate of 89.3). The sale was carried out by placing 301.9 million shares
with institutional investors on the National Stock Exchange (NBE) and the Bombay Stock Exchange (BSE). The shares in IRB were sold at an
average price of 63.60 rupees, resulting in a capital gain before taxes of EUR 132 million, reported in the income statement on the line
\u201cImpairment and disposal of fixed assets\u201d as disclosed in Note 2.4. Following the transaction, Ferrovial is still the second-largest shareholder, with
a 19.86% stake and has the same representatives on the Board of Directors (two out of a total of eight members). Therefore, Ferrovial still
exercises significant influence according to IAS 28 and this remaining ownership interest continues to be equity accounted.
Acquisition of 23.99% of IRB Private InvIT
On June 13, Ferrovial, through its subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary of IRB
Infrastructure Developers (IRB), in which Ferrovial holds a 19.86% ownership interest as previously mentioned. Private InvIT held a portfolio of 14
toll road concessions in India with a committed pipeline of one additional concession (Ganga Expressway Project \"Ganga\"). This investment was
paid in cash, totaling EUR 652 million (considering an exchange rate of 90.21 EUR/INR).
Ferrovial acquired this stake from affiliates of GIC Private Limited, which prior to this transaction owned a 49% stake in the company. After the
transaction, GIC\u2019s affiliates retain a 25% stake in Private InvIT and IRB retains its current 51% stake. Considering the indirect ownership interest
which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
On December 20, Private InvIT raised unit capital by way of rights issued of Private InvIT units to IRB Infrastructure Developers (IRB) and GIC
Affiliates. After the right issuance, Ferrovial acquired 23.99% of these rights issued, increasing its investment in Private InvIT by EUR 58 million
(considering an exchange rate of\u00a0 87.83 EUR/INR), and maintaining its stake in a 23.99%. On December 27, Private InvIT acquired 80.4% of
Ganga, the above-mentioned additional concession. Whenever Private InvIT acquires the remaining 19.6% of Ganga, Ferrovial investment in
Private InvIT is estimated to increase by EUR 18 million (considering an exchange rate of 89.2 EUR/INR - see Note 6.5).
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 veto rights set out in these agreements for the approval of most of the relevant decisions means that Ferrovial has
significant influence over IRB Private InvIT. The 23.99% ownership interest is therefore consolidated through the equity method, as per IAS 28.
Regarding the purchase price allocation exercise, the difference between the net fair value of the identifiable assets and liabilities of Private InvIT
and its carrying amount at the date of acquisition (EUR 300 million for Ferrovial\u2019s stake) was fully allocated to the value of the toll concession
rights, as the book value of the rest of net assets is not significantly different to their fair value. According to IAS 12, paragraph 66, the deferred tax
liability resulting from this fair value adjustment to the intangible asset (EUR 90 million for Ferrovial\u2019s stake) affects the goodwill implicit in the
carrying amount of the investment.
In December 2024, the valuation was completed and the fair value of the net assets acquired is considered definitive.
Divestment of several roads and parking concessions
In October 2024, Ferrovial and Interogo Holding, via its infrastructure investment fund Inter Infrastructure Capital (IIC), created the company
Umbrella Roads BV to manage Ferrovial\u2019s stakes in several road and parking concessions in Spain, Scotland, Ireland and Canada.
Ferrovial transferred the 100% of the economic rights and still holds the majority of the voting rights (51%) in Umbrella Roads BV through its toll
road division Cintra. After the analysis performed by the company of this transaction and the purchase share agreements, it has been concluded
that Ferrovial has no control over these assets according to IFRS 10, p. 7 criteria, neither significant influence under IAS 28, which implies the
recognition of a capital gain of EUR 19 million (EUR 100 million transaction price), reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4). The partnership between Ferrovial and Interogo Holding could allow for further
collaboration between the parties in future.
The transferred stakes include the M3 Eurolink and M4 Eurolink motorways in Ireland; the M8-M73-M74 motorway in Scotland; the 407 East
Extension Phase 1 and 407 East Extension Phase 2 in Canada, and Serrano Park and Autov\u00eda de la Plata (A-66) in Spain. The assets operate
under availability payment schemes or have limited traffic risk.
Anillo Vial Perif\u00e9rico Project
On April 4, 2024, the Private Investment Promotion Agency of Peru (Proinversi\u00f3n), a specialized technical agency attached to the Peruvian
Ministry of Economy and Finance, awarded the Anillo Vial Perif\u00e9rico Project in Lima (Per\u00fa) to a consortium led by the toll roads subsidiary Cintra,
which owns 35% of the consortium, together with Acciona and Sacyr, which own 32.5% each. The Anillo Vial Perif\u00e9rico Project is a 30-year
concession contract that covers the financing, design, construction, operation and maintenance of an approximately 35 kilometers ring road in the
metropolitan area of Lima. The project entails an expected investment of approximately USD 3.4 billion (approximately EUR 3.1 billion). This
amount consists of the expected equity to be contributed by the consortium currently estimated at approximately USD 0.4-0.6 billion (of which
USD 0.14-0.21 billion is expected to be invested by Cintra) as well as contributions from public funds by the Peruvian government and other
financing sources.
During 2023
Azores toll road
Ferrovial, through its Toll Roads subsidiary, reached an agreement in June 2023 to sell 89.2% of the Azores toll road, in Portugal, to the
infrastructure funds Horizon and RiverRock. The initial price of the transaction, which is in line with the company\u2019s asset rotation strategy and was
completed on December 28, 2023, was EUR 42.6 million (final price of EUR 43.4 million once adjusted for the ticking fees accrued as from the
signing of the sale and purchase agreement).
The sale brought 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.
Construction
During 2024 and 2023
There were no changes in the consolidation scope during 2024 and 2023.
Energy
During 2024
Ferrovial Energy US. LLC. acquires Misae Solar IV, LLC, a solar SPV project (257MW) in Leon County
On May 1, Ferrovial, through Ferrovial Energy US. LLC, acquired a 100% stake in Misae Solar IV, LLC, a solar SPV project (257MW) in Leon County,
Texas, for an acquisition price of USD 14.3 million (EUR 13.8 million). The company will perform the design, construction and operation of the
plant.
During 2023
There were no changes in the consolidation scope during 2023.
Other business
During 2024
As commented in Note 1.1.4., on June 28, Ferrovial completed the sale of its 24.78% stake in Grupo Serveo, consolidated as an equity-accounted
company, to the main shareholder, Portobello Capital, for EUR 55 million. 15 million of the price was deferred (up to four years after the
completion date, not accruing interest). The capital gain before taxes on the disposal is EUR 33 million, reported in the income statement within
the line item \u201cImpairment and disposal of fixed assets\u201d (Note 2.4). According to the Spanish Tax law the 95% of the capital gain is not subject to
taxes, being the effective tax rate 1.25%.
This 24.78% stake was acquired by Ferrovial in 2022 when the Services Infrastructure business in Spain was sold to Portobello. This transaction
culminates Ferrovial\u2019s divestment of the Services business in Spain as part of its strategy to focus on its core business \u2014 the development and
operation of sustainable infrastructure. As a result of the transaction, Ferrovial is no longer a shareholder of Grupo Serveo and is no longer
represented on its Board of Directors.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2024 amounted to EUR 238 million (EUR 215 million in 2023 and EUR 165 million in 2022).
Set out below is a breakdown of the most significant companies::
Profit/(loss) of equity-accounted companies
(Million euro)
2024
2023
2022
407 ETR
188
154
124
JFK NTO
3
4
1
IRB
13
14
22
Serveo Group
3
11
6
Other
31
32
12
TOTAL
238
215
165
Note 3.5 provides further details of these companies\u2019 profits/(losses).
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2024, 2023 and 2022 profit/(loss) attributed to non-controlling interests amounted to EUR -251 million, EUR -170 million and EUR -117
million, respectively.
These figures relate to the profits obtained by Group companies attributable to the company\u2019s other shareholders. The positive figures relate to
loss-making companies and the negative figures relate to profit-making companies.
(Million euro)
2024
2023
2022
NON-GROUP
Budimex Group
(77)
(83)
(60)
49.86%
Autop.Terrasa Manresa, S.A.
(8)
(8)
19
23.72%
LBJ Infraestructure Group
(28)
(20)
(9)
45.40%
NTE Mobility Partners
(59)
(60)
(47)
37.03%
NTE Mobility Partners Segments 3 LLC
(60)
(41)
(33)
46.33%
FAM Construction LLC
9
34
26
30.00%
D4R7 Construction S.R.O.
3
(1)
2
35.00%
I-77 Mobility Partners
(9)
(12)
(6)
27.77%
I-66 Mobility Partners
3
16
10
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
(24)
7
(8)
40.00%
Webber United LLC
\u2014
1
\u2014
40.00%
Other companies
(2)
(3)
(11)
\u2014%
TOTAL
(251)
(170)
(117)
\u2014%
Investments in Associates
INVESTMENTS IN ASSOCIATES
(Million euro)
2024
2023
Opening balance at 01.01
2,038
1,951
Share of profit
238
215
Exchange rate effect
60
(33)
Dividends
(357)
(321)
Capital contributions and new investments
1,192
214
Other movements
(148)
12
Closing balance at 12.31
3,023
2,038
During 2024, investments in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR 469
million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.5, and the share of these companies\u2019 profits (EUR
238 million), particularly the 407 ETR's results (EUR 188 million). Also worth mentioning is the effect on other movements of the 5% stake
divestment in IRB Infrastructure Developers (EUR -77 million), the availability concession assets sold to Interogo Holding in October 2024 (EUR -70
million), and the sale of 24.78% stake in Grupo Serveo (EUR -21 million), partially offset by the derivatives impact (EUR 20).
During 2023, this caption increased by EUR 87 million due to the capital contributions to JFK NTO Airport (EUR 214 million), and the share of these
companies\u2019 profits (EUR 215 million), relating primarily to 407 ETR (EUR 154 million), which was partially offset by dividend distributions during the
year, particularly by 407 ETR.
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in 407 ETR (43.23%), IRB (19.86%), Private InvIT (23.99%) and JFK NTO (49%) are presented
separately. The following tables show the main items that explain the variation in these investments.
2024 (Million euro)
407 ETR (43.23%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.23
928
376
-
471
263
2,038
Capital contribution
-
-
710
469
13
1,192
Share of profit/(loss)
188
13
(8)
3
42
238
Dividends
(321)
(6)
(4)
-
(26)
(357)
Foreign exchange differences
(17)
16
6
54
1
60
Derivatives
-
(4)
-
9
15
20
Other
-
(80)
-
-
(88)
(168)
Balance at 12.31.24
778
315
704
1,006
220
3,023
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
Capital contributions
-
-
-
-
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
During 2024, investment in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR 469
million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.5, and the share of these companies\u2019 profits (EUR
238 million), highlighting the 407 ETR results (EUR 188 million). Also worth mentioning the effect in other movements are mainly related to the
5% stake divestment in IRB Infrastructure Developers (EUR -77 million) and the availability concession assets sold to Interogo Holding in October
2024 (Note 1.1.5).
3.5.1. Heathrow Airports Holdings (HAH) divestment
As mentioned in Note 1.1.5, on December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of
19.75% of the share capital of FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of
Heathrow Airport in London (UK), to Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income
statement within the line item \u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero,
due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial now holds 5.25% stake, which is recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.),
once concluded that according to IAS28 p.5-6, Ferrovial will no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group will have no participation in the policy-making processes of the asset,
neither participation in decisions related to dividend distributions. The fair value of the remaining stake has been determined by referencing the
selling price of the recently 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
Finally, on January 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire remaining
stake (5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million (current book value of the
asset), which will be adjusted with an interest rate to be applied until closing (Note 6.11). The transaction is subject to complying with the right of
first offer (ROFO) which may be exercised by Topco shareholders pursuant to the Shareholders\u2019 Agreement and the Articles of Association of the
company. Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
3.5.2. Disclosures relating to 407 ETR
a. Balance sheet and income statement movements 2024-2023
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2024 for
the balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet December 2024 and December 2023
407 ETR (100%) (million CAD)
Dec. 2024
Dec. 2023
Var. 24/23
Non-current assets
4,594
4,584
10
Fixed assets in infrastructure projects
3,921
3,954
(33)
Non-current financial assets
611
568
43
Deferred taxes
62
62
-
Current assets
1,163
1,014
149
Short-term trade and other receivables
443
322
121
Cash and cash equivalents
720
691
29
Total assets
5,757
5,598
159
Equity
(6,199)
(5,791)
(408)
Non-current liabilities
11,309
10,908
401
Borrowings
10,716
10,318
398
Deferred taxes
593
590
3
Current liabilities
647
481
166
Borrowings
514
403
111
Short-term trade and other payables
133
77
56
Total liabilities
5,757
5,598
159
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2024 compared to the previous year:
Equity
Equity fell by CAD 409 million with respect to the previous year, primarily due to the payment of CAD 1,100 million in dividends to shareholders,
which was offset by the profit for the year of CAD 692 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 fair value remeasurement 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.
Borrowings
Overall financial debt (short and long term) increased in relation to December 2023 by CAD 509 million due to issuance of new senior debt.
Income statement December 2024 - December 2022
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 2024, December 2023 and
December 2022:
407 ETR (100%) (million CAD)
Dec.24
Dec.23
Dec.22
Operating income
1,705
1,495
1,327
Operating expenses
(228)
(212)
(188)
Fixed asset depreciation
(106)
(97)
(100)
Operating profit/(loss)
1,372
1,187
1,039
Net financial income/(expense)
(429)
(412)
(447)
Profit/(loss) before tax
942
775
592
Corporate income tax
(250)
(208)
(156)
Net profit/(loss)
692
567
435
Profit/(loss) attributable to Ferrovial (million CAD)
299
245
188
Intangible asset amortization adjustment (CAD million)
(21)
(21)
(19)
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million CAD)
278
225
169
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million euro)
188
154
124
It should be noted that the profit/(loss) attributable to Ferrovial also includes depreciation recognized over the concession term on the
remeasurement recognized, following the loss of control of the company as a result of the above mentioned 2010 sale.
3.5.3.Disclosures relating to JFK NTO LLC
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 the Carlyle Group to pay of an earn-out should Carlyle divest its outstanding 4% interest in
Mars NTO LLC. This earn-out payment would be triggered if Carlyle were to transfer its stake either 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, 2024, USD 1,635 million had been invested (USD 801 million relates to Ferrovial, of which USD 507 million (EUR 469 million) was
invested in 2024)).
In 2025 and beyond, total dividend payments will largely depend on traffic performance at Dalaman, as well as at NTO, following the opening of
the terminal, which is expected for 2026.
The company\u2019s consolidated IFRS balance sheet is disclosed in the table below:
Balance sheet December 2024 and 2023
JFK (100%) Million USD
Dec. 2024
Dec. 2023
Non-current assets
8,330
6,482
Intangible assets
8,067
6,168
Non-current financial assets
180
132
Long-term financial derivatives at fair value
83
182
Current assets
2,510
322
Debtors and other short-term accounts receivable
275
174
Cash and cash equivalents
251
148
Other short-term financial assets
1,984
\u2014
Total assets
10,840
6,804
Equity
1,994
932
Share capital
1,635
600
Share of profit/(loss)
40
11
Other Comprehensive Income
319
321
Non-current liabilities
8,504
5,559
Bonds and debts - infrastructure projects
4,654
1,774
Other long-term debts
3,850
3,785
Current liabilities
342
313
Creditors and other short-term accounts payables
342
313
Total liabilities
10,840
6,804
JFK NTO's main assets and liabilities are described below:
\u2022 Intangible assets, which fundamentally comprise:
\u2013 Concession assets (USD 3,971 million in 2024 and USD 2,247 million in 2023), 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 4,096 million in 2024 and USD 3,921 million in 2023), reflecting the present value of the future
payments, throughout the concession period, for the acquisition of the concession. Also, a liability of the same amount was initially
recorded, corresponding to the value of the future payment obligations, under financial debt in non-current liabilities (\u201cOther long-term
debts\u201d).
\u2022 Long-term borrowings (USD 4,600 million in 2024 and USD 1,740 million in 2023) explained mainly by:
\u2013 USD 2,000 million nominal amount of Munibonds issued on December 6, 2023. A portion of the issuance (USD 800 million) was insured
by Assured Guaranty Municipal Corp. (\u201cAGM\u201d).
\u2013 USD 2,550 million nominal amount of green bonds issued on June 18, 2024. A portion of the issuance (USD 800 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 4.65% at a weighted average maturity
of 30 years.
\u2022 Other short-term financial assets (USD 1,984 million in 2024) correspond to treasury bills, treasury notes and state and local government
securities, aligned with NTO reinvestment strategy, derived from the cash obtained from the bond issuance before mentioned.
\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 645 million (USD 3,005 million in 2023), which have been treated as effective cash flow hedges. During the year,
there was an impact of USD 20 million on the company's reserves (EUR 9 million at Ferrovial's ownership interest).
\u2022 Equity (USD 1,994 million in 2024 and USD 932 million in 2023). Movements in equity are primarily explained by capital contributions under
this same heading in the amount of USD 1,035 million and USD 20 million reflecting the effect on reserves of the change in market value of
the derivative associated with current debt since the acquisition date.
3.5.4.Disclosures relating to AGS
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%). As part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The completion of
this transaction was subject to the obtainment of applicable regulatory approvals by the 2024 year-end, and the 50% ownership interest in AGS
Airports Holdings Limited as of December 31, 2024 was therefore reclassified to held for sale. The ownership interest in this company remained
valued at zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero (Note 1.1.4 and Note
6.11.).
As disclosed in Note 3.6. of these consolidated financial statements, the group granted subordinated loans to AGS totaling EUR 235 million, that
after the agreement reached in November, have been reclassified from long-term financial assets to short-term receivables at December 2024,
as these loans are also part of the divestment transaction.
On January 28, 2025, and following satisfaction of applicable regulatory conditions, Ferrovial and Macquarie completed the sale of AGS' entire
share capital (100%) for a price of GBP 900 million, of which circa GBP 450 million are Ferrovial's net proceeds, together with a capital gain of
EUR 297 million for Ferrovial which will affect Q1 2025 results.
3.5.5 Disclosures relating to 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 (IRB) on December 29, 2021. The deal was completed following 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 for the two-week period prior to the year-end.
The price of IRB\u2019s stock at December 31, 2024 was INR (Indian Rupee) 57.24 per share (41.55 at December 31, 2023).
The company's fiscal year runs from April through March. IRB\u2019s latest available audited financial statements are those of March 2024. IRB
contributed a profit of EUR 13 million to Ferrovial for the period from January to December 2024.
On June 11, 2024, Ferrovial, through its subsidiary Cintra, completed the sale of its 5% stake in IRB for EUR 215 million (assuming a EUR/INR
exchange rate of 89.3), resulting in a capital gain before taxes of EUR 133 million (Note 1.1.5).
IRB only reports to the market its consolidated balance sheet at March and September month-end. This balance sheet below for December 2024
is based on the balance sheet reported by IRB for September 2024, adjusted by (i) the distributions to unit holders and results reported by IRB for
the last quarter of 2024 excluding the impact of measuring at fair value through profit and loss account some investments that Ferrovial
maintains as equity investments, and (ii) Ferrovial\u00b4s purchase price allocation adjustments.
IRB (100%) Million INR
Dec.24
Dec.23
Non-current assets
405,626
388,946
Current assets
46,158
55,742
Total assets
451,784
444,688
Equity
141,663
139,195
Non-current liabilities
273,464
238,920
Current liabilities
36,657
66,573
Total liabilities
451,784
444,688
Group\u00b4s share in equity (19.86% and 24.86% post and pre-sale, respectively)
28,141
34,611
Group\u00b4s share in equity (Million EUR)
315
376
The following table illustrates the summarized income statement as reported by IRB, excluding the impact of measuring at fair value through
profit and loss account some investments that Ferrovial maintains as equity investments, and adjusted by Ferrovial\u00b4s purchase price allocation
adjustments:
IRB (100%) Million INR
Dec.24
Dec.23
Revenue
72,806
69,677
Profit for the year (continuing operations)
5,096
5,205
Other comprehensive income
(1,440)
407
Total comprehensive income
3,656
5,612
Group\u00b4s share in profits (19.86% and 24.86% post and pre-sale, respectively)
1,534
1,294
Group\u00b4s share in profits (Million EUR)
13
14
3.5.6. IRB Infrastructure Trust (Private InvIT)
On June 13, 2024, Ferrovial, through its toll road subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary
of IRB Infrastructure Developers (IRB), in which Ferrovial holds a 19.86% ownership interest as mentioned previously. Private InvIT held a portfolio
of 14 toll road concessions in India with a committed pipeline of one additional concession. This investment amounted to EUR 652 million
(considering an exchange rate of 90.2 EUR/INR).
Ferrovial acquired this stake from affiliates of GIC Private Limited, which prior to this transaction owned a 49% stake in the company. After the
transaction, GIC\u2019s affiliates retain a 25% stake in Private InvIT and IRB retains its current 51% stake. Considering the indirect ownership interest
which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
On December 20, Private InvIT raised unit capital by way of rights issue of units of Private InvIT to IRB Infrastructure Developers (IRB) and GIC
Affiliates. Post right issue, Ferrovial acquired 23.99% of these rights issued, increasing its investment in Private InvIT by EUR 58 million (considering
an exchange rate of\u00a0 87.83 EUR/INR), and maintaining its stake in a 23.99%. On December 27, Private InvIT acquired 80.4% of Ganga, the
above-mentioned additional concession.
IRB Private InvIT contributed a loss of EUR -8 million to Ferrovial for the period from June to December 2024.
Regarding the purchase price allocation exercise (see Note 1.1.5.), the difference between the net fair value of the identifiable assets and liabilities
of Private InvIT and its carrying amount as at the date of acquisition (EUR 300 million at Ferrovial\u2019s stake) was fundamentally allocated to the
value of the toll concession rights, as the book value of the rest of net assets is not significantly different to their fair value.\u00a0 According to IAS 12,
paragraph 66, the deferred tax liability resulting from this fair value adjustment to the intangible asset (EUR 90 million for Ferrovial\u2019s stake)
affects the goodwill implicit in the carrying amount of the investment.
The consolidated IFRS balance sheet integrated by Ferrovial of Private InvIT is summarized in the table below.
Private InvIT only reports to the market its consolidated balance sheet at March and September month-end. This balance sheet below for
December 2024 is based on the balance sheet reported by Private InvIT for September 2024,\u00a0 adjusted by (i) the distributions to unit holders and
results reported by Private InvIT for the last quarter of 2024, and (ii) Ferrovial\u00b4s purchase price allocation adjustments. The acquisition of 80.4%
of Ganga project is not included in these figures as there is no available balance sheet detailed\u00a0 information.
Private InvIT (100%) Million INR
Dec.24
Fair Value recognized on
acquisition
Jun.24
Non-current assets
536,192
537,578
Current assets
15,719
13,799
Total assets
551,911
551,377
Equity
240,784
245,257
Non-current liabilities
297,474
294,852
Current liabilities
13,653
11,268
Total liabilities
551,911
551,377
Group\u00b4s share in equity (23.99%)
57,769
58,842
Group\u00b4s share in equity (23.99%) Million EUR
646
652
Ganga Acquisition (Million EUR)
58
0
Group\u00b4s share in equity including Ganga acquisition (23.99%) Million EUR
704
652
The following table illustrates the summarized income statement for the 6 month-period from the acquisition to December 31, 2024 as reported
by Private InvIT and adjusted by Ferrovial\u00b4s purchase price allocation adjustments:
Private InvIT (100%) Million INR
Dec.24
Revenue
22,040
Profit for the year (continuing operations)
(3,131)
Total comprehensive income
(3,131)
Group\u00b4s share in loss (23.99%)
(751)
Group\u00b4s share in loss (23.99%) Million EUR
(8)
3.5.7. Other disclosures relating to associates
a) Movements relating to the remaining associates
Appendix I to the 2024 consolidated financial statements includes a list of ownership interests in equity-accounted companies, including names,
countries of incorporation, business segments, shareholding percentages, aggregate assets and liabilities, revenue and profit/(loss) for the year.
A summary is presented in the following table:
Million euro
2024
2023
Madrid Calle 30
56
52
Riverlinx Limited \u2013 Silvertown Tunnel
65
52
Netflow OSARS (Western)
38
42
Ruta del Cacao
27
22
FMM Company LLC
18
19
Other
16
76
Balance at 12.31.2024
220
263
The main movement in relation to the remaining associates corresponds to the divestment of several availability concession assets in the Toll
Roads Division. As mentioned in Note 1.1.5, in October 2024, Ferrovial and Interogo Holding, via its infrastructure investment fund Inter
Infrastructure Capital (IIC), created the company Umbrella Roads BV to manage Ferrovial\u2019s stakes in several road and parking concessions in
Spain, Scotland, Ireland and Canada.
Ferrovial transferred 100% of the economic rights and holds the majority of the voting rights (51%) in Umbrella Roads BV through its toll roads
division Cintra. After the analysis performed by the company of this transaction and the share purchase agreements, it was concluded that
Ferrovial has no control over these assets according to IFRS 10, p. 7 criteria, nor significant influence under IAS 28, which entails recognizing a
capital gain of EUR 19 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed assets\u201d (transaction price
of EUR 100 million). The partnership between Ferrovial and Interogo Holding could allow for further collaboration between the parties in future.
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 described in Note 6.5.2.
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2024 and 2023, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were
as follows:
At December 31, 2024:
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%
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:
2024
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
573
138
436
8
25
LBJ Infrastructure Group Holding LLC
2,197
2,462
(265)
(1,959)
33
NTE Mobility Partners Holding LLC
2,128
2,117
11
(1,285)
101
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,129
1,857
272
(1,581)
70
I-77 Mobility Partners, LLC
708
688
20
(450)
23
I-66 Mobility Partners, LLC
6,276
2,676
3,600
(1,672)
(4)
Budimex
1,907
1,565
342
726
74
Dalaman
717
428
289
(61)
35
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2024 were as follows:
Company
(Million euro)
Balance at
12.31.2023
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2024
Autopista Terrassa-Manresa, S.A.
93
8
2
\u2014
\u2014
\u2014
\u2014
103
LBJ Infrastructure Group Holding LLC
(96)
28
\u2014
(7)
(45)
\u2014
\u2014
(120)
NTE Mobility Partners Holding LLC
5
59
\u2014
\u2014
(61)
\u2014
1
4
NTE Mobility Partners Segments 3 LLC
131
60
2
8
(75)
\u2014
\u2014
126
I-77 Mobility Partners, LLC
74
9
\u2014
2
(79)
\u2014
(1)
5
I-66 Mobility Partners, LLC
1,571
(3)
\u2014
101
(70)
\u2014
(4)
1,595
FAM Construction LLC (I-66)
\u2014
(9)
\u2014
2
\u2014
22
(1)
14
Budimex
234
77
\u2014
\u2014
(111)
\u2014
(4)
196
Dalaman
86
24
(1)
\u2014
\u2014
\u2014
\u2014
109
Others
15
(2)
1
\u2014
(5)
\u2014
4
13
TOTAL
2,113
251
4
106
(446)
22
(5)
2,045
The heading \u201cshare capital increase\u201d reflects the impact of the increase in funds attributable to non-controlling interests of FAM Construction LLC
amounting to EUR 22 million.
At\u00a0 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%
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:
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
Share capital
increase
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
Others
11
2
\u2014
(1)
(1)
\u2014
3
15
TOTAL
2,240
170
3
(42)
(379)
117
4
2,113
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
Net Cost
Ownership
Audit
CONTINUING OPERATIONS
CORPORATION
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
80
1
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
2
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
0
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%
40
1
Ferrovial SE
48.0%
33
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
5
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
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
IRELAND (Registered Office: Dublin)
Landmille, Ltd**
Ferrovial SE
100.0%
1
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
UNITED STATES (Registered Office: Austin)
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: New York)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
0
RailBX GmbH
Budimex, S.A.
100.0%
6
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company *
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sydney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
46
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil) *
Ferrovial Construction International S.E.
99.0%
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 S.E.
100.0%
66
1
Ontario Transit FCCI (Hold Co) Inc.
Ferrovial Construction CANADA Inc.
100.0%
0
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
6
Webber Infrastructue 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 S.E.
100.0%
0
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%
63
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International S.E.
100.0%
0
1
Ferrovial Energ\u00eda Construcci\u00f3n SpA
Ferrovial Energ\u00eda, S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International S.E.
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
0
3
Ferrovial Construction Slovakia S.R.O. *
Ferrovial Construction Holdings Ltd
99.0%
(2)
3
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
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)
99.95%
70
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)*
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
8
1
Ditecpesa, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
19
1
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0 *
Ferrovial SE
99.99%
386
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
Ferrovial Railway S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
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
1
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
Tecpresa Structural Solutions SA (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.1%
2
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
0
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
Webber, LLC
100.0%
14
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%
74
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
1,010
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,168
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Energy US, LLC
100.0%
0
Webber Infrastructure Management US Inc.
Webber, LLC
100.0%
308
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%
(3)
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
387
1
Webber - United LLC
Webber, LLC
60.0%
0
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
(2)
1
Webber Waterworks, LLC
Cadagua US, LLC
50.0%
0
1
Webber, LLC
50.0%
0
1
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
653
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
0
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%
337
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International S.E.
100.0%
12
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International S.E.
Ferrovial SE
100.0%
761
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.1%
0
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
24.9%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zealand) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
2
PERU (Registered Office: Lima)
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C. *
Ferrovial Construction International S.E.
99.99%
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
1
Fotowoltaika HIG XIV Sp. z o.o. \u00a0
Budimex, S.A.
100.0%
2
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
0
1
FBSerwis Zielony Kamie\u0144sk Sp. z o.o.
FBSerwis Kamie\u0144sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Wroc\u0142aw Sp. z o.o.
FBSerwis Wroc\u0142aw Sp. z o.o.
100.0%
0
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Dolny \u015al\u0105sk Sp. z o.o.
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielona Karpatia Sp. z o.o.
FBSerwis Karpatia Sp. z o.o.
100.0%
0
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International S.E.
50.1%
83
1
Bx Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Bx Kolejnictwo SA
Budimex, S.A.
100.0%
26
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
P
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
69
1
FBSerwis A Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis B Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Odbi\u00f3r Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Paliwa Alternatywne Sp. z o.o.
FBSerwis SA
100.0%
0
JZE Sp. z o.o.
FBSerwis SA
100.0%
0
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
0
Konstalex Sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Budimex Most Wschodni S.A.
Budimex, S.A.
100.0%
0
1
Circular Construction SA
Budimex Most Wschodni SA
100.0%
0
1
Magnolia Energy Sp. z o.o.
P
Budimex, S.A.
100.0%
9
1
Budimex PPP SA
Budimex, S.A.
100.0%
4
1
Budimex F Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex A\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex O\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex P\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex R\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex D\u00a0 Sp. z o.o.
Budimex SA
76.0%
0
Budimex SA Sygnity SA sj
Budimex, S.A.
67.0%
0
Budimex SA Cadagua SA IV sc
Budimex, S.A.
99.9%
0
Budimex SA Cadagua SA V sc
Budimex, S.A.
99.9%
0
Budimex SA Tecnicas Reunidas SA - Tur\u00f3w s.c.
Budimex, S.A.
50.0%
0
Green Waste Management 5 Sp. z o.o.
FBSerwis SA
100.0%
Green Waste Management 6 Sp. z o.o.
FBSerwis SA
100.0%
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International S.E.
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International S.E.
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
9
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International S.E.
100.0%
74
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
101
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%
0
Cintra Servicios de Infraestructuras, S.A. (a) *
Cintra Infraestructuras Espa\u00f1a S.L. (a)
99.99%
0
1
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
3
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
23
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
15
1
Ferrovial, SE
15.0%
3
1
Pilum, S.A. *
P
Ferrovial SE
94.1%
0
Ferrovial Aravia, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
1
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Ferrovial, SE
15.0%
0
1
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
426
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 4352238 Investments 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%
23
1
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, S.E.
100.0%
3,102
Cintra Holding US Corp
Ferrovial Holding US Corp
100.0%
22
Cintra Texas Corp
Cintra Holding US Corp
100.0%
(22)
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC\u00a0 *
Cintra Holding US Corp
49.0%
78
Ferrovial Construction US Corp.
44.0%
23
1
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%
4
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
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%
0
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
Cintra North Corridor Transit Partners LLC
P
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
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
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%
0
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%
3,021
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 Projects B.V.
Cintra Global SE
100.0%
0
Cintra IM Investments B.V.
Cintra Global SE
100.0%
0
1
Cintra INVIT Investments B.V.
Cintra Global SE
100.0%
718
Cintra Development BV
Cintra Global SE
100.0%
0
1
INDIA (Registered Office: Mumbai)
Ciinfra India Private Limited*
Cintra INR Investments BV
99.99%
0
1
PORTUGAL (Registered Office: Lisbon)
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%
0
Cintra Slovakia Ltd
Cintra Global SE
100.0%
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
PERU (Registered Office: LIMA)
Cintra Infraestructuras Per\u00fa, S.A.C*
Cintra Infrastructures SE
99.9%
0
DIGITAL INFRASTRUCTURES
SPAIN (Registered Office: Madrid)
Ferrovial MAD 01, S.A.
Ferrovial SE
100.0%
91
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
28
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
799
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%
734
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
742
Ferrovial Airports CHS MSA LLC
Ferrovial Airports Holding US Corp
100.0%
0
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%
5
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
P
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
P
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
14
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
21
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%
15
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
Siemsa Control y Sistemas S.A.U. (a)
Ferrovial Energ\u00eda S.A. (a)
100.0%
1
1
Ferrovial Energ\u00eda S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
16
1
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
Ferrovial Transco International, B.V.
100.0%
65
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%
0
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 Power Infrastructure Chile, SpA
99.99%
50
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Ferrovial Transco Chile III SPA
49.9%
0
1
Alto Huemul Transmisi\u00f3n SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
Alto Huemul II SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
1
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
13
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Misae Solar IV
P
Ferrovial Energy US, LLC
100.0%
66
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
76
2
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
89
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
26
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
50.0%
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
Thalia WB SPV Limited
P
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
P
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.*
Veltis, SpA
65.1%
0
1
Inversiones Chile Ltda
34.9%
0
1
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.*
Veltis, Sp.a
99.99%
31
1
Veltis, S.p.A
Ferrovial EG SE
100.0%
0
1
CHILE (Registered Office: Santiago)
Walvis, S.A.*
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada*
Veltis, Sp.a
99.99%
3
1
Inversiones\u00a0 (Chile) Limitada*
Inversiones (Chile) Holding Limitada
99.99%
0
Veltis Servicios, SpA
Veltis, S.p.A
100.0%
0
POLAND (Registered Office: Warsaw)
BXF Energ\u00eda Sp. z.o.o.
Budimex, S.A.
51.0%
7
Ferrovial EG SE
49.0%
7
Azalia, Sp.z.o.o.
P
BXF Energ\u00eda SP ZOO
100.0%
8
AUSTRALIA (Registered Office: Sydney)
Ferrovial Energy PTY LTD
Ferrovial EG SE
100.0%
0
Auditor Key:
Auditors: (1) Ernst & Young, S.L., Madrid, Spain, Auditor Firm ID 1461; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial SE and subsidiaries.
(*) The remaining percentage to complete the 100% Ownership in the company belongs to minority shareholders of the Ferrovial Group.
(**) In Members Voluntary Liquidation
(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.
Method
Assets.
Liab.
Reven.
Results
Audit
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
0
1,046
1,078
409
0
SPAIN
Via Olmedo Pedralba,
S.A.
Ferrovial Construccion, S.A.
7.2%
1
5
2
5
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
0
0
1
0
1
ConnectedWorks, LLC
Ferrovial Contruction US Holding
Corp.
40.0%
0
0
0
0
0
POLAND
Promos Sp. z o.o.
Budimex SA
26.3%
1
3
1
3
0
0
TOLL ROADS
AUSTRALIA
Nexus Infrastructure
Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
18
0
0
0
Nexus Infrastructure Unit
Trust
P
Nexus Infrastructure Holdings Unit
Trust
100.0%
10
37
16
37
3
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
100.0%
0
0
0
0
0
Netflow Osars (Western)
GP
P
Cintra Osars (Western) Unit Trust
50.0%
38
151
74
25
3
SPAIN
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
25.0%
6
38
13
18
4
Empresa Mant. y
Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
(34)
238
238
37
10
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30,
S.A.
20.0%
56
730
169
158
68
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
778
3,866
8,029
1,151
467
1
COLOMBIA
Concesionaria Ruta del
Cacao S.A.S.
P
Cintra Infraestructuras Colombia
S.A.S.
30.0%
27
736
644
139
22
2
INDIA
IRB Infrastructure
Developers Limited
P
Cintra INR Investments B.V.
19.9%
315
5,025
3,463
894
50
5
IRB Infrastructure Trust
P
IRB Infrastructure Developers
Limited
51.0%
704
4,800
3,107
243
(24)
Cintra INVIT Investments B.V.
24.0%
0
0
0
0
0
MMK Toll Road Private
Limited
P
IRB Infrastructure Developers
Limited
51.0%
0
1
0
0
0
Cintra IM Investments B.V.
24.0%
0
0
0
0
0
UNITED KINGDOM
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
100.0%
13
944
908
36
3
RiverLinx Holdings Ltd
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
100.0%
65
1,820
1,528
204
7
PERU
Sociedad Concesionaria
Anillo Vial, S.A.
P
Cintra Infraestructuras Per\u00fa, S.A.C
35.0%
14
0
0
0
0
AIRPORTS
QATAR
FMM Company LLC
Ferrovial Airports FMM B.V.
49.0%
18
78
38
109
14
UNITED STATES
JFK NTO SPONSOR
AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
1,006
10,436
8,547
68
7
1
Total equity-accounted continuing operations
3,023
Auditor key:
(1) EY; (2) Deloitte; (3) BDO; (4) PwC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Asociados, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-880": { "value": "
1.1.4. Assets and liabilities held for sale and discontinued operations
Assets and liabilities held for sale
At December 31, 2024 assets held for sale amount to EUR 56 million and liabilities stand at EUR 24 million, related to energy assets scheduled to
be divested within 12 months, and to the 50% stake in AGS Airports Holdings Limited (AGS), the parent company owning the Aberdeen, Glasgow
and Southampton Airports.
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%), and as part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The
completion of this transaction was subject to the obtainment of applicable regulatory approvals by the 2024 year-end and therefore the 50%
ownership interest in AGS Airports Holdings Limited was reclassified to held for sale as of December 31, 2024. The ownership interest in this
company remained valued at zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
As disclosed in Note 3.6. of these consolidated financial statements, the group granted subordinated loans to AGS totaling EUR 235 million, that
after the agreement reached in November, have been reclassified from long-term financial assets to short-term receivables at December 2024,
as these loans are also part of the divestment transaction.
On January 28, 2025, and following satisfaction of the applicable regulatory conditions, Ferrovial and Macquarie completed the sale of the entire
ownership interest in AGS for a price of GBP 900 million, of which circa GBP\u00a0 450 million are Ferrovial's net proceeds, entailing a capital gain of
EUR 297 million for Ferrovial, which will impact Q1 2025 results\u00a0 (see Note 6.11).
There were no assets and liabilities held for sale at December 31, 2023.
The following table provides a breakdown by nature of the assets and liabilities classified as held for sale as of December 2024:
.
(Million euro)
2024
Intangible assets
9
Property, plant and equipment
39
Other non-current assets
4
Non-current assets
52
Short-term trade and other receivables
1
Cash and cash equivalents
1
Other current assets
2
Current assets
4
TOTAL assets classified as held for sale
56
Borrowings
17
Other non-current liabilities
4
Non-current liabilities
21
Borrowings
2
Other current liabilities
1
Current liabilities
3
TOTAL liabilities classified as held for sale
24
Discontinued operations
Discontinued operations fundamentally relate to the Services Division, the divestment of which was completed in 2022, once the Infrastructure
Upkeep and Maintenance business in Spain and the United Kingdom (Amey) had been sold.
During 2024 and 2023
Profit from discontinued operations amounted to EUR 14 and EUR 16 million in 2024 and 2023, respectively, and relates mainly to the
indemnities and updated earn-outs associated with the disposal of the Services Business in Spain and Portugal, as well as other adjustments
related to the Amey business divestment in the United Kingdom (see Note 2.8.).
Divestments executed during 2022:
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.
Following completion of the sale, Ferrovial acquired a stake (24.8%) in the share capital of the acquirer (Grupo Serveo) for EUR 17.5 million, the
impact on the income statement being immaterial. As described below in Note 1.1.5, on June 28, 2024, Ferrovial completed the sale of this
24.78% stake in Grupo Serveo, consolidated as an equity-accounted company, to the main shareholder, Portobello Capital, for EUR 55 million,
entailing a capital gain before taxes of EUR 33 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed
assets\u201d (Note 2.4).
On December 31, 2022, the Amey business in the United Kingdom, relating to full lifecycle 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 buyer, 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.
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.
2.8.PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS
Profit from discontinued operations for 2024, 2023 and 2022 amounted to EUR 14 million, EUR 16 million and EUR 64 million, respectively,
relating to the Services Division.
Services Division
As also explained in Note 1.1.4, the Services Division divestment process was completed in 2022.
During 2024 and 2023, profit from discontinued operations amounted to EUR 14 million and EUR 16 million respectively 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 interest rate hedging derivatives (EUR -15 million) (see Note 5.1.1).
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 2024, 2023 and 2022.
(Million euro)
2024
2023
2022
Revenue
\u2014
\u2014
2
Operating profit/(loss)
14
28
9
Net financial income/(expense)
\u2014
(15)
(1)
Share of profits of equity-accounted companies
\u2014
\u2014
5
Consolidated profit/(loss) before tax
14
13
13
Corporate income tax
\u2014
3
(10)
Profit/(loss) after tax
14
16
3
Profit/(loss) for the year attributed to non- controlling interests
\u2014
\u2014
\u2014
Profit/(loss) for the year attributed to the parent company
14
16
3
Adjustments to discontinued operations
\u2014
\u2014
61
Profit/(loss) from discontinued operations
14
16
64
Cash flows from discontinued operations:
The cash flows from discontinued operations are included in the group reported cash flows. The following table shows the disclosure
corresponding to the period 2024, 2023 and 2022:
2024-2022
(Million euro)
2024
2023
2022
Cash flows from operating activities ex tax payments
\u2014
\u2014
20
Tax payments
\u2014
\u2014
(1)
Cash flows from operating activities
\u2014
\u2014
19
Investment
\u2014
\u2014
(1)
Divestment
\u2014
\u2014
\u2014
Cash flows before financing activities
\u2014
\u2014
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-884": { "value": "
1.1.4. Assets and liabilities held for sale and discontinued operations
Divestments executed during 2022:
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.
Following completion of the sale, Ferrovial acquired a stake (24.8%) in the share capital of the acquirer (Grupo Serveo) for EUR 17.5 million, the
impact on the income statement being immaterial. As described below in Note 1.1.5, on June 28, 2024, Ferrovial completed the sale of this
24.78% stake in Grupo Serveo, consolidated as an equity-accounted company, to the main shareholder, Portobello Capital, for EUR 55 million,
entailing a capital gain before taxes of EUR 33 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed
assets\u201d (Note 2.4).
On December 31, 2022, the Amey business in the United Kingdom, relating to full lifecycle 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 buyer, 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.
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.
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 based on surveyed 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 margin 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) subject to an application
procedure directly to the customer.
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.
The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved.
In the event that the claim 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 of revenue for which it is highly probable that there will not be a
significant reversal.\u00a0 This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report
justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii)
approval from the Division\u2019s CFO and General Counsel.
In those\u00a0 cases in which a legal report confirms that the rights forming the subject of a dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenue 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 business
In these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally,
two performance obligations are identified: one for the construction and another for the operation of the infrastructure.
The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the
benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a
performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.
The second one encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly
rate reflects the value of the services rendered. This 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 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 estimation of items for which there is a risk that differences could arise in the future in respect of the carrying amounts of assets and liabilities,
involves significant analysis 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: When the estimated costs to complete a construction project exceed the transaction Price, the Company
recognizes a provision for the indicated 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 research (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 1.1.4.), which only applies to 2022 and 2024: 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) Calculation of the goodwill arising in the acquisitions of Dalaman in June 2022 and IRB Infrastructure Trust (Private InvIT) in June 2024, and its
allocation to the fair values of its assets and liabilities (Note 1.1.5).
v) Consolidation method applicable to the following stakes:
\u2022 For the IRB Infrastructure Trust (Private InvIT) stake (23.99%) acquired in June 2024, management considers Ferrovial has significant
influence and therefore this stake is consolidated through equity method.
\u2022 The sale of 100% of the economic rights and 49% of the voting rights of Umbrella Roads BV in October 2024, has resulted in the loss of
control and significant influence, which has led to the recognition of a capital gain of EUR 19 million.
\u2022 Finally, following the completion in December 2024 of the sale of 19.75% of the share capital of FGP Topco (direct shareholder of Heathrow
Airports Holdings Limited ), in which Ferrovial had a 25% stake and that was consolidated through equity method, the remaining 5.25% stake
in FGP Topco has been classified as a financial asset measured at fair value through profit or loss, as Ferrovial does not have now significant
influence over this entity. The fair value has been determined by reference to the selling price of the recently sold 19.75% stake in FGP Topco.
3.1. GOODWILL AND ACQUISITIONS
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment (in December).
Goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests are consistent with the latest
business projections presented to the Board and it was concluded that there is no impairment as of December 31, 2024. The impairment test is a
process that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2024 and 2023 we did
not recognize any impairment loss for goodwill. In the explanatory notes we disclose the recoverable amounts and the carrying amounts of the
investments for those entities to which goodwill have been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generated unit subject to impairment test, presenting headroom against each carrying amount.
A. Construction Division goodwill (Webber and Budimex):
In the case of Webber, in 2024 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 245% with respect to its
carrying amount of EUR 395 million (174% and EUR 362 million at December 31, 2023). The cash flows have been discounted at a rate of 8.6%
(9.9% 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 has a free float, we consider the share price to be representative of its value. Therefore,
the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2024 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2024 was 891% higher than its carrying amount of EUR 141 million (1,086% and EUR 156 million
at December 31, 2023), 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.
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 2024 impairment test reflected a headroom of 13% with respect to the carrying amount of EUR
2,281 million (20% and EUR 1,971 million at December 31, 2023). The cash flows have been discounted at a rate of 8.5% (9.5% before taxes).
A sensitivity analysis based on the assumption of a 5% decline in the toll revenue curve from 2026 onwards shows no risk of impairment.
C. Energy goodwill (Power Transmission Services):
The impairment test of the goodwill uses long-term projections that go beyond one year after the first 20 years of the\u00a0 regulated period, when the
concessionaire is remunerated based on the replacement cost of the infrastructure. The result of the impairment test reflects a headroom of 57%
with respect to the carrying amount of EUR 38 million at December 31, 2024 (EUR 34 million and 79% in 2023). The cash flows have been
discounted at a rate of 9.9% (10.1% before taxes) in 2024.
D. Airports Goodwill (Dalaman):
The 2024 impairment test reflected a headroom of 24% in relation to the carrying amount which was EUR 180 million at December 31, 2024
(26% and EUR 146 million at December 31, 2023). The cash flows have been discounted at a rate of 10.2% (12.7% before taxes).
E.Other businesses goodwill (Mining Services Chile):
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services.
The impairment test, based on a 5-year projection, identified a headroom of 141% in relation to the carrying amount, which was EUR 29 million
at December 31, 2024 (12% and EUR 16 million at December 31, 2023). The cash flows have been discounted at a rate (WACC) of 14.7% (18.6%
before taxes).
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.1. Intangible asset model
(Million euro)
BALANCE AT 01/01/2024
TOTAL ADDITIONS
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish toll roads
721
3
\u2014
724
US toll roads
12,823
76
858
13,757
Other toll roads
4
\u2014
\u2014
4
Toll road investment
13,549
79
858
14,485
Accumulated depreciation
(834)
(209)
(46)
(1,089)
Net investment in toll roads
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(34)
(24)
\u2014
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2014
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL DEPRECIATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
(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
\u2013
\u2013
\u2013
721
US toll roads
12,547
670
(1)
(393)
\u2013
12,823
Other toll roads
391
\u2013
\u2013
\u2013
(387)
4
Toll road investment
13,653
677
(1)
(393)
(387)
13,549
Accumulated depreciation/amortization
(781)
(201)
\u2013
16
132
(834)
Net investment in toll roads
12,872
476
(1)
(377)
(255)
12,715
Investment in other infrastructure projects
632
18
\u2013
\u2013
\u2013
650
Depreciation/amortization of other infrastructure
projects
\u2013
(34)
\u2013
\u2013
\u2013
(34)
Total net investment in other infrastructure
projects
632
(16)
\u2013
\u2013
\u2013
616
TOTAL INVESTMENT
14,285
695
(1)
(393)
(387)
14,199
TOTAL DEPRECIATION/AMORTIZATION AND
PROVISION
(781)
(235)
\u2013
17
132
(867)
TOTAL NET INVESTMENT
13,504
460
(1)
(376)
(255)
13,333
The most significant changes in 2024 and 2023 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 79 million in 2024, mainly related to the North Tarrant Express Extension. These additions
reached EUR 677 million in 2023, highlighting the I-66 Express Mobility Partners LLC (EUR 489 million) and the North Tarrant Express
Extension (EUR 178 million).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR 812 million in 2024 (EUR -376 million in 2023), fully attributed to the
appreciation of the US dollar against the euro on the US toll roads (Note 1.4).
\u25e6 At December 31, 2024 there were no impact on \"consolidation scope changes and transfers\", whereas at December 31, 2023, the effect\u00a0
related to the Euroscut Azores toll road divestment (EUR -255 million).
The caption of US toll roads includes the intangible asset related to I-66 Express Mobility Partners, among others, amounting to EUR 6,190 million
(EUR 5,925 million in 2023). Investments in other infrastructure projects include the intangible asset of Dalaman airport, amounting to EUR 592
million (EUR 617 million in 2023).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 5.2). The capitalization of borrowing costs
eligible for capitalization in 2024 and\u00a0 2023 are described in Note 1.3.3.2 and Note 2.5.
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 IFRIC 12 financial asset model. Movements during 2024 and 2023 are set out below:
(Million euro)
INFRASTRUCTURE PROJECT
RECEIVABLES 2024
INFRASTRUCTURE PROJECT
RECEIVABLES 2023
OPENING BALANCE
162
163
Additions
6
9
Disposals
(14)
(12)
Foreign exchange effect
3
2
YEAR-END BALANCE
158
162
Note: Balances net of provisions
The following tables show financial assets by concession operator for\u00a0 2024 and 2023:
BALANCES AT 12/31/2024
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
49
3
52
Depusa Arag\u00f3n
21
1
22
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
81
4
85
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
158
4
162
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
\u2013
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
162
4
166
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -132 million in 2024 (EUR\u00a0
-248 million in 2023), which differed from the additions recognized in the balance sheet for the following main reasons:
\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.
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,
2024:
(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 31,2023
156
86
26
268
1,011
1,279
Scope changes and transfers
(3)
17
(2)
13
1
14
Charges:
41
42
1
85
297
382
Operating profit/(loss)
38
5
1
44
295
339
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
2
2
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed asset depreciation
3
37
\u2013
40
\u2013
40
Reversals:
(8)
\u2013
1
(8)
(252)
(260)
Operating profit/(loss)
(4)
\u2013
1
(4)
(252)
(256)
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
(4)
\u2013
\u2013
(4)
\u2013
(4)
Fixed asset depreciation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Applications
(6)
(7)
\u2013
(13)
(114)
(128)
Foreign exchange differences
1
7
\u2013
9
15
24
Balance at December 31, 2024
182
145
26
353
958
1,311
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 97 million and EUR 71 million in 2024
and 2023, respectively, and largely relating to the Construction business (EUR 90 million in 2024 and EUR 68 million in 2023). This provision is
recognized and reversed against changes to provisions in operating profit/(loss).
\u2022 Provisions for tax claims, amounting to EUR 85 million for both\u00a0 2024 and 2023, 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 145 million and EUR 86 million in 2024
and 2023, 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, 2024 (EUR 26 million at December 31, 2023).
At December 31, 2024, 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, 2024 amounted to EUR 16 million.\u00a0
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
project close-out costs under the contract), amounting to EUR 325 million and EUR 313 million in 2024 and 2023 respectively), and provisions for
budgeted losses totaling\u00a0 EUR 531 million and EUR 606 million in 2024 and 2023 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 504 million and EUR 561 million in 2024 and
2023 respectively, and the UK waste treatment businesses (Thalia) in the amount of EUR 26 million and EUR 46 million at December 31, 2024 and
2023, respectively.
The change during 2024 is explained by net provisions recognized in the Construction Division (EUR -17 million), basically in the Polish business,
and to the application of provisions for budgeted losses in Colombia and US businesses (EUR -47 million). Additionally, also worth mentioning the
impact in the UK waste treatment businesses (Thalia), explained by a provision recognition impact of EUR 16 million, offset by applications\u00a0
reaching EUR -37 million, mainly related to the Isle of Wight treatment plant.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-882": { "value": "
1.1.4. Assets and liabilities held for sale and discontinued operations
Discontinued operations
Discontinued operations fundamentally relate to the Services Division, the divestment of which was completed in 2022, once the Infrastructure
Upkeep and Maintenance business in Spain and the United Kingdom (Amey) had been sold.
During 2024 and 2023
Profit from discontinued operations amounted to EUR 14 and EUR 16 million in 2024 and 2023, respectively, and relates mainly to the
indemnities and updated earn-outs associated with the disposal of the Services Business in Spain and Portugal, as well as other adjustments
related to the Amey business divestment in the United Kingdom (see Note 2.8.).
Divestments executed during 2022:
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.
Following completion of the sale, Ferrovial acquired a stake (24.8%) in the share capital of the acquirer (Grupo Serveo) for EUR 17.5 million, the
impact on the income statement being immaterial. As described below in Note 1.1.5, on June 28, 2024, Ferrovial completed the sale of this
24.78% stake in Grupo Serveo, consolidated as an equity-accounted company, to the main shareholder, Portobello Capital, for EUR 55 million,
entailing a capital gain before taxes of EUR 33 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed
assets\u201d (Note 2.4).
On December 31, 2022, the Amey business in the United Kingdom, relating to full lifecycle 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 buyer, 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.
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.
1.1.5. Consolidation scope changes and other divestments of investees
Airports
Vertiports divestment
On December 11, 2024, Ferrovial has completed the sale of its Vertiports business in United States, with a capital gain of EUR 2 million.
Anillo Vial Perif\u00e9rico Project
On April 4, 2024, the Private Investment Promotion Agency of Peru (Proinversi\u00f3n), a specialized technical agency attached to the Peruvian
Ministry of Economy and Finance, awarded the Anillo Vial Perif\u00e9rico Project in Lima (Per\u00fa) to a consortium led by the toll roads subsidiary Cintra,
which owns 35% of the consortium, together with Acciona and Sacyr, which own 32.5% each. The Anillo Vial Perif\u00e9rico Project is a 30-year
concession contract that covers the financing, design, construction, operation and maintenance of an approximately 35 kilometers ring road in the
metropolitan area of Lima. The project entails an expected investment of approximately USD 3.4 billion (approximately EUR 3.1 billion). This
amount consists of the expected equity to be contributed by the consortium currently estimated at approximately USD 0.4-0.6 billion (of which
USD 0.14-0.21 billion is expected to be invested by Cintra) as well as contributions from public funds by the Peruvian government and other
financing sources.
During 2023
Azores toll road
Ferrovial, through its Toll Roads subsidiary, reached an agreement in June 2023 to sell 89.2% of the Azores toll road, in Portugal, to the
infrastructure funds Horizon and RiverRock. The initial price of the transaction, which is in line with the company\u2019s asset rotation strategy and was
completed on December 28, 2023, was EUR 42.6 million (final price of EUR 43.4 million once adjusted for the ticking fees accrued as from the
signing of the sale and purchase agreement).
The sale brought 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.
Construction
During 2024 and 2023
There were no changes in the consolidation scope during 2024 and 2023.
Energy
During 2024
Ferrovial Energy US. LLC. acquires Misae Solar IV, LLC, a solar SPV project (257MW) in Leon County
On May 1, Ferrovial, through Ferrovial Energy US. LLC, acquired a 100% stake in Misae Solar IV, LLC, a solar SPV project (257MW) in Leon County,
Texas, for an acquisition price of USD 14.3 million (EUR 13.8 million). The company will perform the design, construction and operation of the
plant.
During 2023
There were no changes in the consolidation scope during 2023.
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2024, 2023 and 2022 profit/(loss) attributed to non-controlling interests amounted to EUR -251 million, EUR -170 million and EUR -117
million, respectively.
These figures relate to the profits obtained by Group companies attributable to the company\u2019s other shareholders. The positive figures relate to
loss-making companies and the negative figures relate to profit-making companies.
(Million euro)
2024
2023
2022
NON-GROUP
Budimex Group
(77)
(83)
(60)
49.86%
Autop.Terrasa Manresa, S.A.
(8)
(8)
19
23.72%
LBJ Infraestructure Group
(28)
(20)
(9)
45.40%
NTE Mobility Partners
(59)
(60)
(47)
37.03%
NTE Mobility Partners Segments 3 LLC
(60)
(41)
(33)
46.33%
FAM Construction LLC
9
34
26
30.00%
D4R7 Construction S.R.O.
3
(1)
2
35.00%
I-77 Mobility Partners
(9)
(12)
(6)
27.77%
I-66 Mobility Partners
3
16
10
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
(24)
7
(8)
40.00%
Webber United LLC
\u2014
1
\u2014
40.00%
Other companies
(2)
(3)
(11)
\u2014%
TOTAL
(251)
(170)
(117)
\u2014%
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2024 and 2023, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were
as follows:
At December 31, 2024:
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%
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:
2024
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
573
138
436
8
25
LBJ Infrastructure Group Holding LLC
2,197
2,462
(265)
(1,959)
33
NTE Mobility Partners Holding LLC
2,128
2,117
11
(1,285)
101
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,129
1,857
272
(1,581)
70
I-77 Mobility Partners, LLC
708
688
20
(450)
23
I-66 Mobility Partners, LLC
6,276
2,676
3,600
(1,672)
(4)
Budimex
1,907
1,565
342
726
74
Dalaman
717
428
289
(61)
35
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2024 were as follows:
Company
(Million euro)
Balance at
12.31.2023
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2024
Autopista Terrassa-Manresa, S.A.
93
8
2
\u2014
\u2014
\u2014
\u2014
103
LBJ Infrastructure Group Holding LLC
(96)
28
\u2014
(7)
(45)
\u2014
\u2014
(120)
NTE Mobility Partners Holding LLC
5
59
\u2014
\u2014
(61)
\u2014
1
4
NTE Mobility Partners Segments 3 LLC
131
60
2
8
(75)
\u2014
\u2014
126
I-77 Mobility Partners, LLC
74
9
\u2014
2
(79)
\u2014
(1)
5
I-66 Mobility Partners, LLC
1,571
(3)
\u2014
101
(70)
\u2014
(4)
1,595
FAM Construction LLC (I-66)
\u2014
(9)
\u2014
2
\u2014
22
(1)
14
Budimex
234
77
\u2014
\u2014
(111)
\u2014
(4)
196
Dalaman
86
24
(1)
\u2014
\u2014
\u2014
\u2014
109
Others
15
(2)
1
\u2014
(5)
\u2014
4
13
TOTAL
2,113
251
4
106
(446)
22
(5)
2,045
The heading \u201cshare capital increase\u201d reflects the impact of the increase in funds attributable to non-controlling interests of FAM Construction LLC
amounting to EUR 22 million.
At\u00a0 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%
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:
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
Share capital
increase
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
Others
11
2
\u2014
(1)
(1)
\u2014
3
15
TOTAL
2,240
170
3
(42)
(379)
117
4
2,113
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
Net Cost
Ownership
Audit
CONTINUING OPERATIONS
CORPORATION
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
80
1
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
2
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
0
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%
40
1
Ferrovial SE
48.0%
33
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
5
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
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
IRELAND (Registered Office: Dublin)
Landmille, Ltd**
Ferrovial SE
100.0%
1
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
UNITED STATES (Registered Office: Austin)
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: New York)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
0
RailBX GmbH
Budimex, S.A.
