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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/16/24 Ferrovial SE 20FR12B/A 4/15/24 3:8.8M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 20FR12B/A Amendment to Registration Statement by a Foreign HTML 8.67M Non-Canadian Issuer 2: EX-8.1 Opinion of Counsel re: Tax Matters HTML 80K 3: EX-15.1 Letter re: Unaudited Interim Financial Info HTML 5K
tm2326351-14_20fr12ba - none - 85.0887698s |
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Ordinary shares, par value EUR 0.01 per share
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FER
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Nasdaq Global Select Market
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| ☐ Large accelerated filer | | | ☐ Accelerated filer | | | ☒ Non-accelerated filer | | | ☐ Emerging growth company | |
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☐ U.S. GAAP
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☒ International Financial Reporting Standards as issued by the International Accounting Standards Board
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| | ☐ Other | |
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| | | | F-1 | | |
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As of December 31, 2023
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(in millions of euros)
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Cash and cash equivalents
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| | | | 4,789 | | |
Total long-term debt
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| | | | 10,423 | | |
Guaranteed
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| | | | — | | |
Secured(1)
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| | | | 7,852 | | |
Unguaranteed/unsecured(2)
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| | | | 2,571 | | |
Total short-term debt
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| | | | 942 | | |
Guaranteed
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| | | | — | | |
Secured(1)
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| | | | 63 | | |
Unguaranteed/unsecured(2)
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| | | | 879 | | |
Equity | | | | | | | |
Share capital
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| | | | 7 | | |
Share premium
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| | | | 4,316 | | |
Retained earnings and other reserves
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| | | | 370 | | |
Total equity
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| | | | 5,879 | | |
Total capitalization
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| | | | 22,033 | | |
Date
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Event
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Description
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2009 | | | Reverse merger | | |
In 2009, Grupo Ferrovial, S.A. underwent a merger with Cintra Concesiones, a subsidiary listed on the Spanish Stock Exchange. The merger was structured as a “reverse” merger (fusión inversa) where the subsidiary, Cintra Concesiones, increased its capital to absorb the parent, Grupo Ferrovial, S.A. Following the merger, Cintra Concesiones remained listed on the Spanish Stock Exchanges and became the parent of the Group, at that moment comprising Ferrovial and its subsidiaries, and changed its corporate name to Ferrovial, S.A. As a consequence of this merger, the minority shareholders of Cintra Concesiones became shareholders of Ferrovial.
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2019 | | | Corporate reorganization | | |
In 2019, the Group completed the implementation of a reorganization of its corporate structure. This corporate reorganization was aimed at splitting the Group’s national and international activities to benefit from the cross-capabilities of the different businesses in each country and with respect to each client. Through the reorganization, the Group’s non-Spanish businesses were consolidated into one subgroup of companies, headed by the Company.
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2020 | | | Corporate reorganization | | |
In 2020, as a result of the approval and start of the implementation of the Horizon 24 Strategic Plan, the Group embarked on additional projects in mobility and electrification and transmission.
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2023 | | | The Merger | | |
On June 16, 2023, we completed: (i) our re-domiciliation from Spain to the Netherlands through the Merger and (ii) the admission to listing and trading of our ordinary shares on Euronext Amsterdam. Our ordinary shares began trading on Euronext Amsterdam and the Spanish Stock Exchanges on June 16, 2023.
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Business Division
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Group Companies
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Description
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Toll Roads
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Cintra Infraestructuras España, S.L.U., Cintra Infrastructures SE, Cintra Global SE, Cintra Holding US Corp and subsidiaries.
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Development, financing, and operation of toll road infrastructure.
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Airports
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Ferrovial Airports International, S.E., Ferrovial Airports Holding US Corp and subsidiaries.
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Development, financing, and operation of airports and vertiports.
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Construction
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Ferrovial Construcción, S.A., Ferrovial Construction International S.E., Budimex, S.A., Ferrovial Construction US Corp., Webber, LLC and subsidiaries.
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Development, financing, and operation of construction activities, including the design and construction of all types of public and private works and, most notably, the construction of public infrastructures.
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Energy Infrastructure and Mobility
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Ferrovial Infraestructuras Energéticas, S.A.U., Ferrovial 004, S.A., Ferrovial Transco International B.V., Ferrovial EG SE, Thalia Waste Treatment B.V. and subsidiaries.
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Development of energy transmission and renewable energy infrastructure; also includes the Mobility business and the outstanding (non-divested) Services business activities.
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For the year ended December 31, 2023
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Toll Road
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Country
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Ownership
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Fully consolidated assets | | | | | | | |
NTE 1-2
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| | U.S. | | |
63.0%
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LBJ
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| | U.S. | | |
54.6%
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NTE 35W
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| | U.S. | | |
53.7%
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I-77
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| | U.S. | | |
72.2%
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I-66
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| | U.S. | | |
55.7%
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Autema
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| | Spain | | |
76.3%
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Aravia(1) | | | Spain | | |
100.0%
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Via Livre
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| | Portugal | | |
84.0%
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Equity-accounted assets | | | | | | | |
407 ETR
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| | Canada | | |
43.2%
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IRB
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| | India | | |
24.9%
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M4
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| | Ireland | | |
20.0%
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M3
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| | Ireland | | |
20.0%
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A-66 Benavente Zamora
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| | Spain | | |
25.0%
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Serrano Park
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| | Spain | | |
50.0%
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EMESA(2) and Calle 30(3)
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Spain
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50.0% / 20.0%
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Toowoomba
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| | Australia | | |
40.0%
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OSARs
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| | Australia | | |
50.0%
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Zero ByPass (Bratislava)
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| | Slovakia | | |
35.0%
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Toll Road
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Country
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For the year ended December 31,
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2022
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2021
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Fully consolidated assets (in millions of transactions) | | |||||||||||||||||||||
NTE 1-2
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| | US | | | | | 40 | | | | | | 36 | | | | | | 33 | | |
LBJ
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| | US | | | | | 43 | | | | | | 40 | | | | | | 37 | | |
NTE 35W
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| | US | | | | | 42 | | | | | | 35 | | | | | | 35 | | |
I-77
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| | US | | | | | 41 | | | | | | 35 | | | | | | 29 | | |
Equity-accounted assets (in millions of vehicle kilometers travelled) | | |||||||||||||||||||||
407 ETR
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| | Canada | | | | | 2,535 | | | | | | 2,213 | | | | | | 1,696 | | |
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Company
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Country of Incorporation
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Percentage Ownership and
Voting Interest |
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Main Activities
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| Ferrovial Construcción, S.A. (through Spanish branch) | | | Spain | | |
100.0%
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One of the two head entities of the Construction Business Division (Spain)
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| Ferrovial Construction International SE (direct) | | | The Netherlands | | |
100.0%
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One of the two head entities of the Construction Business Division (excluding the U.S. construction business, for which Ferrovial Construction US Holding Corp. is the parent company)
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| Ferrovial Airports International SE (direct) | | | The Netherlands | | |
100.0%
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One of the two head entities of the Airports Business Division (excluding Spain and except U.S. airports business for which Ferrovial Airports Holding US Corp. is the parent company)
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Company
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Country of Incorporation
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Percentage Ownership and
Voting Interest |
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Main Activities
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| Cintra Infraestructuras España, S.L.U. (through Spanish branch) | | | Spain | | |
100.0%
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One of the three head entities of the Toll Roads Business Division (Spain)
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| Cintra Global SE (direct) | | | The Netherlands | | |
100.0%
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One of the three head entities of the Toll Roads Business Division
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| Cintra Infrastructures SE (direct) | | | The Netherlands | | |
100.0%
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One of the three head entities of the Toll Roads Business Division. It indirectly holds the various subsidiaries and affiliates responsible for the U.S. businesses across all Business Divisions
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| Ferrovial Infraestructuras Energéticas S.A.U. (through Spanish branch) | | | Spain | | |
100.0%
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Head entity of the Spanish energy infrastructure subdivision of the Energy Infrastructure and Mobility Business Division
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| 407 International Inc (equity-accounted) | | | Canada | | |
43.2%
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Management of 407 ETR concession
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| IRB Infrastructure Developers Limited (equity-accounted) | | | India | | |
24.9%
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Management of network of toll roads in India
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| FGP Topco Limited (equity-accounted) | | | England and Wales | | |
25.0%
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Management of Heathrow concession
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For the year ended December 31,
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| |||||||||||||||
| | | | |
2022
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2021
|
| ||||||||||
| | |
(in million passengers)(1)
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Heathrow
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| | | | 79.2 | | | | | | 61.6 | | | | | | 19.4 | | |
Aberdeen, Glasgow and Southampton
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| | | | 10.4 | | | | | | 9.2 | | | | | | 3.5 | | |
Dalaman
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| | | | 5.2 | | | | | | 4.5 | | | | | | 2.3 | | |
Passenger trends(1)
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Q1-23
|
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Q2-23
|
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Q3-23
|
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Q4-23
|
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2023
|
| ||||||||||||||||||||
Heathrow
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| | | | (6) | % | | | | | | (3) | % | | | | | | — | % | | | | | | (1) | % | | | | | | (2) | % | | |
Aberdeen
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| | | | (24) | % | | | | | | (23) | % | | | | | | (21) | % | | | | | | (22) | % | | | | | | (22) | % | | |
Glasgow
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| | | | (22) | % | | | | | | (16) | % | | | | | | (20) | % | | | | | | (9) | % | | | | | | (17) | % | | |
Southampton
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| | | | (59) | % | | | | | | (59) | % | | | | | | (59) | % | | | | | | (53) | % | | | | | | (58) | % | | |
TOTAL AGS
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| | | | (28) | % | | | | | | (23) | % | | | | | | (25) | % | | | | | | (17) | % | | | | | | (23) | % | | |
Dalaman
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| | | | 23 | % | | | | | | 1 | % | | | | | | 4 | % | | | | | | 27 | % | | | | | | 7 | % | | |
Traffic trends(1)
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Q1-23
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Q2-23
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Q3-23
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Q4-23
|
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2023
|
| ||||||||||||||||||||
407 ETR
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| | | | (15) | % | | | | | | (5) | % | | | | | | (4) | % | | | | | | (7) | % | | | | | | (8) | % | | |
NTE
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| | | | 15 | % | | | | | | 22 | % | | | | | | 20 | % | | | | | | 19 | % | | | | | | 19 | % | | |
LBJ
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| | | | (9) | % | | | | | | (5) | % | | | | | | (11) | % | | | | | | (12) | % | | | | | | (9) | % | | |
NTE 35W
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| | | | 13 | % | | | | | | 8 | % | | | | | | (14) | % | | | | | | (9) | % | | | | | | (1) | % | | |
Traffic trends(*)
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| |
Q1-23
|
| |
Q2-23
|
| |
Q3-23
|
| |
Q4-23
|
| |
2023
|
| ||||||||||||||||||||
407 ETR
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| | | | 28 | % | | | | | | 18 | % | | | | | | 9 | % | | | | | | 9 | % | | | | | | 15 | % | | |
NTE
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| | | | 15 | % | | | | | | 10 | % | | | | | | 9 | % | | | | | | 6 | % | | | | | | 10 | % | | |
LBJ
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| | | | 14 | % | | | | | | 8 | % | | | | | | 11 | % | | | | | | 9 | % | | | | | | 10 | % | | |
NTE 35W
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| | | | 2 | % | | | | | | (3) | % | | | | | | (16) | % | | | | | | (13) | % | | | | | | 8 | % | | |
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For the year ended December 31,
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2022
|
| |
% Variation
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(in millions of euros)
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Revenues | | | | | 8,514 | | | | | | 7,551 | | | | | | 12.8% | | |
Other operating income
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| | | | 1 | | | | | | 2 | | | | | | (50.0)% | | |
Revenues and other operating income
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| | | | 8,515 | | | | | | 7,553 | | | | | | 12.7% | | |
Materials consumed
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| | | | 1,047 | | | | | | 1,197 | | | | | | (12.5)% | | |
Other operating expenses
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| | | | 4,878 | | | | | | 4,182 | | | | | | 16.6% | | |
Personnel expenses
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| | | | 1,599 | | | | | | 1,446 | | | | | | 10.6% | | |
Total operating expenses
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| | | | 7,524 | | | | | | 6,825 | | | | | | 10.2% | | |
Fixed asset depreciation
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| | | | 401 | | | | | | 299 | | | | | | 34.1% | | |
Impairment and disposal of fixed assets
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| | | | 35 | | | | | | (6) | | | | | | (683.3)% | | |
Operating profit/(loss)
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| | | | 625 | | | | | | 423 | | | | | | 47.8% | | |
Net financial income/(expense) from financing
|
| | | | (328) | | | | | | (243) | | | | | | 35.0% | | |
Profit/(loss) on derivatives and other net financial income/(expense)
|
| | | | (44) | | | | | | (122) | | | | | | 63.9% | | |
Net financial income/(expense) from infrastructure projects
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| | | | (372) | | | | | | (365) | | | | | | 1.9% | | |
Net financial income/(expense) from financing
|
| | | | 111 | | | | | | 1 | | | | | | —% | | |
Profit/(loss) on derivatives and other net financial income/(expense)
|
| | | | 31 | | | | | | 47 | | | | | | (34.0)% | | |
Net financial income/(expense) from ex-infrastructure projects
|
| | | | 142 | | | | | | 48 | | | | | | 195.8% | | |
Net financial income/(expense)
|
| | | | (230) | | | | | | (317) | | | | | | 27.4% | | |
Share of profits of equity-accounted companies
|
| | | | 215 | | | | | | 165 | | | | | | 30.3% | | |
Profit/(loss) before tax from continuing operations
|
| | | | 610 | | | | | | 271 | | | | | | 125.1% | | |
Income tax/(expense)
|
| | | | (115) | | | | | | (30) | | | | | | 283.3% | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 495 | | | | | | 241 | | | | | | 105.4% | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 16 | | | | | | 64 | | | | | | (75.0)% | | |
Net profit/(loss)
|
| | | | 511 | | | | | | 305 | | | | | | 67.5% | | |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (170) | | | | | | (117) | | | | | | 45.3% | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 341 | | | | | | 188 | | | | | | 81.4% | | |
| | |
For the year ended December 31,
|
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| | | | |
2022
|
| |
% Variation
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| | |
(in millions of euros)
|
| |||||||||||||||
Toll Roads
|
| | | | 1,085 | | | | | | 780 | | | | | | 39.1% | | |
Airports | | | | | 80 | | | | | | 54 | | | | | | 48.1% | | |
Construction | | | | | 7,070 | | | | | | 6,463 | | | | | | 9.4% | | |
Energy Infrastructure and Mobility
|
| | | | 334 | | | | | | 296 | | | | | | 12.8% | | |
Others(1)
|
| | | | 181 | | | | | | 178 | | | | | | 1.7% | | |
Adjustments(2)
|
| | | | (236) | | | | | | (220) | | | | | | 7.3% | | |
Total | | | | | 8,514 | | | | | | 7,551 | | | | | | 12.8% | | |
| | |
For the year ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
% Variation
|
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| | |
(in millions of euros)
|
| ||||||||||||||||||
Revenues
|
| | | | 7,551 | | | | | | | 6,910 | | | | | | | 9.3 | % | | |
Other operating income
|
| | | | 2 | | | | | | | 1 | | | | | | | 100.0 | % | | |
Revenues and other operating income
|
| | | | 7,553 | | | | | | | 6,911 | | | | | | | 9.3 | % | | |
Materials consumed
|
| | | | 1,197 | | | | | | | 1,085 | | | | | | | 10.3 | % | | |
Other operating expenses
|
| | | | 4,182 | | | | | | | 3,923 | | | | | | | 6.6 | % | | |
Personnel expenses
|
| | | | 1,446 | | | | | | | 1,293 | | | | | | | 11.8 | % | | |
Total operating expenses
|
| | | | 6,825 | | | | | | | 6,301 | | | | | | | 8.3 | % | | |
Fixed asset depreciation
|
| | | | 299 | | | | | | | 270 | | | | | | | 10.7 | % | | |
Impairment and disposal of fixed assets
|
| | | | (6) | | | | | | | 1,139 | | | | | | | (100.5) | % | | |
Operating profit/(loss)
|
| | | | 423 | | | | | | | 1,479 | | | | | | | (71.4) | % | | |
Net financial income/(expense) from financing
|
| | | | (243) | | | | | | | (220) | | | | | | | 10.5 | % | | |
Profit/(loss) on derivatives and other net financial income/(expense)
|
| | | | (122) | | | | | | | (87) | | | | | | | 40.2 | % | | |
Net financial income/(expense) from infrastructure projects
|
| | | | (365) | | | | | | | (307) | | | | | | | 18.9 | % | | |
Net financial income/(expense) from financing
|
| | | | 1 | | | | | | | (27) | | | | | | | 103.7 | % | | |
Profit/(loss) on derivatives and other net financial income/(expense)
|
| | | | 47 | | | | | | | 2 | | | | | | | n.a. | | | |
Net financial income/(expense) from ex-infrastructure projects
|
| | | | 48 | | | | | | | (25) | | | | | | | 292.0 | % | | |
Net financial income/(expense)
|
| | | | (317) | | | | | | | (332) | | | | | | | 4.5 | % | | |
Share of profits of equity-accounted companies
|
| | | | 165 | | | | | | | (178) | | | | | | | 192.7 | % | | |
Profit/(loss) before tax from continuing operations
|
| | | | 271 | | | | | | | 969 | | | | | | | (72.0) | % | | |
Income tax / (expense)
|
| | | | (30) | | | | | | | 9 | | | | | | | (433.3) | % | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 241 | | | | | | | 978 | | | | | | | (75.4) | % | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 64 | | | | | | | 361 | | | | | | | (82.3) | % | | |
Net profit/(loss)
|
| | | | 305 | | | | | | | 1,339 | | | | | | | (77.2) | % | | |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (117) | | | | | | | (138) | | | | | | | 15.2 | % | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 188 | | | | | | | 1,201 | | | | | | | (84.3) | % | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
%
Variation |
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Toll Roads
|
| | | | 780 | | | | | | 588 | | | | | | 32.7% | | |
Airports
|
| | | | 54 | | | | | | 2 | | | | | | — | | |
Construction
|
| | | | 6,463 | | | | | | 6,077 | | | | | | 6.4% | | |
Energy Infrastructure and Mobility
|
| | | | 296 | | | | | | 252 | | | | | | 17.5% | | |
Others(1)
|
| | | | 178 | | | | | | 157 | | | | | | 13.4% | | |
Adjustments(2)
|
| | | | (220) | | | | | | (166) | | | | | | 32.5% | | |
Total | | | | | 7,551 | | | | | | 6,910 | | | | | | 9.3% | | |
| | |
For the year ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll roads
|
| |
Airports
|
| |
Energy
Infrastructures and Mobility |
| |
Other(1)
|
| |
Adjustments(2)
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Revenues
|
| | | | 7,070 | | | | | | 1,085 | | | | | | 80 | | | | | | 334 | | | | | | 181 | | | | | | (236) | | | | | | 8,514 | | |
Total operating expenses
|
| | | | 6,853 | | | | | | 286 | | | | | | 58 | | | | | | 324 | | | | | | 239 | | | | | | (236) | | | | | | 7,524 | | |
Fixed asset depreciation
|
| | | | 141 | | | | | | 213 | | | | | | 20 | | | | | | 20 | | | | | | 7 | | | | | | — | | | | | | 401 | | |
Impairment and disposal of fixed
assets |
| | | | — | | | | | | 37 | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | 35 | | |
Operating profit/(loss)
|
| | |
|
77
|
| | | |
|
623
|
| | | |
|
2
|
| | | |
|
(12)
|
| | | |
|
(65)
|
| | | | | — | | | | |
|
625
|
| |
Profit/(loss) on derivatives and other net financial income/(expense)
|
| | | | (31) | | | | | | 5 | | | | | | (12) | | | | | | 9 | | | | | | 18 | | | | | | (2) | | | | | | (13) | | |
Net financial income/(expense) from financing
|
| | | | 117 | | | | | | (224) | | | | | | 3 | | | | | | (4) | | | | | | (111) | | | | | | 2 | | | | | | (217) | | |
Net financial income/(expense)
|
| | |
|
86
|
| | | |
|
(219)
|
| | | |
|
(9)
|
| | | |
|
5
|
| | | |
|
(93)
|
| | | | | — | | | | |
|
(230)
|
| |
Share of profits of equity-accounted companies
|
| | | | — | | | | | | 198 | | | | | | 11 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 215 | | |
Profit/(loss) before tax from continuing operations
|
| | | | 163 | | | | | | 602 | | | | | | 4 | | | | | | (1) | | | | | | (158) | | | | |
|
—
|
| | | | | 610 | | |
Income tax/(expense)
|
| | | | (66) | | | | | | (54) | | | | | | (20) | | | | | | 6 | | | | | | 19 | | | | | | — | | | | | | (115) | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 97 | | | | | | 548 | | | | | | (16) | | | | | | 5 | | | | | | (139) | | | | | | — | | | | | | 495 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | | | | | — | | | | | | 16 | | |
Net profit/(loss)
|
| | |
|
97
|
| | | |
|
548
|
| | | |
|
(16)
|
| | | |
|
5
|
| | | |
|
(123)
|
| | | | | — | | | | |
|
511
|
| |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (51) | | | | | | (126) | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | (170) | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 46 | | | | | | 422 | | | | | | (9) | | | | | | 5 | | | | | | (123) | | | | |
|
—
|
| | | | | 341 | | |
| | |
For the year ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll roads
|
| |
Airports
|
| |
Energy
Infrastructures and Mobility |
| |
Other(1)
|
| |
Adjustments(2)
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Revenues
|
| | | | 6,463 | | | | | | 780 | | | | | | 54 | | | | | | 296 | | | | | | 178 | | | | | | (220) | | | | | | 7,551 | | |
Total operating expenses
|
| | | | 6,289 | | | | | | 230 | | | | | | 56 | | | | | | 283 | | | | | | 189 | | | | | | (222) | | | | | | 6,825 | | |
Fixed asset depreciation
|
| | | | 113 | | | | | | 160 | | | | | | 7 | | | | | | 12 | | | | | | 7 | | | | | | — | | | | | | 299 | | |
Impairment and disposal of fixed assets
|
| | | | — | | | | | | (3) | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (6) | | |
Operating profit/(loss)
|
| | | | 63 | | | | | | 387 | | | | | | (9) | | | | | | (2) | | | | | | (16) | | | | | | — | | | | | | 423 | | |
Profit/(loss) on derivatives and other net financial income/(expense)
|
| | | | (34) | | | | | | (110) | | | | | | 19 | | | | | | 1 | | | | | | 51 | | | | | | (2) | | | | | | (75) | | |
Net financial income/(expense) from financing
|
| | | | 35 | | | | | | (240) | | | | | | — | | | | | | (9) | | | | | | (30) | | | | | | 2 | | | | | | (242) | | |
Net financial income/
(expense) |
| | | | 1 | | | | | | (350) | | | | | | 19 | | | | | | (8) | | | | | | 21 | | | | | | — | | | | | | (317) | | |
Share of profits of equity-accounted companies
|
| | | | 1 | | | | | | 158 | | | | | | 7 | | | | | | (1) | | | | | | — | | | | | | — | | | | | | 165 | | |
Profit/(loss) before tax from continuing operations
|
| | | | 65 | | | | | | 195 | | | | | | 17 | | | | | | (11) | | | | | | 5 | | | | | | — | | | | | | 271 | | |
Income tax / (expense)
|
| | | | (5) | | | | | | (39) | | | | | | 2 | | | | | | (4) | | | | | | 16 | | | | | | — | | | | | | (30) | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 60 | | | | | | 156 | | | | | | 19 | | | | | | (15) | | | | | | 21 | | | | | | — | | | | | | 241 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64 | | | | | | — | | | | | | 64 | | |
Net profit/(loss)
|
| | | | 60 | | | | | | 156 | | | | | | 19 | | | | | | (15) | | | | | | 85 | | | | | | — | | | | | | 305 | | |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (42) | | | | | | (65) | | | | | | (9) | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (117) | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 18 | | | | | | 91 | | | | | | 10 | | | | | | (15) | | | | | | 85 | | | | | | (1) | | | | | | 188 | | |
| | |
For the year ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll roads
|
| |
Airports
|
| |
Energy
Infrastructures and Mobility |
| |
Other(1)
|
| |
Adjustments(2)
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Revenues
|
| | | | 6,077 | | | | | | 588 | | | | | | 2 | | | | | | 252 | | | | | | 157 | | | | | | (166) | | | | | | 6,910 | | |
Total operating expenses
|
| | | | 5,833 | | | | | | 173 | | | | | | 28 | | | | | | 264 | | | | | | 168 | | | | | | (165) | | | | | | 6,301 | | |
Fixed asset depreciation
|
| | | | 112 | | | | | | 141 | | | | | | — | | | | | | 12 | | | | | | 5 | | | | | | — | | | | | | 270 | | |
Impairment and disposal of fixed assets
|
| | | | 22 | | | | | | 1,117 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | (1) | | | | | | 1,139 | | |
Operating profit/(loss)
|
| | | | 154 | | | | | | 1,392 | | | | | | (26) | | | | | | (24) | | | | | | (16) | | | | | | (1) | | | | | | 1,479 | | |
Profit/(loss) on derivatives and other net financial income/(expense)
|
| | | | (24) | | | | | | (86) | | | | | | (6) | | | | | | 4 | | | | | | 26 | | | | | | 1 | | | | | | (85) | | |
Net financial income/(expense) from financing
|
| | | | (6) | | | | | | (198) | | | | | | — | | | | | | (7) | | | | | | (36) | | | | | | — | | | | | | (247) | | |
Net financial income/
(expense) |
| | | | (30) | | | | | | (284) | | | | | | (6) | | | | | | (3) | | | | | | (10) | | | | | | 1 | | | | | | (332) | | |
Share of profits of equity-accounted companies
|
| | | | — | | | | | | 81 | | | | | | (254) | | | | | | (6) | | | | | | 1 | | | | | | — | | | | | | (178) | | |
Profit/(loss) before tax from continuing operations
|
| | | | 124 | | | | | | 1,189 | | | | | | (286) | | | | | | (33) | | | | | | (25) | | | | | | — | | | | | | 969 | | |
Income tax / (expense)
|
| | | | (49) | | | | | | (71) | | | | | | 7 | | | | | | 5 | | | | | | 116 | | | | | | 1 | | | | | | 9 | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 75 | | | | | | 1,118 | | | | | | (279) | | | | | | (28) | | | | | | 91 | | | | | | 1 | | | | | | 978 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 115 | | | | | | — | | | | | | — | | | | | | — | | | | | | 246 | | | | | | — | | | | | | 361 | | |
Net profit/(loss)
|
| | | | 190 | | | | | | 1,118 | | | | | | (279) | | | | | | (28) | | | | | | 337 | | | | | | 1 | | | | | | 1,339 | | |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (105) | | | | | | (29) | | | | | | — | | | | | | — | | | | | | (3) | | | | | | (1) | | | | | | (138) | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 85 | | | | | | 1,089 | | | | | | (279) | | | | | | (28) | | | | | | 334 | | | | | | — | | | | | | 1,201 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
U.S.
|
| | | | 2,879 | | | | | | 2,906 | | | | | | 2,639 | | |
Poland
|
| | | | 2,160 | | | | | | 1,842 | | | | | | 1,735 | | |
Spain
|
| | | | 1,475 | | | | | | 1,154 | | | | | | 1,092 | | |
UK
|
| | | | 771 | | | | | | 708 | | | | | | 644 | | |
Canada
|
| | | | 161 | | | | | | 100 | | | | | | 80 | | |
Other
|
| | | | 1,068 | | | | | | 841 | | | | | | 721 | | |
Total revenues
|
| | | | 8,514 | | | | | | 7,551 | | | | | | 6,910 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Net profit/(loss)
|
| | | | 511 | | | | | | 305 | | | | | | 1,339 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | (16) | | | | | | (64) | | | | | | (361) | | |
Income tax/(expense)
|
| | | | 115 | | | | | | 30 | | | | | | (9) | | |
Share of profits of equity-accounted companies
|
| | | | (215) | | | | | | (165) | | | | | | 178 | | |
Net financial income/(expense)
|
| | | | 230 | | | | | | 317 | | | | | | 332 | | |
Impairment and disposal of fixed assets
|
| | | | (35) | | | | | | 6 | | | | | | (1,139) | | |
Adjusted EBIT
|
| | | | 590 | | | | | | 429 | | | | | | 340 | | |
| | |
For the year ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll roads
|
| |
Airports
|
| |
Energy
Infra. and Mobility |
| |
Other
|
| |
Adjustments
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Net profit/(loss)
|
| | | | 97 | | | | | | 548 | | | | | | (16) | | | | | | 5 | | | | | | (123) | | | | | | — | | | | | | 511 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16) | | | | | | — | | | | | | (16) | | |
Income tax/(expense)
|
| | | | 66 | | | | | | 54 | | | | | | 20 | | | | | | (6) | | | | | | (19) | | | | | | — | | | | | | 115 | | |
Share of profits of equity-accounted companies
|
| | | | — | | | | | | (198) | | | | | | (11) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (215) | | |
Net financial income/(expense)
|
| | | | (86) | | | | | | 219 | | | | | | 9 | | | | | | (5) | | | | | | 93 | | | | | | — | | | | | | 230 | | |
Impairment and disposal of fixed
assets |
| | | | — | | | | | | (37) | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | (35) | | |
Adjusted EBIT
|
| | |
|
77
|
| | | |
|
586
|
| | | |
|
2
|
| | | |
|
(10)
|
| | | |
|
(65)
|
| | | | | — | | | | |
|
590
|
| |
| | |
For the year ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll Roads
|
| |
Airports
|
| |
Energy
Infra. And Mobility |
| |
Other
|
| |
Adjustments
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Net profit/(loss)
|
| | | | 60 | | | | | | 156 | | | | | | 19 | | | | | | (15) | | | | | | 85 | | | | | | 0 | | | | | | 305 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (64) | | | | | | 0 | | | | | | (64) | | |
Income tax/(expense)
|
| | | | 5 | | | | | | 39 | | | | | | (2) | | | | | | 4 | | | | | | (16) | | | | | | 0 | | | | | | 30 | | |
Share of profits of equity-accounted companies
|
| | | | (1) | | | | | | (158) | | | | | | (7) | | | | | | 1 | | | | | | 0 | | | | | | 0 | | | | | | (165) | | |
Net financial income/(expense)
|
| | | | (1) | | | | | | 350 | | | | | | (19) | | | | | | 8 | | | | | | (21) | | | | | | 0 | | | | | | 317 | | |
Impairment and disposal of fixed
assets |
| | | | 0 | | | | | | 3 | | | | | | 0 | | | | | | 3 | | | | | | 0 | | | | | | 0 | | | | | | 6 | | |
Adjusted EBIT
|
| | | | 63 | | | | | | 390 | | | | | | (9) | | | | | | 1 | | | | | | (16) | | | | | | 0 | | | | | | 429 | | |
| | |
For the year ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll Roads
|
| |
Airports
|
| |
Energy
Infra. And Mobility |
| |
Other
|
| |
Adjustments
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Net profit/(loss)
|
| | | | 190 | | | | | | 1,118 | | | | | | (279) | | | | | | (28) | | | | | | 337 | | | | | | 1 | | | | | | 1,339 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | (115) | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (246) | | | | | | 0 | | | | | | (361) | | |
Income tax/(expense)
|
| | | | 49 | | | | | | 71 | | | | | | (7) | | | | | | (5) | | | | | | (116) | | | | | | (1) | | | | | | (9) | | |
Share of profits of equity-accounted companies
|
| | | | 0 | | | | | | (81) | | | | | | 254 | | | | | | 6 | | | | | | (1) | | | | | | 0 | | | | | | 178 | | |
Net financial income/(expense)
|
| | | | 30 | | | | | | 284 | | | | | | 6 | | | | | | 3 | | | | | | 10 | | | | | | (1) | | | | | | 332 | | |
Impairment and disposal of fixed
assets |
| | | | (22) | | | | | | (1,117) | | | | | | 0 | | | | | | 0 | | | | | | (1) | | | | | | 1 | | | | | | (1,139) | | |
Adjusted EBIT
|
| | | | 132 | | | | | | 275 | | | | | | (26) | | | | | | (24) | | | | | | (17) | | | | | | 0 | | | | | | 340 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
% Variation
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Toll Roads
|
| | | | 586 | | | | | | 390 | | | | | | 50.3% | | |
Airports
|
| | | | 2 | | | | | | (9) | | | | | | (122.2)% | | |
Construction
|
| | | | 77 | | | | | | 63 | | | | | | 22.2% | | |
Energy Infrastructure and Mobility
|
| | | | (10) | | | | | | 1 | | | | | | n.s. | | |
Others(1) | | | | | (66) | | | | | | (16) | | | | | | 306.3% | | |
Total | | | | | 590 | | | | | | 429 | | | | | | 37.5% | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
% Variation
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Toll Roads
|
| | | | 390 | | | | | | 275 | | | | | | 41.8% | | |
Airports
|
| | | | (9) | | | | | | (26) | | | | | | 65.4% | | |
Construction
|
| | | | 63 | | | | | | 132 | | | | | | (52.5)% | | |
Energy Infrastructure and Mobility
|
| | | | 1 | | | | | | (24) | | | | | | 104.2% | | |
Others(1) | | | | | (16) | | | | | | (17) | | | | | | 5.9% | | |
Total | | | | | 429 | | | | | | 340 | | | | | | 26.2% | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Net profit/(loss)
|
| | | | 511 | | | | | | 305 | | | | | | 1,339 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | (16) | | | | | | (64) | | | | | | (361) | | |
Income tax/(expense)
|
| | | | 115 | | | | | | 30 | | | | | | (9) | | |
Share of profits of equity-accounted companies
|
| | | | (215) | | | | | | (165) | | | | | | 178 | | |
Net financial income/(expense)
|
| | | | 230 | | | | | | 317 | | | | | | 332 | | |
Impairment and disposal of fixed assets
|
| | | | (35) | | | | | | 6 | | | | | | (1,139) | | |
Fixed asset depreciation
|
| | | | 401 | | | | | | 299 | | | | | | 270 | | |
Adjusted EBITDA
|
| | | | 991 | | | | | | 728 | | | | | | 610 | | |
| | |
For the year ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll roads
|
| |
Airports
|
| |
Energy
Infra. and Mobility |
| |
Other
|
| |
Adjustments
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Net profit/(loss)
|
| | | | 97 | | | | | | 548 | | | | | | (16) | | | | | | 5 | | | | | | (123) | | | | | | — | | | | | | 511 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16) | | | | | | — | | | | | | (16) | | |
Income tax/(expense)
|
| | | | 66 | | | | | | 54 | | | | | | 20 | | | | | | (6) | | | | | | (19) | | | | | | — | | | | | | 115 | | |
Share of profits of equity-accounted companies
|
| | | | — | | | | | | (198) | | | | | | (11) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (215) | | |
Net financial income/(expense)
|
| | | | (86) | | | | | | 219 | | | | | | 9 | | | | | | (5) | | | | | | 93 | | | | | | — | | | | | | 230 | | |
Impairment and disposal of fixed
assets |
| | | | — | | | | | | (37) | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | (35) | | |
Fixed asset depreciation
|
| | | | 141 | | | | | | 213 | | | | | | 20 | | | | | | 20 | | | | | | 7 | | | | | | — | | | | | | 401 | | |
Adjusted EBITDA
|
| | |
|
218
|
| | | |
|
799
|
| | | |
|
22
|
| | | |
|
10
|
| | | |
|
(58)
|
| | | | | — | | | | |
|
991
|
| |
| | |
For the year ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll Roads
|
| |
Airports
|
| |
Energy
Infra. And Mobility |
| |
Other
|
| |
Adjustments
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Net profit/(loss)
|
| | | | 60 | | | | | | 156 | | | | | | 19 | | | | | | (15) | | | | | | 85 | | | | | | 0 | | | | | | 305 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (64) | | | | | | 0 | | | | | | (64) | | |
Income tax/(expense)
|
| | | | 5 | | | | | | 39 | | | | | | (2) | | | | | | 4 | | | | | | (16) | | | | | | 0 | | | | | | 30 | | |