100.0%
6
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company *
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sydney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
46
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil) *
Ferrovial Construction International S.E.
99.0%
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 S.E.
100.0%
66
1
Ontario Transit FCCI (Hold Co) Inc.
Ferrovial Construction CANADA Inc.
100.0%
0
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
6
Webber Infrastructue 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 S.E.
100.0%
0
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%
63
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International S.E.
100.0%
0
1
Ferrovial Energ\u00eda Construcci\u00f3n SpA
Ferrovial Energ\u00eda, S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International S.E.
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
0
3
Ferrovial Construction Slovakia S.R.O. *
Ferrovial Construction Holdings Ltd
99.0%
(2)
3
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
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)
99.95%
70
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)*
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
8
1
Ditecpesa, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
19
1
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0 *
Ferrovial SE
99.99%
386
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
Ferrovial Railway S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
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
1
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
Tecpresa Structural Solutions SA (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.1%
2
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
0
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
Webber, LLC
100.0%
14
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%
74
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
1,010
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,168
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Energy US, LLC
100.0%
0
Webber Infrastructure Management US Inc.
Webber, LLC
100.0%
308
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%
(3)
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
387
1
Webber - United LLC
Webber, LLC
60.0%
0
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
(2)
1
Webber Waterworks, LLC
Cadagua US, LLC
50.0%
0
1
Webber, LLC
50.0%
0
1
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
653
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
0
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%
337
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International S.E.
100.0%
12
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International S.E.
Ferrovial SE
100.0%
761
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.1%
0
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
24.9%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zealand) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
2
PERU (Registered Office: Lima)
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C. *
Ferrovial Construction International S.E.
99.99%
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
1
Fotowoltaika HIG XIV Sp. z o.o. \u00a0
Budimex, S.A.
100.0%
2
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
0
1
FBSerwis Zielony Kamie\u0144sk Sp. z o.o.
FBSerwis Kamie\u0144sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Wroc\u0142aw Sp. z o.o.
FBSerwis Wroc\u0142aw Sp. z o.o.
100.0%
0
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Dolny \u015al\u0105sk Sp. z o.o.
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielona Karpatia Sp. z o.o.
FBSerwis Karpatia Sp. z o.o.
100.0%
0
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International S.E.
50.1%
83
1
Bx Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Bx Kolejnictwo SA
Budimex, S.A.
100.0%
26
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
P
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
69
1
FBSerwis A Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis B Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Odbi\u00f3r Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Paliwa Alternatywne Sp. z o.o.
FBSerwis SA
100.0%
0
JZE Sp. z o.o.
FBSerwis SA
100.0%
0
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
0
Konstalex Sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Budimex Most Wschodni S.A.
Budimex, S.A.
100.0%
0
1
Circular Construction SA
Budimex Most Wschodni SA
100.0%
0
1
Magnolia Energy Sp. z o.o.
P
Budimex, S.A.
100.0%
9
1
Budimex PPP SA
Budimex, S.A.
100.0%
4
1
Budimex F Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex A\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex O\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex P\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex R\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex D\u00a0 Sp. z o.o.
Budimex SA
76.0%
0
Budimex SA Sygnity SA sj
Budimex, S.A.
67.0%
0
Budimex SA Cadagua SA IV sc
Budimex, S.A.
99.9%
0
Budimex SA Cadagua SA V sc
Budimex, S.A.
99.9%
0
Budimex SA Tecnicas Reunidas SA - Tur\u00f3w s.c.
Budimex, S.A.
50.0%
0
Green Waste Management 5 Sp. z o.o.
FBSerwis SA
100.0%
Green Waste Management 6 Sp. z o.o.
FBSerwis SA
100.0%
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International S.E.
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International S.E.
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
9
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International S.E.
100.0%
74
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
101
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%
0
Cintra Servicios de Infraestructuras, S.A. (a) *
Cintra Infraestructuras Espa\u00f1a S.L. (a)
99.99%
0
1
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
3
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
23
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
15
1
Ferrovial, SE
15.0%
3
1
Pilum, S.A. *
P
Ferrovial SE
94.1%
0
Ferrovial Aravia, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
1
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Ferrovial, SE
15.0%
0
1
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
426
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 4352238 Investments 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%
23
1
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, S.E.
100.0%
3,102
Cintra Holding US Corp
Ferrovial Holding US Corp
100.0%
22
Cintra Texas Corp
Cintra Holding US Corp
100.0%
(22)
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC\u00a0 *
Cintra Holding US Corp
49.0%
78
Ferrovial Construction US Corp.
44.0%
23
1
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%
4
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
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%
0
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
Cintra North Corridor Transit Partners LLC
P
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
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
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%
0
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%
3,021
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 Projects B.V.
Cintra Global SE
100.0%
0
Cintra IM Investments B.V.
Cintra Global SE
100.0%
0
1
Cintra INVIT Investments B.V.
Cintra Global SE
100.0%
718
Cintra Development BV
Cintra Global SE
100.0%
0
1
INDIA (Registered Office: Mumbai)
Ciinfra India Private Limited*
Cintra INR Investments BV
99.99%
0
1
PORTUGAL (Registered Office: Lisbon)
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%
0
Cintra Slovakia Ltd
Cintra Global SE
100.0%
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
PERU (Registered Office: LIMA)
Cintra Infraestructuras Per\u00fa, S.A.C*
Cintra Infrastructures SE
99.9%
0
DIGITAL INFRASTRUCTURES
SPAIN (Registered Office: Madrid)
Ferrovial MAD 01, S.A.
Ferrovial SE
100.0%
91
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
28
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
799
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%
734
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
742
Ferrovial Airports CHS MSA LLC
Ferrovial Airports Holding US Corp
100.0%
0
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%
5
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
P
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
P
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
14
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
21
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%
15
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
Siemsa Control y Sistemas S.A.U. (a)
Ferrovial Energ\u00eda S.A. (a)
100.0%
1
1
Ferrovial Energ\u00eda S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
16
1
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
Ferrovial Transco International, B.V.
100.0%
65
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%
0
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 Power Infrastructure Chile, SpA
99.99%
50
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Ferrovial Transco Chile III SPA
49.9%
0
1
Alto Huemul Transmisi\u00f3n SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
Alto Huemul II SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
1
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
13
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Misae Solar IV
P
Ferrovial Energy US, LLC
100.0%
66
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
76
2
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
89
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
26
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
50.0%
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
Thalia WB SPV Limited
P
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
P
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.*
Veltis, SpA
65.1%
0
1
Inversiones Chile Ltda
34.9%
0
1
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.*
Veltis, Sp.a
99.99%
31
1
Veltis, S.p.A
Ferrovial EG SE
100.0%
0
1
CHILE (Registered Office: Santiago)
Walvis, S.A.*
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada*
Veltis, Sp.a
99.99%
3
1
Inversiones\u00a0 (Chile) Limitada*
Inversiones (Chile) Holding Limitada
99.99%
0
Veltis Servicios, SpA
Veltis, S.p.A
100.0%
0
POLAND (Registered Office: Warsaw)
BXF Energ\u00eda Sp. z.o.o.
Budimex, S.A.
51.0%
7
Ferrovial EG SE
49.0%
7
Azalia, Sp.z.o.o.
P
BXF Energ\u00eda SP ZOO
100.0%
8
AUSTRALIA (Registered Office: Sydney)
Ferrovial Energy PTY LTD
Ferrovial EG SE
100.0%
0
Auditor Key:
Auditors: (1) Ernst & Young, S.L., Madrid, Spain, Auditor Firm ID 1461; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial SE and subsidiaries.
(*) The remaining percentage to complete the 100% Ownership in the company belongs to minority shareholders of the Ferrovial Group.
(**) In Members Voluntary Liquidation
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-881": { "value": "
1.1.4. Assets and liabilities held for sale and discontinued operations
Divestments executed during 2022:
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.
Following completion of the sale, Ferrovial acquired a stake (24.8%) in the share capital of the acquirer (Grupo Serveo) for EUR 17.5 million, the
impact on the income statement being immaterial. As described below in Note 1.1.5, on June 28, 2024, Ferrovial completed the sale of this
24.78% stake in Grupo Serveo, consolidated as an equity-accounted company, to the main shareholder, Portobello Capital, for EUR 55 million,
entailing a capital gain before taxes of EUR 33 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed
assets\u201d (Note 2.4).
On December 31, 2022, the Amey business in the United Kingdom, relating to full lifecycle 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 buyer, 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.
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.
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 based on surveyed 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 margin 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) subject to an application
procedure directly to the customer.
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.
The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved.
In the event that the claim 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 of revenue for which it is highly probable that there will not be a
significant reversal.\u00a0 This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report
justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii)
approval from the Division\u2019s CFO and General Counsel.
In those\u00a0 cases in which a legal report confirms that the rights forming the subject of a dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenue 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 business
In these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally,
two performance obligations are identified: one for the construction and another for the operation of the infrastructure.
The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the
benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a
performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.
The second one encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly
rate reflects the value of the services rendered. This 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 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 estimation of items for which there is a risk that differences could arise in the future in respect of the carrying amounts of assets and liabilities,
involves significant analysis 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: When the estimated costs to complete a construction project exceed the transaction Price, the Company
recognizes a provision for the indicated 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 research (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 1.1.4.), which only applies to 2022 and 2024: 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) Calculation of the goodwill arising in the acquisitions of Dalaman in June 2022 and IRB Infrastructure Trust (Private InvIT) in June 2024, and its
allocation to the fair values of its assets and liabilities (Note 1.1.5).
v) Consolidation method applicable to the following stakes:
\u2022 For the IRB Infrastructure Trust (Private InvIT) stake (23.99%) acquired in June 2024, management considers Ferrovial has significant
influence and therefore this stake is consolidated through equity method.
\u2022 The sale of 100% of the economic rights and 49% of the voting rights of Umbrella Roads BV in October 2024, has resulted in the loss of
control and significant influence, which has led to the recognition of a capital gain of EUR 19 million.
\u2022 Finally, following the completion in December 2024 of the sale of 19.75% of the share capital of FGP Topco (direct shareholder of Heathrow
Airports Holdings Limited ), in which Ferrovial had a 25% stake and that was consolidated through equity method, the remaining 5.25% stake
in FGP Topco has been classified as a financial asset measured at fair value through profit or loss, as Ferrovial does not have now significant
influence over this entity. The fair value has been determined by reference to the selling price of the recently sold 19.75% stake in FGP Topco.
3.1. GOODWILL AND ACQUISITIONS
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment (in December).
Goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests are consistent with the latest
business projections presented to the Board and it was concluded that there is no impairment as of December 31, 2024. The impairment test is a
process that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2024 and 2023 we did
not recognize any impairment loss for goodwill. In the explanatory notes we disclose the recoverable amounts and the carrying amounts of the
investments for those entities to which goodwill have been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generated unit subject to impairment test, presenting headroom against each carrying amount.
A. Construction Division goodwill (Webber and Budimex):
In the case of Webber, in 2024 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 245% with respect to its
carrying amount of EUR 395 million (174% and EUR 362 million at December 31, 2023). The cash flows have been discounted at a rate of 8.6%
(9.9% 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 has a free float, we consider the share price to be representative of its value. Therefore,
the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2024 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2024 was 891% higher than its carrying amount of EUR 141 million (1,086% and EUR 156 million
at December 31, 2023), 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.
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 2024 impairment test reflected a headroom of 13% with respect to the carrying amount of EUR
2,281 million (20% and EUR 1,971 million at December 31, 2023). The cash flows have been discounted at a rate of 8.5% (9.5% before taxes).
A sensitivity analysis based on the assumption of a 5% decline in the toll revenue curve from 2026 onwards shows no risk of impairment.
C. Energy goodwill (Power Transmission Services):
The impairment test of the goodwill uses long-term projections that go beyond one year after the first 20 years of the\u00a0 regulated period, when the
concessionaire is remunerated based on the replacement cost of the infrastructure. The result of the impairment test reflects a headroom of 57%
with respect to the carrying amount of EUR 38 million at December 31, 2024 (EUR 34 million and 79% in 2023). The cash flows have been
discounted at a rate of 9.9% (10.1% before taxes) in 2024.
D. Airports Goodwill (Dalaman):
The 2024 impairment test reflected a headroom of 24% in relation to the carrying amount which was EUR 180 million at December 31, 2024
(26% and EUR 146 million at December 31, 2023). The cash flows have been discounted at a rate of 10.2% (12.7% before taxes).
E.Other businesses goodwill (Mining Services Chile):
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services.
The impairment test, based on a 5-year projection, identified a headroom of 141% in relation to the carrying amount, which was EUR 29 million
at December 31, 2024 (12% and EUR 16 million at December 31, 2023). The cash flows have been discounted at a rate (WACC) of 14.7% (18.6%
before taxes).
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.1. Intangible asset model
(Million euro)
BALANCE AT 01/01/2024
TOTAL ADDITIONS
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish toll roads
721
3
\u2014
724
US toll roads
12,823
76
858
13,757
Other toll roads
4
\u2014
\u2014
4
Toll road investment
13,549
79
858
14,485
Accumulated depreciation
(834)
(209)
(46)
(1,089)
Net investment in toll roads
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(34)
(24)
\u2014
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2014
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL DEPRECIATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
(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
\u2013
\u2013
\u2013
721
US toll roads
12,547
670
(1)
(393)
\u2013
12,823
Other toll roads
391
\u2013
\u2013
\u2013
(387)
4
Toll road investment
13,653
677
(1)
(393)
(387)
13,549
Accumulated depreciation/amortization
(781)
(201)
\u2013
16
132
(834)
Net investment in toll roads
12,872
476
(1)
(377)
(255)
12,715
Investment in other infrastructure projects
632
18
\u2013
\u2013
\u2013
650
Depreciation/amortization of other infrastructure
projects
\u2013
(34)
\u2013
\u2013
\u2013
(34)
Total net investment in other infrastructure
projects
632
(16)
\u2013
\u2013
\u2013
616
TOTAL INVESTMENT
14,285
695
(1)
(393)
(387)
14,199
TOTAL DEPRECIATION/AMORTIZATION AND
PROVISION
(781)
(235)
\u2013
17
132
(867)
TOTAL NET INVESTMENT
13,504
460
(1)
(376)
(255)
13,333
The most significant changes in 2024 and 2023 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 79 million in 2024, mainly related to the North Tarrant Express Extension. These additions
reached EUR 677 million in 2023, highlighting the I-66 Express Mobility Partners LLC (EUR 489 million) and the North Tarrant Express
Extension (EUR 178 million).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR 812 million in 2024 (EUR -376 million in 2023), fully attributed to the
appreciation of the US dollar against the euro on the US toll roads (Note 1.4).
\u25e6 At December 31, 2024 there were no impact on \"consolidation scope changes and transfers\", whereas at December 31, 2023, the effect\u00a0
related to the Euroscut Azores toll road divestment (EUR -255 million).
The caption of US toll roads includes the intangible asset related to I-66 Express Mobility Partners, among others, amounting to EUR 6,190 million
(EUR 5,925 million in 2023). Investments in other infrastructure projects include the intangible asset of Dalaman airport, amounting to EUR 592
million (EUR 617 million in 2023).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 5.2). The capitalization of borrowing costs
eligible for capitalization in 2024 and\u00a0 2023 are described in Note 1.3.3.2 and Note 2.5.
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 IFRIC 12 financial asset model. Movements during 2024 and 2023 are set out below:
(Million euro)
INFRASTRUCTURE PROJECT
RECEIVABLES 2024
INFRASTRUCTURE PROJECT
RECEIVABLES 2023
OPENING BALANCE
162
163
Additions
6
9
Disposals
(14)
(12)
Foreign exchange effect
3
2
YEAR-END BALANCE
158
162
Note: Balances net of provisions
The following tables show financial assets by concession operator for\u00a0 2024 and 2023:
BALANCES AT 12/31/2024
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
49
3
52
Depusa Arag\u00f3n
21
1
22
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
81
4
85
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
158
4
162
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
\u2013
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
162
4
166
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -132 million in 2024 (EUR\u00a0
-248 million in 2023), which differed from the additions recognized in the balance sheet for the following main reasons:
\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.
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,
2024:
(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 31,2023
156
86
26
268
1,011
1,279
Scope changes and transfers
(3)
17
(2)
13
1
14
Charges:
41
42
1
85
297
382
Operating profit/(loss)
38
5
1
44
295
339
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
2
2
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed asset depreciation
3
37
\u2013
40
\u2013
40
Reversals:
(8)
\u2013
1
(8)
(252)
(260)
Operating profit/(loss)
(4)
\u2013
1
(4)
(252)
(256)
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
(4)
\u2013
\u2013
(4)
\u2013
(4)
Fixed asset depreciation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Applications
(6)
(7)
\u2013
(13)
(114)
(128)
Foreign exchange differences
1
7
\u2013
9
15
24
Balance at December 31, 2024
182
145
26
353
958
1,311
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 97 million and EUR 71 million in 2024
and 2023, respectively, and largely relating to the Construction business (EUR 90 million in 2024 and EUR 68 million in 2023). This provision is
recognized and reversed against changes to provisions in operating profit/(loss).
\u2022 Provisions for tax claims, amounting to EUR 85 million for both\u00a0 2024 and 2023, 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 145 million and EUR 86 million in 2024
and 2023, 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, 2024 (EUR 26 million at December 31, 2023).
At December 31, 2024, 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, 2024 amounted to EUR 16 million.\u00a0
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
project close-out costs under the contract), amounting to EUR 325 million and EUR 313 million in 2024 and 2023 respectively), and provisions for
budgeted losses totaling\u00a0 EUR 531 million and EUR 606 million in 2024 and 2023 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 504 million and EUR 561 million in 2024 and
2023 respectively, and the UK waste treatment businesses (Thalia) in the amount of EUR 26 million and EUR 46 million at December 31, 2024 and
2023, respectively.
The change during 2024 is explained by net provisions recognized in the Construction Division (EUR -17 million), basically in the Polish business,
and to the application of provisions for budgeted losses in Colombia and US businesses (EUR -47 million). Additionally, also worth mentioning the
impact in the UK waste treatment businesses (Thalia), explained by a provision recognition impact of EUR 16 million, offset by applications\u00a0
reaching EUR -37 million, mainly related to the Isle of Wight treatment plant.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-883": { "value": "1.1.4. Assets and liabilities held for sale and discontinued operationsDivestments executed during 2022: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. Following completion of the sale, Ferrovial acquired a stake (24.8%) in the share capital of the acquirer (Grupo Serveo) for EUR 17.5 million, the impact on the income statement being immaterial. As described below in Note 1.1.5, on June 28, 2024, Ferrovial completed the sale of this 24.78% stake in Grupo Serveo, consolidated as an equity-accounted company, to the main shareholder, Portobello Capital, for EUR 55 million, entailing a capital gain before taxes of EUR 33 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed assets\u201d (Note 2.4).On December 31, 2022, the Amey business in the United Kingdom, relating to full lifecycle 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 buyer, 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.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.1.3.3.4 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 based on surveyed 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 margin 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) subject to an application procedure directly to the customer. 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. The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved. In the event that the claim 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 of revenue for which it is highly probable that there will not be a significant reversal.\u00a0 This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii) approval from the Division\u2019s CFO and General Counsel. In those\u00a0 cases in which a legal report confirms that the rights forming the subject of a dispute are clearly enforceable and, therefore, at least the costs directly associated with the service relating to the dispute are recoverable, revenue 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 businessIn these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally, two performance obligations are identified: one for the construction and another for the operation of the infrastructure.The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.The second one encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly rate reflects the value of the services rendered. This 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 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 estimation of items for which there is a risk that differences could arise in the future in respect of the carrying amounts of assets and liabilities, involves significant analysis 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: When the estimated costs to complete a construction project exceed the transaction Price, the Company recognizes a provision for the indicated 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 research (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 1.1.4.), which only applies to 2022 and 2024: 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) Calculation of the goodwill arising in the acquisitions of Dalaman in June 2022 and IRB Infrastructure Trust (Private InvIT) in June 2024, and its allocation to the fair values of its assets and liabilities (Note 1.1.5).v) Consolidation method applicable to the following stakes:\u2022 For the IRB Infrastructure Trust (Private InvIT) stake (23.99%) acquired in June 2024, management considers Ferrovial has significant influence and therefore this stake is consolidated through equity method.\u2022 The sale of 100% of the economic rights and 49% of the voting rights of Umbrella Roads BV in October 2024, has resulted in the loss of control and significant influence, which has led to the recognition of a capital gain of EUR 19 million.\u2022 Finally, following the completion in December 2024 of the sale of 19.75% of the share capital of FGP Topco (direct shareholder of Heathrow Airports Holdings Limited ), in which Ferrovial had a 25% stake and that was consolidated through equity method, the remaining 5.25% stake in FGP Topco has been classified as a financial asset measured at fair value through profit or loss, as Ferrovial does not have now significant influence over this entity. The fair value has been determined by reference to the selling price of the recently sold 19.75% stake in FGP Topco.3.1. GOODWILL AND ACQUISITIONSImpairment testThe Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In addition, the Group also systematically tests its cash-generating units that include goodwill for impairment (in December).Goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests are consistent with the latest business projections presented to the Board and it was concluded that there is no impairment as of December 31, 2024. The impairment test is a process that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2024 and 2023 we did not recognize any impairment loss for goodwill. In the explanatory notes we disclose the recoverable amounts and the carrying amounts of the investments for those entities to which goodwill have been tested.Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash generated unit subject to impairment test, presenting headroom against each carrying amount. A. Construction Division goodwill (Webber and Budimex): In the case of Webber, in 2024 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 245% with respect to its carrying amount of EUR 395 million (174% and EUR 362 million at December 31, 2023). The cash flows have been discounted at a rate of 8.6% (9.9% 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 has a free float, we consider the share price to be representative of its value. Therefore, the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2024 was higher than its carrying amount. Budimex\u2019s share price at December 31, 2024 was 891% higher than its carrying amount of EUR 141 million (1,086% and EUR 156 million at December 31, 2023), 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.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 2024 impairment test reflected a headroom of 13% with respect to the carrying amount of EUR 2,281 million (20% and EUR 1,971 million at December 31, 2023). The cash flows have been discounted at a rate of 8.5% (9.5% before taxes). A sensitivity analysis based on the assumption of a 5% decline in the toll revenue curve from 2026 onwards shows no risk of impairment.C. Energy goodwill (Power Transmission Services):The impairment test of the goodwill uses long-term projections that go beyond one year after the first 20 years of the\u00a0 regulated period, when the concessionaire is remunerated based on the replacement cost of the infrastructure. The result of the impairment test reflects a headroom of 57% with respect to the carrying amount of EUR 38 million at December 31, 2024 (EUR 34 million and 79% in 2023). The cash flows have been discounted at a rate of 9.9% (10.1% before taxes) in 2024.D. Airports Goodwill (Dalaman):The 2024 impairment test reflected a headroom of 24% in relation to the carrying amount which was EUR 180 million at December 31, 2024 (26% and EUR 146 million at December 31, 2023). The cash flows have been discounted at a rate of 10.2% (12.7% before taxes).E.Other businesses goodwill (Mining Services Chile):Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services.The impairment test, based on a 5-year projection, identified a headroom of 141% in relation to the carrying amount, which was EUR 29 million at December 31, 2024 (12% and EUR 16 million at December 31, 2023). The cash flows have been discounted at a rate (WACC) of 14.7% (18.6% 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 IFRIC 12 financial asset model. Movements during 2024 and 2023 are set out below:(Million euro)INFRASTRUCTURE PROJECT RECEIVABLES 2024INFRASTRUCTURE PROJECT RECEIVABLES 2023OPENING BALANCE162163Additions69Disposals(14)(12)Foreign exchange effect32YEAR-END BALANCE158162Note: Balances net of provisionsThe following tables show financial assets by concession operator for\u00a0 2024 and 2023: BALANCES AT 12/31/2024CONCESSION OPERATOR (Million euro)LONG-TERM RECEIVABLESSHORT-TERM RECEIVABLESTOTALConcesionaria de Prisiones Lledoners49352Depusa Arag\u00f3n21122Budimex Parking Wroc\u0142aw11\u201311CONSTRUCTION81485UK Waste Treatment (Thalia)77\u201377UK WASTE TREATMENT77\u201377GROUP TOTAL1584162BALANCES AT 12/31/2023CONCESSION OPERATOR (Million euro)LONG-TERM RECEIVABLESSHORT-TERM RECEIVABLESTOTALConcesionaria de Prisiones Lledoners52355Depusa Arag\u00f3n22123Budimex Parking Wroc\u0142aw11\u201311CONSTRUCTION85489UK Waste Treatment (Thalia)77\u201377UK WASTE TREATMENT77\u201377GROUP TOTAL16241666.3. 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, 2024:(Million euro)LITIGATION AND TAXESREPLACEMENTS AND UPGRADES, IFRIC 12OTHER LONG- TERM RISKSTOTAL NON-CURRENT PROVISIONSSHORT-TERM PROVISIONSTOTALBalance at December 31,202315686262681,0111,279Scope changes and transfers(3)17(2)13114Charges:4142185297382Operating profit/(loss)385144295339Net financial income/(expense)\u2013\u2013\u2013\u201322Impairment and disposals\u2013\u2013\u2013\u2013\u2013\u2013Corporate income tax\u2013\u2013\u2013\u2013\u2013\u2013Fixed asset depreciation337\u201340\u201340Reversals:(8)\u20131(8)(252)(260)Operating profit/(loss)(4)\u20131(4)(252)(256)Net financial income/(expense)\u2013\u2013\u2013\u2013\u2013\u2013Impairment and disposals\u2013\u2013\u2013\u2013\u2013\u2013Corporate income tax(4)\u2013\u2013(4)\u2013(4)Fixed asset depreciation\u2013\u2013\u2013\u2013\u2013\u2013Applications (6)(7)\u2013(13)(114)(128)Foreign exchange differences17\u201391524Balance at December 31, 2024182145263539581,311Litigation and tax provisionsThis includes the following provisions:\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 97 million and EUR 71 million in 2024 and 2023, respectively, and largely relating to the Construction business (EUR 90 million in 2024 and EUR 68 million in 2023). This provision is recognized and reversed against changes to provisions in operating profit/(loss).\u2022 Provisions for tax claims, amounting to EUR 85 million for both\u00a0 2024 and 2023, 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 145 million and EUR 86 million in 2024 and 2023, 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, 2024 (EUR 26 million at December 31, 2023).At December 31, 2024, 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, 2024 amounted to EUR 16 million.\u00a0 Short-term provisionsThis heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction project close-out costs under the contract), amounting to EUR 325 million and EUR 313 million in 2024 and 2023 respectively), and provisions for budgeted losses totaling\u00a0 EUR 531 million and EUR 606 million in 2024 and 2023 respectively. Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 504 million and EUR 561 million in 2024 and 2023 respectively, and the UK waste treatment businesses (Thalia) in the amount of EUR 26 million and EUR 46 million at December 31, 2024 and 2023, respectively.The change during 2024 is explained by net provisions recognized in the Construction Division (EUR -17 million), basically in the Polish business, and to the application of provisions for budgeted losses in Colombia and US businesses (EUR -47 million). Additionally, also worth mentioning the impact in the UK waste treatment businesses (Thalia), explained by a provision recognition impact of EUR 16 million, offset by applications\u00a0 reaching EUR -37 million, mainly related to the Isle of Wight treatment plant. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-886": { "value": "
Assets and liabilities held for sale
At December 31, 2024 assets held for sale amount to EUR 56 million and liabilities stand at EUR 24 million, related to energy assets scheduled to
be divested within 12 months, and to the 50% stake in AGS Airports Holdings Limited (AGS), the parent company owning the Aberdeen, Glasgow
and Southampton Airports.
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%), and as part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The
completion of this transaction was subject to the obtainment of applicable regulatory approvals by the 2024 year-end and therefore the 50%
ownership interest in AGS Airports Holdings Limited was reclassified to held for sale as of December 31, 2024. The ownership interest in this
company remained valued at zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
As disclosed in Note 3.6. of these consolidated financial statements, the group granted subordinated loans to AGS totaling EUR 235 million, that
after the agreement reached in November, have been reclassified from long-term financial assets to short-term receivables at December 2024,
as these loans are also part of the divestment transaction.
On January 28, 2025, and following satisfaction of the applicable regulatory conditions, Ferrovial and Macquarie completed the sale of the entire
ownership interest in AGS for a price of GBP 900 million, of which circa GBP\u00a0 450 million are Ferrovial's net proceeds, entailing a capital gain of
EUR 297 million for Ferrovial, which will impact Q1 2025 results\u00a0 (see Note 6.11).
There were no assets and liabilities held for sale at December 31, 2023.
The following table provides a breakdown by nature of the assets and liabilities classified as held for sale as of December 2024:
.
(Million euro)
2024
Intangible assets
9
Property, plant and equipment
39
Other non-current assets
4
Non-current assets
52
Short-term trade and other receivables
1
Cash and cash equivalents
1
Other current assets
2
Current assets
4
TOTAL assets classified as held for sale
56
Borrowings
17
Other non-current liabilities
4
Non-current liabilities
21
Borrowings
2
Other current liabilities
1
Current liabilities
3
TOTAL liabilities classified as held for sale
24
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-887": { "value": "
Discontinued operations
Discontinued operations fundamentally relate to the Services Division, the divestment of which was completed in 2022, once the Infrastructure
Upkeep and Maintenance business in Spain and the United Kingdom (Amey) had been sold.
During 2024 and 2023
Profit from discontinued operations amounted to EUR 14 and EUR 16 million in 2024 and 2023, respectively, and relates mainly to the
indemnities and updated earn-outs associated with the disposal of the Services Business in Spain and Portugal, as well as other adjustments
related to the Amey business divestment in the United Kingdom (see Note 2.8.).
Divestments executed during 2022:
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.
Following completion of the sale, Ferrovial acquired a stake (24.8%) in the share capital of the acquirer (Grupo Serveo) for EUR 17.5 million, the
impact on the income statement being immaterial. As described below in Note 1.1.5, on June 28, 2024, Ferrovial completed the sale of this
24.78% stake in Grupo Serveo, consolidated as an equity-accounted company, to the main shareholder, Portobello Capital, for EUR 55 million,
entailing a capital gain before taxes of EUR 33 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed
assets\u201d (Note 2.4).
On December 31, 2022, the Amey business in the United Kingdom, relating to full lifecycle 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 buyer, 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.
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.
2.8.PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS
Profit from discontinued operations for 2024, 2023 and 2022 amounted to EUR 14 million, EUR 16 million and EUR 64 million, respectively,
relating to the Services Division.
Services Division
As also explained in Note 1.1.4, the Services Division divestment process was completed in 2022.
During 2024 and 2023, profit from discontinued operations amounted to EUR 14 million and EUR 16 million respectively 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 interest rate hedging derivatives (EUR -15 million) (see Note 5.1.1).
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 2024, 2023 and 2022.
(Million euro)
2024
2023
2022
Revenue
\u2014
\u2014
2
Operating profit/(loss)
14
28
9
Net financial income/(expense)
\u2014
(15)
(1)
Share of profits of equity-accounted companies
\u2014
\u2014
5
Consolidated profit/(loss) before tax
14
13
13
Corporate income tax
\u2014
3
(10)
Profit/(loss) after tax
14
16
3
Profit/(loss) for the year attributed to non- controlling interests
\u2014
\u2014
\u2014
Profit/(loss) for the year attributed to the parent company
14
16
3
Adjustments to discontinued operations
\u2014
\u2014
61
Profit/(loss) from discontinued operations
14
16
64
Cash flows from discontinued operations:
The cash flows from discontinued operations are included in the group reported cash flows. The following table shows the disclosure
corresponding to the period 2024, 2023 and 2022:
2024-2022
(Million euro)
2024
2023
2022
Cash flows from operating activities ex tax payments
\u2014
\u2014
20
Tax payments
\u2014
\u2014
(1)
Cash flows from operating activities
\u2014
\u2014
19
Investment
\u2014
\u2014
(1)
Divestment
\u2014
\u2014
\u2014
Cash flows before financing activities
\u2014
\u2014
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-889": { "value": "
Airports
During 2024
Heathrow Airport Holdings divestment
Regarding the Heathrow Airport Holdings divestment, as disclosed in the December 31, 2023 Consolidated Financial Statements, on November 28,
2023, Ferrovial entered into a share purchase agreement with Ardian and the Public Investment Fund (PIF), pursuant to which Ferrovial agreed to
sell its full stake (25% interest) in FGP Topco Limited.
At the 2023 year-end, the completion of the transaction was subject to the fulfillment of some shareholder tag-along rights and applicable
regulatory conditions, and consequently, there was no certainty whether the transaction would be completed.
During 2024, the parties worked towards fulfilling the above-mentioned conditions, which led to a revised offer presented by Ardian and PIF on
June 14 to acquire shares representing 37.62% of FGP Topco\u2019s share capital for GBP 3,259 million, of which 19.75% would relate to Ferrovial\u2019s
stake, subject to fulfillment of some shareholders\u2019 tag-along rights and applicable regulatory conditions. On July 25, 2024, following the expiry
of the period to exercise the tag-along and pre-emption rights, no FGP Topco shareholder exercised either its tag-along or pre-emption rights.
On December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of 19.75% of the share capital of
FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of Heathrow Airport in London (UK), to
Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero, due to the fact that losses
generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial now holds 5.25% stake, which is recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.),
once concluded that according to IAS28 p.5-6, Ferrovial will no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group will have no participation in the policy-making processes of the asset,
neither participation in decisions related to dividend distributions. The fair value of the remaining stake has been determined by referencing the
selling price of the recently 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
Finally, on January 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire remaining
stake (5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million (current book value of the
asset), which will be adjusted with an interest rate to be applied until closing (Note 6.11). The transaction is subject to complying with the right of
first offer (ROFO) which may be exercised by Topco shareholders pursuant to the Shareholders\u2019 Agreement and the Articles of Association of the
company. Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
Toll roads
During 2024
Divestment of a 5% stake in IRB Infrastructure Developers
On June 11, Ferrovial, through its subsidiary Cintra, completed the sale of a 5% stake in the Indian company IRB Infrastructure Developers (IRB) for
EUR 215 million excluding transaction costs (assuming a EUR/INR exchange rate of 89.3). The sale was carried out by placing 301.9 million shares
with institutional investors on the National Stock Exchange (NBE) and the Bombay Stock Exchange (BSE). The shares in IRB were sold at an
average price of 63.60 rupees, resulting in a capital gain before taxes of EUR 132 million, reported in the income statement on the line
\u201cImpairment and disposal of fixed assets\u201d as disclosed in Note 2.4. Following the transaction, Ferrovial is still the second-largest shareholder, with
a 19.86% stake and has the same representatives on the Board of Directors (two out of a total of eight members). Therefore, Ferrovial still
exercises significant influence according to IAS 28 and this remaining ownership interest continues to be equity accounted.
Acquisition of 23.99% of IRB Private InvIT
On June 13, Ferrovial, through its subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary of IRB
Infrastructure Developers (IRB), in which Ferrovial holds a 19.86% ownership interest as previously mentioned. Private InvIT held a portfolio of 14
toll road concessions in India with a committed pipeline of one additional concession (Ganga Expressway Project \"Ganga\"). This investment was
paid in cash, totaling EUR 652 million (considering an exchange rate of 90.21 EUR/INR).
Ferrovial acquired this stake from affiliates of GIC Private Limited, which prior to this transaction owned a 49% stake in the company. After the
transaction, GIC\u2019s affiliates retain a 25% stake in Private InvIT and IRB retains its current 51% stake. Considering the indirect ownership interest
which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
On December 20, Private InvIT raised unit capital by way of rights issued of Private InvIT units to IRB Infrastructure Developers (IRB) and GIC
Affiliates. After the right issuance, Ferrovial acquired 23.99% of these rights issued, increasing its investment in Private InvIT by EUR 58 million
(considering an exchange rate of\u00a0 87.83 EUR/INR), and maintaining its stake in a 23.99%. On December 27, Private InvIT acquired 80.4% of
Ganga, the above-mentioned additional concession. Whenever Private InvIT acquires the remaining 19.6% of Ganga, Ferrovial investment in
Private InvIT is estimated to increase by EUR 18 million (considering an exchange rate of 89.2 EUR/INR - see Note 6.5).
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 veto rights set out in these agreements for the approval of most of the relevant decisions means that Ferrovial has
significant influence over IRB Private InvIT. The 23.99% ownership interest is therefore consolidated through the equity method, as per IAS 28.
Regarding the purchase price allocation exercise, the difference between the net fair value of the identifiable assets and liabilities of Private InvIT
and its carrying amount at the date of acquisition (EUR 300 million for Ferrovial\u2019s stake) was fully allocated to the value of the toll concession
rights, as the book value of the rest of net assets is not significantly different to their fair value. According to IAS 12, paragraph 66, the deferred tax
liability resulting from this fair value adjustment to the intangible asset (EUR 90 million for Ferrovial\u2019s stake) affects the goodwill implicit in the
carrying amount of the investment.
In December 2024, the valuation was completed and the fair value of the net assets acquired is considered definitive.
Divestment of several roads and parking concessions
In October 2024, Ferrovial and Interogo Holding, via its infrastructure investment fund Inter Infrastructure Capital (IIC), created the company
Umbrella Roads BV to manage Ferrovial\u2019s stakes in several road and parking concessions in Spain, Scotland, Ireland and Canada.
Ferrovial transferred the 100% of the economic rights and still holds the majority of the voting rights (51%) in Umbrella Roads BV through its toll
road division Cintra. After the analysis performed by the company of this transaction and the purchase share agreements, it has been concluded
that Ferrovial has no control over these assets according to IFRS 10, p. 7 criteria, neither significant influence under IAS 28, which implies the
recognition of a capital gain of EUR 19 million (EUR 100 million transaction price), reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4). The partnership between Ferrovial and Interogo Holding could allow for further
collaboration between the parties in future.
The transferred stakes include the M3 Eurolink and M4 Eurolink motorways in Ireland; the M8-M73-M74 motorway in Scotland; the 407 East
Extension Phase 1 and 407 East Extension Phase 2 in Canada, and Serrano Park and Autov\u00eda de la Plata (A-66) in Spain. The assets operate
under availability payment schemes or have limited traffic risk.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2024 amounted to EUR 238 million (EUR 215 million in 2023 and EUR 165 million in 2022).
Set out below is a breakdown of the most significant companies::
Profit/(loss) of equity-accounted companies
(Million euro)
2024
2023
2022
407 ETR
188
154
124
JFK NTO
3
4
1
IRB
13
14
22
Serveo Group
3
11
6
Other
31
32
12
TOTAL
238
215
165
Note 3.5 provides further details of these companies\u2019 profits/(losses).
Investments in Associates
INVESTMENTS IN ASSOCIATES
(Million euro)
2024
2023
Opening balance at 01.01
2,038
1,951
Share of profit
238
215
Exchange rate effect
60
(33)
Dividends
(357)
(321)
Capital contributions and new investments
1,192
214
Other movements
(148)
12
Closing balance at 12.31
3,023
2,038
During 2024, investments in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR 469
million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.5, and the share of these companies\u2019 profits (EUR
238 million), particularly the 407 ETR's results (EUR 188 million). Also worth mentioning is the effect on other movements of the 5% stake
divestment in IRB Infrastructure Developers (EUR -77 million), the availability concession assets sold to Interogo Holding in October 2024 (EUR -70
million), and the sale of 24.78% stake in Grupo Serveo (EUR -21 million), partially offset by the derivatives impact (EUR 20).
During 2023, this caption increased by EUR 87 million due to the capital contributions to JFK NTO Airport (EUR 214 million), and the share of these
companies\u2019 profits (EUR 215 million), relating primarily to 407 ETR (EUR 154 million), which was partially offset by dividend distributions during the
year, particularly by 407 ETR.
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in 407 ETR (43.23%), IRB (19.86%), Private InvIT (23.99%) and JFK NTO (49%) are presented
separately. The following tables show the main items that explain the variation in these investments.
2024 (Million euro)
407 ETR (43.23%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.23
928
376
-
471
263
2,038
Capital contribution
-
-
710
469
13
1,192
Share of profit/(loss)
188
13
(8)
3
42
238
Dividends
(321)
(6)
(4)
-
(26)
(357)
Foreign exchange differences
(17)
16
6
54
1
60
Derivatives
-
(4)
-
9
15
20
Other
-
(80)
-
-
(88)
(168)
Balance at 12.31.24
778
315
704
1,006
220
3,023
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
Capital contributions
-
-
-
-
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
During 2024, investment in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR 469
million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.5, and the share of these companies\u2019 profits (EUR
238 million), highlighting the 407 ETR results (EUR 188 million). Also worth mentioning the effect in other movements are mainly related to the
5% stake divestment in IRB Infrastructure Developers (EUR -77 million) and the availability concession assets sold to Interogo Holding in October
2024 (Note 1.1.5).
3.5.1. Heathrow Airports Holdings (HAH) divestment
As mentioned in Note 1.1.5, on December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of
19.75% of the share capital of FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of
Heathrow Airport in London (UK), to Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income
statement within the line item \u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero,
due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial now holds 5.25% stake, which is recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.),
once concluded that according to IAS28 p.5-6, Ferrovial will no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group will have no participation in the policy-making processes of the asset,
neither participation in decisions related to dividend distributions. The fair value of the remaining stake has been determined by referencing the
selling price of the recently 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
Finally, on January 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire remaining
stake (5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million (current book value of the
asset), which will be adjusted with an interest rate to be applied until closing (Note 6.11). The transaction is subject to complying with the right of
first offer (ROFO) which may be exercised by Topco shareholders pursuant to the Shareholders\u2019 Agreement and the Articles of Association of the
company. Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
3.5.2. Disclosures relating to 407 ETR
a. Balance sheet and income statement movements 2024-2023
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2024 for
the balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet December 2024 and December 2023
407 ETR (100%) (million CAD)
Dec. 2024
Dec. 2023
Var. 24/23
Non-current assets
4,594
4,584
10
Fixed assets in infrastructure projects
3,921
3,954
(33)
Non-current financial assets
611
568
43
Deferred taxes
62
62
-
Current assets
1,163
1,014
149
Short-term trade and other receivables
443
322
121
Cash and cash equivalents
720
691
29
Total assets
5,757
5,598
159
Equity
(6,199)
(5,791)
(408)
Non-current liabilities
11,309
10,908
401
Borrowings
10,716
10,318
398
Deferred taxes
593
590
3
Current liabilities
647
481
166
Borrowings
514
403
111
Short-term trade and other payables
133
77
56
Total liabilities
5,757
5,598
159
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2024 compared to the previous year:
Equity
Equity fell by CAD 409 million with respect to the previous year, primarily due to the payment of CAD 1,100 million in dividends to shareholders,
which was offset by the profit for the year of CAD 692 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 fair value remeasurement 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.
Borrowings
Overall financial debt (short and long term) increased in relation to December 2023 by CAD 509 million due to issuance of new senior debt.
Income statement December 2024 - December 2022
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 2024, December 2023 and
December 2022:
407 ETR (100%) (million CAD)
Dec.24
Dec.23
Dec.22
Operating income
1,705
1,495
1,327
Operating expenses
(228)
(212)
(188)
Fixed asset depreciation
(106)
(97)
(100)
Operating profit/(loss)
1,372
1,187
1,039
Net financial income/(expense)
(429)
(412)
(447)
Profit/(loss) before tax
942
775
592
Corporate income tax
(250)
(208)
(156)
Net profit/(loss)
692
567
435
Profit/(loss) attributable to Ferrovial (million CAD)
299
245
188
Intangible asset amortization adjustment (CAD million)
(21)
(21)
(19)
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million CAD)
278
225
169
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million euro)
188
154
124
It should be noted that the profit/(loss) attributable to Ferrovial also includes depreciation recognized over the concession term on the
remeasurement recognized, following the loss of control of the company as a result of the above mentioned 2010 sale.
3.5.3.Disclosures relating to JFK NTO LLC
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 the Carlyle Group to pay of an earn-out should Carlyle divest its outstanding 4% interest in
Mars NTO LLC. This earn-out payment would be triggered if Carlyle were to transfer its stake either 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, 2024, USD 1,635 million had been invested (USD 801 million relates to Ferrovial, of which USD 507 million (EUR 469 million) was
invested in 2024)).
In 2025 and beyond, total dividend payments will largely depend on traffic performance at Dalaman, as well as at NTO, following the opening of
the terminal, which is expected for 2026.
The company\u2019s consolidated IFRS balance sheet is disclosed in the table below:
Balance sheet December 2024 and 2023
JFK (100%) Million USD
Dec. 2024
Dec. 2023
Non-current assets
8,330
6,482
Intangible assets
8,067
6,168
Non-current financial assets
180
132
Long-term financial derivatives at fair value
83
182
Current assets
2,510
322
Debtors and other short-term accounts receivable
275
174
Cash and cash equivalents
251
148
Other short-term financial assets
1,984
\u2014
Total assets
10,840
6,804
Equity
1,994
932
Share capital
1,635
600
Share of profit/(loss)
40
11
Other Comprehensive Income
319
321
Non-current liabilities
8,504
5,559
Bonds and debts - infrastructure projects
4,654
1,774
Other long-term debts
3,850
3,785
Current liabilities
342
313
Creditors and other short-term accounts payables
342
313
Total liabilities
10,840
6,804
JFK NTO's main assets and liabilities are described below:
\u2022 Intangible assets, which fundamentally comprise:
\u2013 Concession assets (USD 3,971 million in 2024 and USD 2,247 million in 2023), 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 4,096 million in 2024 and USD 3,921 million in 2023), reflecting the present value of the future
payments, throughout the concession period, for the acquisition of the concession. Also, a liability of the same amount was initially
recorded, corresponding to the value of the future payment obligations, under financial debt in non-current liabilities (\u201cOther long-term
debts\u201d).
\u2022 Long-term borrowings (USD 4,600 million in 2024 and USD 1,740 million in 2023) explained mainly by:
\u2013 USD 2,000 million nominal amount of Munibonds issued on December 6, 2023. A portion of the issuance (USD 800 million) was insured
by Assured Guaranty Municipal Corp. (\u201cAGM\u201d).
\u2013 USD 2,550 million nominal amount of green bonds issued on June 18, 2024. A portion of the issuance (USD 800 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 4.65% at a weighted average maturity
of 30 years.
\u2022 Other short-term financial assets (USD 1,984 million in 2024) correspond to treasury bills, treasury notes and state and local government
securities, aligned with NTO reinvestment strategy, derived from the cash obtained from the bond issuance before mentioned.
\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 645 million (USD 3,005 million in 2023), which have been treated as effective cash flow hedges. During the year,
there was an impact of USD 20 million on the company's reserves (EUR 9 million at Ferrovial's ownership interest).
\u2022 Equity (USD 1,994 million in 2024 and USD 932 million in 2023). Movements in equity are primarily explained by capital contributions under
this same heading in the amount of USD 1,035 million and USD 20 million reflecting the effect on reserves of the change in market value of
the derivative associated with current debt since the acquisition date.
3.5.4.Disclosures relating to AGS
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%). As part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The completion of
this transaction was subject to the obtainment of applicable regulatory approvals by the 2024 year-end, and the 50% ownership interest in AGS
Airports Holdings Limited as of December 31, 2024 was therefore reclassified to held for sale. The ownership interest in this company remained
valued at zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero (Note 1.1.4 and Note
6.11.).
As disclosed in Note 3.6. of these consolidated financial statements, the group granted subordinated loans to AGS totaling EUR 235 million, that
after the agreement reached in November, have been reclassified from long-term financial assets to short-term receivables at December 2024,
as these loans are also part of the divestment transaction.
On January 28, 2025, and following satisfaction of applicable regulatory conditions, Ferrovial and Macquarie completed the sale of AGS' entire
share capital (100%) for a price of GBP 900 million, of which circa GBP 450 million are Ferrovial's net proceeds, together with a capital gain of
EUR 297 million for Ferrovial which will affect Q1 2025 results.
3.5.5 Disclosures relating to 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 (IRB) on December 29, 2021. The deal was completed following 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 for the two-week period prior to the year-end.
The price of IRB\u2019s stock at December 31, 2024 was INR (Indian Rupee) 57.24 per share (41.55 at December 31, 2023).
The company's fiscal year runs from April through March. IRB\u2019s latest available audited financial statements are those of March 2024. IRB
contributed a profit of EUR 13 million to Ferrovial for the period from January to December 2024.
On June 11, 2024, Ferrovial, through its subsidiary Cintra, completed the sale of its 5% stake in IRB for EUR 215 million (assuming a EUR/INR
exchange rate of 89.3), resulting in a capital gain before taxes of EUR 133 million (Note 1.1.5).
IRB only reports to the market its consolidated balance sheet at March and September month-end. This balance sheet below for December 2024
is based on the balance sheet reported by IRB for September 2024, adjusted by (i) the distributions to unit holders and results reported by IRB for
the last quarter of 2024 excluding the impact of measuring at fair value through profit and loss account some investments that Ferrovial
maintains as equity investments, and (ii) Ferrovial\u00b4s purchase price allocation adjustments.
IRB (100%) Million INR
Dec.24
Dec.23
Non-current assets
405,626
388,946
Current assets
46,158
55,742
Total assets
451,784
444,688
Equity
141,663
139,195
Non-current liabilities
273,464
238,920
Current liabilities
36,657
66,573
Total liabilities
451,784
444,688
Group\u00b4s share in equity (19.86% and 24.86% post and pre-sale, respectively)
28,141
34,611
Group\u00b4s share in equity (Million EUR)
315
376
The following table illustrates the summarized income statement as reported by IRB, excluding the impact of measuring at fair value through
profit and loss account some investments that Ferrovial maintains as equity investments, and adjusted by Ferrovial\u00b4s purchase price allocation
adjustments:
IRB (100%) Million INR
Dec.24
Dec.23
Revenue
72,806
69,677
Profit for the year (continuing operations)
5,096
5,205
Other comprehensive income
(1,440)
407
Total comprehensive income
3,656
5,612
Group\u00b4s share in profits (19.86% and 24.86% post and pre-sale, respectively)
1,534
1,294
Group\u00b4s share in profits (Million EUR)
13
14
3.5.6. IRB Infrastructure Trust (Private InvIT)
On June 13, 2024, Ferrovial, through its toll road subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary
of IRB Infrastructure Developers (IRB), in which Ferrovial holds a 19.86% ownership interest as mentioned previously. Private InvIT held a portfolio
of 14 toll road concessions in India with a committed pipeline of one additional concession. This investment amounted to EUR 652 million
(considering an exchange rate of 90.2 EUR/INR).
Ferrovial acquired this stake from affiliates of GIC Private Limited, which prior to this transaction owned a 49% stake in the company. After the
transaction, GIC\u2019s affiliates retain a 25% stake in Private InvIT and IRB retains its current 51% stake. Considering the indirect ownership interest
which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
On December 20, Private InvIT raised unit capital by way of rights issue of units of Private InvIT to IRB Infrastructure Developers (IRB) and GIC
Affiliates. Post right issue, Ferrovial acquired 23.99% of these rights issued, increasing its investment in Private InvIT by EUR 58 million (considering
an exchange rate of\u00a0 87.83 EUR/INR), and maintaining its stake in a 23.99%. On December 27, Private InvIT acquired 80.4% of Ganga, the
above-mentioned additional concession.
IRB Private InvIT contributed a loss of EUR -8 million to Ferrovial for the period from June to December 2024.
Regarding the purchase price allocation exercise (see Note 1.1.5.), the difference between the net fair value of the identifiable assets and liabilities
of Private InvIT and its carrying amount as at the date of acquisition (EUR 300 million at Ferrovial\u2019s stake) was fundamentally allocated to the
value of the toll concession rights, as the book value of the rest of net assets is not significantly different to their fair value.\u00a0 According to IAS 12,
paragraph 66, the deferred tax liability resulting from this fair value adjustment to the intangible asset (EUR 90 million for Ferrovial\u2019s stake)
affects the goodwill implicit in the carrying amount of the investment.
The consolidated IFRS balance sheet integrated by Ferrovial of Private InvIT is summarized in the table below.
Private InvIT only reports to the market its consolidated balance sheet at March and September month-end. This balance sheet below for
December 2024 is based on the balance sheet reported by Private InvIT for September 2024,\u00a0 adjusted by (i) the distributions to unit holders and
results reported by Private InvIT for the last quarter of 2024, and (ii) Ferrovial\u00b4s purchase price allocation adjustments. The acquisition of 80.4%
of Ganga project is not included in these figures as there is no available balance sheet detailed\u00a0 information.
Private InvIT (100%) Million INR
Dec.24
Fair Value recognized on
acquisition
Jun.24
Non-current assets
536,192
537,578
Current assets
15,719
13,799
Total assets
551,911
551,377
Equity
240,784
245,257
Non-current liabilities
297,474
294,852
Current liabilities
13,653
11,268
Total liabilities
551,911
551,377
Group\u00b4s share in equity (23.99%)
57,769
58,842
Group\u00b4s share in equity (23.99%) Million EUR
646
652
Ganga Acquisition (Million EUR)
58
0
Group\u00b4s share in equity including Ganga acquisition (23.99%) Million EUR
704
652
The following table illustrates the summarized income statement for the 6 month-period from the acquisition to December 31, 2024 as reported
by Private InvIT and adjusted by Ferrovial\u00b4s purchase price allocation adjustments:
Private InvIT (100%) Million INR
Dec.24
Revenue
22,040
Profit for the year (continuing operations)
(3,131)
Total comprehensive income
(3,131)
Group\u00b4s share in loss (23.99%)
(751)
Group\u00b4s share in loss (23.99%) Million EUR
(8)
3.5.7. Other disclosures relating to associates
a) Movements relating to the remaining associates
Appendix I to the 2024 consolidated financial statements includes a list of ownership interests in equity-accounted companies, including names,
countries of incorporation, business segments, shareholding percentages, aggregate assets and liabilities, revenue and profit/(loss) for the year.
A summary is presented in the following table:
Million euro
2024
2023
Madrid Calle 30
56
52
Riverlinx Limited \u2013 Silvertown Tunnel
65
52
Netflow OSARS (Western)
38
42
Ruta del Cacao
27
22
FMM Company LLC
18
19
Other
16
76
Balance at 12.31.2024
220
263
The main movement in relation to the remaining associates corresponds to the divestment of several availability concession assets in the Toll
Roads Division. As mentioned in Note 1.1.5, in October 2024, Ferrovial and Interogo Holding, via its infrastructure investment fund Inter
Infrastructure Capital (IIC), created the company Umbrella Roads BV to manage Ferrovial\u2019s stakes in several road and parking concessions in
Spain, Scotland, Ireland and Canada.
Ferrovial transferred 100% of the economic rights and holds the majority of the voting rights (51%) in Umbrella Roads BV through its toll roads
division Cintra. After the analysis performed by the company of this transaction and the share purchase agreements, it was concluded that
Ferrovial has no control over these assets according to IFRS 10, p. 7 criteria, nor significant influence under IAS 28, which entails recognizing a
capital gain of EUR 19 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed assets\u201d (transaction price
of EUR 100 million). The partnership between Ferrovial and Interogo Holding could allow for further collaboration between the parties in future.
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 described in Note 6.5.2
b) Guarantees given by Group companies for other Group companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-888": { "value": "
Airports
During 2024
Heathrow Airport Holdings divestment
Regarding the Heathrow Airport Holdings divestment, as disclosed in the December 31, 2023 Consolidated Financial Statements, on November 28,
2023, Ferrovial entered into a share purchase agreement with Ardian and the Public Investment Fund (PIF), pursuant to which Ferrovial agreed to
sell its full stake (25% interest) in FGP Topco Limited.
At the 2023 year-end, the completion of the transaction was subject to the fulfillment of some shareholder tag-along rights and applicable
regulatory conditions, and consequently, there was no certainty whether the transaction would be completed.
During 2024, the parties worked towards fulfilling the above-mentioned conditions, which led to a revised offer presented by Ardian and PIF on
June 14 to acquire shares representing 37.62% of FGP Topco\u2019s share capital for GBP 3,259 million, of which 19.75% would relate to Ferrovial\u2019s
stake, subject to fulfillment of some shareholders\u2019 tag-along rights and applicable regulatory conditions. On July 25, 2024, following the expiry
of the period to exercise the tag-along and pre-emption rights, no FGP Topco shareholder exercised either its tag-along or pre-emption rights.
On December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of 19.75% of the share capital of
FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of Heathrow Airport in London (UK), to
Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero, due to the fact that losses
generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial now holds 5.25% stake, which is recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.),
once concluded that according to IAS28 p.5-6, Ferrovial will no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group will have no participation in the policy-making processes of the asset,
neither participation in decisions related to dividend distributions. The fair value of the remaining stake has been determined by referencing the
selling price of the recently 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
Finally, on January 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire remaining
stake (5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million (current book value of the
asset), which will be adjusted with an interest rate to be applied until closing (Note 6.11). The transaction is subject to complying with the right of
first offer (ROFO) which may be exercised by Topco shareholders pursuant to the Shareholders\u2019 Agreement and the Articles of Association of the
company. Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
Toll roads
During 2024
Divestment of a 5% stake in IRB Infrastructure Developers
On June 11, Ferrovial, through its subsidiary Cintra, completed the sale of a 5% stake in the Indian company IRB Infrastructure Developers (IRB) for
EUR 215 million excluding transaction costs (assuming a EUR/INR exchange rate of 89.3). The sale was carried out by placing 301.9 million shares
with institutional investors on the National Stock Exchange (NBE) and the Bombay Stock Exchange (BSE). The shares in IRB were sold at an
average price of 63.60 rupees, resulting in a capital gain before taxes of EUR 132 million, reported in the income statement on the line
\u201cImpairment and disposal of fixed assets\u201d as disclosed in Note 2.4. Following the transaction, Ferrovial is still the second-largest shareholder, with
a 19.86% stake and has the same representatives on the Board of Directors (two out of a total of eight members). Therefore, Ferrovial still
exercises significant influence according to IAS 28 and this remaining ownership interest continues to be equity accounted.
Acquisition of 23.99% of IRB Private InvIT
On June 13, Ferrovial, through its subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary of IRB
Infrastructure Developers (IRB), in which Ferrovial holds a 19.86% ownership interest as previously mentioned. Private InvIT held a portfolio of 14
toll road concessions in India with a committed pipeline of one additional concession (Ganga Expressway Project \"Ganga\"). This investment was
paid in cash, totaling EUR 652 million (considering an exchange rate of 90.21 EUR/INR).
Ferrovial acquired this stake from affiliates of GIC Private Limited, which prior to this transaction owned a 49% stake in the company. After the
transaction, GIC\u2019s affiliates retain a 25% stake in Private InvIT and IRB retains its current 51% stake. Considering the indirect ownership interest
which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
On December 20, Private InvIT raised unit capital by way of rights issued of Private InvIT units to IRB Infrastructure Developers (IRB) and GIC
Affiliates. After the right issuance, Ferrovial acquired 23.99% of these rights issued, increasing its investment in Private InvIT by EUR 58 million
(considering an exchange rate of\u00a0 87.83 EUR/INR), and maintaining its stake in a 23.99%. On December 27, Private InvIT acquired 80.4% of
Ganga, the above-mentioned additional concession. Whenever Private InvIT acquires the remaining 19.6% of Ganga, Ferrovial investment in
Private InvIT is estimated to increase by EUR 18 million (considering an exchange rate of 89.2 EUR/INR - see Note 6.5).
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 veto rights set out in these agreements for the approval of most of the relevant decisions means that Ferrovial has
significant influence over IRB Private InvIT. The 23.99% ownership interest is therefore consolidated through the equity method, as per IAS 28.
Regarding the purchase price allocation exercise, the difference between the net fair value of the identifiable assets and liabilities of Private InvIT
and its carrying amount at the date of acquisition (EUR 300 million for Ferrovial\u2019s stake) was fully allocated to the value of the toll concession
rights, as the book value of the rest of net assets is not significantly different to their fair value. According to IAS 12, paragraph 66, the deferred tax
liability resulting from this fair value adjustment to the intangible asset (EUR 90 million for Ferrovial\u2019s stake) affects the goodwill implicit in the
carrying amount of the investment.