Share of profits of equity-accounted companies
|
| | | | (1) | | | | | | (158) | | | | | | (7) | | | | | | 1 | | | | | | 0 | | | | | | 0 | | | | | | (165) | | |
Net financial income/(expense)
|
| | | | (1) | | | | | | 350 | | | | | | (19) | | | | | | 8 | | | | | | (21) | | | | | | 0 | | | | | | 317 | | |
Impairment and disposal of fixed assets
|
| | | | 0 | | | | | | 3 | | | | | | 0 | | | | | | 3 | | | | | | 0 | | | | | | 0 | | | | | | 6 | | |
Fixed asset depreciation
|
| | | | 113 | | | | | | 160 | | | | | | 7 | | | | | | 12 | | | | | | 7 | | | | | | 0 | | | | | | 299 | | |
Adjusted EBITDA
|
| | | | 176 | | | | | | 550 | | | | | | (2) | | | | | | 13 | | | | | | (9) | | | | | | 0 | | | | | | 728 | | |
| | |
For the year ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Construction
|
| |
Toll Roads
|
| |
Airports
|
| |
Energy
Infra. And Mobility |
| |
Other
|
| |
Adjustments
|
| |
Total
|
| |||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||
Net profit/(loss)
|
| | | | 190 | | | | | | 1,118 | | | | | | (279) | | | | | | (28) | | | | | | 337 | | | | | | 1 | | | | | | 1,339 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | (115) | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (246) | | | | | | 0 | | | | | | (361) | | |
Income tax/(expense)
|
| | | | 49 | | | | | | 71 | | | | | | (7) | | | | | | (5) | | | | | | (116) | | | | | | (1) | | | | | | (9) | | |
Share of profits of equity-accounted companies
|
| | | | 0 | | | | | | (81) | | | | | | 254 | | | | | | 6 | | | | | | (1) | | | | | | 0 | | | | | | 178 | | |
Net financial income/(expense)
|
| | | | 30 | | | | | | 284 | | | | | | 6 | | | | | | 3 | | | | | | 10 | | | | | | (1) | | | | | | 332 | | |
Impairment and disposal of fixed
assets |
| | | | (22) | | | | | | (1,117) | | | | | | 0 | | | | | | 0 | | | | | | (1) | | | | | | 1 | | | | | | (1,139) | | |
Fixed asset depreciation
|
| | | | 112 | | | | | | 141 | | | | | | 0 | | | | | | 12 | | | | | | 5 | | | | | | 0 | | | | | | 270 | | |
Adjusted EBITDA
|
| | | | 244 | | | | | | 416 | | | | | | (26) | | | | | | (12) | | | | | | (12) | | | | | | 0 | | | | | | 610 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Revenues
|
| | | | 8,514 | | | | | | 7,551 | | | | | | 6.910 | | |
Exchange rate effect(1)
|
| | | | — | | | | | | (49) | | | | | | 286 | | |
Fixed asset impairments(2)
|
| | | | — | | | | | | — | | | | | | — | | |
Operating results of disposed companies(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Restructuring costs
|
| | | | — | | | | | | — | | | | | | — | | |
Operating results from new acquired companies(4)
|
| | | | (24) | | | | | | — | | | | | | — | | |
Accounting model adjustments(5)
|
| | | | — | | | | | | — | | | | | | — | | |
Non-current impacts(6)
|
| | | | 4 | | | | | | — | | | | | | 0 | | |
Revenues Comparable (Like for Like)
|
| | | | 8,494 | | | | | | 7,502 | | | | | | 7,196 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Net profit/(loss)
|
| | | | 511 | | | | | | 305 | | | | | | 1,339 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | (16) | | | | | | (64) | | | | | | (361) | | |
Income tax/(expense)
|
| | | | 115 | | | | | | 30 | | | | | | (9) | | |
Share of profits of equity-accounted companies
|
| | | | (215) | | | | | | (165) | | | | | | 178 | | |
Net financial income/(expense)
|
| | | | 230 | | | | | | 317 | | | | | | 332 | | |
Impairment and disposal of fixed assets(1)
|
| | | | (35) | | | | | | 6 | | | | | | (1,139) | | |
Exchange rate effect(2)
|
| | | | — | | | | | | (2) | | | | | | 20 | | |
Operating results of disposed companies(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Restructuring costs
|
| | | | — | | | | | | 3 | | | | | | — | | |
Operating results from new acquired companies(4)
|
| | | | (9) | | | | | | — | | | | | | — | | |
Accounting model adjustments(5)
|
| | | | — | | | | | | (28) | | | | | | — | | |
Non-current impacts(6)
|
| | | | 2 | | | | | | — | | | | | | 6 | | |
Adjusted EBIT Comparable (Like for like)
|
| | | | 584 | | | | | | 401 | | | | | | 366 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Net profit/(loss)
|
| | | | 511 | | | | | | 305 | | | | | | 1,339 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | (16) | | | | | | (64) | | | | | | (361) | | |
Income tax/(expense)
|
| | | | 115 | | | | | | 30 | | | | | | (9) | | |
Share of profits of equity-accounted companies
|
| | | | (215) | | | | | | (165) | | | | | | 178 | | |
Net financial income/(expense)
|
| | | | 230 | | | | | | 317 | | | | | | 332 | | |
Impairment and disposal of fixed assets(1)
|
| | | | (35) | | | | | | 6 | | | | | | (1,139) | | |
Fixed asset depreciation(2)
|
| | | | 401 | | | | | | 299 | | | | | | 270 | | |
Exchange rate effect(3)
|
| | | | — | | | | | | (6) | | | | | | 35 | | |
Operating results of disposed companies(4)
|
| | | | — | | | | | | — | | | | | | — | | |
Restructuring costs
|
| | | | — | | | | | | 3 | | | | | | — | | |
Operating results from new acquired companies(5)
|
| | | | (15) | | | | | | — | | | | | | — | | |
Accounting model adjustments(6)
|
| | | | — | | | | | | (29) | | | | | | — | | |
Non-current impacts(7)
|
| | | | 2 | | | | | | — | | | | | | — | | |
Adjusted EBITDA Comparable (Like for like)
|
| | | | 978 | | | | | | 696 | | | | | | 645 | | |
| | |
As of December 31, 2023
|
| |||||||||||||||
| | |
Total
|
| |
Fair Value
Adjustments |
| |
Before Fair Value
Adjustments |
| |||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Operating profit/(loss)
|
| | | | 625 | | | | | | 10(1) | | | | | | 615 | | |
Net financial income/(expense)
|
| | | | (230) | | | | | | 24(2) | | | | | | (254) | | |
Share of profits of equity-accounted companies
|
| | | | 215 | | | | | | —(3) | | | | | | 215 | | |
Profit/(loss) before tax from continuing operations
|
| | | | 610 | | | | | | 34 | | | | | | 576 | | |
Income tax/(expense)
|
| | | | (115) | | | | | | (1)(4) | | | | | | (114) | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 495 | | | | | | 33 | | | | | | 462 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 16 | | | | | | — | | | | | | 16 | | |
Net profit/(loss)
|
| | | | 511 | | | | | | 33 | | | | | | 478 | | |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (170) | | | | | | (7)(5) | | | | | | (163) | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 341 | | | | | | 26 | | | | | | 315 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||
| | |
Total
|
| |
Fair Value
Adjustments |
| |
Before Fair Value
Adjustments |
| |||||||||
| | |
(in million of euros)
|
| |||||||||||||||
Operating profit / (loss)
|
| | | | 423 | | | | | | 1(1) | | | | | | 422 | | |
Net financial income / (expense)
|
| | | | (317) | | | | | | (52)(2) | | | | | | (265) | | |
Share of profits of equity-accounted companies
|
| | | | 165 | | | | | | 7(3) | | | | | | 158 | | |
Profit/(loss) before tax from continuing operations
|
| | | | 271 | | | | | | (44) | | | | | | 315 | | |
Income tax / (expense)
|
| | | | (30) | | | | | | 5(4) | | | | | | (35) | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 241 | | | | | | (39) | | | | | | 280 | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 64 | | | | | | 0 | | | | | | 64 | | |
Net profit/(loss)
|
| | | | 305 | | | | | | (39) | | | | | | 344 | | |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (117) | | | | | | 23(5) | | | | | | (140) | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 188 | | | | | | (16) | | | | | | 204 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||
| | |
Total
|
| |
Fair Value
Adjustments |
| |
Before Fair Value
Adjustments |
| |||||||||
| | |
(in million of euros)
|
| |||||||||||||||
Operating profit / (loss)
|
| | | | 1,479 | | | | | | 1,100(1) | | | | | | 379 | | |
Net financial income / (expense)
|
| | | | (332) | | | | | | (83)(2) | | | | | | (249) | | |
Share of profits of equity-accounted companies
|
| | | | (178) | | | | | | (3)(3) | | | | | | (174) | | |
Profit/(loss) before tax from continuing operations
|
| | | | 969 | | | | | | 1,014 | | | | | | (44) | | |
Income tax / (expense)
|
| | | | 9 | | | | | | 21(4) | | | | | | (13) | | |
Profit/(loss) net of tax from continuing operations
|
| | | | 978 | | | | | | 1,035 | | | | | | (57) | | |
Profit/(loss) net of tax from discontinued operations
|
| | | | 361 | | | | | | 0 | | | | | | 361 | | |
Net profit/(loss)
|
| | | | 1,339 | | | | | | 1,035 | | | | | | 304 | | |
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | (138) | | | | | | 15(5) | | | | | | (153) | | |
Net profit/(loss) for the year attributed to the parent company
|
| | | | 1,201 | | | | | | 1,050 | | | | | | 151 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Budimex
|
| | | | 3,301 | | | | | | 3,181 | | | | | | 3,092 | | |
Webber
|
| | | | 4,233 | | | | | | 3,372 | | | | | | 2,747 | | |
Ferrovial Construction
|
| | | | 8,099 | | | | | | 8,190 | | | | | | 6,377 | | |
Construction | | | | | 15,632 | | | | | | 14,743 | | | | | | 12,216 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
Cash flows from operating activities
|
| | | | 1,263 | | | | | | 1,002 | | | | | | 810 | | |
Cash flows from (used in) investing activities
|
| | | | (425) | | | | | | (732) | | | | | | 457 | | |
Cash flows from (used in) financing activities
|
| | | | (1,305) | | | | | | (316) | | | | | | (2,221) | | |
Cash and cash equivalents at the end of the period
|
| | | | 4,789 | | | | | | 5,130 | | | | | | 5,536 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||||||||||||||
| | |
Bonds
|
| |
Bank
borrowings |
| |
Total
|
| |
Bonds
|
| |
Bank
borrowings |
| |
Total
|
| ||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||
Long-term | | | | | 4,441 | | | | | | 3,412 | | | | | | 7,852 | | | | | | 4,123 | | | | | | 3,770 | | | | | | 7,893 | | |
Toll roads
|
| | | | 4,441 | | | | | | 2,937 | | | | | | 7,378 | | | | | | 4,123 | | | | | | 3,361 | | | | | | 7,484 | | |
U.S. toll roads
|
| | | | 4,441 | | | | | | 2,307 | | | | | | 6,748 | | | | | | 4,123 | | | | | | 2,438 | | | | | | 6,561 | | |
Spanish toll roads
|
| | | | — | | | | | | 611 | | | | | | 611 | | | | | | — | | | | | | 626 | | | | | | 626 | | |
Portuguese toll roads
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 264 | | | | | | 264 | | |
Other concessions
|
| | | | — | | | | | | 19 | | | | | | 19 | | | | | | — | | | | | | 33 | | | | | | 33 | | |
Airports | | | | | — | | | | | | 89 | | | | | | 89 | | | | | | — | | | | | | 95 | | | | | | 95 | | |
Construction | | | | | — | | | | | | 102 | | | | | | 102 | | | | | | — | | | | | | 95 | | | | | | 95 | | |
Energy and mobility infrastructures
|
| | | | — | | | | | | 284 | | | | | | 284 | | | | | | — | | | | | | 219 | | | | | | 219 | | |
Short-term | | | | | 1 | | | | | | 62 | | | | | | 63 | | | | | | — | | | | | | 74 | | | | | | 74 | | |
Toll roads
|
| | | | 1 | | | | | | 31 | | | | | | 33 | | | | | | — | | | | | | 43 | | | | | | 43 | | |
U.S. toll roads
|
| | | | 1 | | | | | | — | | | | | | 1 | | | | |
|
—
|
| | | | | — | | | | | | — | | |
Spanish toll roads
|
| | | | — | | | | | | 17 | | | | | | 17 | | | | | | — | | | | | | 13 | | | | | | 13 | | |
Portuguese toll roads
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 17 | | |
Other concessions
|
| | | | — | | | | | | 14 | | | | | | 14 | | | | | | — | | | | | | 13 | | | | | | 13 | | |
Airports | | | | | — | | | | | | 15 | | | | | | 15 | | | | | | — | | | | | | 18 | | | | | | 18 | | |
Construction | | | | | — | | | | | | 5 | | | | | | 5 | | | | | | — | | | | | | 4 | | | | | | 4 | | |
Energy and mobility infrastructures
|
| | | | — | | | | | | 11 | | | | | | 11 | | | | | | — | | | | | | 9 | | | | | | 9 | | |
Total | | | | | 4,442 | | | | | | 3,473 | | | | | | 7,915 | | | | | | 4,123 | | | | | | 3,844 | | | | | | 7,967 | | |
| | |
Fair
value 2023 |
| |
Carrying
amount 2023 |
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
and beyond |
| |
Total
maturities |
| |||||||||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure project obligations
|
| | |
|
4,092
|
| | | |
|
4,442
|
| | | | | — | | | | |
|
1
|
| | | |
|
7
|
| | | |
|
1
|
| | | |
|
1
|
| | | |
|
2,625
|
| | | |
|
2,636
|
| |
Toll Roads
|
| | | | 4,092 | | | | | | 4,442 | | | | | | — | | | | | | 1 | | | | | | 7 | | | | | | 1 | | | | | | 1 | | | | | | 2,625 | | | | | | 2,636 | | |
USD
|
| | | | 4,092 | | | | | | 4,442 | | | | | | — | | | | | | 1 | | | | | | 7 | | | | | | 1 | | | | | | 1 | | | | | | 2,625 | | | | | | 2,636 | | |
EUR
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
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 | | | | | | — | | | | | | — | | | | | | — | | | | | | 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 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15 | | | | | | 15 | | |
Energy infrastructure and mobility
|
| | | | 295 | | | | | | 295 | | | | | | 28 | | | | | | 5 | | | | | | 230 | | | | | | 3 | | | | | | 4 | | | | | | 34 | | | | | | 304 | | |
EUR
|
| | | | 22 | | | | | | 22 | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | |
USD
|
| | | | 224 | | | | | | 224 | | | | | | 2 | | | | | | 2 | | | | | | 228 | | | | | | — | | | | | | — | | | | | | — | | | | | | 232 | | |
GBP
|
| | | | 49 | | | | | | 49 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 4 | | | | | | 34 | | | | | | 49 | | |
Total infrastructure project borrowings
|
| | | | 7,565 | | | | | | 7,915 | | | | | | 76 | | | | | | 61 | | | | | | 292 | | | | | | 62 | | | | | | 171 | | | | | | 7,407 | | | | | | 8,070 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||||||||||||||
| | |
Long term
|
| |
Short term
|
| |
Total
|
| |
Long term
|
| |
Short term
|
| |
Total
|
| ||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||
Corporate bonds and debentures
|
| | | | 2,270 | | | | | | 320 | | | | | | 2,590 | | | | | | 2,072 | | | | | | 16 | | | | | | 2,088 | | |
Euro Commercial Paper
|
| | | | — | | | | | | 500 | | | | | | 500 | | | | | | — | | | | | | 696 | | | | | | 696 | | |
Corporate liquidity lines
|
| | | | 296 | | | | | | — | | | | | | 296 | | | | | | 802 | | | | | | 3 | | | | | | 805 | | |
Other borrowings
|
| | | | 5 | | | | | | 58 | | | | | | 63 | | | | | | 9 | | | | | | 88 | | | | | | 97 | | |
Total financial borrowings excluding infrastructure project companies
|
| | | | 2,570 | | | | | | 879 | | | | | | 3,449 | | | | | | 2,883 | | | | | | 804 | | | | | | 3,686 | | |
| | |
Fair
value 2023 |
| |
Carrying
amount 2023 |
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
and beyond |
| |
Total
maturities |
| |||||||||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | | | | | | — | | | | | | 46 | | |
EUR | | | | | 3 | | | | | | 3 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 1 | | | | |
|
—
|
| | | | | 1 | | |
PLN
|
| | | | 9 | | | | | | 9 | | | | | | 1 | | | | | | 5 | | | | | | 2 | | | | | | 1 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 9 | | |
CLP | | | | | 19 | | | | | | 19 | | | | | | 20 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 20 | | |
Other
|
| | | | 32 | | | | | | 32 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 11 | | | | | | 5 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 16 | | |
Total financial borrowings excluding
infrastructure project companies |
| | | | 3,394 | | | | | | 3,449 | | | | | | 821 | | | | | | 755 | | | | | | 794 | | | | | | 66 | | | | | | 500 | | | | | | 500 | | | | | | 3,437 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(in million of euros)
|
| |||||||||||||||||||||
Cash and cash equivalents excluding infrastructure projects
|
| | | | (4,585) | | | | | | (4,962) | | | | | | (5,329) | | | | | | (6,396) | | |
Short and long-term borrowings
|
| | | | 3,449 | | | | | | 3,686 | | | | | | 3,201 | | | | | | 4,552 | | |
Non-current restricted cash
|
| | | | (32) | | | | | | (41) | | | | | | 0 | | | | | | (3) | | |
Forwards hedging balances
|
| | | | 18 | | | | | | (151) | | | | | | 22 | | | | | | (14) | | |
Cross currency swaps balances
|
| | | | 13 | | | | | | 5 | | | | | | 9 | | | | | | 2 | | |
Intragroup position balances(*)
|
| | | | 16 | | | | | | 25 | | | | | | 37 | | | | | | 39 | | |
Other short term financial assets
|
| | | | 0 | | | | | | 0 | | | | | | (11) | | | | | | 0 | | |
Consolidated Net Debt of ex-infrastructure project companies
|
| | | | (1,121) | | | | | | (1,439) | | | | | | (2,071) | | | | | | (1,821) | | |
| | |
As of December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(in million of euros)
|
| |||||||||||||||||||||
Cash and cash equivalents from infrastructure projects
|
| | | | (204) | | | | | | (168) | | | | | | (207) | | | | | | (148) | | |
Short and long-term borrowings
|
| | | | 7,915 | | | | | | 7,967 | | | | | | 7,409 | | | | | | 5,240 | | |
Non- current restricted cash
|
| | | | (596) | | | | | | (556) | | | | | | (579) | | | | | | (650) | | |
Intragroup position balances(*)
|
| | | | (16) | | | | | | (25) | | | | | | (37) | | | | | | (39) | | |
Consolidated Net Debt of infrastructure project companies
|
| | | | 7,100 | | | | | | 7,219 | | | | | | 6,586 | | | | | | 4,403 | | |
Consolidated Net Debt
|
| | | | 5,979 | | | | | | 5,781 | | | | | | 4,515 | | | | | | 2,582 | | |
|
| | |
As of December 31, 2023
|
| |||||||||||||||||||||
| | |
Change in
Consolidated Net Debt (1+2+3) |
| |
Ex-infrastructure
project companies(1) |
| |
Infrastructure
project companies(2) |
| |
Intercompany
eliminations(3) |
| ||||||||||||
| | |
(in million of euros)
|
| |||||||||||||||||||||
Cash flow from operating activities
|
| | | | 1,263 | | | | | | 791 | | | | | | 890 | | | | | | (417) | | |
Cash flow from/ (used in) investing activities
|
| | | | (425) | | | | | | (184) | | | | | | (347) | | | | | | 104 | | |
Cash flow from/ (used in) financing activities
|
| | | | (1,305) | | | | | | (1,146) | | | | | | (471) | | | | | | 313 | | |
Effect of exchange rate on cash and cash equivalents
|
| | | | 160 | | | | | | 161 | | | | | | (1) | | | | | | — | | |
Change in cash and cash equivalents due to consolidation scope changes
|
| | | | (34) | | | | | | 0 | | | | | | (34) | | | | | | — | | |
Change in cash and cash equivalents from assets held for sale
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | — | | |
Cash Flows (Change in cash and cash equivalents) (A)
|
| | | | (341) | | | | | | (378) | | | | | | 37 | | | | | | 0 | | |
Change in short and long-term borrowings (B)
|
| | | | (288) | | | | | | (236) | | | | | | (52) | | | | | | — | | |
Change in Non-current restricted cash
|
| | | | (31) | | | | | | 9 | | | | | | (40) | | | | | | — | | |
Change in Forwards hedging balances
|
| | | | 169 | | | | | | 169 | | | | | | — | | | | | | — | | |
Change in Cross currency swaps balances
|
| | | | 8 | | | | | | 8 | | | | | | — | | | | | | — | | |
Change in Intragroup balances
|
| | | | 0 | | | | | | (9) | | | | | | 9 | | | | | | — | | |
Change in other short term financial assets
|
| | | | 0 | | | | | | 0 | | | | | | — | | | | | | — | | |
Other changes in Consolidated Net Debt (C)
|
| | | | 146 | | | | | | 177 | | | | | | (31) | | | | | | — | | |
Change in Consolidated Net Debt (C+B-A)
|
| | | | 199 | | | | | | 318 | | | | | | (120) | | | | | | — | | |
Consolidated Net Debt at beginning of the year(*)
|
| | | | 5,781 | | | | | | (1,439) | | | | | | 7,219 | | | | | | — | | |
Consolidated Net Debt at year-end(*)
|
| | | | 5,979 | | | | | | (1,121) | | | | | | 7,100 | | | | | | — | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | |
Change in
Consolidated Net Debt (1+2+3) |
| |
Ex-infrastructure
project companies(1) |
| |
Infrastructure
project companies(2) |
| |
Intercompany
eliminations(3) |
| ||||||||||||
| | |
(in million of euros)
|
| |||||||||||||||||||||
Cash flow from operating activities
|
| | | | 1,002 | | | | | | 565 | | | | | | 629 | | | | | | (191) | | |
Cash flow from/ (used in) investing activities
|
| | | | (732) | | | | | | (421) | | | | | | (720) | | | | | | 410 | | |
Cash flow from/ (used in) financing activities
|
| | | | (316) | | | | | | (140) | | | | | | 42 | | | | | | (219) | | |
Effect of exchange rate on cash and cash equivalents
|
| | | | (283) | | | | | | (289) | | | | | | 7 | | | | | | — | | |
Change in cash and cash equivalents due to consolidation scope changes
|
| | | | 4 | | | | | | 0 | | | | | | 4 | | | | | | — | | |
Change in cash and cash equivalents from assets held for sale
|
| | | | (81) | | | | | | (81) | | | | | | 0 | | | | | | — | | |
Cash Flows (Change in cash and cash equivalents) (A)
|
| | | | (407) | | | | | | (367) | | | | | | (40) | | | | | | 0 | | |
Change in short and long-term borrowings (B)
|
| | | | 1,043 | | | | | | 485 | | | | | | 558 | | | | | | — | | |
Change in Non-current restricted cash
|
| | | | (18) | | | | | | (41) | | | | | | 23 | | | | | | — | | |
Change in Forwards hedging balances
|
| | | | (173) | | | | | | (173) | | | | | | — | | | | | | — | | |
Change in Cross currency swaps balances
|
| | | | (4) | | | | | | (4) | | | | | | — | | | | | | — | | |
Change in Intragroup balances
|
| | | | 0 | | | | | | (12) | | | | | | 12 | | | | | | — | | |
Change in other short term financial assets
|
| | | | 11 | | | | | | 11 | | | | | | — | | | | | | — | | |
Other changes in Consolidated Net Debt (C)
|
| | | | (184) | | | | | | (219) | | | | | | 35 | | | | | | — | | |
Change in Consolidated Net Debt (C+B-A)
|
| | | | 1,266 | | | | | | 632 | | | | | | 633 | | | | | | — | | |
Consolidated Net Debt at beginning of the year(*)
|
| | | | 4,515 | | | | | | (2,071) | | | | | | 6,586 | | | | | | — | | |
Consolidated Net Debt at year-end(*)
|
| | | | 5,781 | | | | | | (1,439) | | | | | | 7,219 | | | | | | — | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Change in
Consolidated Net Debt (1+2+3) |
| |
Ex-infrastructure
project companies(1) |
| |
Infrastructure
project companies(2) |
| |
Intercompany
eliminations (3) |
| ||||||||||||
| | |
(in million of euros)
|
| |||||||||||||||||||||
Cash flow from operating activities
|
| | | | 810 | | | | | | 617 | | | | | | 469 | | | | | | (276) | | |
Cash flow from/ (used in) investing activities
|
| | | | 457 | | | | | | 520 | | | | | | (127) | | | | | | 65 | | |
Cash flow from/ (used in) financing activities
|
| | | | (2,221) | | | | | | (2,138) | | | | | | (294) | | | | | | 210 | | |
Effect of exchange rate on cash and cash equivalents
|
| | | | 99 | | | | | | 93 | | | | | | 6 | | | | | | — | | |
Change in cash and cash equivalents due to consolidation scope changes
|
| | | | (109) | | | | | | (110) | | | | | | 1 | | | | | | — | | |
Change in cash and cash equivalents from assets held for sale
|
| | | | (44) | | | | | | (48) | | | | | | 4 | | | | | | — | | |
Cash Flows (Change in cash and cash equivalents) (A)
|
| | | | (1,008) | | | | | | (1,067) | | | | | | 59 | | | | | | 0 | | |
Change in short and long-term borrowings (B)
|
| | | | 818 | | | | | | (1,351) | | | | | | 2,169 | | | | | | — | | |
Change in Non-current restricted cash
|
| | | | 74 | | | | | | 3 | | | | | | 71 | | | | | | — | | |
Change in Forwards hedging balances
|
| | | | 36 | | | | | | 36 | | | | | | — | | | | | | — | | |
Change in Cross currency swaps balances
|
| | | | 7 | | | | | | 7 | | | | | | — | | | | | | — | | |
Change in Intragroup balances
|
| | | | 0 | | | | | | (2) | | | | | | 2 | | | | | | — | | |
Change in other short term financial assets
|
| | | | (11) | | | | | | (11) | | | | | | — | | | | | | — | | |
Other changes in Consolidated Net Debt (C)
|
| | | | 106 | | | | | | 33 | | | | | | 73 | | | | | | — | | |
Change in Consolidated Net Debt (C+B-A)
|
| | | | 1,932 | | | | | | (250) | | | | | | 2,183 | | | | | | — | | |
Consolidated Net Debt at beginning of the year(*)
|
| | | | 2,582 | | | | | | (1,821) | | | | | | 4,403 | | | | | | — | | |
Consolidated Net Debt at year-end(*)
|
| | | | 4,515 | | | | | | (2,071) | | | | | | 6,586 | | | | | | — | | |
| | |
As of December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in million of euros)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 4,585 | | | | | | 4,962 | | | | | | 5,329 | | |
Non-current restricted cash
|
| | | | 32 | | | | | | 41 | | | | | | — | | |
Other short term financial assets
|
| | | | — | | | | | | — | | | | | | 11 | | |
Undrawn credit lines
|
| | | | 789 | | | | | | 964 | | | | | | 782 | | |
Forward hedging cash flows
|
| | | | (18) | | | | | | 151 | | | | | | (22) | | |
Total liquidity ex infrastructure
|
| | | | 5,387 | | | | | | 6,118 | | | | | | 6,100 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||
| | |
Investments(1)
|
| |
Divestments(2)
|
| |
Cash flows
from (used in) investing activities |
| |
Investments(1)
|
| |
Divestments(2)
|
| |
Cash flows
from (used in) investing activities |
| |
Investments(1)
|
| |
Divestments(2)
|
| |
Cash flows
from (used in) investing activities |
| |||||||||||||||||||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Toll Roads
|
| | | | (239) | | | | | | 32 | | | | | | (207) | | | | | | (794) | | | | | | 134 | | | | | | (660) | | | | | | (1,038) | | | | | | 47 | | | | | | (990) | | |
Airports
|
| | | | (265) | | | | | | — | | | | | | (265) | | | | | | (204) | | | | | | — | | | | | | (204) | | | | | | (54) | | | | | | — | | | | | | (54) | | |
Construction
|
| | | | (80) | | | | | | 6 | | | | | | (74) | | | | | | (91) | | | | | | 5 | | | | | | (86) | | | | | | (52) | | | | | | 529 | | | | | | 477 | | |
Services
|
| | | | — | | | | | | — | | | | | | — | | | | | | (21) | | | | | | 316 | | | | | | 295 | | | | | | (72) | | | | | | 1,040 | | | | | | 968 | | |
Others
|
| | | | (70) | | | | | | 5 | | | | | | (65) | | | | | | (115) | | | | | | (27) | | | | | | (142) | | | | | | (70) | | | | | | 5 | | | | | | (65) | | |
Interest received
|
| | | | 236 | | | | | | — | | | | | | 236 | | | | | | 47 | | | | | | — | | | | | | 47 | | | | | | 3 | | | | | | — | | | | | | 3 | | |
Interest of long-term restricted cash
|
| | | | (51) | | | | | | — | | | | | | (51) | | | | | | 18 | | | | | | — | | | | | | 18 | | | | | | 119 | | | | | | — | | | | | | 119 | | |
Total | | | | | (468) | | | | | | 43 | | | | | | (425) | | | | | | (1,161) | | | | | | 429 | | | | | | (732) | | | | | | (1,164) | | | | | | 1,621 | | | | | | 457 | | |
|
Date of issuance
|
| |
Notional amount as of
December 31, 2023 |
| |
Maturity
|
| |
Annual Coupon
|
|
|
(in millions of euros)
|
| |||||||||
|
7/15/2014
|
| |
300
|
| |
7/15/2024
|
| |
2.500%
|
|
|
3/29/2017
|
| |
500
|
| |
3/31/2025
|
| |
1.375%
|
|
|
5/14/2020
|
| |
780
|
| |
5/14/2026
|
| |
1.382%
|
|
|
11/12/2020
|
| |
500
|
| |
11/12/2028
|
| |
0.540%
|
|
|
9/13/2023
|
| |
500
|
| |
9/13/2030
|
| |
4.375%
|
|
| | |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
and beyond |
| |
Total
|
|
| | |
(in millions of euros)
|
| ||||||||||||||||||
Toll Roads
|
| |
12
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
12
|
|
Airports
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
Energy and Mobility
|
| |
9
|
| |
13
|
| |
17
|
| |
—
|
| |
—
|
| |
3
|
| |
42
|
|
Investments in fully-consolidated infrastructure project companies
|
| |
21
|
| |
13
|
| |
17
|
| |
—
|
| |
—
|
| |
3
|
| |
54
|
|
Toll Roads
|
| |
—
|
| |
27
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
27
|
|
Airports
|
| |
459
|
| |
242
|
| |
67
|
| |
—
|
| |
—
|
| |
—
|
| |
768
|
|
Construction
|
| |
1
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
1
|
|
Investments in equity-accounted infrastructure project companies
|
| |
460
|
| |
269
|
| |
67
|
| |
—
|
| |
—
|
| |
—
|
| |
796
|
|
Total investments in infrastructure project companies
|
| |
481
|
| |
282
|
| |
84
|
| |
—
|
| |
—
|
| |
3
|
| |
850
|
|
Name
|
| |
Age
|
| |
Position
|
| |||
Directors | | | | | | | | | | |
Rafael del Pino
|
| | | | 65 | | | | Executive Director (Chairman) | |
Óscar Fanjul
|
| | | | 74 | | | | Non-Executive Director (Vice-Chairman) | |
| | | | 58 | | | | Executive Director (Chief Executive Officer) | | |
María del Pino
|
| | | | 68 | | | | Non-Executive Director | |
José Fernando Sánchez-Junco
|
| | | | 76 | | | | Non-Executive Director | |
Philip Bowman
|
| | | | 71 | | | | Non-Executive Director | |
Hanne Sørensen
|
| | | | 58 | | | | Non-Executive Director | |
Bruno Di Leo
|
| | | | 67 | | | | Non-Executive Director | |
Juan Hoyos
|
| | | | 71 | | | | Non-Executive Director (Lead Director) | |
Gonzalo Urquijo
|
| | | | 62 | | | | Non-Executive Director | |
Hildegard Wortmann
|
| | | | 57 | | | | Non-Executive Director | |
Alicia Reyes
|
| | | | 52 | | | | Non-Executive Director | |
Executive Officers(1) | | | | | | | | | | |
Rafael del Pino
|
| | | | 65 | | | | Executive Director (Chairman) | |
| | | | 58 | | | | Executive Director (Chief Executive Officer) | | |
| | | | 59 | | | | Chief Financial Officer | | |
Andrés Sacristán
|
| | | | 53 | | | | Chief Executive Officer of Cintra | |
Luke Bugeja
|
| | | | 55 | | | | Chief Executive Officer of Ferrovial Airports | |
Ignacio Gastón
|
| | | | 53 | | | |
Chief Executive Officer of Ferrovial Construction
|
|
María José Esteruelas
|
| | | | 51 | | | | Chief Executive Officer of Ferrovial Energy | |
| | |
Applies to
|
| |
Amount
|
|
Fixed fee ...........................................................
|
| | All | | | EUR 35,000 | |
Complementary Fixed Emolument .....................
|
| | Chairman | | | EUR 92,000 | |
| | | Deputy Chairman 1 | | | EUR 80,500 | |
| | | Deputy Chairman 2 | | | EUR 57,500 | |
| | | Other members of the Board | | | EUR 46,000 | |
Attendance fees (EUR per meeting) ...................
|
| | Board | | | EUR 6,000 | |
| | | Executive Committee | | | EUR 2,200 | |
| | | Audit and Control Committee | | | EUR 2,200 | |
| | | Nomination and Remuneration Committee | | | EUR 1,650 | |
Director
|
| |
Fixed
Emolument |
| |
Attendance
Fees |
| |
Complementary
Fixed Emolument |
| |
Total
|
| ||||||||||||
| | |
(in thousands of euros)
|
| | | | | | | |||||||||||||||
Rafael del Pino
|
| | | | 35 | | | | | | 119 | | | | | | 99 | | | | | | 253 | | |
Óscar Fanjul
|
| | | | 35 | | | | | | 86 | | | | | | 87 | | | | | | 208 | | |
| | | | 35 | | | | | | 60 | | | | | | 53 | | | | | | 148 | | | |
María del Pino
|
| | | | 35 | | | | | | 57 | | | | | | 53 | | | | | | 145 | | |
José Fernando Sánchez-Junco
|
| | | | 35 | | | | | | 66 | | | | | | 53 | | | | | | 154 | | |
Philip Bowman
|
| | | | 35 | | | | | | 55 | | | | | | 53 | | | | | | 143 | | |
Hanne Sørensen
|
| | | | 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
|
| | | | 35 | | | | | | 55 | | | | | | 53 | | | | | | 143 | | |
Executive Director
|
| |
Fixed Remuneration
|
| |
Annual Variable Remuneration
|
| |
Long-Term Value Remuneration
|
|
Chairman and Executive and Proprietary Director..............
|
| | EUR 1,500,000 | | | Target: 125% of the Fixed Remuneration Maximum: 190% of the Fixed Remuneration | | | Maximum (annualized): 150% of the Fixed Remuneration | |
Chief Executive Officer and Executive Director.................
|
| | EUR 1,450,000 | | | Target: 100% of the Fixed Remuneration Maximum: 150% of the Fixed Remuneration | | | Maximum (annualized): 150% of the Fixed Remuneration | |
| | |
Long-term
incentive plan |
| |
At the
beginning of 2022 financial year |
| |
Granted
during the 2022 financial year |
| |
Granted
during the 2023 financial year |
| |
Consolidated during the
2022 financial year |
| |
Consolidated during the
2023 financial year |
| |
Instruments
expired and not exercise 2022 |
| |
At the end
of the 2022 financial year |
| |
Instruments
expired and not exercised 2023 |
| |
At the end
of the 2023 financial year |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Plan
|
| |
Grant
|
| |
No. of
Equivalent shares |
| |
No. of
Equivalent shares |
| |
No. of
Equivalent shares |
| |
No. of
Equivalent shares |
| |
No. of
consolidated equivalent shares |
| |
Consolidated
share price (EUR) |
| |
Gross profit
from consolidated shares (EUR thousand) |
| |
No. of
Equivalent shares |
| |
No. of
consolidated equivalent shares |
| |
Consolidated
share price (EUR) |
| |
Gross profit
from consolidated shares (EUR thousand) |
| |
No. of
instruments (units) |
| |
No. of
Equivalent shares |
| |
No. of
instruments (units) |
| |
No. of
Equivalent shares |
| ||||||||||||||||||||||||||||||||||||||||||||||||
Chairman
|
| | 2019 | | | | | 2019 | | | | | | 70,000 | | | | | | — | | | | | | — | | | | | | 35,000 | | | | | | 35,000 | | | | | | 25.242 | | | | | | 883 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 35,000 | | | | | | — | | | | | | — | | | | | | — | | |
| | | 2020-2022 | | | | | 2020 | | | | | | 46,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,704 | | | | | | 29,704 | | | | | | 26.773 | | | | | | 795 | | | | | | — | | | | | | 46,500 | | | | | | 16,796 | | | | | | — | | |
| | | | | | | | 2021 | | | | | | 67,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,500 | | | | | | — | | | | | | 67,500 | | |
| | | | | | | | 2022 | | | | | | — | | | | | | 56,400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56,400 | | | | | | — | | | | | | 56,400 | | |
| | | 2023-2025 | | | | | 2023 | | | | | | — | | | | | | — | | | | | | 50,680 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,680 | | |
Chief Executive
Officer |
| | 2019 | | | | | 2019 | | | | | | 14,468 | | | | | | — | | | | | | — | | | | | | 7,234 | | | | | | 7,234 | | | | | | 25.242 | | | | | | 183 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,234 | | | | | | — | | | | | | — | | | | | | — | | |
| | | 2020-2022 | | | | | 2020 | | | | | | 46,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,704 | | | | | | 29,704 | | | | | | 26.773 | | | | | | 795 | | | | | | — | | | | | | 46,500 | | | | | | 16,796 | | | | | | — | | |
| | | | | | | | 2021 | | | | | | 67,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,500 | | | | | | — | | | | | | 67,500 | | |
| | | | | | | | 2022 | | | | | | — | | | | | | 56,400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56,400 | | | | | | — | | | | | | 56,400 | | |
| | | 2023-2025 | | | | | 2023 | | | | | | — | | | | | | — | | | | | | 69,925 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69,925 | | |
| | |
2023
|
| |||
| | |
(in thousands of euros)
|
| |||
Chairman | | | | | | | |
Fixed remuneration
|
| | | | 1,500 | | |
Variable remuneration
|
| | | | 2,809 | | |
Plans linked to shares
|
| | | | 795 | | |
Other(i) | | | | | 13 | | |
Total
|
| | |
|
5,117
|
| |
Chief Executive Officer | | | | | | | |
Fixed remuneration
|
| | | | 1,313 | | |
Variable remuneration
|
| | | | 1,926 | | |
Share plan linked to objectives
|
| | | | 795 | | |
Other(i) | | | | | 18 | | |
Total
|
| | |
|
4,052
|
| |
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Number of ordinary shares at beginning of year
|
| | | | 1,782,127 | | | | | | 2,054,531 | | | | | | 2,468,724 | | |
Plans granted
|
| | | | 653,611 | | | | | | 702,675 | | | | | | 909,578 | | |
Plans settled
|
| | | | (277,493) | | | | | | (356,958) | | | | | | (292,413) | | |
Shares surrendered and other
|
| | | | (192,425) | | | | | | (526,552) | | | | | | (954,346) | | |
Shares exercised
|
| | | | (12,804) | | | | | | (91,569) | | | | | | (77,012) | | |
Number of ordinary shares at year-end
|
| | | | 1,953,016 | | | | | | 1,782,127 | | | | | | 2,054,531 | | |
Name of Beneficial Owner
|
| |
Number of
Ordinary Shares Beneficially Owned |
| |
Percentage of
Ordinary Shares Beneficially Owned |
| ||||||
5% or Greater Shareholders | | | | | | | | | | | | | |
Rafael del Pino(1)
|
| | | | 152,299,122 | | | | | | 20.94% | | |
María del Pino(2)
|
| | | | 61,160,900 | | | | | | 8.41% | | |
Executive Officers and Board Members | | | | | | | | | | | | | |
Rafael del Pino(1)
|
| | | | 152,299,122 | | | | | | 20.94% | | |
Óscar Fanjul
|
| | | | 46,069 | | | | | | * | | |
| | | | 136,508 | | | | | | * | | | |
María del Pino(2)
|
| | | | 61,160,900 | | | | | | 8.41% | | |
José Fernando Sánchez Junco
|
| | | | 182,871 | | | | | | * | | |
Philip Bowman
|
| | | | 32,760 | | | | | | * | | |
Hanne Sørensen
|
| | | | — | | | | | | — | | |
Bruno Di Leo
|
| | | | — | | | | | | — | | |
Juan Hoyos
|
| | | | 5,931 | | | | | | * | | |
Gonzalo Urquijo
|
| | | | 215 | | | | | | * | | |
Hildegard Wortmann
|
| | | | — | | | | | | — | | |
Alicia Reyes
|
| | | | — | | | | | | — | | |
| | | | 222,881 | | | | | | * | | | |
Ignacio Gastón
|
| | | | 69,990 | | | | | | * | | |
Luke Bugeja
|
| | | | — | | | | | | — | | |
María José Esteruelas
|
| | | | 1,475 | | | | | | * | | |
Andrés Sacristán
|
| | | | 37,383 | | | | | | * | | |
| | | | | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||
| | | | | |
(in thousands of euros)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Name/ Company Name
|
| |
Transactions
|
| |
Amount
|
| |
Profit or
loss |
| |
Balance
|
| |
Amount
|
| |
Profit or
loss |
| |
Balance
|
| |
Amount
|
| |
Profit or
loss |
| |
Balance
|
| |||||||||||||||||||||||||||
Rafael del Pino y Calvo-Sotelo
|
| | Services rendered | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | 1 | | |
María del Pino y Calvo-Sotelo
|
| | Services rendered | | | | | — | | | | | | — | | | | | | — | | | | | | 5 | | | | | | 1 | | | | | | — | | | | | | 6 | | | | | | 1 | | | | | | — | | |
Juan del Pino Fernández-
Fontecha |
| | Services rendered | | | | | 25 | | | | | | (12) | | | | | | 27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ignacio del Pino Fernández-
Fontecha |
| | Services rendered | | | | | 25 | | | | | | (12) | | | | | | 27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rafael del Pino Fernández-
Fontecha |
| | Services rendered | | | | | 25 | | | | | | (12) | | | | | | 27 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Criu, S.L.
|
| | Services rendered | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 1 | | | | | | 2 | | |
Polan, S.A.
|
| | Services received | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Services rendered | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 1 | | | | | | — | | | | | | 159 | | | | | | 1 | | | | | | 59 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | | | |
2022
|
| |
2021
|
| ||||||||||
| | |
(in millions of euros)
|
| |||||||||||||||
Services received
|
| | | | (3) | | | | | | (2) | | | | | | — | | |
Services provided
|
| | | | 111 | | | | | | 89 | | | | | | 632 | | |
Net financial expenses/Income
|
| | | | 28 | | | | | | 22 | | | | | | 14 | | |
Payables to related parties
|
| | | | 23 | | | | | | 28 | | | | | | 21 | | |
Receivables from related parties
|
| | | | 294 | | | | | | 252 | | | | | | 203 | | |
Ferrovial scrip dividend history
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
November
|
| |
July
|
| |
November
|
| |
May
|
| |
November
|
| |
May
|
| ||
Guaranteed set price to purchase rights
|
| |
0.4276
|
| |
0.2871
|
| |
0.414
|
| |
0.278
|
| |
0.305
|
| |
0.197
|
|
Rights per ordinary share
|
| |
66.9728
|
| |
103.2546
|
| |
56
|
| |
87
|
| |
87
|
| |
120
|
|
% Ferrovial shareholders who chose ordinary shares as dividends
|
| |
75.2%
|
| |
72.0%
|
| |
92.0%
|
| |
47.1%
|
| |
91.2%
|
| |
91.9%
|
|
% Ferrovial shareholders who chose cash as dividends
|
| |
24.8%
|
| |
28.0%
|
| |
8.0%
|
| |
52.9%
|
| |
8.8%
|
| |
8.0%
|
|
Number of new ordinary shares issued
|
| |
8,193,687
|
| |
5,051,417
|
| |
12,116,333
|
| |
3,968,559
|
| |
7,743,557
|
| |
5,615,714
|
|
Number of rights purchased
|
| |
77,344,645
|
| |
58,275,364
|
| |
59,056,364
|
| |
388,337,800
|
| |
64,828,548
|
| |
59,016,522
|
|
Ferrovial share buy-back and amortization history
|
| |
Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |
2021
|
| ||||
Number of Ferrovial Shares acquired by Ferrovial
|
| | | | 1,900,000 | | | |
15,743,329
|
| |
12,659,166
|
|
Percentage of share capital at the end of the program
|
| |
n.s.(1)
|
| |
2.1%
|
| |
1.7%
|
|
Exhibit No.
|
| |
Description
|
|
1.1** | | | | |
4.1** | | | | |
4.2+** | | | | |
8.1* | | | | |
15.1* | | | |
|
Dated:
|
| |
Ferrovial SE
By:
Name: Ignacio Madridejos
Title: Chief Executive Officer
|
|
| | | |
By:
Name: Ernesto López Mozo
Title: Chief Financial Officer
|
|
| | | | | F-2 | | | |
| | | | | F-5 | | | |
| | | | | F-7 | | | |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 | | | | | F-8 | | |
|
Consolidated Statements of Changes in Equity for the years ended December 31, 2023, 2022
and 2021 |
| | | | F-9 | | |
| | | | | F-10 | | | |
|
Notes to Consolidated Financial Statements for the years ended December 31, 2023, 2022
and 2021 |
| | | | F-11 | | |
| Recognition of revenue from long-term construction contracts | | |||
| Description of the Matter | | |
As more fully described in notes 1.3.3.4, 1.3.4, and 4.4 to the consolidated financial statements, the Company enters into long-term construction contracts where revenue is recognized over time in accordance with either the output or input method. For the fiscal year ended December 31, 2023, the Company recognized revenue from long-term construction contracts for EUR 6,909 million. Revenue recognition for contracts
accounted for under the output method requires judgements in measuring the work carried out based on the surveyed performance units completed to date. Contracts accounted for under the input method require estimating the total forecasted cost to complete. For both methods, management estimates, when applicable, the total amount of revenue to be recognized including variable consideration, modifications or claims.