In December 2024, the valuation was completed and the fair value of the net assets acquired is considered definitive.
Divestment of several roads and parking concessions
In October 2024, Ferrovial and Interogo Holding, via its infrastructure investment fund Inter Infrastructure Capital (IIC), created the company
Umbrella Roads BV to manage Ferrovial\u2019s stakes in several road and parking concessions in Spain, Scotland, Ireland and Canada.
Ferrovial transferred the 100% of the economic rights and still holds the majority of the voting rights (51%) in Umbrella Roads BV through its toll
road division Cintra. After the analysis performed by the company of this transaction and the purchase share agreements, it has been concluded
that Ferrovial has no control over these assets according to IFRS 10, p. 7 criteria, neither significant influence under IAS 28, which implies the
recognition of a capital gain of EUR 19 million (EUR 100 million transaction price), reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4). The partnership between Ferrovial and Interogo Holding could allow for further
collaboration between the parties in future.
The transferred stakes include the M3 Eurolink and M4 Eurolink motorways in Ireland; the M8-M73-M74 motorway in Scotland; the 407 East
Extension Phase 1 and 407 East Extension Phase 2 in Canada, and Serrano Park and Autov\u00eda de la Plata (A-66) in Spain. The assets operate
under availability payment schemes or have limited traffic risk.
Other business
During 2024
As commented in Note 1.1.4., on June 28, Ferrovial completed the sale of its 24.78% stake in Grupo Serveo, consolidated as an equity-accounted
company, to the main shareholder, Portobello Capital, for EUR 55 million. 15 million of the price was deferred (up to four years after the
completion date, not accruing interest). The capital gain before taxes on the disposal is EUR 33 million, reported in the income statement within
the line item \u201cImpairment and disposal of fixed assets\u201d (Note 2.4). According to the Spanish Tax law the 95% of the capital gain is not subject to
taxes, being the effective tax rate 1.25%.
This 24.78% stake was acquired by Ferrovial in 2022 when the Services Infrastructure business in Spain was sold to Portobello. This transaction
culminates Ferrovial\u2019s divestment of the Services business in Spain as part of its strategy to focus on its core business \u2014 the development and
operation of sustainable infrastructure. As a result of the transaction, Ferrovial is no longer a shareholder of Grupo Serveo and is no longer
represented on its Board of Directors.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2024 amounted to EUR 238 million (EUR 215 million in 2023 and EUR 165 million in 2022).
Set out below is a breakdown of the most significant companies::
Profit/(loss) of equity-accounted companies
(Million euro)
2024
2023
2022
407 ETR
188
154
124
JFK NTO
3
4
1
IRB
13
14
22
Serveo Group
3
11
6
Other
31
32
12
TOTAL
238
215
165
Note 3.5 provides further details of these companies\u2019 profits/(losses).
Investments in Associates
INVESTMENTS IN ASSOCIATES
(Million euro)
2024
2023
Opening balance at 01.01
2,038
1,951
Share of profit
238
215
Exchange rate effect
60
(33)
Dividends
(357)
(321)
Capital contributions and new investments
1,192
214
Other movements
(148)
12
Closing balance at 12.31
3,023
2,038
During 2024, investments in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR 469
million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.5, and the share of these companies\u2019 profits (EUR
238 million), particularly the 407 ETR's results (EUR 188 million). Also worth mentioning is the effect on other movements of the 5% stake
divestment in IRB Infrastructure Developers (EUR -77 million), the availability concession assets sold to Interogo Holding in October 2024 (EUR -70
million), and the sale of 24.78% stake in Grupo Serveo (EUR -21 million), partially offset by the derivatives impact (EUR 20).
During 2023, this caption increased by EUR 87 million due to the capital contributions to JFK NTO Airport (EUR 214 million), and the share of these
companies\u2019 profits (EUR 215 million), relating primarily to 407 ETR (EUR 154 million), which was partially offset by dividend distributions during the
year, particularly by 407 ETR.
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in 407 ETR (43.23%), IRB (19.86%), Private InvIT (23.99%) and JFK NTO (49%) are presented
separately. The following tables show the main items that explain the variation in these investments.
2024 (Million euro)
407 ETR (43.23%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL
Balance at 12.31.23
928
376
-
471
263
2,038
Capital contribution
-
-
710
469
13
1,192
Share of profit/(loss)
188
13
(8)
3
42
238
Dividends
(321)
(6)
(4)
-
(26)
(357)
Foreign exchange differences
(17)
16
6
54
1
60
Derivatives
-
(4)
-
9
15
20
Other
-
(80)
-
-
(88)
(168)
Balance at 12.31.24
778
315
704
1,006
220
3,023
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
Capital contributions
-
-
-
-
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
During 2024, investment in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR 469
million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.5, and the share of these companies\u2019 profits (EUR
238 million), highlighting the 407 ETR results (EUR 188 million). Also worth mentioning the effect in other movements are mainly related to the
5% stake divestment in IRB Infrastructure Developers (EUR -77 million) and the availability concession assets sold to Interogo Holding in October
2024 (Note 1.1.5).
3.5.1. Heathrow Airports Holdings (HAH) divestment
As mentioned in Note 1.1.5, on December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of
19.75% of the share capital of FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of
Heathrow Airport in London (UK), to Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income
statement within the line item \u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero,
due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial now holds 5.25% stake, which is recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.),
once concluded that according to IAS28 p.5-6, Ferrovial will no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group will have no participation in the policy-making processes of the asset,
neither participation in decisions related to dividend distributions. The fair value of the remaining stake has been determined by referencing the
selling price of the recently 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
Finally, on January 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire remaining
stake (5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million (current book value of the
asset), which will be adjusted with an interest rate to be applied until closing (Note 6.11). The transaction is subject to complying with the right of
first offer (ROFO) which may be exercised by Topco shareholders pursuant to the Shareholders\u2019 Agreement and the Articles of Association of the
company. Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
3.5.2. Disclosures relating to 407 ETR
a. Balance sheet and income statement movements 2024-2023
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2024 for
the balance sheet and the income statement figures are provided in Note 1.4.).
Balance sheet December 2024 and December 2023
407 ETR (100%) (million CAD)
Dec. 2024
Dec. 2023
Var. 24/23
Non-current assets
4,594
4,584
10
Fixed assets in infrastructure projects
3,921
3,954
(33)
Non-current financial assets
611
568
43
Deferred taxes
62
62
-
Current assets
1,163
1,014
149
Short-term trade and other receivables
443
322
121
Cash and cash equivalents
720
691
29
Total assets
5,757
5,598
159
Equity
(6,199)
(5,791)
(408)
Non-current liabilities
11,309
10,908
401
Borrowings
10,716
10,318
398
Deferred taxes
593
590
3
Current liabilities
647
481
166
Borrowings
514
403
111
Short-term trade and other payables
133
77
56
Total liabilities
5,757
5,598
159
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2024 compared to the previous year:
Equity
Equity fell by CAD 409 million with respect to the previous year, primarily due to the payment of CAD 1,100 million in dividends to shareholders,
which was offset by the profit for the year of CAD 692 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 fair value remeasurement 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.
Borrowings
Overall financial debt (short and long term) increased in relation to December 2023 by CAD 509 million due to issuance of new senior debt.
Income statement December 2024 - December 2022
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 2024, December 2023 and
December 2022:
407 ETR (100%) (million CAD)
Dec.24
Dec.23
Dec.22
Operating income
1,705
1,495
1,327
Operating expenses
(228)
(212)
(188)
Fixed asset depreciation
(106)
(97)
(100)
Operating profit/(loss)
1,372
1,187
1,039
Net financial income/(expense)
(429)
(412)
(447)
Profit/(loss) before tax
942
775
592
Corporate income tax
(250)
(208)
(156)
Net profit/(loss)
692
567
435
Profit/(loss) attributable to Ferrovial (million CAD)
299
245
188
Intangible asset amortization adjustment (CAD million)
(21)
(21)
(19)
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million CAD)
278
225
169
Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million euro)
188
154
124
It should be noted that the profit/(loss) attributable to Ferrovial also includes depreciation recognized over the concession term on the
remeasurement recognized, following the loss of control of the company as a result of the above mentioned 2010 sale.
3.5.3.Disclosures relating to JFK NTO LLC
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 the Carlyle Group to pay of an earn-out should Carlyle divest its outstanding 4% interest in
Mars NTO LLC. This earn-out payment would be triggered if Carlyle were to transfer its stake either 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, 2024, USD 1,635 million had been invested (USD 801 million relates to Ferrovial, of which USD 507 million (EUR 469 million) was
invested in 2024)).
In 2025 and beyond, total dividend payments will largely depend on traffic performance at Dalaman, as well as at NTO, following the opening of
the terminal, which is expected for 2026.
The company\u2019s consolidated IFRS balance sheet is disclosed in the table below:
Balance sheet December 2024 and 2023
JFK (100%) Million USD
Dec. 2024
Dec. 2023
Non-current assets
8,330
6,482
Intangible assets
8,067
6,168
Non-current financial assets
180
132
Long-term financial derivatives at fair value
83
182
Current assets
2,510
322
Debtors and other short-term accounts receivable
275
174
Cash and cash equivalents
251
148
Other short-term financial assets
1,984
\u2014
Total assets
10,840
6,804
Equity
1,994
932
Share capital
1,635
600
Share of profit/(loss)
40
11
Other Comprehensive Income
319
321
Non-current liabilities
8,504
5,559
Bonds and debts - infrastructure projects
4,654
1,774
Other long-term debts
3,850
3,785
Current liabilities
342
313
Creditors and other short-term accounts payables
342
313
Total liabilities
10,840
6,804
JFK NTO's main assets and liabilities are described below:
\u2022 Intangible assets, which fundamentally comprise:
\u2013 Concession assets (USD 3,971 million in 2024 and USD 2,247 million in 2023), 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 4,096 million in 2024 and USD 3,921 million in 2023), reflecting the present value of the future
payments, throughout the concession period, for the acquisition of the concession. Also, a liability of the same amount was initially
recorded, corresponding to the value of the future payment obligations, under financial debt in non-current liabilities (\u201cOther long-term
debts\u201d).
\u2022 Long-term borrowings (USD 4,600 million in 2024 and USD 1,740 million in 2023) explained mainly by:
\u2013 USD 2,000 million nominal amount of Munibonds issued on December 6, 2023. A portion of the issuance (USD 800 million) was insured
by Assured Guaranty Municipal Corp. (\u201cAGM\u201d).
\u2013 USD 2,550 million nominal amount of green bonds issued on June 18, 2024. A portion of the issuance (USD 800 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 4.65% at a weighted average maturity
of 30 years.
\u2022 Other short-term financial assets (USD 1,984 million in 2024) correspond to treasury bills, treasury notes and state and local government
securities, aligned with NTO reinvestment strategy, derived from the cash obtained from the bond issuance before mentioned.
\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 645 million (USD 3,005 million in 2023), which have been treated as effective cash flow hedges. During the year,
there was an impact of USD 20 million on the company's reserves (EUR 9 million at Ferrovial's ownership interest).
\u2022 Equity (USD 1,994 million in 2024 and USD 932 million in 2023). Movements in equity are primarily explained by capital contributions under
this same heading in the amount of USD 1,035 million and USD 20 million reflecting the effect on reserves of the change in market value of
the derivative associated with current debt since the acquisition date.
3.5.4.Disclosures relating to AGS
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%). As part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The completion of
this transaction was subject to the obtainment of applicable regulatory approvals by the 2024 year-end, and the 50% ownership interest in AGS
Airports Holdings Limited as of December 31, 2024 was therefore reclassified to held for sale. The ownership interest in this company remained
valued at zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero (Note 1.1.4 and Note
6.11.).
As disclosed in Note 3.6. of these consolidated financial statements, the group granted subordinated loans to AGS totaling EUR 235 million, that
after the agreement reached in November, have been reclassified from long-term financial assets to short-term receivables at December 2024,
as these loans are also part of the divestment transaction.
On January 28, 2025, and following satisfaction of applicable regulatory conditions, Ferrovial and Macquarie completed the sale of AGS' entire
share capital (100%) for a price of GBP 900 million, of which circa GBP 450 million are Ferrovial's net proceeds, together with a capital gain of
EUR 297 million for Ferrovial which will affect Q1 2025 results.
3.5.5 Disclosures relating to 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 (IRB) on December 29, 2021. The deal was completed following 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 for the two-week period prior to the year-end.
The price of IRB\u2019s stock at December 31, 2024 was INR (Indian Rupee) 57.24 per share (41.55 at December 31, 2023).
The company's fiscal year runs from April through March. IRB\u2019s latest available audited financial statements are those of March 2024. IRB
contributed a profit of EUR 13 million to Ferrovial for the period from January to December 2024.
On June 11, 2024, Ferrovial, through its subsidiary Cintra, completed the sale of its 5% stake in IRB for EUR 215 million (assuming a EUR/INR
exchange rate of 89.3), resulting in a capital gain before taxes of EUR 133 million (Note 1.1.5).
IRB only reports to the market its consolidated balance sheet at March and September month-end. This balance sheet below for December 2024
is based on the balance sheet reported by IRB for September 2024, adjusted by (i) the distributions to unit holders and results reported by IRB for
the last quarter of 2024 excluding the impact of measuring at fair value through profit and loss account some investments that Ferrovial
maintains as equity investments, and (ii) Ferrovial\u00b4s purchase price allocation adjustments.
IRB (100%) Million INR
Dec.24
Dec.23
Non-current assets
405,626
388,946
Current assets
46,158
55,742
Total assets
451,784
444,688
Equity
141,663
139,195
Non-current liabilities
273,464
238,920
Current liabilities
36,657
66,573
Total liabilities
451,784
444,688
Group\u00b4s share in equity (19.86% and 24.86% post and pre-sale, respectively)
28,141
34,611
Group\u00b4s share in equity (Million EUR)
315
376
The following table illustrates the summarized income statement as reported by IRB, excluding the impact of measuring at fair value through
profit and loss account some investments that Ferrovial maintains as equity investments, and adjusted by Ferrovial\u00b4s purchase price allocation
adjustments:
IRB (100%) Million INR
Dec.24
Dec.23
Revenue
72,806
69,677
Profit for the year (continuing operations)
5,096
5,205
Other comprehensive income
(1,440)
407
Total comprehensive income
3,656
5,612
Group\u00b4s share in profits (19.86% and 24.86% post and pre-sale, respectively)
1,534
1,294
Group\u00b4s share in profits (Million EUR)
13
14
3.5.6. IRB Infrastructure Trust (Private InvIT)
On June 13, 2024, Ferrovial, through its toll road subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary
of IRB Infrastructure Developers (IRB), in which Ferrovial holds a 19.86% ownership interest as mentioned previously. Private InvIT held a portfolio
of 14 toll road concessions in India with a committed pipeline of one additional concession. This investment amounted to EUR 652 million
(considering an exchange rate of 90.2 EUR/INR).
Ferrovial acquired this stake from affiliates of GIC Private Limited, which prior to this transaction owned a 49% stake in the company. After the
transaction, GIC\u2019s affiliates retain a 25% stake in Private InvIT and IRB retains its current 51% stake. Considering the indirect ownership interest
which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
On December 20, Private InvIT raised unit capital by way of rights issue of units of Private InvIT to IRB Infrastructure Developers (IRB) and GIC
Affiliates. Post right issue, Ferrovial acquired 23.99% of these rights issued, increasing its investment in Private InvIT by EUR 58 million (considering
an exchange rate of\u00a0 87.83 EUR/INR), and maintaining its stake in a 23.99%. On December 27, Private InvIT acquired 80.4% of Ganga, the
above-mentioned additional concession.
IRB Private InvIT contributed a loss of EUR -8 million to Ferrovial for the period from June to December 2024.
Regarding the purchase price allocation exercise (see Note 1.1.5.), the difference between the net fair value of the identifiable assets and liabilities
of Private InvIT and its carrying amount as at the date of acquisition (EUR 300 million at Ferrovial\u2019s stake) was fundamentally allocated to the
value of the toll concession rights, as the book value of the rest of net assets is not significantly different to their fair value.\u00a0 According to IAS 12,
paragraph 66, the deferred tax liability resulting from this fair value adjustment to the intangible asset (EUR 90 million for Ferrovial\u2019s stake)
affects the goodwill implicit in the carrying amount of the investment.
The consolidated IFRS balance sheet integrated by Ferrovial of Private InvIT is summarized in the table below.
Private InvIT only reports to the market its consolidated balance sheet at March and September month-end. This balance sheet below for
December 2024 is based on the balance sheet reported by Private InvIT for September 2024,\u00a0 adjusted by (i) the distributions to unit holders and
results reported by Private InvIT for the last quarter of 2024, and (ii) Ferrovial\u00b4s purchase price allocation adjustments. The acquisition of 80.4%
of Ganga project is not included in these figures as there is no available balance sheet detailed\u00a0 information.
Private InvIT (100%) Million INR
Dec.24
Fair Value recognized on
acquisition
Jun.24
Non-current assets
536,192
537,578
Current assets
15,719
13,799
Total assets
551,911
551,377
Equity
240,784
245,257
Non-current liabilities
297,474
294,852
Current liabilities
13,653
11,268
Total liabilities
551,911
551,377
Group\u00b4s share in equity (23.99%)
57,769
58,842
Group\u00b4s share in equity (23.99%) Million EUR
646
652
Ganga Acquisition (Million EUR)
58
0
Group\u00b4s share in equity including Ganga acquisition (23.99%) Million EUR
704
652
The following table illustrates the summarized income statement for the 6 month-period from the acquisition to December 31, 2024 as reported
by Private InvIT and adjusted by Ferrovial\u00b4s purchase price allocation adjustments:
Private InvIT (100%) Million INR
Dec.24
Revenue
22,040
Profit for the year (continuing operations)
(3,131)
Total comprehensive income
(3,131)
Group\u00b4s share in loss (23.99%)
(751)
Group\u00b4s share in loss (23.99%) Million EUR
(8)
3.5.7. Other disclosures relating to associates
a) Movements relating to the remaining associates
Appendix I to the 2024 consolidated financial statements includes a list of ownership interests in equity-accounted companies, including names,
countries of incorporation, business segments, shareholding percentages, aggregate assets and liabilities, revenue and profit/(loss) for the year.
A summary is presented in the following table:
Million euro
2024
2023
Madrid Calle 30
56
52
Riverlinx Limited \u2013 Silvertown Tunnel
65
52
Netflow OSARS (Western)
38
42
Ruta del Cacao
27
22
FMM Company LLC
18
19
Other
16
76
Balance at 12.31.2024
220
263
The main movement in relation to the remaining associates corresponds to the divestment of several availability concession assets in the Toll
Roads Division. As mentioned in Note 1.1.5, in October 2024, Ferrovial and Interogo Holding, via its infrastructure investment fund Inter
Infrastructure Capital (IIC), created the company Umbrella Roads BV to manage Ferrovial\u2019s stakes in several road and parking concessions in
Spain, Scotland, Ireland and Canada.
Ferrovial transferred 100% of the economic rights and holds the majority of the voting rights (51%) in Umbrella Roads BV through its toll roads
division Cintra. After the analysis performed by the company of this transaction and the share purchase agreements, it was concluded that
Ferrovial has no control over these assets according to IFRS 10, p. 7 criteria, nor significant influence under IAS 28, which entails recognizing a
capital gain of EUR 19 million, reported in the income statement within the line item \u201cImpairment and disposal of fixed assets\u201d (transaction price
of EUR 100 million). The partnership between Ferrovial and Interogo Holding could allow for further collaboration between the parties in future.
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 described in Note 6.5.2.
Appendix I. Associate companies(equity-accounted companies)
(million euro)
Entity
Type
Parent
% Owner.
V. Eq.
Method
Assets.
Liab.
Reven.
Results
Audit
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
0
1,046
1,078
409
0
SPAIN
Via Olmedo Pedralba,
S.A.
Ferrovial Construccion, S.A.
7.2%
1
5
2
5
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
0
0
1
0
1
ConnectedWorks, LLC
Ferrovial Contruction US Holding
Corp.
40.0%
0
0
0
0
0
POLAND
Promos Sp. z o.o.
Budimex SA
26.3%
1
3
1
3
0
0
TOLL ROADS
AUSTRALIA
Nexus Infrastructure
Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
18
0
0
0
Nexus Infrastructure Unit
Trust
P
Nexus Infrastructure Holdings Unit
Trust
100.0%
10
37
16
37
3
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
100.0%
0
0
0
0
0
Netflow Osars (Western)
GP
P
Cintra Osars (Western) Unit Trust
50.0%
38
151
74
25
3
SPAIN
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
25.0%
6
38
13
18
4
Empresa Mant. y
Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
(34)
238
238
37
10
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30,
S.A.
20.0%
56
730
169
158
68
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
778
3,866
8,029
1,151
467
1
COLOMBIA
Concesionaria Ruta del
Cacao S.A.S.
P
Cintra Infraestructuras Colombia
S.A.S.
30.0%
27
736
644
139
22
2
INDIA
IRB Infrastructure
Developers Limited
P
Cintra INR Investments B.V.
19.9%
315
5,025
3,463
894
50
5
IRB Infrastructure Trust
P
IRB Infrastructure Developers
Limited
51.0%
704
4,800
3,107
243
(24)
Cintra INVIT Investments B.V.
24.0%
0
0
0
0
0
MMK Toll Road Private
Limited
P
IRB Infrastructure Developers
Limited
51.0%
0
1
0
0
0
Cintra IM Investments B.V.
24.0%
0
0
0
0
0
UNITED KINGDOM
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
100.0%
13
944
908
36
3
RiverLinx Holdings Ltd
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
100.0%
65
1,820
1,528
204
7
PERU
Sociedad Concesionaria
Anillo Vial, S.A.
P
Cintra Infraestructuras Per\u00fa, S.A.C
35.0%
14
0
0
0
0
AIRPORTS
QATAR
FMM Company LLC
Ferrovial Airports FMM B.V.
49.0%
18
78
38
109
14
UNITED STATES
JFK NTO SPONSOR
AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
1,006
10,436
8,547
68
7
1
Total equity-accounted continuing operations
3,023
Auditor key:
(1) EY; (2) Deloitte; (3) BDO; (4) PwC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Asociados, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-890": { "value": "
1.2. GOING CONCERN ASSESSMENT
1.2 GOING CONCERN EVALUATION
On December 31, 2024, our cash and cash equivalents of ex-infrastructure project companies reached EUR 4,653 million. Ferrovial also has
additional liquidity lines available in the amount of EUR 538 million related to corporate debt, and EUR 114 million related to other borrowings
balances at December 31, 2024. 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, 2024. 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 2.3 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 2.7 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 2025 and 2026, 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 2025 and 2026 ( 50% in the case of toll roads and all dividends in the case of
energy).
\u2022 Construction business cash flows for 2025 and 2026 projected to fall at around EUR -200 million per annum, explained by worse working
capital evolution and lower business profitability.
\u2022 Elimination of the asset divestments expected for the period 2025-2026, including the possible divestment of our pending 5.25% stake in
Heathrow Airport.
\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-891": { "value": "
1.3. ACCOUNTING POLICIES
1.3.2. Basis of consolidation
In 2024, 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 the 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 has a significant 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.
In 2024, operations of this nature contributed to the consolidated Group assets, profit/(loss) and revenue totaling EUR 1,057 million, EUR 157
million and EUR 1,581 million, respectively (EUR 1,173 million, EUR 36 million and EUR 1,401 million in 2023; and EUR 428 million to the
consolidated Group's assets, EUR 40 million profit/(loss) and EUR 1,242 million revenue in 2022). The following companies stand out as being
involved in construction projects:
PROJECT
COUNTRY
ACTIVITY
% SHARE
REVENUE (EUR M)
2024
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, 67
15%
332
Sydney Metro West
Australia
Metro design and construction on an 11-kilometre stretch of twin railway tunnels between Sydney
Olympic Park and The Bays, Australia.
50%
233
Ontario Transit Group
Constructor GP
Canad\u00e1
Design, build and finance Ontario Line Subway: Construction of a 6.7 km, seven-station rapid transit
system.
50%
216
Riverlinx
UK
Design, construction, financing, operation and maintenance of the Silvertown Tunnel in East
London.
40%
127
Coffs Harbour Bypass
Australia
Design and Building contract. It involves 14 km of road, three tunnels and a service road.
50%
113
Thames Tideway Tunnel
Central Section J.V
UK
Construction of new infrastructure for the London sewerage system
50%
60
Metro Paris Ligne 3A JV
France
Metro Paris with 6,7 KM tunnel. The work includes building three stations and eight ancillary
infrastructures.
50%
54
Linha Circular, A.C.E
Portugal
Ferrovial will build a new circular metro line in Oporto, the Pink Line, which will be 3.1 kilometers
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%
53.53
1,187
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 -14.206 million on the income statement in 2024, after taxes and non-
controlling interests (EUR -34.942 million and EUR -60.507 million in 2023 and 2022, respectively).
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 costs to fulfil the contract 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 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 the event that only a 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 acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022, and showing the term,
status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Canada
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
IRB Infrastructure Developers Limited (**)
India
Operation/
Construction
-
-
Equity consolidation
IRB Infrastructure Trust Limited (***)
India
Operation/
Construction
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (****)
Peru
Construction
2024
2054
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 consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).\u00a0 \u00a0
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date goes from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
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, 2024, 2023 and 2022, financial returns recognized as revenue amounted to EUR 9 million, EUR 10 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 6 million in
2024, EUR 7 million in 2023 and EUR 9 million in 2022.
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
CONSO. 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 - Waterbeach plant)
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
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
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
Operation
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).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
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 indicator 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, which in line with the exception set
forth in the IFRS 16 paragraph 5(a), leases that have a term of less than twelve months, and leases of low-value assets are treated as operating
leases (Note 2.2). 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.
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 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.
It is important to highlight the fair value measurement of the remaining 5.25% stake in FGP Topco after selling the 19.75% stake in December
2024. The fair value has been determined by reference to the selling price of the recently sold 19.75% stake in FGP Topco and therefore, it is
classified as Level 2 because the selling price is an observable input.
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 the expected credit 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 credit 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.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income
(OCI), and fair value through profit or loss.
Under IFRS 9, the classification and measurement methods 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.
The equity instruments classified as financial assets through profit or loss are presented as non-current assets, because (i) they are not expected to
be realized within the company\u00b4s normal operating cycle, (ii) they are not held primarily for trading purposes, and (iii) they are not expected to be
realized within twelve months after the reporting period.
Classification and measurement of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial
instruments.
For purposes of subsequent measurement, financial liabilities are classified in two categories: Financial liabilities at fair value through profit or
loss and financial liabilities at amortised cost (loans and borrowings).
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 37 million and EUR
24\u00a0 million in 2024 and 2023, 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 shareholder distributions 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 based on surveyed 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 margin 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) subject to an application
procedure directly to the customer.
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.
The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved.
In the event that the claim 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 of revenue for which it is highly probable that there will not be a
significant reversal.\u00a0 This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report
justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii)
approval from the Division\u2019s CFO and General Counsel.
In those\u00a0 cases in which a legal report confirms that the rights forming the subject of a dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenue 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 business
In these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally,
two performance obligations are identified: one for the construction and another for the operation of the infrastructure.
The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the
benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a
performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.
The second one encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly
rate reflects the value of the services rendered. This 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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-893": { "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 2024
At December 31, 2024 none of the standards, interpretations or amendments described in following paragraphs, 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:
Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback agreement
The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback
transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains.
The amendments had no impact on the Group\u2019s financial statements.
Amendments to IAS 1 - Classification of Liabilities as Current or Non-current
The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022 What is meant by a right to defer settlement for at least 12 months after the reporting date and that the right may be subject to the
company complying with conditions (covenants) specified in a loan arrangement ( meeting covenants within twelve months after the reporting
period).
\u2022 That a right to defer must exist at the end of the reporting period.
\u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right. of a compound financial instrument.
The amendments have resulted in additional disclosures in Note 5.2.2, and have impacted on the classification of one of the Group\u2019s financial
debts by an amount of EUR 84 million, which has been reclassified as current as at 31 December 2024.
Reverse factoring Arrangements - Amendments to IAS 7 and IFRS 7
The amendments to \u201cIAS 7 Statement of Cash Flows\u201d and \u201cIFRS 7 Financial Instruments: Disclosures\u201d clarify the characteristics of reverse
factoring arrangements and require additional disclosures of such arrangements to assist users of financial statements in understanding the
effects of reverse factoring arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk.
As a result of implementing the amendments, the Group has provided additional disclosures about its reverse factoring arrangement. Please refer
to Note 4.3.
1.3.1.b) New standards, amendments and interpretations mandatorily applicable in financial years after December 31, 2024
The new standards, amendments and interpretations approved by the IASB but not yet mandatorily applicable at December 31, 2024 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 21 \u2013 The effects of changes in foreign exchange rates: Lack of exchangeability.
Pending
Pending
January 1, 2025
Amendment to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity. Amendments to the
Classification and Measurement of Financial Instruments.
Pending
Pending
January 1, 2026
IFRS 18: Presentation and Disclosure in Financial Statements
Pending
Pending
January 1, 2027
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. Nevertheless, the Group anticipates changes in the
presentation of financial information resulting from IFRS 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-892": { "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 2024
At December 31, 2024 none of the standards, interpretations or amendments described in following paragraphs, 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:
Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback agreement
The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback
transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains.
The amendments had no impact on the Group\u2019s financial statements.
Amendments to IAS 1 - Classification of Liabilities as Current or Non-current
The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022 What is meant by a right to defer settlement for at least 12 months after the reporting date and that the right may be subject to the
company complying with conditions (covenants) specified in a loan arrangement ( meeting covenants within twelve months after the reporting
period).
\u2022 That a right to defer must exist at the end of the reporting period.
\u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right. of a compound financial instrument.
The amendments have resulted in additional disclosures in Note 5.2.2, and have impacted on the classification of one of the Group\u2019s financial
debts by an amount of EUR 84 million, which has been reclassified as current as at 31 December 2024.
Reverse factoring Arrangements - Amendments to IAS 7 and IFRS 7
The amendments to \u201cIAS 7 Statement of Cash Flows\u201d and \u201cIFRS 7 Financial Instruments: Disclosures\u201d clarify the characteristics of reverse
factoring arrangements and require additional disclosures of such arrangements to assist users of financial statements in understanding the
effects of reverse factoring arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk.
As a result of implementing the amendments, the Group has provided additional disclosures about its reverse factoring arrangement. Please refer
to Note 4.3.
1.3.1.b) New standards, amendments and interpretations mandatorily applicable in financial years after December 31, 2024
The new standards, amendments and interpretations approved by the IASB but not yet mandatorily applicable at December 31, 2024 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 21 \u2013 The effects of changes in foreign exchange rates: Lack of exchangeability.
Pending
Pending
January 1, 2025
Amendment to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity. Amendments to the
Classification and Measurement of Financial Instruments.
Pending
Pending
January 1, 2026
IFRS 18: Presentation and Disclosure in Financial Statements
Pending
Pending
January 1, 2027
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. Nevertheless, the Group anticipates changes in the
presentation of financial information resulting from IFRS 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-898": { "value": "
1.3.2. Basis of consolidation
In 2024, 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 the 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 has a significant 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.
In 2024, operations of this nature contributed to the consolidated Group assets, profit/(loss) and revenue totaling EUR 1,057 million, EUR 157
million and EUR 1,581 million, respectively (EUR 1,173 million, EUR 36 million and EUR 1,401 million in 2023; and EUR 428 million to the
consolidated Group's assets, EUR 40 million profit/(loss) and EUR 1,242 million revenue in 2022). The following companies stand out as being
involved in construction projects:
PROJECT
COUNTRY
ACTIVITY
% SHARE
REVENUE (EUR M)
2024
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, 67
15%
332
Sydney Metro West
Australia
Metro design and construction on an 11-kilometre stretch of twin railway tunnels between Sydney
Olympic Park and The Bays, Australia.
50%
233
Ontario Transit Group
Constructor GP
Canad\u00e1
Design, build and finance Ontario Line Subway: Construction of a 6.7 km, seven-station rapid transit
system.
50%
216
Riverlinx
UK
Design, construction, financing, operation and maintenance of the Silvertown Tunnel in East
London.
40%
127
Coffs Harbour Bypass
Australia
Design and Building contract. It involves 14 km of road, three tunnels and a service road.
50%
113
Thames Tideway Tunnel
Central Section J.V
UK
Construction of new infrastructure for the London sewerage system
50%
60
Metro Paris Ligne 3A JV
France
Metro Paris with 6,7 KM tunnel. The work includes building three stations and eight ancillary
infrastructures.
50%
54
Linha Circular, A.C.E
Portugal
Ferrovial will build a new circular metro line in Oporto, the Pink Line, which will be 3.1 kilometers
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%
53.53
1,187
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 -14.206 million on the income statement in 2024, after taxes and non-
controlling interests (EUR -34.942 million and EUR -60.507 million in 2023 and 2022, respectively).
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
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
80
1
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
2
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
0
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%
40
1
Ferrovial SE
48.0%
33
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
5
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
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
IRELAND (Registered Office: Dublin)
Landmille, Ltd**
Ferrovial SE
100.0%
1
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
UNITED STATES (Registered Office: Austin)
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: New York)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
0
RailBX GmbH
Budimex, S.A.
100.0%
6
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company *
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sydney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
46
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil) *
Ferrovial Construction International S.E.
99.0%
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 S.E.
100.0%
66
1
Ontario Transit FCCI (Hold Co) Inc.
Ferrovial Construction CANADA Inc.
100.0%
0
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
6
Webber Infrastructue 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 S.E.
100.0%
0
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%
63
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International S.E.
100.0%
0
1
Ferrovial Energ\u00eda Construcci\u00f3n SpA
Ferrovial Energ\u00eda, S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International S.E.
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
0
3
Ferrovial Construction Slovakia S.R.O. *
Ferrovial Construction Holdings Ltd
99.0%
(2)
3
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
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)
99.95%
70
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)*
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
8
1
Ditecpesa, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
19
1
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0 *
Ferrovial SE
99.99%
386
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
Ferrovial Railway S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
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
1
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
Tecpresa Structural Solutions SA (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.1%
2
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
0
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
Webber, LLC
100.0%
14
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%
74
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
1,010
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,168
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Energy US, LLC
100.0%
0
Webber Infrastructure Management US Inc.
Webber, LLC
100.0%
308
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%
(3)
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
387
1
Webber - United LLC
Webber, LLC
60.0%
0
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
(2)
1
Webber Waterworks, LLC
Cadagua US, LLC
50.0%
0
1
Webber, LLC
50.0%
0
1
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
653
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
0
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%
337
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International S.E.
100.0%
12
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International S.E.
Ferrovial SE
100.0%
761
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.1%
0
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
24.9%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zealand) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
2
PERU (Registered Office: Lima)
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C. *
Ferrovial Construction International S.E.
99.99%
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
1
Fotowoltaika HIG XIV Sp. z o.o. \u00a0
Budimex, S.A.
100.0%
2
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
0
1
FBSerwis Zielony Kamie\u0144sk Sp. z o.o.
FBSerwis Kamie\u0144sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Wroc\u0142aw Sp. z o.o.
FBSerwis Wroc\u0142aw Sp. z o.o.
100.0%
0
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Dolny \u015al\u0105sk Sp. z o.o.
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielona Karpatia Sp. z o.o.
FBSerwis Karpatia Sp. z o.o.
100.0%
0
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International S.E.
50.1%
83
1
Bx Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Bx Kolejnictwo SA
Budimex, S.A.
100.0%
26
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
P
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
69
1
FBSerwis A Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis B Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Odbi\u00f3r Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Paliwa Alternatywne Sp. z o.o.
FBSerwis SA
100.0%
0
JZE Sp. z o.o.
FBSerwis SA
100.0%
0
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
0
Konstalex Sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Budimex Most Wschodni S.A.
Budimex, S.A.
100.0%
0
1
Circular Construction SA
Budimex Most Wschodni SA
100.0%
0
1
Magnolia Energy Sp. z o.o.
P
Budimex, S.A.
100.0%
9
1
Budimex PPP SA
Budimex, S.A.
100.0%
4
1
Budimex F Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex A\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex O\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex P\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex R\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex D\u00a0 Sp. z o.o.
Budimex SA
76.0%
0
Budimex SA Sygnity SA sj
Budimex, S.A.
67.0%
0
Budimex SA Cadagua SA IV sc
Budimex, S.A.
99.9%
0
Budimex SA Cadagua SA V sc
Budimex, S.A.
99.9%
0
Budimex SA Tecnicas Reunidas SA - Tur\u00f3w s.c.
Budimex, S.A.
50.0%
0
Green Waste Management 5 Sp. z o.o.
FBSerwis SA
100.0%
Green Waste Management 6 Sp. z o.o.
FBSerwis SA
100.0%
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International S.E.
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International S.E.
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
9
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International S.E.
100.0%
74
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
101
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%
0
Cintra Servicios de Infraestructuras, S.A. (a) *
Cintra Infraestructuras Espa\u00f1a S.L. (a)
99.99%
0
1
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
3
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
23
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
15
1
Ferrovial, SE
15.0%
3
1
Pilum, S.A. *
P
Ferrovial SE
94.1%
0
Ferrovial Aravia, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
1
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Ferrovial, SE
15.0%
0
1
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
426
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 4352238 Investments 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%
23
1
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, S.E.
100.0%
3,102
Cintra Holding US Corp
Ferrovial Holding US Corp
100.0%
22
Cintra Texas Corp
Cintra Holding US Corp
100.0%
(22)
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC\u00a0 *
Cintra Holding US Corp
49.0%
78
Ferrovial Construction US Corp.
44.0%
23
1
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%
4
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
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%
0
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
Cintra North Corridor Transit Partners LLC
P
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
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
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%
0
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%
3,021
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 Projects B.V.
Cintra Global SE
100.0%
0
Cintra IM Investments B.V.
Cintra Global SE
100.0%
0
1
Cintra INVIT Investments B.V.
Cintra Global SE
100.0%
718
Cintra Development BV
Cintra Global SE
100.0%
0
1
INDIA (Registered Office: Mumbai)
Ciinfra India Private Limited*
Cintra INR Investments BV
99.99%
0
1
PORTUGAL (Registered Office: Lisbon)
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%
0
Cintra Slovakia Ltd
Cintra Global SE
100.0%
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
PERU (Registered Office: LIMA)
Cintra Infraestructuras Per\u00fa, S.A.C*
Cintra Infrastructures SE
99.9%
0
DIGITAL INFRASTRUCTURES
SPAIN (Registered Office: Madrid)
Ferrovial MAD 01, S.A.
Ferrovial SE
100.0%
91
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
28
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
799
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%
734
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
742
Ferrovial Airports CHS MSA LLC
Ferrovial Airports Holding US Corp
100.0%
0
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%
5
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
P
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
P
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
14
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
21
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%
15
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
Siemsa Control y Sistemas S.A.U. (a)
Ferrovial Energ\u00eda S.A. (a)
100.0%
1
1
Ferrovial Energ\u00eda S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
16
1
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
Ferrovial Transco International, B.V.
100.0%
65
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%
0
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 Power Infrastructure Chile, SpA
99.99%
50
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Ferrovial Transco Chile III SPA
49.9%
0
1
Alto Huemul Transmisi\u00f3n SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
Alto Huemul II SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
1
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
13
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Misae Solar IV
P
Ferrovial Energy US, LLC
100.0%
66
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
76
2
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
89
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
26
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
50.0%
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
Thalia WB SPV Limited
P
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
P
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.*
Veltis, SpA
65.1%
0
1
Inversiones Chile Ltda
34.9%
0
1
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.*
Veltis, Sp.a
99.99%
31
1
Veltis, S.p.A
Ferrovial EG SE
100.0%
0
1
CHILE (Registered Office: Santiago)
Walvis, S.A.*
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada*
Veltis, Sp.a
99.99%
3
1
Inversiones\u00a0 (Chile) Limitada*
Inversiones (Chile) Holding Limitada
99.99%
0
Veltis Servicios, SpA
Veltis, S.p.A
100.0%
0
POLAND (Registered Office: Warsaw)
BXF Energ\u00eda Sp. z.o.o.
Budimex, S.A.
51.0%
7
Ferrovial EG SE
49.0%
7
Azalia, Sp.z.o.o.
P
BXF Energ\u00eda SP ZOO
100.0%
8
AUSTRALIA (Registered Office: Sydney)
Ferrovial Energy PTY LTD
Ferrovial EG SE
100.0%
0
Auditor Key:
Auditors: (1) Ernst & Young, S.L., Madrid, Spain, Auditor Firm ID 1461; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial SE and subsidiaries.
(*) The remaining percentage to complete the 100% Ownership in the company belongs to minority shareholders of the Ferrovial Group.
(**) In Members Voluntary Liquidation
(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.
Method
Assets.
Liab.
Reven.
Results
Audit
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
0
1,046
1,078
409
0
SPAIN
Via Olmedo Pedralba,
S.A.
Ferrovial Construccion, S.A.
7.2%
1
5
2
5
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
0
0
1
0
1
ConnectedWorks, LLC
Ferrovial Contruction US Holding
Corp.
40.0%
0
0
0
0
0
POLAND
Promos Sp. z o.o.
Budimex SA
26.3%
1
3
1
3
0
0
TOLL ROADS
AUSTRALIA
Nexus Infrastructure
Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
18
0
0
0
Nexus Infrastructure Unit
Trust
P
Nexus Infrastructure Holdings Unit
Trust
100.0%
10
37
16
37
3
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
100.0%
0
0
0
0
0
Netflow Osars (Western)
GP
P
Cintra Osars (Western) Unit Trust
50.0%
38
151
74
25
3
SPAIN
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
25.0%
6
38
13
18
4
Empresa Mant. y
Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
(34)
238
238
37
10
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30,
S.A.
20.0%
56
730
169
158
68
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
778
3,866
8,029
1,151
467
1
COLOMBIA
Concesionaria Ruta del
Cacao S.A.S.
P
Cintra Infraestructuras Colombia
S.A.S.
30.0%
27
736
644
139
22
2
INDIA
IRB Infrastructure
Developers Limited
P
Cintra INR Investments B.V.
19.9%
315
5,025
3,463
894
50
5
IRB Infrastructure Trust
P
IRB Infrastructure Developers
Limited
51.0%
704
4,800
3,107
243
(24)
Cintra INVIT Investments B.V.
24.0%
0
0
0
0
0
MMK Toll Road Private
Limited
P
IRB Infrastructure Developers
Limited
51.0%
0
1
0
0
0
Cintra IM Investments B.V.
24.0%
0
0
0
0
0
UNITED KINGDOM
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
100.0%
13
944
908
36
3
RiverLinx Holdings Ltd
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
100.0%
65
1,820
1,528
204
7
PERU
Sociedad Concesionaria
Anillo Vial, S.A.
P
Cintra Infraestructuras Per\u00fa, S.A.C
35.0%
14
0
0
0
0
AIRPORTS
QATAR
FMM Company LLC
Ferrovial Airports FMM B.V.
49.0%
18
78
38
109
14
UNITED STATES
JFK NTO SPONSOR
AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
1,006
10,436
8,547
68
7
1
Total equity-accounted continuing operations
3,023
Auditor key:
(1) EY; (2) Deloitte; (3) BDO; (4) PwC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Asociados, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-897": { "value": "
1.3.2. Basis of consolidation
In 2024, 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 the 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 has a significant 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-896": { "value": "
1.3.2. Basis of consolidation
In 2024, 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 the 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 has a significant 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-894": { "value": "
1.3.2. Basis of consolidation
In 2024, 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 the 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 has a significant 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-895": { "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 -14.206 million on the income statement in 2024, after taxes and non-
controlling interests (EUR -34.942 million and EUR -60.507 million in 2023 and 2022, respectively)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-902": { "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 costs to fulfil the contract 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 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 the event that only a 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 acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022, and showing the term,
status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Canada
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
IRB Infrastructure Developers Limited (**)
India
Operation/
Construction
-
-
Equity consolidation
IRB Infrastructure Trust Limited (***)
India
Operation/
Construction
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (****)
Peru
Construction
2024
2054
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 consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).\u00a0 \u00a0
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date goes from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-901": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-900": { "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 costs to fulfil the contract 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 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 the event that only a 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 acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022, and showing the term,
status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Canada
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
IRB Infrastructure Developers Limited (**)
India
Operation/
Construction
-
-
Equity consolidation
IRB Infrastructure Trust Limited (***)
India
Operation/
Construction
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (****)
Peru
Construction
2024
2054
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 consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).\u00a0 \u00a0
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date goes from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-899": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-904": { "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 costs to fulfil the contract 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 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 the event that only a 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 acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022, and showing the term,
status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Canada
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
IRB Infrastructure Developers Limited (**)
India
Operation/
Construction
-
-
Equity consolidation
IRB Infrastructure Trust Limited (***)
India
Operation/
Construction
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (****)
Peru
Construction
2024
2054
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 consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).\u00a0 \u00a0
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date goes from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
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, 2024, 2023 and 2022, financial returns recognized as revenue amounted to EUR 9 million, EUR 10 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 6 million in
2024, EUR 7 million in 2023 and EUR 9 million in 2022.
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
CONSO. 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 - Waterbeach plant)
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
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
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
Operation
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).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2024, 2023 and 2022.
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 1.1.3). 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 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Other net financial income/(expense), infrastructure project companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, other companies
169
216
(22)%
Financial expense, other companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, other companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
574
11
5118%
Other net financial income/(expense), other companies
37
66
(44)%
Other net financial income/(expense), other companies
611
77
694%
Net financial income/(expense), other companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
Regarding the 2024 financial result, it should be noted that the line item \"Net financial income/(expense) from derivatives and other fair value
adjustments, other companies\" includes a positive effect of EUR 547 million related to the Heathrow Airports Holding (HAH) divestment (Note
1.1.5), as a consequence of the recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair
value has been determined by referencing the selling price of the recently 19.75% stake divested in FGP Topco.
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)%
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)
2024
2023
2022
Accrued financial expenses
(387)
(379)
(347)
Expenses capitalized during the construction period
5
17
96
Financial expenses in P&L
(382)
(362)
(251)
SECTION 3: NON-CURRENT ASSETS AT DECEMBER 31, 2024 AND 2023
Investments in infrastructure projects
INVESTMENTS IN INFRASTRUCTURE PROJECTS
(Million euro)
2024
2023
Opening balance at 01.01
13,495
13,667
Additions
87
695
Depreciation
(235)
(235)
Disposals
(14)
(4)
Exchange rate effect
814
(374)
Changes in the scope of consolidation and others
\u2014
(254)
Closing balance at 12.31
14,147
13,495
The variation under this heading during 2024 reached EUR 652 million, mainly due to the EUR/US dollar foreign exchange rate effect and the
accumulated depreciation . The additions primarily pertain\u00a0 to the ultimate capacity works in North Tarrant Express.
During 2023, the variation 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 and the EUR/US dollar foreign exchange rate negative effect (EUR -374 million). The additions pertained primarily to the
investments in I-66 and North Tarrant Express Extension.
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.1. Intangible asset model
(Million euro)
BALANCE AT 01/01/2024
TOTAL ADDITIONS
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish toll roads
721
3
\u2014
724
US toll roads
12,823
76
858
13,757
Other toll roads
4
\u2014
\u2014
4
Toll road investment
13,549
79
858
14,485
Accumulated depreciation
(834)
(209)
(46)
(1,089)
Net investment in toll roads
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(34)
(24)
\u2014
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2014
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL DEPRECIATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
(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
\u2013
\u2013
\u2013
721
US toll roads
12,547
670
(1)
(393)
\u2013
12,823
Other toll roads
391
\u2013
\u2013
\u2013
(387)
4
Toll road investment
13,653
677
(1)
(393)
(387)
13,549
Accumulated depreciation/amortization
(781)
(201)
\u2013
16
132
(834)
Net investment in toll roads
12,872
476
(1)
(377)
(255)
12,715
Investment in other infrastructure projects
632
18
\u2013
\u2013
\u2013
650
Depreciation/amortization of other infrastructure
projects
\u2013
(34)
\u2013
\u2013
\u2013
(34)
Total net investment in other infrastructure
projects
632
(16)
\u2013
\u2013
\u2013
616
TOTAL INVESTMENT
14,285
695
(1)
(393)
(387)
14,199
TOTAL DEPRECIATION/AMORTIZATION AND
PROVISION
(781)
(235)
\u2013
17
132
(867)
TOTAL NET INVESTMENT
13,504
460
(1)
(376)
(255)
13,333
The most significant changes in 2024 and 2023 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 79 million in 2024, mainly related to the North Tarrant Express Extension. These additions
reached EUR 677 million in 2023, highlighting the I-66 Express Mobility Partners LLC (EUR 489 million) and the North Tarrant Express
Extension (EUR 178 million).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR 812 million in 2024 (EUR -376 million in 2023), fully attributed to the
appreciation of the US dollar against the euro on the US toll roads (Note 1.4).
\u25e6 At December 31, 2024 there were no impact on \"consolidation scope changes and transfers\", whereas at December 31, 2023, the effect\u00a0
related to the Euroscut Azores toll road divestment (EUR -255 million).
The caption of US toll roads includes the intangible asset related to I-66 Express Mobility Partners, among others, amounting to EUR 6,190 million
(EUR 5,925 million in 2023). Investments in other infrastructure projects include the intangible asset of Dalaman airport, amounting to EUR 592
million (EUR 617 million in 2023).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 5.2). The capitalization of borrowing costs
eligible for capitalization in 2024 and\u00a0 2023 are described in Note 1.3.3.2 and Note 2.5.
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 IFRIC 12 financial asset model. Movements during 2024 and 2023 are set out below:
(Million euro)
INFRASTRUCTURE PROJECT
RECEIVABLES 2024
INFRASTRUCTURE PROJECT
RECEIVABLES 2023
OPENING BALANCE
162
163
Additions
6
9
Disposals
(14)
(12)
Foreign exchange effect
3
2
YEAR-END BALANCE
158
162
Note: Balances net of provisions
The following tables show financial assets by concession operator for\u00a0 2024 and 2023:
BALANCES AT 12/31/2024
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
49
3
52
Depusa Arag\u00f3n
21
1
22
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
81
4
85
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
158
4
162
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
\u2013
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
162
4
166
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -132 million in 2024 (EUR\u00a0
-248 million in 2023), which differed from the additions recognized in the balance sheet for the following main reasons:
\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.
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, 2024 and December 31, 2023 stood at EUR 175 million
and EUR 204 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 principal or interest on the borrowings and the infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less 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 2024:
Short-term balances, which amounted to EUR 18 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 380 million are carried as financial assets. Therefore, short- and long-term restricted cash recognized at December
31, 2024 amounts to EUR 398 million and relates to the NTE Segment 3, LBJ, I-66 and NTE toll roads (EUR 22 million, EUR 12 million, EUR 57
million and EUR 281 million, respectively), as well as to other European concessions in the amount of EUR 26 million, primarily treatment plants in
the United Kingdom, and the Autov\u00eda de Arag\u00f3n toll road (EUR 9 million, EUR 17 million, respectively). The variation of EUR -228 million
compared with December 2023 is explained by:
\u2022 A net decrease in the restricted cash amount of EUR -257 million (excluding exchange rate effects), essentially from the NTE toll road (EUR
-70 million), I-66 (EUR -82 million) and the I-77 (EUR -101 million) due mainly to the distribution of dividends in these toll roads.
\u2022 The exchange rate effect reached EUR 29 million, mainly generated\u00a0 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 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 carried 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, EUR 17 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
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during\u00a0 2024 and 2023:
2024
2023
Change 24/23
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
5,198
3,058
8,256
4,441
3,412
7,852
758
(354)
404
Toll roads
5,198
2,707
7,905
4,441
2,937
7,378
758
(230)
528
US toll roads
5,198
2,138
7,337
4,441
2,307
6,748
758
(169)
589
Spanish toll roads
\u2013
564
564
\u2013
611
611
\u2013
(47)
(47)
Other concessions
\u2013
5
5
\u2013
19
19
\u2013
(14)
(14)
Airports
\u2013
\u2013
\u2013
\u2013
89
89
\u2013
(89)
(89)
Construction
\u2013
97
97
\u2013
102
102
\u2013
(4)
(4)
Energy
\u2013
209
209
\u2013
236
236
\u2013
(26)
(26)
Other
\u2013
44
44
\u2013
48
48
\u2013
(4)
(4)
Short term
1
142
143
1
62
63
\u2013
81
81
Toll roads
1
38
39
1
31
33
\u2013
7
7
US toll roads
1
\u2013
1
1
\u2013
1
\u2013
\u2013
\u2013
Spanish toll roads
\u2013
24
24
\u2013
17
17
\u2013
6
6
Other concessions
\u2013
14
14
\u2013
14
14
\u2013
1
1
Airports
\u2013
94
94
\u2013
15
15
\u2013
80
80
Construction
\u2013
5
5
\u2013
5
5
\u2013
1
1
Energy
\u2013
2
2
\u2013
11
11
\u2013
(9)
(9)
Other
\u2013
3
3
\u2013
3
3
\u2013
\u2013
\u2013
TOTAL
5,199
3,200
8,400
4,442
3,473
7,915
757
(272)
485
The following table shows, for 2024 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. 2023
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec. 2024
Infrastructures project borrowings
7,915
70
472
(22)
(36)
8,400
Infrastructure project borrowings increased by EUR 485 million in 2024 with respect to December 2023, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR 472 million, mainly due to the appreciation of the US dollar against the euro.
\u2022 Increase of EUR 34 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the US projects and
attributable to the debt drawn down by the I-77 toll road, capitalization of interest and to accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December, 31 2024 reached USD 1,600 million were as follows:
\u2013 A taxable bond issue of USD 871.1 million maturing in 2049 at a fixed interest rate of 3.92% and a PAB (Private Activity Bonds) issue of USD
331.8 million (at a fixed interest rate of 4.00% for USD 122.8 million and 5.00% for USD 209.0 million, repayable from 2030 to 2039).
\u2013 USD 397 million in bonds issued in August 2023 at a fixed interest rate of 5.50%, repayable from 2052 to 2058, for the funding of the
Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC the total debt at December 31, 2024 reached USD 1,578 million. This debt consists of:
\u2013 The issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments 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.
\u2013 A TIFIA loan in the amount of USD 437.7 million at a fixed rate of 3.84% at December 31, 2024 with final maturity in 2053.
\u2013 Amount of USD 221 million drawn down in 2024 from the 5-year bonds.
\u2013 The issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C\u00a0 (total of
USD 750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company at December 31, 2024 reached USD 2,007 million. This debt consists of:
\u2013 A PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, repayable from 2030
to 2040.
\u2013 Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5
million bears a fixed interest rate of 3.80% and matures in 2057).
\u2013 A TIFIA loan granted by the U.S. Federal Government, valued at USD 835.6 million as of December 31, 2024, with an amortization profile
from 2035 to 2050, bearing a fixed interest rate of 4.22%.
\u2013 A credit line maturing in 2027 with an interest rate of 4.51%, of which USD 18.0 million had been drawn as of December 31, 2024.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC\u00a0 this company at December 31, 2024 reached USD 471 million. This debt consists of:
\u2013 USD 100 million in PABs at a fixed rate of 5.00% maturing between 2026 and 2030. On April 25, 2024, the issuance of USD 371 million in
Senior Secured Notes was completed, the proceeds of which were used to refinance the TIFIA debt, thereby increasing the average maturity of
the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57% and mature in 2051.
\u2013 On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2024 reached USD 2,084 million. This debt consists of:
\u2013 USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
\u2013 A TIFIA loan balance of USD 1,346.9 million, of which USD 21.2 million had been prepaid as of December 31, 2024. This loan bears interest at
a fixed rate of 2.8% and finally matures in 2057.
Spanish toll roads
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa Manresa toll road)
In relation to Cintra Inversora Autopistas de Catalu\u00f1a , the total debt of this company at December 31, 2024 reached EUR 584,9 million. This debt
consists of:
\u2013 Tranches A and B amounting to EUR 264.9 million and EUR 280.3 million as of December 31, 2024, accruing interest at the 6-month
EURIBOR rate +3.672% ++1.5% at year-end. Both tranches were fully utilized and fall due in 2035.
\u2013 A liquidity tranche (tranche C) with a balance of EUR 39.7 million as of December 31, 2024 (the year-end interest rate is the 6-month
EURIBOR +3.672% +1.5%).
\u2013 It should also be noted that this company has an interest rate derivative with a notional amount of EUR 551.7 million, with a guaranteed
interest rate of 5.2064% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d, Note 5.5)
was EUR -83.4 million at the year- end 2024.
Breakdown of other projects:
2024
2023
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 24/23
Autov\u00eda de Arag\u00f3n
5
14
19
19
14
33
(14)
Dalaman International Airport
\u2013
94
94
89
15
104
(10)
Conc. Prisiones Lledoners,S.A.
61
3
63
63
2
65
(2)
Depusa Arag\u00f3n S.A.
22
2
24
24
1
25
(2)
Budimex Group
15
1
16
15
1
16
\u2013
Parque Solar Casilla
\u2013
\u2013
\u2013
20
3
23
(22)
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
105
\u2013
105
91
8
99
5
Centella Transmisi\u00f3n, S.A.
105
2
106
125
\u2013
125
(18)
UK Waste Treatment (Thalia)
44
3
47
48
1
49
(2)
TOTAL Other infrastructure project company borrowings
356
119
474
494
44
538
(64)
Other project borrowings decreased by EUR -64 million against December 2023 primarily in the Autov\u00eda de Arag\u00f3n, Spanish toll road. Also
noteworthy is Dalaman international airport, which waiver effective as of December 31, 2024, originally ending on February 28, 2025, has been
extended to December 31, 2025. In December 2024, the airport\u00b4s borrowings (EUR 94 million) were reclassified from long-term to short-term.
On December 2024, Centella Transmisi\u00f3n S.A. carried out a refinancing operation in the amount of USD 112.6 million at a \u201cDaily Compounded
SOFR\u201d rate, applicable to any business day of the U.S. government securities market during an interest period, with a maturity date of December
12, 2029. In addition, in December 2024, Centella also repaid the credit line with Ferrofin S.L., which at December 31, 2023 amounted to EUR 31
million.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
TOLL ROADS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
TOLL ROADS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
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
\u2013
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
USD
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
295
295
28
5
230
3
4
34
304
USD
224
224
2
2
228
0
0
0
232
OTHER
49
49
3
3
3
3
4
34
49
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, 2024 the difference between the total maturities of bank borrowings of EUR 8,554 million (EUR 8,070 million in 2023) and the
carrying amounts recognized at December 31, 2024 in the amount of EUR 8,400 million (EUR 7,915 million in 2023) 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 154 million (EUR 155
million in 2023), 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
There follows\u00a0 is a comparative analysis of borrowings not drawn down at December 31, 2024 and 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
8,091
8,082
9
7,945
7,545
7,545
\u2013
7,410
US toll roads
7,479
7,479
\u2013
7,338
6,889
6,889
\u2013
6,749
Spanish toll roads
593
584
9
587
623
623
\u2013
628
Other concessions
19
19
\u2013
19
33
33
\u2013
33
Airports
105
105
\u2013
94
115
115
\u2013
104
Construction
103
102
\u2013
103
106
106
1
106
Energy
220
216
4
211
255
255
\u2013
246
Other
49
49
\u2013
47
49
49
\u2013
49
TOTAL BORROWINGS
8,567
8,554
13
8,400
8,070
8,070
1
7,915
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.
After reviewing the information reported by the businesses and conducting a subsequent review, we have concluded that there is no event of
default for the fully-consolidated project companies as of December 31, 2024. In the case of Dalaman International Airport, there was a waiver
effective as of December 31, 2024, originally ending on February 28, 2025. As this waiver ended before December 2025, the borrowings of the
airport have been reclassified from long-term to short-term at December 2024. On February 17, 2025 the waiver has been extended to December
31, 2025.
At December 31 2023, all the fully-consolidated project companies fulfilled the significant covenants in force.
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-903": { "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 costs to fulfil the contract 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 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 the event that only a 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 acquisitions of Dalaman International Airport and the New Terminal One at JFK NTO in 2022, and showing the term,
status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Canada
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
IRB Infrastructure Developers Limited (**)
India
Operation/
Construction
-
-
Equity consolidation
IRB Infrastructure Trust Limited (***)
India
Operation/
Construction
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (****)
Peru
Construction
2024
2054
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 consolidation
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).\u00a0 \u00a0
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date goes from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
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, 2024, 2023 and 2022, financial returns recognized as revenue amounted to EUR 9 million, EUR 10 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 6 million in
2024, EUR 7 million in 2023 and EUR 9 million in 2022.