To calculate the revenue due to variable consideration, management estimates the amount of incurred costs that will give rise to these additional sources of, or reductions to, revenue and whether such revenue meets the conditions for variable consideration, modifications or claims.
Auditing management’s measurement of revenue recognized over time on long-term construction contracts is especially challenging because it involves subjective management assumptions regarding the judgements in measuring the work carried out based on the surveyed performance units completed to date, the estimated total costs forecast to complete the work that could span several years and the amount of incurred costs that would give rise to additional sources of revenue. These assumptions could be impacted by future market and economic conditions.
|
|
| How We Addressed the Matter in Our Audit | | |
We obtained an understanding of the policies and procedures that the Company applies in recognizing revenues from long-term construction contracts using the output or input method and the underlying assumptions and estimates.
Our audit procedures also included, among others, evaluating the application of the Company’s revenue recognition method in accordance with IFRS 15 ‘Revenue from Contracts with Customers’, performing analytical procedures and test of details on a sample of contracts to assess the relevant contractual clauses, and compare the inputs to the Company’s historical data or experience for similar contracts, and to assess the reasonableness of management’s assumptions and estimates.
We further assessed the reasonableness of the judgement on measuring the work carried out based on the surveyed performance units completed to date and the estimations on total forecasted costs to complete the work through meetings with management, as well as comparative analysis of deviations between originally planned costs and actual costs, the deviations’ impact on the estimated project margins, and certifications received by the customer, as applicable. We performed a comparative analysis of budgeted versus actual revenues recognized from contracts completed during the year, and look-back analyses to historical actual costs to assess management’s ability to estimate.
For variable consideration, we assessed the estimated amount of incurred costs that will give rise to additional sources of revenue by comparing actual construction progress to contractual completion dates and milestones, and evaluated if these are reasonably met to recognize the revenue.
|
|
| | | |
For contract modifications, we assessed the evidence of the underlying technical report approvals and the status of the negotiation with the customers. For the amounts recognised in claims, we assessed the reasonableness of management’s judgement in recognizing such items as revenues by inspecting supporting technical reports and legal confirmations.
|
|
|
Recoverability of investments in infrastructure projects operated under concession arrangements
|
| |||
| Description of the Matter | | |
As more fully described in note 1.3.3.2, 1.3.4 and 3.3 to the consolidated financial statements, concession arrangements that fall in scope of IFRIC 12, for which the consideration received consists of the right to charge fees based on the degree of use of the public service are classified as intangible assets. At December 31, 2023, the Company recorded EUR 13,333 million of intangible assets related to concession agreements.
Management assesses, at each reporting date, whether there is an indication that the concession asset may be impaired. The related impairment tests are based on a discounted cash flow model, which involves management assumptions related to future traffic volumes, prices applied to customers, future operating expenses and the discount rate.
Auditing management’s estimates of recoverability of investments in infrastructure projects operated under concession arrangements is complex due to significance of the amounts involved, and required subjective auditor’s judgement due to the significant management’s estimation required in the future traffic volumes, prices applied to customers, future operating expenses and discount rate management assumptions. Changes in the assumptions used could materially affect the recoverability of such investments in infrastructure projects.
|
|
| How We Addressed the Matter in Our Audit | | |
We obtained an understanding of the policies and procedures related to the recoverability of investments in infrastructure projects and evaluated the application of the Company’s accounting policies related to estimations for recoverability of assets in accordance with IAS 36 ‘Impairment of assets’ and IAS 38 ‘Intangible assets’.
The procedures designed to address the matter in our audit included, among others, understanding the terms and conditions of concession arrangements. We assessed the arithmetical accuracy of the discounted cash flow models. We assessed the reasonableness of the future traffic volumes, prices applied to customers, future operating expenses by comparing those assumptions to recent historical performance, current economic and industry trends, and financial forecasts. We further evaluated the consistency of the future traffic volumes, prices applied to customers, future operating expenses by comparing past forecasts to subsequent actual activity. We involved a specialist to assist in evaluating the discount rate by developing a range of discount rate, which we compared to those used by the Company.
|
|
|
Assets (Million euro)
|
| |
Note
|
| |
2023
|
| |
2022
|
|
| Non-current assets | | | | | |
19,328
|
| |
18,925
|
|
| Goodwill | | | 3.1 | | |
475
|
| |
480
|
|
| Intangible assets | | | 3.2 | | |
122
|
| |
138
|
|
| Fixed assets in infrastructure projects | | | 3.3 | | |
13,495
|
| |
13,667
|
|
|
Intangible asset model
|
| | | | |
13,333
|
| |
13,504
|
|
|
Financial asset model
|
| | | | |
162
|
| |
163
|
|
| Property, plant and equipment | | | 3.4 | | |
594
|
| |
479
|
|
| Right of use assets | | | 3.7 | | |
196
|
| |
183
|
|
| Investments in associates | | | 3.5 | | |
2,038
|
| |
1,951
|
|
| Non-current financial assets | | | 3.6 | | |
1,148
|
| |
1,095
|
|
|
Loans granted to associates
|
| | | | |
262
|
| |
246
|
|
|
Non-current restricted cash
|
| | 5.2 | | |
628
|
| |
597
|
|
|
Other non-current receivables
|
| | | | |
258
|
| |
252
|
|
| Deferred tax assets | | | 2.7 | | |
1,006
|
| |
784
|
|
| Long-term financial derivatives at fair value | | | 5.5 | | |
254
|
| |
148
|
|
| Current assets | | | | | |
6,990
|
| |
7,411
|
|
| Inventories | | | 4.1 | | |
458
|
| |
476
|
|
| Current income tax assets | | | | | |
35
|
| |
19
|
|
| Short-term trade and other receivables | | | 4.2 | | |
1,677
|
| |
1,600
|
|
|
Trade receivables for sales and services
|
| | | | |
1,353
|
| |
1,300
|
|
|
Other short-term receivables
|
| | | | |
324
|
| |
300
|
|
| Cash and cash equivalents | | | 5.2 | | |
4,789
|
| |
5,130
|
|
|
Infrastructure project companies
|
| | | | |
204
|
| |
168
|
|
|
Restricted cash
|
| | | | |
31
|
| |
38
|
|
|
Other cash and cash equivalents
|
| | | | |
173
|
| |
130
|
|
|
Ex-infrastructure project companies
|
| | | | |
4,585
|
| |
4,962
|
|
| Short-term financial derivatives at fair value | | | 5.5 | | |
31
|
| |
184
|
|
| Assets held for sale | | | 1.1.4 | | |
-
|
| |
2
|
|
| TOTAL ASSETS | | | | | |
26,318
|
| |
26,336
|
|
|
Liabilities and equity (Million euro)
|
| |
Note
|
| |
2023
|
| |
2022
|
|
| Equity | | | 5.1 | | |
5,879
|
| |
6,473
|
|
| Equity attributable to shareholders | | | | | |
3,766
|
| |
4,233
|
|
| Equity attributable to non-controlling interests | | | | | |
2,113
|
| |
2,240
|
|
| Non-current liabilities | | | | | |
14,664
|
| |
14,486
|
|
| Deferred income | | | 6.1 | | |
1,334
|
| |
1,410
|
|
| Employee benefit plans | | | 6.2 | | |
3
|
| |
2
|
|
| Long-term provisions | | | 6.3 | | |
268
|
| |
290
|
|
| Long term lease liabilities | | | 3.7 | | |
141
|
| |
120
|
|
| Borrowings | | | 5.2 | | |
10,423
|
| |
10,776
|
|
|
Debentures and borrowings of infrastructure project companies
|
| | | | |
7,852
|
| |
7,893
|
|
|
Debentures and borrowings of ex-infrastructure project companies
|
| | | | |
2,571
|
| |
2,883
|
|
| Other payables | | | 6.4 | | |
1,310
|
| |
898
|
|
| Deferred taxes | | | 2.7 | | |
1,086
|
| |
924
|
|
| Long-term financial derivatives at fair value | | | 5.5 | | |
99
|
| |
66
|
|
| Current liabilities | | | | | |
5,775
|
| |
5,377
|
|
| Short-term lease liabilities | | | 3.7 | | |
59
|
| |
64
|
|
| Borrowings | | | 5.2 | | |
942
|
| |
877
|
|
|
Debentures and borrowings of infrastructure project companies
|
| | | | |
63
|
| |
74
|
|
|
Debentures and borrowings of ex-infrastructure project companies
|
| | | | |
879
|
| |
803
|
|
| Financial derivatives at fair value | | | 5.5 | | |
34
|
| |
47
|
|
| Current income tax liabilities | | | | | |
83
|
| |
30
|
|
| Short-term trade and other payables | | | 4.3 | | |
3,646
|
| |
3,429
|
|
|
Trade payables
|
| | | | |
1,698
|
| |
1,663
|
|
|
Advance payments from customers and work certified in advance
|
| | | | |
1,529
|
| |
1,364
|
|
|
Other short-term payables
|
| | | | |
419
|
| |
402
|
|
| Short-term provisions | | | 6.3 | | |
1,011
|
| |
930
|
|
| TOTAL LIABILITIES AND EQUITY | | | | | |
26,318
|
| |
26,336
|
|
|
Income statement (Million euro)
|
| |
Note
|
| | | | |
2023
|
| |
2022
|
| |
2021
|
|
| Revenue | | | | | | | | |
8,514
|
| |
7,551
|
| |
6,910
|
|
| Other operating income | | | | | | | | |
1
|
| |
2
|
| |
1
|
|
| Revenues and other operating income | | |
2.1
|
| | | | |
8,515
|
| |
7,553
|
| |
6,911
|
|
| Materials consumed | | | | | | | | |
1,047
|
| |
1,197
|
| |
1,085
|
|
| Other operating expenses | | |
2.2
|
| | | | |
4,878
|
| |
4,182
|
| |
3,923
|
|
| Personnel expenses | | |
2.3
|
| | | | |
1,599
|
| |
1,446
|
| |
1,293
|
|
| Total operating expenses | | | | | | | | |
7,524
|
| |
6,825
|
| |
6,301
|
|
| Fixed asset depreciation | | | | | | | | |
401
|
| |
299
|
| |
270
|
|
| Impairment and disposal of fixed assets | | |
2.4
|
| | | | |
35
|
| |
(6)
|
| |
1,139
|
|
| Operating profit/(loss) | | | | | | | | |
625
|
| |
423
|
| |
1,479
|
|
| Net financial income/(expense) from financing | | | | | | | | |
(328)
|
| |
(243)
|
| |
(220)
|
|
| Profit/(loss) on derivatives and other net financial income/(expense) | | | | | | | | |
(44)
|
| |
(122)
|
| |
(87)
|
|
| Net financial income/(expense) from infrastructure projects | | | | | | | | |
(372)
|
| |
(365)
|
| |
(307)
|
|
| Net financial income/(expense) from financing | | | | | | | | |
111
|
| |
1
|
| |
(27)
|
|
| Profit/(loss) on derivatives and other net financial income/(expense) | | | | | | | | |
31
|
| |
47
|
| |
2
|
|
| Net financial income/(expense) from ex-infrastructure projects | | | | | | | | |
142
|
| |
48
|
| |
(25)
|
|
| Net financial income/(expense) | | |
2.5
|
| | | | |
(230)
|
| |
(317)
|
| |
(332)
|
|
| Share of profits of equity-accounted companies | | |
2.6
|
| | | | |
215
|
| |
165
|
| |
(178)
|
|
| Profit/(loss) before tax from continuing operations | | | | | | | | |
610
|
| |
271
|
| |
969
|
|
| Income/(expense) tax | | |
2.7
|
| | | | |
(115)
|
| |
(30)
|
| |
9
|
|
| Profit/(loss) net of tax from continuing operations | | | | | | | | |
495
|
| |
241
|
| |
978
|
|
| Profit/(loss) net of tax from discontinued operations | | | | | | | | |
16
|
| |
64
|
| |
361
|
|
| Net profit/(loss) | | | | | | | | |
511
|
| |
305
|
| |
1,339
|
|
| Net profit/(loss) for the year attributed to non-controlling interests | | |
2.9
|
| | | | |
(170)
|
| |
(117)
|
| |
(138)
|
|
| Net profit/(loss) for the year attributed to the parent company | | | | | | | | |
341
|
| |
188
|
| |
1,201
|
|
| Net earnings per share attributed to the parent company (in euros) | | |
2.10
|
| |
Diluted
|
| |
0.46
|
| |
0.25
|
| |
1.63
|
|
| | | |
Basic
|
| |
0.46
|
| |
0.25
|
| |
1.63
|
| |||
|
Net earnings per share attributed to the parent company´s Continuing
Operations (in euros) |
| |
Diluted
|
| |
0.44
|
| |
0.16
|
| |
1.14
|
| |||
| | | |
Basic
|
| |
0.44
|
| |
0.16
|
| |
1.14
|
|
|
(Million euro)
|
| |
Note
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| a) Net profit/(loss) | | | | | |
511
|
| |
305
|
| |
1,339
|
|
|
Attributed to parent company
|
| | | | |
341
|
| |
188
|
| |
1,201
|
|
|
Attributed to non-controlling interests
|
| | | | |
170
|
| |
117
|
| |
138
|
|
| b) Income and expense recognized directly in equity | | |
5.1
|
| |
(119)
|
| |
456
|
| |
180
|
|
|
Fully-consolidated companies
|
| | | | |
(98)
|
| |
333
|
| |
131
|
|
|
Impact on hedge reserves
|
| |
5.5
|
| |
20
|
| |
193
|
| |
11
|
|
|
Impact on defined benefit plan reserves
|
| | | | |
-
|
| |
-
|
| |
-
|
|
|
Currency translation differences
|
| | | | |
(92)
|
| |
160
|
| |
114
|
|
|
Tax effect
|
| | | | |
(26)
|
| |
(20)
|
| |
6
|
|
|
Companies held for sale
|
| | | | |
(5)
|
| |
(8)
|
| |
27
|
|
|
Impact on hedge reserves
|
| | | | |
(6)
|
| |
-
|
| |
4
|
|
|
Impact on defined benefit plan reserves
|
| | | | |
-
|
| |
-
|
| |
-
|
|
|
Currency translation differences
|
| | | | |
-
|
| |
(8)
|
| |
24
|
|
|
Tax effect
|
| | | | |
1
|
| |
-
|
| |
(1)
|
|
|
Equity-accounted companies
|
| | | | |
(16)
|
| |
131
|
| |
22
|
|
|
Impact on hedge reserves
|
| | | | |
12
|
| |
236
|
| |
45
|
|
|
Impact on defined benefit plan reserves
|
| | | | |
-
|
| |
-
|
| |
33
|
|
|
Currency translation differences
|
| | | | |
(33)
|
| |
(29)
|
| |
(32)
|
|
|
Tax effect
|
| | | | |
5
|
| |
(76)
|
| |
(24)
|
|
| c) Transfers to income statement | | |
5.1
|
| |
8
|
| |
131
|
| |
1
|
|
|
Fully-consolidated companies
|
| | | | |
(3)
|
| |
(47)
|
| |
12
|
|
|
Transfers to income statement
|
| |
5.5
|
| |
(4)
|
| |
(62)
|
| |
16
|
|
|
Tax effect
|
| | | | |
1
|
| |
15
|
| |
(4)
|
|
|
Companies held for sale
|
| | | | |
11
|
| |
178
|
| |
3
|
|
|
Transfers to income statement
|
| | | | |
13
|
| |
179
|
| |
4
|
|
|
Tax effect
|
| | | | |
(2)
|
| |
(1)
|
| |
(1)
|
|
|
Equity-accounted companies
|
| | | | |
-
|
| |
-
|
| |
(14)
|
|
|
Transfers to income statement
|
| | | | |
-
|
| |
-
|
| |
(14)
|
|
|
Tax effect
|
| | | | |
-
|
| |
-
|
| |
-
|
|
| a)+ b)+ c) TOTAL COMPREHENSIVE INCOME | | | | | |
400
|
| |
892
|
| |
1,520
|
|
| Attributed to the parent company | | | | | |
269
|
| |
710
|
| |
1,398
|
|
| Attributed to non-controlling interests | | | | | |
131
|
| |
182
|
| |
122
|
|
|
(Million Euro)
|
| |
Share
capital |
| |
Share/
Merger premium |
| |
Treasury
shares |
| |
Other equity
instruments |
| |
Measurement
adjustments |
| |
Retained
earnings and other reserves |
| |
Attributed to
shareholders |
| |
Attributed to
non-controlling interest |
| |
Total
Equity |
|
| Balance at 12.31.20 | | |
147
|
| |
647
|
| |
(13)
|
| |
506
|
| |
(1,496)
|
| |
3,462
|
| |
3,253
|
| |
640
|
| |
3,893
|
|
| Consolidated profit/(loss) for the year 2021 | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1,201
|
| |
1,201
|
| |
138
|
| |
1,339
|
|
| Income and expense recognized directly in equity | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
196
|
| |
-
|
| |
196
|
| |
(16)
|
| |
180
|
|
| Transfers to income statement | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
-
|
| |
1
|
| |
-
|
| |
1
|
|
|
Total income and expenses recognized for the year
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
197
|
| |
1,201
|
| |
1,398
|
| |
122
|
| |
1,520
|
|
| Scrip dividend agreement | | |
3
|
| |
3
|
| |
-
|
| |
-
|
| |
-
|
| |
(34)
|
| |
(28)
|
| |
-
|
| |
(28)
|
|
| Other dividends | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(270)
|
| |
(270)
|
|
| Treasury share transactions | | |
(3)
|
| |
(432)
|
| |
(111)
|
| |
-
|
| |
-
|
| |
111
|
| |
(435)
|
| |
-
|
| |
(435)
|
|
|
Shareholder remuneration
|
| |
-
|
| |
(429)
|
| |
(111)
|
| |
-
|
| |
-
|
| |
77
|
| |
(463)
|
| |
(270)
|
| |
(733)
|
|
| Capital contributions | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
28
|
| |
28
|
|
| Share-based remuneration schemes | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(22)
|
| |
(22)
|
| |
-
|
| |
(22)
|
|
| Other movements | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(3)
|
| |
(3)
|
| |
-
|
| |
(3)
|
|
|
Other transactions
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(25)
|
| |
(25)
|
| |
28
|
| |
3
|
|
|
Perpetual subordinated bond issuances (Note 5.1.1)
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
-
|
| |
(8)
|
| |
(7)
|
| |
-
|
| |
(7)
|
|
|
Scope changes
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1,270
|
| |
1,270
|
|
| Balance at 12.31.2021 | | |
147
|
| |
218
|
| |
(124)
|
| |
507
|
| |
(1,299)
|
| |
4,707
|
| |
4,156
|
| |
1,790
|
| |
5,946
|
|
| | ||||||||||||||||||||||||||||
| Consolidated profit/(loss) for the year 2022 | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
188
|
| |
188
|
| |
117
|
| |
305
|
|
| Income and expense recognized directly in equity | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
391
|
| |
-
|
| |
391
|
| |
65
|
| |
456
|
|
| Transfers to income statement | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
131
|
| |
-
|
| |
131
|
| |
-
|
| |
131
|
|
|
Total income and expenses recognized for the year
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
522
|
| |
188
|
| |
710
|
| |
182
|
| |
892
|
|
| Scrip dividend agreement | | |
3
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(135)
|
| |
(132)
|
| |
-
|
| |
(132)
|
|
| Other dividends | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(160)
|
| |
(160)
|
|
| Treasury share transactions | | |
(5)
|
| |
(218)
|
| |
98
|
| |
-
|
| |
-
|
| |
(321)
|
| |
(446)
|
| |
-
|
| |
(446)
|
|
|
Shareholder remuneration
|
| |
(2)
|
| |
(218)
|
| |
98
|
| |
-
|
| |
-
|
| |
(456)
|
| |
(578)
|
| |
(160)
|
| |
(738)
|
|
| Capital contributions | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
356
|
| |
356
|
|
| Share-based remuneration schemes | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Other movements | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
41
|
| |
41
|
| |
5
|
| |
46
|
|
|
Other transactions
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
41
|
| |
41
|
| |
361
|
| |
402
|
|
|
Perpetual subordinated bond issuances (Note 5.1.1)
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
-
|
| |
(9)
|
| |
(8)
|
| |
-
|
| |
(8)
|
|
|
Scope changes
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(88)
|
| |
(88)
|
| |
67
|
| |
(21)
|
|
| Balance at 12.31.2022 | | |
145
|
| |
-
|
| |
(26)
|
| |
508
|
| |
(777)
|
| |
4,383
|
| |
4,233
|
| |
2,240
|
| |
6,473
|
|
| | ||||||||||||||||||||||||||||
| Merger impact (June 16th) | | |
(138)
|
| |
4,426
|
| |
-
|
| |
-
|
| |
-
|
| |
(4,288)
|
| |
-
|
| |
-
|
| |
-
|
|
| Consolidated profit/(loss) for the year 2023 | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
341
|
| |
341
|
| |
170
|
| |
511
|
|
| Income and expense recognized directly in equity | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(80)
|
| |
-
|
| |
(80)
|
| |
(39)
|
| |
(119)
|
|
| Transfers to income statement | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
8
|
| |
-
|
| |
8
|
| |
-
|
| |
8
|
|
|
Total income and expenses recognized for the year
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(72)
|
| |
341
|
| |
269
|
| |
131
|
| |
400
|
|
| Scrip dividend agreement | | |
-
|
| |
(58)
|
| |
-
|
| |
-
|
| |
-
|
| |
(78)
|
| |
(136)
|
| |
-
|
| |
(136)
|
|
| Other dividends | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(379)
|
| |
(379)
|
|
| Treasury share transactions | | |
-
|
| |
(52)
|
| |
(52)
|
| |
-
|
| |
-
|
| |
(10)
|
| |
(114)
|
| |
-
|
| |
(114)
|
|
|
Shareholder remuneration
|
| |
-
|
| |
(110)
|
| |
(52)
|
| |
-
|
| |
-
|
| |
(88)
|
| |
(250)
|
| |
(379)
|
| |
(629)
|
|
| Capital contributions | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
117
|
| |
117
|
|
| Share-based remuneration schemes | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
12
|
| |
12
|
| |
-
|
| |
12
|
|
| Other movements | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
15
|
| |
15
|
| |
2
|
| |
17
|
|
|
Other transactions
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
27
|
| |
27
|
| |
119
|
| |
146
|
|
|
Perpetual subordinated bond issuances (Note 5.1.1)
|
| |
-
|
| |
-
|
| |
-
|
| |
(508)
|
| |
-
|
| |
(5)
|
| |
(513)
|
| |
-
|
| |
(513)
|
|
|
Scope changes
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
2
|
| |
2
|
|
| Balance at 12.31.2023 | | |
7
|
| |
4,316
|
| |
(78)
|
| |
-
|
| |
(849)
|
| |
370
|
| |
3,766
|
| |
2,113
|
| |
5,879
|
|
|
(Million euro)
|
| |
Note
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Net profit/(loss) attributable to parent company | | | | | |
341
|
| |
188
|
| |
1,201
|
|
| Adjustments to profit/(loss) | | | | | |
650
|
| |
695
|
| |
(259)
|
|
|
Net profit/(loss) for the year attributed to non-controlling interests
|
| | | | |
170
|
| |
117
|
| |
138
|
|
|
Profit (loss) net of tax from discontinued operations
|
| | | | |
(16)
|
| |
(64)
|
| |
(361)
|
|
|
Income tax / (expense)
|
| | | | |
115
|
| |
30
|
| |
(9)
|
|
|
Share of profits of equity-accounted companies
|
| | | | |
(215)
|
| |
(165)
|
| |
178
|
|
|
Net financial income/(expense)
|
| | | | |
230
|
| |
317
|
| |
332
|
|
|
Impairment and disposal of fixed assets
|
| | | | |
(35)
|
| |
6
|
| |
(1,139)
|
|
|
Fixed asset depreciation
|
| | | | |
401
|
| |
299
|
| |
270
|
|
|
Operating profit/(loss) discontinued operations ex - depreciation/amortization & impairment
|
| |
2.8
|
| |
-
|
| |
155
|
| |
332
|
|
| Tax payments | | | | | |
(170)
|
| |
(82)
|
| |
(155)
|
|
| Change in working capital (receivables, payables and other) | | |
4.0
|
| |
118
|
| |
(83)
|
| |
(249)
|
|
| Dividends received from infrastructure project companies | | |
3.5
|
| |
324
|
| |
284
|
| |
272
|
|
| Cash flows from operating activities | | | | | |
1,263
|
| |
1,002
|
| |
810
|
|
| Investments in property, plant and equipment/intangible assets | | | | | |
(86)
|
| |
(95)
|
| |
(124)
|
|
| Investments in infrastructure projects | | |
3.3
|
| |
(319)
|
| |
(809)
|
| |
(285)
|
|
| Non-refundable grants | | | | | |
9
|
| |
25
|
| |
46
|
|
| Investments in associates and non-current financial assets/ acquisition of companies | | | | | |
(257)
|
| |
(347)
|
| |
(923)
|
|
| Interest received | | |
2.5
|
| |
236
|
| |
47
|
| |
3
|
|
| Investment of long-term restricted cash | | | | | |
(51)
|
| |
18
|
| |
119
|
|
| Divestment of infrastructure projects | | | | | |
-
|
| |
-
|
| |
-
|
|
| Divestment/sale of companies | | |
1.1.6
|
| |
43
|
| |
429
|
| |
1,621
|
|
| Cash flows from (used in) investing activities | | | | | |
(425)
|
| |
(732)
|
| |
457
|
|
| Capital cash flows from non-controlling interests | | | | | |
130
|
| |
350
|
| |
57
|
|
|
Scrip dividend
|
| | | | |
(136)
|
| |
(132)
|
| |
(31)
|
|
|
Treasury share purchases
|
| | | | |
(114)
|
| |
(446)
|
| |
(432)
|
|
| Shareholder remuneration | | | | | |
(250)
|
| |
(578)
|
| |
(463)
|
|
| Dividends paid to non-controlling interests of investees | | | | | |
(377)
|
| |
(161)
|
| |
(270)
|
|
| Other movements in shareholders’ funds | | | | | |
(506)
|
| |
(69)
|
| |
-
|
|
| Interest paid | | |
2.5
|
| |
(432)
|
| |
(329)
|
| |
(295)
|
|
| Lease payments | | | | | |
(87)
|
| |
(72)
|
| |
(131)
|
|
| Increase in borrowings | | | | | |
964
|
| |
1,207
|
| |
603
|
|
| Decrease in borrowings | | | | | |
(747)
|
| |
(665)
|
| |
(1,671)
|
|
| Net change in borrowings from discontinued operations | | | | | |
-
|
| |
1
|
| |
(51)
|
|
| Cash flows from (used in) financing activities | | | | | |
(1,305)
|
| |
(316)
|
| |
(2,221)
|
|
| Effect of exchange rate on cash and cash equivalents | | | | | |
160
|
| |
(283)
|
| |
99
|
|
| Change in cash and cash equivalents due to consolidation scope changes | | | | | |
(34)
|
| |
4
|
| |
(109)
|
|
|
Changes in cash and cash equivalents from discontinued operations
|
| |
5.3
|
| |
-
|
| |
(81)
|
| |
(44)
|
|
| Change in cash and cash equivalents | | |
5.3
|
| |
(341)
|
| |
(406)
|
| |
(1,008)
|
|
| Cash and cash equivalents at beginning of year | | | | | |
5,130
|
| |
5,536
|
| |
6,544
|
|
| Cash and cash equivalents at year-end | | | | | |
4,789
|
| |
5,130
|
| |
5,536
|
|
|
(Million euro)
|
| |
FAIR VALUE RECOGNIZED
ON ACQUISITION |
|
|
Property, plant and equipment
|
| |
1
|
|
|
Intangible assets (Note 3.3.1.)
|
| |
638
|
|
|
Deferred tax assets
|
| |
18
|
|
|
TOTAL ASSETS
|
| |
671
|
|
|
Long-term Borrowings
|
| |
115
|
|
|
Other long-term payables
|
| |
281
|
|
|
Short-term borrowings
|
| |
17
|
|
|
Trade and other payables
|
| |
18
|
|
|
Deferred tax liability (Note 2.8.3)
|
| |
46
|
|
|
TOTAL LIABILITIES
|
| |
476
|
|
|
TOTAL IDENTIFIABLE NET ASSETS AT FAIR VALUE
100% |
| |
196
|
|
|
Total identifiable net assets at fair value 60%
|
| |
117
|
|
|
Goodwill associated with deferred tax liability (Note 3.1.1)
|
| |
27
|
|
|
PURCHASE CONSIDERATION TRANSFERRED
|
| |
145
|
|
| | | |
Amount fair value
|
| |||
|
Shares issued, at fair value
|
| | | | |
104
|
|
|
Deferred payment
|
| | | | |
30
|
|
|
Contingent consideration
liability |
| | | | |
11
|
|
|
TOTAL CONSIDERATION
|
| |
145
|
|
|
(Million euro)
|
| |
FAIR VALUE RECOGNIZED
ON ACQUISITION |
|
|
NON-CURRENT ASSETS
|
| |
4,432
|
|
|
Fixed assets in infrastructure projects (Note 3.3)
|
| |
4,432
|
|
|
CURRENT ASSETS
|
| |
109
|
|
|
Receivables
|
| |
108
|
|
|
Cash and cash equivalents
|
| |
1
|
|
|
TOTAL ASSETS
|
| |
4,542
|
|
|
NON-CURRENT LIABILITIES
|
| |
1,527
|
|
|
Long-term borrowings
|
| |
1,527
|
|
|
CURRENT LIABILITIES
|
| |
118
|
|
|
Short-term borrowings
|
| |
27
|
|
|
Trade and other payables
|
| |
90
|
|
|
TOTAL LIABILITIES
|
| |
1,654
|
|
| | | | | |
|
TOTAL IDENTIFIABLE NET ASSETS AT FAIR VALUE
|
| |
2,897
|
|
| | | |
Amount fair value (EUR)
|
| |||
|
Shares issued, at fair value
|
| | | | |
162
|
|
|
Commitment to inject additional capital
|
| | | | |
36
|
|
|
TOTAL CONSIDERATION
|
| |
198
|
|
|
Standards and amendments
|
| |
Mandatory application:
annual periods beginning on or after |
| |||
|
Amendment to IAS 1 – Classification of Liabilities as Current or Non-current.
|
| |
The amendment clarifies a criterion in IAS 1 for classifying a liability as non-current. The requirement for an entity to have the right to defer settlement of the liability for at least twelve months after the reporting period.
|
| |
1 January 2024
|
|
|
Amendment to IAS 1 – Classification of Liabilities as Non-current Liabilities with Covenants
|
| |
The amendments improve the information an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with covenants. The amendments also respond to stakeholders’ concerns about the classification of such a liability as current or non-current.
|
| |
1 January 2024
|
|
|
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback
|
| |
Lease Liability in a Sale and Leaseback amends IFRS 16 by adding subsequent measurement requirements for sale and leaseback transactions.
|
| |
1 January 2024
|
|
|
Amendment to IAS 7 and IFRS 7
|
| |
It clarifies the characteristics of financing arrangements and introduces new disclosures to help users of financial statements understand the effects of these arrangements on liabilities, cash flows and exposure to liquidity risk.
|
| |
1 January 2024
|
|
|
Amendment to IAS 21
|
| |
The amendments clarify how entities should assess whether a currency is convertible and how they should determine the spot rate when there is no convertibility, as well as require disclosures to enable users of financial statements to understand the impact of a currency not being convertible.
|
| |
1 January 2025
|
|
|
PROJECT
|
| |
ACTIVITY
|
| |
COUNTRY
|
| |
% SHARE
|
| |
REVENUE
(EUR M) |
|
| HS2 Main works | | | Works on 80 km of the HS2 between Chilterns and Warwickshire, including 15 viaducts, 5 km of green tunnels, 22 km of road diversions. | | |
UK
|
| |
15%
|
| |
288.86
|
|
| Sydney Metro West | | | Metro design and construction on an 11-kilometres stretch of twin railway tunnels between Sydney Olympic Park and The Bays. | | |
AUSTRALIA
|
| |
50%
|
| |
224.33
|
|
| Riverlinx | | | Design, construction, financing, operation and maintenance of the Silvertown Tunnel in East London. | | |
UK
|
| |
50%
|
| |
158.13
|
|
| Ontario Transit Group Constructor GP | | | Design, build and financing of the Ontario Line Subway: Construction of a 6.7 km, seven-station rapid transit system. | | |
CANADA
|
| |
50%
|
| |
92.41
|
|
| Coffs Harbour Bypass | | | Design and build contract for 14 km of road, three tunnels and a service road. | | |
AUSTRALIA
|
| |
50%
|
| |
75.63
|
|
| Undergrounding of Murcia Station | | | Burying of the arterial railway network in the city of Murcia. New high-speed railway access to the east. Madrid-Castilla La Mancha-Comunidad Valenciana-Region of Murcia. | | |
SPAIN
|
| |
50%
|
| |
68.29
|
|
| Linha Circular, A.C.E. | | | 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. | | |
PORTUGAL
|
| |
65%
|
| |
43.43
|
|
| Linha Amarela, A.C.E. | | | Construction of the Yellow metro line in Oporto, with a new 3.15-kilometers section of double-track light rail. The work also includes the construction of a viaduct, a 770-meters tunnel and three stations, among other tasks. | | |
PORTUGAL
|
| |
65%
|
| |
40.63
|
|
| Metro Paris Ligne 3A JV | | | Metro Paris with 6,7 KM tunnel. The work includes building three stations and eight ancillary infrastructures. | | |
FRANCE
|
| |
50%
|
| |
14.21
|
|
| TOTAL | | | | | | | | | | | |
977.46
|
|
| | | |
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
|
|
|
CONCESSION OPERATOR
|
| |
COUNTRY
|
| |
STATUS
|
| |
START
YEAR (*) |
| |
END
YEAR |
| |
CONSOL. METHOD
|
|
| 407 International Inc. | | |
USA
|
| |
Operation
|
| |
1,999
|
| |
2,098
|
| |
Equity consolidation
|
|
| NTE Mobility Partners, LLC | | |
USA
|
| |
Operation
|
| |
2,014
|
| |
2,061
|
| |
Full consolidation
|
|
| NTE Mobility Partners Seg 3 LLC | | |
USA
|
| |
Operation
|
| |
2,018
|
| |
2,061
|
| |
Full consolidation
|
|
| LBJ Infr. Group LLC | | |
USA
|
| |
Operation
|
| |
2,014
|
| |
2,061
|
| |
Full consolidation
|
|
| I-66 Mobility Partners LLC | | |
USA
|
| |
Operation
|
| |
2,016
|
| |
2,066
|
| |
Full consolidation
|
|
| I-77 Mobility Partners LLC | | |
USA
|
| |
Operation
|
| |
2,019
|
| |
2,069
|
| |
Full consolidation
|
|
| Eurolink Motorway Operations (M4-M6) | | |
Ireland
|
| |
Operation
|
| |
2,005
|
| |
2,033
|
| |
Equity consolidation
|
|
| Autopista Terrassa Manresa, S.A. | | |
Spain
|
| |
Operation
|
| |
1,989
|
| |
2,036
|
| |
Full consolidation
|
|
| Autovía de Aragón, S.A. (**) | | |
Spain
|
| |
Operation
|
| |
2,007
|
| |
2,026
|
| |
Full consolidation
|
|
| Dalaman International Airport | | |
Turkey
|
| |
Operation
|
| |
2,022
|
| |
2,042
|
| |
Full consolidation
|
|
| JFK NTO LLC | | |
USA
|
| |
Construction
|
| |
2,022
|
| |
2,060
|
| |
Equity method
|
|
|
CONCESSION OPERATOR
|
| |
COUNTRY
|
| |
STATUS
|
| |
START
YEAR (*) |
| |
END
YEAR |
| |
CONSO. METHOD
|
|
| Concesionaria de Prisiones Lledoners | | |
Spain
|
| |
Operation
|
| |
2008
|
| |
2038
|
| |
Full consolidation
|
|
| Depusa Aragón, S.A. | | |
Spain
|
| |
Operation
|
| |
2017
|
| |
2037
|
| |
Full consolidation
|
|
| Wroclaw Budimex Car Park | | |
Poland
|
| |
Operation
|
| |
2012
|
| |
2042
|
| |
Full consolidation
|
|
| UK Waste Treatment (Thalia) | | |
UK
|
| |
Operation
|
| |
2008
|
| |
2036
|
| |
Full consolidation
|
|
|
CONCESSION OPERATOR
|
| |
COUNTRY
|
| |
STATUS
|
| |
START
YEAR (*) |
| |
END
YEAR |
| |
CONSOL. METHOD
|
|
| Eurolink M3 | | |
Ireland
|
| |
Operation
|
| |
2010
|
| |
2052
|
| |
Equity consolidation
|
|
| A66 Benavente – Zamora | | |
Spain
|
| |
Operation
|
| |
2015
|
| |
2042
|
| |
Equity consolidation
|
|
| 407 East Extension | | |
Canada
|
| |
Operation
|
| |
2016
|
| |
2045
|
| |
Equity consolidation
|
|
| Scot Roads Partnership Project Limited | | |
UK
|
| |
Operation
|
| |
2017
|
| |
2047
|
| |
Equity consolidation
|
|
| Nexus Infr. Unit Trust (Toowoomba) | | |
Australia
|
| |
Operation
|
| |
2019
|
| |
2043
|
| |
Equity consolidation
|
|
| Blackbird Infr. Group (407 East Phase 2) | | |
Canada
|
| |
Operation
|
| |
2019
|
| |
2047
|
| |
Equity consolidation
|
|
| Ruta del Cacao S.A.S | | |
Colombia
|
| |
Construction
|
| |
2015
|
| |
2040
|
| |
Equity consolidation
|
|
| Zero Bypass Ltd. | | |
Slovakia
|
| |
Operation
|
| |
2016
|
| |
2050
|
| |
Equity consolidation
|
|
| Netflow OSARs Western | | |
Australia
|
| |
Construction
|
| |
2017
|
| |
2040
|
| |
Equity consolidation
|
|
| Riverlinx, Ltd. | | |
UK
|
| |
Construction
|
| |
2019
|
| |
2050
|
| |
Equity consolidation
|
|
|
Closing exchange rate
|
| |
2023
|
| |
2022
|
| |
Change 23/22 (*)
|
|
| Pound sterling | | |
0.86691
|
| |
0.88534
|
| |
(2.08)%
|
|
| US dollar | | |
1.10390
|
| |
1.07050
|
| |
3.12%
|
|
| Canadian dollar | | |
1.46061
|
| |
1.45055
|
| |
0.69%
|
|
| Australian dollar | | |
1.62057
|
| |
1.57172
|
| |
3.11%
|
|
| Polish zloty | | |
4.34300
|
| |
4.68520
|
| |
(7.30)%
|
|
| Chilean peso | | |
967.78000
|
| |
908.16000
|
| |
6.56%
|
|
| Indian rupee | | |
91.94270
|
| |
88.15440
|
| |
4.30%
|
|
|
Average exchange rate
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Change 23/22 (*)
|
| |
Change 22/21(*)
|
|
| Pound sterling | | |
0.86961
|
| |
0.85269
|
| |
0.85858
|
| |
1.98%
|
| |
(0.69)%
|
|
| US dollar | | |
1.08147
|
| |
1.05330
|
| |
1.17955
|
| |
2.67%
|
| |
(10.70)%
|
|
| Canadian dollar | | |
1.45920
|
| |
1.36984
|
| |
1.47898
|
| |
6.52%
|
| |
(7.38)%
|
|
| Australian dollar | | |
1.62876
|
| |
1.51685
|
| |
1.57854
|
| |
7.38%
|
| |
(3.91)%
|
|
| Polish zloty | | |
4.54119
|
| |
4.68474
|
| |
4.56557
|
| |
(3.06)%
|
| |
2.61%
|
|
| Chilean peso | | |
908.75223
|
| |
917.53335
|
| |
901.46100
|
| |
(0.96)%
|
| |
1.78%
|
|
| Indian rupee | | |
89.31345
|
| |
82.72616
|
| |
87.27740
|
| |
7.96%
|
| |
(5.21)%
|
|
| | | |
Construction
|
| |
Toll Roads
|
| |
Airports
|
| |
Energy and
mobility |
| |
Other
|
| |
Adjustments
|
| |
Total 2023
|
|
| Revenue | | |
7,070
|
| |
1,085
|
| |
80
|
| |
334
|
| |
181
|
| |
(236)
|
| |
8,514
|
|
| Other operating income | | |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
|
| Total operating income | | |
7,071
|
| |
1,085
|
| |
80
|
| |
334
|
| |
181
|
| |
(236)
|
| |
8,515
|
|
| Total operating expenses | | |
6,853
|
| |
286
|
| |
58
|
| |
324
|
| |
239
|
| |
(236)
|
| |
7,524
|
|
| Fixed asset depreciation | | |
141
|
| |
213
|
| |
20
|
| |
20
|
| |
7
|
| |
-
|
| |
401
|
|
| Impairment and disposal of fixed assets | | |
-
|
| |
37
|
| |
-
|
| |
(2)
|
| |
-
|
| |
-
|
| |
35
|
|
| Operating profit/(loss) | | |
77
|
| |
623
|
| |
2
|
| |
(12)
|
| |
(65)
|
| |
-
|
| |
625
|
|
| Profit/(loss) on derivatives and other net financial income/(expense) | | |
(31)
|
| |
5
|
| |
(12)
|
| |
9
|
| |
18
|
| |
(2)
|
| |
(13)
|
|
| Net financial income/(expense) from financing | | |
117
|
| |
(224)
|
| |
3
|
| |
(4)
|
| |
(111)
|
| |
2
|
| |
(217)
|
|
| Net financial income/(expense) | | |
86
|
| |
(219)
|
| |
(9)
|
| |
5
|
| |
(93)
|
| |
-
|
| |
(230)
|
|
| Share of profits of equity-accounted companies | | |
-
|
| |
198
|
| |
11
|
| |
6
|
| |
-
|
| |
-
|
| |
215
|
|
| Profit/(loss) before tax from continuing operations | | |
163
|
| |
602
|
| |
4
|
| |
(1)
|
| |
(158)
|
| |
-
|
| |
610
|
|
| Income/(expense) tax | | |
(66)
|
| |
(54)
|
| |
(20)
|
| |
6
|
| |
19
|
| |
-
|
| |
(115)
|
|
|
Profit/(loss) net of tax from continuing operations
|
| |
97
|
| |
548
|
| |
(16)
|
| |
5
|
| |
(139)
|
| |
-
|
| |
495
|
|
| Profit/(loss) net of tax from discontinued operations | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
16
|
| |
-
|
| |
16
|
|
| Net profit/(loss) | | |
97
|
| |
548
|
| |
(16)
|
| |
5
|
| |
(123)
|
| |
-
|
| |
511
|
|
| Net profit/(loss) for the period attributed to non-controlling interests | | |
(51)
|
| |
(126)
|
| |
7
|
| |
-
|
| |
-
|
| |
-
|
| |
(170)
|
|
| Net profit/(loss) for the period attributed to the parent company | | |
46
|
| |
422
|
| |
(9)
|
| |
5
|
| |
(123)
|
| |
-
|
| |
341
|
|
| | | |
Construction
|
| |
Toll Roads
|
| |
Airports
|
| |
Energy and
mobility |
| |
Other
|
| |
Adjustments
|
| |
Total 2022
|
|
| Revenue | | |
6,463
|
| |
780
|
| |
54
|
| |
296
|
| |
178
|
| |
(220)
|
| |
7,551
|
|
| Other operating income | | |
2
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
(1)
|
| |
2
|
|
| Total operating income | | |
6,465
|
| |
780
|
| |
54
|
| |
296
|
| |
179
|
| |
(221)
|
| |
7,553
|
|
| Total operating expenses | | |
6,289
|
| |
230
|
| |
56
|
| |
283
|
| |
189
|
| |
(222)
|
| |
6,825
|
|
| Fixed asset depreciation | | |
113
|
| |
160
|
| |
7
|
| |
12
|
| |
7
|
| |
-
|
| |
299
|
|
| Impairment and disposal of fixed assets | | |
-
|
| |
(3)
|
| |
-
|
| |
(3)
|
| |
-
|
| |
-
|
| |
(6)
|
|
| Operating profit/(loss) | | |
63
|
| |
387
|
| |
(9)
|
| |
(2)
|
| |
(16)
|
| |
-
|
| |
423
|
|
| Profit/(loss) on derivatives and other net financial income/(expense) | | |
(34)
|
| |
(110)
|
| |
19
|
| |
1
|
| |
51
|
| |
(2)
|
| |
(75)
|
|
| Net financial income/(expense) from financing | | |
35
|
| |
(240)
|
| |
-
|
| |
(9)
|
| |
(30)
|
| |
2
|
| |
(242)
|
|
| Net financial income/(expense) | | |
1
|
| |
(350)
|
| |
19
|
| |
(8)
|
| |
21
|
| |
-
|
| |
(317)
|
|
| Share of profits of equity-accounted companies | | |
1
|
| |
158
|
| |
7
|
| |
(1)
|
| |
(1)
|
| |
1
|
| |
165
|
|
| Profit/(loss) before tax from continuing operations | | |
65
|
| |
195
|
| |
17
|
| |
(11)
|
| |
4
|
| |
1
|
| |
271
|
|
| Income/(expense) tax | | |
(5)
|
| |
(39)
|
| |
2
|
| |
(4)
|
| |
16
|
| |
-
|
| |
(30)
|
|
|
Profit/(loss) net of tax from continuing operations
|
| |
60
|
| |
156
|
| |
19
|
| |
(15)
|
| |
20
|
| |
1
|
| |
241
|
|
| Profit/(loss) net of tax from discontinued operations | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
65
|
| |
(1)
|
| |
64
|
|
| Net profit/(loss) | | |
60
|
| |
156
|
| |
19
|
| |
(15)
|
| |
85
|
| |
-
|
| |
305
|
|
| Net profit/(loss) for the period attributed to non-controlling interests | | |
(42)
|
| |
(65)
|
| |
(9)
|
| |
-
|
| |
-
|
| |
(1)
|
| |
(117)
|
|
| Net profit/(loss) for the period attributed to the parent company | | |
18
|
| |
91
|
| |
10
|
| |
(15)
|
| |
85
|
| |
(1)
|
| |
188
|
|
| | | |
Construction
|
| |
Toll Roads
|
| |
Airports
|
| |
Energy and
mobility |
| |
Other
|
| |
Adjustments
|
| |
Total 2021
|
|
| Revenue | | |
6,077
|
| |
588
|
| |
2
|
| |
252
|
| |
157
|
| |
(166)
|
| |
6,910
|
|
| Other operating income | | |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
|
| Total operating income | | |
6,078
|
| |
588
|
| |
2
|
| |
252
|
| |
157
|
| |
(166)
|
| |
6,911
|
|
| Total operating expenses | | |
5,834
|
| |
173
|
| |
28
|
| |
264
|
| |
168
|
| |
(166)
|
| |
6,301
|
|
| Fixed asset depreciation | | |
112
|
| |
141
|
| |
-
|
| |
12
|
| |
5
|
| |
-
|
| |
270
|
|
| Impairment and disposal of fixed assets | | |
22
|
| |
1,117
|
| |
-
|
| |
-
|
| |
1
|
| |
(1)
|
| |
1,139
|
|
| Operating profit/(loss) | | |
154
|
| |
1,392
|
| |
(26)
|
| |
(24)
|
| |
(16)
|
| |
(1)
|
| |
1,479
|
|
| Profit/(loss) on derivatives and other net financial income/(expense) | | |
(24)
|
| |
(86)
|
| |
(6)
|
| |
4
|
| |
26
|
| |
1
|
| |
(85)
|
|
| Net financial income/(expense) from financing | | |
(6)
|
| |
(198)
|
| |
-
|
| |
(7)
|
| |
(36)
|
| |
-
|
| |
(247)
|
|
| Net financial income/(expense) | | |
(30)
|
| |
(284)
|
| |
(6)
|
| |
(3)
|
| |
(10)
|
| |
1
|
| |
(332)
|
|
| Share of profits of equity-accounted companies | | |
-
|
| |
81
|
| |
(254)
|
| |
(6)
|
| |
1
|
| |
-
|
| |
(178)
|
|
| Profit/(loss) before tax from continuing operations | | |
124
|
| |
1,189
|
| |
(286)
|
| |
(33)
|
| |
(25)
|
| |
-
|
| |
969
|
|
| Income/(expense) tax | | |
(49)
|
| |
(71)
|
| |
7
|
| |
5
|
| |
116
|
| |
1
|
| |
9
|
|
|
Profit/(loss) net of tax from continuing operations
|
| |
75
|
| |
1,118
|
| |
(279)
|
| |
(28)
|
| |
91
|
| |
1
|
| |
978
|
|
| Profit/(loss) net of tax from discontinued operations | | |
115
|
| |
-
|
| |
-
|
| |
-
|
| |
246
|
| |
-
|
| |
361
|
|
| Net profit/(loss) | | |
190
|
| |
1,118
|
| |
(279)
|
| |
(28)
|
| |
337
|
| |
1
|
| |
1,339
|
|
| Net profit/(loss) for the period attributed to non-controlling interests | | |
(105)
|
| |
(29)
|
| |
-
|
| |
-
|
| |
(3)
|
| |
(1)
|
| |
(138)
|
|
| Net profit/(loss) for the period attributed to the parent company | | |
85
|
| |
1,089
|
| |
(279)
|
| |
(28)
|
| |
334
|
| |
-
|
| |
1,201
|
|
|
(Million euro)
|
| |
External sales
|
| |
Inter-segment sales
|
| |
Total
|
| |
Var. %
|
|
| Construction | | |
6,581
|
| |
|
| |
7,070
|
| |
9%
|
|
| Toll Roads | | |
1,084
|
| |
1
|
| |
1,085
|
| |
39%
|
|
| Airports | | |
80
|
| |
-
|
| |
80
|
| |
48%
|
|
| Energy and mobility infrastructures | | |
334
|
| |
-
|
| |
334
|
| |
13%
|
|
| Other activities (*) | | |
25
|
| |
156
|
| |
181
|
| |
2%
|
|
| Adjustments | | |
-
|
| |
(236)
|
| |
(236)
|
| |
7%
|
|
| Total | | |
8,104
|
| |
410
|
| |
8,514
|
| |
13%
|
|
|
(Million euro)
|
| |
External sales
|
| |
Inter-segment sales
|
| |
Total
|
| |
Var. %
|
|
| Construction | | |
5,432
|
| |
1,031
|
| |
6,463
|
| |
6%
|
|
| Toll Roads | | |
779
|
| |
1
|
| |
780
|
| |
33%
|
|
| Airports | | |
54
|
| |
-
|
| |
54
|
| |
2600%
|
|
| Energy and mobility infrastructures | | |
296
|
| |
-
|
| |
296
|
| |
17%
|
|
| Other activities (*) | | |
39
|
| |
139
|
| |
178
|
| |
13%
|
|
| Adjustments | | |
-
|
| |
(220)
|
| |
(220)
|
| |
33%
|
|
| Total | | |
6,600
|
| |
951
|
| |
7,551
|
| |
9%
|
|
|
(Million euro)
|
| |
External sales
|
| |
Inter-segment sales
|
| |
Total
|
|
| Construction | | |
5,044
|
| |
1,033
|
| |
6,077
|
|
| Toll Roads | | |
587
|
| |
1
|
| |
588
|
|
| Airports | | |
1
|
| |
1
|
| |
2
|
|
| Energy and mobility infrastructures | | |
252
|
| |
-
|
| |
252
|
|
| Other activities (*) | | |
3
|
| |
154
|
| |
157
|
|
| Adjustments | | |
-
|
| |
(166)
|
| |
(166)
|
|
| Total | | |
5,887
|
| |
1,023
|
| |
6,910
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
Var. 23/22
|
| |
2021
|
| |
Var. 22/21
|
|
| USA | | |
2,879
|
| |
2,906
|
| |
(27)
|
| |
2,639
|
| |
267
|
|
| Poland | | |
2,160
|
| |
1,842
|
| |
318
|
| |
1,735
|
| |
107
|
|
| Spain | | |
1,475
|
| |
1,154
|
| |
321
|
| |
1,092
|
| |
62
|
|
| UK | | |
771
|
| |
708
|
| |
63
|
| |
644
|
| |
64
|
|
| Canada | | |
161
|
| |
100
|
| |
61
|
| |
80
|
| |
20
|
|
| Other | | |
1,068
|
| |
841
|
| |
227
|
| |
720
|
| |
121
|
|
| TOTAL | | |
8,514
|
| |
7,551
|
| |
963
|
| |
6,910
|
| |
641
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
Var. 23/22
|
| |
2021
|
| |
Var. 22/21
|
|
| Subcontracted work | | |
3,337
|
| |
2,975
|
| |
362
|
| |
2,824
|
| |
151
|
|
| Leases (Note 3.7) | | |
250
|
| |
256
|
| |
(6)
|
| |
235
|
| |
21
|
|
| Repairs and maintenance | | |
82
|
| |
89
|
| |
(7)
|
| |
70
|
| |
19
|
|
| Independent professional services | | |
485
|
| |
449
|
| |
36
|
| |
331
|
| |
118
|
|
| Changes in provisions for liabilities (Note 6.3) | | |
53
|
| |
(68)
|
| |
121
|
| |
51
|
| |
(119)
|
|
| Other operating expenses | | |
671
|
| |
481
|
| |
190
|
| |
412
|
| |
69
|
|
| Total other operating expenses | | |
4,878
|
| |
4,182
|
| |
696
|
| |
3,923
|
| |
259
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
Var.23/22
|
| |
2021
|
| |
VAR 22/21
|
|
| Wages and salaries | | |
1,350
|
| |
1,111
|
| |
239
|
| |
1,006
|
| |
105
|
|
| Social security contributions | | |
179
|
| |
158
|
| |
21
|
| |
148
|
| |
10
|
|
| Pension plan contributions | | |
15
|
| |
13
|
| |
3
|
| |
10
|
| |
2
|
|
| Share-based payments | | |
11
|
| |
8
|
| |
4
|
| |
(9)
|
| |
17
|
|
| Other welfare expenses | | |
43
|
| |
156
|
| |
(113)
|
| |
138
|
| |
18
|
|
| TOTAL | | |
1,599
|
| |
1,446
|
| |
153
|
| |
1,293
|
| |
153
|
|
| | | |
12.31.2023
|
| |||||||||
|
CATEGORY
|
| |
MEN
|
| |
WOMEN
|
| |
TOTAL
|
| |
VAR. 23/22
|
|
| Executive directors | | |
2
|
| |
-
|
| |
2
|
| |
-%
|
|
| Senior managers | | |
11
|
| |
2
|
| |
13
|
| |
-%
|
|
| 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
|
| |
-%
|
|
| Total | | |
20,558
|
| |
4,241
|
| |
24,799
|
| |
3%
|
|
| | | |
12.31.2022
|
| |||||||||
|
CATEGORY
|
| |
MEN
|
| |
WOMEN
|
| |
TOTAL
|
| |
VAR. 22/21
|
|
| Executive directors | | |
2
|
| |
-
|
| |
2
|
| |
-%
|
|
| Senior managers | | |
12
|
| |
1
|
| |
13
|
| |
-%
|
|
| Executives | | |
2,580
|
| |
635
|
| |
3,215
|
| |
8%
|
|
| Managers/Professionals/Supervisors | | |
4,117
|
| |
2,044
|
| |
6,161
|
| |
4%
|
|
| Administrative/Support personnel | | |
565
|
| |
668
|
| |
1,233
|
| |
11%
|
|
| Manual workers | | |
12,864
|
| |
703
|
| |
13,567
|
| |
(2)%
|
|
| Total | | |
20,140
|
| |
4,051
|
| |
24,191
|
| |
1%
|
|
|
CONTINUED OPERATIONS
|
| |
12.31.2021
|
| ||||||
|
CATEGORY
|
| |
MEN
|
| |
WOMEN
|
| |
TOTAL
|
|
| Executive directors | | |
2
|
| |
0
|
| |
2
|
|
| Senior managers | | |
12
|
| |
1
|
| |
13
|
|
| Executives | | |
2,442
|
| |
540
|
| |
2,982
|
|
| Managers/Professionals/Supervisors | | |
3,995
|
| |
1,930
|
| |
5,925
|
|
| Administrative/Support personnel | | |
519
|
| |
589
|
| |
1,108
|
|
| Manual workers | | |
13,141
|
| |
762
|
| |
13,903
|
|
| Total | | |
20,111
|
| |
3,822
|
| |
23,933
|
|
|
DISCONTINUED OPERATIONS
|
| |
12.31.2021
|
| ||||||
|
CATEGORY
|
| |
MEN
|
| |
WOMEN
|
| |
TOTAL
|
|
| Executive directors | | |
-
|
| |
-
|
| |
-
|
|
| Senior managers | | |
-
|
| |
-
|
| |
-
|
|
| Executives | | |
1,450
|
| |
437
|
| |
1,887
|
|
| Managers/Professionals/Supervisors | | |
4,995
|
| |
1,444
|
| |
6,439
|
|
| Administrative/Support personnel | | |
110
|
| |
497
|
| |
607
|
|
| Manual workers | | |
13,717
|
| |
16,488
|
| |
30,205
|
|
| Total | | |
20,272
|
| |
18,866
|
| |
39,138
|
|
| | | |
12.31.2023
|
| |||||||||
|
BUSINESS
|
| |
MEN
|
| |
WOMEN
|
| |
TOTAL
|
| |
VAR. 23/22
|
|
| Construction | | |
16,067
|
| |
3,345
|
| |
19,412
|
| |
5.00%
|
|
| Toll Roads | | |
678
|
| |
233
|
| |
911
|
| |
68.00%
|
|
| Airports | | |
195
|
| |
42
|
| |
237
|
| |
1.00%
|
|
| Energy infrastructures and mobility | | |
3,622
|
| |
411
|
| |
4,033
|
| |
2.00%
|
|
| Other | | |
292
|
| |
280
|
| |
572
|
| |
22.00%
|
|
| Total | | |
20,855
|
| |
4,311
|
| |
25,166
|
| |
(27.00)%
|
|
| | | |
12.31.2022
|
| |||||||||
|
BUSINESS
|
| |
MEN
|
| |
WOMEN
|
| |
TOTAL
|
| |
VAR. 22/21
|
|
| Construction | | |
15,316
|
| |
3,135
|
| |
18,451
|
| |
(3)%
|
|
| Toll Roads | | |
373
|
| |
169
|
| |
542
|
| |
-%
|
|
| Airports | | |
192
|
| |
43
|
| |
235
|
| |
6%
|
|
| Energy infrastructures and mobility | | |
3,541
|
| |
415
|
| |
3,956
|
| |
1%
|
|
| Other | | |
261
|
| |
208
|
| |
469
|
| |
13%
|
|
| Total continuing operations | | |
19,683
|
| |
3,970
|
| |
23,653
|
| |
(2)%
|
|
| Total discontinued operations | | |
7,346
|
| |
3,352
|
| |
10,698
|
| |
1%
|
|
| Total | | |
27,029
|
| |
7,322
|
| |
34,351
|
| |
(956)%
|
|
| | | |
12.31.2021
|
| ||||||
|
BUSINESS
|
| |
MEN
|
| |
WOMEN
|
| |
TOTAL
|
|
| Construction | | |
16,059
|
| |
3,042
|
| |
19,101
|
|
| Toll Roads | | |
385
|
| |
159
|
| |
544
|
|
| Airports | | |
22
|
| |
10
|
| |
32
|
|
| Energy infrastructures and mobility | | |
3,564
|
| |
374
|
| |
3,938
|
|
| Other | | |
229
|
| |
186
|
| |
415
|
|
| Total continuing operations | | |
20,259
|
| |
3,771
|
| |
24,030
|
|
| Total discontinued operations | | |
32,652
|
| |
21,851
|
| |
54,503
|
|
| Total | | |
52,911
|
| |
25,622
|
| |
78,533
|
|
|
2023
|
| | | | | | |
|
(Million euro)
|
| |
Impact on profit/
(loss) before tax |
| |
Impact on profit/
(loss) after tax |
|
| Azores sale | | |
39
|
| |
41
|
|
| Capital gains and disposals | | |
39
|
| |
41
|
|
| Aravia | | |
(2)
|
| |
(2)
|
|
| Zity Sale | | |
(2)
|
| |
(2)
|
|
| Impairment gains/(losses) | | |
(4)
|
| |
(4)
|
|
| TOTAL IMPAIRMENT AND DISPOSALS | | |
35
|
| |
37
|
|
|
2022
|
| | | | | | |
|
(Million euro)
|
| |
Impact on profit/
(loss) before tax |
| |
Impact on profit/
(loss) after tax |
|
| Algarve sale | | |
(3)
|
| |
(3)
|
|
| Capital gains and disposals | | |
(3)
|
| |
(3)
|
|
| Impairment of the ownership interest in MaaS Global | | |
(3)
|
| |
(3)
|
|
| Impairment gains/(losses) | | |
(3)
|
| |
(3)
|
|
| TOTAL IMPAIRMENT AND DISPOSALS | | |
(6)
|
| |
(6)
|
|
|
2021
|
| | | | | | |
|
(Million euro)
|
| |
Impact on profit/
(loss) before tax |
| |
Impact on profit/
(loss) after tax |
|
| Acquisition of 5.704% of I-66 | | |
1,117
|
| |
1,117
|
|
| Nalanda sale | | |
17
|
| |
17
|
|
| Urbicsa sale | | |
17
|
| |
17
|
|
| Nevasa sale | | |
1
|
| |
1
|
|
| Figueras sale | | |
(9)
|
| |
(9)
|
|
| Capital gains and disposals | | |
1,142
|
| |
1,141
|
|
| Fixed asset impairment losses FB Serwis | | |
(3)
|
| |
(3)
|
|
| Impairment gains/(losses) | | |
(3)
|
| |
(3)
|
|
| TOTAL IMPAIRMENT AND DISPOSALS | | |
1,139
|
| |
1,139
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
Var. %
|
|
| Financial income from infrastructure project financing | | |
34
|
| |
8
|
| |
3.25
|
|
| 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 | | |
20
|
| |
-
|
| |
-%
|
|
| Other net financial income/(expense), other companies | | |
31
|
| |
47
|
| |
(34)%
|
|
| Net financial income/(expense), other companies | | |
142
|
| |
48
|
| |
196%
|
|
| Total net financial income/(expense) | | |
(230)
|
| |
(317)
|
| |
(27)%
|
|
|
(Million euro)
|
| |
2022
|
| |
2021
|
| |
Var. %
|
|
| Financial income from infrastructure project financing | | |
8
|
| |
-
|
| |
-%
|
|
| Financial expense from infrastructure project financing | | |
(251)
|
| |
(220)
|
| |
14%
|
|
| Net financial income/(expense) from financing, infrastructure project companies | | |
(243)
|
| |
(220)
|
| |
10%
|
|
| Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure project companies | | |
(105)
|
| |
(84)
|
| |
25%
|
|
| Other net financial income/(expense), infrastructure project companies | | |
(17)
|
| |
(3)
|
| |
467%
|
|
| Other net financial income/(expense), infrastructure project companies | | |
(122)
|
| |
(87)
|
| |
40%
|
|
| Net financial income/(expense) from infrastructure projects | | |
(365)
|
| |
(307)
|
| |
19%
|
|
| Financial income, other companies | | |
104
|
| |
24
|
| |
333%
|
|
| Financial expense, other companies | | |
(103)
|
| |
(51)
|
| |
102%
|
|
| Net financial income/(expense) from financing, other companies | | |
1
|
| |
(27)
|
| |
(104)%
|
|
| Net financial income/(expense) from derivatives and other fair value adjustments, other companies | | |
47
|
| |
1
|
| |
4600%
|
|
| Other net financial income/(expense), other companies | | |
-
|
| |
1
|
| |
(100)%
|
|
| Other net financial income/(expense), other companies | | |
47
|
| |
2
|
| |
2250%
|
|
| Net financial income/(expense), other companies | | |
48
|
| |
(25)
|
| |
(292)%
|
|
| Total net financial income/(expense) | | |
(317)
|
| |
(332)
|
| |
(5)%
|
|
|
Infrastructure project financing expenses from infrastructures
(Million euro) |
| |
2023
|
| |
2022
|
| |
2021
|
|
| Accrued financial expenses | | |
(379)
|
| |
(347)
|
| |
(257)
|
|
| Expenses capitalized during the construction period | | |
17
|
| |
96
|
| |
37
|
|
| Financial expenses in P&L | | |
(362)
|
| |
(251)
|
| |
(220)
|
|
|
Profit/(loss) of equity-accounted companies
(Million euro) |
| |
2023
|
| |
2022
|
| |
2021
|
|
| HAH | | |
-
|
| |
-
|
| |
(238)
|
|
| 407 ETR | | |
154
|
| |
124
|
| |
52
|
|
| AGS | | |
-
|
| |
-
|
| |
(20)
|
|
| JFK | | |
4
|
| |
1
|
| |
-
|
|
| IRB | | |
14
|
| |
22
|
| |
-
|
|
| Serveo Group | | |
11
|
| |
6
|
| |
-
|
|
| Other | | |
32
|
| |
12
|
| |
28
|
|
| TOTAL | | |
215
|
| |
165
|
| |
(178)
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Tax expense for the year | | |
(115)
|
| |
(30)
|
| |
9
|
|
| Current tax expense | | |
(146)
|
| |
(64)
|
| |
(31)
|
|
| Deferred tax expense | | |
65
|
| |
42
|
| |
50
|
|
| Withholdings in a foreign operation | | |
(50)
|
| |
(21)
|
| |
(3)
|
|
| Change to the prior-year tax evaluation and other | | |
16
|
| |
13
|
| |
(7)
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Profit/(Loss) before tax on continuing operations | | |
610
|
| |
271
|
| |
969
|
|
| Results of associates | | |
(215)
|
| |
(164)
|
| |
178
|
|
| Pass-through tax rules (USA & Canada) | | |
(94)
|
| |
(71)
|
| |
(38)
|
|
| Profit/(Loss) before tax on continuing operations adjusted | | |
302
|
| |
36
|
| |
1,109
|
|
| Theoretical income tax expense (25.8%) | | |
(78)
|
| |
(9)
|
| |
(286)
|
|
| Non-taxable income due to the use of tax-loss carryforwards | | |
73
|
| |
6
|
| |
9
|
|
| Unrecognized tax loss | | |
(56)
|
| |
(44)
|
| |
(7)
|
|
| I66 additional stake (5,704%) | | |
-
|
| |
-
|
| |
235
|
|
| 95%-exempt dividends (Spain) | | |
(3)
|
| |
(15)
|
| |
-
|
|
| Non-deductible finance expense | | |
(45)
|
| |
-
|
| |
(1)
|
|
| Derivatives associated with taxable dividends received from Canada which are eliminated on consolidation | | |
17
|
| |
11
|
| |
-
|
|
| Effect of different tax rates of subsidiaries operating in other jurisdictions | | |
9
|
| |
18
|
| |
(20)
|
|
| Prior year tax | | |
14
|
| |
14
|
| |
65
|
|
| Witholding tax | | |
(50)
|
| |
(19)
|
| |
-
|
|
| Other adjustments | | |
3
|
| |
8
|
| |
15
|
|
| Income Tax expense | | |
(115)
|
| |
(30)
|
| |
9
|
|
| Effective tax rate (%) | | |
18.8%
|
| |
11.1%
|
| |
(1.0)%
|
|
|
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
|
| |
-
|
| |
(13)
|
| |
503
|
|
| Differences between tax and accounting criteria | | |
274
|
| |
46
|
| |
87
|
| |
4
|
| |
11
|
| |
422
|
|
| Equity measurement adjustments | | |
86
|
| |
(1)
|
| |
11
|
| |
(47)
|
| |
-
|
| |
48
|
|
| Other items | | |
55
|
| |
9
|
| |
(31)
|
| |
1
|
| |
-
|
| |
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
|
| |
-
|
| |
1
|
| |
-
|
| |
-
|
| |
22
|
|
| Deferred fair value adjustments to acquisitions | | |
315
|
| |
13
|
| |
(12)
|
| |
-
|
| |
(8)
|
| |
308
|
|
|
Differences
between tax and accounting criteria |
| |
378
|
| |
65
|
| |
131
|
| |
-
|
| |
(13)
|
| |
561
|
|
| Equity measurement adjustments | | |
64
|
| |
2
|
| |
1
|
| |
3
|
| |
(1)
|
| |
69
|
|
| Other items | | |
145
|
| |
(22)
|
| |
-
|
| |
-
|
| |
2
|
| |
126
|
|
| TOTAL | | |
924
|
| |
58
|
| |
121
|
| |
3
|
| |
(20)
|
| |
1,086
|
|
|
ASSETS
|
| | | | | | | | | | | | | | | | | | |
|
(Million euro)
|
| |
2021
|
| |
Prior years,
transfers and other |
| |
Charged/
credited to income statement |
| |
Charged/
credited to equity |
| |
Foreign
exchange effect |
| |
2022 (*)
|
|
| Tax credits | | |
192
|
| |
21
|
| |
145
|
| |
2
|
| |
10
|
| |
370
|
|
|
Differences between tax and accounting
|
| |
304
|
| |
(2)
|
| |
(26)
|
| |
-
|
| |
(3)
|
| |
274
|
|
| Equity measurement adjustments | | |
90
|
| |
12
|
| |
18
|
| |
(34)
|
| |
-
|
| |
86
|
|
| Other items | | |
(16)
|
| |
34
|
| |
8
|
| |
27
|
| |
2
|
| |
55
|
|
| TOTAL | | |
570
|
| |
66
|
| |
145
|
| |
(5)
|
| |
9
|
| |
784
|
|
|
LIABILITIES
|
| | | | | | | | | | | | | | | | | | |
|
(Million euro)
|
| |
2021
|
| |
Prior years,
transfers and other |
| |
Charged/
credited to income statement |
| |
Charged/
credited to equity |
| |
Foreign
exchange effect |
| |
2022 (*)
|
|
| Deferred taxes on goodwill | | |
20
|
| |
-
|
| |
1
|
| |
-
|
| |
-
|
| |
21
|
|
| Deferred fair value adjustments to acquisitions | | |
255
|
| |
44
|
| |
-
|
| |
-
|
| |
16
|
| |
315
|
|
|
Differences between tax and accounting
|
| |
277
|
| |
(10)
|
| |
99
|
| |
2
|
| |
10
|
| |
378
|
|