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
CONSO. 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 - Waterbeach plant)
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
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
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
Operation
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).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-906": { "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, 2024, 2023 and 2022, financial returns recognized as revenue amounted to EUR 9 million, EUR 10 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 6 million in
2024, EUR 7 million in 2023 and EUR 9 million in 2022.
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
CONSO. 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 - Waterbeach plant)
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
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
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
Operation
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).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
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 the expected credit 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 credit 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.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income
(OCI), and fair value through profit or loss.
Under IFRS 9, the classification and measurement methods 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.
The equity instruments classified as financial assets through profit or loss are presented as non-current assets, because (i) they are not expected to
be realized within the company\u00b4s normal operating cycle, (ii) they are not held primarily for trading purposes, and (iii) they are not expected to be
realized within twelve months after the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-905": { "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, 2024, 2023 and 2022, financial returns recognized as revenue amounted to EUR 9 million, EUR 10 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 6 million in
2024, EUR 7 million in 2023 and EUR 9 million in 2022.
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
CONSO. 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 - Waterbeach plant)
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
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity consolidation
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity consolidation
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
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
Operation
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).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
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 the expected credit 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 credit 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.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income
(OCI), and fair value through profit or loss.
Under IFRS 9, the classification and measurement methods 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.
The equity instruments classified as financial assets through profit or loss are presented as non-current assets, because (i) they are not expected to
be realized within the company\u00b4s normal operating cycle, (ii) they are not held primarily for trading purposes, and (iii) they are not expected to be
realized within twelve months after the reporting period.
Classification and measurement of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial
instruments.
For purposes of subsequent measurement, financial liabilities are classified in two categories: Financial liabilities at fair value through profit or
loss and financial liabilities at amortised cost (loans and borrowings).
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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-908": { "value": "
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indicator 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-907": { "value": "
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indicator 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 the expected credit 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 credit 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-909": { "value": "
Leases
The Group applies a single recognition and measurement approach for all leases, except for short-term leases, which in line with the exception set
forth in the IFRS 16 paragraph 5(a), leases that have a term of less than twelve months, and leases of low-value assets are treated as operating
leases (Note 2.2). 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-911": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-910": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-913": { "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 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.
It is important to highlight the fair value measurement of the remaining 5.25% stake in FGP Topco after selling the 19.75% stake in December
2024. The fair value has been determined by reference to the selling price of the recently sold 19.75% stake in FGP Topco and therefore, it is
classified as Level 2 because the selling price is an observable input.
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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-912": { "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 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.
It is important to highlight the fair value measurement of the remaining 5.25% stake in FGP Topco after selling the 19.75% stake in December
2024. The fair value has been determined by reference to the selling price of the recently sold 19.75% stake in FGP Topco and therefore, it is
classified as Level 2 because the selling price is an observable input.
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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-914": { "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 the expected credit 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 credit 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-915": { "value": "
Classification and measurement of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial
instruments.
For purposes of subsequent measurement, financial liabilities are classified in two categories: Financial liabilities at fair value through profit or
loss and financial liabilities at amortised cost (loans and borrowings).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-916": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-917": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-918": { "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 37 million and EUR
24\u00a0 million in 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-920": { "value": "
Share-based remuneration schemes
Share-based remuneration scheme are accounted for as a future and therefore the value of the foreseeable shareholder distributions 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-919": { "value": "
Share-based remuneration schemes
Share-based remuneration scheme are accounted for as a future and therefore the value of the foreseeable shareholder distributions 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-921": { "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 based on surveyed 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 margin 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) subject to an application
procedure directly to the customer.
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.
The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved.
In the event that the claim 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 of revenue for which it is highly probable that there will not be a
significant reversal.\u00a0 This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report
justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii)
approval from the Division\u2019s CFO and General Counsel.
In those\u00a0 cases in which a legal report confirms that the rights forming the subject of a dispute are clearly enforceable and, therefore, at least the
costs directly associated with the service relating to the dispute are recoverable, revenue 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 business
In these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally,
two performance obligations are identified: one for the construction and another for the operation of the infrastructure.
The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the
benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a
performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.
The second one encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly
rate reflects the value of the services rendered. This 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-922": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-923": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-924": { "value": "
2.1. OPERATING INCOME
The Group\u2019s revenue as of and for the years ended December 31, 2024, 2023 and 2022 reached EUR 9,147 million, EUR 8,514 and EUR 7,551
million, respectively.
The Group\u00b4s revenue from contracts with customers, as interpreted by IFRS 15, amounted to EUR 9,024 million, EUR 8,339 million and EUR 7,385
million, respectively (Note 4.4), for the years ended December 31, 2024, 2023 and 2022.
Revenue includes financial income from services provided by the concession operators that apply the financial asset model, totaling EUR 9
million, EUR 10 million and EUR 10 million in 2024, 2023 and 2022, respectively.
Set out below is a breakdown of revenue by segment and comparative figures for 2024, 2023 and 2022:
For the year ended December 31, 2024:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,919
315
7,234
5%
Toll Roads
1,246
10
1,256
16%
Airports
82
9
91
14%
Energy
268
2
270
30%
Other activities (*)
348
172
520
3%
Adjustments
-
(224)
(224)
(4)%
Total
8,864
283
9,147
7%
(*) 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, 2023:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,380
489
6,869
9%
Toll Roads
1,084
1
1,085
39%
Airports
80
-
80
48%
Energy
207
-
207
8%
Other activities (*)
350
156
506
9%
Adjustments
-
(233)
(233)
6%
Total
8,101
413
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
Construction
5,249
1,031
6,280
Toll Roads
779
1
780
Airports
54
-
54
Energy
191
-
191
Other activities (*)
327
139
466
Adjustments
-
(220)
(220)
Total
6,600
951
7,551
(*) Mainly 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 reached EUR 951 million, and are mainly related 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)
2024
2023
Var. 23/22
2022
Var. 22/21
USA
3,271
2,879
392
2,906
(27)
Poland
2,119
2,160
(41)
1,842
318
Spain
1,582
1,475
107
1,154
321
UK
809
771
38
708
63
Canada
246
161
85
100
61
Other
1,120
1,068
52
841
227
TOTAL
9,147
8,514
633
7,551
963
The Ferrovial Group\u2019s sales in its five main markets accounted for 88% of total sales in 2024 (87% in 2023 and 89% in 2022).
4.4. BALANCES UNDER CONTRACTS WITH CUSTOMERS AND OTHER IFRS15 DISCLOSURES
Balance sheet information under 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 -
Net completed work pending certification\u201d (Note 4.2), 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 each progress billing payment 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 recognized during the reporting period was included in the contract liability balance at
the beginning of the period.
Set out below is a breakdown of the amounts recognized in this connection at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
Total customer contract assets
606
13
\u2014
146
764
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Total customer contract liabilities
1,530
27
\u2014
63
1,619
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
606
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
1,530
The balance of work completed\u00a0 pending certification at December 31, 2024 and 2023 related 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, as the amounts relating to changes and claims
are immaterial under the completed work pending certification heading, 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 9,024 million of the total revenue recognized in 2024 (EUR 8,339 million and EUR 7,385 million in 2023 and 2022, respectively) (Note 2.1
Operating income) relates to revenue from contracts with customers, which accounted for\u00a0 98.7% of revenue recognized ( 97.9% and\u00a0 97.8% in
2023 and 2022, respectively)
Million euro
2024
2023
2022
Construction
7,091
6,909
6,287
Toll Roads
1,236
1,071
765
Airports
90
8
5
Other segments
607
351
328
Revenue from contracts with customers
9,024
8,339
7,385
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations by business area at year-
end, and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2025
2026
2027
2028
2029 and beyond
TOTAL
Construction
6,482
5,309
2,521
683
1,760
16,756
Energy
523
193
113
101
394
1,324
Total
7,005
5,502
2,634
784
2,154
18,080
In 2024, there are a total of 738 contracts in force in the Construction businesses (750 contracts in 2023) and 138 Energy contracts (198 contracts
in\u00a0 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-928": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var. 23/22
Subcontracted work
3,550
3,337
213
2,975
362
Leases
257
251
6
257
(6)
Repairs and maintenance
75
82
(7)
89
(7)
Independent professional services
454
485
(31)
449
36
Changes in provisions for liabilities (Note 6.3)
(36)
53
(89)
(68)
121
Other operating expenses
631
670
(39)
480
190
Total other operating expenses
4,931
4,878
53
4,182
696
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-927": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var. 23/22
Subcontracted work
3,550
3,337
213
2,975
362
Leases
257
251
6
257
(6)
Repairs and maintenance
75
82
(7)
89
(7)
Independent professional services
454
485
(31)
449
36
Changes in provisions for liabilities (Note 6.3)
(36)
53
(89)
(68)
121
Other operating expenses
631
670
(39)
480
190
Total other operating expenses
4,931
4,878
53
4,182
696
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var.23/22
Wages and salaries
1,468
1,350
118
1,111
239
Social security contributions
375
179
196
158
21
Pension plan contributions
18
15
3
13
3
Share-based payments
13
11
2
8
4
Other welfare expenses
(114)
43
(157)
156
(113)
TOTAL
1,760
1,599
162
1,446
153
The trend in the number of employees at December 31, 2024, 2023 and 2022, by professional category and gender is as follows
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
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%
At December 31, 2022:
12.31.2022
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,580
635
3,215
Managers/Professionals/Supervisors
4,117
2,044
6,161
Administrative/Support personnel
565
668
1,233
Manual workers
12,864
703
13,567
Total
20,140
4,051
24,191
At December 31, 2024, 2023 and 2022, there were 175, 121 and 107 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 0.5% and 0.4% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Toll Roads
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
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
48
21
69
202%
Other
3,866
670
4,536
3%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022
MEN
WOMEN
TOTAL
Construction
15,316
3,135
18,451
Toll Roads
373
169
541
Airports
192
43
235
Energy
17
6
23
Other
3,785
617
4,402
Total continuing operations
19,683
3,970
23,653
Total discontinued operations
7,346
3,352
10,698
Total
27,029
7,322
34,351
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-926": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var. 23/22
Subcontracted work
3,550
3,337
213
2,975
362
Leases
257
251
6
257
(6)
Repairs and maintenance
75
82
(7)
89
(7)
Independent professional services
454
485
(31)
449
36
Changes in provisions for liabilities (Note 6.3)
(36)
53
(89)
(68)
121
Other operating expenses
631
670
(39)
480
190
Total other operating expenses
4,931
4,878
53
4,182
696
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-925": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var. 23/22
Subcontracted work
3,550
3,337
213
2,975
362
Leases
257
251
6
257
(6)
Repairs and maintenance
75
82
(7)
89
(7)
Independent professional services
454
485
(31)
449
36
Changes in provisions for liabilities (Note 6.3)
(36)
53
(89)
(68)
121
Other operating expenses
631
670
(39)
480
190
Total other operating expenses
4,931
4,878
53
4,182
696
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var.23/22
Wages and salaries
1,468
1,350
118
1,111
239
Social security contributions
375
179
196
158
21
Pension plan contributions
18
15
3
13
3
Share-based payments
13
11
2
8
4
Other welfare expenses
(114)
43
(157)
156
(113)
TOTAL
1,760
1,599
162
1,446
153
The trend in the number of employees at December 31, 2024, 2023 and 2022, by professional category and gender is as follows
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
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%
At December 31, 2022:
12.31.2022
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,580
635
3,215
Managers/Professionals/Supervisors
4,117
2,044
6,161
Administrative/Support personnel
565
668
1,233
Manual workers
12,864
703
13,567
Total
20,140
4,051
24,191
At December 31, 2024, 2023 and 2022, there were 175, 121 and 107 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 0.5% and 0.4% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Toll Roads
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
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
48
21
69
202%
Other
3,866
670
4,536
3%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022
MEN
WOMEN
TOTAL
Construction
15,316
3,135
18,451
Toll Roads
373
169
541
Airports
192
43
235
Energy
17
6
23
Other
3,785
617
4,402
Total continuing operations
19,683
3,970
23,653
Total discontinued operations
7,346
3,352
10,698
Total
27,029
7,322
34,351
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-931": { "value": "
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var.23/22
Wages and salaries
1,468
1,350
118
1,111
239
Social security contributions
375
179
196
158
21
Pension plan contributions
18
15
3
13
3
Share-based payments
13
11
2
8
4
Other welfare expenses
(114)
43
(157)
156
(113)
TOTAL
1,760
1,599
162
1,446
153
The trend in the number of employees at December 31, 2024, 2023 and 2022, by professional category and gender is as follows
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
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%
At December 31, 2022:
12.31.2022
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,580
635
3,215
Managers/Professionals/Supervisors
4,117
2,044
6,161
Administrative/Support personnel
565
668
1,233
Manual workers
12,864
703
13,567
Total
20,140
4,051
24,191
At December 31, 2024, 2023 and 2022, there were 175, 121 and 107 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 0.5% and 0.4% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Toll Roads
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
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
48
21
69
202%
Other
3,866
670
4,536
3%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022
MEN
WOMEN
TOTAL
Construction
15,316
3,135
18,451
Toll Roads
373
169
541
Airports
192
43
235
Energy
17
6
23
Other
3,785
617
4,402
Total continuing operations
19,683
3,970
23,653
Total discontinued operations
7,346
3,352
10,698
Total
27,029
7,322
34,351
6.2. EMPLOYEE BENEFIT PLANS
This heading reflects the deficit in pension and other employee retirement benefit plans. At December 31, 2024, the provision recognized in the
balance sheet amounted to EUR\u00a0 4 million and solely relates to Budimex (EUR 3 million at December 31, 2023).
6.7.3. Pension funds and plans for life insurance premiums
As in 2023, no contributions were made in 2024 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 18 thousand were paid
in 2024; EUR 15 thousand in 2023), 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 2024 under the aforementioned insurance policy
amounted to EUR 1,757 thousand (EUR 1,073 thousand in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-929": { "value": "
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2024
2023
Var. 24/23
2022
Var.23/22
Wages and salaries
1,468
1,350
118
1,111
239
Social security contributions
375
179
196
158
21
Pension plan contributions
18
15
3
13
3
Share-based payments
13
11
2
8
4
Other welfare expenses
(114)
43
(157)
156
(113)
TOTAL
1,760
1,599
162
1,446
153
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 and 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 and 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 approved by the General
Shareholders' Meeting of Ferrovial International SE on 13 June 2023, with effects from the effectiveness of the merger, as this relates to the plans\u2019
post-Merger implementation on June 13, 2023.
There were 1,729,752 shares outstanding on December 31, 2024 relating to these plans, as commented in Note 5.1.1.
Changes to the share-based remuneration schemes in 2024, 2023 and 2022 are summarized below:
2024
2023
2022
Number of shares at beginning of year
1,953,016
1,782,127
2,054,531
Plans granted
543,320
653,611
702,675
Plans settled
(538,868)
(277,493)
(356,958)
Shares surrendered and other
(200,618)
(192,425)
(526,552)
Shares exercised
(27,098)
(12,804)
(91,569)
Number of shares at year-end
1,729,752
1,953,016
1,782,127
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 2024 was an expense of EUR 13 million (expense of EUR 11 million
in 2023 and income of EUR 8 million in 2022) with a balancing entry in equity.
Measurement of performance-based share plans
These plans were 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-930": { "value": "
2.3. PERSONNEL EXPENSES
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
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%
At December 31, 2022:
12.31.2022
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
0
2
Senior managers
12
1
13
Executives
2,580
635
3,215
Managers/Professionals/Supervisors
4,117
2,044
6,161
Administrative/Support personnel
565
668
1,233
Manual workers
12,864
703
13,567
Total
20,140
4,051
24,191
At December 31, 2024, 2023 and 2022, there were 175, 121 and 107 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 0.5% and 0.4% of the total workforce at the end of each period.
The average workforce by business division for the three periods\u00a0 is as follows:
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Toll Roads
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
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
48
21
69
202%
Other
3,866
670
4,536
3%
Total
20,855
4,311
25,166
(27)%
BUSINESS
12.31.2022
MEN
WOMEN
TOTAL
Construction
15,316
3,135
18,451
Toll Roads
373
169
541
Airports
192
43
235
Energy
17
6
23
Other
3,785
617
4,402
Total continuing operations
19,683
3,970
23,653
Total discontinued operations
7,346
3,352
10,698
Total
27,029
7,322
34,351
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-932": { "value": "
2.4. IMPAIRMENTS AND DISPOSALS
There follows a breakdown of the main gains and losses due to impairment and disposals for the corresponding periods.
2024
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss)
after tax
19.75% HAH Sale
2,023
2,023
5% IRB Sale
132
116
Serveo Sale
33
32
Equity-accounted availability toll road assets
19
19
Vertiports sale
2
2
Capital gains and disposals (Note 1.1.5)
2,209
2,192
Impairment gains/(losses)
(1)
(1)
TOTAL IMPAIRMENT AND DISPOSALS
2,208
2,191
2023
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss) after
tax
Azores sale
39
41
Capital gains and disposals (Note 1.1.5)
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)
3.1. GOODWILL AND ACQUISITIONS
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment (in December).
Goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests are consistent with the latest
business projections presented to the Board and it was concluded that there is no impairment as of December 31, 2024. The impairment test is a
process that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2024 and 2023 we did
not recognize any impairment loss for goodwill. In the explanatory notes we disclose the recoverable amounts and the carrying amounts of the
investments for those entities to which goodwill have been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generated unit subject to impairment test, presenting headroom against each carrying amount.
.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-936": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2024, 2023 and 2022.
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 1.1.3). 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 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Other net financial income/(expense), infrastructure project companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, other companies
169
216
(22)%
Financial expense, other companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, other companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
574
11
5118%
Other net financial income/(expense), other companies
37
66
(44)%
Other net financial income/(expense), other companies
611
77
694%
Net financial income/(expense), other companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
Regarding the 2024 financial result, it should be noted that the line item \"Net financial income/(expense) from derivatives and other fair value
adjustments, other companies\" includes a positive effect of EUR 547 million related to the Heathrow Airports Holding (HAH) divestment (Note
1.1.5), as a consequence of the recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair
value has been determined by referencing the selling price of the recently 19.75% stake divested in FGP Topco.
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)%
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)
2024
2023
2022
Accrued financial expenses
(387)
(379)
(347)
Expenses capitalized during the construction period
5
17
96
Financial expenses in P&L
(382)
(362)
(251)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-935": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2024, 2023 and 2022.
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 1.1.3). 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 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Other net financial income/(expense), infrastructure project companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, other companies
169
216
(22)%
Financial expense, other companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, other companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
574
11
5118%
Other net financial income/(expense), other companies
37
66
(44)%
Other net financial income/(expense), other companies
611
77
694%
Net financial income/(expense), other companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
Regarding the 2024 financial result, it should be noted that the line item \"Net financial income/(expense) from derivatives and other fair value
adjustments, other companies\" includes a positive effect of EUR 547 million related to the Heathrow Airports Holding (HAH) divestment (Note
1.1.5), as a consequence of the recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair
value has been determined by referencing the selling price of the recently 19.75% stake divested in FGP Topco.
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)%
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)
2024
2023
2022
Accrued financial expenses
(387)
(379)
(347)
Expenses capitalized during the construction period
5
17
96
Financial expenses in P&L
(382)
(362)
(251)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-933": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2024, 2023 and 2022.
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 1.1.3). 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 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Other net financial income/(expense), infrastructure project companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, other companies
169
216
(22)%
Financial expense, other companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, other companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
574
11
5118%
Other net financial income/(expense), other companies
37
66
(44)%
Other net financial income/(expense), other companies
611
77
694%
Net financial income/(expense), other companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
Regarding the 2024 financial result, it should be noted that the line item \"Net financial income/(expense) from derivatives and other fair value
adjustments, other companies\" includes a positive effect of EUR 547 million related to the Heathrow Airports Holding (HAH) divestment (Note
1.1.5), as a consequence of the recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair
value has been determined by referencing the selling price of the recently 19.75% stake divested in FGP Topco.
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)%
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)
2024
2023
2022
Accrued financial expenses
(387)
(379)
(347)
Expenses capitalized during the construction period
5
17
96
Financial expenses in P&L
(382)
(362)
(251)
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 IFRIC 12 financial asset model. Movements during 2024 and 2023 are set out below:
(Million euro)
INFRASTRUCTURE PROJECT
RECEIVABLES 2024
INFRASTRUCTURE PROJECT
RECEIVABLES 2023
OPENING BALANCE
162
163
Additions
6
9
Disposals
(14)
(12)
Foreign exchange effect
3
2
YEAR-END BALANCE
158
162
Note: Balances net of provisions
The following tables show financial assets by concession operator for\u00a0 2024 and 2023:
BALANCES AT 12/31/2024
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
49
3
52
Depusa Arag\u00f3n
21
1
22
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
81
4
85
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
158
4
162
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
\u2013
11
CONSTRUCTION
85
4
89
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
162
4
166
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2024 and December 31, 2023:
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 31/12/2022
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 31/12/2023
262
628
45
186
27
1,148
Additions
113
18
566
1
32
730
Disposals
(3)
(275)
(2)
(176)
(33)
(489)
Transfers and other
(273)
(1)
(13)
-
(287)
Foreign exchange
1
30
2
2
2
37
BALANCE AT 31/12/2024
100
401
610
-
28
1,139
Note: Balances net of provisions
Long-term loans to associates
The main movement under this heading during 2024, disclosed in the line item \"Transfer and others\", corresponds to the reclassification from
long-term financial assets to short-term receivables of the subordinated loans granted to AGS (GBP 195 million; EUR 235 million), derived from
the divestment agreement reached with Avialliance UK Limited for the sale of Ferrovial's entire stake in this asset (Note 1.1.4.), finally completed
on January 28, 2025. Also noteworthy, is the effect of the 24.78% stake divested in Grupo Serveo (EUR -18 million) and the divestment of the Toll
Roads concession assets (EUR -18 million).
Additionally, it is worth mentioning the subordinated debt loan granted to Concesionaria Ruta del Cacao, S.A.S., in the amount of EUR 68 million.
Restricted cash from infrastructure project companies
The item \u201cRestricted cash from infrastructure project companies and other financial assets\u201d (EUR\u00a0 401 million) relates primarily to the NTE
Mobility Partners toll road (EUR 281 million) and the I-66 Express Mobility Partners toll road (EUR 57 million). During 2024, the main movement
corresponds to the I-77 Mobility Partners toll road\u2019s restricted cash released due to its refinancing transaction (EUR -99 million), and to I-66
Mobility Partners (EUR -77 million) and NTE Mobility Partners (EUR -51 million).
Financial investment recognized at fair value
The main movement in this item, EUR 566 million in Additions, relates to the sale of the 19.75% stake in Heathrow Airport Holdings Limited (HAH)\u00a0
(Note 1.1.5), which implies that, after the divestment, Ferrovial now holds shares representing 5.25% of share capital, recognized as a financial
assets at fair value through the profit or loss, once concluded that according to IAS28 p.5-6, Ferrovial will no longer exercise significant influence
in FGP Topco Ltd., despite having the right to nominate a board member together with other shareholders, as the group will have no participation
in the policy-making processes of the asset, neither participation in decisions related to dividend distributions. The fair value of the remaining
stake has been determined by referencing the selling price of the recently 19.75% stake divested in FGP Topco Ltd., generating an additional
positive\u00a0 impact of EUR 547 million (Note 3.5.1.).
Loans associated with divestment transactions
This item mainly relates to the deferred payments collected during 2024 in relation to the Amey business divestment in the United Kingdom,
relating to full life-cycle engineering and infrastructure upkeep and maintenance services (EUR 176 million), as mentioned in Note 1.1.4.
Additionally, the energy and water infrastructure maintenance services business was sold to the British fund Rubicon in 2023 for GBP 18 million
(EUR 20 million). Based on the agreed repayment schedule, the remaining amount has been reclassified to the short-term (EUR 13 million).
Other long-term receivables
This item primarily relates to other equity and long term loans, bonds, or deposits. The interest in investment funds relates to the Credit Suisse
(Lux) Supply Chain Finance Fund, which made an investment in supplier invoices insured by companies with an investment grade rating (average
of AA-) that was already recovered during the year (EUR -18 million impact in 2024).
This heading also includes other trade receivables, mainly from various public authorities under long-term contracts, primarily relating to
companies in the Construction and Toll Roads Divisions.
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2024 AND 2023
This section contains the notes related to 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.
The distinction between current and non-current assets and liabilities is made on the basis of whether or not the asset or liability is expected to be
recovered or settled in the ordinary course of the company\u00b4s business cycle. There is a presumption that normally the business cycle has a duration
of one year, but there could be assets and liabilities used in activities in which operations are considered to mature over more than one year that
should be considered as current assets and liabilities, specifically in relation to the construction activity, since the life of a construction contract is
greater than one year.
The main movement under this heading during 2024 corresponds to the reclassification from long-term financial assets to short-term receivables
of the subordinated loans granted to AGS (EUR 235 million), derived from the divestment agreement reached for the sale of Ferrovial's entire
stake in this asset (Note 1.1.4.). Excluding this impact, the total balance for December 2024 would reach EUR 1,417 million.
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Inventories
458
13
\u2014
21
492
Short-term trade and other receivables
1,677
29
1
522
2,228
Short-term trade and other payables
(3,646)
(63)
4
(198)
(3,902)
TOTAL
(1,511)
(21)
4
345
(1,182)
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)
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Set out below is a breakdown of this heading at December 31, 2024 and\u00a0 2023:
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade receivables for sales and services
1,353
24
1
248
1,625
Other receivables
324
5
\u2014
274
602
TOTAL RECEIVABLES
1,677
29
1
522
2,228
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
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2024 and\u00a0 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade receivables
963
13
1
111
1,088
Bad debt provisions
(216)
(1)
\u2014
(10)
(227)
Net trade receivables
748
12
1
101
861
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
TRADE RECEIVABLES FOR SALES AND SERVICES
1,353
24
1
248
1,625
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
The change under the heading \u201cOther\u201d (EUR 248 million) is explained primarily by the increase in Construction (EUR 228 million), highlighting
Canada (EUR 95 million) and Spain (EUR 68 million) and United States (EUR 67 million), as a result of the business performance.
Additionally, the heading \"Trade receivables\" includes collections of non recourse factoring during\u00a0 2024 for EUR 11 million (there were no
factoring agreements during\u00a0 2023).
Set out below is a breakdown of the main trade receivables by debtor type at December 31, 2024 and 2023:
At 12.31.2024
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
820
57%
138
n.a.
958
60%
Private sector
458
31%
75
n.a.
533
32%
Group companies and associates
186
12%
(52)
n.a.
134
8%
TOTAL
1,465
100%
161
N.A.
1,625
100%
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%
The Group has pre- and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or
solvency studies, etc, and monitoring incidents and default, etc while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2024
2023
Opening balance
216
209
Amounts charged to the income statement:
10
5
Charges
16
12
Reversals
(7)
(8)
Applications
\u2014
\u2014
Foreign exchange effect
1
1
Transfers and other
\u2014
1
Closing balance
227
216
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, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Advance payments to suppliers
67
3
\u2014
13
83
Sundry receivables and other short terms financial assets
110
1
\u2014
233
343
Infrastructure project receivables
4
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
144
1
\u2014
28
172
OTHER RECEIVABLES
324
5
\u2014
274
602
Million euro
2022
Exchange rate
Consolidation scope
changes
Other
2023
Advance payments to suppliers
61
\u2014
\u2014
6
67
Sundry receivables and other short terms financial assets
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
The main movement under this heading during 2024, disclosed in the line item \"Sundry receivables an other short terms financial assets\",
corresponds to the AGS divestment agreement reached with Avialliance UK Limited for the sale of Ferrovial entire stake in this asset (Note 1.1.4.
and Note 6.11.), that has been completed on January 28, 2025. The completion of this transaction was subject to satisfaction of applicable
regulatory approvals by 2024 year-end, and therefore, the subordinated loans granted to AGS of GBP 195 million (EUR 235 million) have been
reclassified from long-term to short-term receivables.
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
Set out below is a break down of this heading at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade payables
1,698
29
2
53
1,781
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Other non-trade payables
419
6
(6)
83
502
TRADE AND OTHER PAYABLES
3,646
63
(4)
198
3,902
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
a) Trade payables
Set out below is a breakdown of trade payables at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade payables
1,158
24
2
20
1,203
Trade payables sent for reverse factoring
281
\u2014
\u2014
35
317
Withholdings made from suppliers
259
5
\u2014
(2)
261
TRADE PAYABLES
1,698
29
2
53
1,781
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
Trade payables increased by EUR 84 million compared to the balance recognized at December 31, 2023. Excluding the foreign exchange effect
and scope changes, trade payables grew by EUR 53 million, primarily in the Energy Division (EUR 23 million) and particularly in the activity in
United States.
The Group offers its suppliers the option of utilizing reverse factoring arrangements to receive early payment of their invoices through banks.
Suppliers may choose to participate in this arrangement at their discretion.
Suppliers that participate in these reverse factoring arrangements will receive early payment on invoices from the banks, paying a fee to the
finance provider. In the due dates and without any extension beyond the original dates agreed with the suppliers, the Group will pay to the banks
in the same terms. Additionally, there are no special guarantees securing these payments.
All trade payables where suppliers can use these reverse factoring arrangements are included in trade and other payables in the consolidated
statement of financial position and within trade payables in the table above, regardless of whether they have made use of the early payment.
From the EUR 317 million (EUR 281 million in 2023) of the trade payables sent for reverse factoring, EUR 130 million of suppliers have received the
payment on December 31, 2024.
As disclosed in the table above, trade payables pending payment to suppliers under reverse factoring arrangements increased by EUR 35 million,
compared to the balance at December 31, 2023. This increase relates to the difference of payments made in the year and new invoices that are
pending to be paid by December 2024
There were no significant non-cash changes in the carrying amount of the trade payables such as the effect of business combinations or exchange
differences, included in the Group\u00b4s supplier finance arrangement.
Group management considers that the carrying amount of trade payables approximates fair value.
c) Other non-trade payables
\u201cOther non-trade payables\u201d break down is as follows:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Accrued wages and salaries
227
3
(1)
25
254
Taxes payable
162
2
(5)
17
176
Other payables
30
2
\u2014
41
72
OTHER NON- TRADE PAYABLES
419
6
(6)
83
502
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
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT\u00a0 DECEMBER 31, 2024 AND 2023
.
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2023
7,915
Net drawdowns
34
Exchange rate effects
472
Changes in scope of consolidation
(22)
Closing balance at 12.31.2024
8,400
Regarding ex-infrastructure project borrowings, the variation during the year is primarily due to the redemption of one of the corporate bonds
issued in July 2014, maturing in 2024 (EUR -300 million) as well as to the reduction in the Euro Commercial Paper (ECPs) issued at the December
2024 closing (EUR -251 million).
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2023
3,463
Net drawdowns
(580)
Exchange rate effects
4
Changes in scope of consolidation
\u2013
Closing balance at 12.31.2024
2,886
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, 2024 and December 31, 2023 stood at EUR 175 million
and EUR 204 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 principal or interest on the borrowings and the infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less 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 2024:
Short-term balances, which amounted to EUR 18 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 380 million are carried as financial assets. Therefore, short- and long-term restricted cash recognized at December
31, 2024 amounts to EUR 398 million and relates to the NTE Segment 3, LBJ, I-66 and NTE toll roads (EUR 22 million, EUR 12 million, EUR 57
million and EUR 281 million, respectively), as well as to other European concessions in the amount of EUR 26 million, primarily treatment plants in
the United Kingdom, and the Autov\u00eda de Arag\u00f3n toll road (EUR 9 million, EUR 17 million, respectively). The variation of EUR -228 million
compared with December 2023 is explained by:
\u2022 A net decrease in the restricted cash amount of EUR -257 million (excluding exchange rate effects), essentially from the NTE toll road (EUR
-70 million), I-66 (EUR -82 million) and the I-77 (EUR -101 million) due mainly to the distribution of dividends in these toll roads.
\u2022 The exchange rate effect reached EUR 29 million, mainly generated\u00a0 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 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 carried 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, EUR 17 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-infrastructures projects
Cash and cash equivalents of ex-infrastructure project companies at December, 31 2024 and December, 31 2023 amounted to EUR 4,653 million
and EUR 4,585 million, respectively. At December 2023, EUR 207 million denominated in Canadian dollars and the exchange rate risk affecting
these cash and cash equivalents is fully hedged by forward derivatives.
At December, 31 2024, certain accounts totaling EUR 22 million (EUR 37 million at December, 31 2023) are restricted due mainly to the UK waste
treatment business (Thalia). This is cash but is kept in escrow so that Thalia cannot access it without the Environment Agency's consent. When
there is a need to pay for landfill aftercare in the future, the cash can be used at that time.
5.2.2. Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during\u00a0 2024 and 2023:
2024
2023
Change 24/23
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
5,198
3,058
8,256
4,441
3,412
7,852
758
(354)
404
Toll roads
5,198
2,707
7,905
4,441
2,937
7,378
758
(230)
528
US toll roads
5,198
2,138
7,337
4,441
2,307
6,748
758
(169)
589
Spanish toll roads
\u2013
564
564
\u2013
611
611
\u2013
(47)
(47)
Other concessions
\u2013
5
5
\u2013
19
19
\u2013
(14)
(14)
Airports
\u2013
\u2013
\u2013
\u2013
89
89
\u2013
(89)
(89)
Construction
\u2013
97
97
\u2013
102
102
\u2013
(4)
(4)
Energy
\u2013
209
209
\u2013
236
236
\u2013
(26)
(26)
Other
\u2013
44
44
\u2013
48
48
\u2013
(4)
(4)
Short term
1
142
143
1
62
63
\u2013
81
81
Toll roads
1
38
39
1
31
33
\u2013
7
7
US toll roads
1
\u2013
1
1
\u2013
1
\u2013
\u2013
\u2013
Spanish toll roads
\u2013
24
24
\u2013
17
17
\u2013
6
6
Other concessions
\u2013
14
14
\u2013
14
14
\u2013
1
1
Airports
\u2013
94
94
\u2013
15
15
\u2013
80
80
Construction
\u2013
5
5
\u2013
5
5
\u2013
1
1
Energy
\u2013
2
2
\u2013
11
11
\u2013
(9)
(9)
Other
\u2013
3
3
\u2013
3
3
\u2013
\u2013
\u2013
TOTAL
5,199
3,200
8,400
4,442
3,473
7,915
757
(272)
485
The following table shows, for 2024 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. 2023
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec. 2024
Infrastructures project borrowings
7,915
70
472
(22)
(36)
8,400
Infrastructure project borrowings increased by EUR 485 million in 2024 with respect to December 2023, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR 472 million, mainly due to the appreciation of the US dollar against the euro.
\u2022 Increase of EUR 34 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the US projects and
attributable to the debt drawn down by the I-77 toll road, capitalization of interest and to accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December, 31 2024 reached USD 1,600 million were as follows:
\u2013 A taxable bond issue of USD 871.1 million maturing in 2049 at a fixed interest rate of 3.92% and a PAB (Private Activity Bonds) issue of USD
331.8 million (at a fixed interest rate of 4.00% for USD 122.8 million and 5.00% for USD 209.0 million, repayable from 2030 to 2039).
\u2013 USD 397 million in bonds issued in August 2023 at a fixed interest rate of 5.50%, repayable from 2052 to 2058, for the funding of the
Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC the total debt at December 31, 2024 reached USD 1,578 million. This debt consists of:
\u2013 The issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments 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.
\u2013 A TIFIA loan in the amount of USD 437.7 million at a fixed rate of 3.84% at December 31, 2024 with final maturity in 2053.
\u2013 Amount of USD 221 million drawn down in 2024 from the 5-year bonds.
\u2013 The issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C\u00a0 (total of
USD 750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company at December 31, 2024 reached USD 2,007 million. This debt consists of:
\u2013 A PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, repayable from 2030
to 2040.
\u2013 Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5
million bears a fixed interest rate of 3.80% and matures in 2057).
\u2013 A TIFIA loan granted by the U.S. Federal Government, valued at USD 835.6 million as of December 31, 2024, with an amortization profile
from 2035 to 2050, bearing a fixed interest rate of 4.22%.
\u2013 A credit line maturing in 2027 with an interest rate of 4.51%, of which USD 18.0 million had been drawn as of December 31, 2024.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC\u00a0 this company at December 31, 2024 reached USD 471 million. This debt consists of:
\u2013 USD 100 million in PABs at a fixed rate of 5.00% maturing between 2026 and 2030. On April 25, 2024, the issuance of USD 371 million in
Senior Secured Notes was completed, the proceeds of which were used to refinance the TIFIA debt, thereby increasing the average maturity of
the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57% and mature in 2051.
\u2013 On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2024 reached USD 2,084 million. This debt consists of:
\u2013 USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
\u2013 A TIFIA loan balance of USD 1,346.9 million, of which USD 21.2 million had been prepaid as of December 31, 2024. This loan bears interest at
a fixed rate of 2.8% and finally matures in 2057.
Spanish toll roads
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa Manresa toll road)
In relation to Cintra Inversora Autopistas de Catalu\u00f1a , the total debt of this company at December 31, 2024 reached EUR 584,9 million. This debt
consists of:
\u2013 Tranches A and B amounting to EUR 264.9 million and EUR 280.3 million as of December 31, 2024, accruing interest at the 6-month
EURIBOR rate +3.672% ++1.5% at year-end. Both tranches were fully utilized and fall due in 2035.
\u2013 A liquidity tranche (tranche C) with a balance of EUR 39.7 million as of December 31, 2024 (the year-end interest rate is the 6-month
EURIBOR +3.672% +1.5%).
\u2013 It should also be noted that this company has an interest rate derivative with a notional amount of EUR 551.7 million, with a guaranteed
interest rate of 5.2064% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d, Note 5.5)
was EUR -83.4 million at the year- end 2024.
Breakdown of other projects:
2024
2023
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 24/23
Autov\u00eda de Arag\u00f3n
5
14
19
19
14
33
(14)
Dalaman International Airport
\u2013
94
94
89
15
104
(10)
Conc. Prisiones Lledoners,S.A.
61
3
63
63
2
65
(2)
Depusa Arag\u00f3n S.A.
22
2
24
24
1
25
(2)
Budimex Group
15
1
16
15
1
16
\u2013
Parque Solar Casilla
\u2013
\u2013
\u2013
20
3
23
(22)
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
105
\u2013
105
91
8
99
5
Centella Transmisi\u00f3n, S.A.
105
2
106
125
\u2013
125
(18)
UK Waste Treatment (Thalia)
44
3
47
48
1
49
(2)
TOTAL Other infrastructure project company borrowings
356
119
474
494
44
538
(64)
Other project borrowings decreased by EUR -64 million against December 2023 primarily in the Autov\u00eda de Arag\u00f3n, Spanish toll road. Also
noteworthy is Dalaman international airport, which waiver effective as of December 31, 2024, originally ending on February 28, 2025, has been
extended to December 31, 2025. In December 2024, the airport\u00b4s borrowings (EUR 94 million) were reclassified from long-term to short-term.
On December 2024, Centella Transmisi\u00f3n S.A. carried out a refinancing operation in the amount of USD 112.6 million at a \u201cDaily Compounded
SOFR\u201d rate, applicable to any business day of the U.S. government securities market during an interest period, with a maturity date of December
12, 2029. In addition, in December 2024, Centella also repaid the credit line with Ferrofin S.L., which at December 31, 2023 amounted to EUR 31
million.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
TOLL ROADS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
TOLL ROADS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
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
\u2013
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
USD
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
295
295
28
5
230
3
4
34
304
USD
224
224
2
2
228
0
0
0
232
OTHER
49
49
3
3
3
3
4
34
49
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, 2024 the difference between the total maturities of bank borrowings of EUR 8,554 million (EUR 8,070 million in 2023) and the
carrying amounts recognized at December 31, 2024 in the amount of EUR 8,400 million (EUR 7,915 million in 2023) 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 154 million (EUR 155
million in 2023), 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
There follows\u00a0 is a comparative analysis of borrowings not drawn down at December 31, 2024 and 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
8,091
8,082
9
7,945
7,545
7,545
\u2013
7,410
US toll roads
7,479
7,479
\u2013
7,338
6,889
6,889
\u2013
6,749
Spanish toll roads
593
584
9
587
623
623
\u2013
628
Other concessions
19
19
\u2013
19
33
33
\u2013
33
Airports
105
105
\u2013
94
115
115
\u2013
104
Construction
103
102
\u2013
103
106
106
1
106
Energy
220
216
4
211
255
255
\u2013
246
Other
49
49
\u2013
47
49
49
\u2013
49
TOTAL BORROWINGS
8,567
8,554
13
8,400
8,070
8,070
1
7,915
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.
After reviewing the information reported by the businesses and conducting a subsequent review, we have concluded that there is no event of
default for the fully-consolidated project companies as of December 31, 2024. In the case of Dalaman International Airport, there was a waiver
effective as of December 31, 2024, originally ending on February 28, 2025. As this waiver ended before December 2025, the borrowings of the
airport have been reclassified from long-term to short-term at December 2024. On February 17, 2025 the waiver has been extended to December
31, 2025.
At December 31 2023, 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 2024 and main features
2024
2023
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
1,773
518
2,292
2,270
320
2,590
Euro Commercial Paper
\u2013
249
249
\u2013
500
500
Corporate liquidity lines
60
252
312
296
\u2013
296
Other borrowings
3
33
36
5
58
63
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
1,836
1,052
2,889
2,571
879
3,449
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 2024, which do not
affect period cash positions:
(Million euro)
Dec. 2023
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2024
Bank borrowings
3,449
(569)
19
\u2013
(11)
2,888
Cross- currency swaps
13
\u2013
(16)
\u2013
(2)
Ex-infrastructure projects borrowings
3,463
(569)
4
\u2013
(11)
2,886
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR 2,292 million at December 31,\u00a0 2024 (EUR 2,590 million at December, 31 2023). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
3/29/2017
500
3/31/2025
1.375%
5/14/2020
780
5/14/2026
1.38%
11/12/2020
500
11/12/2028
0.540%
9/10/2023
500
9/13/2030
4.375%
Regarding the variation in corporate bonds during 2024, the repayment of the bond issued in July 2014 and maturing in July 2024 (EUR 300
million) should be noted. All issues completed for 2017 and up to 2023 are admitted to trading on the AIAF fixed income market (Spain). All these
issuances except the 2023 bond, are guaranteed by the Company. The bond issued by Ferrovial SE in 2023 is listed on Euronext Dublin.
Euro Commercial Paper:
This Euro Commercial Paper (ECP) issuance program has been renewed each year since 2018, with maturities between 1 and 364 days as from the
issue date, allowing further diversification of capital market funding and more efficient liquidity management.
The notes outstanding during 2024 were issued under the EUR 1,500 million Sustainability Target STEP label compliant Euro-commercial paper
program registered on July 31, 2023, at an average rate of 3.74% (2023: 3.13%). Regarding the notes outstanding as of December 31, 2024, the
average cost were 3.17% (2023: 4.09%).
Regarding the movement during 2024, it is worth noting the variation in the Euro Commercial Paper issued at December 2024 closing (EUR 249
million) compared to December 2023 (EUR 500 million), representing a reduction of EUR -251 million.
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. The
limit was reduced to EUR 788 million in 2024 and the balance can be drawn-down in EUR, USD, CAD and GBP.
EUR 250 million had been utilized at December 31,\u00a0 2024 and 2023, and in order to cover possible interest rate and foreign exchange fluctuations
affecting this amount, 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 1.49 million (EUR -13 million at December 31, 2023).
Additionally, Ferrovial has a credit line, fully draw down, for a\u00a0 total of EUR 60 million which matures in 2027 at a fixed rate of 0.425%.
The Group\u2019s liquidity stood at EUR 5,320 million and EUR 5,387 million (Note 5.4.d) at December 31, 2024 and 2023, 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, 2024 and at December 31, 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,280
2,280
0
2,292
2,581
2,581
0
2,590
Syndicated facility
788
250
538
252
900
250
650
236
ECPs
249
249
0
249
500
500
0
500
Credit lines
60
60
0
60
60
60
0
60
TOTAL CORPORATE
DEBT
3,377
2,839
538
2,852
4,041
3,391
650
3,386
The variation in corporate debt compared to December 2023 (EUR -534 million) is explained mainly by the repayment of the bond issued in July
2014 and maturing in July 2024 (EUR 300 million) and by the lower volume of ECPs outstanding (EUR -251 million).
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
2024 and 2023, 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, 2024 \u201cOther borrowings\u201d of EUR 36 million (EUR 63 million at December 31, 2023) related primarily to 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, 2024 and 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
131
17
114
14
163
26
137
13
Airports
\u2013
\u2013
\u2013
14
\u2013
\u2013
\u2013
31
Other
8
8
\u2013
8
22
20
2
19
OTHER BORROWINGS
140
26
114
36
185
46
139
63
The differences between total bank borrowings and the carrying amount at December 31, 2024 and 2023 are 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.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
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
\u2013
46
EUR
3
3
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
PLN
9
9
1
5
2
1
\u2013
\u2013
9
CLP
19
19
20
\u2013
\u2013
\u2013
\u2013
\u2013
20
Other
32
32
\u2013
\u2013
11
5
\u2013
\u2013
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2024 and 2023 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, 2024 and
December 31, 2023 amounted to EUR 2,866 million and EUR 3,394 million, respectively.
The 2025 maturities total EUR 1,001 million and relate to the ECPs (EUR 249 million), corporate bonds (EUR 500 million) and liquidity facility
(EUR 250 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 tables show a breakdown of the Group\u2019s borrowings, indicating the percentage of borrowings that is considered to be hedged\u00a0
(either by a fixed rate or by derivatives).
BORROWINGS
2024
2023
(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
2,886
91%
255
3
3,463
92%
260
3
Toll Roads
7,945
97%
237
2
7,410
99%
51
1
Airports
94
96%
4
\u2014
104
100%
\u2014
1
Construction
103
90%
10
\u2014
106
91%
10
\u2014
Energy
211
100%
\u2014
\u2014
246
93%
18
\u2014
Other
47
100%
\u2014
\u2014
49
93%
4
\u2014
Infrastructure project companies
8,400
97%
251
2
7,915
99%
83
1
Total borrowings
11,288
96%
503
5
11,378
97%
343
4
Accordingly, in the fully-consolidated companies, a linear increase of 100 basis points in market interest rate curves at December 31, 2024 and
2023 would increase financial expenses in the income statement by an estimated EUR 5 million (EUR 4 million at December 31, 2023), of which
EUR 2 million (EUR 1 million at December, 31 2023) relates to infrastructure project companies and EUR 3 million (EUR 3 million at December 31,
2023) to ex-infrastructure project companies, entailing a net effect on Ferrovial\u2019s results of EUR 3 million (EUR 3 million at December 31,\u00a0 2023)
(expense).
The Group's cash amounted to EUR 4,828 million in 2024 (EUR 4,789 million in 2023), a large portion of it at variable rates, which meant an
improvement in 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.
As regards these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2024 would, in
the case of the effective hedges, have a positive impact of approximately EUR 63 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 109 million at December 31, 2023), while a decrease of 100 basis points would have a negative impact of
approximately EUR 54 million (EUR 41 million at December 31, 2023).
As a balancing entry for this impact, it 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-term 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 (see 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 2024 and 2023, adjusted to account for the above-mentioned currency forwards relating to each currency:
DEC. 2024
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
8,145
4,815
3,119
211
Pound sterling
602
382
219
1
US dollar
15,561
13,131
796
1,634
Canadian dollar
882
457
425
\u2014
Australian dollar
289
215
74
\u2014
Polish zloty
1,918
1,576
144
199
Chilean peso
251
132
120
\u2014
Colombian peso
233
133
100
\u2014
Indian rupee
1,026
3
1,023
\u2014
Other
91
36
56
\u2014
GROUP TOTAL
28,999
20,879
6,075
2,045
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
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, 2024 EUR was 33 million (EUR -83 million at December 31, 2023) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2024 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 322
million, of which 35% would relate to the effect of the Indian rupee,\u00a0 27% to the US dollar and 15% to the Canadian dollar.
Note 1.4 contains a breakdown of average exchange rates for 2024 and 2023. 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 56 million in 2024 (EUR 52 million in 2023).
c) Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
(Million euro)
2024
2023
Var. 24/23
Investments in financial assets (1)
1,945
671
1,275
Non-current financial assets
1,297
1,310
(19)
Net financial derivatives (assets)
241
285
(44)
Trade and other receivables
2,223
1,677
525
(1) Included in cash and cash equivalents
\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. The Company\u00b4s internal policy for the investment of cash surpluses establishes
the minimum counterparty risk as investment grade rating.
\u2022 The internal rules for managing cash 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, 2024, cash and cash equivalents amounted to EUR 4,653 million (EUR\u00a0 4,585 million in 2023. At that date, undrawn credit lines
totaled EUR 652 million (EUR 789 million in 2023), forwards hedging cash flows denominated in a currency other than the euro amounted to EUR
-5 million (EUR -18 million in 2023) and long term restricted cash stood at EUR 21 million (EUR 32 million in 2023).
Therefore, liquidity totaled EUR 5,320 million (EUR 5,387 million in December 2023).
Infrastructure projects companies
At December 31, 2024, cash and cash equivalents (including short-term restricted cash) amounted to EUR 175 million (EUR 204 million in 2023).
Also, at that date undrawn credit lines stood at EUR 13 million (EUR 1 million in 2023), and were primarily arranged to cover committed
investment needs.
Liquidity (including long-term restricted cash) totaled EUR 557 million (EUR 817 million in December 2023).
e) Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises from 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) in 2024.
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 rise in inflation may have an adverse effect on operating margins under the construction contracts. However, a substantial part of the
division's portfolio is protected against the effects of rising inflation due to the existence of price adjustment contract clauses linked to inflation in
certain jurisdictions, such as Poland or, in certain contracts, such as in Spain. In the absence of such clauses, the risk is hedged by closing the main
direct costs at the time of bidding.
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, 2024, 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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
421
3
(1)
(1)
2,748
3,170
Toll road Division index-linked swaps
P
134
(4)
(3)
(3)
(4)
89
76
Corporate cross-currency swaps
1
250
\u2013
\u2013
\u2013
\u2013
250
Toll road Division cross-currency swaps
41
\u2013
\u2013
\u2013
\u2013
1,850
1,850
Corporate interest rate swaps
1
\u2013
\u2013
\u2013
\u2013
165
165
Transchile and Centella interest rate swaps
P
19
2
2
\u2013
\u2013
320
324
Dalaman interest rate swaps
P
1
\u2013
\u2013
\u2013
\u2013
72
72
Toll road Division interest rate swaps
P
6
\u2013
\u2013
\u2013
\u2013
231
231
Corporate equity swaps
29
54
\u2013
\u2013
\u2013
\u2013
54
Construction Division interest rate swaps
P
2
1
3
2
3
20
29
Other derivatives
7
117
2
\u2013
\u2013
\u2013
119
LIABILITY BALANCES
(132)
2,584
40
35
43
566
3,268
Toll road Division interest rate swaps
P
(84)
28
37
32
40
430
567
Toll road Division foreign exchange derivatives
(38)
975
\u2013
\u2013
\u2013
\u2013
975
Corporate foreign exchange derivatives
(4)
481
\u2013
\u2013
\u2013
100
581
Airport Division foreign exchange derivatives
(3)
1,068
\u2013
\u2013
\u2013
\u2013
1,068
Thalia interest rate swaps
P
(2)
3
3
3
3
36
49
Other derivatives
(1)
29
\u2013
\u2013
\u2013
\u2013
29
TOTAL
109
3,005
43
34
42
3,314
6,438
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
35
(2)
(3)
(4)
270
296
Toll road Division index-linked swaps
P
134
12
12
13
13
108
158
Corporate cross-currency swaps
1
2
\u2013
\u2013
\u2013
\u2013
2
Toll road Division cross-currency swaps
41
(19)
(19)
(19)
(19)
144
68
Corporate interest rate swaps
1
1
\u2013
\u2013
\u2013
\u2013
1
Transchile and Centella interest rate swaps
P
19
4
3
1
1
17
26
Dalaman interest rate swaps
P
1
1
\u2013
\u2013
\u2013
\u2013
1
Toll road Division interest rate swaps
P
6
2
2
2
1
\u2013
7
Corporate equity swaps
29
29
\u2013
\u2013
\u2013
\u2013
29
Construction Division interest rate swaps
P
2
\u2013
\u2013
\u2013
\u2013
1
2
Other derivatives
7
2
\u2013
\u2013
\u2013
\u2013
2
LIABILITY BALANCES
(132)
(57)
(16)
(13)
(12)
(38)
(139)
Toll road Division interest rate swaps
P
(84)
(16)
(16)
(14)
(12)
(37)
(96)
Toll road Division foreign exchange derivatives
(38)
(38)
\u2013
\u2013
\u2013
\u2013
(38)
Corporate foreign exchange derivatives
(4)
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Airport Division foreign exchange derivatives
(3)
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Thalia interest rate swaps
P
(2)
\u2013
\u2013
\u2013
\u2013
(1)
-1
Other derivatives
(1)
4
\u2013
\u2013
\u2013
\u2014
4
TOTAL
109
(23)
(18)
(16)
(16)
232
156
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
Derivatives of project companies (P)
Interest Rate Swaps (IRS)
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 1,272 million at December 31, 2024. Overall, the fair value of these hedges has changed from EUR\u00a0 -39 million at December 2023
to EUR -58 million at December 2024.
In general, periodic hedge effectiveness measurements show that derivatives are effective, so changes in their fair value are recorded in reserves,
amounting to EUR 16 million.
The movement in settlements, accruals and also in ineffectiveness, had an impact on net financial income/(expense) of EUR\u00a0 -1.19 million and on
cash of EUR -0.46 million.
Index-linked swaps\u00a0 (ILS)
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 rise in inflation during 2024 had an impact of EUR 12 million on reserves and a fair value impact of EUR 6 million on results.
Derivatives of ex-project companies
Interest rate swaps (IRS)
The Group has interest rate swaps in Ferrovial SE, which contracted a pre-hedge to hedge the refinancing of a future bond for a\u00a0 notional amount
of EUR\u00a0 165 million.
Cross-currency swaps (CCS)
At December 31, 2024, 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), mature in 2025 and have a fair value of EUR 1.49 million
(EUR -13 million in 2023).
The results of the effectiveness tests carried out show that the derivatives are effective.\u00a0 The change in fair value during the year had an impact of
EUR -1 million\u00a0 on reserves, EUR 7 million on financial results and EUR -7 million on cash.
In addition, the Cintra Infrastructure SE Company and 407 Toronto Highway BV have cross-currency swaps (CCS) hedging the fair value of their
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\u00a0
139 million, a maturity in 2032 and a fair value of EUR 40 million and EUR 1 million.
The result of the effectiveness tests carried out show that the derivatives are effective. The interest rate component of these derivatives, treated as
a hedging cost, amounts to EUR 64 million and is recorded as reserves. As the coupons for the interest rate spread are paid, this cost is directly
recognized as income. In addition, the impact of\u00a0 the investment hedges was EUR -109 million and is recognized as a translation difference.
Foreign exchange\u00a0 derivatives (FX)
There are foreign exchange hedges designed for the Group\u2019s CAD investment. The notional amount is EUR 485 million at December 31, 2024
(CAD\u00a0 732 million) (Note 1.3) and the fair value amount is EUR -5 million.
Value changes are recognized under currency translation differences in the amount of EUR 23 million in 2024. Additionally, movements of
settlements and accruals had an impact of EUR -6 million on the financial result and EUR -1 million on cash.
There are also hedges of foreign currency risk, for the volatility of future cash flows in foreign currencies or assets denominated in foreign
currencies (primarily the US dollar, pound sterling and Polish zloty). Their notional value stood at EUR 2,287 million at December 31, 2024, of
which EUR 1,068 million relates to pounds sterling, EUR 976 million to the US dollar and EUR 142 million to the Polish zloty, they all expire in the
short-term.
Value changes are recognized as translation differences and amounted to EUR -45 million in 2024 (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 -4 million during
the year.
Equity swaps (ES)
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, and are therefore treated as financial hedging derivatives
but not as accounting hedges (speculative), so the change in fair value of these derivatives in recognized through the profit or loss 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, multiplied by the number of shares contracted. Otherwise, Ferrovial will pay the difference to
the financial institution.
Its fair value at December 31, 2024 is EUR\u00a0 29 million. The change in value during the year was due to the increase in Ferrovial\u2019s share price from
EUR 33 at December 31, 2023 to EUR 41 at\u00a0 December 31, 2024, entailing an impact of EUR 17 million under the income statement heading
\u201cChanges in the fair value of financial instruments\u201d. 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 2024, these derivatives had a notional value equivalent to 2,042 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 54 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, 2024 and December 2023 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
BALANCES
AT
12/31/2024
BALANCES
AT
12/31/2023
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOSS) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
134
115
19
12
6
4
(11)
\u2013
8
19
Cash flow hedge
134
115
19
12
6
4
(11)
\u2013
8
19
Interest rate derivatives
(57)
(39)
(17)
26
3
(1)
(1)
1
(45)
(17)
Cash flow hedge
(57)
(39)
(17)
17
3
(1)
(1)
1
(36)
(17)
Fair value hedge
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cross-currency swaps
42
58
(17)
77
(19)
7
12
(109)
15
(17)
Cash flow hedge
1
(13)
14
(1)
\u2013
7
(7)
\u2013
15
14
Hedge of net investment in foreign
operations
41
72
(31)
78
(19)
\u2013
19
(109)
\u2013
(31)
Fair value hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
(39)
(1)
(38)
(2)
(12)
(6)
65
(23)
(60)
(38)
Fair value hedge
(5)
\u2013
(5)
\u2013
(1)
\u2013
\u2013
(4)
\u2013
(5)
Hedge of net investment in foreign
operations
(38)
(8)
(30)
\u2013
(5)
(6)
\u2013
(19)
\u2013
(30)
Cash flow hedge
(2)
\u2013
(2)
(2)
1
\u2013
58
\u2013
(59)
(2)
Speculative
6
7
(1)
\u2013
(7)
\u2013
7
\u2013
(1)
(1)
Equity swaps
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
Speculative
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
TOTAL
109
153
(44)
113
(5)
4
59
(131)
(84)
(44)
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 the effective portion of cash flow hedging derivatives are recognized with a balancing entry in reserves\u00a0
(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 of the 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 on currency translation differences from December 31, 2023 to December 31, 2024 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet and income\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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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.\u00a0
6.4. OTHER LONG-TERM PAYABLES
This heading mainly includes:
\u2022 Participating loans accruing interest granted by Spain\u2019s Central Government to Autov\u00eda de Arag\u00f3n concession in the Toll Roads Division
totaling EUR 57 million at December 31, 2024 and EUR 53 million at December 31, 2023.\u00a0
\u2022 Long-term loans from associates of the Toll Roads Division, amounting to EUR 4 million at December 31, 2024 and EUR 21 million at
December 31, 2023.
\u2022 Debt owed by Dalaman International Airport to the administration for the concession fee, which amounted to EUR 247 million in the long
term at the year-end (EUR 276 million at December 31, 2023).
\u2022 Net present value of contractual payments to the Department of Transportation in Virginia under the concession agreement on the I-66
project related to the transit funding payment and the support for corridor improvement, which amounted to EUR 915 million (EUR 865
million at December 31, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-934": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2024, 2023 and 2022.
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 1.1.3). 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 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Other net financial income/(expense), infrastructure project companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, other companies
169
216
(22)%
Financial expense, other companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, other companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, other
companies
574
11
5118%
Other net financial income/(expense), other companies
37
66
(44)%
Other net financial income/(expense), other companies
611
77
694%
Net financial income/(expense), other companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
Regarding the 2024 financial result, it should be noted that the line item \"Net financial income/(expense) from derivatives and other fair value
adjustments, other companies\" includes a positive effect of EUR 547 million related to the Heathrow Airports Holding (HAH) divestment (Note
1.1.5), as a consequence of the recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair
value has been determined by referencing the selling price of the recently 19.75% stake divested in FGP Topco.
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)%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-937": { "value": "
2.7.CORPORATE INCOME TAX EXPENSE AND DEFERRED TAXES
2.7.1 Breakdown of current and deferred tax expense and tax paid for 2024, 2023 and 2022
The breakdown of the income tax expense for 2024, 2023, and 2022, distinguishing between current tax, deferred tax, withholding on a foreign
operation and changes in prior year tax estimates and other items, is as follows.
(Million euro)
2024 DEC
2023. DEC
2022. DEC
Tax expense for the year
(145)
(42)
(30)
Current tax expense
(107)
(146)
(64)
Deferred tax expense
(28)
65
42
Withholdings in a foreign operation
(36)
(73)
(51)
Change to the prior-year tax evaluation and other
26
112
43
2.7.2. Explanation of corporate income tax expense for the year and the applicable tax rate
In 2024, corporate tax expense was recognized in the amount of EUR -145 million (EUR -42\u00a0 million in 2023 and EUR -30 million in 2022) as
shown in the following tables:
(Million euro)
2024 DEC
2023.DEC
2022. DEC
Profit/(loss) before tax on continuing operations
3,621
656
267
Results of associates
(239)
(215)
(165)
Pass-through tax rules (US & Canada)
(147)
(93)
(71)
Divestments completed during the year (note 1.1.5)
(2,814)
\u2014
\u2014
Profit/(loss) before tax on continuing operations adjusted
421
348
31
Theoretical income tax expense (25.8%)
(109)
(90)
(8)
Recognition of previously unrecognized tax losses / Unrecognized tax losses of the year
(16)
17
(38)
Ruling related to Royal Decree-Law 3/2016 (Spain)
31
\u2014
\u2014
Witholding tax
(36)
(73)
(51)
Other adjustments
(15)
102
66
Income Tax expense
(145)
(42)
(30)
Effective tax rate (%)
4.0%
6.5%
11.3%
For the analysis of the corporate income tax, we have to consider the following adjustments:
\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: Primarily relates to profit/losses in concession project companies in the US and Canada, which are fully consolidated.
However, the associated tax expense/credit is recognized based solely on Ferrovial's ownership interest, as these companies are taxed under
pass-through tax rules, whereby the shareholders are the taxpayers according to their stake in the concession.
\u2022 Divestments completed during 2024 which are tax exempt under the application of the participation exemption (note 1.1.5.), highlighting the
sale of 19.75% share capital of FGP Topco, the 5% stake in the Indian company IRB Infrastructure Developers, the sale of 24.78% stake in
Grupo Serveo and the divestment of several road and parking concessions in Spain, Scotland, Ireland and Canada.
The main adjustments to the theoretical income tax expense for the year are as follows:
\u2022 Recognition of previously unrecognized net operating losses carryforwards, primarily in Spain and UK, and unrecognized tax losses generated
in the 2024, primarily in The Netherlands, Slovakia, Colombia and Poland.
\u2022 The \u201cRuling related to Royal Decree-Law 3/2016\u201d, includes a positive impact of EUR 31 million in favor of Ferrovial. As reported in the
December 2023 Consolidated Financial Statements, on January 18, 2024, the Spanish Constitutional Court officially announced its ruling
related to this matter, resolving that the use of the RDL was not suitable for amending the essential elements of Corporate Income Tax (CIT)
Law, therefore this practice infringed constitutional requirements.
\u2022 Withholding taxes (EUR -36 million), which mainly correspond to the withholding tax paid in India due to the sale of the 5% stake in the
company IRB Infrastructure Developers (IRB) for EUR 16 million, and the withholding related to dividends received from Canada (EUR 16
million)..
\u2022 Other adjustments, which primarily correspond to the following
\u2022 Tax-losses carryforward recoverability analysis in Spain and Turkey, where a model was designed based on the Group companies' latest
available earnings projections for each jurisdiction, and which implied the recognition of EUR -22 million provision in Spain, and a positive
impact for the recognition of\u00a0 EUR 31 million of deferred tax assets in Turkey.
\u2022 Tax-losses carryforward recoverability analysis related to The Netherlands and US tax groups, where in accordance with IAS 12, an
amount of tax credits was recognized equal to the excess of liability temporary differences over asset temporary differences, which
implied the recognition of EUR 10 million of deferred tax assets in The Netherlands, and a provision of EUR -8 million in US.
\u2022 Effect of different tax rates of subsidiaries operating in other jurisdictions, highlighting Poland (EUR 13 million).
\u2022 Non tax deductible financial expenses, primarily in The Netherlands (EUR -14 million).
\u2022 Prior year tax effects mainly related to 2023 true-up recognition in US (EUR -9 million) and in The Netherlands (EUR -7 million)
\u2022 2023 Deduction impact 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).
2.7.3. Movements in deferred tax assets and liabilities
Set out below is a breakdown of movements in deferred tax assets and liabilities for 2024-2022 period:
ASSETS
(Million euro)
2023
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2024
Tax credits
503
-40
48
0
26
537
Differences between tax and accounting criteria
422
-93
38
3
7
377
Equity measurement adjustments
48
2
4
143
0
197
Other items
33
0
15
0
1
48
TOTAL
1,006
-131
105
145
34
1,159
LIABILITIES
(Million euro)
2023
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2024
Deferred taxes on goodwill
22
-1
1
0
0
22
Deferred fair value adjustments to acquisitions
308
-17
-7
0
17
301
Differences
between tax and accounting criteria
561
-169
119
2
35
548
Equity measurement adjustments
69
1
5
156
2
234
Other items
126
-9
15
0
2
134
TOTAL
1,086
-194
133
158
57
1,239
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
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 537 million, of which EUR 517 million relates to tax
credits for tax-loss carryforwards and EUR\u00a0 20 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:
2024
(Million euro)
Country
Tax-loss
carryforwards
Limitation period
Maximum tax credit
Tax credit recognized
US tax consolidated group
2,138
No expiry date
493
443
Spanish tax consolidated group
303
No expiry date
76
23
Netherlands tax consolidated group
288
No expiry date
74
10
UK
218
No expiry date
55
\u2014
Turkey
107
2025-2029
27
\u2014
Australia
30
No expiry date
9
\u2014
Canada
28
2035-2045
7
\u2014
Other
579
2024-No expiry date
146
41
Total
3,691
887
517
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
\u2014
UK
201
No expiry date
50
5
Canada
106
2024-2044
28
20
Turkey
81
2024-2028
20
\u2014
Other
559
2024 - No expiry
date
141
36
Total
3,549
853
473
Spanish and US tax-consolidated groups:
For the purpose of assessing the 2024 tax-losses carryforward recoverability in Spain, a model was designed based on the Group companies'
latest available earnings projections, which implied the recognition a provision of EUR 12 million of net operating losses and EUR 10 million of tax
credits, bringing the total operating losses to EUR\u00a0 23 million and EUR 17 million of tax credits as of December 31, 2024.
Regarding US tax group, 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 of EUR 8 million of recognition of provision (EUR 26 million of reversal of provision in
2023 ).
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 198 million) (EUR 195 million in
2023).
\u2022 Deferred tax assets of EUR 238 million due to differences between the tax and accounting approach to revenue recognition, mainly in the
Construction Division (EUR 216 million in 2023).
\u2022 Difference between the tax and accounting depreciation/amortization (EUR 16 million; EUR 7 million in 2023).
c) Deferred taxes arising from measurement adjustments recognized in reserves.
The deferred asset balance relates to losses accumulated in reserves that will have a tax effect when they are transferred to the income
statement. They mostly relate to deferred tax assets arising from financial derivatives, which amount to EUR 198 million (EUR 48 million in 2023).
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 18 million, which mainly include those related to
the amortization of Webber, LLC goodwill. (EUR 21 million in 2023).
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 270 million at December 31, 2024, recognized due to the difference between tax and accounting values following the acquisition of an
additional stake in the I-66 toll road assets on December 17, 2021 (EUR 257 million at December 31, 2023). EUR 36 million recognized as a
result of measuring the concession debt at fair value on December 31, 2024 (EUR 35 million at December 31, 2023).
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 31 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
2024 (EUR 51 million at December 31, 2023).
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 322 million). (EUR 242 million in 2023).
\u2022 Deferred tax liabilities of EUR 234 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 201 million in 2023).
d) Deferred taxes arising from equity measurement adjustments.
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 234 million. (EUR 69 million in 2023).
e) Deferred tax liabilities relating to dividends pending payment by investees
The Group recognizes EUR 11 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 72 million in 2023).
2.7.4. International Tax Reform - Pillar Two
The Pillar Two regulation provides for an international framework of rules aimed at ensuring that the worldwide profits of multinational groups
are subject to tax at a rate not lower than 15% in every jurisdiction in which the groups operate.
The rules have been firstly designed by the Inclusive Framework of the OECD and then implemented in the European Union through the EU
Council Directive 2022/2523 of 14 December 2022. In The Netherlands, the Minimum Tax Act 2024, based on the EU Directive, is applicable for
reporting years starting on or after 31 December 2023.
In a nutshell, the Pillar Two rules provide that, if in certain jurisdictions where Ferrovial operates the effective tax rate (given by the ratio between
adjusted accounting results and adjusted corporate income taxes paid in that jurisdiction) falls below 15%, then Ferrovial would be required to
pay an additional tax (so-called top-up tax) to reach the 15% tax rate threshold.
The relevant set of rules also provides for a transition period in which the in-scope multinational groups may avoid undergoing the complex
effective tax rate calculation required by the new piece of legislation. In particular, the Pillar Two legislation provides for a transitional safe harbor
(\u201cTSH\u201d) that applies for the first three fiscal years following the entry into force of the relevant regulation; the TSH relies on simplified calculations
(mainly based on data extracted from the Country-by-Country Reporting) and three kinds of alternative tests, relying on pre-tax income and
profits, effective tax rate and routine profits generated in each jurisdiction. Where at least one of the TSH tests is met for a jurisdiction in which
Ferrovial operates, the top-up tax due for such jurisdiction will be deemed to be zero.
Ferrovial has estimated its potential exposure to Pillar Two top-up taxes for fiscal year 2024, based on the financial statements at fiscal year-end
and taking into consideration the TSH described above.
Based on the estimate performed, four jurisdictions would not benefit from the TSH, namely Canada, The Netherlands, Spain and United States.
With respect to these jurisdictions, Ferrovial has prepared an estimate on the potential top-up tax exposure based on the full Pillar Two regime
and the conclusion is that no top-up tax would arise in any of them.
According to the estimate, the effective tax rate in Canada for Pillar Two purposes exceeds the minimum rate of 15% once the dividends excluded
under the full regime have been negatively adjusted to the accounting result. The Netherlands shows a loss once the excluded dividends and
excluded equity gains have been adjusted. Finally, the income for Pillar Two purposes in Spain and United States, after adjusting excluded
dividends, equity gains and reversals of impairment of ownership interests, is below the substance-based income exclusion amount. Therefore, no
top-up tax would arise in any of the jurisdictions where Ferrovial operates.
The mentioned estimates are based on a complex regulatory framework and not all relevant data needed to perform the full Pillar Two
calculation was available. However, we do not expect the final calculations to deviate significantly.\u00a0
Finally, starting from 2024, each legal entity of Ferrovial applies the mandatory exception to the recognition and disclosure of deferred tax assets
and liabilities relating to Pillar Two income taxes referred to in paragraph 4A of the IAS12.
2.7.5. Years open to tax inspection
In accordance with tax legislation in force, taxes may not be finally settled until the filed returns have been audited by the tax authorities, or until
the legally stipulated statute of limitation period has elapsed.
The following inspections are currently in progress, in the jurisdictions indicated:
Spain:
In June 2023 the Spanish Tax Authorities notified the start of a general tax audit for Ferrovial S.E. (successor Company of Ferrovial S.A) and its
subsidiaries, including Corporate Income Taxes (CIT) FY 2017-2020, Withholding Taxes FY 2019-2020, and VAT FY 2019-2020. Documentation
required is currently being submitted, pending final position adopted by the Tax Authorities.
Canada:
The Canadian tax authorities (CRA) initiated in 2019 a tax audit related to CIT of Cintra 4352238 Investments Inc and\u00a0 Cintra 11200232
Investments Inc for FY 2013 to 2019. The CRA\u00a0 challenged tax deductibility of intragroup charges made by Cintra Servicios de Infraestructuras, S.A.
during 2013 to 2016 for the provision of financial services, reclassifying the transaction as dividend for fiscal years 2013 to 2016. The
regularization pending of payment for financial services is estimated at EUR 2.2 million (CAD 3.3 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 ruled.
Chile:
The start of a tax audit for Berliam SpA has been notified in May 2024, for CIT related to FY2019-2023. Additionally, a Transfer Pricing review for
Ferrovial Power Infrastructure Chile SpA has been notified in November 2024 related to FY2021. The required documentation is currently being
submitted for both processes, pending positioning adopted by the Tax Authorities.
Saudi Arabia:
The start of a tax audit for Ferrovial Agroman LLC. has been notified in March 2023, for Non-Resident Income Tax related to FY2020. The
required documentation is currently being submitted, pending positioning adopted by the Tax Authorities.
India:
The start of a tax audit for CIINFRA India Private Limited has been notified by local Tax Authorities, related to CIT for FY2022-2023. The required
documentation is currently being submitted pending positioning adopted by the Tax Authorities.
The companies are subject to a statute of limitations between three and five years in most of the countries in which the Group carry out
operations.
In view of the potential different interpretations of tax regulations, any audit that may be undertaken in the future by the tax authorities for the
years open to review 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 in the Financial Accounts could have a material impact on the Ferrovial Group\u2019s equity is
considered as remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-938": { "value": "
2.7.1 Breakdown of current and deferred tax expense and tax paid for 2024, 2023 and 2022
The breakdown of the income tax expense for 2024, 2023, and 2022, distinguishing between current tax, deferred tax, withholding on a foreign
operation and changes in prior year tax estimates and other items, is as follows.
(Million euro)
2024 DEC
2023. DEC
2022. DEC
Tax expense for the year
(145)
(42)
(30)
Current tax expense
(107)
(146)
(64)
Deferred tax expense
(28)
65
42
Withholdings in a foreign operation
(36)
(73)
(51)
Change to the prior-year tax evaluation and other
26
112
43
2.7.3. Movements in deferred tax assets and liabilities
Set out below is a breakdown of movements in deferred tax assets and liabilities for 2024-2022 period:
ASSETS
(Million euro)
2023
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2024
Tax credits
503
-40
48
0
26
537
Differences between tax and accounting criteria
422
-93
38
3
7
377
Equity measurement adjustments
48
2
4
143
0
197
Other items
33
0
15
0
1
48
TOTAL
1,006
-131
105
145
34
1,159
LIABILITIES
(Million euro)
2023
Prior years, transfers
and other
Charged/credited to
income statement
Charged/credited to
equity
Foreign exchange
effect
2024
Deferred taxes on goodwill
22
-1
1
0
0
22
Deferred fair value adjustments to acquisitions
308
-17
-7
0
17
301
Differences
between tax and accounting criteria
561
-169
119
2
35
548
Equity measurement adjustments
69
1
5
156
2
234
Other items
126
-9
15
0
2
134
TOTAL
1,086
-194
133
158
57
1,239
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
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 537 million, of which EUR 517 million relates to tax
credits for tax-loss carryforwards and EUR\u00a0 20 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:
2024
(Million euro)
Country
Tax-loss
carryforwards
Limitation period
Maximum tax credit
Tax credit recognized
US tax consolidated group
2,138
No expiry date
493
443
Spanish tax consolidated group
303
No expiry date
76
23
Netherlands tax consolidated group
288
No expiry date
74
10
UK
218
No expiry date
55
\u2014
Turkey
107
2025-2029
27
\u2014
Australia
30
No expiry date
9
\u2014
Canada
28
2035-2045
7
\u2014
Other
579
2024-No expiry date
146
41
Total
3,691
887
517
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
\u2014
UK
201
No expiry date
50
5
Canada
106
2024-2044
28
20
Turkey
81
2024-2028
20
\u2014
Other
559
2024 - No expiry
date
141
36
Total
3,549
853
473
Spanish and US tax-consolidated groups:
For the purpose of assessing the 2024 tax-losses carryforward recoverability in Spain, a model was designed based on the Group companies'
latest available earnings projections, which implied the recognition a provision of EUR 12 million of net operating losses and EUR 10 million of tax
credits, bringing the total operating losses to EUR\u00a0 23 million and EUR 17 million of tax credits as of December 31, 2024.
Regarding US tax group, 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 of EUR 8 million of recognition of provision (EUR 26 million of reversal of provision in
2023 ).
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 198 million) (EUR 195 million in
2023).
\u2022 Deferred tax assets of EUR 238 million due to differences between the tax and accounting approach to revenue recognition, mainly in the
Construction Division (EUR 216 million in 2023).
\u2022 Difference between the tax and accounting depreciation/amortization (EUR 16 million; EUR 7 million in 2023).
c) Deferred taxes arising from measurement adjustments recognized in reserves.
The deferred asset balance relates to losses accumulated in reserves that will have a tax effect when they are transferred to the income
statement. They mostly relate to deferred tax assets arising from financial derivatives, which amount to EUR 198 million (EUR 48 million in 2023).
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 18 million, which mainly include those related to
the amortization of Webber, LLC goodwill. (EUR 21 million in 2023).
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 270 million at December 31, 2024, recognized due to the difference between tax and accounting values following the acquisition of an
additional stake in the I-66 toll road assets on December 17, 2021 (EUR 257 million at December 31, 2023). EUR 36 million recognized as a
result of measuring the concession debt at fair value on December 31, 2024 (EUR 35 million at December 31, 2023).
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 31 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
2024 (EUR 51 million at December 31, 2023).
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 322 million). (EUR 242 million in 2023).
\u2022 Deferred tax liabilities of EUR 234 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 201 million in 2023).
d) Deferred taxes arising from equity measurement adjustments.
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 234 million. (EUR 69 million in 2023).
e) Deferred tax liabilities relating to dividends pending payment by investees
The Group recognizes EUR 11 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 72 million in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-939": { "value": "
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2024, 2023 and 2022 profit/(loss) attributed to non-controlling interests amounted to EUR -251 million, EUR -170 million and EUR -117
million, respectively.
These figures relate to the profits obtained by Group companies attributable to the company\u2019s other shareholders. The positive figures relate to
loss-making companies and the negative figures relate to profit-making companies.
(Million euro)
2024
2023
2022
NON-GROUP
Budimex Group
(77)
(83)
(60)
49.86%
Autop.Terrasa Manresa, S.A.
(8)
(8)
19
23.72%
LBJ Infraestructure Group
(28)
(20)
(9)
45.40%
NTE Mobility Partners
(59)
(60)
(47)
37.03%
NTE Mobility Partners Segments 3 LLC
(60)
(41)
(33)
46.33%
FAM Construction LLC
9
34
26
30.00%
D4R7 Construction S.R.O.
3
(1)
2
35.00%
I-77 Mobility Partners
(9)
(12)
(6)
27.77%
I-66 Mobility Partners
3
16
10
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
(24)
7
(8)
40.00%
Webber United LLC
\u2014
1
\u2014
40.00%
Other companies
(2)
(3)
(11)
\u2014%
TOTAL
(251)
(170)
(117)
\u2014%
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2024 and 2023, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were
as follows:
At December 31, 2024:
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%
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:
2024
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET CASH POSITION
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
573
138
436
8
25
LBJ Infrastructure Group Holding LLC
2,197
2,462
(265)
(1,959)
33
NTE Mobility Partners Holding LLC
2,128
2,117
11
(1,285)
101
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,129
1,857
272
(1,581)
70
I-77 Mobility Partners, LLC
708
688
20
(450)
23
I-66 Mobility Partners, LLC
6,276
2,676
3,600
(1,672)
(4)
Budimex
1,907
1,565
342
726
74
Dalaman
717
428
289
(61)
35
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2024 were as follows:
Company
(Million euro)
Balance at
12.31.2023
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2024
Autopista Terrassa-Manresa, S.A.
93
8
2
\u2014
\u2014
\u2014
\u2014
103
LBJ Infrastructure Group Holding LLC
(96)
28
\u2014
(7)
(45)
\u2014
\u2014
(120)
NTE Mobility Partners Holding LLC
5
59
\u2014
\u2014
(61)
\u2014
1
4
NTE Mobility Partners Segments 3 LLC
131
60
2
8
(75)
\u2014
\u2014
126
I-77 Mobility Partners, LLC
74
9
\u2014
2
(79)
\u2014
(1)
5
I-66 Mobility Partners, LLC
1,571
(3)
\u2014
101
(70)
\u2014
(4)
1,595
FAM Construction LLC (I-66)
\u2014
(9)
\u2014
2
\u2014
22
(1)
14
Budimex
234
77
\u2014
\u2014
(111)
\u2014
(4)
196
Dalaman
86
24
(1)
\u2014
\u2014
\u2014
\u2014
109
Others
15
(2)
1
\u2014
(5)
\u2014
4
13
TOTAL
2,113
251
4
106
(446)
22
(5)
2,045
The heading \u201cshare capital increase\u201d reflects the impact of the increase in funds attributable to non-controlling interests of FAM Construction LLC
amounting to EUR 22 million.
At\u00a0 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%
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:
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
Share capital
increase
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
Others
11
2
\u2014
(1)
(1)
\u2014
3
15
TOTAL
2,240
170
3
(42)
(379)
117
4
2,113
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-940": { "value": "
2.10 NET PROFIT/(LOSS) AND EARNINGS PER SHARE
The calculation of earnings per share attributed to the parent company for 2024, 2023 and 2022 is as follows:
(Million euro, except otherwise indicated)
2024
2023
2022
Net profit/(loss) attributable to ordinary equity holders of the parent:
Continuing operations
3,225
444
121
Discontinued operations
14
16
64
Net cost of subordinated perpetual bond
\u2014
(5)
(8)
Profit/(loss) attributable to ordinary equity holders of the parent for basic earnings
3,239
455
177
Effects of dilution
\u2014
\u2014
\u2014
Profit/(loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution
3,239
455
177
Weighted average number of ordinary shares for basic EPS (*) (thousands of shares)
724,191
728,255
723,477
Effects of dilution
\u2014
\u2014
\u2014
Weighted average number of ordinary shares adjusted for the effect of dilution (thousands of shares)
724,191
728,255
723,477
Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the
basic EPS calculations
14
16
64
Effects of dilution
\u2014
\u2014
\u2014
Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the
diluted EPS calculations
14
16
64
(*) The weighted average number of ordinary shares takes into account the weighted effect of changes in treasury shares during the year.
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 is no difference between basic and
diluted earnings per share, as shown in the following table:
2024
2023
2022
Net earnings per share attributed to the parent company (in euros)
Diluted
4.47
0.62
0.24
Basic
4.47
0.62
0.24
Net earnings per share attributed to the parent company, discontinued operations (in euros)
Diluted
0.02
0.02
0.09
Basic
0.02
0.02
0.09
Profit/(loss) per business segment is shown in Note 1.5 for 2024, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-941": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-943": { "value": "
Goodwill
The company recognizes goodwill for the consideration transferred in excess of the fair value of the net assets acquired in the context of business
combinations, such as those that involve infrastructure projects.
Regarding the changes in Goodwill, in 2024 there was an increase of EUR 25 million, primarily due to the exchange rate, and in 2023, there was a
decrease of EUR -5 million, also as a result of exchange fluctuations.
3.1. GOODWILL AND ACQUISITIONS
Movements in goodwill during 2024 and 2023 are set out below:
(Million euro)
BALANCE
AT 12.31. 2023
Changes in
consolidation scope
Exchange rate and
others
BALANCE
AT 31.12. 2024
Construction
135
\u2013
5
140
Budimex
70
\u2013
1
71
Webber
65
\u2013
4
69
Toll Roads
259
\u2013
17
276
I-66 Express Mobility Partners Hold. LLC
259
\u2013
17
276
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
43
\u2013
3
46
Power Transmission Serv. Chile
43
\u2013
3
46
Other
10
\u2013
(1)
10
Mining Services Chile
10
\u2013
(1)
10
TOTAL
475
\u2013
25
500
(Million euro)
BALANCE
AT 12.31. 2022
Changes in
consolidation scope
and other
Exchange rate
BALANCE
AT 12.31. 2023
Construction
132
\u2013
3
135
Budimex
65
\u2013
5
70
Webber
67
\u2013
(2)
65
Toll Roads
265
\u2013
(6)
259
I-66 Express Mobility Partners Hold. LLC
265
\u2013
(6)
259
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
45
\u2013
(1)
43
Power Transmission Serv. Chile
45
\u2013
(1)
43
Other
11
\u2013
(1)
10
Mining Services Chile
11
\u2013
(1)
10
TOTAL
479
\u2013
(5)
475
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment (in December).
Goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests are consistent with the latest
business projections presented to the Board and it was concluded that there is no impairment as of December 31, 2024. The impairment test is a
process that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2024 and 2023 we did
not recognize any impairment loss for goodwill. In the explanatory notes we disclose the recoverable amounts and the carrying amounts of the
investments for those entities to which goodwill have been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generated unit subject to impairment test, presenting headroom against each carrying amount.
A. Construction Division goodwill (Webber and Budimex):
In the case of Webber, in 2024 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 245% with respect to its
carrying amount of EUR 395 million (174% and EUR 362 million at December 31, 2023). The cash flows have been discounted at a rate of 8.6%
(9.9% 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 has a free float, we consider the share price to be representative of its value. Therefore,
the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2024 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2024 was 891% higher than its carrying amount of EUR 141 million (1,086% and EUR 156 million
at December 31, 2023), 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.
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 2024 impairment test reflected a headroom of 13% with respect to the carrying amount of EUR
2,281 million (20% and EUR 1,971 million at December 31, 2023). The cash flows have been discounted at a rate of 8.5% (9.5% before taxes).
A sensitivity analysis based on the assumption of a 5% decline in the toll revenue curve from 2026 onwards shows no risk of impairment.
C. Energy goodwill (Power Transmission Services):
The impairment test of the goodwill uses long-term projections that go beyond one year after the first 20 years of the\u00a0 regulated period, when the
concessionaire is remunerated based on the replacement cost of the infrastructure. The result of the impairment test reflects a headroom of 57%
with respect to the carrying amount of EUR 38 million at December 31, 2024 (EUR 34 million and 79% in 2023). The cash flows have been
discounted at a rate of 9.9% (10.1% before taxes) in 2024.
D. Airports Goodwill (Dalaman):
The 2024 impairment test reflected a headroom of 24% in relation to the carrying amount which was EUR 180 million at December 31, 2024
(26% and EUR 146 million at December 31, 2023). The cash flows have been discounted at a rate of 10.2% (12.7% before taxes).
E.Other businesses goodwill (Mining Services Chile):
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services.
The impairment test, based on a 5-year projection, identified a headroom of 141% in relation to the carrying amount, which was EUR 29 million
at December 31, 2024 (12% and EUR 16 million at December 31, 2023). The cash flows have been discounted at a rate (WACC) of 14.7% (18.6%
before taxes).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-942": { "value": "
Goodwill
The company recognizes goodwill for the consideration transferred in excess of the fair value of the net assets acquired in the context of business
combinations, such as those that involve infrastructure projects.
Regarding the changes in Goodwill, in 2024 there was an increase of EUR 25 million, primarily due to the exchange rate, and in 2023, there was a
decrease of EUR -5 million, also as a result of exchange fluctuations.
3.1. GOODWILL AND ACQUISITIONS
Movements in goodwill during 2024 and 2023 are set out below:
(Million euro)
BALANCE
AT 12.31. 2023
Changes in
consolidation scope
Exchange rate and
others
BALANCE
AT 31.12. 2024
Construction
135
\u2013
5
140
Budimex
70
\u2013
1
71
Webber
65
\u2013
4
69
Toll Roads
259
\u2013
17
276
I-66 Express Mobility Partners Hold. LLC
259
\u2013
17
276
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
43
\u2013
3
46
Power Transmission Serv. Chile
43
\u2013
3
46
Other
10
\u2013
(1)
10
Mining Services Chile
10
\u2013
(1)
10
TOTAL
475
\u2013
25
500
(Million euro)
BALANCE
AT 12.31. 2022
Changes in
consolidation scope
and other
Exchange rate
BALANCE
AT 12.31. 2023
Construction
132
\u2013
3
135
Budimex
65
\u2013
5
70
Webber
67
\u2013
(2)
65
Toll Roads
265
\u2013
(6)
259
I-66 Express Mobility Partners Hold. LLC
265
\u2013
(6)
259
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
45
\u2013
(1)
43
Power Transmission Serv. Chile
45
\u2013
(1)
43
Other
11
\u2013
(1)
10
Mining Services Chile
11
\u2013
(1)
10
TOTAL
479
\u2013
(5)
475
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment (in December).
Goodwill recovery is analyzed at the level of each cash generating unit. The projections used in the impairment tests are consistent with the latest
business projections presented to the Board and it was concluded that there is no impairment as of December 31, 2024. The impairment test is a
process that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2024 and 2023 we did
not recognize any impairment loss for goodwill. In the explanatory notes we disclose the recoverable amounts and the carrying amounts of the
investments for those entities to which goodwill have been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generated unit subject to impairment test, presenting headroom against each carrying amount.
A. Construction Division goodwill (Webber and Budimex):
In the case of Webber, in 2024 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 245% with respect to its
carrying amount of EUR 395 million (174% and EUR 362 million at December 31, 2023). The cash flows have been discounted at a rate of 8.6%
(9.9% 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 has a free float, we consider the share price to be representative of its value. Therefore,
the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2024 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2024 was 891% higher than its carrying amount of EUR 141 million (1,086% and EUR 156 million
at December 31, 2023), 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.
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 2024 impairment test reflected a headroom of 13% with respect to the carrying amount of EUR
2,281 million (20% and EUR 1,971 million at December 31, 2023). The cash flows have been discounted at a rate of 8.5% (9.5% before taxes).
A sensitivity analysis based on the assumption of a 5% decline in the toll revenue curve from 2026 onwards shows no risk of impairment.
C. Energy goodwill (Power Transmission Services):
The impairment test of the goodwill uses long-term projections that go beyond one year after the first 20 years of the\u00a0 regulated period, when the
concessionaire is remunerated based on the replacement cost of the infrastructure. The result of the impairment test reflects a headroom of 57%
with respect to the carrying amount of EUR 38 million at December 31, 2024 (EUR 34 million and 79% in 2023). The cash flows have been
discounted at a rate of 9.9% (10.1% before taxes) in 2024.
D. Airports Goodwill (Dalaman):
The 2024 impairment test reflected a headroom of 24% in relation to the carrying amount which was EUR 180 million at December 31, 2024
(26% and EUR 146 million at December 31, 2023). The cash flows have been discounted at a rate of 10.2% (12.7% before taxes).
E.Other businesses goodwill (Mining Services Chile):
Goodwill was also recognized in Mining Services Chile, which is engaged mainly in providing mining industry operation and maintenance services.
The impairment test, based on a 5-year projection, identified a headroom of 141% in relation to the carrying amount, which was EUR 29 million
at December 31, 2024 (12% and EUR 16 million at December 31, 2023). The cash flows have been discounted at a rate (WACC) of 14.7% (18.6%
before taxes).
3.2. INTANGIBLE ASSETS
At 2024 year-end, the balance of intangible assets, excluding infrastructure project companies, amounted to EUR 128 million (EUR 122 million in
2023). This heading mainly includes:
\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, 2024, the carrying amount of EUR 4 million (EUR 3 million at December 31, 2023) relates primarily to the UK Waste Treatment activity.
\u2022 \u201cComputer software\u201d with a net value of EUR 30 million (EUR 28 million at December 31, 2023).
\u2022 \u201cOther intangible assets\u201d, different from IFRIC 12 intangible rights, amounting to EUR 95 million (EUR 90 million at December 31, 2023),
relate essentially to the Budimex services business included in the Construction Division (EUR 22 million), the easements (rights to use the land)
of the Chilean power transmission lines amounting to EUR 47 million (EUR\u00a0 44 million at December 31, 2023), and the EUR 14 million of the
acquisition of the solar SPV project in Leon County, Texas.
\u2022 No significant fully-depreciated assets were written off during 2024 and 2023.
3.3.1. Intangible asset model
(Million euro)
BALANCE AT 01/01/2024
TOTAL ADDITIONS
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish toll roads
721
3
\u2014
724
US toll roads
12,823
76
858
13,757
Other toll roads
4
\u2014
\u2014
4
Toll road investment
13,549
79
858
14,485
Accumulated depreciation
(834)
(209)
(46)
(1,089)
Net investment in toll roads
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(34)
(24)
\u2014
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2014
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL DEPRECIATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
(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
\u2013
\u2013
\u2013
721
US toll roads
12,547
670
(1)
(393)
\u2013
12,823
Other toll roads
391
\u2013
\u2013
\u2013
(387)
4
Toll road investment
13,653
677
(1)
(393)
(387)
13,549
Accumulated depreciation/amortization
(781)
(201)
\u2013
16
132
(834)
Net investment in toll roads
12,872
476
(1)
(377)
(255)
12,715
Investment in other infrastructure projects
632
18
\u2013
\u2013
\u2013
650
Depreciation/amortization of other infrastructure
projects
\u2013
(34)
\u2013
\u2013
\u2013
(34)
Total net investment in other infrastructure
projects
632
(16)
\u2013
\u2013
\u2013
616
TOTAL INVESTMENT
14,285
695
(1)
(393)
(387)
14,199
TOTAL DEPRECIATION/AMORTIZATION AND
PROVISION
(781)
(235)
\u2013
17
132
(867)
TOTAL NET INVESTMENT
13,504
460
(1)
(376)
(255)
13,333
The most significant changes in 2024 and 2023 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 79 million in 2024, mainly related to the North Tarrant Express Extension. These additions
reached EUR 677 million in 2023, highlighting the I-66 Express Mobility Partners LLC (EUR 489 million) and the North Tarrant Express
Extension (EUR 178 million).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR 812 million in 2024 (EUR -376 million in 2023), fully attributed to the
appreciation of the US dollar against the euro on the US toll roads (Note 1.4).
\u25e6 At December 31, 2024 there were no impact on \"consolidation scope changes and transfers\", whereas at December 31, 2023, the effect\u00a0
related to the Euroscut Azores toll road divestment (EUR -255 million).
The caption of US toll roads includes the intangible asset related to I-66 Express Mobility Partners, among others, amounting to EUR 6,190 million
(EUR 5,925 million in 2023). Investments in other infrastructure projects include the intangible asset of Dalaman airport, amounting to EUR 592
million (EUR 617 million in 2023).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 5.2). The capitalization of borrowing costs
eligible for capitalization in 2024 and\u00a0 2023 are described in Note 1.3.3.2 and Note 2.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-944": { "value": "
3.2. INTANGIBLE ASSETS
At 2024 year-end, the balance of intangible assets, excluding infrastructure project companies, amounted to EUR 128 million (EUR 122 million in
2023). This heading mainly includes:
\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, 2024, the carrying amount of EUR 4 million (EUR 3 million at December 31, 2023) relates primarily to the UK Waste Treatment activity.
\u2022 \u201cComputer software\u201d with a net value of EUR 30 million (EUR 28 million at December 31, 2023).
\u2022 \u201cOther intangible assets\u201d, different from IFRIC 12 intangible rights, amounting to EUR 95 million (EUR 90 million at December 31, 2023),
relate essentially to the Budimex services business included in the Construction Division (EUR 22 million), the easements (rights to use the land)
of the Chilean power transmission lines amounting to EUR 47 million (EUR\u00a0 44 million at December 31, 2023), and the EUR 14 million of the
acquisition of the solar SPV project in Leon County, Texas.
\u2022 No significant fully-depreciated assets were written off during 2024 and 2023.
3.3.1. Intangible asset model
(Million euro)
BALANCE AT 01/01/2024
TOTAL ADDITIONS
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish toll roads
721
3
\u2014
724
US toll roads
12,823
76
858
13,757
Other toll roads
4
\u2014
\u2014
4
Toll road investment
13,549
79
858
14,485
Accumulated depreciation
(834)
(209)
(46)
(1,089)
Net investment in toll roads
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(34)
(24)
\u2014
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2014
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL DEPRECIATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
(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
\u2013
\u2013
\u2013
721
US toll roads
12,547
670
(1)
(393)
\u2013
12,823
Other toll roads
391
\u2013
\u2013
\u2013
(387)
4
Toll road investment
13,653
677
(1)
(393)
(387)
13,549
Accumulated depreciation/amortization
(781)
(201)
\u2013
16
132
(834)
Net investment in toll roads
12,872
476
(1)
(377)
(255)
12,715
Investment in other infrastructure projects
632
18
\u2013
\u2013
\u2013
650
Depreciation/amortization of other infrastructure
projects
\u2013
(34)
\u2013
\u2013
\u2013
(34)
Total net investment in other infrastructure
projects
632
(16)
\u2013
\u2013
\u2013
616
TOTAL INVESTMENT
14,285
695
(1)
(393)
(387)
14,199
TOTAL DEPRECIATION/AMORTIZATION AND
PROVISION
(781)
(235)
\u2013
17
132
(867)
TOTAL NET INVESTMENT
13,504
460
(1)
(376)
(255)
13,333
The most significant changes in 2024 and 2023 were as follows:
\u25e6 Toll road additions amounted to a gross EUR 79 million in 2024, mainly related to the North Tarrant Express Extension. These additions
reached EUR 677 million in 2023, highlighting the I-66 Express Mobility Partners LLC (EUR 489 million) and the North Tarrant Express
Extension (EUR 178 million).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR 812 million in 2024 (EUR -376 million in 2023), fully attributed to the
appreciation of the US dollar against the euro on the US toll roads (Note 1.4).
\u25e6 At December 31, 2024 there were no impact on \"consolidation scope changes and transfers\", whereas at December 31, 2023, the effect\u00a0
related to the Euroscut Azores toll road divestment (EUR -255 million).
The caption of US toll roads includes the intangible asset related to I-66 Express Mobility Partners, among others, amounting to EUR 6,190 million
(EUR 5,925 million in 2023). Investments in other infrastructure projects include the intangible asset of Dalaman airport, amounting to EUR 592
million (EUR 617 million in 2023).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 5.2). The capitalization of borrowing costs
eligible for capitalization in 2024 and\u00a0 2023 are described in Note 1.3.3.2 and Note 2.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-945": { "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 -132 million in 2024 (EUR\u00a0
-248 million in 2023), which differed from the additions recognized in the balance sheet for the following main reasons:
\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.
3.4. PROPERTY, PLANT AND EQUIPMENT
Cash flow effect:
The 2024 impact on cash flows arising from additions to property, plant and equipment amounted to EUR -282 million (EUR -158 million in
2023), primarily related to the Construction and Energy Divisions.
5.2.2. Borrowings
a) Infrastructure project companies
The following table shows, for 2024 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. 2023
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec. 2024
Infrastructures project borrowings
7,915
70
472
(22)
(36)
8,400
Infrastructure project borrowings increased by EUR 485 million in 2024 with respect to December 2023, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR 472 million, mainly due to the appreciation of the US dollar against the euro.
\u2022 Increase of EUR 34 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the US projects and
attributable to the debt drawn down by the I-77 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 2024, which do not
affect period cash positions:
(Million euro)
Dec. 2023
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2024
Bank borrowings
3,449
(569)
19
\u2013
(11)
2,888
Cross- currency swaps
13
\u2013
(16)
\u2013
(2)
Ex-infrastructure projects borrowings
3,463
(569)
4
\u2013
(11)
2,886
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, 2024,
2023 and 2022.
(Million euro)
2024
2023
2022
Cash flows from operating activities ex tax payments
1,485
1,433
1,084
Tax payments
(192)
(170)
(82)
Cash flows from operating activities
1,293
1,263
1,002
Investment
(1,269)
(468)
(1,161)
Divestment
2,582
43
429
Cash flows from investing activities
1,313
(425)
(732)
Cash flows before financing activities
2,606
838
270
Cash flows from financing activities
(2,567)
(1,305)
(316)
Change in cash and cash equivalents
39
(341)
(406)
Cash flows from discontinued operations:
The cash flows from discontinued operations are included in the group reported cash flows. The following table shows the disclosure
corresponding to the period 2024, 2023 and 2022:
2024-2022
(Million euro)
2024
2023
2022
Cash flows from operating activities ex tax payments
\u2014
\u2014
20
Tax payments
\u2014
\u2014
(1)
Cash flows from operating activities
\u2014
\u2014
19
Investment
\u2014
\u2014
(1)
Divestment
\u2014
\u2014
\u2014
Cash flows before financing activities
\u2014
\u2014
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-946": { "value": "
3.4. PROPERTY, PLANT AND EQUIPMENT
Movements under property, plant and equipment in the consolidated statement of financial position for 2024 and 2023 are set out below:
Movements during
2024 (million euro)
Land and buildings
Plant and machinery
Fixtures, fittings, tooling
and furniture
Total
Investment: Balance at
01.01.2024
106
523
495
1,124
Additions
75
80
163
318
Disposals
(3)
(49)
(25)
(77)
Scope changes and transfers
5
185
(207)
(17)
Foreign exchange effect
3
16
10
29
Balances at 12.31.2024
186
755
436
1,377
Accumulated depreciation and impairment losses at
01.01.2024
(35)
(323)
(172)
(530)
Depreciation charge
(6)
(104)
(27)
(137)
Disposals
2
66
12
80
Scope changes and transfers
(2)
(2)
(6)
(10)
Foreign exchange effect
(1)
(4)
(3)
(8)
Balances at 12.31.2024
(42)
(367)
(196)
(605)
Carrying amount at
12.31.2024
144
388
240
772
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
Significant changes in 2024 and 2023 by business division were as follows:
Additions:
(Million euro)
2024
2023
Construction
117
103
Energy
107
102
Other businesses
94
10
TOTAL
318
215
In 2024, additions mainly correspond to the Construction Division (EUR 117 million) due to the acquisition of machinery and other equipment, and
to the Energy Division (EUR 107 million), particularly Misae Solar IV project in the United States, a solar SPV project (257MW) in Leon County,
Texas, where the company will perform the design, construction and plant\u00a0 operation, the construction of the Centella project electricity
transmission infrastructure in Chile, and a solar plant of 60MW in Poland. Finally, the main additions in other businesses relate to the purchase of
a plot of land in Spain for data center development.
In 2023, additions totaled EUR 215 million, the most significant relating to the Construction Division (EUR 103 million) due to the acquisition of
machinery and other equipment, and to the Energy Division (EUR 102 million), arising primarily from the construction of the Centella project
electricity transmission infrastructure in Chile.
Cash flow effect:
The 2024 impact on cash flows arising from additions to property, plant and equipment amounted to EUR -282 million (EUR -158 million in
2023), primarily related to the Construction and Energy Divisions.
Disposals due to sales or retirement:
As of December 31, 2024, disposals due to sales or retirement amount to EUR 77 million (EUR 63 million in 2023) and approximately EUR 64
million of this amount (EUR 52 million in 2023) relates to Construction, mainly plant, machinery and other equipment.
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.
The transfer to held for sale as of December 2024 amounts to 39 and is included as Scope changes and transfers in 2024.
Property, plant and equipment under construction totaled EUR 144 million in 2024 (EUR 191 million in 2023).
At December 31, 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-947": { "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 645 million (USD 3,005 million in 2023), which have been treated as effective cash flow hedges. During the year,
there was an impact of USD 20 million on the company's reserves (EUR 9 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, 2024, 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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
421
3
(1)
(1)
2,748
3,170
Toll road Division index-linked swaps
P
134
(4)
(3)
(3)
(4)
89
76
Corporate cross-currency swaps
1
250
\u2013
\u2013
\u2013
\u2013
250
Toll road Division cross-currency swaps
41
\u2013
\u2013
\u2013
\u2013
1,850
1,850
Corporate interest rate swaps
1
\u2013
\u2013
\u2013
\u2013
165
165
Transchile and Centella interest rate swaps
P
19
2
2
\u2013
\u2013
320
324
Dalaman interest rate swaps
P
1
\u2013
\u2013
\u2013
\u2013
72
72
Toll road Division interest rate swaps
P
6
\u2013
\u2013
\u2013
\u2013
231
231
Corporate equity swaps
29
54
\u2013
\u2013
\u2013
\u2013
54
Construction Division interest rate swaps
P
2
1
3
2
3
20
29
Other derivatives
7
117
2
\u2013
\u2013
\u2013
119
LIABILITY BALANCES
(132)
2,584
40
35
43
566
3,268
Toll road Division interest rate swaps
P
(84)
28
37
32
40
430
567
Toll road Division foreign exchange derivatives
(38)
975
\u2013
\u2013
\u2013
\u2013
975
Corporate foreign exchange derivatives
(4)
481
\u2013
\u2013
\u2013
100
581
Airport Division foreign exchange derivatives
(3)
1,068
\u2013
\u2013
\u2013
\u2013
1,068
Thalia interest rate swaps
P
(2)
3
3
3
3
36
49
Other derivatives
(1)
29
\u2013
\u2013
\u2013
\u2013
29
TOTAL
109
3,005
43
34
42
3,314
6,438
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
35
(2)
(3)
(4)
270
296
Toll road Division index-linked swaps
P
134
12
12
13
13
108
158
Corporate cross-currency swaps
1
2
\u2013
\u2013
\u2013
\u2013
2
Toll road Division cross-currency swaps
41
(19)
(19)
(19)
(19)
144
68
Corporate interest rate swaps
1
1
\u2013
\u2013
\u2013
\u2013
1
Transchile and Centella interest rate swaps
P
19
4
3
1
1
17
26
Dalaman interest rate swaps
P
1
1
\u2013
\u2013
\u2013
\u2013
1
Toll road Division interest rate swaps
P
6
2
2
2
1
\u2013
7
Corporate equity swaps
29
29
\u2013
\u2013
\u2013
\u2013
29
Construction Division interest rate swaps
P
2
\u2013
\u2013
\u2013
\u2013
1
2
Other derivatives
7
2
\u2013
\u2013
\u2013
\u2013
2
LIABILITY BALANCES
(132)
(57)
(16)
(13)
(12)
(38)
(139)
Toll road Division interest rate swaps
P
(84)
(16)
(16)
(14)
(12)
(37)
(96)
Toll road Division foreign exchange derivatives
(38)
(38)
\u2013
\u2013
\u2013
\u2013
(38)
Corporate foreign exchange derivatives
(4)
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Airport Division foreign exchange derivatives
(3)
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Thalia interest rate swaps
P
(2)
\u2013
\u2013
\u2013
\u2013
(1)
-1
Other derivatives
(1)
4
\u2013
\u2013
\u2013
\u2014
4
TOTAL
109
(23)
(18)
(16)
(16)
232
156
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
Derivatives of project companies (P)
Interest Rate Swaps (IRS)
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 1,272 million at December 31, 2024. Overall, the fair value of these hedges has changed from EUR\u00a0 -39 million at December 2023
to EUR -58 million at December 2024.
In general, periodic hedge effectiveness measurements show that derivatives are effective, so changes in their fair value are recorded in reserves,
amounting to EUR 16 million.
The movement in settlements, accruals and also in ineffectiveness, had an impact on net financial income/(expense) of EUR\u00a0 -1.19 million and on
cash of EUR -0.46 million.
Index-linked swaps\u00a0 (ILS)
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 rise in inflation during 2024 had an impact of EUR 12 million on reserves and a fair value impact of EUR 6 million on results.
Derivatives of ex-project companies
Interest rate swaps (IRS)
The Group has interest rate swaps in Ferrovial SE, which contracted a pre-hedge to hedge the refinancing of a future bond for a\u00a0 notional amount
of EUR\u00a0 165 million.
Cross-currency swaps (CCS)
At December 31, 2024, 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), mature in 2025 and have a fair value of EUR 1.49 million
(EUR -13 million in 2023).
The results of the effectiveness tests carried out show that the derivatives are effective.\u00a0 The change in fair value during the year had an impact of
EUR -1 million\u00a0 on reserves, EUR 7 million on financial results and EUR -7 million on cash.
In addition, the Cintra Infrastructure SE Company and 407 Toronto Highway BV have cross-currency swaps (CCS) hedging the fair value of their
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\u00a0
139 million, a maturity in 2032 and a fair value of EUR 40 million and EUR 1 million.
The result of the effectiveness tests carried out show that the derivatives are effective. The interest rate component of these derivatives, treated as
a hedging cost, amounts to EUR 64 million and is recorded as reserves. As the coupons for the interest rate spread are paid, this cost is directly
recognized as income. In addition, the impact of\u00a0 the investment hedges was EUR -109 million and is recognized as a translation difference.
Foreign exchange\u00a0 derivatives (FX)
There are foreign exchange hedges designed for the Group\u2019s CAD investment. The notional amount is EUR 485 million at December 31, 2024
(CAD\u00a0 732 million) (Note 1.3) and the fair value amount is EUR -5 million.
Value changes are recognized under currency translation differences in the amount of EUR 23 million in 2024. Additionally, movements of
settlements and accruals had an impact of EUR -6 million on the financial result and EUR -1 million on cash.
There are also hedges of foreign currency risk, for the volatility of future cash flows in foreign currencies or assets denominated in foreign
currencies (primarily the US dollar, pound sterling and Polish zloty). Their notional value stood at EUR 2,287 million at December 31, 2024, of
which EUR 1,068 million relates to pounds sterling, EUR 976 million to the US dollar and EUR 142 million to the Polish zloty, they all expire in the
short-term.
Value changes are recognized as translation differences and amounted to EUR -45 million in 2024 (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 -4 million during
the year.
Equity swaps (ES)
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, and are therefore treated as financial hedging derivatives
but not as accounting hedges (speculative), so the change in fair value of these derivatives in recognized through the profit or loss 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, multiplied by the number of shares contracted. Otherwise, Ferrovial will pay the difference to
the financial institution.
Its fair value at December 31, 2024 is EUR\u00a0 29 million. The change in value during the year was due to the increase in Ferrovial\u2019s share price from
EUR 33 at December 31, 2023 to EUR 41 at\u00a0 December 31, 2024, entailing an impact of EUR 17 million under the income statement heading
\u201cChanges in the fair value of financial instruments\u201d. 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 2024, these derivatives had a notional value equivalent to 2,042 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 54 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, 2024 and December 2023 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
BALANCES
AT
12/31/2024
BALANCES
AT
12/31/2023
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOSS) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
134
115
19
12
6
4
(11)
\u2013
8
19
Cash flow hedge
134
115
19
12
6
4
(11)
\u2013
8
19
Interest rate derivatives
(57)
(39)
(17)
26
3
(1)
(1)
1
(45)
(17)
Cash flow hedge
(57)
(39)
(17)
17
3
(1)
(1)
1
(36)
(17)
Fair value hedge
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cross-currency swaps
42
58
(17)
77
(19)
7
12
(109)
15
(17)
Cash flow hedge
1
(13)
14
(1)
\u2013
7
(7)
\u2013
15
14
Hedge of net investment in foreign
operations
41
72
(31)
78
(19)
\u2013
19
(109)
\u2013
(31)
Fair value hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
(39)
(1)
(38)
(2)
(12)
(6)
65
(23)
(60)
(38)
Fair value hedge
(5)
\u2013
(5)
\u2013
(1)
\u2013
\u2013
(4)
\u2013
(5)
Hedge of net investment in foreign
operations
(38)
(8)
(30)
\u2013
(5)
(6)
\u2013
(19)
\u2013
(30)
Cash flow hedge
(2)
\u2013
(2)
(2)
1
\u2013
58
\u2013
(59)
(2)
Speculative
6
7
(1)
\u2013
(7)
\u2013
7
\u2013
(1)
(1)
Equity swaps
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
Speculative
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
TOTAL
109
153
(44)
113
(5)
4
59
(131)
(84)
(44)
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 the effective portion of cash flow hedging derivatives are recognized with a balancing entry in reserves\u00a0
(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 of the 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 on currency translation differences from December 31, 2023 to December 31, 2024 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet and income\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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-949": { "value": "
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2024 and December 31, 2023:
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 31/12/2022
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 31/12/2023
262
628
45
186
27
1,148
Additions
113
18
566
1
32
730
Disposals
(3)
(275)
(2)
(176)
(33)
(489)
Transfers and other
(273)
(1)
(13)
-
(287)
Foreign exchange
1
30
2
2
2
37
BALANCE AT 31/12/2024
100
401
610
-
28
1,139
Note: Balances net of provisions
Restricted cash from infrastructure project companies
The item \u201cRestricted cash from infrastructure project companies and other financial assets\u201d (EUR\u00a0 401 million) relates primarily to the NTE
Mobility Partners toll road (EUR 281 million) and the I-66 Express Mobility Partners toll road (EUR 57 million). During 2024, the main movement
corresponds to the I-77 Mobility Partners toll road\u2019s restricted cash released due to its refinancing transaction (EUR -99 million), and to I-66
Mobility Partners (EUR -77 million) and NTE Mobility Partners (EUR -51 million).
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, 2024 and December 31, 2023 stood at EUR 175 million
and EUR 204 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 principal or interest on the borrowings and the infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less 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 2024:
Short-term balances, which amounted to EUR 18 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 380 million are carried as financial assets. Therefore, short- and long-term restricted cash recognized at December
31, 2024 amounts to EUR 398 million and relates to the NTE Segment 3, LBJ, I-66 and NTE toll roads (EUR 22 million, EUR 12 million, EUR 57
million and EUR 281 million, respectively), as well as to other European concessions in the amount of EUR 26 million, primarily treatment plants in
the United Kingdom, and the Autov\u00eda de Arag\u00f3n toll road (EUR 9 million, EUR 17 million, respectively). The variation of EUR -228 million
compared with December 2023 is explained by:
\u2022 A net decrease in the restricted cash amount of EUR -257 million (excluding exchange rate effects), essentially from the NTE toll road (EUR
-70 million), I-66 (EUR -82 million) and the I-77 (EUR -101 million) due mainly to the distribution of dividends in these toll roads.
\u2022 The exchange rate effect reached EUR 29 million, mainly generated\u00a0 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 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 carried 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, EUR 17 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-infrastructures projects
Cash and cash equivalents of ex-infrastructure project companies at December, 31 2024 and December, 31 2023 amounted to EUR 4,653 million
and EUR 4,585 million, respectively. At December 2023, EUR 207 million denominated in Canadian dollars and the exchange rate risk affecting
these cash and cash equivalents is fully hedged by forward derivatives.
At December, 31 2024, certain accounts totaling EUR 22 million (EUR 37 million at December, 31 2023) are restricted due mainly to the UK waste
treatment business (Thalia). This is cash but is kept in escrow so that Thalia cannot access it without the Environment Agency's consent. When
there is a need to pay for landfill aftercare in the future, the cash can be used at that time.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-948": { "value": "
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2024 and December 31, 2023:
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 31/12/2022
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 31/12/2023
262
628
45
186
27
1,148
Additions
113
18
566
1
32
730
Disposals
(3)
(275)
(2)
(176)
(33)
(489)
Transfers and other
(273)
(1)
(13)
-
(287)
Foreign exchange
1
30
2
2
2
37
BALANCE AT 31/12/2024
100
401
610
-
28
1,139
Note: Balances net of provisions
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-952": { "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
(Million euro)
LAND
BUILDINGS
VEHICLES
PLANT AND
MACHINERY
OFFICE EQUIPMENT
AND OTHER
TOTAL
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
\u2014
(2)
\u2014
2
Depreciation/amortization
(1)
(15)
(27)
(20)
(2)
(65)
Scope changes
(2)
(4)
(5)
(1)
\u2014
(12)
Foreign exchange effect
\u2014
\u2014
(1)
(1)
\u2014
(2)
BALANCE AT 12/31/2023
12
83
63
33
5
196
Additions
26
25
61
27
4
143
Disposals
\u2014
(7)
(4)
(6)
\u2014
(17)
Transfers and other
\u2014
1
1
4
(1)
5
Depreciation/amortization
(4)
(24)
(41)
(20)
(4)
(93)
Scope changes
(3)
\u2014
\u2014
\u2014
\u2014
(3)
Foreign exchange effect
1
2
3
1
\u2014
7
BALANCE AT 12/31/2024
32
80
83
39
4
238
The most significant variations under this heading relate to additions totaling EUR 143 million (EUR 87 million in 2023), of which EUR 109 million
(EUR 72 million in 2023) correspond to the Construction Division leases.
Movements in lease liabilities are set out below:
LEASE LIABILITIES
BALANCE AT 12/31/2022
184
Additions under new leases
97
Associated financial expenses
14
Payments
(87)
Foreign exchange effect
(1)
Consolidation scope changes and other
(7)
BALANCE AT 12/31/2023
200
Additions under new leases
143
Associated financial expenses
12
Payments
(104)
Foreign exchange effect
7
Consolidation scope changes and other
(13)
BALANCE AT 12/31/2024
245
Short-term lease liabilities 2024
80
Long-term lease liabilities 2024
165
Set out below are future maturities of lease liabilities in each business area at December 31, 2024:
2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
Corporation
3
3
3
3
3
11
26
Construction
68
44
27
14
8
24
185
Toll Roads
2
2
-
-
-
-
4
Other
7
4
1
-
-
18
30
TOTAL LEASE LIABILITIES
80
53
31
17
11
53
245
At December 31, 2024 lease expenses recognized in operating profit/(loss) reached EUR 257 million (EUR 251 million in 2023 and EUR 257 million
in 2022), relating to the following items:
a.Expenses under agreements which though meeting the definition of a lease under IFRS 16, qualify for 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-951": { "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, 2024:
2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
Corporation
3
3
3
3
3
11
26
Construction
68
44
27
14
8
24
185
Toll Roads
2
2
-
-
-
-
4
Other
7
4
1
-
-
18
30
TOTAL LEASE LIABILITIES
80
53
31
17
11
53
245
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
TOLL ROADS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
TOLL ROADS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
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
\u2013
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
USD
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
295
295
28
5
230
3
4
34
304
USD
224
224
2
2
228
0
0
0
232
OTHER
49
49
3
3
3
3
4
34
49
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
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
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
\u2013
46
EUR
3
3
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
PLN
9
9
1
5
2
1
\u2013
\u2013
9
CLP
19
19
20
\u2013
\u2013
\u2013
\u2013
\u2013
20
Other
32
32
\u2013
\u2013
11
5
\u2013
\u2013
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
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, 2024, cash and cash equivalents amounted to EUR 4,653 million (EUR\u00a0 4,585 million in 2023. At that date, undrawn credit lines
totaled EUR 652 million (EUR 789 million in 2023), forwards hedging cash flows denominated in a currency other than the euro amounted to EUR
-5 million (EUR -18 million in 2023) and long term restricted cash stood at EUR 21 million (EUR 32 million in 2023).
Therefore, liquidity totaled EUR 5,320 million (EUR 5,387 million in December 2023).
Infrastructure projects companies
At December 31, 2024, cash and cash equivalents (including short-term restricted cash) amounted to EUR 175 million (EUR 204 million in 2023).
Also, at that date undrawn credit lines stood at EUR 13 million (EUR 1 million in 2023), and were primarily arranged to cover committed
investment needs.
Liquidity (including long-term restricted cash) totaled EUR 557 million (EUR 817 million in December 2023).