| Equity measurement adjustments | | |
45
|
| |
-
|
| |
2
|
| |
18
|
| |
(1)
|
| |
64
|
|
| Other items | | |
90
|
| |
55
|
| |
1
|
| |
-
|
| |
(1)
|
| |
145
|
|
| TOTAL | | |
687
|
| |
89
|
| |
103
|
| |
20
|
| |
25
|
| |
924
|
|
|
Continuing operations
|
| | | | | | | | | | | | |
|
(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
|
| |
-
|
|
| UK | | |
201
|
| |
No expiry date
|
| |
50
|
| |
5
|
|
| Canada | | |
106
|
| |
2024-2044
|
| |
28
|
| |
20
|
|
| Turkey | | |
81
|
| |
2024-2028
|
| |
20
|
| |
-
|
|
| Other | | |
559
|
| |
2024-No expiry date
|
| |
141
|
| |
36
|
|
| Total | | |
3,549
|
| | | | |
853
|
| |
473
|
|
|
Continuing operations
|
| | | | | | | | | | | | |
|
(Million euro)
Country |
| |
Tax-loss carryforwards
|
| |
Limitation period
|
| |
Maximum tax credit
|
| |
Tax credit recognized
|
|
| Spanish tax consolidated group | | |
642
|
| |
No expiry date
|
| |
160
|
| |
-
|
|
| US tax consolidated group | | |
1,564
|
| |
No expiry date
|
| |
328
|
| |
274
|
|
| Turkey | | |
105
|
| |
2023-2028
|
| |
21
|
| |
-
|
|
| Canada | | |
137
|
| |
2023-2042
|
| |
36
|
| |
11
|
|
| UK | | |
193
|
| |
No expiry date
|
| |
48
|
| |
17
|
|
| Other | | |
461
|
| |
2023-No expiry date
|
| |
119
|
| |
66
|
|
| Total | | |
3,102
|
| | | | |
712
|
| |
368
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Revenue | | |
-
|
| |
2,303
|
| |
4,947
|
|
| Operating profit/(loss) | | |
28
|
| |
9
|
| |
260
|
|
| Net financial income/(expense) | | |
(15)
|
| |
(1)
|
| |
(23)
|
|
| Share of profits of equity-accounted companies | | |
-
|
| |
5
|
| |
9
|
|
| Consolidated profit/(loss) before tax | | |
13
|
| |
13
|
| |
246
|
|
| Corporate income tax | | |
3
|
| |
(10)
|
| |
(47)
|
|
| Profit/(loss) after tax | | |
16
|
| |
3
|
| |
199
|
|
| Profit/(loss) for the year attributed to non- controlling interests | | |
-
|
| |
-
|
| |
(3)
|
|
| Profit/(loss) for the year attributed to the parent company | | |
16
|
| |
3
|
| |
196
|
|
| Adjustments to discontinued operations | | |
-
|
| |
61
|
| |
50
|
|
| Profit/(loss) from discontinued operations | | |
16
|
| |
64
|
| |
246
|
|
|
Construction Division (Million euro)
|
| |
2021
|
|
| Revenue | | |
56
|
|
| Fixed asset depreciation | | |
-
|
|
| Operating profit/(loss) before impairment and disposal of fixed assets | | |
9
|
|
| Impairment and disposal of fixed assets | | |
130
|
|
| Operating profit/(loss) | | |
139
|
|
| Net financial income/(expense) | | |
-
|
|
| Share of profits of equity-accounted companies | | |
-
|
|
| Consolidated profit/(loss) before tax | | |
139
|
|
| Corporate income tax | | |
(24)
|
|
| Profit/(loss) from discontinued operations | | |
115
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
NON-GROUP
|
|
| Grupo Budimex | | |
(83)
|
| |
(60)
|
| |
(109)
|
| |
49.86%
|
|
| Autopista Terrasa Manresa, S.A. | | |
(8)
|
| |
19
|
| |
14
|
| |
23.72%
|
|
| LBJ Infraestructure Group | | |
(20)
|
| |
(9)
|
| |
2
|
| |
45.40%
|
|
| NTE Mobility Partners | | |
(60)
|
| |
(47)
|
| |
(25)
|
| |
37.00%
|
|
| NTE Mobility Partners Segments 3 LLC | | |
(41)
|
| |
(33)
|
| |
(20)
|
| |
46.30%
|
|
| FAM Construction LLC | | |
34
|
| |
26
|
| |
7
|
| |
30.00%
|
|
| Sugar Creek Construction LLC | | |
-
|
| |
(2)
|
| |
(1)
|
| |
30.00%
|
|
| I-77 Mobilility Partners | | |
(12)
|
| |
(6)
|
| |
(1)
|
| |
27.80%
|
|
| I-66 Mobility Partners | | |
16
|
| |
10
|
| |
-
|
| |
44.30%
|
|
| Yda Havalimani Yatrim Ve (Dalaman) | | |
7
|
| |
(8)
|
| |
-
|
| |
40.00%
|
|
| Webber United LLC | | |
1
|
| |
-
|
| |
-
|
| |
40.00%
|
|
| Other companies | | |
(4)
|
| |
(7)
|
| |
(1)
|
| |
-%
|
|
| TOTAL continuing operations | | |
(170)
|
| |
(117)
|
| |
(134)
|
| |
-%
|
|
| TOTAL discontinued operations | | |
-
|
| |
-
|
| |
(3)
|
| |
-%
|
|
| TOTAL | | |
(170)
|
| |
(117)
|
| |
(138)
|
| |
-%
|
|
|
(Million euro, except otherwise indicated)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Net profit/(loss) attributable to ordinary equity holders of the parent: | | |
|
| | | | | | |
|
Continuing operations
|
| |
325
|
| |
124
|
| |
843
|
|
|
Discontinued operations
|
| |
16
|
| |
64
|
| |
358
|
|
| Net cost of subordinated perpetual bond | | |
(5)
|
| |
(8)
|
| |
(8)
|
|
|
Profit/(loss) attributable to ordinary equity holders of the parent for basic earnings
|
| |
336
|
| |
180
|
| |
1,193
|
|
| Effects of dilution | | |
-
|
| |
-
|
| |
-
|
|
| Profit/(loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution | | |
336
|
| |
180
|
| |
1,193
|
|
| Weighted average number of ordinary shares for basic EPS (*) (thousands of shares) | | |
728,255
|
| |
723,477
|
| |
731,772
|
|
| Effects of dilution | | |
-
|
| |
-
|
| |
-
|
|
| Weighted average number of ordinary shares adjusted for the effect of dilution (thousands of shares) | | |
728,255
|
| |
723,477
|
| |
731,772
|
|
| Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the basic EPS calculations | | |
16
|
| |
64
|
| |
358
|
|
| Effects of dilution | | |
-
|
| |
-
|
| |
-
|
|
| Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the diluted EPS calculations | | |
16
|
| |
64
|
| |
358
|
|
| | | | | | |
2023
|
| |
2022
|
| |
2021
|
|
|
Net earnings per share attributed to the parent company (in euros)
|
| |
Diluted
|
| |
0.46
|
| |
0.25
|
| |
1.63
|
|
|
Basic
|
| |
0.46
|
| |
0.25
|
| |
1.63
|
| |||
|
Net earnings per share attributed to the parent company, discontinued operations (in euros)
|
| |
Diluted
|
| |
0.02
|
| |
0.09
|
| |
0.49
|
|
|
Basic
|
| |
0.02
|
| |
0.09
|
| |
0.49
|
|
|
INVESTMENTS IN INFRASTRUCTURE PROJECTS
(Million euro) |
| |
2023
|
| |
2022
|
|
| Opening balance at 01.01 | | |
13,667
|
| |
11,184
|
|
| Additions | | |
695
|
| |
1,398
|
|
| Depreciation | | |
(235)
|
| |
(145)
|
|
| Disposals | | |
(4)
|
| |
(12)
|
|
| Exchange rate effect | | |
(374)
|
| |
608
|
|
| Changes in the scope of consolidation and others | | |
(254)
|
| |
634
|
|
| Closing balance at 12.31 | | |
13,495
|
| |
13,667
|
|
|
INVESTMENTS IN ASSOCIATES
(Million euro) |
| |
2023
|
| |
2022
|
|
| Opening balance at 01.01 | | |
1,951
|
| |
1,838
|
|
| Share of profit | | |
215
|
| |
164
|
|
| Exchange rate effect | | |
(43)
|
| |
(29)
|
|
| Dividends | | |
(311)
|
| |
(258)
|
|
| Changes in share capital | | |
214
|
| |
77
|
|
| Other movements | | |
12
|
| |
160
|
|
| Closing balance at 12.31 | | |
2,038
|
| |
1,951
|
|
|
(Million euro)
|
| |
BALANCE AT
12.31. 2022 |
| |
Changes in
consolidation scope and other |
| |
Exchange rate
|
| |
BALANCE AT
12.31. 2023 |
|
| Construction | | |
132
|
| |
-
|
| |
3
|
| |
135
|
|
| Budimex | | |
65
|
| |
-
|
| |
5
|
| |
70
|
|
| Webber | | |
67
|
| |
-
|
| |
(2)
|
| |
65
|
|
| Toll Roads | | |
265
|
| |
-
|
| |
(6)
|
| |
259
|
|
| I-66 Express Mobility Partners Hold. LLC | | |
265
|
| |
-
|
| |
(6)
|
| |
259
|
|
| Airports | | |
27
|
| |
-
|
| |
-
|
| |
27
|
|
| Dalaman | | |
27
|
| |
-
|
| |
-
|
| |
27
|
|
| Energy Infrastructures | | |
56
|
| |
-
|
| |
(2)
|
| |
54
|
|
| Power Transmission Serv. Chile | | |
45
|
| |
-
|
| |
(1)
|
| |
43
|
|
| Mining Services Chile | | |
11
|
| |
-
|
| |
(1)
|
| |
10
|
|
| TOTAL | | |
479
|
| |
-
|
| |
(5)
|
| |
475
|
|
|
(Million euro)
|
| |
BALANCE AT
12.31. 2021 |
| |
Changes in
consolidation scope and other |
| |
Exchange rate
|
| |
BALANCE AT
12.31. 2022 |
|
| Construction | | |
127
|
| |
2
|
| |
3
|
| |
132
|
|
| Budimex | | |
64
|
| |
2
|
| |
(1)
|
| |
65
|
|
| Webber | | |
50
|
| |
13
|
| |
4
|
| |
67
|
|
| Ferrovial Services Infrastructure | | |
13
|
| |
(13)
|
| |
-
|
| |
-
|
|
| Toll Roads | | |
251
|
| |
-
|
| |
14
|
| |
265
|
|
| I-66 Express Mobility Partners Hold. LLC | | |
251
|
| |
-
|
| |
14
|
| |
265
|
|
| Airports | | |
-
|
| |
27
|
| |
-
|
| |
27
|
|
| Dalaman | | |
-
|
| |
27
|
| |
-
|
| |
27
|
|
| Energy Infrastructures | | |
52
|
| |
-
|
| |
3
|
| |
56
|
|
| Power Transmission Services Chile | | |
42
|
| |
-
|
| |
3
|
| |
45
|
|
| Mining Services Chile | | |
10
|
| |
-
|
| |
1
|
| |
11
|
|
| TOTAL | | |
431
|
| |
29
|
| |
19
|
| |
479
|
|
|
(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
|
| |
-
|
| |
-
|
| |
-
|
| |
721
|
|
| US toll roads | | |
12,547
|
| |
670
|
| |
(1)
|
| |
(393)
|
| |
-
|
| |
12,823
|
|
| Other toll roads | | |
391
|
| |
-
|
| |
-
|
| |
-
|
| |
(387)
|
| |
4
|
|
| Toll road investment | | |
13,653
|
| |
677
|
| |
(1)
|
| |
(393)
|
| |
(387)
|
| |
13,549
|
|
| Accumulated depreciation/amortization | | |
(781)
|
| |
(201)
|
| |
-
|
| |
16
|
| |
132
|
| |
(834)
|
|
| Net investment in toll roads | | |
12,872
|
| |
476
|
| |
(1)
|
| |
(377)
|
| |
(255)
|
| |
12,715
|
|
|
Investment in other infrastructure projects
|
| |
632
|
| |
18
|
| |
-
|
| |
-
|
| |
-
|
| |
650
|
|
|
Depreciation/amortization of other infrastructure projects
|
| |
-
|
| |
(34)
|
| |
-
|
| |
-
|
| |
-
|
| |
(34)
|
|
| Total net investment in other infrastructure projects | | |
632
|
| |
(16)
|
| |
-
|
| |
-
|
| |
-
|
| |
616
|
|
| TOTAL INVESTMENT | | |
14,285
|
| |
695
|
| |
(1)
|
| |
(393)
|
| |
(387)
|
| |
14,199
|
|
|
TOTAL DEPRECIATION/
AMORTISATION AND PROVISION |
| |
(781)
|
| |
(235)
|
| |
-
|
| |
17
|
| |
132
|
| |
(867)
|
|
| TOTAL NET INVESTMENT | | |
13,504
|
| |
460
|
| |
(1)
|
| |
(376)
|
| |
(255)
|
| |
13,333
|
|
|
(Million euro)
|
| |
BALANCE AT
01/01/2022 |
| |
TOTAL
ADDITIONS |
| |
TOTAL
DISPOSALS |
| |
FOREIGN
EXCHANGE EFFECT |
| |
CONSOLIDATION
SCOPE CHANGES AND TRANSFERS |
| |
BALANCE AT
01/01/2022 |
|
| Spanish toll roads | | |
713
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
714
|
|
| US toll roads | | |
10,527
|
| |
1,388
|
| |
-
|
| |
632
|
| |
-
|
| |
12,547
|
|
| Other toll roads | | |
391
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
391
|
|
| Toll road investment | | |
11,632
|
| |
1,388
|
| |
-
|
| |
632
|
| |
1
|
| |
13,653
|
|
| Accumulated depreciation/amortization | | |
(617)
|
| |
(145)
|
| |
-
|
| |
(19)
|
| |
-
|
| |
(781)
|
|
| Net investment in toll roads | | |
11,014
|
| |
1,244
|
| |
-
|
| |
613
|
| |
1
|
| |
12,872
|
|
|
Investment in other infrastructure projects
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
632
|
| |
632
|
|
|
Depreciation/amortization of other infrastructure projects
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
|
Total net investment in other infrastructure projects
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
632
|
| |
632
|
|
| TOTAL INVESTMENT | | |
11,632
|
| |
1,388
|
| |
-
|
| |
632
|
| |
633
|
| |
14,285
|
|
|
TOTAL DEPRECIATION/
AMORTIS ATION AND PROVISION |
| |
(617)
|
| |
(145)
|
| |
-
|
| |
(19)
|
| |
-
|
| |
(781)
|
|
| TOTAL NET INVESTMENT | | |
11,014
|
| |
1,243
|
| |
-
|
| |
613
|
| |
633
|
| |
13,504
|
|
|
(Million euro)
|
| |
INFRASTRUCTURE
PROJECT RECEIVABLES 2023 |
| |
INFRASTRUCTURE
PROJECT RECEIVABLES 2022 |
|
| OPENING BALANCE | | |
163
|
| |
169
|
|
| Additions | | |
9
|
| |
9
|
|
| Disposals | | |
(12)
|
| |
(12)
|
|
| Foreign exchange effect | | |
2
|
| |
(4)
|
|
| YEAR-END BALANCE | | |
162
|
| |
163
|
|
|
CONCESSION OPERATOR
(Million euro) |
| |
BALANCES AT 12/31/2023
|
| ||||||
|
LONG-TERM RECEIVABLES
|
| |
SHORT-TERM RECEIVABLES
|
| |
TOTAL
|
| |||
| Concesionaria de Prisiones Lledoners | | |
52
|
| |
3
|
| |
55
|
|
| Depusa Aragón | | |
22
|
| |
1
|
| |
23
|
|
| Budimex Parking Wrocław | | |
11
|
| |
-
|
| |
11
|
|
| CONSTRUCTION | | |
85
|
| |
4
|
| |
89
|
|
| UK Waste Treatment (Thalia) | | |
77
|
| |
-
|
| |
77
|
|
| UK WASTE TREATMENT | | |
77
|
| |
-
|
| |
77
|
|
| GROUP TOTAL | | |
162
|
| |
4
|
| |
166
|
|
|
CONCESSION OPERATOR
(Million euro) |
| |
BALANCES AT 12/31/2022
|
| ||||||
|
LONG-TERM RECEIVABLES
|
| |
SHORT-TERM RECEIVABLES
|
| |
TOTAL
|
| |||
| Concesionaria de Prisiones Lledoners | | |
53
|
| |
3
|
| |
56
|
|
| Depusa Aragón | | |
23
|
| |
1
|
| |
24
|
|
| Budimex Parking Wrocław | | |
10
|
| |
-
|
| |
10
|
|
| CONSTRUCTION | | |
86
|
| |
3
|
| |
89
|
|
| UK Waste Treatment (Thalia) | | |
77
|
| |
-
|
| |
77
|
|
| UK WASTE TREATMENT | | |
77
|
| |
-
|
| |
77
|
|
| GROUP TOTAL | | |
163
|
| |
3
|
| |
166
|
|
|
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
|
|
|
Movements during 2022
(Million euro) |
| |
Land and buildings
|
| |
Plant and machinery
|
| |
Fixtures, fittings, tooling and
furniture |
| |
Total
|
|
| Investment: Balance at 01.01.2022 | | |
100
|
| |
445
|
| |
287
|
| |
832
|
|
| Additions | | |
17
|
| |
75
|
| |
115
|
| |
207
|
|
| Disposals | | |
-
|
| |
(43)
|
| |
(13)
|
| |
(56)
|
|
| Scope changes and transfers | | |
(24)
|
| |
(3)
|
| |
5
|
| |
(22)
|
|
| Foreign exchange effect | | |
1
|
| |
6
|
| |
1
|
| |
8
|
|
| Balances at 12.31.2022 | | |
94
|
| |
480
|
| |
395
|
| |
969
|
|
| Accumulated depreciation and impairment losses at 01.01.2022 | | |
(31)
|
| |
(297)
|
| |
(150)
|
| |
(478)
|
|
| Depreciation charge | | |
(4)
|
| |
(26)
|
| |
(17)
|
| |
(47)
|
|
| Disposals | | |
-
|
| |
27
|
| |
8
|
| |
35
|
|
| Scope changes and transfers | | |
6
|
| |
1
|
| |
1
|
| |
8
|
|
| Foreign exchange effect | | |
-
|
| |
(2)
|
| |
-
|
| |
(2)
|
|
| Impairment of property, plant and equipment | | |
-
|
| |
-
|
| |
(6)
|
| |
(6)
|
|
| Balances at 12.31.2022 | | |
(29)
|
| |
(297)
|
| |
(164)
|
| |
(490)
|
|
| Carrying amount at 12.31.2022 | | |
65
|
| |
183
|
| |
231
|
| |
479
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
|
| Construction | | |
103
|
| |
98
|
|
| Toll Roads | | |
9
|
| |
17
|
|
| Energy Infrastructures and Mobility | | |
102
|
| |
86
|
|
| Other | | |
1
|
| |
6
|
|
| TOTAL | | |
215
|
| |
207
|
|
|
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
|
|
|
2022
(Million euro) |
| |
HAH (25%)
|
| |
407ETR (43,23%)
|
| |
AGS (50%)
|
| |
IRB (24,86%)
|
| |
JFK (49%)
|
| |
OTHER
|
| |
TOTAL
|
|
|
Balance at 12.31.21
|
| |
-
|
| |
1,181
|
| |
-
|
| |
378
|
| |
-
|
| |
280
|
| |
1,838
|
|
| Share capital contributions | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
59
|
| |
17
|
| |
77
|
|
| Share of profit/(loss) | | |
-
|
| |
124
|
| |
-
|
| |
22
|
| |
1
|
| |
18
|
| |
165
|
|
| Dividends | | |
-
|
| |
(237)
|
| |
-
|
| |
(2)
|
| |
-
|
| |
(19)
|
| |
(258)
|
|
| Foreign exchange differences | | |
-
|
| |
(4)
|
| |
-
|
| |
(18)
|
| |
(4)
|
| |
(3)
|
| |
(29)
|
|
| Derivatives | | |
-
|
| |
-
|
| |
-
|
| |
(4)
|
| |
117
|
| |
100
|
| |
213
|
|
| Changes in scope of consolidation | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(111)
|
| |
(111)
|
|
| Other | | |
-
|
| |
-
|
| |
-
|
| |
2
|
| |
61
|
| |
(5)
|
| |
58
|
|
|
Balance at 12.31.22
|
| |
-
|
| |
1,063
|
| |
-
|
| |
377
|
| |
235
|
| |
276
|
| |
1,951
|
|
|
HAH (100%) Million GBP
|
| |
2023
|
| |
2022
|
| |
Var.
|
|
| Non-current assets | | |
16,478
|
| |
16,506
|
| |
(28)
|
|
| Fixed assets in infrastructure projects | | |
12,384
|
| |
12,369
|
| |
15
|
|
| Financial derivatives | | |
952
|
| |
1,145
|
| |
(193)
|
|
| Other non-current assets | | |
3,142
|
| |
2,992
|
| |
150
|
|
| Current assets | | |
2,904
|
| |
3,317
|
| |
(413)
|
|
| Financial derivatives | | |
92
|
| |
1
|
| |
91
|
|
| Other current assets | | |
2,812
|
| |
3,316
|
| |
(504)
|
|
| TOTAL ASSETS | | |
19,382
|
| |
19,823
|
| |
(441)
|
|
|
HAH (100%) Million GBP
|
| |
2023
|
| |
2022
|
| |
Var.
|
|
| Equity | | |
(2,693)
|
| |
(3,018)
|
| |
325
|
|
| Non-current liabilities | | |
19,947
|
| |
21,334
|
| |
(1,387)
|
|
| Borrowings | | |
16,913
|
| |
18,025
|
| |
(1,112)
|
|
| Financial derivatives | | |
2,010
|
| |
2,436
|
| |
(426)
|
|
| Other non-current liabilities | | |
1,024
|
| |
873
|
| |
151
|
|
| Current liabilities | | |
2,128
|
| |
1,507
|
| |
621
|
|
| Borrowings | | |
1,571
|
| |
1,008
|
| |
563
|
|
| Financial derivatives | | |
27
|
| |
40
|
| |
(13)
|
|
| Other current liabilities | | |
530
|
| |
459
|
| |
71
|
|
| TOTAL LIABILITIES | | |
19,382
|
| |
19,823
|
| |
(441)
|
|
|
2023 (Million euro)
|
| |
HAH (25%)
|
|
| Balance at 12.31.2021 without IAS 28 | | |
(176)
|
|
| Share of profit/(loss) | | |
49
|
|
| Derivatives | | |
21
|
|
| Pensions | | |
(101)
|
|
| Currency translation differences | | |
10
|
|
| Balance at 12.31.2022 without IAS 28 | | |
(197)
|
|
| Share of profit/(loss) | | |
97
|
|
| Derivatives | | |
1
|
|
| Pensions | | |
(6)
|
|
| Currency translation differences | | |
(4)
|
|
| Balance at 12.31.2023 without IAS 28 | | |
(108)
|
|
|
HAH (100%) Million GBP
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Operating income | | |
3,687
|
| |
2,913
|
| |
1,214
|
|
| Operating expenses | | |
(1,456)
|
| |
(1,210)
|
| |
(858)
|
|
| Fixed asset depreciation | | |
(754)
|
| |
(795)
|
| |
(828)
|
|
| Operating profit/(loss) | | |
1,478
|
| |
909
|
| |
(472)
|
|
| Net financial income/(expense) | | |
(1,012)
|
| |
(687)
|
| |
(1,509)
|
|
| Profit/(loss) before tax | | |
465
|
| |
222
|
| |
(1,981)
|
|
| Corporate income tax | | |
(127)
|
| |
(54)
|
| |
319
|
|
| Net profit/(loss) | | |
338
|
| |
168
|
| |
(1,662)
|
|
| 25% Profit/(loss) attributed to Ferrovial (million euro) | | |
98
|
| |
49
|
| |
(484)
|
|
|
Profit/(loss) attributed to Ferrovial under IAS 28 (EUR million)
|
| |
-
|
| |
-
|
| |
(238)
|
|
|
407 ETR (100%) (million CAD)
|
| |
Dec. 2023
|
| |
Dec. 2022
|
| |
Var. 23/22
|
|
| Non-current assets | | |
4,584
|
| |
4,565
|
| |
19
|
|
| Fixed assets in infrastructure projects | | |
3,954
|
| |
3,972
|
| |
(18)
|
|
| Non-current financial assets | | |
568
|
| |
533
|
| |
35
|
|
| Deferred taxes | | |
62
|
| |
60
|
| |
2
|
|
| Current assets | | |
1,014
|
| |
883
|
| |
130
|
|
| Short-term trade and other receivables | | |
322
|
| |
265
|
| |
57
|
|
| Cash and cash equivalents | | |
691
|
| |
618
|
| |
73
|
|
| Total assets | | |
5,598
|
| |
5,448
|
| |
150
|
|
| Equity | | |
(5,791)
|
| |
(5,407)
|
| |
(384)
|
|
| Non-current liabilities | | |
10,908
|
| |
10,640
|
| |
268
|
|
| Borrowings | | |
10,318
|
| |
10,060
|
| |
258
|
|
| Deferred taxes | | |
590
|
| |
580
|
| |
11
|
|
| Current liabilities | | |
481
|
| |
216
|
| |
265
|
|
| Borrowings | | |
403
|
| |
139
|
| |
265
|
|
| Short-term trade and other payables | | |
77
|
| |
77
|
| |
-
|
|
| Total liabilities | | |
5,598
|
| |
5,448
|
| |
150
|
|
|
407 ETR (100%) (million CAD)
|
| |
Dec.23
|
| |
Dec.22
|
| |
Dec.21
|
|
| Operating income | | |
1,495
|
| |
1,327
|
| |
1,023
|
|
| Operating expenses | | |
(212)
|
| |
(188)
|
| |
(164)
|
|
| Fixed asset depreciation | | |
(97)
|
| |
(100)
|
| |
(102)
|
|
| Operating profit/(loss) | | |
1,187
|
| |
1,039
|
| |
757
|
|
| Net financial income/(expense) | | |
(412)
|
| |
(447)
|
| |
(465)
|
|
| Profit/(loss) before tax | | |
775
|
| |
592
|
| |
292
|
|
| Corporate income tax | | |
(208)
|
| |
(156)
|
| |
(79)
|
|
| Net profit/(loss) | | |
567
|
| |
435
|
| |
213
|
|
| Profit/(loss) attributable to Ferrovial (million CAD) | | |
245
|
| |
188
|
| |
92
|
|
| Intangible asset amortization adjustment (CAD million) | | |
(21)
|
| |
(19)
|
| |
(15)
|
|
| Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million CAD) | | |
225
|
| |
169
|
| |
77
|
|
| Adjusted net profit/(loss) attributable to Ferrovial (43.23%) (million euro) | | |
154
|
| |
124
|
| |
52
|
|
|
JFK (100%) Million USD
|
| |
Dec. 2023
|
| |
Dec. 2022
|
|
| Non-current assets | | |
6,478
|
| |
5,265
|
|
| Fixed assets in infrastructure projects | | |
2,247
|
| |
1,062
|
|
| Right of use (Port Authority) | | |
3,921
|
| |
3,805
|
|
| Non-current financial assets | | |
178
|
| |
270
|
|
| Trade receivables | | |
132
|
| |
128
|
|
| Current assets | | |
325
|
| |
116
|
|
| Short-term trade and other receivables | | |
178
|
| |
13
|
|
| Cash and cash equivalents | | |
148
|
| |
103
|
|
| Total assets | | |
6,803
|
| |
5,381
|
|
|
JFK (100%) Million USD
|
| |
Dec. 2023
|
| |
Dec. 2022
|
|
| Equity | | |
931
|
| |
382
|
|
| Share capital | | |
600
|
| |
127
|
|
| Share of profit/(loss) | | |
11
|
| |
3
|
|
| Hedging instrument impact | | |
321
|
| |
252
|
|
| Non-current liabilities | | |
5,559
|
| |
4,940
|
|
| Long-term borrowings | | |
1,740
|
| |
1,137
|
|
| Other long-term payables | | |
3,819
|
| |
3,802
|
|
| Current liabilities | | |
313
|
| |
59
|
|
| Short-term borrowings | | |
40
|
| |
54
|
|
| Short-term trade and other payables | | |
273
|
| |
5
|
|
| Total liabilities | | |
6,803
|
| |
5,381
|
|
|
2023 (Million euro)
|
| |
AGS (50%)
|
|
| Balance at 12.31.2021 without IAS 28 | | |
(60)
|
|
| Share of profit/(loss) | | |
(17)
|
|
| Derivatives | | |
10
|
|
| Pensions | | |
(4)
|
|
| Other | | |
(1)
|
|
| Currency translation differences | | |
14
|
|
| Balance at 12.31.2022 without IAS 28 | | |
(58)
|
|
| Share of profit/(loss) | | |
(13)
|
|
| Derivatives | | |
(7)
|
|
| Pensions | | |
(3)
|
|
| Currency translation differences | | |
23
|
|
| Balance at 12.31.2023 without IAS 28 | | |
(59)
|
|
|
Million euro
|
| |
2023
|
| |
2022
|
|
| Madrid Calle 30 | | |
52
|
| |
51
|
|
| Riverlinx Limited – Silvertown Tunnel | | |
52
|
| |
55
|
|
| Netflow OSARS (Western) | | |
42
|
| |
50
|
|
| Ruta del Cacao | | |
22
|
| |
8
|
|
| FMM Company LLC | | |
19
|
| |
19
|
|
| A66 Benavente – Zamora | | |
17
|
| |
17
|
|
| Other | | |
59
|
| |
76
|
|
| TOTAL | | |
263
|
| |
276
|
|
|
MOVEMENTS
(Million euro) |
| |
LONG-TERM
LOANS TO ASSOCIATES |
| |
RESTRICTED
CASH FROM INFRASTRUCTURE PROJECT COMPANIES AND OTHER FINANCIAL ASSETS |
| |
FINANCIAL
INVESTMENTS CARRIED AT FAIR VALUE |
| |
LOANS ASSOCIATED
WITH DIVESTMENT TRANSACTIONS |
| |
OTHER
LONG-TERM RECEIVABLES |
| |
TOTAL
|
|
|
BALANCE AT
01/01/2022 |
| |
228
|
| |
580
|
| |
41
|
| |
-
|
| |
33
|
| |
882
|
|
| Additions | | |
36
|
| |
153
|
| |
12
|
| |
192
|
| |
1
|
| |
394
|
|
| Disposals | | |
(4)
|
| |
(172)
|
| |
-
|
| |
-
|
| |
(35)
|
| |
(211)
|
|
| Transfers and other | | |
-
|
| |
-
|
| |
(19)
|
| |
(3)
|
| |
21
|
| |
(1)
|
|
| Foreign exchange | | |
(13)
|
| |
36
|
| |
1
|
| |
-
|
| |
7
|
| |
31
|
|
|
BALANCE AT
12/31/2022 |
| |
247
|
| |
597
|
| |
35
|
| |
189
|
| |
27
|
| |
1,095
|
|
| Additions | | |
40
|
| |
432
|
| |
9
|
| |
10
|
| |
6
|
| |
497
|
|
| Disposals | | |
(37)
|
| |
(381)
|
| |
-
|
| |
-
|
| |
(5)
|
| |
(423)
|
|
| Transfers and other | | |
-
|
| |
-
|
| |
1
|
| |
(13)
|
| |
-
|
| |
(12)
|
|
| Foreign exchange | | |
12
|
| |
(20)
|
| |
-
|
| |
-
|
| |
(1)
|
| |
(9)
|
|
|
BALANCE AT
12/31/2023 |
| |
262
|
| |
628
|
| |
45
|
| |
186
|
| |
27
|
| |
1,148
|
|
|
MOVEMENTS
(Million euro) |
| |
LAND
|
| |
BUILDINGS
|
| |
VEHICLES
|
| |
PLANT
AND MACHINERY |
| |
OFFICE EQUIPMENT
AND OTHER |
| |
TOTAL
|
|
|
BALANCE AT 12/31/2021
|
| |
12
|
| |
67
|
| |
70
|
| |
23
|
| |
4
|
| |
176
|
|
| Additions | | |
6
|
| |
25
|
| |
21
|
| |
15
|
| |
3
|
| |
70
|
|
| Disposals | | |
(2)
|
| |
(6)
|
| |
(8)
|
| |
(2)
|
| |
(3)
|
| |
(21)
|
|
| Transfers and other | | |
(2)
|
| |
3
|
| |
(8)
|
| |
2
|
| |
1
|
| |
(4)
|
|
| Depreciation/amortization | | |
(1)
|
| |
(13)
|
| |
(15)
|
| |
(10)
|
| |
(2)
|
| |
(41)
|
|
| Scope changes | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Foreign exchange effect | | |
-
|
| |
1
|
| |
1
|
| |
1
|
| |
-
|
| |
3
|
|
|
BALANCE AT 12/31/2022
|
| |
13
|
| |
77
|
| |
61
|
| |
29
|
| |
3
|
| |
183
|
|
| Additions | | |
2
|
| |
16
|
| |
34
|
| |
30
|
| |
5
|
| |
87
|
|
| Disposals | | |
2
|
| |
3
|
| |
1
|
| |
(2)
|
| |
(1)
|
| |
3
|
|
| Transfers and other | | |
(2)
|
| |
6
|
| |
-
|
| |
(2)
|
| |
-
|
| |
2
|
|
| Depreciation/amortization | | |
(1)
|
| |
(15)
|
| |
(27)
|
| |
(20)
|
| |
(2)
|
| |
(65)
|
|
| Scope changes | | |
(2)
|
| |
(4)
|
| |
(5)
|
| |
(1)
|
| |
-
|
| |
(12)
|
|
| Foreign exchange effect | | |
-
|
| |
-
|
| |
(1)
|
| |
(1)
|
| |
-
|
| |
(2)
|
|
|
BALANCE AT 12/31/2023
|
| |
12
|
| |
83
|
| |
63
|
| |
33
|
| |
5
|
| |
196
|
|
| | | |
LEASE LIABILITIES
|
|
| BALANCE AT 12.31.2021 | | |
173
|
|
| Additions under new leases | | |
86
|
|
| Associated financial expenses | | |
12
|
|
| Disposals due to payments | | |
(72)
|
|
| Foreign exchange effect | | |
1
|
|
| Consolidation scope change and other | | |
(15)
|
|
| BALANCE AT 12/31/2022 | | |
184
|
|
| Additions under new leases | | |
97
|
|
| Associated financial expenses | | |
14
|
|
| Disposals due to payments | | |
(87)
|
|
| Foreign exchange effect | | |
(1)
|
|
| Consolidation scope changes and other | | |
(7)
|
|
| BALANCE AT 12/31/2023 | | |
200
|
|
| Short-term lease liabilities 2023 | | |
59
|
|
| Long-term lease liabilities 2023 | | |
141
|
|
| | | |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029 AND BEYOND
|
| |
TOTAL
|
|
| Corporation | | |
2
|
| |
3
|
| |
3
|
| |
3
|
| |
3
|
| |
13
|
| |
27
|
|
| Construction | | |
47
|
| |
35
|
| |
23
|
| |
12
|
| |
7
|
| |
27
|
| |
151
|
|
| Toll Roads | | |
2
|
| |
1
|
| |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
4
|
|
| Energy and mobility infrastructures | | |
8
|
| |
4
|
| |
2
|
| |
1
|
| |
-
|
| |
3
|
| |
18
|
|
| TOTAL LEASE LIABILITIES | | |
59
|
| |
43
|
| |
29
|
| |
16
|
| |
10
|
| |
43
|
| |
200
|
|
|
Million euro
|
| |
2022
|
| |
Exchange rate
|
| |
Consolidation scope
changes |
| |
Other
|
| |
2023
|
|
| Inventories | | |
476
|
| |
5
|
| |
−
|
| |
(23)
|
| |
458
|
|
| Short-term trade and other receivables | | |
1,600
|
| |
19
|
| |
(12)
|
| |
70
|
| |
1,677
|
|
| Short-term trade and other payables | | |
(3,429)
|
| |
(23)
|
| |
1
|
| |
(195)
|
| |
(3,646)
|
|
| TOTAL | | |
(1,353)
|
| |
1
|
| |
(11)
|
| |
(148)
|
| |
(1,511)
|
|
|
Million euro
|
| |
2021
|
| |
Exchange rate
|
| |
Consolidation scope
changes |
| |
Other
|
| |
2022
|
|
| Inventories | | |
404
|
| |
9
|
| |
−
|
| |
63
|
| |
476
|
|
| Short-term trade and other receivables | | |
1,336
|
| |
(10)
|
| |
15
|
| |
260
|
| |
1,600
|
|
| Short-term trade and other payables | | |
(2,812)
|
| |
(4)
|
| |
(6)
|
| |
(608)
|
| |
(3,429)
|
|
| TOTAL | | |
(1,072)
|
| |
(4)
|
| |
9
|
| |
(285)
|
| |
(1,353)
|
|
|
Million euro
|
| |
2022
|
| |
Exchange rate
|
| |
Consolidation scope
changes |
| |
Other
|
| |
2023
|
|
| Goods purchased for resale | | |
24
|
| |
−
|
| |
−
|
| |
(4)
|
| |
20
|
|
| Raw materials and other supplies | | |
322
|
| |
8
|
| |
−
|
| |
(27)
|
| |
303
|
|
| Bidding and mobilization costs | | |
129
|
| |
(2)
|
| |
−
|
| |
8
|
| |
135
|
|
| Inventories | | |
476
|
| |
5
|
| |
−
|
| |
(23)
|
| |
458
|
|
|
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 | | |
300
|
| |
4
|
| |
−
|
| |
20
|
| |
324
|
|
| TOTAL RECEIVABLES | | |
1,600
|
| |
19
|
| |
(12)
|
| |
70
|
| |
1,677
|
|
|
Million euro
|
| |
2022
|
| |
Exchange rate
|
| |
Consolidation scope
changes |
| |
Other
|
| |
2023
|
|
| Trade receivables | | |
962
|
| |
13
|
| |
(12)
|
| |
1
|
| |
963
|
|
| Bad debt provisions | | |
(209)
|
| |
(1)
|
| |
−
|
| |
(6)
|
| |
(216)
|
|
| Net trade receivables | | |
753
|
| |
12
|
| |
(12)
|
| |
(5)
|
| |
748
|
|
| Completed work pending certification | | |
406
|
| |
2
|
| |
−
|
| |
38
|
| |
446
|
|
| Retentions | | |
141
|
| |
1
|
| |
−
|
| |
18
|
| |
160
|
|
| TRADE RECEIVABLES FOR SALES AND SERVICES | | |
1,300
|
| |
15
|
| |
(12)
|
| |
51
|
| |
1,353
|
|
|
At 12.31.2023
(Million euro) |
| |
CONSTRUCTION
|
| |
OTHER AND ADJUSTMENTS
|
| |
TOTAL
|
| |||||||||
| Public sector | | |
777
|
| |
57%
|
| |
93
|
| |
n.a.
|
| |
870
|
| |
64%
|
|
| Private sector | | |
414
|
| |
30%
|
| |
13
|
| |
n.a.
|
| |
427
|
| |
32%
|
|
| Group companies and associates | | |
171
|
| |
13%
|
| |
(116)
|
| |
n.a.
|
| |
55
|
| |
4%
|
|
| TOTAL | | |
1,363
|
| |
100%
|
| |
(10)
|
| |
N.A.
|
| |
1,353
|
| |
100%
|
|
|
At 12.31.2022
(Million euro) |
| |
CONSTRUCTION
|
| |
OTHER AND ADJUSTMENTS
|
| |
TOTAL
|
| |||||||||
| Public sector | | |
813
|
| |
−
|
| |
90
|
| |
n.a.
|
| |
904
|
| |
70%
|
|
| Private sector | | |
324
|
| |
−
|
| |
22
|
| |
n.a.
|
| |
346
|
| |
27%
|
|
| Group companies and associates | | |
97
|
| |
−
|
| |
(47)
|
| |
n.a.
|
| |
50
|
| |
4%
|
|
| TOTAL | | |
1,235
|
| |
−
|
| |
65
|
| |
N.A.