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, 2024, 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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
421
3
(1)
(1)
2,748
3,170
Toll road Division index-linked swaps
P
134
(4)
(3)
(3)
(4)
89
76
Corporate cross-currency swaps
1
250
\u2013
\u2013
\u2013
\u2013
250
Toll road Division cross-currency swaps
41
\u2013
\u2013
\u2013
\u2013
1,850
1,850
Corporate interest rate swaps
1
\u2013
\u2013
\u2013
\u2013
165
165
Transchile and Centella interest rate swaps
P
19
2
2
\u2013
\u2013
320
324
Dalaman interest rate swaps
P
1
\u2013
\u2013
\u2013
\u2013
72
72
Toll road Division interest rate swaps
P
6
\u2013
\u2013
\u2013
\u2013
231
231
Corporate equity swaps
29
54
\u2013
\u2013
\u2013
\u2013
54
Construction Division interest rate swaps
P
2
1
3
2
3
20
29
Other derivatives
7
117
2
\u2013
\u2013
\u2013
119
LIABILITY BALANCES
(132)
2,584
40
35
43
566
3,268
Toll road Division interest rate swaps
P
(84)
28
37
32
40
430
567
Toll road Division foreign exchange derivatives
(38)
975
\u2013
\u2013
\u2013
\u2013
975
Corporate foreign exchange derivatives
(4)
481
\u2013
\u2013
\u2013
100
581
Airport Division foreign exchange derivatives
(3)
1,068
\u2013
\u2013
\u2013
\u2013
1,068
Thalia interest rate swaps
P
(2)
3
3
3
3
36
49
Other derivatives
(1)
29
\u2013
\u2013
\u2013
\u2013
29
TOTAL
109
3,005
43
34
42
3,314
6,438
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
35
(2)
(3)
(4)
270
296
Toll road Division index-linked swaps
P
134
12
12
13
13
108
158
Corporate cross-currency swaps
1
2
\u2013
\u2013
\u2013
\u2013
2
Toll road Division cross-currency swaps
41
(19)
(19)
(19)
(19)
144
68
Corporate interest rate swaps
1
1
\u2013
\u2013
\u2013
\u2013
1
Transchile and Centella interest rate swaps
P
19
4
3
1
1
17
26
Dalaman interest rate swaps
P
1
1
\u2013
\u2013
\u2013
\u2013
1
Toll road Division interest rate swaps
P
6
2
2
2
1
\u2013
7
Corporate equity swaps
29
29
\u2013
\u2013
\u2013
\u2013
29
Construction Division interest rate swaps
P
2
\u2013
\u2013
\u2013
\u2013
1
2
Other derivatives
7
2
\u2013
\u2013
\u2013
\u2013
2
LIABILITY BALANCES
(132)
(57)
(16)
(13)
(12)
(38)
(139)
Toll road Division interest rate swaps
P
(84)
(16)
(16)
(14)
(12)
(37)
(96)
Toll road Division foreign exchange derivatives
(38)
(38)
\u2013
\u2013
\u2013
\u2013
(38)
Corporate foreign exchange derivatives
(4)
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Airport Division foreign exchange derivatives
(3)
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Thalia interest rate swaps
P
(2)
\u2013
\u2013
\u2013
\u2013
(1)
-1
Other derivatives
(1)
4
\u2013
\u2013
\u2013
\u2014
4
TOTAL
109
(23)
(18)
(16)
(16)
232
156
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-950": { "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, 2024:
2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
Corporation
3
3
3
3
3
11
26
Construction
68
44
27
14
8
24
185
Toll Roads
2
2
-
-
-
-
4
Other
7
4
1
-
-
18
30
TOTAL LEASE LIABILITIES
80
53
31
17
11
53
245
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Changes to trade provisions are set out below:
(Million euro)
2024
2023
Opening balance
216
209
Amounts charged to the income statement:
10
5
Charges
16
12
Reversals
(7)
(8)
Applications
\u2014
\u2014
Foreign exchange effect
1
1
Transfers and other
\u2014
1
Closing balance
227
216
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
TOLL ROADS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
TOLL ROADS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
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
\u2013
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
USD
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
295
295
28
5
230
3
4
34
304
USD
224
224
2
2
228
0
0
0
232
OTHER
49
49
3
3
3
3
4
34
49
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
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
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
\u2013
46
EUR
3
3
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
PLN
9
9
1
5
2
1
\u2013
\u2013
9
CLP
19
19
20
\u2013
\u2013
\u2013
\u2013
\u2013
20
Other
32
32
\u2013
\u2013
11
5
\u2013
\u2013
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
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 tables show a breakdown of the Group\u2019s borrowings, indicating the percentage of borrowings that is considered to be hedged\u00a0
(either by a fixed rate or by derivatives).
BORROWINGS
2024
2023
(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
2,886
91%
255
3
3,463
92%
260
3
Toll Roads
7,945
97%
237
2
7,410
99%
51
1
Airports
94
96%
4
\u2014
104
100%
\u2014
1
Construction
103
90%
10
\u2014
106
91%
10
\u2014
Energy
211
100%
\u2014
\u2014
246
93%
18
\u2014
Other
47
100%
\u2014
\u2014
49
93%
4
\u2014
Infrastructure project companies
8,400
97%
251
2
7,915
99%
83
1
Total borrowings
11,288
96%
503
5
11,378
97%
343
4
Accordingly, in the fully-consolidated companies, a linear increase of 100 basis points in market interest rate curves at December 31, 2024 and
2023 would increase financial expenses in the income statement by an estimated EUR 5 million (EUR 4 million at December 31, 2023), of which
EUR 2 million (EUR 1 million at December, 31 2023) relates to infrastructure project companies and EUR 3 million (EUR 3 million at December 31,
2023) to ex-infrastructure project companies, entailing a net effect on Ferrovial\u2019s results of EUR 3 million (EUR 3 million at December 31,\u00a0 2023)
(expense).
The Group's cash amounted to EUR 4,828 million in 2024 (EUR 4,789 million in 2023), a large portion of it at variable rates, which meant an
improvement in 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.
As regards these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2024 would, in
the case of the effective hedges, have a positive impact of approximately EUR 63 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 109 million at December 31, 2023), while a decrease of 100 basis points would have a negative impact of
approximately EUR 54 million (EUR 41 million at December 31, 2023).
As a balancing entry for this impact, it 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-term 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 (see 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 2024 and 2023, adjusted to account for the above-mentioned currency forwards relating to each currency:
DEC. 2024
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
8,145
4,815
3,119
211
Pound sterling
602
382
219
1
US dollar
15,561
13,131
796
1,634
Canadian dollar
882
457
425
\u2014
Australian dollar
289
215
74
\u2014
Polish zloty
1,918
1,576
144
199
Chilean peso
251
132
120
\u2014
Colombian peso
233
133
100
\u2014
Indian rupee
1,026
3
1,023
\u2014
Other
91
36
56
\u2014
GROUP TOTAL
28,999
20,879
6,075
2,045
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
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, 2024 EUR was 33 million (EUR -83 million at December 31, 2023) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2024 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 322
million, of which 35% would relate to the effect of the Indian rupee,\u00a0 27% to the US dollar and 15% to the Canadian dollar.
Note 1.4 contains a breakdown of average exchange rates for 2024 and 2023. 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 56 million in 2024 (EUR 52 million in 2023).
c) Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
(Million euro)
2024
2023
Var. 24/23
Investments in financial assets (1)
1,945
671
1,275
Non-current financial assets
1,297
1,310
(19)
Net financial derivatives (assets)
241
285
(44)
Trade and other receivables
2,223
1,677
525
(1) Included in cash and cash equivalents
\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. The Company\u00b4s internal policy for the investment of cash surpluses establishes
the minimum counterparty risk as investment grade rating.
\u2022 The internal rules for managing cash 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, 2024, cash and cash equivalents amounted to EUR 4,653 million (EUR\u00a0 4,585 million in 2023. At that date, undrawn credit lines
totaled EUR 652 million (EUR 789 million in 2023), forwards hedging cash flows denominated in a currency other than the euro amounted to EUR
-5 million (EUR -18 million in 2023) and long term restricted cash stood at EUR 21 million (EUR 32 million in 2023).
Therefore, liquidity totaled EUR 5,320 million (EUR 5,387 million in December 2023).
Infrastructure projects companies
At December 31, 2024, cash and cash equivalents (including short-term restricted cash) amounted to EUR 175 million (EUR 204 million in 2023).
Also, at that date undrawn credit lines stood at EUR 13 million (EUR 1 million in 2023), and were primarily arranged to cover committed
investment needs.
Liquidity (including long-term restricted cash) totaled EUR 557 million (EUR 817 million in December 2023).
e) Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises from 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) in 2024.
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 rise in inflation may have an adverse effect on operating margins under the construction contracts. However, a substantial part of the
division's portfolio is protected against the effects of rising inflation due to the existence of price adjustment contract clauses linked to inflation in
certain jurisdictions, such as Poland or, in certain contracts, such as in Spain. In the absence of such clauses, the risk is hedged by closing the main
direct costs at the time of bidding.
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, 2024, 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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
421
3
(1)
(1)
2,748
3,170
Toll road Division index-linked swaps
P
134
(4)
(3)
(3)
(4)
89
76
Corporate cross-currency swaps
1
250
\u2013
\u2013
\u2013
\u2013
250
Toll road Division cross-currency swaps
41
\u2013
\u2013
\u2013
\u2013
1,850
1,850
Corporate interest rate swaps
1
\u2013
\u2013
\u2013
\u2013
165
165
Transchile and Centella interest rate swaps
P
19
2
2
\u2013
\u2013
320
324
Dalaman interest rate swaps
P
1
\u2013
\u2013
\u2013
\u2013
72
72
Toll road Division interest rate swaps
P
6
\u2013
\u2013
\u2013
\u2013
231
231
Corporate equity swaps
29
54
\u2013
\u2013
\u2013
\u2013
54
Construction Division interest rate swaps
P
2
1
3
2
3
20
29
Other derivatives
7
117
2
\u2013
\u2013
\u2013
119
LIABILITY BALANCES
(132)
2,584
40
35
43
566
3,268
Toll road Division interest rate swaps
P
(84)
28
37
32
40
430
567
Toll road Division foreign exchange derivatives
(38)
975
\u2013
\u2013
\u2013
\u2013
975
Corporate foreign exchange derivatives
(4)
481
\u2013
\u2013
\u2013
100
581
Airport Division foreign exchange derivatives
(3)
1,068
\u2013
\u2013
\u2013
\u2013
1,068
Thalia interest rate swaps
P
(2)
3
3
3
3
36
49
Other derivatives
(1)
29
\u2013
\u2013
\u2013
\u2013
29
TOTAL
109
3,005
43
34
42
3,314
6,438
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
35
(2)
(3)
(4)
270
296
Toll road Division index-linked swaps
P
134
12
12
13
13
108
158
Corporate cross-currency swaps
1
2
\u2013
\u2013
\u2013
\u2013
2
Toll road Division cross-currency swaps
41
(19)
(19)
(19)
(19)
144
68
Corporate interest rate swaps
1
1
\u2013
\u2013
\u2013
\u2013
1
Transchile and Centella interest rate swaps
P
19
4
3
1
1
17
26
Dalaman interest rate swaps
P
1
1
\u2013
\u2013
\u2013
\u2013
1
Toll road Division interest rate swaps
P
6
2
2
2
1
\u2013
7
Corporate equity swaps
29
29
\u2013
\u2013
\u2013
\u2013
29
Construction Division interest rate swaps
P
2
\u2013
\u2013
\u2013
\u2013
1
2
Other derivatives
7
2
\u2013
\u2013
\u2013
\u2013
2
LIABILITY BALANCES
(132)
(57)
(16)
(13)
(12)
(38)
(139)
Toll road Division interest rate swaps
P
(84)
(16)
(16)
(14)
(12)
(37)
(96)
Toll road Division foreign exchange derivatives
(38)
(38)
\u2013
\u2013
\u2013
\u2013
(38)
Corporate foreign exchange derivatives
(4)
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Airport Division foreign exchange derivatives
(3)
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Thalia interest rate swaps
P
(2)
\u2013
\u2013
\u2013
\u2013
(1)
-1
Other derivatives
(1)
4
\u2013
\u2013
\u2013
\u2014
4
TOTAL
109
(23)
(18)
(16)
(16)
232
156
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-956": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2024 AND 2023
This section contains the notes related to 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.
The distinction between current and non-current assets and liabilities is made on the basis of whether or not the asset or liability is expected to be
recovered or settled in the ordinary course of the company\u00b4s business cycle. There is a presumption that normally the business cycle has a duration
of one year, but there could be assets and liabilities used in activities in which operations are considered to mature over more than one year that
should be considered as current assets and liabilities, specifically in relation to the construction activity, since the life of a construction contract is
greater than one year.
The main movement under this heading during 2024 corresponds to the reclassification from long-term financial assets to short-term receivables
of the subordinated loans granted to AGS (EUR 235 million), derived from the divestment agreement reached for the sale of Ferrovial's entire
stake in this asset (Note 1.1.4.). Excluding this impact, the total balance for December 2024 would reach EUR 1,417 million.
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Inventories
458
13
\u2014
21
492
Short-term trade and other receivables
1,677
29
1
522
2,228
Short-term trade and other payables
(3,646)
(63)
4
(198)
(3,902)
TOTAL
(1,511)
(21)
4
345
(1,182)
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)
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
Set out below is a break down of this heading at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade payables
1,698
29
2
53
1,781
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Other non-trade payables
419
6
(6)
83
502
TRADE AND OTHER PAYABLES
3,646
63
(4)
198
3,902
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
a) Trade payables
Set out below is a breakdown of trade payables at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade payables
1,158
24
2
20
1,203
Trade payables sent for reverse factoring
281
\u2014
\u2014
35
317
Withholdings made from suppliers
259
5
\u2014
(2)
261
TRADE PAYABLES
1,698
29
2
53
1,781
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
Trade payables increased by EUR 84 million compared to the balance recognized at December 31, 2023. Excluding the foreign exchange effect
and scope changes, trade payables grew by EUR 53 million, primarily in the Energy Division (EUR 23 million) and particularly in the activity in
United States.
The Group offers its suppliers the option of utilizing reverse factoring arrangements to receive early payment of their invoices through banks.
Suppliers may choose to participate in this arrangement at their discretion.
Suppliers that participate in these reverse factoring arrangements will receive early payment on invoices from the banks, paying a fee to the
finance provider. In the due dates and without any extension beyond the original dates agreed with the suppliers, the Group will pay to the banks
in the same terms. Additionally, there are no special guarantees securing these payments.
All trade payables where suppliers can use these reverse factoring arrangements are included in trade and other payables in the consolidated
statement of financial position and within trade payables in the table above, regardless of whether they have made use of the early payment.
From the EUR 317 million (EUR 281 million in 2023) of the trade payables sent for reverse factoring, EUR 130 million of suppliers have received the
payment on December 31, 2024.
As disclosed in the table above, trade payables pending payment to suppliers under reverse factoring arrangements increased by EUR 35 million,
compared to the balance at December 31, 2023. This increase relates to the difference of payments made in the year and new invoices that are
pending to be paid by December 2024
There were no significant non-cash changes in the carrying amount of the trade payables such as the effect of business combinations or exchange
differences, included in the Group\u00b4s supplier finance arrangement.
Group management considers that the carrying amount of trade payables approximates fair value.
c) Other non-trade payables
\u201cOther non-trade payables\u201d break down is as follows:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Accrued wages and salaries
227
3
(1)
25
254
Taxes payable
162
2
(5)
17
176
Other payables
30
2
\u2014
41
72
OTHER NON- TRADE PAYABLES
419
6
(6)
83
502
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-954": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2024 AND 2023
This section contains the notes related to 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.
The distinction between current and non-current assets and liabilities is made on the basis of whether or not the asset or liability is expected to be
recovered or settled in the ordinary course of the company\u00b4s business cycle. There is a presumption that normally the business cycle has a duration
of one year, but there could be assets and liabilities used in activities in which operations are considered to mature over more than one year that
should be considered as current assets and liabilities, specifically in relation to the construction activity, since the life of a construction contract is
greater than one year.
The main movement under this heading during 2024 corresponds to the reclassification from long-term financial assets to short-term receivables
of the subordinated loans granted to AGS (EUR 235 million), derived from the divestment agreement reached for the sale of Ferrovial's entire
stake in this asset (Note 1.1.4.). Excluding this impact, the total balance for December 2024 would reach EUR 1,417 million.
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Inventories
458
13
\u2014
21
492
Short-term trade and other receivables
1,677
29
1
522
2,228
Short-term trade and other payables
(3,646)
(63)
4
(198)
(3,902)
TOTAL
(1,511)
(21)
4
345
(1,182)
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)
4.1.INVENTORIES
Inventories break down as follows at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Goods purchased for resale
20
\u2014
\u2014
6
26
Raw materials and other supplies
303
10
\u2014
30
343
Bidding and mobilization costs
135
3
\u2014
(15)
124
Inventories
458
13
\u2014
21
492
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
Goods purchased for resale relate primarily to the Construction business (EUR 26 million in 2024, compared to EUR 19 million in 2023).
The movement during 2024 in raw materials and other supplies (EUR 40 million) mainly relates to the Construction Division, primarily the US
activity for EUR 23 million (EUR 10 million in 2023) and the activity in Spain for an amount of EUR 13 million (EUR -1 million in 2023).
Bidding and mobilization costs are written off systematically as the goods and services relating to the asset are transferred to customers, entailing
a variation of EUR 15 million during 2024, particularly in the United States and Canada.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-953": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2024 AND 2023
This section contains the notes related to 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.
The distinction between current and non-current assets and liabilities is made on the basis of whether or not the asset or liability is expected to be
recovered or settled in the ordinary course of the company\u00b4s business cycle. There is a presumption that normally the business cycle has a duration
of one year, but there could be assets and liabilities used in activities in which operations are considered to mature over more than one year that
should be considered as current assets and liabilities, specifically in relation to the construction activity, since the life of a construction contract is
greater than one year.
The main movement under this heading during 2024 corresponds to the reclassification from long-term financial assets to short-term receivables
of the subordinated loans granted to AGS (EUR 235 million), derived from the divestment agreement reached for the sale of Ferrovial's entire
stake in this asset (Note 1.1.4.). Excluding this impact, the total balance for December 2024 would reach EUR 1,417 million.
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Inventories
458
13
\u2014
21
492
Short-term trade and other receivables
1,677
29
1
522
2,228
Short-term trade and other payables
(3,646)
(63)
4
(198)
(3,902)
TOTAL
(1,511)
(21)
4
345
(1,182)
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)
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Set out below is a breakdown of this heading at December 31, 2024 and\u00a0 2023:
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade receivables for sales and services
1,353
24
1
248
1,625
Other receivables
324
5
\u2014
274
602
TOTAL RECEIVABLES
1,677
29
1
522
2,228
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
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2024 and\u00a0 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade receivables
963
13
1
111
1,088
Bad debt provisions
(216)
(1)
\u2014
(10)
(227)
Net trade receivables
748
12
1
101
861
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
TRADE RECEIVABLES FOR SALES AND SERVICES
1,353
24
1
248
1,625
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
The change under the heading \u201cOther\u201d (EUR 248 million) is explained primarily by the increase in Construction (EUR 228 million), highlighting
Canada (EUR 95 million) and Spain (EUR 68 million) and United States (EUR 67 million), as a result of the business performance.
Additionally, the heading \"Trade receivables\" includes collections of non recourse factoring during\u00a0 2024 for EUR 11 million (there were no
factoring agreements during\u00a0 2023).
Set out below is a breakdown of the main trade receivables by debtor type at December 31, 2024 and 2023:
At 12.31.2024
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
820
57%
138
n.a.
958
60%
Private sector
458
31%
75
n.a.
533
32%
Group companies and associates
186
12%
(52)
n.a.
134
8%
TOTAL
1,465
100%
161
N.A.
1,625
100%
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%
The Group has pre- and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or
solvency studies, etc, and monitoring incidents and default, etc while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2024
2023
Opening balance
216
209
Amounts charged to the income statement:
10
5
Charges
16
12
Reversals
(7)
(8)
Applications
\u2014
\u2014
Foreign exchange effect
1
1
Transfers and other
\u2014
1
Closing balance
227
216
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, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Advance payments to suppliers
67
3
\u2014
13
83
Sundry receivables and other short terms financial assets
110
1
\u2014
233
343
Infrastructure project receivables
4
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
144
1
\u2014
28
172
OTHER RECEIVABLES
324
5
\u2014
274
602
Million euro
2022
Exchange rate
Consolidation scope
changes
Other
2023
Advance payments to suppliers
61
\u2014
\u2014
6
67
Sundry receivables and other short terms financial assets
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
The main movement under this heading during 2024, disclosed in the line item \"Sundry receivables an other short terms financial assets\",
corresponds to the AGS divestment agreement reached with Avialliance UK Limited for the sale of Ferrovial entire stake in this asset (Note 1.1.4.
and Note 6.11.), that has been completed on January 28, 2025. The completion of this transaction was subject to satisfaction of applicable
regulatory approvals by 2024 year-end, and therefore, the subordinated loans granted to AGS of GBP 195 million (EUR 235 million) have been
reclassified from long-term to short-term receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-955": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2024 AND 2023
Changes to trade provisions are set out below:
(Million euro)
2024
2023
Opening balance
216
209
Amounts charged to the income statement:
10
5
Charges
16
12
Reversals
(7)
(8)
Applications
\u2014
\u2014
Foreign exchange effect
1
1
Transfers and other
\u2014
1
Closing balance
227
216
c) Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
(Million euro)
2024
2023
Var. 24/23
Investments in financial assets (1)
1,945
671
1,275
Non-current financial assets
1,297
1,310
(19)
Net financial derivatives (assets)
241
285
(44)
Trade and other receivables
2,223
1,677
525
(1) Included in cash and cash equivalents
\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. The Company\u00b4s internal policy for the investment of cash surpluses establishes
the minimum counterparty risk as investment grade rating.
\u2022 The internal rules for managing cash 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-957": { "value": "
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2024 and\u00a0 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade receivables
963
13
1
111
1,088
Bad debt provisions
(216)
(1)
\u2014
(10)
(227)
Net trade receivables
748
12
1
101
861
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
TRADE RECEIVABLES FOR SALES AND SERVICES
1,353
24
1
248
1,625
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
The Group has pre- and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or
solvency studies, etc, and monitoring incidents and default, etc while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2024
2023
Opening balance
216
209
Amounts charged to the income statement:
10
5
Charges
16
12
Reversals
(7)
(8)
Applications
\u2014
\u2014
Foreign exchange effect
1
1
Transfers and other
\u2014
1
Closing balance
227
216
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-958": { "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 1.3.3.4) increased by EUR 77 million against December 2023 (excluding the foreign
exchange effect and scope changes), primarily in Construction (EUR 59 million), mainly in United States and in the Energy Division (EUR 24
million) in Spain.
\u2022 The balance of advance payments from customers (see definition in Note 4.4) decreased by EUR -14 million in relation to December 2023.
4.4. BALANCES UNDER CONTRACTS WITH CUSTOMERS AND OTHER IFRS15 DISCLOSURES
Balance sheet information under 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 -
Net completed work pending certification\u201d (Note 4.2), 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 recognized during the reporting period was included in the contract liability balance at
the beginning of the period.
Set out below is a breakdown of the amounts recognized in this connection at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
Total customer contract assets
606
13
\u2014
146
764
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Total customer contract liabilities
1,530
27
\u2014
63
1,619
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
606
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
1,530
The balance of work completed\u00a0 pending certification at December 31, 2024 and 2023 related 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, as the amounts relating to changes and claims
are immaterial under the completed work pending certification heading, 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 by business area at year-
end, and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2025
2026
2027
2028
2029 and beyond
TOTAL
Construction
6,482
5,309
2,521
683
1,760
16,756
Energy
523
193
113
101
394
1,324
Total
7,005
5,502
2,634
784
2,154
18,080
In 2024, there are a total of 738 contracts in force in the Construction businesses (750 contracts in 2023) and 138 Energy contracts (198 contracts
in\u00a0 2023).
6.1. DEFERRED INCOME
Deferred income breaks down as follows at December 31, 2024 and 2023:
(Million euro)
2024
2023
Var. 24/23
Capital grants
1,372
1,317
55
Other deferred income
3
17
(14)
TOTAL DEFERRED INCOME
1,375
1,334
41
Capital grants awarded by government bodies relate entirely to infrastructure projects in the Toll Roads Division at December 31, 2024 and 2023.
These grants are primarily related to the following toll road projects: EUR 510 million and EUR 486 million for NTE Mobility Partners in 2024 and
2023, respectively. EUR 429 million and EUR 407 million for LBJ Infrastructure Group, in 2024 and 2023, respectively. EUR 216 million and EUR
205 million for I-77 Mobility Partners, in 2024 and 2023, respectively and, lastly, EUR 205 million and EUR 204 million for NTE Mobility Partners
Segments 3 LLC, in 2024 and 2023, respectively.
Amounts received by the US companies increased by EUR 86 million and decreased by EUR -41 million in 2024 and 2023 respectively, due to the
US dollar's appreciation against the euro in 2024 and depreciation in 2023.\u00a0
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, 2024 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 2024, 2023 and 2022.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-959": { "value": "
4.4. BALANCES UNDER CONTRACTS WITH CUSTOMERS AND OTHER IFRS15 DISCLOSURES
Balance sheet information under 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 -
Net completed work pending certification\u201d (Note 4.2), 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 each progress billing payment 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 recognized during the reporting period was included in the contract liability balance at
the beginning of the period.
Set out below is a breakdown of the amounts recognized in this connection at December 31, 2024 and 2023:
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
Total customer contract assets
606
13
\u2014
146
764
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Total customer contract liabilities
1,530
27
\u2014
63
1,619
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
606
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
1,530
The balance of work completed\u00a0 pending certification at December 31, 2024 and 2023 related 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, as the amounts relating to changes and claims
are immaterial under the completed work pending certification heading, 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 9,024 million of the total revenue recognized in 2024 (EUR 8,339 million and EUR 7,385 million in 2023 and 2022, respectively) (Note 2.1
Operating income) relates to revenue from contracts with customers, which accounted for\u00a0 98.7% of revenue recognized ( 97.9% and\u00a0 97.8% in
2023 and 2022, respectively)
Million euro
2024
2023
2022
Construction
7,091
6,909
6,287
Toll Roads
1,236
1,071
765
Airports
90
8
5
Other segments
607
351
328
Revenue from contracts with customers
9,024
8,339
7,385
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations by business area at year-
end, and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2025
2026
2027
2028
2029 and beyond
TOTAL
Construction
6,482
5,309
2,521
683
1,760
16,756
Energy
523
193
113
101
394
1,324
Total
7,005
5,502
2,634
784
2,154
18,080
In 2024, there are a total of 738 contracts in force in the Construction businesses (750 contracts in 2023) and 138 Energy contracts (198 contracts
in\u00a0 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-962": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT\u00a0 DECEMBER 31, 2024 AND 2023
EQUITY ATTRIBUTED TO SHAREHOLDERS
(Million euro)
Closing balance at 12.31.2023
3,766
Net profit/(loss)
3,239
Income and expense recognized directly in equity
158
Amounts transferred to the income statement
(15)
Shareholder distributions
(831)
Share-based remuneration scheme
13
Other treasury shares repurchase
(272)
Other
17
Closing balance at 12.31.2024
6,075
5.1.EQUITY
5.1.1 Changes in equity
There follows a breakdown of the main equity impacts during 2024 and 2023:
Attributed to
shareholders
Attributed to non-
controlling interest
Total equity
Equity at 01.01.2023
4,113
2,240
6,353
Consolidated profit/(loss) for the year
460
170
630
Impact on hedge reserves
3
3
6
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
Cash dividend
(136)
\u2014
(136)
Other dividends
\u2014
(379)
(379)
Treasury shares purchases
(114)
\u2014
(114)
SHAREHOLDER DISTRIBUTIONS
(250)
(379)
(629)
Share capital increases/reductions
\u2014
117
117
Share-based remuneration scheme
12
\u2014
12
Other treasury shares repurchase
\u2014
\u2014
\u2014
Other movements
16
2
18
OTHER TRANSACTIONS
28
119
147
Hybrid bond
(513)
\u2014
(513)
Scope changes
\u2014
2
2
Equity at 12.31.2023
3,766
2,113
5,879
Consolidated profit/(loss) for the year
3,239
251
3,490
Impact on hedge reserves
125
4
129
Currency translation differences
33
106
139
Income and expenses recognized directly in equity
158
110
268
Amounts transferred to the income statement
(15)
\u2014
(15)
TOTAL RECOGNIZED INCOME AND EXPENSES
3,382
361
3,743
Cash dividend
(130)
\u2014
(130)
Other dividends
\u2014
(446)
(446)
Treasury shares purchases
(701)
\u2014
(701)
SHAREHOLDER DISTRIBUTIONS
(831)
(446)
(1,277)
Share capital increases/reductions
\u2014
22
22
Share-based remuneration scheme
13
\u2014
13
Other treasury shares repurchase
(272)
\u2014
(272)
Other movements
17
(5)
12
OTHER TRANSACTIONS
(242)
17
(225)
Equity at 12.31.2024
6,075
2,045
8,120
There follows a description of the main movements in shareholders\u2019 funds in 2024 and 2023, which resulted in an increase of EUR 2,309 million in
2024 and a decrease of EUR -347 million in 2023 in equity attributable to shareholders. The increase for 2024 is essentially due to the net profit
for the year, partially offset by shareholder remuneration and the purchase of discretionary treasury shares.
Consolidated profit/(loss) for 2024 and 2023 attributed to the parent company reached EUR 3,239 million and EUR 460 million, respectively.
Income and expense recognized directly in equity relate to:
\u2022 Hedging instruments: recognition of changes in the value of the effective portion of derivatives designated as hedges, as detailed in Note 5.5,
with a positive impact of EUR 125 million in 2024, of which EUR 104 million related to fully-consolidated companies and EUR 21 million to
equity-accounted companies, as compared to 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.
\u2022 Currency translation differences: In 2024, the currencies to which Ferrovial was most exposed in terms of equity (mainly the Canadian dollar,
US dollar, and Indian rupee), as detailed in Note 5.4.b, gave rise to currency translation differences of EUR 33 million attributed to the parent
company, relating primarily to the US dollar (EUR 33 million), Canadian dollar (EUR -12 million) and Indian rupee (EUR 18 million). 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), gave rise to currency translation differences of EUR -83 million attributed to the parent company,\u00a0 relating primarily to 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 to offset this impact (Note 5.5).
Amounts transferred from other comprehensive income to the income statement:
At\u00a0 December 31, 2024
This impact reflects the reclassification from other comprehensive income to results of the amounts accumulated in equity (EUR -15 million),
related to currency translation differences (EUR 55 million) and derivatives hedging divestment transactions (EUR -84 million), highlighting the
19.75% HAH divestment, in addition to other divestments described in Note 1.1.5 (5% stake in IRB Infrastructure Developers, 24.78% stake in
Grupo Serveo, S.L. and some equity-accounted availability toll road assets sale).
At 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 the IRSs
contracted to cover 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 1.1.5, and the recycling impact of the pre-hedged bond issue initially planned for 2018 by Ferrovial Emisiones and cancelled in 2020, in the
amounts of EUR 6 million after taxes (negatives effects on the income statement).
Shareholder distributions:
Scrip dividend: On April 11, 2024 Ferrovial\u00b4s Board approved another flexible shareholder distribution scheme whereby the shareholders may
freely choose to receive new shares or an amount in cash, with a total cash impact of EUR 831 million, as follows:
\u2022 Cash dividend. The impact related to shareholders that received the dividend in the form of cash payment during 2024 reached EUR 130
million, corresponding to the first scrip dividend on May 9, 2024 (EUR 48 million; EUR 58 million in July 2023), the second scrip dividend on
November, 2024, (EUR 57 million; EUR 78 million in November 2023) and the final interim cash dividend on December 4, 2024 (EUR 25
million), on the back of forecast year-end cash levels, corresponding to EUR 0.0346 per share against Ferrovial's reserves.
\u2022 Treasury shares repurchase. Additionally, and in parallel with the payment in cash, Ferrovial, to reduce the dilution effect of paying the scrip
dividend in shares, has purchased 19,586,744 shares for an amount of EUR 701 million, with the aim of reducing share capital.
\u2022 On May 9, 2024 Ferrovial SE announced an interim scrip dividend of EUR 0.3033 per Ferrovial share (4,719,782 new shares were issued
compared to 5,051,417 new shares issued in July 2023). The dividend was payable in cash or shares at the choice of the shareholder,
against Ferrovial's reserves. On June 19, 2024 Ferrovial announced the ratio of this interim scrip dividend, being one new Ferrovial share
for every 120.2110 existing Ferrovial shares. 78.21% of the outstanding Ferrovial shares received the dividend in the form of new Ferrovial
shares.
\u2022 On November 5, 2024 Ferrovial SE announced an interim scrip dividend of EUR 0.4597 per Ferrovial share (7,402,412 new shares were
issued compared to 8,193,687 new shares issued in November 2023). The dividend was payable in cash or shares at the choice of the
shareholder, against Ferrovial's reserves. On December 11, 2024 Ferrovial announced the ratio of this interim scrip dividend, being one
new Ferrovial share for every 80.694 existing Ferrovial shares. 82.66% of the outstanding Ferrovial shares received the dividend in the
form of new Ferrovial shares.
\u2022 Finally, and regarding the treasury shares purchased during 2023 and 2024, 23,250,608 shares were applied to the share capital
reduction associated with the scrip dividend programs before mentioned, having an impact of -0.2 million on the shared capital.
Share-based remuneration schemes:
The impact of these remuneration schemes recognized in the Company's equity was EUR 13 million in 2024\u00a0 (with a counterparty impact through
income statement of EUR -13 million (Note 6.6.).
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 positive fair value effect of EUR 17 million in 2024 on net financial income/(expense) (EUR 25 million in 2023).
Other treasury shares repurchase
As described in note 5.1.2.c., on August 23, 2024 Ferrovial SE announced a discretional repurchase program of it shares in accordance with the
authorization granted by the Company\u00b4s General Shareholder\u00b4s Meeting held on April 11, 2024. The purpose was to repurchase Ferrovial shares in
the context of different corporate actions (such as, for instance, employee share incentives, placement of shares in the market, or cancelling the
repurchased shares) for a maximum of up to 30 million shares and a maximum investment amount of EUR 300 million. The program was
authorized for the period from August 26, 2024 to February 28, 2025 (both inclusive).
On December 13, 2024 Ferrovial SE announced the extension and increase of the discretional repurchase program of it shares, extending the
duration of the program to May 30, 2025 (inclusive) and increasing the maximum investment amount under the program by EUR 300 million,
bringing the total maximum amount of investment up to EUR 600 million. During 2024 7,169,540 shares were acquired giving rise to a total
disbursement of EUR 272 million.
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 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 full cancellation of
the bond and paid the remaining amount on 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 1.1.5).
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
At December 31, 2024, fully subscribed and paid in share capital stood at EUR 7,295,600 (EUR 7,406,884 in 2023), corresponding to Ferrovial SE
as the Groups\u00b4s parent holding company (see Consolidated Statement of Changes in Equity). Share capital consists of 729,559,951 ordinary shares
(740,688,365 ordinary shares in 2023) in a single class with a par value of one euro cent each (EUR 0.01). 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 01.01.2024
740,688,365
7,406,884
Scrip dividend
12,122,194
121,222
Share capital reduction
(23,250,608)
(232,506)
CLOSING SHARES 12.31.2024
729,559,951
7,295,600
SHARES
NUMBER
PAR VALUE
Opening balance 01.01.2023
727,443,261
7,274,433
Scrip dividend
13,245,104
132,451
Share capital reduction
\u2014
\u2014
CLOSING SHARES 12.31.2023
740,688,365
7,406,884
At December 31, 2024 the companies with an ownership interest of over\u00a0 10% were Rijn Capital S.A.R.L., which held 21.31% of the shares and is
controlled by the Chairman of the Company's Board of Directors, Rafael del Pino y Calvo Sotelo and TCI Fund Management Ltd., which held
10.03% of the shares. At December 31,\u00a0 2023 the only company with an ownership interest of over 10% was Rijn Capital S.A.R.L., which held
20.56% of the shares.
At December 31, 2024, parent company's shares were traded on the Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V.
(the \u201cDutch Stock Exchange\u201d), the Nasdaq in the United States and the Spanish Stock Exchanges. 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 premium and
merger premium totaled EUR 4,316 million. At December 31, 2024 the share premium and merger premium reached EUR 4,316 million, as no
other adjustments were accounted for against this heading. Both share premium and merger premium are classed as unrestricted reserves.
c) Treasury shares
Movements during 2024 and 2023 were as follows:
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2023
4,759,310
Share capital reduction
19,586,744
(23,250,608)
(3,663,864)
Remuneration schemes
\u2014
(511,587)
(511,587)
Other treasury shares repurchase
7,169,540
\u2014
7,169,540
Balance at 12.31.2024
26,756,284
(23,762,195)
7,753,399
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 reduction
3,900,000
\u2014
3,900,000
Remuneration schemes
\u2014
(308,980)
(308,980)
Balance at 12.31.2023
3,900,000
(308,980)
4,759,310
As commented in the Group's consolidated financial statements for the year ended December 31, 2023, on November 30, 2023 Ferrovial SE
announced its decision to implement a treasury share buy-back program for a maximum of up to 34 million shares and a maximum investment of
EUR 500 million, the purpose of which was a subsequent capital reduction by cancelling the repurchased shares. The program was authorized for
the period from December 1, 2023 to May 1, 2024 (both inclusive). During 2024 10,355,493 shares were acquired giving rise to a total
disbursement of EUR 361 million, while 1,900,000 shares were acquired in 2023 for a total disbursement of EUR 62 million. In addition to this
program, over the course of 2023 2,000,000 of treasury shares were acquired with a total disbursement of EUR 52 million.
On April 11, 2024, the Board approved a new buyback program for a maximum of 37 million shares and a maximum investment of EUR 500
million, the purpose of which was a subsequent capital reduction by cancelling the repurchased shares. The program was authorized for the
period from May 2 to December 31, 2024, notwithstanding that Ferrovial reserved the right to terminate the program if, prior to that term, it had
acquired shares under the program for either a price that reaches the maximum net investment amount or the maximum number of shares
authorized, or if any other circumstance makes it advisable to do so. During 2024 9,231,251 shares were acquired giving rise to a total
disbursement of EUR 339 million.
In the General Shareholders' Meeting held on 11 April 2024, the Board informed that, in line with the shareholder remuneration policy carried out
in previous years, the Board intended to implement one or more interim dividends in 2024 which would be distributed to the shareholders by way
of a flexible dividend scheme (scrip dividend) for a cash equivalent amount of around EUR 550 million.
In order to enable the Board to implement the scrip dividend scheme, the General Meeting approved: (i) the Board\u2019s designation as the corporate
body authorized to issue ordinary Company shares and to grant rights; and (ii) a limit on or exclusion of pre-emptive rights in connection with the
issue and/or granting of rights to subscribe for ordinary Company shares, up to a maximum of 5% of the Company's issued share capital at the
date of the 2024 General Meeting.
Additionally, on August 23, 2024 Ferrovial SE announced a discretional repurchase program of it shares in accordance with the authorization
granted by the Company\u00b4s General Shareholder\u00b4s Meeting held on April 11, 2024. The purpose was to repurchase Ferrovial shares in the context of
different corporate actions (such as, for instance, employee share incentives, placement of shares in the market, or cancelling the repurchased
shares) for a maximum of up to 30 million shares and a maximum investment amount of EUR 300 million. The program was authorized for the
period from August 26, 2024 to February 28, 2025 (both inclusive).
On December 13, 2024 Ferrovial SE announced the extension and increase of the discretional repurchase program of it shares, extending the
duration of the program to May 30, 2025 (inclusive) and increasing the maximum investment amount under the program by EUR 300 million,
bringing the total maximum amount of investment up to EUR 600 million. During 2024 7,169,540 shares were acquired giving rise to a total
disbursement of EUR 272 million.
Over the course of 2024, 26,756,284 treasury shares were acquired at an average price of EUR 36.34 per share giving rise to a payment of EUR
972 million (3,900,000 treasury shares at an average price of EUR 29.17 per share totaling EUR 114 million in 2023).
The market value of the treasury shares held by Ferrovial at\u00a0 December 31, 2024 (7,753,399 shares) was EUR 315 million (EUR 157 million in 2023).
d) Measurement adjustment reserves
Measurement Adjustments Reserves refer to the cumulative impact at consolidated level of Other Comprehensive Income (OCI) items and other
valuation adjustments different to OCI.
The cumulative impact of Other Comprehensive Income reached EUR -534 million at December 2024, comprising the adjustments to currency
translation differences accumulated in reserves (EUR\u00a0 -311 million), the adjustments due to hedging instruments\u00a0 (EUR 232 million) and the impact
related to pension plans of group companies already divested (EUR -455 million), as Ferrovial decided, in accordance with IAS 19.122, not to
transfer those amounts within equity.
e) Retained earnings and other reserves
This heading includes retained earnings and other reserves totaling EUR 2,536 million in 2024 (EUR 370 million in 2023).
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 2024 profit/(loss)
The Company posted a profit for 2024 of EUR 3,270 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, 2024:
Million EUR
2024
Profit/(loss) of Ferrovial SE. (individual company)
3,270
Distribution (million euros):
Other reserves
3,270
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-961": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT\u00a0 DECEMBER 31, 2024 AND 2023
.
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2023
7,915
Net drawdowns
34
Exchange rate effects
472
Changes in scope of consolidation
(22)
Closing balance at 12.31.2024
8,400
Regarding ex-infrastructure project borrowings, the variation during the year is primarily due to the redemption of one of the corporate bonds
issued in July 2014, maturing in 2024 (EUR -300 million) as well as to the reduction in the Euro Commercial Paper (ECPs) issued at the December
2024 closing (EUR -251 million).
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2023
3,463
Net drawdowns
(580)
Exchange rate effects
4
Changes in scope of consolidation
\u2013
Closing balance at 12.31.2024
2,886
5.2.2. Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during\u00a0 2024 and 2023:
2024
2023
Change 24/23
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
5,198
3,058
8,256
4,441
3,412
7,852
758
(354)
404
Toll roads
5,198
2,707
7,905
4,441
2,937
7,378
758
(230)
528
US toll roads
5,198
2,138
7,337
4,441
2,307
6,748
758
(169)
589
Spanish toll roads
\u2013
564
564
\u2013
611
611
\u2013
(47)
(47)
Other concessions
\u2013
5
5
\u2013
19
19
\u2013
(14)
(14)
Airports
\u2013
\u2013
\u2013
\u2013
89
89
\u2013
(89)
(89)
Construction
\u2013
97
97
\u2013
102
102
\u2013
(4)
(4)
Energy
\u2013
209
209
\u2013
236
236
\u2013
(26)
(26)
Other
\u2013
44
44
\u2013
48
48
\u2013
(4)
(4)
Short term
1
142
143
1
62
63
\u2013
81
81
Toll roads
1
38
39
1
31
33
\u2013
7
7
US toll roads
1
\u2013
1
1
\u2013
1
\u2013
\u2013
\u2013
Spanish toll roads
\u2013
24
24
\u2013
17
17
\u2013
6
6
Other concessions
\u2013
14
14
\u2013
14
14
\u2013
1
1
Airports
\u2013
94
94
\u2013
15
15
\u2013
80
80
Construction
\u2013
5
5
\u2013
5
5
\u2013
1
1
Energy
\u2013
2
2
\u2013
11
11
\u2013
(9)
(9)
Other
\u2013
3
3
\u2013
3
3
\u2013
\u2013
\u2013
TOTAL
5,199
3,200
8,400
4,442
3,473
7,915
757
(272)
485
The following table shows, for 2024 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. 2023
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec. 2024
Infrastructures project borrowings
7,915
70
472
(22)
(36)
8,400
Infrastructure project borrowings increased by EUR 485 million in 2024 with respect to December 2023, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR 472 million, mainly due to the appreciation of the US dollar against the euro.
\u2022 Increase of EUR 34 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the US projects and
attributable to the debt drawn down by the I-77 toll road, capitalization of interest and to accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December, 31 2024 reached USD 1,600 million were as follows:
\u2013 A taxable bond issue of USD 871.1 million maturing in 2049 at a fixed interest rate of 3.92% and a PAB (Private Activity Bonds) issue of USD
331.8 million (at a fixed interest rate of 4.00% for USD 122.8 million and 5.00% for USD 209.0 million, repayable from 2030 to 2039).
\u2013 USD 397 million in bonds issued in August 2023 at a fixed interest rate of 5.50%, repayable from 2052 to 2058, for the funding of the
Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC the total debt at December 31, 2024 reached USD 1,578 million. This debt consists of:
\u2013 The issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments 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.
\u2013 A TIFIA loan in the amount of USD 437.7 million at a fixed rate of 3.84% at December 31, 2024 with final maturity in 2053.
\u2013 Amount of USD 221 million drawn down in 2024 from the 5-year bonds.
\u2013 The issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C\u00a0 (total of
USD 750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company at December 31, 2024 reached USD 2,007 million. This debt consists of:
\u2013 A PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, repayable from 2030
to 2040.
\u2013 Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5
million bears a fixed interest rate of 3.80% and matures in 2057).
\u2013 A TIFIA loan granted by the U.S. Federal Government, valued at USD 835.6 million as of December 31, 2024, with an amortization profile
from 2035 to 2050, bearing a fixed interest rate of 4.22%.
\u2013 A credit line maturing in 2027 with an interest rate of 4.51%, of which USD 18.0 million had been drawn as of December 31, 2024.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC\u00a0 this company at December 31, 2024 reached USD 471 million. This debt consists of:
\u2013 USD 100 million in PABs at a fixed rate of 5.00% maturing between 2026 and 2030. On April 25, 2024, the issuance of USD 371 million in
Senior Secured Notes was completed, the proceeds of which were used to refinance the TIFIA debt, thereby increasing the average maturity of
the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57% and mature in 2051.
\u2013 On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2024 reached USD 2,084 million. This debt consists of:
\u2013 USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
\u2013 A TIFIA loan balance of USD 1,346.9 million, of which USD 21.2 million had been prepaid as of December 31, 2024. This loan bears interest at
a fixed rate of 2.8% and finally matures in 2057.
a.3) Information on credit limits and credit drawable for infrastructure projects
There follows\u00a0 is a comparative analysis of borrowings not drawn down at December 31, 2024 and 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
8,091
8,082
9
7,945
7,545
7,545
\u2013
7,410
US toll roads
7,479
7,479
\u2013
7,338
6,889
6,889
\u2013
6,749
Spanish toll roads
593
584
9
587
623
623
\u2013
628
Other concessions
19
19
\u2013
19
33
33
\u2013
33
Airports
105
105
\u2013
94
115
115
\u2013
104
Construction
103
102
\u2013
103
106
106
1
106
Energy
220
216
4
211
255
255
\u2013
246
Other
49
49
\u2013
47
49
49
\u2013
49
TOTAL BORROWINGS
8,567
8,554
13
8,400
8,070
8,070
1
7,915
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2024 and main features
2024
2023
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
1,773
518
2,292
2,270
320
2,590
Euro Commercial Paper
\u2013
249
249
\u2013
500
500
Corporate liquidity lines
60
252
312
296
\u2013
296
Other borrowings
3
33
36
5
58
63
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
1,836
1,052
2,889
2,571
879
3,449
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 2024, which do not
affect period cash positions:
(Million euro)
Dec. 2023
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2024
Bank borrowings
3,449
(569)
19
\u2013
(11)
2,888
Cross- currency swaps
13
\u2013
(16)
\u2013
(2)
Ex-infrastructure projects borrowings
3,463
(569)
4
\u2013
(11)
2,886
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR 2,292 million at December 31,\u00a0 2024 (EUR 2,590 million at December, 31 2023). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
3/29/2017
500
3/31/2025
1.375%
5/14/2020
780
5/14/2026
1.38%
11/12/2020
500
11/12/2028
0.540%
9/10/2023
500
9/13/2030
4.375%
Regarding the variation in corporate bonds during 2024, the repayment of the bond issued in July 2014 and maturing in July 2024 (EUR 300
million) should be noted. All issues completed for 2017 and up to 2023 are admitted to trading on the AIAF fixed income market (Spain). All these
issuances except the 2023 bond, are guaranteed by the Company. The bond issued by Ferrovial SE in 2023 is listed on Euronext Dublin.
Euro Commercial Paper:
This Euro Commercial Paper (ECP) issuance program has been renewed each year since 2018, with maturities between 1 and 364 days as from the
issue date, allowing further diversification of capital market funding and more efficient liquidity management.
The notes outstanding during 2024 were issued under the EUR 1,500 million Sustainability Target STEP label compliant Euro-commercial paper
program registered on July 31, 2023, at an average rate of 3.74% (2023: 3.13%). Regarding the notes outstanding as of December 31, 2024, the
average cost were 3.17% (2023: 4.09%).
Regarding the movement during 2024, it is worth noting the variation in the Euro Commercial Paper issued at December 2024 closing (EUR 249
million) compared to December 2023 (EUR 500 million), representing a reduction of EUR -251 million.
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. The
limit was reduced to EUR 788 million in 2024 and the balance can be drawn-down in EUR, USD, CAD and GBP.
EUR 250 million had been utilized at December 31,\u00a0 2024 and 2023, and in order to cover possible interest rate and foreign exchange fluctuations
affecting this amount, 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 1.49 million (EUR -13 million at December 31, 2023).
Additionally, Ferrovial has a credit line, fully draw down, for a\u00a0 total of EUR 60 million which matures in 2027 at a fixed rate of 0.425%.
The Group\u2019s liquidity stood at EUR 5,320 million and EUR 5,387 million (Note 5.4.d) at December 31, 2024 and 2023, 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, 2024 and at December 31, 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,280
2,280
0
2,292
2,581
2,581
0
2,590
Syndicated facility
788
250
538
252
900
250
650
236
ECPs
249
249
0
249
500
500
0
500
Credit lines
60
60
0
60
60
60
0
60
TOTAL CORPORATE
DEBT
3,377
2,839
538
2,852
4,041
3,391
650
3,386
The variation in corporate debt compared to December 2023 (EUR -534 million) is explained mainly by the repayment of the bond issued in July
2014 and maturing in July 2024 (EUR 300 million) and by the lower volume of ECPs outstanding (EUR -251 million).
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
2024 and 2023, 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, 2024 and 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
131
17
114
14
163
26
137
13
Airports
\u2013
\u2013
\u2013
14
\u2013
\u2013
\u2013
31
Other
8
8
\u2013
8
22
20
2
19
OTHER BORROWINGS
140
26
114
36
185
46
139
63
The differences between total bank borrowings and the carrying amount at December 31, 2024 and 2023 are 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.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
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
\u2013
46
EUR
3
3
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
PLN
9
9
1
5
2
1
\u2013
\u2013
9
CLP
19
19
20
\u2013
\u2013
\u2013
\u2013
\u2013
20
Other
32
32
\u2013
\u2013
11
5
\u2013
\u2013
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2024 and 2023 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, 2024 and
December 31, 2023 amounted to EUR 2,866 million and EUR 3,394 million, respectively.
The 2025 maturities total EUR 1,001 million and relate to the ECPs (EUR 249 million), corporate bonds (EUR 500 million) and liquidity facility
(EUR 250 million). The debt maturities do not include interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-960": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT\u00a0 DECEMBER 31, 2024 AND 2023
.
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2023
7,915
Net drawdowns
34
Exchange rate effects
472
Changes in scope of consolidation
(22)
Closing balance at 12.31.2024
8,400
Regarding ex-infrastructure project borrowings, the variation during the year is primarily due to the redemption of one of the corporate bonds
issued in July 2014, maturing in 2024 (EUR -300 million) as well as to the reduction in the Euro Commercial Paper (ECPs) issued at the December
2024 closing (EUR -251 million).
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2023
3,463
Net drawdowns
(580)
Exchange rate effects
4
Changes in scope of consolidation
\u2013
Closing balance at 12.31.2024
2,886
5.2.2. Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during\u00a0 2024 and 2023:
2024
2023
Change 24/23
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
5,198
3,058
8,256
4,441
3,412
7,852
758
(354)
404
Toll roads
5,198
2,707
7,905
4,441
2,937
7,378
758
(230)
528
US toll roads
5,198
2,138
7,337
4,441
2,307
6,748
758
(169)
589
Spanish toll roads
\u2013
564
564
\u2013
611
611
\u2013
(47)
(47)
Other concessions
\u2013
5
5
\u2013
19
19
\u2013
(14)
(14)
Airports
\u2013
\u2013
\u2013
\u2013
89
89
\u2013
(89)
(89)
Construction
\u2013
97
97
\u2013
102
102
\u2013
(4)
(4)
Energy
\u2013
209
209
\u2013
236
236
\u2013
(26)
(26)
Other
\u2013
44
44
\u2013
48
48
\u2013
(4)
(4)
Short term
1
142
143
1
62
63
\u2013
81
81
Toll roads
1
38
39
1
31
33
\u2013
7
7
US toll roads
1
\u2013
1
1
\u2013
1
\u2013
\u2013
\u2013
Spanish toll roads
\u2013
24
24
\u2013
17
17
\u2013
6
6
Other concessions
\u2013
14
14
\u2013
14
14
\u2013
1
1
Airports
\u2013
94
94
\u2013
15
15
\u2013
80
80
Construction
\u2013
5
5
\u2013
5
5
\u2013
1
1
Energy
\u2013
2
2
\u2013
11
11
\u2013
(9)
(9)
Other
\u2013
3
3
\u2013
3
3
\u2013
\u2013
\u2013
TOTAL
5,199
3,200
8,400
4,442
3,473
7,915
757
(272)
485
The following table shows, for 2024 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. 2023
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec. 2024
Infrastructures project borrowings
7,915
70
472
(22)
(36)
8,400
Infrastructure project borrowings increased by EUR 485 million in 2024 with respect to December 2023, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR 472 million, mainly due to the appreciation of the US dollar against the euro.
\u2022 Increase of EUR 34 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the US projects and
attributable to the debt drawn down by the I-77 toll road, capitalization of interest and to accrued unmatured interest.
US toll roads
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December, 31 2024 reached USD 1,600 million were as follows:
\u2013 A taxable bond issue of USD 871.1 million maturing in 2049 at a fixed interest rate of 3.92% and a PAB (Private Activity Bonds) issue of USD
331.8 million (at a fixed interest rate of 4.00% for USD 122.8 million and 5.00% for USD 209.0 million, repayable from 2030 to 2039).
\u2013 USD 397 million in bonds issued in August 2023 at a fixed interest rate of 5.50%, repayable from 2052 to 2058, for the funding of the
Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC the total debt at December 31, 2024 reached USD 1,578 million. This debt consists of:
\u2013 The issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments 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.
\u2013 A TIFIA loan in the amount of USD 437.7 million at a fixed rate of 3.84% at December 31, 2024 with final maturity in 2053.
\u2013 Amount of USD 221 million drawn down in 2024 from the 5-year bonds.
\u2013 The issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C\u00a0 (total of
USD 750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company at December 31, 2024 reached USD 2,007 million. This debt consists of:
\u2013 A PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, repayable from 2030
to 2040.
\u2013 Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5
million bears a fixed interest rate of 3.80% and matures in 2057).
\u2013 A TIFIA loan granted by the U.S. Federal Government, valued at USD 835.6 million as of December 31, 2024, with an amortization profile
from 2035 to 2050, bearing a fixed interest rate of 4.22%.
\u2013 A credit line maturing in 2027 with an interest rate of 4.51%, of which USD 18.0 million had been drawn as of December 31, 2024.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC\u00a0 this company at December 31, 2024 reached USD 471 million. This debt consists of:
\u2013 USD 100 million in PABs at a fixed rate of 5.00% maturing between 2026 and 2030. On April 25, 2024, the issuance of USD 371 million in
Senior Secured Notes was completed, the proceeds of which were used to refinance the TIFIA debt, thereby increasing the average maturity of
the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57% and mature in 2051.
\u2013 On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2024 reached USD 2,084 million. This debt consists of:
\u2013 USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
\u2013 A TIFIA loan balance of USD 1,346.9 million, of which USD 21.2 million had been prepaid as of December 31, 2024. This loan bears interest at
a fixed rate of 2.8% and finally matures in 2057.
Spanish toll roads
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa Manresa toll road)
In relation to Cintra Inversora Autopistas de Catalu\u00f1a , the total debt of this company at December 31, 2024 reached EUR 584,9 million. This debt
consists of:
\u2013 Tranches A and B amounting to EUR 264.9 million and EUR 280.3 million as of December 31, 2024, accruing interest at the 6-month
EURIBOR rate +3.672% ++1.5% at year-end. Both tranches were fully utilized and fall due in 2035.
\u2013 A liquidity tranche (tranche C) with a balance of EUR 39.7 million as of December 31, 2024 (the year-end interest rate is the 6-month
EURIBOR +3.672% +1.5%).
\u2013 It should also be noted that this company has an interest rate derivative with a notional amount of EUR 551.7 million, with a guaranteed
interest rate of 5.2064% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d, Note 5.5)
was EUR -83.4 million at the year- end 2024.
Breakdown of other projects:
2024
2023
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 24/23
Autov\u00eda de Arag\u00f3n
5
14
19
19
14
33
(14)
Dalaman International Airport
\u2013
94
94
89
15
104
(10)
Conc. Prisiones Lledoners,S.A.
61
3
63
63
2
65
(2)
Depusa Arag\u00f3n S.A.
22
2
24
24
1
25
(2)
Budimex Group
15
1
16
15
1
16
\u2013
Parque Solar Casilla
\u2013
\u2013
\u2013
20
3
23
(22)
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
105
\u2013
105
91
8
99
5
Centella Transmisi\u00f3n, S.A.
105
2
106
125
\u2013
125
(18)
UK Waste Treatment (Thalia)
44
3
47
48
1
49
(2)
TOTAL Other infrastructure project company borrowings
356
119
474
494
44
538
(64)
Other project borrowings decreased by EUR -64 million against December 2023 primarily in the Autov\u00eda de Arag\u00f3n, Spanish toll road. Also
noteworthy is Dalaman international airport, which waiver effective as of December 31, 2024, originally ending on February 28, 2025, has been
extended to December 31, 2025. In December 2024, the airport\u00b4s borrowings (EUR 94 million) were reclassified from long-term to short-term.
On December 2024, Centella Transmisi\u00f3n S.A. carried out a refinancing operation in the amount of USD 112.6 million at a \u201cDaily Compounded
SOFR\u201d rate, applicable to any business day of the U.S. government securities market during an interest period, with a maturity date of December
12, 2029. In addition, in December 2024, Centella also repaid the credit line with Ferrofin S.L., which at December 31, 2023 amounted to EUR 31
million.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
TOLL ROADS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
TOLL ROADS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
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
\u2013
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
USD
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
295
295
28
5
230
3
4
34
304
USD
224
224
2
2
228
0
0
0
232
OTHER
49
49
3
3
3
3
4
34
49
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, 2024 the difference between the total maturities of bank borrowings of EUR 8,554 million (EUR 8,070 million in 2023) and the
carrying amounts recognized at December 31, 2024 in the amount of EUR 8,400 million (EUR 7,915 million in 2023) 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 154 million (EUR 155
million in 2023), 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
There follows\u00a0 is a comparative analysis of borrowings not drawn down at December 31, 2024 and 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Toll Roads
8,091
8,082
9
7,945
7,545
7,545
\u2013
7,410
US toll roads
7,479
7,479
\u2013
7,338
6,889
6,889
\u2013
6,749
Spanish toll roads
593
584
9
587
623
623
\u2013
628
Other concessions
19
19
\u2013
19
33
33
\u2013
33
Airports
105
105
\u2013
94
115
115
\u2013
104
Construction
103
102
\u2013
103
106
106
1
106
Energy
220
216
4
211
255
255
\u2013
246
Other
49
49
\u2013
47
49
49
\u2013
49
TOTAL BORROWINGS
8,567
8,554
13
8,400
8,070
8,070
1
7,915
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.
After reviewing the information reported by the businesses and conducting a subsequent review, we have concluded that there is no event of
default for the fully-consolidated project companies as of December 31, 2024. In the case of Dalaman International Airport, there was a waiver
effective as of December 31, 2024, originally ending on February 28, 2025. As this waiver ended before December 2025, the borrowings of the
airport have been reclassified from long-term to short-term at December 2024. On February 17, 2025 the waiver has been extended to December
31, 2025.
At December 31 2023, 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 2024 and main features
2024
2023
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
1,773
518
2,292
2,270
320
2,590
Euro Commercial Paper
\u2013
249
249
\u2013
500
500
Corporate liquidity lines
60
252
312
296
\u2013
296
Other borrowings
3
33
36
5
58
63
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
1,836
1,052
2,889
2,571
879
3,449
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 2024, which do not
affect period cash positions:
(Million euro)
Dec. 2023
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec. 2024
Bank borrowings
3,449
(569)
19
\u2013
(11)
2,888
Cross- currency swaps
13
\u2013
(16)
\u2013
(2)
Ex-infrastructure projects borrowings
3,463
(569)
4
\u2013
(11)
2,886
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR 2,292 million at December 31,\u00a0 2024 (EUR 2,590 million at December, 31 2023). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
3/29/2017
500
3/31/2025
1.375%
5/14/2020
780
5/14/2026
1.38%
11/12/2020
500
11/12/2028
0.540%
9/10/2023
500
9/13/2030
4.375%
Regarding the variation in corporate bonds during 2024, the repayment of the bond issued in July 2014 and maturing in July 2024 (EUR 300
million) should be noted. All issues completed for 2017 and up to 2023 are admitted to trading on the AIAF fixed income market (Spain). All these
issuances except the 2023 bond, are guaranteed by the Company. The bond issued by Ferrovial SE in 2023 is listed on Euronext Dublin.
Euro Commercial Paper:
This Euro Commercial Paper (ECP) issuance program has been renewed each year since 2018, with maturities between 1 and 364 days as from the
issue date, allowing further diversification of capital market funding and more efficient liquidity management.
The notes outstanding during 2024 were issued under the EUR 1,500 million Sustainability Target STEP label compliant Euro-commercial paper
program registered on July 31, 2023, at an average rate of 3.74% (2023: 3.13%). Regarding the notes outstanding as of December 31, 2024, the
average cost were 3.17% (2023: 4.09%).
Regarding the movement during 2024, it is worth noting the variation in the Euro Commercial Paper issued at December 2024 closing (EUR 249
million) compared to December 2023 (EUR 500 million), representing a reduction of EUR -251 million.
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. The
limit was reduced to EUR 788 million in 2024 and the balance can be drawn-down in EUR, USD, CAD and GBP.
EUR 250 million had been utilized at December 31,\u00a0 2024 and 2023, and in order to cover possible interest rate and foreign exchange fluctuations
affecting this amount, 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 1.49 million (EUR -13 million at December 31, 2023).
Additionally, Ferrovial has a credit line, fully draw down, for a\u00a0 total of EUR 60 million which matures in 2027 at a fixed rate of 0.425%.
The Group\u2019s liquidity stood at EUR 5,320 million and EUR 5,387 million (Note 5.4.d) at December 31, 2024 and 2023, 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, 2024 and at December 31, 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,280
2,280
0
2,292
2,581
2,581
0
2,590
Syndicated facility
788
250
538
252
900
250
650
236
ECPs
249
249
0
249
500
500
0
500
Credit lines
60
60
0
60
60
60
0
60
TOTAL CORPORATE
DEBT
3,377
2,839
538
2,852
4,041
3,391
650
3,386
The variation in corporate debt compared to December 2023 (EUR -534 million) is explained mainly by the repayment of the bond issued in July
2014 and maturing in July 2024 (EUR 300 million) and by the lower volume of ECPs outstanding (EUR -251 million).
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
2024 and 2023, 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, 2024 \u201cOther borrowings\u201d of EUR 36 million (EUR 63 million at December 31, 2023) related primarily to 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, 2024 and 2023:
2024
2023
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
131
17
114
14
163
26
137
13
Airports
\u2013
\u2013
\u2013
14
\u2013
\u2013
\u2013
31
Other
8
8
\u2013
8
22
20
2
19
OTHER BORROWINGS
140
26
114
36
185
46
139
63
The differences between total bank borrowings and the carrying amount at December 31, 2024 and 2023 are 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.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
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
\u2013
46
EUR
3
3
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
PLN
9
9
1
5
2
1
\u2013
\u2013
9
CLP
19
19
20
\u2013
\u2013
\u2013
\u2013
\u2013
20
Other
32
32
\u2013
\u2013
11
5
\u2013
\u2013
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2024 and 2023 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, 2024 and
December 31, 2023 amounted to EUR 2,866 million and EUR 3,394 million, respectively.
The 2025 maturities total EUR 1,001 million and relate to the ECPs (EUR 249 million), corporate bonds (EUR 500 million) and liquidity facility
(EUR 250 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 Autov\u00eda de Arag\u00f3n concession in the Toll Roads Division
totaling EUR 57 million at December 31, 2024 and EUR 53 million at December 31, 2023.\u00a0
\u2022 Long-term loans from associates of the Toll Roads Division, amounting to EUR 4 million at December 31, 2024 and EUR 21 million at
December 31, 2023.
\u2022 Debt owed by Dalaman International Airport to the administration for the concession fee, which amounted to EUR 247 million in the long
term at the year-end (EUR 276 million at December 31, 2023).
\u2022 Net present value of contractual payments to the Department of Transportation in Virginia under the concession agreement on the I-66
project related to the transit funding payment and the support for corridor improvement, which amounted to EUR 915 million (EUR 865
million at December 31, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-963": { "value": "
Shareholder distributions:
Scrip dividend: On April 11, 2024 Ferrovial\u00b4s Board approved another flexible shareholder distribution scheme whereby the shareholders may
freely choose to receive new shares or an amount in cash, with a total cash impact of EUR 831 million, as follows:
\u2022 Cash dividend. The impact related to shareholders that received the dividend in the form of cash payment during 2024 reached EUR 130
million, corresponding to the first scrip dividend on May 9, 2024 (EUR 48 million; EUR 58 million in July 2023), the second scrip dividend on
November, 2024, (EUR 57 million; EUR 78 million in November 2023) and the final interim cash dividend on December 4, 2024 (EUR 25
million), on the back of forecast year-end cash levels, corresponding to EUR 0.0346 per share against Ferrovial's reserves.
\u2022 Treasury shares repurchase. Additionally, and in parallel with the payment in cash, Ferrovial, to reduce the dilution effect of paying the scrip
dividend in shares, has purchased 19,586,744 shares for an amount of EUR 701 million, with the aim of reducing share capital.
\u2022 On May 9, 2024 Ferrovial SE announced an interim scrip dividend of EUR 0.3033 per Ferrovial share (4,719,782 new shares were issued
compared to 5,051,417 new shares issued in July 2023). The dividend was payable in cash or shares at the choice of the shareholder,
against Ferrovial's reserves. On June 19, 2024 Ferrovial announced the ratio of this interim scrip dividend, being one new Ferrovial share
for every 120.2110 existing Ferrovial shares. 78.21% of the outstanding Ferrovial shares received the dividend in the form of new Ferrovial
shares.
\u2022 On November 5, 2024 Ferrovial SE announced an interim scrip dividend of EUR 0.4597 per Ferrovial share (7,402,412 new shares were
issued compared to 8,193,687 new shares issued in November 2023). The dividend was payable in cash or shares at the choice of the
shareholder, against Ferrovial's reserves. On December 11, 2024 Ferrovial announced the ratio of this interim scrip dividend, being one
new Ferrovial share for every 80.694 existing Ferrovial shares. 82.66% of the outstanding Ferrovial shares received the dividend in the
form of new Ferrovial shares.
\u2022 Finally, and regarding the treasury shares purchased during 2023 and 2024, 23,250,608 shares were applied to the share capital
reduction associated with the scrip dividend programs before mentioned, having an impact of -0.2 million on the shared capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-964": { "value": "
a) Share capital
At December 31, 2024, fully subscribed and paid in share capital stood at EUR 7,295,600 (EUR 7,406,884 in 2023), corresponding to Ferrovial SE
as the Groups\u00b4s parent holding company (see Consolidated Statement of Changes in Equity). Share capital consists of 729,559,951 ordinary shares
(740,688,365 ordinary shares in 2023) in a single class with a par value of one euro cent each (EUR 0.01). 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 01.01.2024
740,688,365
7,406,884
Scrip dividend
12,122,194
121,222
Share capital reduction
(23,250,608)
(232,506)
CLOSING SHARES 12.31.2024
729,559,951
7,295,600
SHARES
NUMBER
PAR VALUE
Opening balance 01.01.2023
727,443,261
7,274,433
Scrip dividend
13,245,104
132,451
Share capital reduction
\u2014
\u2014
CLOSING SHARES 12.31.2023
740,688,365
7,406,884
At December 31, 2024 the companies with an ownership interest of over\u00a0 10% were Rijn Capital S.A.R.L., which held 21.31% of the shares and is
controlled by the Chairman of the Company's Board of Directors, Rafael del Pino y Calvo Sotelo and TCI Fund Management Ltd., which held
10.03% of the shares. At December 31,\u00a0 2023 the only company with an ownership interest of over 10% was Rijn Capital S.A.R.L., which held
20.56% of the shares.
At December 31, 2024, parent company's shares were traded on the Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V.
(the \u201cDutch Stock Exchange\u201d), the Nasdaq in the United States and the Spanish Stock Exchanges. They all carried the same voting and dividend
rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-965": { "value": "4426000000.0", "decimals": -6, "dimensions": { "concept": "ferr:MergerImpact", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-966": { "value": "4316000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-967": { "value": "4316000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-968": { "value": "
c) Treasury shares
Movements during 2024 and 2023 were as follows:
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2023
4,759,310
Share capital reduction
19,586,744
(23,250,608)
(3,663,864)
Remuneration schemes
\u2014
(511,587)
(511,587)
Other treasury shares repurchase
7,169,540
\u2014
7,169,540
Balance at 12.31.2024
26,756,284
(23,762,195)
7,753,399
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 reduction
3,900,000
\u2014
3,900,000
Remuneration schemes
\u2014
(308,980)
(308,980)
Balance at 12.31.2023
3,900,000
(308,980)
4,759,310
As commented in the Group's consolidated financial statements for the year ended December 31, 2023, on November 30, 2023 Ferrovial SE
announced its decision to implement a treasury share buy-back program for a maximum of up to 34 million shares and a maximum investment of
EUR 500 million, the purpose of which was a subsequent capital reduction by cancelling the repurchased shares. The program was authorized for
the period from December 1, 2023 to May 1, 2024 (both inclusive). During 2024 10,355,493 shares were acquired giving rise to a total
disbursement of EUR 361 million, while 1,900,000 shares were acquired in 2023 for a total disbursement of EUR 62 million. In addition to this
program, over the course of 2023 2,000,000 of treasury shares were acquired with a total disbursement of EUR 52 million.
On April 11, 2024, the Board approved a new buyback program for a maximum of 37 million shares and a maximum investment of EUR 500
million, the purpose of which was a subsequent capital reduction by cancelling the repurchased shares. The program was authorized for the
period from May 2 to December 31, 2024, notwithstanding that Ferrovial reserved the right to terminate the program if, prior to that term, it had
acquired shares under the program for either a price that reaches the maximum net investment amount or the maximum number of shares
authorized, or if any other circumstance makes it advisable to do so. During 2024 9,231,251 shares were acquired giving rise to a total
disbursement of EUR 339 million.
In the General Shareholders' Meeting held on 11 April 2024, the Board informed that, in line with the shareholder remuneration policy carried out
in previous years, the Board intended to implement one or more interim dividends in 2024 which would be distributed to the shareholders by way
of a flexible dividend scheme (scrip dividend) for a cash equivalent amount of around EUR 550 million.
In order to enable the Board to implement the scrip dividend scheme, the General Meeting approved: (i) the Board\u2019s designation as the corporate
body authorized to issue ordinary Company shares and to grant rights; and (ii) a limit on or exclusion of pre-emptive rights in connection with the
issue and/or granting of rights to subscribe for ordinary Company shares, up to a maximum of 5% of the Company's issued share capital at the
date of the 2024 General Meeting.
Additionally, on August 23, 2024 Ferrovial SE announced a discretional repurchase program of it shares in accordance with the authorization
granted by the Company\u00b4s General Shareholder\u00b4s Meeting held on April 11, 2024. The purpose was to repurchase Ferrovial shares in the context of
different corporate actions (such as, for instance, employee share incentives, placement of shares in the market, or cancelling the repurchased
shares) for a maximum of up to 30 million shares and a maximum investment amount of EUR 300 million. The program was authorized for the
period from August 26, 2024 to February 28, 2025 (both inclusive).
On December 13, 2024 Ferrovial SE announced the extension and increase of the discretional repurchase program of it shares, extending the
duration of the program to May 30, 2025 (inclusive) and increasing the maximum investment amount under the program by EUR 300 million,
bringing the total maximum amount of investment up to EUR 600 million. During 2024 7,169,540 shares were acquired giving rise to a total
disbursement of EUR 272 million.
Over the course of 2024, 26,756,284 treasury shares were acquired at an average price of EUR 36.34 per share giving rise to a payment of EUR
972 million (3,900,000 treasury shares at an average price of EUR 29.17 per share totaling EUR 114 million in 2023).
The market value of the treasury shares held by Ferrovial at\u00a0 December 31, 2024 (7,753,399 shares) was EUR 315 million (EUR 157 million in 2023).
6.10. EVENTS AFTER THE REPORTING DATE
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 2025, 2,280,272 treasury shares
were acquired at an average price of EUR 41.30 per share totaling EUR 94 million.
Additionally, the Board of Directors has approved the implementation of a new share buyback program of up to EUR 500 million with the purpose
of reducing the share capital, which would start after the current share buyback program has ended.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-969": { "value": "
d) Measurement adjustment reserves
Measurement Adjustments Reserves refer to the cumulative impact at consolidated level of Other Comprehensive Income (OCI) items and other
valuation adjustments different to OCI.
The cumulative impact of Other Comprehensive Income reached EUR -534 million at December 2024, comprising the adjustments to currency
translation differences accumulated in reserves (EUR\u00a0 -311 million), the adjustments due to hedging instruments\u00a0 (EUR 232 million) and the impact
related to pension plans of group companies already divested (EUR -455 million), as Ferrovial decided, in accordance with IAS 19.122, not to
transfer those amounts within equity.
e) Retained earnings and other reserves
This heading includes retained earnings and other reserves totaling EUR 2,536 million in 2024 (EUR 370 million in 2023).
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-970": { "value": "
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, 2024 and December 31, 2023 stood at EUR 175 million
and EUR 204 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 principal or interest on the borrowings and the infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less 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 2024:
Short-term balances, which amounted to EUR 18 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-
term balances totaling EUR 380 million are carried as financial assets. Therefore, short- and long-term restricted cash recognized at December
31, 2024 amounts to EUR 398 million and relates to the NTE Segment 3, LBJ, I-66 and NTE toll roads (EUR 22 million, EUR 12 million, EUR 57
million and EUR 281 million, respectively), as well as to other European concessions in the amount of EUR 26 million, primarily treatment plants in
the United Kingdom, and the Autov\u00eda de Arag\u00f3n toll road (EUR 9 million, EUR 17 million, respectively). The variation of EUR -228 million
compared with December 2023 is explained by:
\u2022 A net decrease in the restricted cash amount of EUR -257 million (excluding exchange rate effects), essentially from the NTE toll road (EUR
-70 million), I-66 (EUR -82 million) and the I-77 (EUR -101 million) due mainly to the distribution of dividends in these toll roads.
\u2022 The exchange rate effect reached EUR 29 million, mainly generated\u00a0 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 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 carried 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, EUR 17 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-infrastructures projects
Cash and cash equivalents of ex-infrastructure project companies at December, 31 2024 and December, 31 2023 amounted to EUR 4,653 million
and EUR 4,585 million, respectively. At December 2023, EUR 207 million denominated in Canadian dollars and the exchange rate risk affecting
these cash and cash equivalents is fully hedged by forward derivatives.
At December, 31 2024, certain accounts totaling EUR 22 million (EUR 37 million at December, 31 2023) are restricted due mainly to the UK waste
treatment business (Thalia). This is cash but is kept in escrow so that Thalia cannot access it without the Environment Agency's consent. When
there is a need to pay for landfill aftercare in the future, the cash can be used at that time.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-971": { "value": "
a.2) Maturities by currency and fair value of infrastructure project company borrowings
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
TOLL ROADS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
TOLL ROADS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
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
\u2013
1
7
1
1
2,625
2,636
TOLL ROADS
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
USD
4,092
4,442
\u2013
1
7
1
1
2,625
2,636
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
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
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
295
295
28
5
230
3
4
34
304
USD
224
224
2
2
228
0
0
0
232
OTHER
49
49
3
3
3
3
4
34
49
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, 2024 the difference between the total maturities of bank borrowings of EUR 8,554 million (EUR 8,070 million in 2023) and the
carrying amounts recognized at December 31, 2024 in the amount of EUR 8,400 million (EUR 7,915 million in 2023) 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 154 million (EUR 155
million in 2023), 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, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
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
\u2013
46
EUR
3
3
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
PLN
9
9
1
5
2
1
\u2013
\u2013
9
CLP
19
19
20
\u2013
\u2013
\u2013
\u2013
\u2013
20
Other
32
32
\u2013
\u2013
11
5
\u2013
\u2013
16
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
3,394
3,449
821
755
794
66
501
500
3,437
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2024 and 2023 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, 2024 and
December 31, 2023 amounted to EUR 2,866 million and EUR 3,394 million, respectively.
The 2025 maturities total EUR 1,001 million and relate to the ECPs (EUR 249 million), corporate bonds (EUR 500 million) and liquidity facility
(EUR 250 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, 2024, 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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
421
3
(1)
(1)
2,748
3,170
Toll road Division index-linked swaps
P
134
(4)
(3)
(3)
(4)
89
76
Corporate cross-currency swaps
1
250
\u2013
\u2013
\u2013
\u2013
250
Toll road Division cross-currency swaps
41
\u2013
\u2013
\u2013
\u2013
1,850
1,850
Corporate interest rate swaps
1
\u2013
\u2013
\u2013
\u2013
165
165
Transchile and Centella interest rate swaps
P
19
2
2
\u2013
\u2013
320
324
Dalaman interest rate swaps
P
1
\u2013
\u2013
\u2013
\u2013
72
72
Toll road Division interest rate swaps
P
6
\u2013
\u2013
\u2013
\u2013
231
231
Corporate equity swaps
29
54
\u2013
\u2013
\u2013
\u2013
54
Construction Division interest rate swaps
P
2
1
3
2
3
20
29
Other derivatives
7
117
2
\u2013
\u2013
\u2013
119
LIABILITY BALANCES
(132)
2,584
40
35
43
566
3,268
Toll road Division interest rate swaps
P
(84)
28
37
32
40
430
567
Toll road Division foreign exchange derivatives
(38)
975
\u2013
\u2013
\u2013
\u2013
975
Corporate foreign exchange derivatives
(4)
481
\u2013
\u2013
\u2013
100
581
Airport Division foreign exchange derivatives
(3)
1,068
\u2013
\u2013
\u2013
\u2013
1,068
Thalia interest rate swaps
P
(2)
3
3
3
3
36
49
Other derivatives
(1)
29
\u2013
\u2013
\u2013
\u2013
29
TOTAL
109
3,005
43
34
42
3,314
6,438
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
35
(2)
(3)
(4)
270
296
Toll road Division index-linked swaps
P
134
12
12
13
13
108
158
Corporate cross-currency swaps
1
2
\u2013
\u2013
\u2013
\u2013
2
Toll road Division cross-currency swaps
41
(19)
(19)
(19)
(19)
144
68
Corporate interest rate swaps
1
1
\u2013
\u2013
\u2013
\u2013
1
Transchile and Centella interest rate swaps
P
19
4
3
1
1
17
26
Dalaman interest rate swaps
P
1
1
\u2013
\u2013
\u2013
\u2013
1
Toll road Division interest rate swaps
P
6
2
2
2
1
\u2013
7
Corporate equity swaps
29
29
\u2013
\u2013
\u2013
\u2013
29
Construction Division interest rate swaps
P
2
\u2013
\u2013
\u2013
\u2013
1
2
Other derivatives
7
2
\u2013
\u2013
\u2013
\u2013
2
LIABILITY BALANCES
(132)
(57)
(16)
(13)
(12)
(38)
(139)
Toll road Division interest rate swaps
P
(84)
(16)
(16)
(14)
(12)
(37)
(96)
Toll road Division foreign exchange derivatives
(38)
(38)
\u2013
\u2013
\u2013
\u2013
(38)
Corporate foreign exchange derivatives
(4)
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Airport Division foreign exchange derivatives
(3)
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Thalia interest rate swaps
P
(2)
\u2013
\u2013
\u2013
\u2013
(1)
-1
Other derivatives
(1)
4
\u2013
\u2013
\u2013
\u2014
4
TOTAL
109
(23)
(18)
(16)
(16)
232
156
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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, 2024 and December 2023 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
BALANCES
AT
12/31/2024
BALANCES
AT
12/31/2023
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOSS) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
134
115
19
12
6
4
(11)
\u2013
8
19
Cash flow hedge
134
115
19
12
6
4
(11)
\u2013
8
19
Interest rate derivatives
(57)
(39)
(17)
26
3
(1)
(1)
1
(45)
(17)
Cash flow hedge
(57)
(39)
(17)
17
3
(1)
(1)
1
(36)
(17)
Fair value hedge
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cross-currency swaps
42
58
(17)
77
(19)
7
12
(109)
15
(17)
Cash flow hedge
1
(13)
14
(1)
\u2013
7
(7)
\u2013
15
14
Hedge of net investment in foreign
operations
41
72
(31)
78
(19)
\u2013
19
(109)
\u2013
(31)
Fair value hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
(39)
(1)
(38)
(2)
(12)
(6)
65
(23)
(60)
(38)
Fair value hedge
(5)
\u2013
(5)
\u2013
(1)
\u2013
\u2013
(4)
\u2013
(5)
Hedge of net investment in foreign
operations
(38)
(8)
(30)
\u2013
(5)
(6)
\u2013
(19)
\u2013
(30)
Cash flow hedge
(2)
\u2013
(2)
(2)
1
\u2013
58
\u2013
(59)
(2)
Speculative
6
7
(1)
\u2013
(7)
\u2013
7
\u2013
(1)
(1)
Equity swaps
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
Speculative
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
TOTAL
109
153
(44)
113
(5)
4
59
(131)
(84)
(44)
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 the effective portion of cash flow hedging derivatives are recognized with a balancing entry in reserves\u00a0
(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 of the 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 on currency translation differences from December 31, 2023 to December 31, 2024 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet and income\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-972": { "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 tables show a breakdown of the Group\u2019s borrowings, indicating the percentage of borrowings that is considered to be hedged\u00a0
(either by a fixed rate or by derivatives).
BORROWINGS
2024
2023
(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
2,886
91%
255
3
3,463
92%
260
3
Toll Roads
7,945
97%
237
2
7,410
99%
51
1
Airports
94
96%
4
\u2014
104
100%
\u2014
1
Construction
103
90%
10
\u2014
106
91%
10
\u2014
Energy
211
100%
\u2014
\u2014
246
93%
18
\u2014
Other
47
100%
\u2014
\u2014
49
93%
4
\u2014
Infrastructure project companies
8,400
97%
251
2
7,915
99%
83
1
Total borrowings
11,288
96%
503
5
11,378
97%
343
4
Accordingly, in the fully-consolidated companies, a linear increase of 100 basis points in market interest rate curves at December 31, 2024 and
2023 would increase financial expenses in the income statement by an estimated EUR 5 million (EUR 4 million at December 31, 2023), of which
EUR 2 million (EUR 1 million at December, 31 2023) relates to infrastructure project companies and EUR 3 million (EUR 3 million at December 31,
2023) to ex-infrastructure project companies, entailing a net effect on Ferrovial\u2019s results of EUR 3 million (EUR 3 million at December 31,\u00a0 2023)
(expense).
The Group's cash amounted to EUR 4,828 million in 2024 (EUR 4,789 million in 2023), a large portion of it at variable rates, which meant an
improvement in 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.
As regards these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2024 would, in
the case of the effective hedges, have a positive impact of approximately EUR 63 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 109 million at December 31, 2023), while a decrease of 100 basis points would have a negative impact of
approximately EUR 54 million (EUR 41 million at December 31, 2023).
As a balancing entry for this impact, it 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-term 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 (see 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 2024 and 2023, adjusted to account for the above-mentioned currency forwards relating to each currency:
DEC. 2024
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
8,145
4,815
3,119
211
Pound sterling
602
382
219
1
US dollar
15,561
13,131
796
1,634
Canadian dollar
882
457
425
\u2014
Australian dollar
289
215
74
\u2014
Polish zloty
1,918
1,576
144
199
Chilean peso
251
132
120
\u2014
Colombian peso
233
133
100
\u2014
Indian rupee
1,026
3
1,023
\u2014
Other
91
36
56
\u2014
GROUP TOTAL
28,999
20,879
6,075
2,045
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
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, 2024 EUR was 33 million (EUR -83 million at December 31, 2023) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2024 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 322
million, of which 35% would relate to the effect of the Indian rupee,\u00a0 27% to the US dollar and 15% to the Canadian dollar.
Note 1.4 contains a breakdown of average exchange rates for 2024 and 2023. 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 56 million in 2024 (EUR 52 million in 2023).
e) Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises from 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) in 2024.
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 rise in inflation may have an adverse effect on operating margins under the construction contracts. However, a substantial part of the
division's portfolio is protected against the effects of rising inflation due to the existence of price adjustment contract clauses linked to inflation in
certain jurisdictions, such as Poland or, in certain contracts, such as in Spain. In the absence of such clauses, the risk is hedged by closing the main
direct costs at the time of bidding.
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, 2024, 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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
421
3
(1)
(1)
2,748
3,170
Toll road Division index-linked swaps
P
134
(4)
(3)
(3)
(4)
89
76
Corporate cross-currency swaps
1
250
\u2013
\u2013
\u2013
\u2013
250
Toll road Division cross-currency swaps
41
\u2013
\u2013
\u2013
\u2013
1,850
1,850
Corporate interest rate swaps
1
\u2013
\u2013
\u2013
\u2013
165
165
Transchile and Centella interest rate swaps
P
19
2
2
\u2013
\u2013
320
324
Dalaman interest rate swaps
P
1
\u2013
\u2013
\u2013
\u2013
72
72
Toll road Division interest rate swaps
P
6
\u2013
\u2013
\u2013
\u2013
231
231
Corporate equity swaps
29
54
\u2013
\u2013
\u2013
\u2013
54
Construction Division interest rate swaps
P
2
1
3
2
3
20
29
Other derivatives
7
117
2
\u2013
\u2013
\u2013
119
LIABILITY BALANCES
(132)
2,584
40
35
43
566
3,268
Toll road Division interest rate swaps
P
(84)
28
37
32
40
430
567
Toll road Division foreign exchange derivatives
(38)
975
\u2013
\u2013
\u2013
\u2013
975
Corporate foreign exchange derivatives
(4)
481
\u2013
\u2013
\u2013
100
581
Airport Division foreign exchange derivatives
(3)
1,068
\u2013
\u2013
\u2013
\u2013
1,068
Thalia interest rate swaps
P
(2)
3
3
3
3
36
49
Other derivatives
(1)
29
\u2013
\u2013
\u2013
\u2013
29
TOTAL
109
3,005
43
34
42
3,314
6,438
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
35
(2)
(3)
(4)
270
296
Toll road Division index-linked swaps
P
134
12
12
13
13
108
158
Corporate cross-currency swaps
1
2
\u2013
\u2013
\u2013
\u2013
2
Toll road Division cross-currency swaps
41
(19)
(19)
(19)
(19)
144
68
Corporate interest rate swaps
1
1
\u2013
\u2013
\u2013
\u2013
1
Transchile and Centella interest rate swaps
P
19
4
3
1
1
17
26
Dalaman interest rate swaps
P
1
1
\u2013
\u2013
\u2013
\u2013
1
Toll road Division interest rate swaps
P
6
2
2
2
1
\u2013
7
Corporate equity swaps
29
29
\u2013
\u2013
\u2013
\u2013
29
Construction Division interest rate swaps
P
2
\u2013
\u2013
\u2013
\u2013
1
2
Other derivatives
7
2
\u2013
\u2013
\u2013
\u2013
2
LIABILITY BALANCES
(132)
(57)
(16)
(13)
(12)
(38)
(139)
Toll road Division interest rate swaps
P
(84)
(16)
(16)
(14)
(12)
(37)
(96)
Toll road Division foreign exchange derivatives
(38)
(38)
\u2013
\u2013
\u2013
\u2013
(38)
Corporate foreign exchange derivatives
(4)
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Airport Division foreign exchange derivatives
(3)
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Thalia interest rate swaps
P
(2)
\u2013
\u2013
\u2013
\u2013
(1)
-1
Other derivatives
(1)
4
\u2013
\u2013
\u2013
\u2014
4
TOTAL
109
(23)
(18)
(16)
(16)
232
156
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-973": { "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 an ex-projects net debt (borrowings less cash and cash equivalents) to EBITDA ratio, plus project dividends, of no
more than 2x.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-974": { "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, 2024, 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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
421
3
(1)
(1)
2,748
3,170
Toll road Division index-linked swaps
P
134
(4)
(3)
(3)
(4)
89
76
Corporate cross-currency swaps
1
250
\u2013
\u2013
\u2013
\u2013
250
Toll road Division cross-currency swaps
41
\u2013
\u2013
\u2013
\u2013
1,850
1,850
Corporate interest rate swaps
1
\u2013
\u2013
\u2013
\u2013
165
165
Transchile and Centella interest rate swaps
P
19
2
2
\u2013
\u2013
320
324
Dalaman interest rate swaps
P
1
\u2013
\u2013
\u2013
\u2013
72
72
Toll road Division interest rate swaps
P
6
\u2013
\u2013
\u2013
\u2013
231
231
Corporate equity swaps
29
54
\u2013
\u2013
\u2013
\u2013
54
Construction Division interest rate swaps
P
2
1
3
2
3
20
29
Other derivatives
7
117
2
\u2013
\u2013
\u2013
119
LIABILITY BALANCES
(132)
2,584
40
35
43
566
3,268
Toll road Division interest rate swaps
P
(84)
28
37
32
40
430
567
Toll road Division foreign exchange derivatives
(38)
975
\u2013
\u2013
\u2013
\u2013
975
Corporate foreign exchange derivatives
(4)
481
\u2013
\u2013
\u2013
100
581
Airport Division foreign exchange derivatives
(3)
1,068
\u2013
\u2013
\u2013
\u2013
1,068
Thalia interest rate swaps
P
(2)
3
3
3
3
36
49
Other derivatives
(1)
29
\u2013
\u2013
\u2013
\u2013
29
TOTAL
109
3,005
43
34
42
3,314
6,438
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
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)
(P)
Proye
cto
BALANCES
AT
12/31/2024
2025
2026
2027
2028
2029 and
beyond
TOTAL
ASSET BALANCES
241
35
(2)
(3)
(4)
270
296
Toll road Division index-linked swaps
P
134
12
12
13
13
108
158
Corporate cross-currency swaps
1
2
\u2013
\u2013
\u2013
\u2013
2
Toll road Division cross-currency swaps
41
(19)
(19)
(19)
(19)
144
68
Corporate interest rate swaps
1
1
\u2013
\u2013
\u2013
\u2013
1
Transchile and Centella interest rate swaps
P
19
4
3
1
1
17
26
Dalaman interest rate swaps
P
1
1
\u2013
\u2013
\u2013
\u2013
1
Toll road Division interest rate swaps
P
6
2
2
2
1
\u2013
7
Corporate equity swaps
29
29
\u2013
\u2013
\u2013
\u2013
29
Construction Division interest rate swaps
P
2
\u2013
\u2013
\u2013
\u2013
1
2
Other derivatives
7
2
\u2013
\u2013
\u2013
\u2013
2
LIABILITY BALANCES
(132)
(57)
(16)
(13)
(12)
(38)
(139)
Toll road Division interest rate swaps
P
(84)
(16)
(16)
(14)
(12)
(37)
(96)
Toll road Division foreign exchange derivatives
(38)
(38)
\u2013
\u2013
\u2013
\u2013
(38)
Corporate foreign exchange derivatives
(4)
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Airport Division foreign exchange derivatives
(3)
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Thalia interest rate swaps
P
(2)
\u2013
\u2013
\u2013
\u2013
(1)
-1
Other derivatives
(1)
4
\u2013
\u2013
\u2013
\u2014
4
TOTAL
109
(23)
(18)
(16)
(16)
232
156
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (P) - project companies
Derivatives of project companies (P)
Interest Rate Swaps (IRS)
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 1,272 million at December 31, 2024. Overall, the fair value of these hedges has changed from EUR\u00a0 -39 million at December 2023
to EUR -58 million at December 2024.
In general, periodic hedge effectiveness measurements show that derivatives are effective, so changes in their fair value are recorded in reserves,
amounting to EUR 16 million.
The movement in settlements, accruals and also in ineffectiveness, had an impact on net financial income/(expense) of EUR\u00a0 -1.19 million and on
cash of EUR -0.46 million.
Index-linked swaps\u00a0 (ILS)
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 rise in inflation during 2024 had an impact of EUR 12 million on reserves and a fair value impact of EUR 6 million on results.
Derivatives of ex-project companies
Interest rate swaps (IRS)
The Group has interest rate swaps in Ferrovial SE, which contracted a pre-hedge to hedge the refinancing of a future bond for a\u00a0 notional amount
of EUR\u00a0 165 million.
Cross-currency swaps (CCS)
At December 31, 2024, 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), mature in 2025 and have a fair value of EUR 1.49 million
(EUR -13 million in 2023).
The results of the effectiveness tests carried out show that the derivatives are effective.\u00a0 The change in fair value during the year had an impact of
EUR -1 million\u00a0 on reserves, EUR 7 million on financial results and EUR -7 million on cash.
In addition, the Cintra Infrastructure SE Company and 407 Toronto Highway BV have cross-currency swaps (CCS) hedging the fair value of their
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\u00a0
139 million, a maturity in 2032 and a fair value of EUR 40 million and EUR 1 million.
The result of the effectiveness tests carried out show that the derivatives are effective. The interest rate component of these derivatives, treated as
a hedging cost, amounts to EUR 64 million and is recorded as reserves. As the coupons for the interest rate spread are paid, this cost is directly
recognized as income. In addition, the impact of\u00a0 the investment hedges was EUR -109 million and is recognized as a translation difference.
Foreign exchange\u00a0 derivatives (FX)
There are foreign exchange hedges designed for the Group\u2019s CAD investment. The notional amount is EUR 485 million at December 31, 2024
(CAD\u00a0 732 million) (Note 1.3) and the fair value amount is EUR -5 million.
Value changes are recognized under currency translation differences in the amount of EUR 23 million in 2024. Additionally, movements of
settlements and accruals had an impact of EUR -6 million on the financial result and EUR -1 million on cash.
There are also hedges of foreign currency risk, for the volatility of future cash flows in foreign currencies or assets denominated in foreign
currencies (primarily the US dollar, pound sterling and Polish zloty). Their notional value stood at EUR 2,287 million at December 31, 2024, of
which EUR 1,068 million relates to pounds sterling, EUR 976 million to the US dollar and EUR 142 million to the Polish zloty, they all expire in the
short-term.
Value changes are recognized as translation differences and amounted to EUR -45 million in 2024 (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 -4 million during
the year.
Equity swaps (ES)
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, and are therefore treated as financial hedging derivatives
but not as accounting hedges (speculative), so the change in fair value of these derivatives in recognized through the profit or loss 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, multiplied by the number of shares contracted. Otherwise, Ferrovial will pay the difference to
the financial institution.
Its fair value at December 31, 2024 is EUR\u00a0 29 million. The change in value during the year was due to the increase in Ferrovial\u2019s share price from
EUR 33 at December 31, 2023 to EUR 41 at\u00a0 December 31, 2024, entailing an impact of EUR 17 million under the income statement heading
\u201cChanges in the fair value of financial instruments\u201d. 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 2024, these derivatives had a notional value equivalent to 2,042 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 54 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, 2024 and December 2023 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
BALANCES
AT
12/31/2024
BALANCES
AT
12/31/2023
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOSS) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Inflation derivatives
134
115
19
12
6
4
(11)
\u2013
8
19
Cash flow hedge
134
115
19
12
6
4
(11)
\u2013
8
19
Interest rate derivatives
(57)
(39)
(17)
26
3
(1)
(1)
1
(45)
(17)
Cash flow hedge
(57)
(39)
(17)
17
3
(1)
(1)
1
(36)
(17)
Fair value hedge
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Cross-currency swaps
42
58
(17)
77
(19)
7
12
(109)
15
(17)
Cash flow hedge
1
(13)
14
(1)
\u2013
7
(7)
\u2013
15
14
Hedge of net investment in foreign
operations
41
72
(31)
78
(19)
\u2013
19
(109)
\u2013
(31)
Fair value hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
(39)
(1)
(38)
(2)
(12)
(6)
65
(23)
(60)
(38)
Fair value hedge
(5)
\u2013
(5)
\u2013
(1)
\u2013
\u2013
(4)
\u2013
(5)
Hedge of net investment in foreign
operations
(38)
(8)
(30)
\u2013
(5)
(6)
\u2013
(19)
\u2013
(30)
Cash flow hedge
(2)
\u2013
(2)
(2)
1
\u2013
58
\u2013
(59)
(2)
Speculative
6
7
(1)
\u2013
(7)
\u2013
7
\u2013
(1)
(1)
Equity swaps
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
Speculative
29
20
9
\u2013
17
\u2013
(6)
\u2013
(2)
9
TOTAL
109
153
(44)
113
(5)
4
59
(131)
(84)
(44)
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 the effective portion of cash flow hedging derivatives are recognized with a balancing entry in reserves\u00a0
(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 of the 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 on currency translation differences from December 31, 2023 to December 31, 2024 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet and income\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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-977": { "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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-976": { "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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-975": { "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.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-978": { "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,
2024:
(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 31,2023
156
86
26
268
1,011
1,279
Scope changes and transfers
(3)
17
(2)
13
1
14
Charges:
41
42
1
85
297
382
Operating profit/(loss)
38
5
1
44
295
339
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
2
2
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed asset depreciation
3
37
\u2013
40
\u2013
40
Reversals:
(8)
\u2013
1
(8)
(252)
(260)
Operating profit/(loss)
(4)
\u2013
1
(4)
(252)
(256)
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
(4)
\u2013
\u2013
(4)
\u2013
(4)
Fixed asset depreciation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Applications
(6)
(7)
\u2013
(13)
(114)
(128)
Foreign exchange differences
1
7
\u2013
9
15
24
Balance at December 31, 2024
182
145
26
353
958
1,311
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 97 million and EUR 71 million in 2024
and 2023, respectively, and largely relating to the Construction business (EUR 90 million in 2024 and EUR 68 million in 2023). This provision is
recognized and reversed against changes to provisions in operating profit/(loss).
\u2022 Provisions for tax claims, amounting to EUR 85 million for both\u00a0 2024 and 2023, 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 145 million and EUR 86 million in 2024
and 2023, 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, 2024 (EUR 26 million at December 31, 2023).
At December 31, 2024, 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, 2024 amounted to EUR 16 million.\u00a0
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
project close-out costs under the contract), amounting to EUR 325 million and EUR 313 million in 2024 and 2023 respectively), and provisions for
budgeted losses totaling\u00a0 EUR 531 million and EUR 606 million in 2024 and 2023 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 504 million and EUR 561 million in 2024 and
2023 respectively, and the UK waste treatment businesses (Thalia) in the amount of EUR 26 million and EUR 46 million at December 31, 2024 and
2023, respectively.
The change during 2024 is explained by net provisions recognized in the Construction Division (EUR -17 million), basically in the Polish business,
and to the application of provisions for budgeted losses in Colombia and US businesses (EUR -47 million). Additionally, also worth mentioning the
impact in the UK waste treatment businesses (Thalia), explained by a provision recognition impact of EUR 16 million, offset by applications\u00a0
reaching EUR -37 million, mainly related to the Isle of Wight treatment plant.
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 litigation of different kinds arising in the ordinary course of its business. When such risks
are deemed to be probable, provisions are booked using the best estimate of the expected disbursements necessary to settle the obligations
arising from such 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 could 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 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 Roads business.
Ongoing litigation at December 2024
US Toll roads: NTE 35W
On February 11, 2021 there was a multiple vehicle accident on the 35W Managed Lanes toll road in Fort Worth, Texas involving 133 vehicles and
resulting in six deaths and multiple 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 other
Group Co-Defendant entities and several non-Group US companies, is a party in 29 of the claims that have been filed. Of these, three cases have
been fully resolved and one additional case has been partially resolved by the parties.\u00a0 Discovery in the other cases is ongoing. One case has been
set for trial starting on July 20, 2025.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling, in view of 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 in 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 be 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, which 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.
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, 2024, provisions amounting to EUR 90 million had
been recorded in relation to these proceedings. 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.\u00a0
Ongoing litigation at December 2024
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 three 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, 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\u00a0 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 matter is ongoing and a variety of filings against the alleged charges, including expert reports, have been submitted. In November 2023, the
court rejected the indictment, ruling that formal errors were committed during the investigative phase, and returned the matter back to the
prosecutor. The prosecutor has appealed the decision.
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. D4R7 disputes these charges and has filed responsive pleadings and
reports. The pre-trial investigative phase of this matter has concluded and the matter has been submitted to the court for review. The court will
next decide whether there is sufficient evidence to support the allegations and if all legal requirements have been met.
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 Unauthorized Handling of Waste at an Embankment in Jarovce.
The Police Force in Bratislava (Environmental Division) has pressed charges against D4R7 Construction s.r.o., for alleged unauthorized handling of
waste under the Slovak Criminal Code. The allegation relates to the use of recycled dirt material for the construction of a road embankment
without proper permits. The recycled material was purchased from local suppliers specialized in this type of material and no environmental
damage occurred due to its use. If found responsible, D4R7 could face a fine, likely in the low six figures. Numerous pleadings and expert reports
have been submitted by the parties, and the matter is expected to proceed to trial. To date, however, the court has not scheduled hearings to
commence.
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.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (NIA) 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 in which Ferrovial Construcci\u00f3n has a 70% stake. On January 13, 2025, the NIA ratified the fine
amount, making it due and payable in February 2025. The concessionaire and CJV have initiated a proceeding seeking a declaration of force
majeure. If the proceeding is successful, the NIA would be compelled to reduce and potentially nullify the fine amount. We expect a decision by
June 2025. The impact of this delay and the associated costs have been considered in the provision for future losses in 2024 (also in 2023) relating
to this project.
I-66 project (USA)
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.
In June 2024, project completion was agreed with the Virginia Department of Transportation. FAM Construction, LLC filed a lawsuit in January
2024 related to costs incurred due to the COVID-19 pandemic and associated matters.
These claims have been considered in the calculation of the Group\u2019s future loss provisions in accordance with IFRS 15.
Power unit in Tur\u00f3w (Poland)\u00a0
On January 17, 2025, Budimex S.A. received a lawsuit claiming EUR 248.2 million in liquidated damages and other damages for, among other
things, reduced availability of the power unit and alleged delays in the remediation of disputed defects. The action was brought by the state-
owned energy producer, PGE G\u00f3rnictwo i Energetyka Konwencjonalna S.A. against the consortium responsible for the construction of a new
power unit at the Tur\u00f3w Power Plant. The consortium comprises Mitsubishi Power Europe GmbH (52.84%), T\u00e9cnicas Reunidas, S.A. (23.58%) and
Budimex, S.A. (23.58%).
Taking into account the amount claimed and the associated costs involved with defending this lawsuit, the putative risk has been duly provisioned
in accordance with Budimex's share in the consortium.
Matters previously reported
FBSerwis (Poland)
We previously reported on a broad investigation by the Polish Central Anticorruption Office into alleged tax fraud and money laundering, invoice
forgery, and bribery that implicated two past members of the Management Board of FBSerwis, S.A., a subsidiary of Budimex. As previously
reported, these individuals were dismissed by FBSerwis, S.A. and their employment terminated.\u00a0 The investigation appears to have been
completed with respect to Budimex\u00a0 with no further developments related to the company.
I-285/SR400 Improvement Project (USA)
It was previously reported that North Perimeter Contractors, LLC whose sole member is Ferrovial Construction US Corp. had initiated upstream
claims stemming from client-directed changes, weather events and other issues. These claims have been amicably resolved.
c) Litigation and other contingent liabilities relating to the Energy business
Ongoing contingent liabilities at December 2024:
Centella Project (Chile)
In 2018, the Republic of Chile awarded the design, construction and operation of a new 252km, 220KV- 580 MVA-double circuit transmission line
(\"Centella Project\") to Centella Transmisi\u00f3n S.A. (an indirect wholly owned subsidiary of Ferrovial SE).
The project commenced operation on June 27, 2024 as formally acknowledged by the relevant authority on January 15, 2025.
Pursuant to restated terms of the award, commencement of operations of the transmission line should have occurred no later than January 15,
2024, but during construction, the project suffered certain delays due to unforeseen circumstances, including different force majeure events. In
particular, on August 26, 2024, an extension of the final milestone (CoD) of the contract was successfully granted by the Ministry of Energy as a
consequence of one of those force majeure events.
Out of the different force majeure events requested by Centella Transmisi\u00f3n S.A. to the Ministry of Energy, there are -as of today- two
proceedings still pending, whose outcome could enable the Authority to call a guarantee bond and may apply certain penalties under the
contract.
Although force majeure must be evaluated on a case-by-case basis, the Ministry of Energy has granted in the past different extensions of
milestones due to force majeure events in the Centella Project and in other transmission projects in Chile.
As of December 31, 2024, the Group has recognised a provision to cover the estimated risk arising from this contingency.
d) Tax-related litigation
Ongoing litigation at December 2024:
As indicated in Note 6.3, Ferrovial has recorded provisions for taxes in its balance sheet for a total amount of EUR 84 million, EUR 85 million and
EUR 200 million at December 31, 2024, 2023 and 2022, respectively.
These provisions essentially relate to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
200 million, EUR 207 million and EUR 332 million for 2024, 2023 and 2022 respectively, the most significant amounts relating to corporate
income tax (CIT) and VAT for the periods 2002 to 2019.
Tax proceedings related to the tax amortization of financial goodwill on the acquisitions of Amey and Swissport
We are currently in ongoing litigation proceedings related to the tax amortization of financial goodwill paid 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, finding that the European Commission\u2019s decision violated the principles of legal certainty and protection of legitimate
expectations. 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, 2024. However, if the final ruling is unfavorable for the Group there will be an adverse effect of EUR 87.6 million on the Group's
income statement in relation to additional Spanish CIT for FY 2002 to 2022. The maximum amount payable in connection with a potential
unfavorable result would be EUR 42.0 million, as the remainder has already been settled by the Group. In case of a favorable ruling for the Group,
the Spanish Tax Agency must refund the initially claimed and paid amounts (EUR 45.5 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% prior 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 resolves that the use of the Royal Decree-Law is not suitable for amending the essential elements of
Corporate Income Tax (CIT), and that this practice infringes constitutional requirements. Based on the aforementioned grounds, the Spanish
Constitutional Court overturned 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.
Based on the Spanish Constitutional Court ruling, the Company believes it is almost certain it will obtain a favorable ruling in its proceedings, with
the expected amount to be recovered by the Group in relation to years 2016 to 2023 amounting to EUR 30.6 million, which has been recorded in
2024 consolidated financial statements.
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 potential liabilities arising in the course of
business. At December 31, 2024, the balance amounted to EUR 8,260 million (EUR 8,533 in 2023).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2024
Dec. 2023
Construction
7,074
7,013
Toll Roads
476
404
Airports
355
799
Energy
199
66
Other
157
251
TOTAL
8,260
8,533
The EUR 8,260 million, by type of instrument, relates to: i) EUR 2,888 million in bank guarantees; ii) EUR 4,666 million in guarantees provided by
bonding agencies and iii) EUR 706 million in 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 such performance\u00a0 (Note 6.3).
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 359 million secures
commitments to invest in the capital of infrastructure project companies, mainly\u00a0 JFK-NTO (Note 6.5.3).
b) Guarantees given by Group companies for other Group companies
As indicated previously, in general guarantees are provided 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 1.1.4) which should be noted due to the classification of project borrowings as non-
recourse debt (see Note 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 the cash equivalent 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 outstanding guarantees of this nature at December 31, 2024 relating to
fully consolidated infrastructure project companies, is as follows. It should be noted that these amounts relate to Ferrovial share:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2024
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
62
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
50
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
111
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
The \u201cThalia\u201d Group operates waste treatment facilities at Allerton, Cambridge, Milton Keynes and Isle of Wight in the UK with the majority of the
facilities operated under concession contracts with different local authorities. The four concessions contracts represent the majority of our waste
management operations and are expected to expire between 2026 and 2043.\u00a0
The guarantees given by various Group companies totaled GBP 295 million in 2024. The guarantees are limited but the limitations do not apply in
the event of liability arising in certain scenarios including from death or personal injury, fraud, willful misconduct and / or criminal conduct or
abandonment.
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 plants. As indicated in Note 6.3., at year-end 2024, the Group recognized a provision for future losses relating
to these plants in the amount of GBP 22 million (GBP 40 million as of December 31, 2023). The provision does not include business overheads
estimated at GBP 8 million per annum.
c) 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\u00a0
EUR 19 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:
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.
A contentious-administrative appeal was filed against the resolution at the National High Court. In December 2021, notification was received of
the admission of the appeal. On\u00a0 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 SE.
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
At December 31, 2022, guarantees had been granted to PREZERO in connection with various ongoing tax proceedings. The guarantees, which
have been provisioned, amount to EUR 4.4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-979": { "value": "
6.1. DEFERRED INCOME
Deferred income breaks down as follows at December 31, 2024 and 2023:
(Million euro)
2024
2023
Var. 24/23
Capital grants
1,372
1,317
55
Other deferred income
3
17
(14)
TOTAL DEFERRED INCOME
1,375
1,334
41
Capital grants awarded by government bodies relate entirely to infrastructure projects in the Toll Roads Division at December 31, 2024 and 2023.
These grants are primarily related to the following toll road projects: EUR 510 million and EUR 486 million for NTE Mobility Partners in 2024 and
2023, respectively. EUR 429 million and EUR 407 million for LBJ Infrastructure Group, in 2024 and 2023, respectively. EUR 216 million and EUR
205 million for I-77 Mobility Partners, in 2024 and 2023, respectively and, lastly, EUR 205 million and EUR 204 million for NTE Mobility Partners
Segments 3 LLC, in 2024 and 2023, respectively.
Amounts received by the US companies increased by EUR 86 million and decreased by EUR -41 million in 2024 and 2023 respectively, due to the
US dollar's appreciation against the euro in 2024 and depreciation in 2023.\u00a0
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, 2024 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 2024, 2023 and 2022.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-980": { "value": "
6.2. EMPLOYEE BENEFIT PLANS
This heading reflects the deficit in pension and other employee retirement benefit plans. At December 31, 2024, the provision recognized in the
balance sheet amounted to EUR\u00a0 4 million and solely relates to Budimex (EUR 3 million at December 31, 2023).
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,
2024:
(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 31,2023
156
86
26
268
1,011
1,279
Scope changes and transfers
(3)
17
(2)
13
1
14
Charges:
41
42
1
85
297
382
Operating profit/(loss)
38
5
1
44
295
339
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
2
2
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed asset depreciation
3
37
\u2013
40
\u2013
40
Reversals:
(8)
\u2013
1
(8)
(252)
(260)
Operating profit/(loss)
(4)
\u2013
1
(4)
(252)
(256)
Net financial income/(expense)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
(4)
\u2013
\u2013
(4)
\u2013
(4)
Fixed asset depreciation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Applications
(6)
(7)
\u2013
(13)
(114)
(128)
Foreign exchange differences
1
7
\u2013
9
15
24
Balance at December 31, 2024
182
145
26
353
958
1,311
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 97 million and EUR 71 million in 2024
and 2023, respectively, and largely relating to the Construction business (EUR 90 million in 2024 and EUR 68 million in 2023). This provision is
recognized and reversed against changes to provisions in operating profit/(loss).
\u2022 Provisions for tax claims, amounting to EUR 85 million for both\u00a0 2024 and 2023, 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 145 million and EUR 86 million in 2024
and 2023, 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, 2024 (EUR 26 million at December 31, 2023).
At December 31, 2024, 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, 2024 amounted to EUR 16 million.\u00a0
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
project close-out costs under the contract), amounting to EUR 325 million and EUR 313 million in 2024 and 2023 respectively), and provisions for
budgeted losses totaling\u00a0 EUR 531 million and EUR 606 million in 2024 and 2023 respectively.
Provisions for budgeted losses relate primarily to the Construction Division in the amount of EUR 504 million and EUR 561 million in 2024 and
2023 respectively, and the UK waste treatment businesses (Thalia) in the amount of EUR 26 million and EUR 46 million at December 31, 2024 and
2023, respectively.
The change during 2024 is explained by net provisions recognized in the Construction Division (EUR -17 million), basically in the Polish business,
and to the application of provisions for budgeted losses in Colombia and US businesses (EUR -47 million). Additionally, also worth mentioning the
impact in the UK waste treatment businesses (Thalia), explained by a provision recognition impact of EUR 16 million, offset by applications\u00a0
reaching EUR -37 million, mainly related to the Isle of Wight treatment plant.
For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-981": { "value": "
6.5.CONTINGENT LIABILITIES, CONTINGENT ASSETS AND COMMITMENTS
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of litigation of different kinds arising in the ordinary course of its business. When such risks
are deemed to be probable, provisions are booked using the best estimate of the expected disbursements necessary to settle the obligations
arising from such 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 could 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 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 Roads business.
Ongoing litigation at December 2024
US Toll roads: NTE 35W
On February 11, 2021 there was a multiple vehicle accident on the 35W Managed Lanes toll road in Fort Worth, Texas involving 133 vehicles and
resulting in six deaths and multiple 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 other
Group Co-Defendant entities and several non-Group US companies, is a party in 29 of the claims that have been filed. Of these, three cases have
been fully resolved and one additional case has been partially resolved by the parties.\u00a0 Discovery in the other cases is ongoing. One case has been
set for trial starting on July 20, 2025.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling, in view of 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 in 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 be 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, which 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.
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, 2024, provisions amounting to EUR 90 million had
been recorded in relation to these proceedings. 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.\u00a0
Ongoing litigation at December 2024
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 three 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, 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\u00a0 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 matter is ongoing and a variety of filings against the alleged charges, including expert reports, have been submitted. In November 2023, the
court rejected the indictment, ruling that formal errors were committed during the investigative phase, and returned the matter back to the
prosecutor. The prosecutor has appealed the decision.
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. D4R7 disputes these charges and has filed responsive pleadings and
reports. The pre-trial investigative phase of this matter has concluded and the matter has been submitted to the court for review. The court will
next decide whether there is sufficient evidence to support the allegations and if all legal requirements have been met.
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 Unauthorized Handling of Waste at an Embankment in Jarovce.
The Police Force in Bratislava (Environmental Division) has pressed charges against D4R7 Construction s.r.o., for alleged unauthorized handling of
waste under the Slovak Criminal Code. The allegation relates to the use of recycled dirt material for the construction of a road embankment
without proper permits. The recycled material was purchased from local suppliers specialized in this type of material and no environmental
damage occurred due to its use. If found responsible, D4R7 could face a fine, likely in the low six figures. Numerous pleadings and expert reports
have been submitted by the parties, and the matter is expected to proceed to trial. To date, however, the court has not scheduled hearings to
commence.
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.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (NIA) 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 in which Ferrovial Construcci\u00f3n has a 70% stake. On January 13, 2025, the NIA ratified the fine
amount, making it due and payable in February 2025. The concessionaire and CJV have initiated a proceeding seeking a declaration of force
majeure. If the proceeding is successful, the NIA would be compelled to reduce and potentially nullify the fine amount. We expect a decision by
June 2025. The impact of this delay and the associated costs have been considered in the provision for future losses in 2024 (also in 2023) relating
to this project.
I-66 project (USA)
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.
In June 2024, project completion was agreed with the Virginia Department of Transportation. FAM Construction, LLC filed a lawsuit in January
2024 related to costs incurred due to the COVID-19 pandemic and associated matters.
These claims have been considered in the calculation of the Group\u2019s future loss provisions in accordance with IFRS 15.
Power unit in Tur\u00f3w (Poland)\u00a0
On January 17, 2025, Budimex S.A. received a lawsuit claiming EUR 248.2 million in liquidated damages and other damages for, among other
things, reduced availability of the power unit and alleged delays in the remediation of disputed defects. The action was brought by the state-
owned energy producer, PGE G\u00f3rnictwo i Energetyka Konwencjonalna S.A. against the consortium responsible for the construction of a new
power unit at the Tur\u00f3w Power Plant. The consortium comprises Mitsubishi Power Europe GmbH (52.84%), T\u00e9cnicas Reunidas, S.A. (23.58%) and
Budimex, S.A. (23.58%).
Taking into account the amount claimed and the associated costs involved with defending this lawsuit, the putative risk has been duly provisioned
in accordance with Budimex's share in the consortium.
Matters previously reported
FBSerwis (Poland)
We previously reported on a broad investigation by the Polish Central Anticorruption Office into alleged tax fraud and money laundering, invoice
forgery, and bribery that implicated two past members of the Management Board of FBSerwis, S.A., a subsidiary of Budimex. As previously
reported, these individuals were dismissed by FBSerwis, S.A. and their employment terminated.\u00a0 The investigation appears to have been
completed with respect to Budimex\u00a0 with no further developments related to the company.
I-285/SR400 Improvement Project (USA)
It was previously reported that North Perimeter Contractors, LLC whose sole member is Ferrovial Construction US Corp. had initiated upstream
claims stemming from client-directed changes, weather events and other issues. These claims have been amicably resolved.
c) Litigation and other contingent liabilities relating to the Energy business
Ongoing contingent liabilities at December 2024:
Centella Project (Chile)
In 2018, the Republic of Chile awarded the design, construction and operation of a new 252km, 220KV- 580 MVA-double circuit transmission line
(\"Centella Project\") to Centella Transmisi\u00f3n S.A. (an indirect wholly owned subsidiary of Ferrovial SE).
The project commenced operation on June 27, 2024 as formally acknowledged by the relevant authority on January 15, 2025.
Pursuant to restated terms of the award, commencement of operations of the transmission line should have occurred no later than January 15,
2024, but during construction, the project suffered certain delays due to unforeseen circumstances, including different force majeure events. In
particular, on August 26, 2024, an extension of the final milestone (CoD) of the contract was successfully granted by the Ministry of Energy as a
consequence of one of those force majeure events.
Out of the different force majeure events requested by Centella Transmisi\u00f3n S.A. to the Ministry of Energy, there are -as of today- two
proceedings still pending, whose outcome could enable the Authority to call a guarantee bond and may apply certain penalties under the
contract.
Although force majeure must be evaluated on a case-by-case basis, the Ministry of Energy has granted in the past different extensions of
milestones due to force majeure events in the Centella Project and in other transmission projects in Chile.
As of December 31, 2024, the Group has recognised a provision to cover the estimated risk arising from this contingency.
d) Tax-related litigation
Ongoing litigation at December 2024:
As indicated in Note 6.3, Ferrovial has recorded provisions for taxes in its balance sheet for a total amount of EUR 84 million, EUR 85 million and
EUR 200 million at December 31, 2024, 2023 and 2022, respectively.
These provisions essentially relate to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
200 million, EUR 207 million and EUR 332 million for 2024, 2023 and 2022 respectively, the most significant amounts relating to corporate
income tax (CIT) and VAT for the periods 2002 to 2019.
Tax proceedings related to the tax amortization of financial goodwill on the acquisitions of Amey and Swissport
We are currently in ongoing litigation proceedings related to the tax amortization of financial goodwill paid 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, finding that the European Commission\u2019s decision violated the principles of legal certainty and protection of legitimate
expectations. 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, 2024. However, if the final ruling is unfavorable for the Group there will be an adverse effect of EUR 87.6 million on the Group's
income statement in relation to additional Spanish CIT for FY 2002 to 2022. The maximum amount payable in connection with a potential
unfavorable result would be EUR 42.0 million, as the remainder has already been settled by the Group. In case of a favorable ruling for the Group,
the Spanish Tax Agency must refund the initially claimed and paid amounts (EUR 45.5 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% prior 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 resolves that the use of the Royal Decree-Law is not suitable for amending the essential elements of
Corporate Income Tax (CIT), and that this practice infringes constitutional requirements. Based on the aforementioned grounds, the Spanish
Constitutional Court overturned 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.
Based on the Spanish Constitutional Court ruling, the Company believes it is almost certain it will obtain a favorable ruling in its proceedings, with
the expected amount to be recovered by the Group in relation to years 2016 to 2023 amounting to EUR 30.6 million, which has been recorded in
2024 consolidated financial statements.
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 potential liabilities arising in the course of
business. At December 31, 2024, the balance amounted to EUR 8,260 million (EUR 8,533 in 2023).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2024
Dec. 2023
Construction
7,074
7,013
Toll Roads
476
404
Airports
355
799
Energy
199
66
Other
157
251
TOTAL
8,260
8,533
The EUR 8,260 million, by type of instrument, relates to: i) EUR 2,888 million in bank guarantees; ii) EUR 4,666 million in guarantees provided by
bonding agencies and iii) EUR 706 million in 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 such performance\u00a0 (Note 6.3).