|
| |
1,300
|
| |
100%
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
|
| Opening balance | | |
209
|
| |
209
|
|
| Amounts charged to the income statement: | | |
5
|
| |
(1)
|
|
| Charges | | |
12
|
| |
5
|
|
| Reversals | | |
(8)
|
| |
(4)
|
|
| Applications | | |
−
|
| |
(2)
|
|
| Foreign exchange effect | | |
1
|
| |
−
|
|
| Transfers and other | | |
1
|
| |
1
|
|
| Closing balance | | |
216
|
| |
209
|
|
|
Million euro
|
| |
2022
|
| |
Exchange rate
|
| |
Consolidation scope
changes |
| |
Other
|
| |
2023
|
|
| Advance payments to suppliers | | |
61
|
| |
−
|
| |
−
|
| |
6
|
| |
67
|
|
| Sundry receivables | | |
96
|
| |
4
|
| |
−
|
| |
10
|
| |
110
|
|
| Infrastructure project receivables | | |
3
|
| |
−
|
| |
−
|
| |
−
|
| |
4
|
|
|
Amounts receivable from Public Administrations
|
| |
139
|
| |
1
|
| |
−
|
| |
4
|
| |
144
|
|
| OTHER RECEIVABLES | | |
300
|
| |
4
|
| |
−
|
| |
20
|
| |
324
|
|
|
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)
|
| |
−
|
| |
165
|
| |
1,124
|
|
| Advance payments | | |
402
|
| |
5
|
| |
−
|
| |
(1)
|
| |
406
|
|
| Other non-trade payables | | |
402
|
| |
9
|
| |
1
|
| |
7
|
| |
419
|
|
| TRADE AND OTHER PAYABLES | | |
3,429
|
| |
23
|
| |
(1)
|
| |
195
|
| |
3,646
|
|
|
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
|
| |
−
|
| |
−
|
| |
48
|
| |
281
|
|
| Withholdings made from suppliers | | |
242
|
| |
5
|
| |
−
|
| |
11
|
| |
259
|
|
| TRADE PAYABLES | | |
1,663
|
| |
13
|
| |
(2)
|
| |
24
|
| |
1,698
|
|
|
Million euro
|
| |
2022
|
| |
Exchange rate
|
| |
Consolidation scope
changes |
| |
Other
|
| |
2023
|
|
| Accrued wages and salaries | | |
190
|
| |
5
|
| |
−
|
| |
32
|
| |
227
|
|
| Taxes payable | | |
171
|
| |
4
|
| |
−
|
| |
(13)
|
| |
162
|
|
| Other payables | | |
41
|
| |
−
|
| |
1
|
| |
(12)
|
| |
30
|
|
| OTHER NON- TRADE PAYABLES | | |
402
|
| |
9
|
| |
1
|
| |
7
|
| |
419
|
|
|
Million euro
|
| |
2022
|
| |
Exchange rate
|
| |
Consolidation scope
changes |
| |
Other
|
| |
2023
|
|
| Completed work pending certification | | |
406
|
| |
2
|
| |
−
|
| |
38
|
| |
446
|
|
| Retentions | | |
141
|
| |
1
|
| |
−
|
| |
18
|
| |
160
|
|
| Total customer contract assets | | |
547
|
| |
3
|
| |
−
|
| |
56
|
| |
605
|
|
| Work certified in advance | | |
962
|
| |
(3)
|
| |
−
|
| |
165
|
| |
1,124
|
|
| Advance payments | | |
402
|
| |
5
|
| |
−
|
| |
(1)
|
| |
406
|
|
| Total customer contract liabilities | | |
1,364
|
| |
2
|
| |
−
|
| |
164
|
| |
1,529
|
|
|
Million euro
|
| | |
2023
|
| | |
2022
|
| | |
2021
|
|
| Construction | | | |
6,909
|
| | |
6,287
|
| | |
5,799
|
|
| Toll Roads | | | |
1,071
|
| | |
765
|
| | |
570
|
|
| Airports | | | |
8
|
| | |
5
|
| | |
2
|
|
| Other segments | | | |
351
|
| | |
328
|
| | |
822
|
|
| Revenue from contracts with customers | | | |
8,339
|
| | |
7,385
|
| | |
6,810
|
|
|
REVENUE
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028 and beyond
|
| |
TOTAL
|
|
| Construction | | |
6,552
|
| |
4,200
|
| |
2,006
|
| |
1,179
|
| |
1,695
|
| |
15,632
|
|
| Energy Infrastructures and Mobility | | |
179
|
| |
137
|
| |
88
|
| |
76
|
| |
446
|
| |
926
|
|
| Total | | |
6,731
|
| |
4,337
|
| |
2,094
|
| |
1,255
|
| |
2,141
|
| |
16,558
|
|
|
EQUITY ATTRIBUTED TO SHAREHOLDERS
Closing balance at 12.31.2022 |
| |
(Million euro)
4,233 |
|
| Net profit/(loss) | | |
341
|
|
| Income and expense recognized directly in equity | | |
(80)
|
|
| Amounts transferred to the income statement | | |
8
|
|
| Shareholder remuneration | | |
(250)
|
|
| Share-based remuneration scheme | | |
12
|
|
| Hybrid bond reimbursement | | |
(513)
|
|
| Other | | |
15
|
|
| Closing balance at 12.31.2023 | | |
3,766
|
|
|
BORROWINGS OF INFRASTRUCTURE PROJECTS
Closing balance at 12.31.2022 |
| |
(Million euro)
7,967 |
|
| Net drawdowns | | |
440
|
|
| Exchange rate effects | | |
(211)
|
|
| Changes in scope of consolidation | | |
(281)
|
|
| Closing balance at 12.31.2023 | | |
7,915
|
|
|
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
Closing balance at 12.31.2022 |
| |
(Million euro)
3,691 |
|
| Net drawdowns | | |
(228)
|
|
| Exchange rate effects | | |
-
|
|
| Changes in scope of consolidation | | |
-
|
|
| Closing balance at 12.31.2023 | | |
3,463
|
|
| | | |
Attributed to
shareholders |
| |
Attributed to non-
controlling interest |
| |
Total equity
|
|
| Equity at 01.01.2022 | | |
4,156
|
| |
1,790
|
| |
5,946
|
|
| Consolidated profit/(loss) for the year | | |
188
|
| |
117
|
| |
305
|
|
| Impact on hedge reserves | | |
348
|
| |
(15)
|
| |
333
|
|
| Impact on defined benefit plan reserves | | |
-
|
| |
-
|
| |
-
|
|
| Currency translation differences | | |
43
|
| |
80
|
| |
123
|
|
| Income and expenses recognized directly in equity | | |
391
|
| |
65
|
| |
456
|
|
| Amounts transferred to the income statement | | |
131
|
| |
-
|
| |
131
|
|
| TOTAL RECOGNIZED INCOME AND EXPENSES | | |
710
|
| |
182
|
| |
892
|
|
| Scrip dividend/other dividends | | |
(132)
|
| |
(160)
|
| |
(292)
|
|
| Treasury share transaction | | |
(446)
|
| |
-
|
| |
(446)
|
|
| SHAREHOLDER REMUNERATION | | |
(578)
|
| |
(160)
|
| |
(738)
|
|
|
Capital contributions
|
| |
-
|
| |
356
|
| |
356
|
|
| Share-based remuneration scheme | | |
-
|
| |
-
|
| |
-
|
|
| Hybrid bond | | |
(8)
|
| |
-
|
| |
(8)
|
|
| Scope changes | | |
(88)
|
| |
67
|
| |
(21)
|
|
| Other movements | | |
41
|
| |
5
|
| |
46
|
|
| OTHER TRANSACTIONS | | |
(55)
|
| |
428
|
| |
373
|
|
| Equity at 12.31.2022 | | |
4,233
|
| |
2,240
|
| |
6,473
|
|
| Consolidated profit/(loss) for the year | | |
341
|
| |
170
|
| |
511
|
|
| Impact on hedge reserves | | |
3
|
| |
3
|
| |
6
|
|
| Impact on defined benefit plan reserves | | |
-
|
| |
-
|
| |
-
|
|
| Currency translation differences | | |
(83)
|
| |
(42)
|
| |
(125)
|
|
| Income and expenses recognized directly in equity | | |
(80)
|
| |
(39)
|
| |
(119)
|
|
| Amounts transferred to the income statement | | |
8
|
| |
-
|
| |
8
|
|
| TOTAL RECOGNIZED INCOME AND EXPENSES | | |
269
|
| |
131
|
| |
400
|
|
| Scrip dividend/other dividends | | |
(136)
|
| |
(379)
|
| |
(515)
|
|
| Treasury share transaction | | |
(114)
|
| |
-
|
| |
(114)
|
|
| SHAREHOLDER REMUNERATION | | |
(250)
|
| |
(379)
|
| |
(629)
|
|
|
Capital contributions
|
| |
-
|
| |
117
|
| |
117
|
|
| Share-based remuneration scheme | | |
12
|
| |
-
|
| |
12
|
|
| Hybrid bond reimbursement | | |
(513)
|
| |
-
|
| |
(513)
|
|
| Scope changes | | |
-
|
| |
2
|
| |
2
|
|
| Other movements | | |
15
|
| |
2
|
| |
17
|
|
| OTHER TRANSACTIONS | | |
(486)
|
| |
121
|
| |
(365)
|
|
| Equity at 12.31.2023 | | |
3,766
|
| |
2,113
|
| |
5,879
|
|
|
SHARES
|
| |
NUMBER
|
| |
PAR VALUE
|
|
| Opening balance | | |
727,443,261
|
| |
7,274,433
|
|
| Scrip dividend | | |
13,245,104
|
| |
132,451
|
|
| Share capital reduction | | |
-
|
| |
-
|
|
| CLOSING SHARES | | |
740,688,365
|
| |
7,406,884
|
|
|
SHARES
|
| |
NUMBER
|
| |
PAR VALUE
|
|
| Opening balance | | |
733,602,481
|
| |
146,720,496
|
|
| Scrip dividend | | |
16,084,892
|
| |
3,216,978
|
|
| Share capital reduction | | |
(22,244,112)
|
| |
(4,448,822)
|
|
| CLOSING SHARES | | |
727,443,261
|
| |
145,488,652
|
|
|
TRANSACTION PERFORMED/OBJECTIVE
|
| |
NUMBER OF SHARES
PURCHASED |
| |
NUMBER OF SHARES
APPLIED TO PURPOSE |
| |
TOTAL NUMBER OF
SHARES |
|
| Balance at 12.31.2022 | | | | | | | | |
1,168,290
|
|
| Share capital | | |
3,900,000
|
| |
-
|
| |
3,900,000
|
|
| Remuneration schemes | | |
-
|
| |
(308,980)
|
| |
(308,980)
|
|
| Shares received – scrip dividend | | |
-
|
| |
-
|
| |
-
|
|
| Balance at 12.31.2023 | | | | | | | | |
4,759,310
|
|
|
TRANSACTION PERFORMED/OBJECTIVE
|
| |
NUMBER OF SHARES
PURCHASED |
| |
NUMBER OF SHARES
APPLIED TO PURPOSE |
| |
TOTAL NUMBER OF
SHARES |
|
| Balance at 12.31.2021 | | | | | | | | |
5,072,018
|
|
| Share capital reduction | | |
17,912,899
|
| |
(22,244,112)
|
| |
(4,331,213)
|
|
| Remuneration schemes | | |
315,000
|
| |
(338,815)
|
| |
(23,815)
|
|
| Shares received – scrip dividend | | |
451,300
|
| |
-
|
| |
451,300
|
|
| Balance at 12.31.2022 | | | | | | | | |
1,168,290
|
|
| | | |
2023
|
|
| Profit/(loss) of Ferrovial, S.A. (individual company) | | |
308
|
|
| Distribution (euros): | | | | |
| Other reserves | | |
308
|
|
|
FERROVIAL GROUP SUBSIDIARY
|
| |
NON-GROUP %
|
| |
NON-GROUP SHAREHOLDER
|
|
| TOLL ROADS | | | | | |
|
|
| Autopista Terrassa-Manresa, S.A. | | |
23.72%
|
| |
Acesa (Autopista Concesionaria Española, 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 | | |
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
|
|
|
2023
(Millon euro) |
| |
ASSETS
|
| |
LIABILITIES
|
| |
SHAREHOLDERS’
FUNDS |
| |
NET CASH
POSITION |
| |
NET PROFIT/
(LOSS) |
|
|
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 | | |
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)
|
|
|
Company
(Million euro) |
| |
Balance at
12.31.2022 |
| |
Profit/(loss)
|
| |
Derivatives
|
| |
Currency
translation differences |
| |
Dividends
|
| |
Capital
contributions |
| |
Other
movements |
| |
Balance at
12.31.2023 |
|
| Autopista Terrassa-Manresa, S.A. | | |
94
|
| |
8
|
| |
4
|
| |
-
|
| |
(13)
|
| |
-
|
| |
-
|
| |
93
|
|
| LBJ Infrastructure Group Holding LLC | | |
(89)
|
| |
20
|
| |
-
|
| |
3
|
| |
(31)
|
| |
-
|
| |
-
|
| |
(96)
|
|
| NTE Mobility Partners Holding LLC | | |
9
|
| |
60
|
| |
-
|
| |
-
|
| |
(64)
|
| |
-
|
| |
-
|
| |
5
|
|
| NTE Mobility Partners Segments 3 LLC | | |
282
|
| |
41
|
| |
-
|
| |
(6)
|
| |
(216)
|
| |
30
|
| |
-
|
| |
131
|
|
| I-77 Mobility Partners, LLC | | |
64
|
| |
12
|
| |
-
|
| |
(2)
|
| |
-
|
| |
-
|
| |
-
|
| |
74
|
|
| I-66 Mobility Partners, LLC | | |
1,610
|
| |
(16)
|
| |
-
|
| |
(49)
|
| |
-
|
| |
26
|
| |
-
|
| |
1,571
|
|
| FAM Construction LLC (I-66) | | |
(28)
|
| |
(34)
|
| |
-
|
| |
-
|
| |
-
|
| |
60
|
| |
-
|
| |
-
|
|
| Budimex | | |
192
|
| |
83
|
| |
-
|
| |
13
|
| |
(54)
|
| |
-
|
| |
-
|
| |
234
|
|
| Dalaman | | |
94
|
| |
(7)
|
| |
(2)
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
86
|
|
| Otros | | |
11
|
| |
2
|
| |
-
|
| |
(2)
|
| |
(1)
|
| |
-
|
| |
4
|
| |
15
|
|
| TOTAL | | |
2,240
|
| |
170
|
| |
3
|
| |
(43)
|
| |
(379)
|
| |
117
|
| |
5
|
| |
2,113
|
|
|
FERROVIAL GROUP SUBSIDIARY
|
| |
NON-GROUP %
|
| |
NON-GROUP SHAREHOLDER
|
|
| TOLL ROADS | | | | | | | |
| Autopista Terrassa-Manresa, S.A. | | | 23.72% | | | Acesa (Autopista Concesionaria Española, 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 | | | 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 | |
|
2022
(Millon euro) |
| |
ASSETS
|
| |
LIABILITIES
|
| |
SHAREHOLDERS’
FUNDS |
| |
NET CASH
POSITION |
| |
NET PROFIT/
(LOSS) |
|
|
Autopista Terrassa-Manresa, S.A.
|
| |
576
|
| |
180
|
| |
396
|
| |
13
|
| |
(60)
|
|
| LBJ Infrastructure Group Holding LLC | | |
2,168
|
| |
2,363
|
| |
(195)
|
| |
(1,887)
|
| |
10
|
|
| NTE Mobility Partners Holding LLC | | |
1,716
|
| |
1,692
|
| |
24
|
| |
(1,142)
|
| |
79
|
|
| NTE Mobility Partners SEG 3 Holding LLC | | |
2,327
|
| |
1,719
|
| |
608
|
| |
(1,152)
|
| |
38
|
|
| I-77 Mobility Partners, LLC | | |
753
|
| |
522
|
| |
231
|
| |
(240)
|
| |
12
|
|
| I-66 Mobility Partners, LLC | | |
5,804
|
| |
2,177
|
| |
3,627
|
| |
(1,536)
|
| |
(12)
|
|
| Budimex | | |
1,668
|
| |
1,343
|
| |
325
|
| |
673
|
| |
57
|
|
| Dalaman | | |
704
|
| |
452
|
| |
252
|
| |
(103)
|
| |
13
|
|
|
Company
(Million euro) |
| |
Balance at
12.31.2021 |
| |
Profit/(loss)
|
| |
Derivatives
|
| |
Currency
translation differences |
| |
Dividends
|
| |
Capital
contributions |
| |
Other
movements |
| |
Balance at
12.31.2022 |
|
| Autopista Terrassa-Manresa, S.A. | | |
147
|
| |
(19)
|
| |
(21)
|
| |
-
|
| |
(13)
|
| |
-
|
| |
-
|
| |
94
|
|
| LBJ Infrastructure Group Holding LLC | | |
(68)
|
| |
9
|
| |
-
|
| |
(4)
|
| |
(26)
|
| |
-
|
| |
-
|
| |
(89)
|
|
| NTE Mobility Partners Holding LLC | | |
11
|
| |
47
|
| |
-
|
| |
1
|
| |
(54)
|
| |
-
|
| |
4
|
| |
9
|
|
| NTE Mobility Partners Segments 3 LLC | | |
196
|
| |
33
|
| |
-
|
| |
11
|
| |
-
|
| |
39
|
| |
3
|
| |
282
|
|
| I-77 Mobility Partners, LLC | | |
70
|
| |
6
|
| |
-
|
| |
3
|
| |
-
|
| |
-
|
| |
(15)
|
| |
64
|
|
| I-66 Mobility Partners, LLC | | |
1,288
|
| |
(10)
|
| |
-
|
| |
76
|
| |
-
|
| |
256
|
| |
-
|
| |
1,610
|
|
| FAM Construction LLC (I-66) | | |
(59)
|
| |
(26)
|
| |
-
|
| |
(4)
|
| |
-
|
| |
61
|
| |
-
|
| |
(28)
|
|
| Budimex | | |
202
|
| |
60
|
| |
-
|
| |
(3)
|
| |
(67)
|
| |
-
|
| |
-
|
| |
192
|
|
| Dalaman | | |
-
|
| |
8
|
| |
3
|
| |
-
|
| |
-
|
| |
-
|
| |
83
|
| |
94
|
|
| Otros | | |
3
|
| |
9
|
| |
3
|
| |
-
|
| |
-
|
| |
-
|
| |
(3)
|
| |
12
|
|
| TOTAL | | |
1,790
|
| |
117
|
| |
(15)
|
| |
80
|
| |
(160)
|
| |
356
|
| |
72
|
| |
2,240
|
|
| | | | | | |
2023
|
| | | | | | | |
2022
|
| | | | | | | |
Change 23/22
|
| | | |
|
(Million euro)
|
| |
Bonds
|
| |
Bank
borrowings |
| |
Total
|
| |
Bonds
|
| |
Bank
borrowings |
| |
Total
|
| |
Bonds
|
| |
Bank
borrowings |
| |
Total
|
|
| Long term | | |
4,441
|
| |
3,412
|
| |
7,852
|
| |
4,123
|
| |
3,770
|
| |
7,893
|
| |
317
|
| |
(358)
|
| |
(41)
|
|
| Toll roads | | |
4,441
|
| |
2,937
|
| |
7,378
|
| |
4,123
|
| |
3,361
|
| |
7,484
|
| |
317
|
| |
(424)
|
| |
(107)
|
|
| US toll roads | | |
4,441
|
| |
2,307
|
| |
6,748
|
| |
4,123
|
| |
2,438
|
| |
6,561
|
| |
317
|
| |
(131)
|
| |
187
|
|
| Spanish toll roads | | |
-
|
| |
611
|
| |
611
|
| |
-
|
| |
626
|
| |
626
|
| |
-
|
| |
(16)
|
| |
(16)
|
|
| Portuguese toll roads | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
264
|
| |
264
|
| |
-
|
| |
(264)
|
| |
(264)
|
|
| Other concessions | | |
-
|
| |
19
|
| |
19
|
| |
-
|
| |
33
|
| |
33
|
| |
-
|
| |
(14)
|
| |
(14)
|
|
| Airports | | |
-
|
| |
89
|
| |
89
|
| |
-
|
| |
95
|
| |
95
|
| |
-
|
| |
(5)
|
| |
(5)
|
|
| Construction | | |
-
|
| |
102
|
| |
102
|
| |
-
|
| |
95
|
| |
95
|
| |
-
|
| |
6
|
| |
6
|
|
| Energy infrastructures and Mobility | | |
-
|
| |
284
|
| |
284
|
| |
-
|
| |
219
|
| |
219
|
| |
-
|
| |
65
|
| |
65
|
|
| Short term | | |
1
|
| |
62
|
| |
63
|
| |
-
|
| |
74
|
| |
74
|
| |
1
|
| |
(12)
|
| |
(10)
|
|
| Toll roads | | |
1
|
| |
31
|
| |
33
|
| |
-
|
| |
43
|
| |
43
|
| |
1
|
| |
(12)
|
| |
(10)
|
|
| US toll roads | | |
1
|
| |
-
|
| |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
-
|
| |
1
|
|
| Spanish toll roads | | |
-
|
| |
17
|
| |
17
|
| |
-
|
| |
13
|
| |
13
|
| |
-
|
| |
5
|
| |
5
|
|
| Portuguese toll roads | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
17
|
| |
17
|
| |
-
|
| |
(17)
|
| |
(17)
|
|
| Other concessions | | |
-
|
| |
14
|
| |
14
|
| |
-
|
| |
13
|
| |
13
|
| |
-
|
| |
1
|
| |
1
|
|
| Airports | | |
-
|
| |
15
|
| |
15
|
| |
-
|
| |
18
|
| |
18
|
| |
-
|
| |
(3)
|
| |
(3)
|
|
| Construction | | |
-
|
| |
5
|
| |
5
|
| |
-
|
| |
4
|
| |
4
|
| |
-
|
| |
1
|
| |
1
|
|
| Energy infrastructures and Mobility | | |
-
|
| |
11
|
| |
11
|
| |
-
|
| |
9
|
| |
9
|
| |
-
|
| |
2
|
| |
2
|
|
| TOTAL | | |
4,442
|
| |
3,473
|
| |
7,915
|
| |
4,123
|
| |
3,844
|
| |
7,967
|
| |
319
|
| |
(370)
|
| |
(52)
|
|
|
(Million euro)
|
| |
Dec. 2022
|
| |
Increase/
decrease with impact on cash flow |
| |
Foreign
exchange effect |
| |
Impact of
scope changes and other |
| |
Capitalize
d/accrued interest |
| |
Dec. 2023
|
|
| Infrastructures project borrowings | | |
7,967
|
| |
441
|
| |
(211)
|
| |
(281)
|
| |
(1)
|
| |
7,915
|
|
| | | | | | | | | |
2023
|
| | | | | | | |
2022
|
| | | |
|
(Million euro)
|
| |
Long term
|
| |
Short term
|
| |
Total
|
| |
Long term
|
| |
Short term
|
| |
Total
|
| |
Change 23/22
|
|
| Autovía de Aragón | | |
19
|
| |
14
|
| |
33
|
| |
33
|
| |
13
|
| |
46
|
| |
(13)
|
|
| Pilum, S.A. | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Dalaman International Airport | | |
89
|
| |
15
|
| |
104
|
| |
95
|
| |
18
|
| |
112
|
| |
(9)
|
|
| Conc. Prisiones Lledoners,S.A. | | |
63
|
| |
2
|
| |
65
|
| |
65
|
| |
2
|
| |
67
|
| |
(2)
|
|
| Depusa Aragón S.A. | | |
24
|
| |
1
|
| |
25
|
| |
25
|
| |
1
|
| |
26
|
| |
(1)
|
|
| Budimex Group | | |
15
|
| |
1
|
| |
16
|
| |
5
|
| |
-
|
| |
5
|
| |
10
|
|
| Parque Solar Casilla | | |
20
|
| |
3
|
| |
23
|
| |
-
|
| |
-
|
| |
-
|
| |
23
|
|
| Transchile Charrúa Transmisión, S.A. | | |
91
|
| |
8
|
| |
99
|
| |
98
|
| |
6
|
| |
104
|
| |
(5)
|
|
| Centella Transmisión, S.A. | | |
125
|
| |
-
|
| |
125
|
| |
73
|
| |
-
|
| |
73
|
| |
52
|
|
|
UK Waste Treatment (Thalia)
|
| |
48
|
| |
1
|
| |
49
|
| |
48
|
| |
3
|
| |
51
|
| |
(3)
|
|
| TOTAL Other infrastructure project company borrowings | | |
494
|
| |
44
|
| |
538
|
| |
442
|
| |
43
|
| |
486
|
| |
52
|
|
|
(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
|
| |
-
|
| |
1
|
| |
7
|
| |
1
|
| |
1
|
| |
2,625
|
| |
2,636
|
|
| TOLL ROADS | | |
|
| |
4,092
|
| |
4,442
|
| |
-
|
| |
1
|
| |
7
|
| |
1
|
| |
1
|
| |
2,625
|
| |
2,636
|
|
| | | |
USD
|
| |
4,092
|
| |
4,442
|
| |
-
|
| |
1
|
| |
7
|
| |
1
|
| |
1
|
| |
2,625
|
| |
2,636
|
|
| | | |
EUR
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
|
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
|
| |
-
|
| |
-
|
| |
-
|
| |
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
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
15
|
| |
15
|
|
|
ENERGY INFRASTRUCTURES AND MOBILITY
|
| |
|
| |
295
|
| |
295
|
| |
28
|
| |
5
|
| |
230
|
| |
3
|
| |
4
|
| |
34
|
| |
304
|
|
| | | |
EUR
|
| |
22
|
| |
22
|
| |
23
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
23
|
|
| | | |
USD
|
| |
224
|
| |
224
|
| |
2
|
| |
2
|
| |
228
|
| |
-
|
| |
-
|
| |
-
|
| |
232
|
|
| | | |
GBP
|
| |
49
|
| |
49
|
| |
3
|
| |
3
|
| |
3
|
| |
3
|
| |
4
|
| |
34
|
| |
49
|
|
|
TOTAL INFRASTRUCTURE PROJECT COMPANY BORROWINGS
|
| | | | |
7,565
|
| |
7,915
|
| |
76
|
| |
61
|
| |
292
|
| |
62
|
| |
171
|
| |
7,407
|
| |
8,070
|
|
|
(Million euro)
|
| |
Currency
|
| |
Fair value
2022 |
| |
Carrying
amount 2022 |
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028+
|
| |
Total
maturities |
|
| Infrastructure project company obligations | | | | | |
3,007
|
| |
4,123
|
| |
-
|
| |
-
|
| |
1
|
| |
8
|
| |
1
|
| |
2,716
|
| |
2,726
|
|
| TOLL ROADS | | |
|
| |
3,007
|
| |
4,123
|
| |
-
|
| |
-
|
| |
1
|
| |
8
|
| |
1
|
| |
2,716
|
| |
2,726
|
|
| | | |
USD
|
| |
3,007
|
| |
4,123
|
| |
-
|
| |
-
|
| |
1
|
| |
8
|
| |
1
|
| |
2,716
|
| |
2,726
|
|
| | | |
EUR
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
|
Bank borrowings of infrastructure project companies
|
| | | | |
3,844
|
| |
3,844
|
| |
107
|
| |
68
|
| |
81
|
| |
257
|
| |
79
|
| |
4,820
|
| |
5,412
|
|
| TOLL ROADS | | |
|
| |
3,404
|
| |
3,404
|
| |
90
|
| |
49
|
| |
59
|
| |
56
|
| |
53
|
| |
4,647
|
| |
4,955
|
|
| | | |
USD
|
| |
2,438
|
| |
2,438
|
| |
49
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
3,944
|
| |
3,994
|
|
| | | |
EUR
|
| |
966
|
| |
966
|
| |
41
|
| |
49
|
| |
59
|
| |
56
|
| |
53
|
| |
703
|
| |
961
|
|
| AIRPORTS | | |
|
| |
112
|
| |
112
|
| |
9
|
| |
10
|
| |
14
|
| |
16
|
| |
18
|
| |
57
|
| |
124
|
|
| | | |
EUR
|
| |
112
|
| |
112
|
| |
9
|
| |
10
|
| |
14
|
| |
16
|
| |
18
|
| |
57
|
| |
124
|
|
| CONSTRUCTION | | |
|
| |
99
|
| |
99
|
| |
3
|
| |
4
|
| |
4
|
| |
4
|
| |
5
|
| |
79
|
| |
99
|
|
| | | |
EUR
|
| |
94
|
| |
94
|
| |
3
|
| |
4
|
| |
4
|
| |
4
|
| |
5
|
| |
74
|
| |
94
|
|
| | | |
PLN
|
| |
5
|
| |
5
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
5
|
| |
5
|
|
| ENERGY AND MOBILITY INFRASTRUCTURES | | |
|
| |
228
|
| |
228
|
| |
4
|
| |
5
|
| |
5
|
| |
181
|
| |
3
|
| |
37
|
| |
234
|
|
| | | |
USD
|
| |
177
|
| |
177
|
| |
1
|
| |
2
|
| |
2
|
| |
178
|
| |
-
|
| |
-
|
| |
183
|
|
| | | |
GBP
|
| |
51
|
| |
51
|
| |
3
|
| |
3
|
| |
3
|
| |
3
|
| |
3
|
| |
37
|
| |
51
|
|
|
TOTAL INFRASTRUCTURE PROJECT COMPANY BORROWINGS
|
| | | | |
6,851
|
| |
7,967
|
| |
107
|
| |
68
|
| |
82
|
| |
265
|
| |
80
|
| |
7,536
|
| |
8,137
|
|
| | | |
2023
|
| |
2022
|
| ||||||||||||||||||
|
(Million euro)
|
| |
Limit
|
| |
Utilized
|
| |
Drawable
|
| |
Debt
recognized |
| |
Limit
|
| |
Utilized
|
| |
Drawable
|
| |
Debt
recognized |
|
| Toll Roads | | |
7,545
|
| |
7,545
|
| |
-
|
| |
7,410
|
| |
7,748
|
| |
7,681
|
| |
68
|
| |
7,527
|
|
| US toll roads | | |
6,889
|
| |
6,889
|
| |
-
|
| |
6,749
|
| |
6,787
|
| |
6,719
|
| |
68
|
| |
6,561
|
|
| Spanish toll roads | | |
623
|
| |
623
|
| |
-
|
| |
628
|
| |
636
|
| |
636
|
| |
-
|
| |
639
|
|
| Other concessions | | |
33
|
| |
33
|
| |
-
|
| |
33
|
| |
325
|
| |
325
|
| |
-
|
| |
327
|
|
| Energy Infrastructures and Mobility | | |
304
|
| |
304
|
| |
-
|
| |
295
|
| |
291
|
| |
234
|
| |
57
|
| |
228
|
|
| Airports | | |
115
|
| |
115
|
| |
-
|
| |
104
|
| |
124
|
| |
124
|
| |
-
|
| |
112
|
|
| Construction | | |
106
|
| |
106
|
| |
1
|
| |
106
|
| |
99
|
| |
99
|
| |
-
|
| |
99
|
|
| TOTAL BORROWINGS | | |
8,070
|
| |
8,070
|
| |
1
|
| |
7,915
|
| |
8,262
|
| |
8,137
|
| |
125
|
| |
7,967
|
|
| | | |
2023
|
| |
2022
|
| ||||||||||||
|
(Million euro)
|
| |
Long term
|
| |
Short term
|
| |
Total
|
| |
Long term
|
| |
Short term
|
| |
Total
|
|
| Corporate bonds and debentures | | |
2,270
|
| |
320
|
| |
2,590
|
| |
2,072
|
| |
16
|
| |
2,088
|
|
| Euro Commercial Paper | | |
-
|
| |
500
|
| |
500
|
| |
-
|
| |
696
|
| |
696
|
|
| Corporate liquidity lines | | |
296
|
| |
-
|
| |
296
|
| |
802
|
| |
3
|
| |
805
|
|
| Other borrowings | | |
5
|
| |
58
|
| |
63
|
| |
9
|
| |
88
|
| |
97
|
|
|
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES |
| |
2,571
|
| |
879
|
| |
3,449
|
| |
2,883
|
| |
804
|
| |
3,686
|
|
|
(Million euro)
|
| |
Dec.
2022 |
| |
Increase/
decrease with impact on cash flow |
| |
Foreign
exchange effect |
| |
Impact of
scope changes |
| |
Capitalized/
accrued interest and other |
| |
Dec.
2023 |
|
| Bank borrowings/ Project bonds | | |
3,686
|
| |
(224)
|
| |
(9)
|
| |
-
|
| |
(4)
|
| |
3,449
|
|
| Cross- currency swaps | | |
5
|
| |
-
|
| |
9
|
| |
-
|
| |
-
|
| |
13
|
|
| Ex-infrastructure projects borrowings | | |
3,691
|
| |
(224)
|
| |
-
|
| |
-
|
| |
(4)
|
| |
3,463
|
|
|
Issuance date
|
| |
Nominal value (Million euro)
|
| |
Maturity
|
| |
Annual coupon
|
|
| 7/15/2014 | | |
300
|
| |
7/15/2024
|
| |
2.50%
|
|
| 3/29/2017 | | |
500
|
| |
3/31/2025
|
| |
1.375%
|
|
| 5/14/2020 | | |
780
|
| |
5/14/2026
|
| |
1.382%
|
|
| 11/12/2020 | | |
500
|
| |
11/12/2028
|
| |
0.54%
|
|
| 9/13/2023 | | |
500
|
| |
9/13/2030
|
| |
4.375%
|
|
| | | |
2023
|
| |
2022
|
| ||||||||||||||||||
|
(Million euro)
|
| |
Limit
|
| |
Utilized
|
| |
Drawable
|
| |
Consolidated
debt |
| |
Limit
|
| |
Utilized
|
| |
Drawable
|
| |
Consolidated
debt |
|
| Bonds | | |
2,581
|
| |
2,581
|
| |
-
|
| |
2,590
|
| |
2,081
|
| |
2,081
|
| |
-
|
| |
2,088
|
|
| Syndicated facility | | |
900
|
| |
250
|
| |
650
|
| |
236
|
| |
1,100
|
| |
250
|
| |
850
|
| |
245
|
|
| ECPs | | |
500
|
| |
500
|
| |
-
|
| |
500
|
| |
696
|
| |
696
|
| |
-
|
| |
696
|
|
| Credit lines | | |
60
|
| |
60
|
| |
-
|
| |
60
|
| |
560
|
| |
560
|
| |
-
|
| |
560
|
|
|
TOTAL CORPORATE DEBT
|
| |
4,041
|
| |
3,391
|
| |
650
|
| |
3,386
|
| |
4,437
|
| |
3,587
|
| |
850
|
| |
3,589
|
|
| | | |
2023
|
| |
2022
|
| ||||||||||||||||||
|
(Million euro)
|
| |
Limit
|
| |
Utilized
|
| |
Drawable
|
| |
Consolidated
debt |
| |
Limit
|
| |
Utilized
|
| |
Drawable
|
| |
Consolidated
debt |
|
| Construction | | |
163
|
| |
26
|
| |
137
|
| |
13
|
| |
149
|
| |
37
|
| |
112
|
| |
33
|
|
| Airports | | |
-
|
| |
-
|
| |
-
|
| |
31
|
| |
-
|
| |
-
|
| |
-
|
| |
41
|
|
| Energy Infrastructures and Mobility | | |
22
|
| |
20
|
| |
2
|
| |
19
|
| |
24
|
| |
22
|
| |
2
|
| |
23
|
|
| OTHER BORROWINGS | | |
185
|
| |
46
|
| |
139
|
| |
63
|
| |
173
|
| |
59
|
| |
114
|
| |
97
|
|
|
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
|
| |
-
|
| |
46
|
|
| | | |
EUR
|
| |
3
|
| |
3
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
-
|
| |
1
|
|
| | | |
PLN
|
| |
9
|
| |
9
|
| |
1
|
| |
5
|
| |
2
|
| |
1
|
| |
-
|
| |
-
|
| |
9
|
|
| | | |
CLP
|
| |
19
|
| |
19
|
| |
20
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
20
|
|
| | | |
Other
|
| |
32
|
| |
32
|
| |
-
|
| |
-
|
| |
11
|
| |
5
|
| |
-
|
| |
-
|
| |
16
|
|
|
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE PROJECT COMPANIES
|
| | | | |
3,394
|
| |
3,449
|
| |
821
|
| |
755
|
| |
794
|
| |
66
|
| |
501
|
| |
500
|
| |
3,437
|
|
|
Borrowings (Million euro)
|
| |
Currency
|
| |
Fair value
2022 |
| |
Carrying
amount 2022 |
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028+
|
| |
Total
maturities |
|
| Corporate debt | | | | | |
3,385
|
| |
3,589
|
| |
696
|
| |
300
|
| |
750
|
| |
781
|
| |
560
|
| |
500
|
| |
3,587
|
|
| | | |
EUR
|
| |
3,385
|
| |
3,589
|
| |
696
|
| |
300
|
| |
750
|
| |
781
|
| |
560
|
| |
500
|
| |
3,587
|
|
| Other borrowings | | | | | |
97
|
| |
97
|
| |
22
|
| |
3
|
| |
9
|
| |
17
|
| |
8
|
| |
2
|
| |
59
|
|
| | | |
EUR
|
| |
13
|
| |
13
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
| |
2
|
|
| | | |
PLN
|
| |
14
|
| |
14
|
| |
-
|
| |
1
|
| |
9
|
| |
3
|
| |
1
|
| |
1
|
| |
14
|
|
| | | |
CLP
|
| |
23
|
| |
23
|
| |
22
|
| |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
22
|
|
| | | |
Other
|
| |
48
|
| |
48
|
| |
-
|
| |
-
|
| |
-
|
| |
14
|
| |
7
|
| |
-
|
| |
21
|
|
|
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE PROJECT COMPANIES
|
| | | | |
3,482
|
| |
3,686
|
| |
718
|
| |
303
|
| |
759
|
| |
798
|
| |
568
|
| |
502
|
| |
3,646
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Cash flows from operating activities ex tax payments | | |
1,433
|
| |
1,084
|
| |
965
|
|
| Tax payments | | |
(170)
|
| |
(82)
|
| |
(155)
|
|
| Cash flows from operating activities | | |
1,263
|
| |
1,002
|
| |
810
|
|
| Investment | | |
(468)
|
| |
(1,161)
|
| |
(1,164)
|
|
| Divestment | | |
43
|
| |
429
|
| |
1,621
|
|
| Cash flows from investing activities | | |
(425)
|
| |
(732)
|
| |
457
|
|
| Cash flows before financing activities | | |
838
|
| |
270
|
| |
1,267
|
|
| | | | | | | | | | | |
| Cash flows from financing activities | | |
(1,179)
|
| |
(676)
|
| |
(2,275)
|
|
| | | | | | | | | | | |
| Change in cash and cash equivalents | | |
(341)
|
| |
(406)
|
| |
(1,008)
|
|
|
2023-2021
(Million euro) |
| |
2023
|
| |
2022
|
| |
2021
|
|
| Cash flows from operating activities ex tax payments | | |
-
|
| |
20
|
| |
83
|
|
| Tax payments | | |
-
|
| |
(1)
|
| |
(4)
|
|
| Cash flows from operating activities | | |
-
|
| |
19
|
| |
78
|
|
| Investment | | |
-
|
| |
(1)
|
| |
(2)
|
|
| Divestment | | |
-
|
| |
-
|
| |
9
|
|
| Cash flows before financing activities | | |
-
|
| |
18
|
| |
86
|
|
|
BORROWINGS
|
| |
2023
|
| |
2022
|
| ||||||||||||||||||
|
(Million euro)
|
| |
Total debt
|
| |
% debt
hedged |
| |
Net exposed
debt |
| |
Impact on
profit/(loss) + 100 bps |
| |
Total debt
|
| |
% debt
hedged |
| |
Net exposed
debt |
| |
Impact on
profit/(loss) + 100 bps |
|
| Ex-infrastructure project companies | | |
3,463
|
| |
92%
|
| |
260
|
| |
3
|
| |
3,691
|
| |
79%
|
| |
772
|
| |
8
|
|
| Toll Roads | | |
7,410
|
| |
99%
|
| |
51
|
| |
1
|
| |
7,527
|
| |
98%
|
| |
157
|
| |
2
|
|
| Construction | | |
106
|
| |
91%
|
| |
10
|
| |
-
|
| |
99
|
| |
97%
|
| |
3
|
| |
-
|
|
| Energy Infrastructures and Mobility | | |
295
|
| |
93%
|
| |
22
|
| |
-
|
| |
228
|
| |
80%
|
| |
46
|
| |
-
|
|
| Airports | | |
104
|
| |
100%
|
| |
-
|
| |
1
|
| |
112
|
| |
100%
|
| |
-
|
| |
3
|
|
| Infrastructure project companies | | |
7,915
|
| |
99%
|
| |
83
|
| |
1
|
| |
7,967
|
| |
96%
|
| |
317
|
| |
3
|
|
| Total borrowings | | |
11,378
|
| |
97%
|
| |
343
|
| |
4
|
| |
11,658
|
| |
92%
|
| |
962
|
| |
11
|
|
|
Currency
|
| |
DEC. 2023
|
| |||||||||
|
(Million euro)
|
| |
Assets
|
| |
Liabilities
|
| |
Parent company
shareholders’ funds |
| |
Non-controlling
interests |
|
| 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
|
| |
-
|
|
| Australian dollar | | |
269
|
| |
225
|
| |
44
|
| |
-
|
|
| Polish zloty | | |
2,011
|
| |
1,613
|
| |
164
|
| |
234
|
|
| Chilean peso | | |
301
|
| |
191
|
| |
110
|
| |
-
|
|
| Colombian peso | | |
230
|
| |
142
|
| |
89
|
| |
-
|
|
| Indian rupee | | |
380
|
| |
4
|
| |
376
|
| |
-
|
|
| Other | | |
81
|
| |
28
|
| |
52
|
| |
1
|
|
| GROUP TOTAL | | |
26,318
|
| |
20,439
|
| |
3,766
|
| |
2,113
|
|
|
Currency
|
| |
DEC. 2022
|
| |||||||||
|
(Million euro)
|
| |
Assets
|
| |
Liabilities
|
| |
Parent company
shareholders’ funds |
| |
Non-controlling
interests |
|
| Euro | | |
9,494
|
| |
6,945
|
| |
2,364
|
| |
186
|
|
| Pound sterling | | |
1,126
|
| |
638
|
| |
487
|
| |
1
|
|
| US dollar | | |
12,307
|
| |
10,032
|
| |
414
|
| |
1,860
|
|
| Canadian dollar | | |
541
|
| |
377
|
| |
164
|
| |
-
|
|
| Australian dollar | | |
186
|
| |
141
|
| |
45
|
| |
-
|
|
| Polish zloty | | |
1,653
|
| |
1,341
|
| |
119
|
| |
193
|
|
| Chilean peso | | |
342
|
| |
244
|
| |
98
|
| |
-
|
|
| Colombian peso | | |
167
|
| |
105
|
| |
61
|
| |
-
|
|
| Indian rupee | | |
380
|
| |
1
|
| |
379
|
| |
-
|
|
| Other | | |
141
|
| |
39
|
| |
103
|
| |
-
|
|
| GROUP TOTAL | | |
26,336
|
| |
19,863
|
| |
4,233
|
| |
2,240
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
Var. 23/22
|
|
| Investments in financial assets(1) | | |
671
|
| |
569
|
| |
101
|
|
| Non-current financial assets | | |
1,310
|
| |
1,258
|
| |
52
|
|
| Net financial derivatives (assets) | | |
285
|
| |
331
|
| |
(46)
|
|
| Trade and other receivables | | |
1,667
|
| |
1,609
|
| |
58
|
|
|
TYPE OF INSTRUMENT
|
| |
FAIR
VALUE |
| |
NOTIONAL MATURITIES
|
| |||||||||||||||
|
(Million euro)
|
| |
BALANCES
AT 12/31/2023 |
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028 and
beyond |
| |
TOTAL
|
|
| ASSET BALANCES | | |
285
|
| |
943
|
| |
38
|
| |
(1)
|
| |
(1)
|
| |
2,515
|
| |
3,493
|
|
| Toll road index-linked swaps | | |
115
|
| |
(2)
|
| |
(3)
|
| |
(4)
|
| |
(3)
|
| |
78
|
| |
66
|
|
| Toll road cross-currency swaps | | |
72
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1,850
|
| |
1,850
|
|
| Transchile and Centella IRS | | |
50
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
457
|
| |
458
|
|
| Dalaman interest rate swaps | | |
3
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
100
|
| |
100
|
|
| Toll road interest rate swaps | | |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
5
|
| |
5
|
|
| Equity swaps - Corporate | | |
20
|
| |
73
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
73
|
|
| Toll roads foreign exchange derivatives | | |
11
|
| |
766
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
766
|
|
| Other derivatives | | |
13
|
| |
106
|
| |
41
|
| |
3
|
| |
2
|
| |
24
|
| |
175
|
|
| LIABILITY BALANCES | | |
132
|
| |
2,065
|
| |
338
|
| |
42
|
| |
37
|
| |
523
|
| |
3,004
|
|
| Toll Roads IRS | | |
91
|
| |
28
|
| |
34
|
| |
37
|
| |
32
|
| |
471
|
| |
602
|
|
| Corporate cross-currency swaps | | |
13
|
| |
-
|
| |
250
|
| |
-
|
| |
-
|
| |
-
|
| |
250
|
|
| Corporate interest rate swaps | | |
-
|
| |
-
|
| |
50
|
| |
-
|
| |
-
|
| |
-
|
| |
50
|
|
| Corporate foreign exchange derivatives | | |
-
|
| |
15
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
15
|
|
| Toll roads foreign exchange derivatives | | |
18
|
| |
1,786
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1,786
|
|
| Other derivatives | | |
9
|
| |
237
|
| |
4
|
| |
5
|
| |
5
|
| |
52
|
| |
302
|
|
| NET BALANCES (ASSETS) | | |
153
|
| |
3,008
|
| |
376
|
| |
41
|
| |
36
|
| |
3,037
|
| |
6,497
|
|
|
TYPE OF INSTRUMENT
|
| |
FAIR
VALUE |
| |
CASH FLOW MATURITIES
|
| |||||||||||||||
|
(Million euro)
|
| |
BALANCES
AT 12/31/2023 |
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028 and
beyond |
| |
TOTAL
|
|
| ASSET BALANCES | | |
285
|
| |
41
|
| |
1
|
| |
(3)
|
| |
(5)
|
| |
252
|
| |
285
|
|
| Toll road index-linked swaps | | |
115
|
| |
10
|
| |
10
|
| |
10
|
| |
10
|
| |
75
|
| |
115
|
|
| Toll road cross-currency swaps | | |
72
|
| |
(18)
|
| |
(18)
|
| |
(18)
|
| |
(17)
|
| |
143
|
| |
72
|
|
| Transchile and Centella IRS | | |
50
|
| |
6
|
| |
4
|
| |
4
|
| |
2
|
| |
33
|
| |
50
|
|
| Dalaman interest rate swaps | | |
3
|
| |
2
|
| |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
3
|
|
| Toll road interest rate swaps | | |
1
|
| |
2
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
|
| Equity swaps - Corporate | | |
20
|
| |
20
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
20
|
|
| Toll roads foreign exchange derivatives | | |
11
|
| |
11
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
11
|
|
| Other derivatives | | |
13
|
| |
8
|
| |
4
|
| |
-
|
| |
-
|
| |
1
|
| |
13
|
|
| LIABILITY BALANCES | | |
132
|
| |
26
|
| |
36
|
| |
15
|
| |
13
|
| |
42
|
| |
132
|
|
| Toll Roads IRS | | |
91
|
| |
10
|
| |
15
|
| |
14
|
| |
12
|
| |
40
|
| |
91
|
|
| Corporate cross-currency swaps | | |
13
|
| |
(6)
|
| |
20
|
| |
-
|
| |
-
|
| |
-
|
| |
13
|
|
| Corporate interest rate swaps | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Corporate foreign exchange derivatives | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Toll roads foreign exchange derivatives | | |
18
|
| |
18
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
18
|
|
| Other derivatives | | |
9
|
| |
5
|
| |
1
|
| |
1
|
| |
1
|
| |
2
|
| |
9
|
|
| NET BALANCES (ASSETS) | | |
153
|
| |
14
|
| |
(35)
|
| |
(18)
|
| |
(18)
|
| |
210
|
| |
153
|
|
| | | | | | | | | |
FAIR VALUE
|
| | | | | | | | | | |
EFFECTS
|
| | | | ||||||
|
TYPE OF INSTRUMENT
(Million euro) |
| |
BALANCES
AT 12/31/2023 |
| |
BALANCES
AT 12/31/2022 |
| |
Variation
|
| |
EFFECT ON
RESERVES (I) |
| |
FAIR VALUE
EFFECT ON PROFIT/ (LOS S) (II) |
| |
EFFECT ON
FINANCIAL PROFIT/ (LOSS) (III) |
| |
CASH (IV)
|
| |
EXCHANGE
RATE (V) |
| |
OTHER
EFFECTS ON BALANCE SHEET OR INCOME |
| |
TOTAL
|
|
| Inflation derivatives | | |
115
|
| |
77
|
| |
38
|
| |
25
|
| |
13
|
| |
4
|
| |
(11)
|
| |
-
|
| |
7
|
| |
38
|
|
| Cash flow hedge | | |
115
|
| |
77
|
| |
38
|
| |
25
|
| |
13
|
| |
4
|
| |
(11)
|
| |
-
|
| |
7
|
| |
38
|
|
| Interest rate derivatives | | |
(39)
|
| |
-
|
| |
(40)
|
| |
(39)
|
| |
12
|
| |
(7)
|
| |
(5)
|
| |
(2)
|
| |
2
|
| |
(40)
|
|
| Cash flow hedge | | |
(39)
|
| |
-
|
| |
(40)
|
| |
(48)
|
| |
12
|
| |
(7)
|
| |
(5)
|
| |
(2)
|
| |
11
|
| |
(40)
|
|
| Fair value hedge | | |
-
|
| |
-
|
| |
-
|
| |
8
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
(8)
|
| |
-
|
|
| Cross-currency swaps | | |
58
|
| |
(32)
|
| |
91
|
| |
30
|
| |
(1)
|
| |
6
|
| |
12
|
| |
51
|
| |
(7)
|
| |
91
|
|
| Cash flow hedge | | |
(13)
|
| |
(5)
|
| |
(9)
|
| |
(1)
|
| |
-
|
| |
6
|
| |
(6)
|
| |
-
|
| |
(7)
|
| |
(9)
|
|
|
Hedge of net investment in foreign
|
| |
72
|
| |
(28)
|
| |
99
|
| |
32
|
| |
(1)
|
| |
-
|
| |
18
|
| |
51
|
| |
-
|
| |
99
|
|
| Fair value hedge | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Foreign exchange derivatives | | |
(1)
|
| |
172
|
| |
(173)
|
| |
1
|
| |
(3)
|
| |
(19)
|
| |
(166)
|
| |
12
|
| |
2
|
| |
(173)
|
|
| Fair value hedge | | |
-
|
| |
3
|
| |
(3)
|
| |
-
|
| |
-
|
| |
-
|
| |
(12)
|
| |
9
|
| |
-
|
| |
(3)
|
|
|
Hedge of net investment in foreign
|
| |
(8)
|
| |
169
|
| |
(177)
|
| |
-
|
| |
(4)
|
| |
(19)
|
| |
(157)
|
| |
3
|
| |
-
|
| |
(177)
|
|
| Cash flow hedge | | |
11
|
| |
1
|
| |
11
|
| |
1
|
| |
7
|
| |
-
|
| |
-
|
| |
1
|
| |
2
|
| |
11
|
|
| Speculative | | |
(4)
|
| |
-
|
| |
(4)
|
| |
-
|
| |
(7)
|
| |
-
|
| |
3
|
| |
-
|
| |
-
|
| |
(4)
|
|
| Equity swaps | | |
20
|
| |
2
|
| |
17
|
| |
-
|
| |
25
|
| |
(2)
|
| |
(6)
|
| |
-
|
| |
-
|
| |
17
|
|
| Speculative | | |
20
|
| |
2
|
| |
17
|
| |
-
|
| |
25
|
| |
(2)
|
| |
(6)
|
| |
-
|
| |
-
|
| |
17
|
|
| TOTAL | | |
153
|
| |
219
|
| |
(66)
|
| |
16
|
| |
46
|
| |
(18)
|
| |
(175)
|
| |
61
|
| |
4
|
| |
(66)
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
Var. 23/22
|
|
| Capital grants | | |
1,317
|
| |
1,377
|
| |
(60)
|
|
| Other deferred income | | |
17
|
| |
33
|
| |
(16)
|
|
| TOTAL DEFERRED INCOME | | |
1,334
|
| |
1,410
|
| |
(76)
|
|
|
(Million euro)
|
| |
LITIGATION
AND TAXES |
| |
REPLACEMENTS
AND UPGRADES, IFRIC 12 |
| |
OTHER
LONG- TERM RISKS |
| |
TOTAL NON-
CURRENT PROVISIONS |
| |
SHORT-TERM
PROVISIONS |
| |
TOTAL
|
|
| Balance at December 31, 2022 | | |
146
|
| |
97
|
| |
47
|
| |
290
|
| |
930
|
| |
1,220
|
|
| Scope changes and transfers | | |
5
|
| |
(5)
|
| |
(9)
|
| |
(9)
|
| |
(6)
|
| |
(15)
|
|
| Charges: | | | | | | | | | | | |
-
|
| |
|
| |
-
|
|
| Operating profit/(loss) | | |
14
|
| |
-
|
| |
1
|
| |
15
|
| |
532
|
| |
547
|
|
| Net financial income/(expense) | | |
2
|
| |
7
|
| |
-
|
| |
8
|
| |
2
|
| |
10
|
|
| Impairment and disposals | | |
2
|
| |
-
|
| |
-
|
| |
2
|
| |
-
|
| |
2
|
|
| Corporate income tax | | |
1
|
| |
-
|
| |
-
|
| |
1
|
| |
-
|
| |
1
|
|
| Fixed asset depreciation | | |
-
|
| |
24
|
| |
-
|
| |
24
|
| |
-
|
| |
24
|
|
| Reversals: | | | | | | | | | | | |
-
|
| |
|
| |
-
|
|
| Operating profit/(loss) | | |
(11)
|
| |
-
|
| |
(7)
|
| |
(17)
|
| |
(292)
|
| |
(309)
|
|
| Net financial income/(expense) | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Impairment and disposals | | |
-
|
| |
-
|
| |
(7)
|
| |
(7)
|
| |
(1)
|
| |
(8)
|
|
| Corporate income tax | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
|
| Fixed asset depreciation | | |
(1)
|
| |
-
|
| |
-
|
| |
(1)
|
| |
-
|
| |
(1)
|
|
|
Applications
|
| |
(3)
|
| |
(34)
|
| |
-
|
| |
(37)
|
| |
(207)
|
| |
(244)
|
|
| Foreign exchange differences | | |
1
|
| |
(2)
|
| |
1
|
| |
(1)
|
| |
52
|
| |
51
|
|
| Balance at December 31, 2023 | | |
156
|
| |
86
|
| |
26
|
| |
268
|
| |
1,011
|
| |
1,279
|
|
|
(Million euro)
|
| |
Dec. 2023
|
| |
Dec. 2022
|
|
| Construction | | |
7,013
|
| |
6,067
|
|
| Toll Roads | | |
404
|
| |
642
|
|
| Airports | | |
799
|
| |
1,044
|
|
| Energy and mobility infrastructures | | |
66
|
| |
81
|
|
| Other | | |
251
|
| |
258
|
|
| Total continuing operations | | |
8,533
|
| |
8,093
|
|
| TOTAL | | |
8,533
|
| |
8,093
|
|
|
BENEFICIARY COMPANY (PROJECT)
|
| |
GUARANTEE PURPOSE
|
| |
Dec. 2023
|
|
| Conc. Prisiones Lledoners | | | Technical guarantee to repay amounts to the bank in the event of termination of the contract. Does not cover insolvency (default) or breach by the awarding entity | | |
64
|
|
| GUARANTEES FOR CONSTRUCTION PROJECTS | | |
64
|
| |||
| I-66 | | | Guarantee covering project cost overruns. | | |
15
|
|
| GUARANTEES FOR TOLL ROAD PROJECTS | | |
15
|
| |||
| Centella | | | Bank guarantees to cover the achievement of various milestones and payment of any fines during the initial execution period. PCG to cover the liquidity gap up to EUR 20 million | | |
35
|
|
| GUARANTEES FOR ENERGY AND MOBILITY PROJECTS | | |
35
|
| |||
| Dalaman | | | Bank guarantee to cover the debt ratios | | |
6
|
|
| AIRPORT PROJECT GUARANTEES | | | | | |
6
|
|
| TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS | | |
120
|
|
|
BENEFICIARY COMPANY (PROJECT)
|
| |
GUARANTEE PURPOSE
|
| |
Dec. 2023
|
|
| Serrano Park (Cintra) | | | Guarantee covering repayment of borrowings | | |
3
|
|
| Extensión ETR | | | Guarantee covering project cost overruns. | | |
15
|
|
| 407 EXT PHASE II | | | Guarantee covering project cost overruns. | | |
8
|
|
| TOTAL GUARANTEES FOR EQUITY-ACCOUNTED INFRASTRUCTURE PROJECT COMPANIES | | |
26
|
|
|
(Million euro)
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2028 AND
BEYOND |
| |
TOTAL
|
|
| Toll Roads | | |
12
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
12
|
|
| Energy and Mobility | | |
9
|
| |
13
|
| |
17
|
| |
-
|
| |
-
|
| |
3
|
| |
42
|
|
|
INVESTMENTS IN FULLY-CONSOLIDATED INFRASTRUCTURE PROJECT COMPANIES
|
| |
21
|
| |
13
|
| |
17
|
| |
-
|
| |
-
|
| |
3
|
| |
54
|
|
| Toll Roads | | |
-
|
| |
27
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
27
|
|
| Airports | | |
459
|
| |
242
|
| |
67
|
| |
-
|
| |
-
|
| |
-
|
| |
768
|
|
| Construction | | |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
1
|
|
|
INVESTMENTS IN EQUITY-ACCOUNTED INFRASTRUCTURE PROJECT COMPANIES
|
| |
460
|
| |
269
|
| |
67
|
| |
-
|
| |
-
|
| |
-
|
| |
796
|
|
|
TOTAL INVESTMENTS IN INFRASTRUCTURE PROJECT COMPANIES
|
| |
481
|
| |
282
|
| |
84
|
| |
-
|
| |
-
|
| |
3
|
| |
850
|
|
| | | |
2023
|
| |
2022
|
| |
2021
|
|
| Number of shares at beginning of year | | |
1,782,127
|
| |
2,054,531
|
| |
2,468,724
|
|
| Plans granted | | |
653,611
|
| |
702,675
|
| |
909,578
|
|
| Plans settled | | |
(277,493)
|
| |
(356,958)
|
| |
(292,413)
|
|
| Shares surrendered and other | | |
(192,425)
|
| |
(526,552)
|
| |
(954,346)
|
|
| Shares exercised | | |
(12,804)
|
| |
(91,569)
|
| |
(77,012)
|
|
| Number of shares at year-end | | |
1,953,016
|
| |
1,782,127
|
| |
2,054,531
|
|
| | | |
2023
|
| |||||||||
|
(Thousand euro)
DIRECTOR |
| |
FIXED
ALLOWANCE |
| |
PER
DIEMS |
| |
ADDITIONAL
FIXED REMUNERATION (a) |
| |
TOTAL
|
|
| Rafael del Pino Calvo-Sotelo | | |
35
|
| |
119
|
| |
99
|
| |
253
|
|
| Oscar Fanjul Martín | | |
35
|
| |
86
|
| |
87
|
| |
208
|
|
| Ignacio Madridejos Fernández | | |
35
|
| |
60
|
| |
53
|
| |
148
|
|
| María del Pino y Calvo-Sotelo | | |
35
|
| |
57
|
| |
53
|
| |
145
|
|
| José Fernando Sánchez-Junco Mans | | |
35
|
| |
66
|
| |
53
|
| |
154
|
|
| Philip Bowman | | |
35
|
| |
55
|
| |
53
|
| |
143
|
|
| Hanne Birgitte Breinbjerg Sorensen | | |
35
|
| |
47
|
| |
53
|
| |
135
|
|
| Bruno Di Leo | | |
35
|
| |
55
|
| |
53
|
| |
143
|
|
| Juan Hoyos Martínez de Irujo | | |
35
|
| |
60
|
| |
53
|
| |
148
|
|
| Gonzalo Urquijo Fernández de Araoz | | |
35
|
| |
62
|
| |
53
|
| |
150
|
|
| Hildegard Wortmann | | |
35
|
| |
42
|
| |
53
|
| |
130
|
|
| Alicia Reyes Revuelta | | |
35
|
| |
55
|
| |
53
|
| |
143
|
|
| TOTAL | | |
420
|
| |
764
|
| |
716
|
| |
1,900
|
|
| | | | | | | | | | | | |
2022
|
|
|
(Thousand euro)
DIRECTOR |
| |
FIXED
ALLOWANCE |
| |
PER
DIEMS |
| |
ADDITIONAL
FIXED REMUNERATION (a) |
| |
TOTAL
|
|
| Rafael del Pino Calvo-Sotelo | | |
35
|
| |
103
|
| |
107
|
| |
245
|
|
| Oscar Fanjul Martín | | |
35
|
| |
73
|
| |
96
|
| |
204
|
|
| Ignacio Madridejos Fernández | | |
35
|
| |
51
|
| |
61
|
| |
148
|
|
| María del Pino y Calvo-Sotelo | | |
35
|
| |
51
|
| |
61
|
| |
148
|
|
| José Fernando Sánchez-Junco Mans | | |
35
|
| |
58
|
| |
61
|
| |
154
|
|
| Philip Bowman | | |
35
|
| |
47
|
| |
61
|
| |
143
|
|
| Hanne Birgitte Breinbjerg Sorensen | | |
35
|
| |
41
|
| |
61
|
| |
137
|
|
| Bruno Di Leo | | |
35
|
| |
49
|
| |
61
|
| |
146
|
|
| Juan Hoyos Martínez de Irujo | | |
35
|
| |
51
|
| |
61
|
| |
148
|
|
| Gonzalo Urquijo Fernández de Araoz | | |
35
|
| |
54
|
| |
61
|
| |
150
|
|
| Hildegard Wortmann | | |
35
|
| |
36
|
| |
61
|
| |
132
|
|
| Alicia Reyes Revuelta | | |
35
|
| |
47
|
| |
61
|
| |
143
|
|
| TOTAL | | |
420
|
| |
662
|
| |
818
|
| |
1,900
|
|
| | | | | | | | | |
2023
|
|
|
(Thousand euro)
EXECUTIVE DIRECTORS’ REMUNERATION * |
| |
RAFAEL
DEL PINO (2) |
| |
IGNACIO
MADRIDEJOS (2) |
| |
TOTAL
|
|
| Fixed remuneration | | |
1,500
|
| |
1,313
|
| |
2,813
|
|
| | | | | | | | | |
2023
|
|
|
(Thousand euro)
EXECUTIVE DIRECTORS’ REMUNERATION * |
| |
RAFAEL
DEL PINO (2) |
| |
IGNACIO
MADRIDEJOS (2) |
| |
TOTAL
|
|
| 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
|
|
| | | | | | | | | |
2022
|
|
|
(Thousand euro)
EXECUTIVE DIRECTORS’ REMUNERATION * |
| |
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
|
|
| | | | | | | | | |
2021
|
|
|
(Thousand euro)
EXECUTIVE DIRECTORS’ REMUNERATION * |
| |
RAFAEL
DEL PINO |
| |
IGNACIO
MADRIDEJOS (2) |
| |
TOTAL
|
|
| Fixed remuneration | | |
1,500
|
| |
1,100
|
| |
2,600
|
|
| Variable remuneration | | |
2,275
|
| |
1,283
|
| |
3,558
|
|
| Life insurance premiums | | |
9
|
| |
4
|
| |
13
|
|
| Share plans (1) | | |
490
|
| |
0
|
| |
490
|
|
| Total 2021 | | |
4,274
|
| |
2,387
|
| |
6,661
|
|
|
EXECUTIVE DIRECTORS’ PLAN AT 31.12.2023
|
| |
UNITS
|
| |
NO. OF
VOTING RIGHTS |
| |
% NO. OF
VOTING RIGHTS |
| |||
| Rafael del Pino y Calvo-Sotelo | | |
2021 allocation
|
| |
67,500
|
| |
67,500
|
| |
0.009%
|
|
| | | |
2022 allocation
|
| |
56,400
|
| |
56,400
|
| |
0.008%
|
|
| | | |
2023 allocation
|
| |
50,680
|
| |
50,680
|
| |
0.007%
|
|
| Ignacio Madridejos Fernández | | |
2021 allocation
|
| |
67,500
|
| |
67,500
|
| |
0.009%
|
|
| | | |
2022 allocation
|
| |
56,400
|
| |
56,400
|
| |
0.008%
|
|
| | | |
2023 allocation
|
| |
69,925
|
| |
69,925
|
| |
0.009%
|
|
|
(Thousand euro) (*)
SENIOR MANAGEMENT REMUNERATION |
| |
2023
|
| |
2022
|
|
| Fixed remuneration | | |
5,094
|
| |
4,755
|
|
| Variable remuneration | | |
5,534
|
| |
4,822
|
|
| Performance-based share plan | | |
1,934
|
| |
1,629
|
|
| Remuneration as members of administrative bodies of other Group companies, jointly-controlled entities or associates | | |
33
|
| |
32
|
|
| Insurance premiums | | |
19
|
| |
19
|
|
| Other (1) | | |
486
|
| |
0
|
|
| Other (2) | | |
533
|
| |
0
|
|
| Total | | |
13,633
|
| |
11,257
|
|
|
(Thousand euro)
NAME / COMPANY NAME |
| |
TRANSACTIONS (1)
|
| |
AMOUNT
|
| |
PROFIT OR LOSS
|
| |
BALANCE
|
|
| Juan del Pino Fdez-Fontecha | | |
Services rendered
|
| |
25
|
| |
(12)
|
| |
27
|
|
| Ignacio del Pino Fdez-Fontecha | | |
Services rendered
|
| |
25
|
| |
(12)
|
| |
27
|
|
| Rafael del Pino Fdez-Fontecha | | |
Services rendered
|
| |
25
|
| |
(12)
|
| |
27
|
|
|
(Thousand euro)
NAME / COMPANY NAME |
| |
TRANSACTIONS (2)
|
| |
AMOUNT
|
| |
PROFIT OR LOSS
|
| |
BALANCE
|
|
| D. Rafael del Pino y Calvo-Sotelo | | |
Services rendered
|
| |
2
|
| |
-
|
| |
-
|
|
| Dª. María del Pino y Calvo-Sotelo | | |
Services rendered
|
| |
5
|
| |
1
|
| |
-
|
|
| Criu, S.L. | | |
Services rendered
|
| |
1
|
| |
-
|
| |
-
|
|
| Polan, S.A. | | |
Services received
|
| |
(12)
|
| |
-
|
| |
-
|
|
| Polan, S.A. | | |
Services rendered
|
| |
17
|
| |
1
|
| |
-
|
|
|
(Thousand euro)
NAME / COMPANY NAME |
| |
TRANSACTIONS (2)
|
| |
AMOUNT
|
| |
PROFIT OR LOSS
|
| |
BALANCE
|
|
| Rafael del Pino y Calvo-Sotelo | | |
Services rendered
|
| |
7
|
| |
-
|
| |
1
|
|
| María del Pino y Calvo-Sotelo | | |
Services rendered
|
| |
6
|
| |
1
|
| |
-
|
|
| Criu, S.L. | | |
Services rendered
|
| |
17
|
| |
1
|
| |
2
|
|
| Polan, S.A. | | |
Services rendered
|
| |
159
|
| |
1
|
| |
59
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Services received | | |
(3)
|
| |
(2)
|
| |
-
|
|
| Services provided | | |
111
|
| |
89
|
| |
632
|
|
| Net financial expenses/Income | | |
28
|
| |
22
|
| |
14
|
|
| Payables to related parties | | |
23
|
| |
28
|
| |
21
|
|
| Receivables from related parties | | |
294
|
| |
252
|
| |
203
|
|
|
Million euros
|
| |
2023
|
| |
2022
|
|
| Fees for audit services | | |
13.53
|
| |
4.79
|
|
| Fees for audit related services | | |
0.67
|
| |
0.42
|
|
| Tax fees | | |
-
|
| |
0.01
|
|
| Other non-audit services | | |
-
|
| |
0.57
|
|
|
Assets (Million euro)
|
| |
2023
|
| |
2022
|
|
|
Non-current assets
|
| |
9,642
|
| |
10,593
|
|
| Right of use | | |
4
|
| |
3
|
|
| Long-term investments in Group companies and associates | | |
9,525
|
| |
10,568
|
|
|
Equity instruments
|
| |
9,525
|
| |
10,568
|
|
| Other non-current financial assets | | |
20
|
| |
3
|
|
| Deferred tax assets | | |
73
|
| |
7
|
|
| Long-term financial derivatives at fair value | | |
20
|
| |
12
|
|
| Current assets | | |
736
|
| |
316
|
|
| Financial assets available for sale | | |
—
|
| |
—
|
|
| Receivables | | |
154
|
| |
85
|
|
|
Group companies and associates
|
| |
83
|
| |
34
|
|
|
Current tax assets
|
| |
19
|
| |
8
|
|
|
Public administrations
|
| |
49
|
| |
43
|
|
|
Other receivables
|
| |
3
|
| |
—
|
|
| Short-term investments in Group companies and associates | | |
473
|
| |
218
|
|
| Short-term prepayments | | |
2
|
| |
2
|
|
| Cash and cash equivalents | | |
107
|
| |
11
|
|
|
TOTAL ASSETS
|
| |
10,378
|
| |
10,909
|
|
| Liabilities and equity (Million euro) | | |
2023
|
| |
2022
|
|
|
Equity
|
| |
4,102
|
| |
4,576
|
|
| Share capital | | |
7
|
| |
145
|
|
| Share and merger premium | | |
4,316
|
| |
—
|
|
| Treasury shares | | |
(78)
|
| |
(26)
|
|
| Measurement adjustments | | |
(9)
|
| |
1
|
|
| Retained earnings and other reserves | | |
(134)
|
| |
4,456
|
|
|
Non-current liabilities
|
| |
5,333
|
| |
3,539
|
|
| Long-term provisions | | |
89
|
| |
94
|
|
| Long-term lease liabilities | | |
4
|
| |
2
|
|
| Debentures and borrowings | | |
791
|
| |
802
|
|
| Long-term financial derivatives at fair value | | |
13
|
| |
5
|
|
| Long-term payables to Group companies | | |
4,425
|
| |
2,633
|
|
| Deferred taxes | | |
—
|
| |
3
|
|
| Other non-current liabilities | | |
11
|
| |
—
|
|
|
Current liabilities
|
| |
943
|
| |
2,794
|
|
| Short-term lease liabilities | | |
—
|
| |
1
|
|
| Debentures and borrowings | | |
504
|
| |
699
|
|
|
Debentures and bonds
|
| |
504
|
| |
696
|
|
|
Bank borrowings
|
| |
—
|
| |
3
|
|
| Short-term Financial derivatives at fair value | | |
—
|
| |
—
|
|
| Short-term payables to Group companies | | |
374
|
| |
2,077
|
|
| Trade and other payables | | |
64
|
| |
16
|
|
|
Trade payables
|
| |
11
|
| |
1
|
|
|
Other short-term payables
|
| |
10
|
| |
15
|
|
|
Trade payables, Group companies and associates
|
| |
18
|
| |
—
|
|
|
Payable relating to income tax
|
| |
25
|
| |
—
|
|
| Short-term provisions | | |
1
|
| |
1
|
|
|
TOTAL LIABILITIES
|
| |
10,378
|
| |
10,909
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Revenue | | |
28
|
| |
38
|
| |
35
|
|
|
Services rendered
|
| |
28
|
| |
38
|
| |
35
|
|
| Staff costs | | |
(19)
|
| |
(29)
|
| |
(21)
|
|
|
Wages, salaries and similar remuneration
|
| |
(19)
|
| |
(28)
|
| |
(20)
|
|
|
Staff welfare expenses
|
| |
—
|
| |
(1)
|
| |
(1)
|
|
| Fixed asset depreciation | | |
—
|
| |
(1)
|
| |
—
|
|
| Other operating expenses | | |
(61)
|
| |
(18)
|
| |
(16)
|
|
| Change in provisions on financial fixed assets | | |
(8)
|
| |
(8)
|
| |
(9)
|
|
| Operating profit/(loss) | | |
(60)
|
| |
(18)
|
| |
(11)
|
|
| Financial income | | |
7
|
| |
7
|
| |
5
|
|
|
From marketable securities and other financial instruments
|
| |
7
|
| |
7
|
| |
5
|
|
|
Dividends received from subsidiaries
|
| |
—
|
| |
—
|
| |
—
|
|
| Financial expenses | | |
(187)
|
| |
(66)
|
| |
(54)
|
|
|
On payables to Group companies and associates
|
| |
(123)
|
| |
(45)
|
| |
(45)
|
|
|
On payables to third parties
|
| |
(64)
|
| |
(21)
|
| |
(9)
|
|
| Change in fair value of financial instruments | | |
30
|
| |
60
|
| |
21
|
|
| Foreign exchange differences | | |
(3)
|
| |
(5)
|
| |
2
|
|
| Impairment and profit/(loss) on disposals of financial instruments | | |
18
|
| |
1
|
| |
—
|
|
|
Impairment and losses
|
| |
—
|
| |
4
|
| |
—
|
|
|
Profit/(loss) on disposals
|
| |
18
|
| |
(3)
|
| |
—
|
|
| NET FINANCIAL INCOME/(EXPENSE) | | |
(135)
|
| |
(3)
|
| |
(26)
|
|
| PROFIT/(LOSS) BEFORE TAX | | |
(195)
|
| |
(21)
|
| |
(37)
|
|
| Share in results of participating interests | | |
482
|
| |
309
|
| |
1,275
|
|
| Corporate income tax | | |
21
|
| |
30
|
| |
5
|
|
| PROFIT/(LOSS) FOR THE YEAR FROM CONTINUING OPERATIONS | | |
308
|
| |
318
|
| |
1,243
|
|
|
(Million euro)
|
| |
2023
|
| |
2022
|
| |
2021
|
|
|
a) Net profit/(loss)
|
| |
308
|
| |
318
|
| |
1,243
|
|
| b) Income and expense recognized directly in equity | | |
(1)
|
| |
37
|
| |
7
|
|
| Impact on hedge reserves | | |
(1)
|
| |
58
|
| |
13
|
|
| Tax effect | | |
—
|
| |
(15)
|
| |
(3)
|
|
| Impact on financial assets at fair value | | |
—
|
| |
(8)
|
| |
(4)
|
|
| Tax effect | | |
—
|
| |
2
|
| |
1
|
|
| c) Transfers to income statement | | |
(9)
|
| |
(46)
|
| |
—
|
|
| Impact on hedge reserves | | |
(12)
|
| |
(62)
|
| |
—
|
|
| Tax effect | | |
3
|
| |
16
|
| |
—
|
|
| a)+ b)+ c) TOTAL COMPREHENSIVE INCOME | | |
298
|
| |
309
|
| |
1,250
|
|
|
(Million euro)
|
| |
Share
capital |
| |
Share/Merger
premium |
| |
Treasury
shares |
| |
Measurement
adjustments |
| |
TOTAL
|
|
|
Balance at 01.01.2023
|
| |
145
|
| |
—
|
| |
(26)
|
| |
1
|
| |
4,576
|
|
| Merger impact | | |
(138)
|
| |
4,426
|
| |
—
|
| |
—
|
| |
—
|
|
| Consolidated profit/(loss) for the year 2023 | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
308
|
|
| Income and expense recognized directly in equity | | |
—
|
| |
—
|
| |
—
|
| |
(1)
|
| |
(65)
|
|
| Transfers to income statement | | |
—
|
| |
—
|
| |
—
|
| |
(9)
|
| |
(3)
|
|
| Total income and expenses recognized for the year | | |
—
|
| |
—
|
| |
—
|
| |
(10)
|
| |
240
|
|
| Scrip dividend agreement | | |
—
|
| |
(58)
|
| |
—
|
| |
—
|
| |
(136)
|
|
| Treasury share transactions | | |
—
|
| |
(52)
|
| |
(52)
|
| |
—
|
| |
(114)
|
|
| Shareholder remuneration | | |
—
|
| |
(110)
|
| |
(52)
|
| |
—
|
| |
(250)
|
|
| Share-based remuneration schemes | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
12
|
|
| Other movements | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(476)
|
|
| Other transactions | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(464)
|
|
|
Balance at 12.31.2023
|
| |
7
|
| |
4,316
|
| |
(78)
|
| |
(9)
|
| |
4,102
|
|
|
|
(Million euro)
|
| |
Share
capital |
| |
Share/Merger
premium |
| |
Treasury
shares |
| |
Measurement
adjustments |
| |
TOTAL
|
|
|
Balance at 01.01.2022
|
| |
147
|
| |
218
|
| |
(124)
|
| |
10
|
| |
4,538
|
|
| Consolidated profit/(loss) for the year 2022 | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
318
|
|
| Income and expense recognized directly in equity | | |
—
|
| |
—
|
| |
—
|
| |
37
|
| |
317
|
|
| Transfers to income statement | | |
—
|
| |
—
|
| |
—
|
| |
(46)
|
| |
131
|
|
| Total income and expenses recognized for the year | | |
—
|
| |
—
|
| |
—
|
| |
(9)
|
| |
766
|
|
| Scrip dividend agreement | | |
3
|
| |
—
|
| |
—
|
| |
—
|
| |
(132)
|
|
| Treasury share transactions | | |
(5)
|
| |
(218)
|
| |
98
|
| |
—
|
| |
(446)
|
|
| Shareholder remuneration | | |
(2)
|
| |
(218)
|
| |
98
|
| |
—
|
| |
(578)
|
|
| Share-based remuneration schemes | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
| Other movements | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(150)
|
|
| Other transactions | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(150)
|
|
| Balance at 12.31.2022 | | |
145
|
| |
—
|
| |
(26)
|
| |
1
|
| |
4,576
|
|
|
(Million euro)
|
| |
Share
capital |
| |
Share/Merger
premium |
| |
Treasury
shares |
| |
Measurement
adjustments |
| |
TOTAL
|
|
|
Balance at 01.01.2021
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
| Consolidated profit/(loss) for the year 2021 | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
1,243
|
|
| Income and expense recognized directly in equity | | |
—
|
| |
—
|
| |
—
|
| |
7
|
| |
188
|
|
| Transfers to income statement | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
1
|
|
|
Total income and expenses recognized for the year
|
| |
—
|
| |
—
|
| |
—
|
| |
7
|
| |
1,432
|
|
| Scrip dividend agreement | | |
3
|
| |
3
|
| |
—
|
| |
—
|
| |
(28)
|
|
| Treasury share transactions | | |
(3)
|
| |
(432)
|
| |
(111)
|
| |
—
|
| |
(435)
|
|
| Shareholder remuneration | | |
—
|
| |
(429)
|
| |
(111)
|
| |
—
|
| |
(463)
|
|
| Share-based remuneration schemes | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(22)
|
|
| Other movements | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(48)
|
|
| Other transactions | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
(70)
|
|
| Balance at 12.31.2021 | | |
147
|
| |
218
|
| |
(124)
|
| |
10
|
| |
4,538
|
|
|
Million Euro
|
| |
2023
|
| |
2022
|
| |
2021
|
|
| Profit/(loss) before tax | | |
(195)
|
| |
(21)
|
| |
(37)
|
|
| Profit/(loss) adjustments: | | |
1,347
|
| |
1,306
|
| |
26
|
|
| Fixed asset depreciation | | |
—
|
| |
1
|
| |
—
|
|
| Impairment and disposal of fixed assets | | |
(18)
|
| |
(1)
|
| |
—
|
|
| Net financial income/(expense) | | |
117
|
| |
2
|
| |
26
|
|
| Other adjustments (correction of accrual/cash) | | |
1,248
|
| |
1,304
|
| |
—
|
|
| Changes in working capital | | |
(32)
|
| |
(216)
|
| |
(13)
|
|
| Other cash flows from operating activities: | | |
(207)
|
| |
1
|
| |
(12)
|
|
| Interest payments | | |
(175)
|
| |
(48)
|
| |
(53)
|
|
| Interest receipts | | |
9
|
| |
1
|
| |
3
|
|
| Income tax receipts/(payments) and tax consolidation | | |
(41)
|
| |
48
|
| |
38
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES | | |
913
|
| |
1,070
|
| |
(36)
|
|
| Payments on investments: | | |
(21)
|
| |
(1,586)
|
| |
(908)
|
|
| Group companies, associates and business units (Note 5) | | |
(21)
|
| |
(1,586)
|
| |
(908)
|
|
| Receipts from divestments: | | |
18
|
| |
33
|
| |
20
|
|
| Group companies, associates and business units (Note 5) | | |
18
|
| |
33
|
| |
20
|
|
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | | |
(3)
|
| |
(1,552)
|
| |
(888)
|
|
| Receipts and (payments) from financial liability instruments: | | |
(582)
|
| |
1,003
|
| |
762
|
|
| Change in Group company cash pooling accounts | | |
(381)
|
| |
68
|
| |
1,602
|
|
| Issuance, repayment and redemption | | |
(201)
|
| |
935
|
| |
(840)
|
|
| Payments of dividends and returns on other equity instruments | | |
(250)
|
| |
(578)
|
| |
(463)
|
|
| Scrip dividend | | |
(136)
|
| |
(132)
|
| |
(31)
|
|
| Treasury share purchases | | |
(114)
|
| |
(446)
|
| |
(432)
|
|
| Receipts and (payments) on equity instruments: | | |
17
|
| |
38
|
| |
7
|
|
| Lease payments | | |
—
|
| |
(1)
|
| |
—
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES | | |
(814)
|
| |
463
|
| |
306
|
|
| Effect of exchange rate on cash and cash equivalents | | |
—
|
| |
(5)
|
| |
(1)
|
|
| Net increase/(decrease) in cash and cash equivalents | | |
96
|
| |
(24)
|
| |
(619)
|
|
| Cash and cash equivalents at beginning of year | | |
11
|
| |
35
|
| |
650
|
|
| Cash and cash equivalents at year-end | | |
107
|
| |
11
|
| |
31
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
CONTINUING OPERATIONS
|
| | | | | | | | | | | | | | | |
|
CORPORATION
|
| | | | | | | | | | | | | | | |
|
NETHERLANDS (Registered Office: Amsterdam)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Netherlands B.V.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
105
|
| |
1
|
|
|
Ferrovial Services Netherlands B.V.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
14
|
| |
2
|
|
|
Ferrovial Ventures Netherlands B.V.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
9
|
| | | |
|
SPAIN (Registered Office: Madrid)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Inversiones, S.A. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
67
|
| | | |
|
Ferrovial Emisiones, S.A. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
13
|
| |
1
|
|
|
Ferrovial Corporación, S.A. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
5
|
| |
1
|
|
|
Ferrofin, S.L. (a)
|
| | | | |
Ferrovial Construcción,
S.A. (a) |
| |
52.0%
|
| |
24
|
| |
1
|
|
|
Ferrofin, S.L. (a)
|
| | | | |
Ferrovial SE
|
| |
48.0%
|
| |
22
|
| |
1
|
|
|
Temauri, S.L. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
7
|
| | | |
|
Ferrovial 001, S.A. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 008, S.L.U (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 009, S.L.U (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 011, S.A
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 012, S.A
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 013, S.A
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 014, S.A
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 015, S.L.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 016, S.L.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial 017, S.L.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial Venture VI, S.A.U. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
6
|
| | | |
|
Ferrovial Ventures, S.A.U. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
15
|
| | | |
|
Pilum, S.A.
|
| |
P
|
| |
Ferrovial SE
|
| |
94.1%
|
| |
1
|
| | | |
|
UNITED KINGDOM (Registered Office: Oxford)
|
| | | | | | | | | | | | | | | |
|
Ferrocorp UK Ltd.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
1
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
UNITED KINGDOM (Registered Office: London)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Ventures, Ltd.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
7
|
| |
1
|
|
|
Ferrovial Services UK, Ltd.
|
| | | | |
Ferrovial EG SE
|
| |
100.0%
|
| |
0
|
| | | |
|
Thalia Waste Treatment B.V.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
1
|
| | | |
|
IRELAND (Registered Office: Dublin)
|
| | | | | | | | | | | | | | | |
|
Landmille, Ltd
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
5
|
| |
3
|
|
|
LUXEMBOURG (Registered Office: Luxembourg)
|
| | | | | | | | | | | | | | | |
|
Krypton RE, S.A.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
8
|
| |
1
|
|
|
UNITED STATES (Registered Office: Austin)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Holding US Corp
|
| | | | |
Cintra Infrastructures, SE
|
| |
100.0%
|
| |
3,228
|
| | | |
|
Landmille US LLC
|
| | | | |
Ferrovial Holding US Corp
|
| |
100.0%
|
| |
0
|
| |
3
|
|
|
UNITED STATES (Registered Office: Wilmington)
|
| | | | | | | | | | | | | | | |
|
Ferrovial IT US, LLC
|
| | | | |
Ferrovial Holding US Corp
|
| |
100.0%
|
| |
0
|
| | | |
|
CONSTRUCTION
|
| | | | | | | | | | | | | | | |
|
GERMANY (Registered Office: Cologne)
|
| | | | | | | | | | | | | | | |
|
Budimex Bau GmbH
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
5
|
| |
1
|
|
|
RailBX GmbH
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
ARABIA (Registered Office: Riyadh)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Agroman Company
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
97.5%
|
| |
3
|
| |
7
|
|
|
AUSTRALIA (Registered Office: Sidney)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction (Australia) PTY LTD
|
| | | | |
Ferrovial Construction Holdings Ltd
|
| |
100.0%
|
| |
-4
|
| |
1
|
|
|
BRASIL (Registered Office: Bela Vista, Sao Paulo)
|
| | | | | | | | | | | | | | | |
|
Constructora Ferrovial Ltd. (Brazil)
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
1
|
| | | |
|
CANADA (Registered Office: Alberta)
|
| | | | | | | | | | | | | | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
Webber Infrastructure Management Alberta Ltd
|
| | | | |
Webber Infrastructure Management Canada Holdings Ltd
|
| |
100.0%
|
| |
0
|
| | | |
|
CANADA (Registered Office: Markham-Ontario)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction CANADA Inc.