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 359 million secures
commitments to invest in the capital of infrastructure project companies, mainly\u00a0 JFK-NTO (Note 6.5.3).
b) Guarantees given by Group companies for other Group companies
As indicated previously, in general guarantees are provided 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 1.1.4) which should be noted due to the classification of project borrowings as non-
recourse debt (see Note 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 the cash equivalent 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 outstanding guarantees of this nature at December 31, 2024 relating to
fully consolidated infrastructure project companies, is as follows. It should be noted that these amounts relate to Ferrovial share:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2024
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
62
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
50
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
111
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
The \u201cThalia\u201d Group operates waste treatment facilities at Allerton, Cambridge, Milton Keynes and Isle of Wight in the UK with the majority of the
facilities operated under concession contracts with different local authorities. The four concessions contracts represent the majority of our waste
management operations and are expected to expire between 2026 and 2043.\u00a0
The guarantees given by various Group companies totaled GBP 295 million in 2024. The guarantees are limited but the limitations do not apply in
the event of liability arising in certain scenarios including from death or personal injury, fraud, willful misconduct and / or criminal conduct or
abandonment.
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 plants. As indicated in Note 6.3., at year-end 2024, the Group recognized a provision for future losses relating
to these plants in the amount of GBP 22 million (GBP 40 million as of December 31, 2023). The provision does not include business overheads
estimated at GBP 8 million per annum.
c) 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\u00a0
EUR 19 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:
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.
A contentious-administrative appeal was filed against the resolution at the National High Court. In December 2021, notification was received of
the admission of the appeal. On\u00a0 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 SE.
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
At December 31, 2022, guarantees had been granted to PREZERO in connection with various ongoing tax proceedings. The guarantees, which
have been provisioned, amount to EUR 4.4 million.
d) Security interests in assets
The 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).
e) Guarantees received from third parties
At December 31, 2024, Ferrovial had received guarantees from third parties totaling EUR 1,575 million (EUR 1,757 million at December 31 2023),
mainly in the Ferrovial Construction companies in the United States (EUR 1,235 million) the Budimex Group (EUR 158 million) and other
construction companies (EUR 180 million), particularly noteworthy were the companies in the UK (EUR 119 million) and Spain\u00a0 (EUR 22 million).
These third party guarantees are technical guarantees that are offered by certain subcontractors or suppliers in the construction business in order
to guarantee full 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,\u00a0 infrastructure projects are performed under 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 related 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 capital contributions to infrastructure projects amount to EUR 427 million
(EUR 850 million in 2023). The decrease during the year 2024 is explained primarily by the capital contributions made by Ferrovial 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 31
December 2024 amount to EUR 329 million (EUR 768 million in December 2023).
A breakdown of the Group\u2019s commitments to invest capital in infrastructure project companies is as follows:
\u00a0
(Million euro)
2025
2026
2027
2028
2029
2030 AND
BEYOND
TOTAL
Toll Roads
\u2013
5
\u2013
\u2013
\u2013
\u2013
5
Construction
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Energy
22
23
\u2013
1
\u2013
\u2013
45
INVESTMENTS IN FULLY- CONSOLIDATED INFRASTRUCTURE PROJECT
COMPANIES
23
28
\u2013
1
\u2013
\u2013
52
Toll Roads
28
\u2013
18
\u2013
\u2013
\u2013
46
Airports
258
71
\u2013
\u2013
\u2013
\u2013
329
Construction
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
INVESTMENTS IN EQUITY- ACCOUNTED INFRASTRUCTURE PROJECT
COMPANIES
287
71
18
\u2013
\u2013
\u2013
376
TOTAL INVESTMENTS
IN INFRASTRUCTURE PROJECT
COMPANIES
310
99
18
1
\u2013
\u2013
427
On top of the committed investments shown above, worth mentioning additional EUR 285 million of committed investments corresponding to
projects still pending of financial closing, mainly related to Anillo Vial Perif\u00e9rico (EUR 205 million of future investment commitments and EUR 13
million that have been already contributed in 2024), and renewable energy projects in the US and Poland.
In addition, commitments were made to invest up to EUR 35 million in companies in which Ferrovial holds non-controlling interests that are
engaged in\u00a0 projects related primarily to innovation 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-982": { "value": "
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of litigation of different kinds arising in the ordinary course of its business. When such risks
are deemed to be probable, provisions are booked using the best estimate of the expected disbursements necessary to settle the obligations
arising from such 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 could 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 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 Roads business.
Ongoing litigation at December 2024
US Toll roads: NTE 35W
On February 11, 2021 there was a multiple vehicle accident on the 35W Managed Lanes toll road in Fort Worth, Texas involving 133 vehicles and
resulting in six deaths and multiple 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 other
Group Co-Defendant entities and several non-Group US companies, is a party in 29 of the claims that have been filed. Of these, three cases have
been fully resolved and one additional case has been partially resolved by the parties.\u00a0 Discovery in the other cases is ongoing. One case has been
set for trial starting on July 20, 2025.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling, in view of 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 in 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 be 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, which 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.
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, 2024, provisions amounting to EUR 90 million had
been recorded in relation to these proceedings. 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.\u00a0
Ongoing litigation at December 2024
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 three 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, 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\u00a0 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 matter is ongoing and a variety of filings against the alleged charges, including expert reports, have been submitted. In November 2023, the
court rejected the indictment, ruling that formal errors were committed during the investigative phase, and returned the matter back to the
prosecutor. The prosecutor has appealed the decision.
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. D4R7 disputes these charges and has filed responsive pleadings and
reports. The pre-trial investigative phase of this matter has concluded and the matter has been submitted to the court for review. The court will
next decide whether there is sufficient evidence to support the allegations and if all legal requirements have been met.
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 Unauthorized Handling of Waste at an Embankment in Jarovce.
The Police Force in Bratislava (Environmental Division) has pressed charges against D4R7 Construction s.r.o., for alleged unauthorized handling of
waste under the Slovak Criminal Code. The allegation relates to the use of recycled dirt material for the construction of a road embankment
without proper permits. The recycled material was purchased from local suppliers specialized in this type of material and no environmental
damage occurred due to its use. If found responsible, D4R7 could face a fine, likely in the low six figures. Numerous pleadings and expert reports
have been submitted by the parties, and the matter is expected to proceed to trial. To date, however, the court has not scheduled hearings to
commence.
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.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (NIA) 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 in which Ferrovial Construcci\u00f3n has a 70% stake. On January 13, 2025, the NIA ratified the fine
amount, making it due and payable in February 2025. The concessionaire and CJV have initiated a proceeding seeking a declaration of force
majeure. If the proceeding is successful, the NIA would be compelled to reduce and potentially nullify the fine amount. We expect a decision by
June 2025. The impact of this delay and the associated costs have been considered in the provision for future losses in 2024 (also in 2023) relating
to this project.
I-66 project (USA)
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.
In June 2024, project completion was agreed with the Virginia Department of Transportation. FAM Construction, LLC filed a lawsuit in January
2024 related to costs incurred due to the COVID-19 pandemic and associated matters.
These claims have been considered in the calculation of the Group\u2019s future loss provisions in accordance with IFRS 15.
Power unit in Tur\u00f3w (Poland)\u00a0
On January 17, 2025, Budimex S.A. received a lawsuit claiming EUR 248.2 million in liquidated damages and other damages for, among other
things, reduced availability of the power unit and alleged delays in the remediation of disputed defects. The action was brought by the state-
owned energy producer, PGE G\u00f3rnictwo i Energetyka Konwencjonalna S.A. against the consortium responsible for the construction of a new
power unit at the Tur\u00f3w Power Plant. The consortium comprises Mitsubishi Power Europe GmbH (52.84%), T\u00e9cnicas Reunidas, S.A. (23.58%) and
Budimex, S.A. (23.58%).
Taking into account the amount claimed and the associated costs involved with defending this lawsuit, the putative risk has been duly provisioned
in accordance with Budimex's share in the consortium.
Matters previously reported
FBSerwis (Poland)
We previously reported on a broad investigation by the Polish Central Anticorruption Office into alleged tax fraud and money laundering, invoice
forgery, and bribery that implicated two past members of the Management Board of FBSerwis, S.A., a subsidiary of Budimex. As previously
reported, these individuals were dismissed by FBSerwis, S.A. and their employment terminated.\u00a0 The investigation appears to have been
completed with respect to Budimex\u00a0 with no further developments related to the company.
I-285/SR400 Improvement Project (USA)
It was previously reported that North Perimeter Contractors, LLC whose sole member is Ferrovial Construction US Corp. had initiated upstream
claims stemming from client-directed changes, weather events and other issues. These claims have been amicably resolved.
c) Litigation and other contingent liabilities relating to the Energy business
Ongoing contingent liabilities at December 2024:
Centella Project (Chile)
In 2018, the Republic of Chile awarded the design, construction and operation of a new 252km, 220KV- 580 MVA-double circuit transmission line
(\"Centella Project\") to Centella Transmisi\u00f3n S.A. (an indirect wholly owned subsidiary of Ferrovial SE).
The project commenced operation on June 27, 2024 as formally acknowledged by the relevant authority on January 15, 2025.
Pursuant to restated terms of the award, commencement of operations of the transmission line should have occurred no later than January 15,
2024, but during construction, the project suffered certain delays due to unforeseen circumstances, including different force majeure events. In
particular, on August 26, 2024, an extension of the final milestone (CoD) of the contract was successfully granted by the Ministry of Energy as a
consequence of one of those force majeure events.
Out of the different force majeure events requested by Centella Transmisi\u00f3n S.A. to the Ministry of Energy, there are -as of today- two
proceedings still pending, whose outcome could enable the Authority to call a guarantee bond and may apply certain penalties under the
contract.
Although force majeure must be evaluated on a case-by-case basis, the Ministry of Energy has granted in the past different extensions of
milestones due to force majeure events in the Centella Project and in other transmission projects in Chile.
As of December 31, 2024, the Group has recognised a provision to cover the estimated risk arising from this contingency.
d) Tax-related litigation
Ongoing litigation at December 2024:
As indicated in Note 6.3, Ferrovial has recorded provisions for taxes in its balance sheet for a total amount of EUR 84 million, EUR 85 million and
EUR 200 million at December 31, 2024, 2023 and 2022, respectively.
These provisions essentially relate to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
200 million, EUR 207 million and EUR 332 million for 2024, 2023 and 2022 respectively, the most significant amounts relating to corporate
income tax (CIT) and VAT for the periods 2002 to 2019.
Tax proceedings related to the tax amortization of financial goodwill on the acquisitions of Amey and Swissport
We are currently in ongoing litigation proceedings related to the tax amortization of financial goodwill paid 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, finding that the European Commission\u2019s decision violated the principles of legal certainty and protection of legitimate
expectations. 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, 2024. However, if the final ruling is unfavorable for the Group there will be an adverse effect of EUR 87.6 million on the Group's
income statement in relation to additional Spanish CIT for FY 2002 to 2022. The maximum amount payable in connection with a potential
unfavorable result would be EUR 42.0 million, as the remainder has already been settled by the Group. In case of a favorable ruling for the Group,
the Spanish Tax Agency must refund the initially claimed and paid amounts (EUR 45.5 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% prior 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 resolves that the use of the Royal Decree-Law is not suitable for amending the essential elements of
Corporate Income Tax (CIT), and that this practice infringes constitutional requirements. Based on the aforementioned grounds, the Spanish
Constitutional Court overturned 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.
Based on the Spanish Constitutional Court ruling, the Company believes it is almost certain it will obtain a favorable ruling in its proceedings, with
the expected amount to be recovered by the Group in relation to years 2016 to 2023 amounting to EUR 30.6 million, which has been recorded in
2024 consolidated financial statements.
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 potential liabilities arising in the course of
business. At December 31, 2024, the balance amounted to EUR 8,260 million (EUR 8,533 in 2023).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2024
Dec. 2023
Construction
7,074
7,013
Toll Roads
476
404
Airports
355
799
Energy
199
66
Other
157
251
TOTAL
8,260
8,533
The EUR 8,260 million, by type of instrument, relates to: i) EUR 2,888 million in bank guarantees; ii) EUR 4,666 million in guarantees provided by
bonding agencies and iii) EUR 706 million in 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 such performance\u00a0 (Note 6.3).
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 359 million secures
commitments to invest in the capital of infrastructure project companies, mainly\u00a0 JFK-NTO (Note 6.5.3).
b) Guarantees given by Group companies for other Group companies
As indicated previously, in general guarantees are provided 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 1.1.4) which should be noted due to the classification of project borrowings as non-
recourse debt (see Note 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 the cash equivalent 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 outstanding guarantees of this nature at December 31, 2024 relating to
fully consolidated infrastructure project companies, is as follows. It should be noted that these amounts relate to Ferrovial share:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2024
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
62
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
50
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
111
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
The \u201cThalia\u201d Group operates waste treatment facilities at Allerton, Cambridge, Milton Keynes and Isle of Wight in the UK with the majority of the
facilities operated under concession contracts with different local authorities. The four concessions contracts represent the majority of our waste
management operations and are expected to expire between 2026 and 2043.\u00a0
The guarantees given by various Group companies totaled GBP 295 million in 2024. The guarantees are limited but the limitations do not apply in
the event of liability arising in certain scenarios including from death or personal injury, fraud, willful misconduct and / or criminal conduct or
abandonment.
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 plants. As indicated in Note 6.3., at year-end 2024, the Group recognized a provision for future losses relating
to these plants in the amount of GBP 22 million (GBP 40 million as of December 31, 2023). The provision does not include business overheads
estimated at GBP 8 million per annum.
c) 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\u00a0
EUR 19 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:
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.
A contentious-administrative appeal was filed against the resolution at the National High Court. In December 2021, notification was received of
the admission of the appeal. On\u00a0 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 SE.
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
At December 31, 2022, guarantees had been granted to PREZERO in connection with various ongoing tax proceedings. The guarantees, which
have been provisioned, amount to EUR 4.4 million.
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6.5.3. Commitments
As described in Note 1.1,\u00a0 infrastructure projects are performed under 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 related 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 capital contributions to infrastructure projects amount to EUR 427 million
(EUR 850 million in 2023). The decrease during the year 2024 is explained primarily by the capital contributions made by Ferrovial 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 31
December 2024 amount to EUR 329 million (EUR 768 million in December 2023).
A breakdown of the Group\u2019s commitments to invest capital in infrastructure project companies is as follows:
\u00a0
(Million euro)
2025
2026
2027
2028
2029
2030 AND
BEYOND
TOTAL
Toll Roads
\u2013
5
\u2013
\u2013
\u2013
\u2013
5
Construction
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Energy
22
23
\u2013
1
\u2013
\u2013
45
INVESTMENTS IN FULLY- CONSOLIDATED INFRASTRUCTURE PROJECT
COMPANIES
23
28
\u2013
1
\u2013
\u2013
52
Toll Roads
28
\u2013
18
\u2013
\u2013
\u2013
46
Airports
258
71
\u2013
\u2013
\u2013
\u2013
329
Construction
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
INVESTMENTS IN EQUITY- ACCOUNTED INFRASTRUCTURE PROJECT
COMPANIES
287
71
18
\u2013
\u2013
\u2013
376
TOTAL INVESTMENTS
IN INFRASTRUCTURE PROJECT
COMPANIES
310
99
18
1
\u2013
\u2013
427
On top of the committed investments shown above, worth mentioning additional EUR 285 million of committed investments corresponding to
projects still pending of financial closing, mainly related to Anillo Vial Perif\u00e9rico (EUR 205 million of future investment commitments and EUR 13
million that have been already contributed in 2024), and renewable energy projects in the US and Poland.
In addition, commitments were made to invest up to EUR 35 million in companies in which Ferrovial holds non-controlling interests that are
engaged in\u00a0 projects related primarily to innovation 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.
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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 Company has a policy in respect of
the remuneration of Executive Directors and Non-Executive Directors. This policy, whether or not combined for Executive Directors and Non-
Executive Directors, is proposed by the Board for adoption by the General Meeting.
The Directors\u2019 Remuneration Policy adopted by the General Meeting of Ferrovial International SE 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 on 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 2024. The table below shows the itemized remuneration of the
members of the Board of Directors in their capacity as such accrued during 2024 and 2023.
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 may 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 2023 and 2024, adding the amount to the
complementary fixed allocation.
The difference between the amounts of attendance fees and complementary fixed allocation in 2024 and 2023 is explained by the fact that: (i)
there were more meetings in 2023 than in 2024; y (ii) the amount distributed to the Directors as described in the last two sentences of the previous
paragraph was higher in\u00a0 2024.
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.
2024
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino
35
103
107
245
Oscar Fanjul
35
76
96
206
Ignacio Madridejos
35
51
61
148
Mar\u00eda del Pino
35
51
61
148
Jos\u00e9 Fernando S\u00e1nchez-Junco
35
58
61
154
Philip Bowman
35
49
61
145
Hanne Sorensen
35
35
61
131
Bruno Di Leo
35
49
61
145
Juan Hoyos
35
51
61
148
Gonzalo Urquijo
35
56
61
152
Hildegard Wortmann
35
36
61
132
Alicia Reyes
35
49
61
145
TOTAL
420
665
815
1,900
(a) These amounts include the remaining amount up to the maximum annual amount of the 2024 compensation distributed pro rata among the Directors.
(*) The amounts shown are rounded.
2023
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino
35
119
99
253
Oscar Fanjul
35
86
87
208
Ignacio Madridejos
35
60
53
148
Mar\u00eda del Pino
35
57
53
145
Jos\u00e9 Fernando S\u00e1nchez-Junco
35
66
53
154
Philip Bowman
35
55
53
143
Hanne Sorensen
35
47
53
135
Bruno Di Leo
35
55
53
143
Juan Hoyos
35
60
53
148
Gonzalo Urquijo
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 2023 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 2024, 2023 and 2022
In 2024, the following remuneration accrued to the executive directors for the performance of their functions, irrespective of the remuneration
referred to in the preceding section.
2024
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,450
2,950
Variable remuneration
2,786
2,097
4,883
Life insurance premiums
11
7
18
Other remuneration in kind
3
36
39
Plans linked to shares (1)
1,946
1,946
3,892
Total 2024
6,246
5,536
11,782
*Remuneration as executive directors
(1) In March 2024, a number of shares equivalent to the level of completion of the units allocated in 2021 were delivered, after the relevant withholding had been made. The shares received by
Rafael del Pino and Ignacio Madridejos were reported to the Dutch regulator, the AFM (Autoriteit Financi\u00eble Markten), both on 14 March 2024.
The 2023 information is shown in the following table:
2023
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
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 withholding 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 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 withholding 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.
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 31.12.2024
UNITS
NO. OF VOTING RIGHTS
%\u00a0 NO. OF VOTING RIGHTS
Rafael del Pino y Calvo-Sotelo
2022 allocation
56,400
56,400
0.008%
2023 allocation
50,680
50,680
0.007%
2024 allocation
39,241
39,241
0.005%
Ignacio Madridejos Fern\u00e1ndez
2022 allocation
56,400
56,400
0.008%
2023 allocation
69,925
69,925
0.009%
2024 allocation
61,441
61,441
0.008%
6.7.3. Pension funds and plans for life insurance premiums
As in 2023, no contributions were made in 2024 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 18 thousand were paid
in 2024; EUR 15 thousand in 2023), 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 2024 under the aforementioned insurance policy
amounted to EUR 1,757 thousand (EUR 1,073 thousand in 2023).
6.7.4. Advances and loans
At 31 December 2024, 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 2024 is analyzed below (*):
SENIOR MANAGEMENT REMUNERATION (Thousand euro) (*)
2024
2023
Fixed remuneration
5,793
5,094
Variable remuneration
6,205
5,534
Performance-based share plan
5,638
1,934
Remuneration as members of administrative bodies of other Group companies, jointly-controlled entities or associates
39
33
Insurance premiums
20
19
Other (1)
226
486
Other (2)
1,433
533
Total
19,355
13,633
(1)\u00a0 Separation of members of the Non-Management Committee (amount subject to personal income tax).
(2)\u00a0 Expatriates\u00b4 payments
(*) The Senior Management average remuneration is not broken down by gender in order to keep it confidential, given that there are not enough incumbents in each position of equal value
The remuneration shown corresponds to the holders of the following positions in all or part of 2024: General Secretary, Chief Financial Officer,
Chief Human Resources Officer, Chief Investment Officer, Chief Construction Officer, Chief Airports Officer, Chief Toll Roads Officer, Chief Energy
Officer, Chief\u00a0 Mobility\u00a0 & Services Officer, Chief Information and Innovation Systems Officer, Chief Audit and Risk Officer, Chief\u00a0 Communications\u00a0
and Corporate Responsibility Officer, Chief Strategy Officer, Chief Compliance and Risk Officer, Chief Sustainability Officer and Chief Digital
Infrastructure 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 6.7.2.
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 137 thousand from the
Company, replacing the remuneration shown in the table above (EUR 71 thousand in 2023).
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 thirteen\u00a0 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.
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 2024 amounted to EUR 2,391 thousand (EUR 2,076 thousand in 2023), of which EUR 582 thousand relates
to the executive director (EUR 527 thousand in 2023).
a)\u00a0 Transactions between Ferrovial SE and its key management personnel 3
This section includes the transactions between the Company and its key management personnel, their close family members, or companies in
which one or the other holds control or joint control, or over which they could exercise significant influence. It also includes transactions with
enterprises that have a member of the key management personnel in common with the Company.\u00a0 \u00a0
At December 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(65)
(65)
(65)
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,126)
\u2014
(20,126)
Financial expenses
(158)
(158)
(158)
At\u00a0 December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(1,268)
\u2014
\u2014
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,110)
\u2014
(20,110)
Banco Sabadell, S.A.
Financial expenses
(1,270)
(1,270)
\u2014
Bank of America
Financing agreements
(112,000)
\u2014
(112,000)
Bank of America
Bank and other guarantees
received
(8,127)
\u2014
(8,127)
Bank of America
Financial expenses
(46)
\u2014
\u2014
Bank of America
Settlement of derivatives
1,415
1,415
\u2014
KBC Bank
Financing agreements
(1,660)
\u2014
(1,660)
KBC Bank
Bank and other guarantees
received
(43,000)
\u2014
(43,000)
At\u00a0 \u00a0 December 31, 2022:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financing agreements
(50,000)
\u2014
(50,000)
Bankinter, S.A.
Financial expenses
(253)
\u2014
\u2014
Banco Sabadell, S.A.
Financing agreements
(49,692)
\u2014
(49,692)
Banco Sabadell, S.A.
Bank and other guarantees
received
(19,480)
\u2014
(19,480)
Banco Sabadell, S.A.
Financial expenses
(826)
\u2014
\u2014
Marsh McLennan
Services received
(253)
\u2014
\u2014
b) Transactions between subsidiaries of the Company and the Company\u2019s key management personnel3
This section includes the transactions between Group companies and the Company\u2019s key management personnel, their close family members or
companies in which one or the other holds control or joint control, or over which they could exercise significant influence. It also includes
transactions with Group enterprises that have a member of the key management personnel in common with the Company.
At December\u00a0 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
554
97
188
Ignacio del Pino Fdez-Fontecha
Services rendered
554
97
29
Rafael del Pino Fdez-Fontecha
Services rendered
554
97
99
EDP
Services received
(31)
\u2014
(11)
EDP
Services rendered
8,392
660
1,348
Cummins
Services received
(15)
\u2014
\u2014
Cummins
Services rendered
1,483
1,593
\u2014
Marsh McLennan
Services received
(2,251)
\u2014
9
Holcim group
Services received
(10,498)
\u2014
(1,178)
Bankinter, S.A.
Financing agreements
(14,286)
\u2014
(14,286)
Bankinter, S.A.
Bank and other guarantees
received
(40,909)
\u2014
(40,909)
Bankinter, S.A.
Financial income
294
294
\u2014
Bankinter, S.A.
Financial expenses
(135)
(135)
(135)
Banco Sabadell, S.A.
Financing agreements
(117,929)
\u2014
(117,929)
Banco Sabadell, S.A.
Bank and other guarantees
received
(47,404)
\u2014
(47,404)
Banco Sabadell, S.A.
Financial income
4,802
4,802
\u2014
Banco Sabadell, S.A.
Financial expenses
(157)
(155)
(155)
Banco Sabadell, S.A.
Settlement of derivatives
435
435
435
KBC Bank
Financing agreements
\u2014
\u2014
\u2014
KBC Bank
Financial expenses
\u2014
\u2014
\u2014
KBC Bank
Settlement of derivatives
\u2014
\u2014
\u2014
Applus Group
Services received
(162)
\u2014
(60)
Note: Two contracts were entered into with a company of the Ferrovial Group in 2023 (as disclosed in the Management Report for that financial year): one between Ferrovial Construcci\u00f3n, S.A.
and an entity controlled by the Chairman and one between Ferrovial Construcci\u00f3n, S.A. and certain close family members of the Chairman. Both agreements were entered into as part of the
ordinary course of business of Ferrovial Construcci\u00f3n, S.A. The amounts invoiced in 2024 under the latter contract are shown in the table above. For more information on this latter transaction,
please refer to section 2.8.3.1 of the Corporate Governance section on conflict-of-interest transactions, included in the Management Report.
At December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Marsh McLennan Group
Services received
(2,051)
\u2014
(51)
Holcim Group
Services received
(7,478)
(7)
(2,094)
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
Cummins Group
Services rendered
28,012
(666)
833
Bankinter, S.A.
Financing agreements
(27,390)
\u2014
(27,390)
Bankinter, S.A.
Bank and other guarantees
received
(55,279)
\u2014
(55,279)
Bankinter, S.A.
Financial income
602
602
\u2014
Bankinter, S.A.
Financial expenses
\u2014
\u2014
\u2014
Sabadell, S.A.
Financing agreements
(31,011)
\u2014
(31,011)
Sabadell, S.A.
Bank and other guarantees
received
(48,055)
\u2014
(48,055)
Sabadell, S.A.
Financial income
410
410
\u2014
Sabadell, S.A.
Financial expenses
(1,536)
(1,411)
\u2014
Sabadell, S.A.
Derivatives settlement
6
6
\u2014
Bank of America
Financing agreements
(191,028)
\u2014
(191,028)
Bank of America
Financial expenses
(8,302)
(8,250)
\u2014
At December 31, 2022:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Marsh McLennan group
Services received
(1,634)
\u2014
126
Sulzer
Services received
(145)
\u2014
(93)
Holcim group
Services received
(4,826)
\u2014
(258)
Bankinter, S.A.
Financing agreements
(13,149)
\u2014
(13,149)
Bankinter, S.A.
Bank and other guarantees
(55,119)
\u2014
(55,119)
Bankinter, S.A.
Financial expenses
\u2014
\u2014
\u2014
Banco Sabadell, S.A.
Financing agreements
(7,459)
\u2014
(7,459)
Banco Sabadell, S.A.
Bank and other guarantees
(32,410)
\u2014
(32,410)
Banco Sabadell, S.A.
Financial income
1,581
\u2014
\u2014
Banco Sabadell, S.A.
Financial expenses
(881)
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-984": { "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 Company has a policy in respect of
the remuneration of Executive Directors and Non-Executive Directors. This policy, whether or not combined for Executive Directors and Non-
Executive Directors, is proposed by the Board for adoption by the General Meeting.
The Directors\u2019 Remuneration Policy adopted by the General Meeting of Ferrovial International SE 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 on 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 2024. The table below shows the itemized remuneration of the
members of the Board of Directors in their capacity as such accrued during 2024 and 2023.
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 may 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 2023 and 2024, adding the amount to the
complementary fixed allocation.
The difference between the amounts of attendance fees and complementary fixed allocation in 2024 and 2023 is explained by the fact that: (i)
there were more meetings in 2023 than in 2024; y (ii) the amount distributed to the Directors as described in the last two sentences of the previous
paragraph was higher in\u00a0 2024.
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.
2024
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino
35
103
107
245
Oscar Fanjul
35
76
96
206
Ignacio Madridejos
35
51
61
148
Mar\u00eda del Pino
35
51
61
148
Jos\u00e9 Fernando S\u00e1nchez-Junco
35
58
61
154
Philip Bowman
35
49
61
145
Hanne Sorensen
35
35
61
131
Bruno Di Leo
35
49
61
145
Juan Hoyos
35
51
61
148
Gonzalo Urquijo
35
56
61
152
Hildegard Wortmann
35
36
61
132
Alicia Reyes
35
49
61
145
TOTAL
420
665
815
1,900
(a) These amounts include the remaining amount up to the maximum annual amount of the 2024 compensation distributed pro rata among the Directors.
(*) The amounts shown are rounded.
2023
DIRECTOR (Thousand euro)
FIXED ALLOWANCE
PER DIEMS
ADDITIONAL FIXED
REMUNERATION (a)
TOTAL
Rafael del Pino
35
119
99
253
Oscar Fanjul
35
86
87
208
Ignacio Madridejos
35
60
53
148
Mar\u00eda del Pino
35
57
53
145
Jos\u00e9 Fernando S\u00e1nchez-Junco
35
66
53
154
Philip Bowman
35
55
53
143
Hanne Sorensen
35
47
53
135
Bruno Di Leo
35
55
53
143
Juan Hoyos
35
60
53
148
Gonzalo Urquijo
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 2023 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 2024, 2023 and 2022
In 2024, the following remuneration accrued to the executive directors for the performance of their functions, irrespective of the remuneration
referred to in the preceding section.
2024
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,450
2,950
Variable remuneration
2,786
2,097
4,883
Life insurance premiums
11
7
18
Other remuneration in kind
3
36
39
Plans linked to shares (1)
1,946
1,946
3,892
Total 2024
6,246
5,536
11,782
*Remuneration as executive directors
(1) In March 2024, a number of shares equivalent to the level of completion of the units allocated in 2021 were delivered, after the relevant withholding had been made. The shares received by
Rafael del Pino and Ignacio Madridejos were reported to the Dutch regulator, the AFM (Autoriteit Financi\u00eble Markten), both on 14 March 2024.
The 2023 information is shown in the following table:
2023
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
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 withholding 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 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 withholding 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.
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 31.12.2024
UNITS
NO. OF VOTING RIGHTS
%\u00a0 NO. OF VOTING RIGHTS
Rafael del Pino y Calvo-Sotelo
2022 allocation
56,400
56,400
0.008%
2023 allocation
50,680
50,680
0.007%
2024 allocation
39,241
39,241
0.005%
Ignacio Madridejos Fern\u00e1ndez
2022 allocation
56,400
56,400
0.008%
2023 allocation
69,925
69,925
0.009%
2024 allocation
61,441
61,441
0.008%
6.7.3. Pension funds and plans for life insurance premiums
As in 2023, no contributions were made in 2024 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 18 thousand were paid
in 2024; EUR 15 thousand in 2023), 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 2024 under the aforementioned insurance policy
amounted to EUR 1,757 thousand (EUR 1,073 thousand in 2023).
6.7.4. Advances and loans
At 31 December 2024, 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 2024 is analyzed below (*):
SENIOR MANAGEMENT REMUNERATION (Thousand euro) (*)
2024
2023
Fixed remuneration
5,793
5,094
Variable remuneration
6,205
5,534
Performance-based share plan
5,638
1,934
Remuneration as members of administrative bodies of other Group companies, jointly-controlled entities or associates
39
33
Insurance premiums
20
19
Other (1)
226
486
Other (2)
1,433
533
Total
19,355
13,633
(1)\u00a0 Separation of members of the Non-Management Committee (amount subject to personal income tax).
(2)\u00a0 Expatriates\u00b4 payments
(*) The Senior Management average remuneration is not broken down by gender in order to keep it confidential, given that there are not enough incumbents in each position of equal value
The remuneration shown corresponds to the holders of the following positions in all or part of 2024: General Secretary, Chief Financial Officer,
Chief Human Resources Officer, Chief Investment Officer, Chief Construction Officer, Chief Airports Officer, Chief Toll Roads Officer, Chief Energy
Officer, Chief\u00a0 Mobility\u00a0 & Services Officer, Chief Information and Innovation Systems Officer, Chief Audit and Risk Officer, Chief\u00a0 Communications\u00a0
and Corporate Responsibility Officer, Chief Strategy Officer, Chief Compliance and Risk Officer, Chief Sustainability Officer and Chief Digital
Infrastructure 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 6.7.2.
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 137 thousand from the
Company, replacing the remuneration shown in the table above (EUR 71 thousand in 2023).
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 thirteen\u00a0 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.
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 2024 amounted to EUR 2,391 thousand (EUR 2,076 thousand in 2023), of which EUR 582 thousand relates
to the executive director (EUR 527 thousand in 2023).
6.8. RELATED-PARTY TRANSACTIONS
Related party transactions are reported following: (i) the criteria set forth in the International Accounting Standard 24 (\u201cIAS 24\u201d) and (ii) the
General Instructions of Part I, Item 7.B. of Form 20-F. These transactions between the Company 1 (or its Group companies) and related parties,
carried out on an arm\u2019s length basis and in the ordinary course of business in 2024, 2023 2, and 20222, are disclosed below, in four separate
categories.
If the related party has been a related party for a period shorter than the financial year, the transactions during this period are disclosed.
a)\u00a0 Transactions between Ferrovial SE and its key management personnel 3
This section includes the transactions between the Company and its key management personnel, their close family members, or companies in
which one or the other holds control or joint control, or over which they could exercise significant influence. It also includes transactions with
enterprises that have a member of the key management personnel in common with the Company.\u00a0 \u00a0
At December 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(65)
(65)
(65)
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,126)
\u2014
(20,126)
Financial expenses
(158)
(158)
(158)
At\u00a0 December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(1,268)
\u2014
\u2014
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,110)
\u2014
(20,110)
Banco Sabadell, S.A.
Financial expenses
(1,270)
(1,270)
\u2014
Bank of America
Financing agreements
(112,000)
\u2014
(112,000)
Bank of America
Bank and other guarantees
received
(8,127)
\u2014
(8,127)
Bank of America
Financial expenses
(46)
\u2014
\u2014
Bank of America
Settlement of derivatives
1,415
1,415
\u2014
KBC Bank
Financing agreements
(1,660)
\u2014
(1,660)
KBC Bank
Bank and other guarantees
received
(43,000)
\u2014
(43,000)
At\u00a0 \u00a0 December 31, 2022:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financing agreements
(50,000)
\u2014
(50,000)
Bankinter, S.A.
Financial expenses
(253)
\u2014
\u2014
Banco Sabadell, S.A.
Financing agreements
(49,692)
\u2014
(49,692)
Banco Sabadell, S.A.
Bank and other guarantees
received
(19,480)
\u2014
(19,480)
Banco Sabadell, S.A.
Financial expenses
(826)
\u2014
\u2014
Marsh McLennan
Services received
(253)
\u2014
\u2014
b) Transactions between subsidiaries of the Company and the Company\u2019s key management personnel3
This section includes the transactions between Group companies and the Company\u2019s key management personnel, their close family members or
companies in which one or the other holds control or joint control, or over which they could exercise significant influence. It also includes
transactions with Group enterprises that have a member of the key management personnel in common with the Company.
At December\u00a0 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
554
97
188
Ignacio del Pino Fdez-Fontecha
Services rendered
554
97
29
Rafael del Pino Fdez-Fontecha
Services rendered
554
97
99
EDP
Services received
(31)
\u2014
(11)
EDP
Services rendered
8,392
660
1,348
Cummins
Services received
(15)
\u2014
\u2014
Cummins
Services rendered
1,483
1,593
\u2014
Marsh McLennan
Services received
(2,251)
\u2014
9
Holcim group
Services received
(10,498)
\u2014
(1,178)
Bankinter, S.A.
Financing agreements
(14,286)
\u2014
(14,286)
Bankinter, S.A.
Bank and other guarantees
received
(40,909)
\u2014
(40,909)
Bankinter, S.A.
Financial income
294
294
\u2014
Bankinter, S.A.
Financial expenses
(135)
(135)
(135)
Banco Sabadell, S.A.
Financing agreements
(117,929)
\u2014
(117,929)
Banco Sabadell, S.A.
Bank and other guarantees
received
(47,404)
\u2014
(47,404)
Banco Sabadell, S.A.
Financial income
4,802
4,802
\u2014
Banco Sabadell, S.A.
Financial expenses
(157)
(155)
(155)
Banco Sabadell, S.A.
Settlement of derivatives
435
435
435
KBC Bank
Financing agreements
\u2014
\u2014
\u2014
KBC Bank
Financial expenses
\u2014
\u2014
\u2014
KBC Bank
Settlement of derivatives
\u2014
\u2014
\u2014
Applus Group
Services received
(162)
\u2014
(60)
Note: Two contracts were entered into with a company of the Ferrovial Group in 2023 (as disclosed in the Management Report for that financial year): one between Ferrovial Construcci\u00f3n, S.A.
and an entity controlled by the Chairman and one between Ferrovial Construcci\u00f3n, S.A. and certain close family members of the Chairman. Both agreements were entered into as part of the
ordinary course of business of Ferrovial Construcci\u00f3n, S.A. The amounts invoiced in 2024 under the latter contract are shown in the table above. For more information on this latter transaction,
please refer to section 2.8.3.1 of the Corporate Governance section on conflict-of-interest transactions, included in the Management Report.
At December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Marsh McLennan Group
Services received
(2,051)
\u2014
(51)
Holcim Group
Services received
(7,478)
(7)
(2,094)
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
Cummins Group
Services rendered
28,012
(666)
833
Bankinter, S.A.
Financing agreements
(27,390)
\u2014
(27,390)
Bankinter, S.A.
Bank and other guarantees
received
(55,279)
\u2014
(55,279)
Bankinter, S.A.
Financial income
602
602
\u2014
Bankinter, S.A.
Financial expenses
\u2014
\u2014
\u2014
Sabadell, S.A.
Financing agreements
(31,011)
\u2014
(31,011)
Sabadell, S.A.
Bank and other guarantees
received
(48,055)
\u2014
(48,055)
Sabadell, S.A.
Financial income
410
410
\u2014
Sabadell, S.A.
Financial expenses
(1,536)
(1,411)
\u2014
Sabadell, S.A.
Derivatives settlement
6
6
\u2014
Bank of America
Financing agreements
(191,028)
\u2014
(191,028)
Bank of America
Financial expenses
(8,302)
(8,250)
\u2014
At December 31, 2022:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Marsh McLennan group
Services received
(1,634)
\u2014
126
Sulzer
Services received
(145)
\u2014
(93)
Holcim group
Services received
(4,826)
\u2014
(258)
Bankinter, S.A.
Financing agreements
(13,149)
\u2014
(13,149)
Bankinter, S.A.
Bank and other guarantees
(55,119)
\u2014
(55,119)
Bankinter, S.A.
Financial expenses
\u2014
\u2014
\u2014
Banco Sabadell, S.A.
Financing agreements
(7,459)
\u2014
(7,459)
Banco Sabadell, S.A.
Bank and other guarantees
(32,410)
\u2014
(32,410)
Banco Sabadell, S.A.
Financial income
1,581
\u2014
\u2014
Banco Sabadell, S.A.
Financial expenses
(881)
\u2014
\u2014
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)
2024
2023
2022
Services received
-1
-3
-2
Services provided
138
111
89
Net financial expenses/Income
42
28
22
Payables to related parties
41
23
28
Receivables from related parties
331
294
252
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 2024, 2023 and 2022, Ferrovial's Construction Division billed those concession operators for EUR 206,077 thousand in 2024 (EUR 375,680
thousand in 2023 and EUR 865,487 thousand in 2022) for work performed and related advance payments and, in this respect, recognized sales
for that construction work totaling EUR 303,050 thousand in 2024, EUR 489,259 thousand in 2023 and EUR 1,030,639 thousand in 2022.
In 2024, 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 -14,206 thousand. In 2023, this amounted to EUR -34,942 thousand and in
2022 to EUR -60,507 thousand.
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
Net Cost
Ownership
Audit
CONTINUING OPERATIONS
CORPORATION
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
80
1
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
9
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
2
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
0
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%
40
1
Ferrovial SE
48.0%
33
1
Temauri, S.L. (a)
Ferrovial SE
100.0%
5
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
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
IRELAND (Registered Office: Dublin)
Landmille, Ltd**
Ferrovial SE
100.0%
1
3
LUXEMBOURG (Registered Office: Luxembourg)
Krypton RE, S.A.
Ferrovial SE
100.0%
8
1
UNITED STATES (Registered Office: Austin)
Landmille US LLC
Ferrovial Holding US Corp
100.0%
0
3
UNITED STATES (Registered Office: New York)
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
0
CONSTRUCTION
GERMANY (Registered Office: Cologne)
Budimex Bau GmbH
Budimex, S.A.
100.0%
0
RailBX GmbH
Budimex, S.A.
100.0%
6
ARABIA (Registered Office: Riyadh)
Ferrovial Agroman Company *
Ferrovial Construcci\u00f3n, S.A. (a)
97.5%
3
7
AUSTRALIA (Registered Office: Sydney)
Ferrovial Construction (Australia) PTY LTD
Ferrovial Construction Holdings Ltd
100.0%
46
1
BRASIL (Registered Office: Bela Vista, Sao Paulo)
Constructora Ferrovial Ltd. (Brazil) *
Ferrovial Construction International S.E.
99.0%
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 S.E.
100.0%
66
1
Ontario Transit FCCI (Hold Co) Inc.
Ferrovial Construction CANADA Inc.
100.0%
0
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
6
Webber Infrastructue 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 S.E.
100.0%
0
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%
63
1
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International S.E.
100.0%
0
1
Ferrovial Energ\u00eda Construcci\u00f3n SpA
Ferrovial Energ\u00eda, S.A. (a)
100.0%
0
1
COLOMBIA (Registered Office: Bogot\u00e1)
Ferrovial Construcci\u00f3n Colombia, S.A.S
Ferrovial Construction International S.E.
100.0%
0
SLOVAKIA (Registered Office: Bratislava)
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
0
3
Ferrovial Construction Slovakia S.R.O. *
Ferrovial Construction Holdings Ltd
99.0%
(2)
3
Budimex Slovakia s.r.o.
Budimex, S.A.
100.0%
0
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)
99.95%
70
1
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)*
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
8
1
Ditecpesa, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
1
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
99.0%
19
1
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0 *
Ferrovial SE
99.99%
386
1
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.95%
1
Ferrovial Railway S.A. (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
98.8%
0
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
1
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
0
Tecpresa Structural Solutions SA (a) *
Ferrovial Construcci\u00f3n, S.A. (a)
99.1%
2
SPAIN (Registered Office: Zaragoza)
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A. (a)
51.7%
2
1
Ferrovial Construcci\u00f3n, S.A. (a)
42.3%
0
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
Webber, LLC
100.0%
14
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%
74
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
1,010
1
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp.
100.0%
1,168
1
Grand Parkway Infrastructure LLC
DBW Construction LLC
30.0%
0
1
Ferrovial Construction Texas, LLC
40.0%
0
1
Ferrovial Energy Solutions, LLC
Ferrovial Energy US, LLC
100.0%
0
Webber Infrastructure Management US Inc.
Webber, LLC
100.0%
308
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%
(3)
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: Fort Worth)
North Tarrant Infrastructures
DBW Construction LLC
25.0%
0
1
Ferrovial Construction Texas, LLC
75.0%
0
1
UNITED STATES (Registered Office: Georgia)
North Perimeter Contractors LLC
Ferrovial Construction East, LLC
100.0%
387
1
Webber - United LLC
Webber, LLC
60.0%
0
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
Ferrovial Construction Texas, LLC
60.0%
0
UNITED STATES (Registered Office: The Woodlands)
DBW Construction LLC.
Webber, LLC
100.0%
(2)
1
Webber Waterworks, LLC
Cadagua US, LLC
50.0%
0
1
Webber, LLC
50.0%
0
1
Webber Materials, LLC
Webber Equipment & Materials LLC
100.0%
88
1
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
653
1
Webber Barrier Services
Webber, LLC
100.0%
5
1
Webber Commercial Construction LLC
Webber, LLC
100.0%
0
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%
337
1
FRANCE (Registered Office: Paris)
Ferrovial Construction France, S.A.
Ferrovial Construction International S.E.
100.0%
12
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Construction International S.E.
Ferrovial SE
100.0%
761
1
IRELAND (Registered Office: Dublin)
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holdings Ltd
100.0%
8
MEXICO (Registered Office: M\u00e9xico DF)
Cadagua Ferr. Industrial MEXICO
Cadagua, S.A. (a)
75.1%
0
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
24.9%
0
NEW ZEALAND (Registered Office: Wellington)
Ferrovial Construction (New Zealand) Limited
Ferrovial Construcci\u00f3n Australia PTY LTD
100.0%
2
PERU (Registered Office: Lima)
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C. *
Ferrovial Construction International S.E.
99.99%
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
1
Fotowoltaika HIG XIV Sp. z o.o. \u00a0
Budimex, S.A.
100.0%
2
POLAND (Registered Office: Kamie\u0144sk)
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
0
1
FBSerwis Zielony Kamie\u0144sk Sp. z o.o.
FBSerwis Kamie\u0144sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Wroc\u0142aw Sp. z o.o.
FBSerwis Wroc\u0142aw Sp. z o.o.
100.0%
0
POLAND (Registered Office: \u015acinawka Dolna)
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielony Dolny \u015al\u0105sk Sp. z o.o.
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
100.0%
0
POLAND (Registered Office: Tarn\u00f3w)
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
0
1
FBSerwis Zielona Karpatia Sp. z o.o.
FBSerwis Karpatia Sp. z o.o.
100.0%
0
POLAND (Registered Office: Warsaw)
Budimex, S.A.
Ferrovial Construction International S.E.
50.1%
83
1
Bx Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
0
1
Bx Kolejnictwo SA
Budimex, S.A.
100.0%
26
1
Budimex Parking Wroc\u0142aw Sp. z o.o.
P
Budimex, S.A.
51.0%
1
1
FBSerwis SA
Budimex, S.A.
100.0%
69
1
FBSerwis A Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis B Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Odbi\u00f3r Sp. z o.o.
FBSerwis SA
100.0%
0
FBSerwis Paliwa Alternatywne Sp. z o.o.
FBSerwis SA
100.0%
0
JZE Sp. z o.o.
FBSerwis SA
100.0%
0
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
JZE Sp. z.o.o.0
100.0%
0
Konstalex Sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
0
Budimex Most Wschodni S.A.
Budimex, S.A.
100.0%
0
1
Circular Construction SA
Budimex Most Wschodni SA
100.0%
0
1
Magnolia Energy Sp. z o.o.
P
Budimex, S.A.
100.0%
9
1
Budimex PPP SA
Budimex, S.A.
100.0%
4
1
Budimex F Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex A\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex O\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex P\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex R\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
0
Budimex D\u00a0 Sp. z o.o.
Budimex SA
76.0%
0
Budimex SA Sygnity SA sj
Budimex, S.A.
67.0%
0
Budimex SA Cadagua SA IV sc
Budimex, S.A.
99.9%
0
Budimex SA Cadagua SA V sc
Budimex, S.A.
99.9%
0
Budimex SA Tecnicas Reunidas SA - Tur\u00f3w s.c.
Budimex, S.A.
50.0%
0
Green Waste Management 5 Sp. z o.o.
FBSerwis SA
100.0%
Green Waste Management 6 Sp. z o.o.
FBSerwis SA
100.0%
PUERTO RICO (Registered Office: San Juan)
Ditecpesa PR, LLC
Ferrovial Construction International S.E.
100.0%
1
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International S.E.
100.0%
25
UNITED KINGDOM (Registered Office: London)
Ferrovial Construction (UK) Limited
Ferrovial Construction Holdings Ltd
100.0%
9
1
Ferrovial Construction Holdings Limited
Ferrovial Construction International S.E.
100.0%
74
1
FC Civil Solutions Limited
Ferrovial Construction Holdings Ltd
100.0%
0
TOLL ROADS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial, SE
100.0%
101
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%
0
Cintra Servicios de Infraestructuras, S.A. (a) *
Cintra Infraestructuras Espa\u00f1a S.L. (a)
99.99%
0
1
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a S.L. (a)
100.0%
3
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
23
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
15
1
Ferrovial, SE
15.0%
3
1
Pilum, S.A. *
P
Ferrovial SE
94.1%
0
Ferrovial Aravia, S.A.
P
Ferrovial Construcci\u00f3n, S.A. (a)
55.0%
1
1
Cintra Infraestructuras Espa\u00f1a S.L. (a)
30.0%
1
1
Ferrovial, SE
15.0%
0
1
SPAIN (Registered Office: Barcelona)
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
76.3%
426
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 4352238 Investments 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%
23
1
UNITED STATES (Registered Office: Austin)
Ferrovial Holding US Corp
Cintra Infrastructures, S.E.
100.0%
3,102
Cintra Holding US Corp
Ferrovial Holding US Corp
100.0%
22
Cintra Texas Corp
Cintra Holding US Corp
100.0%
(22)
Cintra US Services LLC
Cintra Texas Corp
100.0%
1
Cintra ITR LLC\u00a0 *
Cintra Holding US Corp
49.0%
78
Ferrovial Construction US Corp.
44.0%
23
1
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%
4
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
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%
0
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
Cintra North Corridor Transit Partners LLC
P
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
Cintra 2-I77 Mobility Partners Holding LLC
15.0%
68
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%
0
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%
3,021
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 Projects B.V.
Cintra Global SE
100.0%
0
Cintra IM Investments B.V.
Cintra Global SE
100.0%
0
1
Cintra INVIT Investments B.V.
Cintra Global SE
100.0%
718
Cintra Development BV
Cintra Global SE
100.0%
0
1
INDIA (Registered Office: Mumbai)
Ciinfra India Private Limited*
Cintra INR Investments BV
99.99%
0
1
PORTUGAL (Registered Office: Lisbon)
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%
0
Cintra Slovakia Ltd
Cintra Global SE
100.0%
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
PERU (Registered Office: LIMA)
Cintra Infraestructuras Per\u00fa, S.A.C*
Cintra Infrastructures SE
99.9%
0
DIGITAL INFRASTRUCTURES
SPAIN (Registered Office: Madrid)
Ferrovial MAD 01, S.A.
Ferrovial SE
100.0%
91
AIRPORTS
SPAIN (Registered Office: Madrid)
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
28
UNITED STATES (Registered Office: Austin)
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
799
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%
734
UNITED STATES (Registered Office: New York)
MARS NTO LLC.
Ferrovial Airports US Terminal One LLC.
96.1%
742
Ferrovial Airports CHS MSA LLC
Ferrovial Airports Holding US Corp
100.0%
0
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%
5
Ferrovial Airports Turkey B.V.
Ferrovial Airports International, SE
100.0%
152
UNITED KINGDOM (Registered Office: Oxford)
Faero UK Holding Limited
P
Hubco Netherlands B.V.
100.0%
255
1
Ferrovial Airports International, SE
Ferrovial SE
100.0%
1,372
1
TURKEY (Registered Office: Ankara)
YDA HAVALIMANI YATIRIM VE (Dalaman)
P
Ferrovial Airports Turkey B.V.
60.0%
145
1
ENERGY
SPAIN (Registered Office: Madrid)
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International, B.V.
100.0%
14
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
21
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%
15
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
Siemsa Control y Sistemas S.A.U. (a)
Ferrovial Energ\u00eda S.A. (a)
100.0%
1
1
Ferrovial Energ\u00eda S.A. (a)
Ferrovial Construcci\u00f3n, S.A. (a)
100.0%
16
1
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructure Chile, SpA
Ferrovial Transco International, B.V.
100.0%
65
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%
0
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 Power Infrastructure Chile, SpA
99.99%
50
1
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructure Chile, SpA
50.1%
0
1
Ferrovial Transco Chile III SPA
49.9%
0
1
Alto Huemul Transmisi\u00f3n SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
Alto Huemul II SPA
P
Ferrovial Power Infrastructure Chile, SpA
100.0%
0
UNITED STATES (Registered Office: Austin)
Ferrovial Mobility U.S., LLC
Ferrovial Holding US Corp
100.0%
1
Ferrovial Energy US, LLC
Ferrovial Holding US Corp
100.0%
13
Ferrovial Energy US 1, LLC
Ferrovial Energy US, LLC
100.0%
0
Misae Solar IV
P
Ferrovial Energy US, LLC
100.0%
66
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial EG SE
Ferrovial SE
100.0%
76
2
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
1
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
89
Ferrovial Services Netherlands B.V.
Ferrovial SE
100.0%
26
1
UNITED KINGDOM (Registered Office: London)
Thalia Waste Management Limited
Thalia Waste Treatment BV
50.0%
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
Thalia WB SPV Limited
P
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
P
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.*
Veltis, SpA
65.1%
0
1
Inversiones Chile Ltda
34.9%
0
1
CHILE (Registered Office: Los Andes)
Steel Ingenieria, S.A.*
Veltis, Sp.a
99.99%
31
1
Veltis, S.p.A
Ferrovial EG SE
100.0%
0
1
CHILE (Registered Office: Santiago)
Walvis, S.A.*
Berliam S.p.A.
99.7%
0
2
Inversiones (Chile) Holdings Limitada*
Veltis, Sp.a
99.99%
3
1
Inversiones\u00a0 (Chile) Limitada*
Inversiones (Chile) Holding Limitada
99.99%
0
Veltis Servicios, SpA
Veltis, S.p.A
100.0%
0
POLAND (Registered Office: Warsaw)
BXF Energ\u00eda Sp. z.o.o.
Budimex, S.A.
51.0%
7
Ferrovial EG SE
49.0%
7
Azalia, Sp.z.o.o.
P
BXF Energ\u00eda SP ZOO
100.0%
8
AUSTRALIA (Registered Office: Sydney)
Ferrovial Energy PTY LTD
Ferrovial EG SE
100.0%
0
Auditor Key:
Auditors: (1) Ernst & Young, S.L., Madrid, Spain, Auditor Firm ID 1461; (2) Deloitte; (3) BDO; (4) PWC; (5) KPMG; (6) Vir Audit; (7) Elayouty
(a) Form part of the tax scope of Ferrovial SE and subsidiaries.
(*) The remaining percentage to complete the 100% Ownership in the company belongs to minority shareholders of the Ferrovial Group.
(**) In Members Voluntary Liquidation
(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.
Method
Assets.
Liab.
Reven.
Results
Audit
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (Hold Co) Inc.
50.0%
0
1,046
1,078
409
0
SPAIN
Via Olmedo Pedralba,
S.A.
Ferrovial Construccion, S.A.
7.2%
1
5
2
5
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
0
0
1
0
1
ConnectedWorks, LLC
Ferrovial Contruction US Holding
Corp.
40.0%
0
0
0
0
0
POLAND
Promos Sp. z o.o.
Budimex SA
26.3%
1
3
1
3
0
0
TOLL ROADS
AUSTRALIA
Nexus Infrastructure
Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
18
0
0
0
Nexus Infrastructure Unit
Trust
P
Nexus Infrastructure Holdings Unit
Trust
100.0%
10
37
16
37
3
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
100.0%
0
0
0
0
0
Netflow Osars (Western)
GP
P
Cintra Osars (Western) Unit Trust
50.0%
38
151
74
25
3
SPAIN
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
25.0%
6
38
13
18
4
Empresa Mant. y
Explotaci\u00f3n M30, S.A.
Ferrovial Construccion, S.A.
50.0%
(34)
238
238
37
10
5
Madrid Calle 30, S.A.
P
Empresa Mant. y Explotaci\u00f3n M30,
S.A.
20.0%
56
730
169
158
68
8
CANADA
407 International Inc
P
Cintra 4352238 Investment Inc.
43.2%
778
3,866
8,029
1,151
467
1
COLOMBIA
Concesionaria Ruta del
Cacao S.A.S.
P
Cintra Infraestructuras Colombia
S.A.S.
30.0%
27
736
644
139
22
2
INDIA
IRB Infrastructure
Developers Limited
P
Cintra INR Investments B.V.
19.9%
315
5,025
3,463
894
50
5
IRB Infrastructure Trust
P
IRB Infrastructure Developers
Limited
51.0%
704
4,800
3,107
243
(24)
Cintra INVIT Investments B.V.
24.0%
0
0
0
0
0
MMK Toll Road Private
Limited
P
IRB Infrastructure Developers
Limited
51.0%
0
1
0
0
0
Cintra IM Investments B.V.
24.0%
0
0
0
0
0
UNITED KINGDOM
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
100.0%
13
944
908
36
3
RiverLinx Holdings Ltd
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
100.0%
65
1,820
1,528
204
7
PERU
Sociedad Concesionaria
Anillo Vial, S.A.
P
Cintra Infraestructuras Per\u00fa, S.A.C
35.0%
14
0
0
0
0
AIRPORTS
QATAR
FMM Company LLC
Ferrovial Airports FMM B.V.
49.0%
18
78
38
109
14
UNITED STATES
JFK NTO SPONSOR
AGGREGATOR LLC.
P
MARS NTO LLC
51.0%
1,006
10,436
8,547
68
7
1
Total equity-accounted continuing operations
3,023
Auditor key:
(1) EY; (2) Deloitte; (3) BDO; (4) PwC; (5) KPMG; (6) Vir Audit; (7) Mazars; (8) PKF; (9) Martins Pereira, Joao Careca & Asociados, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-986": { "value": "
6.9. AUDIT FEES
The following table summarizes the fees for professional services provided by Ernst & Young for the fiscal years 2024 and 2023.
Million euros
2024
2023
Fees for audit services
13.08
13.53
Fees for audit related services
0.71
0.67
Tax fees
0.02
\u2014
Other non-audit services
\u2014
\u2014
\u201cFees for audit services\u201d relate to the following\u00a0 audit services:
\u2022 Statutory consolidated financial statements;
\u2022 Subsidiaries' statutory 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 non-
financial information among others.
\"Tax fees\" relate to fees incurred for tax compliance, tax advice and tax planning. \"Other non-audit services\" consist of services provided by the
principal accountant, other than the services reported in the above-mentioned sections. During 2023 and 2024, no such services were rendered.
Approval from the Audit and Control Committee is required for non-audit services provided by the external auditor. All services described above
have been approved by the Audit and Control Committee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-987": { "value": "
6.10. EVENTS AFTER THE REPORTING DATE
Issuance of bonds
Ferrovial successfully completed the pricing of an issuance of bonds amounting to 500 million euro, with maturity date on 16 January 2030. The
bonds bear interest at a rate of 3.25% per annum payable annually.
The issue price is 99.402% of the nominal value of the securities. The closing and payment of the issuance took place on 16 January 2025, once
the customary conditions precedent for this type of issuance were met.
The\u00a0 net proceeds were approximately 495 million euro, which are expected to be used for general corporate purposes.
The bonds are listed in Euronext Dublin, the regulated market of the Irish Stock Exchange.
Corporate liquidity facility
On 16 January 2025, the corporate revolving credit facility was refinanced incorporating sustainability criteria linked to KPIs. Final maturity is
January 2030 with the possibility of two extensions of 1 year each. Maximum limit of EUR 900 million with the possibility of drawing down
balances in EUR, USD, CAD and GBP. No amount drawn as of the date of this document.
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 2025, 2,280,272 treasury shares
were acquired at an average price of EUR 41.30 per share totaling EUR 94 million.
Additionally, the Board of Directors has approved the implementation of a new share buyback program of up to EUR 500 million with the purpose
of reducing the share capital, which would start after the current share buyback program has ended.
AGS Divestment
On January 28, 2025, and following satisfaction of applicable regulatory conditions, Ferrovial and Macquarie completed the sale of AGS' entire
share capital (100%) for a price of GBP 900 million, of which circa GBP 450 million are Ferrovial's net proceeds, together with a capital gain of
EUR 297 million for Ferrovial which will affect Q1 2025 results.
HAH 5.25% stake divestment
On February 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire remaining stake
(5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.455 million pounds (current book value of the asset),
which will be adjusted with an interest rate to be applied until closing.\u00a0
The transaction is subject to complying with the right of first offer (ROFO) which may be exercised by Topco shareholders pursuant to the
Shareholders\u2019 Agreement and the Articles of Association of the company. Full completion of the acquisition under the agreement is also subject
to the satisfaction of applicable regulatory conditions.
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