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
66
|
| |
1
|
|
|
Webber Infrastructure Management Canada Ltd
|
| | | | |
Webber Infrastructure Management Canada Holdings Ltd
|
| |
100.0%
|
| |
11
|
| | | |
|
Webber Infrastructure Management Ontario Limited
|
| | | | |
Webber Infrastructure Management Canada Holdings Ltd
|
| |
100.0%
|
| |
30
|
| | | |
|
CANADA (Registered Office: Toronto)
|
| | | | | | | | | | | | | | | |
|
Webber Infrastructure Management Canada Holdings Ltd
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
6
|
| |
5
|
|
|
CHILE (Registered Office: Santiago de Chile)
|
| | | | | | | | | | | | | | | |
|
Constructora Ferrovial Ltda.
|
| | | | |
Ferrovial Empresa Constructora Ltda.
|
| |
97.2%
|
| |
0
|
| |
1
|
|
|
Ferrovial Construcción Chile S.A.
|
| | | | |
Ferrovial Empresa Constructora Ltda.
|
| |
100.0%
|
| |
33
|
| |
1
|
|
|
Ferrovial Empresa Constructora Ltda.
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
24
|
| |
1
|
|
|
Siemsa Chile S.p.A.
|
| | | | |
Siemsa Industria
S.A. (a) |
| |
100.0%
|
| |
0
|
| |
1
|
|
|
COLOMBIA (Registered Office: Bogotá)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construcción Colombia, S.A.S
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
0
|
| | | |
|
SLOVAKIA (Registered Office: Bratislava)
|
| | | | | | | | | | | | | | | |
|
D4R7 Construction S.R.O.
|
| | | | |
Ferrovial Construction Slovakia S.R.O.
|
| |
65.0%
|
| |
3
|
| |
3
|
|
|
Ferrovial Construction Slovakia S.R.O.
|
| | | | |
Ferrovial Construction Holdings Ltd
|
| |
99.0%
|
| |
9
|
| |
3
|
|
|
Budimex Slovakia s.r.o.
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
SPAIN (Registered Office: Barcelona)
|
| | | | | | | | | | | | | | | |
|
Conc. Prisiones Lledoners,S.A. (a)
|
| |
P
|
| |
Ferrovial Construcción, S.A. (a)
|
| |
100.0%
|
| |
16
|
| |
1
|
|
|
SPAIN (Registered Office: Bilbao)
|
| | | | | | | | | | | | | | | |
|
Cadagua, S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
100.0%
|
| |
87
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
SPAIN (Registered Office: Madrid)
|
| | | | | | | | | | | | | | | |
|
Cocsa, S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
100.0%
|
| |
8
|
| |
1
|
|
|
Ditecpesa, S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
100.0%
|
| |
1
|
| |
1
|
|
|
Ferroconservación, S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
99.0%
|
| |
20
|
| |
1
|
|
|
Ferrovial Construcción, S.A. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
711
|
| |
1
|
|
|
Ferrovial Medio Ambiente y Energía, S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
100.0%
|
| |
1
|
| | | |
|
Ferrovial Railway S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
98.8%
|
| |
0
|
| | | |
|
Siemsa Control y Sistemas S.A.U. (a)
|
| | | | |
Siemsa Industria S.A. (a)
|
| |
99.0%
|
| |
1
|
| |
1
|
|
|
Siemsa Industria S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
99.0%
|
| |
16
|
| |
1
|
|
|
Urbaoeste, S.A. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
99.0%
|
| |
0
|
| | | |
|
Cimentaciones Especiales y Estructurales CIMSA, S.A.
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
99.0%
|
| |
0
|
| | | |
|
Arena Recursos Naturales, S.A.U. (a)
|
| | | | |
Ferrovial Construcción, S.A. (a)
|
| |
100.0%
|
| |
0
|
| | | |
|
SPAIN (Registered Office: Zaragoza)
|
| | | | | | | | | | | | | | | |
|
Depusa Aragón S.A. (a)
|
| |
P
|
| |
Ferrovial Construcción, S.A. (a)
|
| |
42.3%
|
| |
2
|
| |
1
|
|
|
Depusa Aragón S.A. (a)
|
| |
P
|
| |
Cadagua, S.A. (a)
|
| |
51.7%
|
| |
2
|
| |
1
|
|
|
UNITED STATES (Registered Office: Atlanta)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction East, LLC
|
| | | | |
Ferrovial Construction US Corp.
|
| |
100.0%
|
| |
457
|
| | | |
|
UNITED STATES (Registered Office: Austin)
|
| | | | | | | | | | | | | | | |
|
Cadagua US LLC
|
| | | | |
Ferrovial Construction US Holding Corp.
|
| |
100.0%
|
| |
14
|
| | | |
|
Cintra ITR LLC
|
| | | | |
Ferrovial Construction US Corp.
|
| |
49.0%
|
| |
3
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
Ferrovial Agroman 56, LLC
|
| | | | |
Ferrovial Construction Texas, LLC
|
| |
100.0%
|
| |
35
|
| | | |
|
Ferrovial Agroman Indiana, LLC
|
| | | | |
Ferrovial Construction US Corp.
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial Construction Texas, LLC
|
| | | | |
Ferrovial Construction US Corp.
|
| |
100.0%
|
| |
158
|
| | | |
|
Ferrovial Construction US Corp.
|
| | | | |
Ferrovial Construction US Holding Corp.
|
| |
100.0%
|
| |
453
|
| |
1
|
|
|
Ferrovial Construction US Holding Corp.
|
| | | | |
Ferrovial Holding US Corp.
|
| |
100.0%
|
| |
1,002
|
| |
1
|
|
|
Grand Parkway Infrastructure LLC
|
| | | | |
DBW Construction LLC
|
| |
30.0%
|
| |
0
|
| |
1
|
|
|
Grand Parkway Infrastructure LLC
|
| | | | |
Ferrovial Construction Texas, LLC
|
| |
40.0%
|
| |
0
|
| |
1
|
|
|
Ferrovial Energy Solutions, LLC
|
| | | | |
Ferrovial Construction US Holding Corp.
|
| |
100.0%
|
| |
0
|
| | | |
|
Servicios (Delaware) Inc.
|
| | | | |
Webber Infrastructure Management Holding US Corp
|
| |
100.0%
|
| |
35
|
| | | |
|
Webber Infrastructure Management US Inc.
|
| | | | |
Servicios (Delaware) Inc.
|
| |
100.0%
|
| |
255
|
| |
1
|
|
|
Webber Infrastructure Management Inc.
|
| | | | |
Webber Infrastructure Management US
|
| |
100.0%
|
| |
39
|
| |
1
|
|
|
Webber Infrastructure Management Holding US Corp
|
| | | | |
Ferrovial Holding US Corp
|
| |
100.0%
|
| |
31
|
| |
1
|
|
|
Ferrovial Construccion JFK T1 LLC
|
| | | | |
Ferrovial Construction US Corp.
|
| |
100.0%
|
| |
0
|
| | | |
|
Tecpresa Structural Solutions, LLC
|
| | | | |
Ferrovial Construction US Holding Corp.
|
| |
100.0%
|
| |
0
|
| | | |
|
UNITED STATES (Registered Office: Charlotte)
|
| | | | | | | | | | | | | | | |
|
Sugar Creek Construction LLC
|
| | | | |
Ferrovial Construction East, LLC
|
| |
70.0%
|
| |
64
|
| | | |
|
UNITED STATES (Registered Office: Dallas)
|
| | | | | | | | | | | | | | | |
|
Trinity Infrastructure LLC
|
| | | | |
DBW Construction LLC
|
| |
40.0%
|
| |
0
|
| | | |
|
Trinity Infrastructure LLC
|
| | | | |
Ferrovial Construction Texas, LLC
|
| |
60.0%
|
| |
0
|
| | | |
|
UNITED STATES (Registered Office: Fort Worth)
|
| | | | | | | | | | | | | | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
North Tarrant Infrastructures
|
| | | | |
DBW Construction LLC
|
| |
25.0%
|
| |
0
|
| |
1
|
|
|
North Tarrant Infrastructures
|
| | | | |
Ferrovial Construction Texas, LLC
|
| |
75.0%
|
| |
0
|
| |
1
|
|
|
UNITED STATES (Registered Office: Georgia)
|
| | | | | | | | | | | | | | | |
|
North Perimeter Contractors LLC
|
| | | | |
Ferrovial Construction East, LLC
|
| |
100.0%
|
| |
39
|
| |
1
|
|
|
UNITED STATES (Registered Office: Katy)
|
| | | | | | | | | | | | | | | |
|
52 Block Builders
|
| | | | |
Webber Commercial Construction, LLC
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
UNITED STATES (Registered Office: Los Angeles)
|
| | | | | | | | | | | | | | | |
|
California Rail Builders
|
| | | | |
Ferrovial Construction West, LLC
|
| |
80.0%
|
| |
0
|
| |
1
|
|
|
Ferrovial Construction West, LLC
|
| | | | |
Ferrovial Construction US Corp.
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
UNITED STATES (Registered Office: North Richland Hills)
|
| | | | | | | | | | | | | | | |
|
Bluebonnet Contractor, LLC
|
| | | | |
DBW Construction LLC
|
| |
40.0%
|
| |
0
|
| | | |
|
Bluebonnet Contractor, LLC
|
| | | | |
Ferrovial Construction Texas, LLC
|
| |
60.0%
|
| |
0
|
| | | |
|
UNITED STATES (Registered Office: The Woodlands)
|
| | | | | | | | | | | | | | | |
|
DBW Construction LLC.
|
| | | | |
Webber, LLC
|
| |
100.0%
|
| |
40
|
| |
1
|
|
|
PLW Waterworks LLC
|
| | | | |
Cadagua US, LLC
|
| |
50.0%
|
| |
2
|
| |
1
|
|
|
PLW Waterworks LLC
|
| | | | |
Webber, LLC
|
| |
50.0%
|
| |
2
|
| |
1
|
|
|
Webber Materials, LLC
|
| | | | |
Webber Equipment & Materials LLC
|
| |
100.0%
|
| |
88
|
| |
1
|
|
|
Webber, LLC
|
| | | | |
Ferrovial Construction US Holding Corp.
|
| |
100.0%
|
| |
584
|
| |
1
|
|
|
Webber Barrier Services
|
| | | | |
Webber, LLC
|
| |
100.0%
|
| |
5
|
| |
1
|
|
|
Webber Commercial Construction LLC
|
| | | | |
Webber, LLC
|
| |
100.0%
|
| |
6
|
| |
1
|
|
|
Webber Equipment & Materials LLC
|
| | | | |
Webber, LLC
|
| |
100.0%
|
| |
227
|
| |
1
|
|
|
Webber Management Group LLC
|
| | | | |
Webber Equipment & Materials LLC
|
| |
100.0%
|
| |
41
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
UNITED STATES (Registered Office: Virginia)
|
| | | | | | | | | | | | | | | |
|
FAM Construction LLC (I-66)
|
| | | | |
Ferrovial Construction US Corp.
|
| |
70.0%
|
| |
240
|
| |
1
|
|
|
FRANCE (Registered Office: Paris)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction France, S.A.
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
13
|
| | | |
|
NETHERLANDS (Registered Office: Amsterdam)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction International SE
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
237
|
| |
1
|
|
|
IRELAND (Registered Office: Dublin)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction Ireland Ltd
|
| | | | |
Ferrovial Construction Holdings Ltd
|
| |
100.0%
|
| |
8
|
| |
2
|
|
|
MEXICO (Registered Office: México DF)
|
| | | | | | | | | | | | | | | |
|
Cadagua Ferr. Industrial MEXICO
|
| | | | |
Cadagua, S.A. (a)
|
| |
75.0%
|
| |
0
|
| | | |
|
Cadagua Ferr. Industrial MEXICO
|
| | | | |
Ferrovial Medio Ambiente y Energía, S.A. (a)
|
| |
25.0%
|
| |
0
|
| | | |
|
NEW ZEALAND (Registered Office: Wellington)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction (New Zeeland) Limited
|
| | | | |
Ferrovial Construcción Australia PTY LTD
|
| |
100.0%
|
| |
1
|
| | | |
|
PERU (Registered Office: Lima)
|
| | | | | | | | | | |
1
|
| | | |
|
Ferrovial Construcción Perú, S.A.C.
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
0
|
| | | |
|
POLAND (Registered Office: Cracow)
|
| | | | | | | | | | | | | | | |
|
Mostostal Kraków S.A.
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
3
|
| |
1
|
|
|
Mostostal Kraków Energetyka sp. z o.o.
|
| | | | |
Mostostal Kraków SA
|
| |
100.0%
|
| |
0
|
| | | |
|
POLAND (Registered Office: Kamieńsk)
|
| | | | | | | | | | | | | | | |
|
FBSerwis Kamieńsk Sp. z o.o.
|
| | | | |
FBSerwis SA
|
| |
80.0%
|
| |
8
|
| |
1
|
|
|
POLAND (Registered Office: Kąty Wrocławskie)
|
| | | | | | | | | | | | | | | |
|
FBSerwis Wrocław Sp. z o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
21
|
| |
1
|
|
|
POLAND (Registered Office: Ścinawka Dolna)
|
| | | | | | | | | | | | | | | |
|
FBSerwis Dolny Sląsk Sp. z o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
6
|
| |
1
|
|
|
POLAND (Registered Office: Tarnów)
|
| | | | | | | | | | | | | | | |
|
FBSerwis Karpatia Sp. z o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
5
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
POLAND (Registered Office: Warsaw)
|
| | | | | | | | | | | | | | | |
|
Budimex, S.A.
|
| | | | |
Ferrovial Construction International SE
|
| |
50.1%
|
| |
83
|
| |
1
|
|
|
Budimex Mobility, S.A.
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
3
|
| |
1
|
|
|
WM Serwis, S.A.
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
BXF Energía SP. z.o.o.
|
| | | | |
Budimex, S.A.
|
| |
51.0%
|
| |
8
|
| |
1
|
|
|
Budimex Budownictwo Sp. z o.o.
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Budimex Kolejnictwo SA
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
19
|
| |
1
|
|
|
Budimex Parking Wrocław Sp. z o.o.
|
| | | | |
Budimex, S.A.
|
| |
51.0%
|
| |
1
|
| |
1
|
|
|
FBSerwis SA
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
68
|
| |
1
|
|
|
JZE Sp. z o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
1
|
| |
1
|
|
|
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
|
| | | | |
JZE Sp. z.o.o.0
|
| |
100.0%
|
| |
6
|
| | | |
|
PPHUH Konstralex Sp. z.o.o.
|
| | | | |
Mostostal Kraków SA
|
| |
100.0%
|
| |
0
|
| | | |
|
Green Waste Management 1 S.P. Z.o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Green Waste Management 2 S.P. Z.o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Green Waste Management 3 S.P. Z.o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Green Waste Management 4 S.P. Z.o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Green Waste Management 5 S.P. Z.o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Green Waste Management 6 S.P. Z.o.o.
|
| | | | |
FBSerwis SA
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
CZECH REPUBLIC (Registered Office: Prague)
|
| | | | | | | | | | | | | | | |
|
Budimex Construction Prague S.P.O.
|
| | | | |
Budimex, S.A.
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
PUERTO RICO (Registered Office: San Juan)
|
| | | | | | | | | | | | | | | |
|
Ditecpesa PR, LLC
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
1
|
| | | |
|
Ferrovial Construcción Puerto Rico, LLC
|
| | | | |
Ferrovial Construction International SE
|
| |
100.0%
|
| |
25
|
| | | |
|
UNITED KINGDOM (Registered Office: London)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Construction (UK) Limited
|
| | | | |
Ferrovial Construction
Holdings Ltd |
| |
100.0%
|
| |
31
|
| |
1
|
|
|
Ferrovial Construction Holdings Limited
|
| | | | |
Ferrovial Construction
International SE |
| |
100.0%
|
| |
31
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
FC Civil Solutions Limited
|
| | | | |
Ferrovial Construction
Holdings Ltd |
| |
100.0%
|
| |
0
|
| | | |
|
TOLL ROADS
|
| |
|
| | | | |
|
| |
|
| |
|
|
|
SPAIN (Registered Office: Madrid)
|
| | | | | | | | | | | | | | | |
|
Cintra Infraestructuras España, S.L.U. (a)
|
| | | | |
Ferrovial, SE
|
| |
100.0%
|
| |
155
|
| |
1
|
|
|
Cintra Infraestructuras Irlanda, S.L.U. (a)
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
3
|
| |
1
|
|
|
Cintra Inversora Autopistas de Cataluña, S.L. (a)
|
| |
P
|
| |
Cintra Infraestructuras España S.L.U. (a)
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Inversora Autopistas de Cataluña, S.L. (a)
|
| |
P
|
| |
Cintra Inversora Autopistas de Cataluña, S.L. (a)(a)
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Cintra Inversiones, S.L.U. (a)
|
| | | | |
Cintra Infraestructuras España S.L.U. (a)
|
| |
100.0%
|
| |
46
|
| | | |
|
Cintra Servicios de Infraestructuras, S.A. (a)
|
| | | | |
Cintra Infraestructuras España S.L.U. (a)
|
| |
100.0%
|
| |
24
|
| |
1
|
|
|
Autopista Alcalá-O’Donnell, S.A. (a)
|
| | | | |
Cintra Infraestructuras España S.L.U. (a)
|
| |
100.0%
|
| |
15
|
| | | |
|
Autovía de Aragón, Sociedad Concesionaria, S.A.
|
| |
P
|
| |
Cintra Infraestructuras España S.L.U. (a)
|
| |
30.0%
|
| |
12
|
| |
2
|
|
|
Pilum, S.A.
|
| |
P
|
| |
Cintra Infraestructuras España S.L.U. (a)
|
| |
2.1%
|
| |
0
|
| |
2
|
|
|
Ferrovial Aravia, S.A.
|
| |
P
|
| |
Cintra Infraestructuras España S.L.U. (a)
|
| |
30.0%
|
| |
1
|
| |
1
|
|
|
Cintra Desarrollo España, S.L.
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
0
|
| | | |
|
SPAIN (Registered Office: Barcelona)
|
| | | | | | | | | | | | | | | |
|
Autema, S.A. (a)
|
| |
P
|
| |
Inversora Autopistas de Cataluña, S.L. (a)
|
| |
76.3%
|
| |
414
|
| |
1
|
|
|
AUSTRALIA (Registered Office: Melbourne)
|
| | | | | | | | | | | | | | | |
|
Cintra OSARS (Western) Holdings Unit Trust
|
| | | | |
Cintra OSARS Western Ltd
|
| |
100.0%
|
| |
23
|
| | | |
|
Cintra OSARS Western Unit Trust
|
| | | | |
Cintra OSARS (Western) Holdings Unit Trust
|
| |
100.0%
|
| |
-3
|
| | | |
|
AUSTRALIA (Registered Office: Sydney)
|
| | | | | | | | | | | | | | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
Cintra Developments Australia PTY, Ltd
|
| | | | |
Cintra Infrastructures UK Ltd
|
| |
100.0%
|
| |
1
|
| |
1
|
|
|
Cintra OSARS (Western) Holdings PTY Ltd
|
| | | | |
Cintra OSARS Western Ltd
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Cintra OSARS Western PTY Ltd
|
| | | | |
Cintra OSARS (Western) Holdings PTY Ltd
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
CANADA (Registered Office: Toronto)
|
| | | | | | | | | | | | | | | |
|
Cintra 407 East Development Group Inc
|
| | | | |
407 Toronto Highway B.V.
|
| |
100.0%
|
| |
2
|
| | | |
|
Cintra OM&R 407 East Development Group Inc
|
| | | | |
407 Toronto Highway B.V.
|
| |
100.0%
|
| |
0
|
| | | |
|
Cintra 4352238 Investments INC
|
| | | | |
407 Toronto Highway B.V.
|
| |
100.0%
|
| |
12
|
| | | |
|
Blackbird Maintenance 407 Cintra GP Inc
|
| | | | |
407 Toronto Highway B.V.
|
| |
100.0%
|
| |
1
|
| | | |
|
Blackbird Infrastructure 407 Cintra GP Inc
|
| | | | |
407 Toronto Highway B.V.
|
| |
100.0%
|
| |
0
|
| | | |
|
COLOMBIA (Registered Office: Bogotá)
|
| | | | | | | | | | | | | | | |
|
Cintra Infraestructuras Colombia, S.A.S. (a)
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
18
|
| |
1
|
|
|
UNITED STATES (Registered Office: Austin)
|
| | | | | | | | | | | | | | | |
|
Cintra Holding US Corp
|
| | | | |
Ferrovial Holding US Corp
|
| |
96.8%
|
| |
1,292
|
| | | |
|
Cintra Texas Corp
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
-22
|
| | | |
|
Cintra US Services LLC
|
| | | | |
Cintra Texas Corp
|
| |
100.0%
|
| |
1
|
| | | |
|
Cintra ITR LLC
|
| | | | |
Cintra Holding US Corp
|
| |
49.0%
|
| |
0
|
| | | |
|
Cintra LBJ LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
303
|
| | | |
|
Cintra NTE LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
240
|
| | | |
|
Cintra NTE Mobility Partners Segments 3 LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
282
|
| | | |
|
Cintra Toll Services LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
0
|
| | | |
|
Cintra I-77 Mobility Partners LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
142
|
| | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
Cintra 2 I-77 Mobility Partners LLC (2)
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
66
|
| | | |
|
Cintra 2 I-66 Express Mobility Partners
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
679
|
| | | |
|
I-66 Express Mobility Partners Holdings LLC
|
| |
P
|
| |
Cintra 2 I-66 Express Mobility Partners
|
| |
50.0%
|
| |
679
|
| | | |
|
I-66 Express Mobility Partners LLC
|
| |
P
|
| |
I-66 Express Mobility Partners Holdings LLC
|
| |
100.0%
|
| |
1,437
|
| | | |
|
Cintra 3I-66 Express Mobility Partners LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
200
|
| | | |
|
Cintra 3 I-77 Mobility Partners LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
104
|
| | | |
|
Cintra Digital Business Ventures LLC
|
| |
P
|
| |
Cintra Holding US Corp
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial Energy US, LLC
|
| | | | |
Ferrovial Holding US Corp
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial Energy US 1, LLC
|
| | | | |
Ferrovial Energy US, LLC
|
| |
100.0%
|
| |
0
|
| | | |
|
Cintra North Corridor Transit Partners LLC
|
| | | | |
Cintra Holding US Corp
|
| |
100.0%
|
| |
0
|
| | | |
|
UNITED STATES (Registered Office: Charlotte)
|
| | | | | | | | | | | | | | | |
|
I-77 Mobility Partners Holding LLC
|
| |
P
|
| |
Cintra I-77 Mobility Partners LLC
|
| |
50.1%
|
| |
108
|
| | | |
|
I-77 Mobility Partners Holding LLC
|
| |
P
|
| |
Cintra 2-I77 Mobility Partners Holding LLC
|
| |
15.0%
|
| |
68
|
| | | |
|
I-77 Mobility Partners Holding LLC
|
| |
P
|
| |
Cintra 3-I77 Mobility Partners Holding LLC
|
| |
7.1%
|
| |
104
|
| | | |
|
I-77 Mobility Partners LLC
|
| |
P
|
| |
I-77 Mobility Partners Holding LLC
|
| |
100.0%
|
| |
218
|
| |
1
|
|
|
UNITED STATES (Registered Office: Dallas)
|
| | | | | | | | | | | | | | | |
|
LBJ Infrastructure Group Holding LLC
|
| |
P
|
| |
Cintra LBJ LLC
|
| |
54.6%
|
| |
302
|
| | | |
|
LBJ Infrastructure Group LLC
|
| |
P
|
| |
LBJ Infrastructure Group Holding LLC
|
| |
100.0%
|
| |
521
|
| |
1
|
|
|
UNITED STATES (Registered Office: North Richland Hills)
|
| | | | | | | | | | | | | | | |
|
NTE Mobility Partners Holding LLC
|
| |
P
|
| |
Cintra NTE LLC
|
| |
63.0%
|
| |
240
|
| |
1
|
|
|
NTE Mobility Partners LLC
|
| |
P
|
| |
NTE Mobility Partners Holding LLC
|
| |
100.0%
|
| |
322
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
NTE Mobility Partners Segments 3 Holding LLC
|
| |
P
|
| |
Cintra NTE Mobility Partners Segments 3 LLC
|
| |
53.7%
|
| |
276
|
| |
1
|
|
|
NTE Mobility Partners Segments 3 LLC
|
| |
P
|
| |
NTE Mobility Partners Segments 3 Holding LLC
|
| |
100.0%
|
| |
436
|
| |
1
|
|
|
NETHERLANDS (Registered Office: Amsterdam)
|
| | | | | | | | | | | | | | | |
|
Cintra Infrastructures SE
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
3,033
|
| |
1
|
|
|
Cintra Global SE
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
3,242
|
| |
1
|
|
|
407 Toronto Highway B.V.
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
2,664
|
| |
2
|
|
|
Cintra INR Investments B.V.
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
369
|
| |
5
|
|
|
Cintra Latam Highways B.V.
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
1
|
| | | |
|
INDIA (Registered Office: Mumbai)
|
| | | | | | | | | | | | | | | |
|
Cinfra India Private Limited
|
| | | | |
Cintra INR Investments BV
|
| |
99.9%
|
| |
0
|
| |
1
|
|
|
IRELAND (Registered Office: Dublin)
|
| | | | | | | | | | | | | | | |
|
Financinfrastructures, Ltd
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
32
|
| |
1
|
|
|
Cinsac, Ltd
|
| | | | |
Cintra Infraestructuras IRELAND, S.L.U. (a)
|
| |
100.0%
|
| |
1
|
| |
1
|
|
|
PORTUGAL (Registered Office: Lisbon)
|
| | | | | | | | | | | | | | | |
|
Vialivre, S.A.
|
| |
P
|
| |
Cintra Infrastructures SE
|
| |
84.0%
|
| |
0
|
| |
1
|
|
|
UNITED KINGDOM (Registered Office: London)
|
| | | | | | | | | | | | | | | |
|
Cintra Silvertown Ltd
|
| | | | |
Cintra Infrastructures UK Ltd
|
| |
100.0%
|
| |
1
|
| |
1
|
|
|
UNITED KINGDOM (Registered Office: Oxford)
|
| | | | | | | | | | | | | | | |
|
Cintra Infrastructures UK Ltd
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
42
|
| |
1
|
|
|
Cintra Toowoomba Ltd
|
| | | | |
Cintra Infrastructures UK Ltd
|
| |
100.0%
|
| |
5
|
| |
1
|
|
|
Cintra UK I-77 Ltd
|
| | | | |
Ferrovial Holding US Corp
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Cintra Slovakia Ltd
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
1
|
| |
1
|
|
|
Cintra OSARS Western Ltd
|
| | | | |
Cintra Infrastructures UK Ltd
|
| |
100.0%
|
| |
23
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
CHILE (Registered Office: Santiago de Chile)
|
| | | | | | | | | | | | | | | |
|
Cintra Infraestructuras Chile, S.p.A
|
| | | | |
Cintra Global SE
|
| |
100.0%
|
| |
0
|
| | | |
|
AIRPORTS
|
| |
|
| | | | |
|
| |
|
| |
|
|
|
SPAIN (Registered Office: Madrid)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Aeropuertos España, S.A. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
43
|
| | | |
|
UNITED STATES (Registered Office: Austin)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Airports Holding US Corp
|
| | | | |
Ferrovial Holding US Corp
|
| |
100.0%
|
| |
325
|
| | | |
|
Ferrovial Vertiports US LLC
|
| | | | |
Ferrovial Airports Holding US Corp
|
| |
100.0%
|
| |
8
|
| | | |
|
Ferrovial Vertiports Florida LLC
|
| |
P
|
| |
Ferrovial Vertiports US LLC
|
| |
100.0%
|
| |
1
|
| | | |
|
UNITED STATES (Registered Office: Denver)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Airports O&M Services LLC
|
| | | | |
Ferrovial Airports Holding US Corp
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial Airports US Terminal One LLC.
|
| | | | |
Ferrovial Airports Holding US Corp
|
| |
100.0%
|
| |
265
|
| | | |
|
UNITED STATES (Registered Office: New York)
|
| | | | | | | | | | | | | | | |
|
MARS NTO LLC.
|
| | | | |
Ferrovial Airports US Terminal One LLC.
|
| |
96.1%
|
| |
273
|
| | | |
|
NETHERLANDS (Registered Office: Amsterdam)
|
| | | | | | | | | | | | | | | |
|
Hubco Netherlands B.V.
|
| | | | |
Ferrovial Airports International, SE
|
| |
100.0%
|
| |
807
|
| | | |
|
FERROVIAL AIRPORTS FMM BV
|
| | | | |
Ferrovial Airports International, SE
|
| |
100.0%
|
| |
9
|
| | | |
|
Ferrovial Airports Turkey B.V.
|
| | | | |
Ferrovial Airports International, SE
|
| |
100.0%
|
| |
152
|
| | | |
|
UNITED KINGDOM (Registered Office: Oxford)
|
| | | | | | | | | | | | | | | |
|
Faero UK Holding Limited
|
| | | | |
Hubco Netherlands B.V.
|
| |
100.0%
|
| |
255
|
| |
1
|
|
|
Ferrovial Airports International, SE
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
1,372
|
| |
1
|
|
|
Ferrovial Vertiports UK Ltd.
|
| |
P
|
| |
Ferrovial Airports International, SE
|
| |
100.0%
|
| |
2
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
TURKEY (Registered Office: Ankara)
|
| | | | | | | | | | | | | | | |
|
YDA HAVALIMANI YATIRIM VE (Dalaman)
|
| | | | |
Ferrovial Airports Turkey B.V.
|
| |
60.0%
|
| |
145
|
| |
1
|
|
|
ENERGY INFRASTRUCTURES AND MOBILITY
|
| |
|
| | | | |
|
| |
|
| |
|
|
|
SPAIN (Registered Office: Madrid)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Transco España , S.A.U. (a)
|
| |
P
|
| |
Ferrovial Transco International, B.V.
|
| |
100.0%
|
| |
13
|
| | | |
|
Ferrovial Infraestructuras Energéticas, S.A.U. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
19
|
| | | |
|
Parque Solar Casilla, S.L.U. (a)
|
| |
P
|
| |
Ferrovial Infraestructuras Energéticas, S.A.U. (a)
|
| |
100.0%
|
| |
9
|
| |
1
|
|
|
Ferrovial Mobility, S.L. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
35
|
| | | |
|
Cea Infraestructuras Energéticas (a)
|
| |
P
|
| |
Ferrovial Infraestructuras Energéticas, S.A.U. (a)
|
| |
100.0%
|
| |
0
|
| | | |
|
Jucar Infraestructuras Energéticas (a)
|
| |
P
|
| |
Ferrovial Infraestructuras Energéticas, S.A.U. (a)
|
| |
100.0%
|
| |
0
|
| | | |
|
Pisuerga Infraestructuras Energéticas, S.A.U. (a)
|
| |
P
|
| |
Ferrovial Infraestructuras Energéticas, S.A.U. (a)
|
| |
100.0%
|
| |
0
|
| | | |
|
Ferrovial Growth VI, S.L. (a)
|
| | | | |
Ferrovial Infraestructuras Energéticas, S.A.U. (a)
|
| |
100.0%
|
| |
10
|
| | | |
|
Roland Servicios Empresariales, S.L.U.
|
| | | | |
Ferrovial Mobility, S.L. (a)
|
| |
100.0%
|
| |
15
|
| | | |
|
Ferrovial 004, S.A. (a)
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
17
|
| | | |
|
CHILE (Registered Office: Santiago)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Power Infrastructure Chile, SpA
|
| |
P
|
| |
Ferrovial Transco International, B.V.
|
| |
100.0%
|
| |
60
|
| |
1
|
|
|
Ferrovial Transco Chile II SpA
|
| |
P
|
| |
Ferrovial Power Infraestructure Chile, SpA
|
| |
100.0%
|
| |
0
|
| | | |
|
Transchile Charrúa Transmisión, S.A.
|
| |
P
|
| |
Ferrovial Power Infraestructure Chile, SpA
|
| |
99.9%
|
| |
56
|
| |
1
|
|
|
Ferrovial Transco Chile III SPA
|
| |
P
|
| |
Ferrovial Transco International, B.V.
|
| |
100.0%
|
| |
0
|
| | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
Ferrovial Transco Chile IV SpA
|
| |
P
|
| |
Ferrovial Power Infraestructure Chile, SpA
|
| |
100.0%
|
| |
0
|
| | | |
|
Centella Transmisión, S.A.
|
| |
P
|
| |
Ferrovial Transco Chile III SPA
|
| |
49.9%
|
| |
0
|
| |
1
|
|
|
Centella Transmisión, S.A.
|
| |
P
|
| |
Ferrovial Power Infrastructure Chile, SpA
|
| |
50.1%
|
| |
0
|
| |
1
|
|
|
Centella Transmisión II, S.A.
|
| |
P
|
| |
Ferrovial Power Infrastructure Chile, SpA
|
| |
50.1%
|
| |
0
|
| |
1
|
|
|
UNITED STATES (Registered Office: Austin)
|
| | | | | | | | | | | | | | | |
|
Ferrovial Mobility U.S., LLC
|
| | | | |
Ferrovial Holding US Corp
|
| |
100.0%
|
| |
2
|
| | | |
|
NETHERLANDS (Registered Office: Amsterdam)
|
| | | | | | | | | | | | | | | |
|
Ferrovial EG SE
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
52
|
| |
2
|
|
|
Ferrovial Transco International B.V.
|
| | | | |
Ferrovial SE
|
| |
100.0%
|
| |
63
|
| |
1
|
|
|
UNITED KINGDOM (Registered Office: London)
|
| | | | | | | | | | | | | | | |
|
Thalia Waste Management Limited
|
| | | | |
Thalia Waste Treatment BV
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia MK ODC Limited
|
| | | | |
Thalia Waste Management Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia AWRP ODC Limited
|
| | | | |
Thalia Waste Management Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia WB HoldCo Limited
|
| | | | |
Thalia Waste Management Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia WB ODC Limited
|
| | | | |
Thalia WB HoldCo Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia WB Services Limited
|
| | | | |
Thalia WB ODC Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia WB SPV Limited
|
| | | | |
Thalia WB Services Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia IOW SPV Limited
|
| | | | |
Thalia Waste Management Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia Services Limited
|
| | | | |
Thalia Waste Management Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Thalia MK HoldCo Limited
|
| | | | |
Thalia Waste Management Limited
|
| |
100.0%
|
| |
0
|
| |
1
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
% Ownership
|
| |
Net Cost
Ownership |
| |
Audit
|
|
|
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
|
| |
2
|
|
|
Berliam S.p.A.
|
| | | | |
Inversiones Chile Ltda
|
| |
34.9%
|
| |
3
|
| |
2
|
|
|
CHILE (Registered Office: Los Andes)
|
| | | | | | | | | | | | | | | |
|
Steel Ingenieria, S.A.
|
| | | | |
Veltis, SpA
|
| |
99.9%
|
| |
31
|
| |
2
|
|
|
Veltis, SpA
|
| | | | |
Ferrovial EG SE
|
| |
100.0%
|
| |
12
|
| | | |
|
CHILE (Registered Office: Santiago)
|
| | | | | | | | | | | | | | | |
|
Walvis, S.A.
|
| | | | |
Berliam S.p.A.
|
| |
99.7%
|
| |
0
|
| |
2
|
|
|
Inversiones (Chile) Holdings Limitada
|
| | | | |
Veltis, SpA
|
| |
100.0%
|
| |
27
|
| |
2
|
|
|
Inversiones (Chile) Limitada
|
| | | | |
Inversiones (Chile) Holding Limitada
|
| |
100.0%
|
| |
0
|
| | | |
|
Servicios Salud, SpA
|
| | | | |
Veltis, SpA
|
| |
100.0%
|
| |
0
|
| | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
%
Owner. |
| |
V. Eq.
Method |
| |
Assets.
|
| |
Liab.
|
| |
Reven.
|
| |
Results
|
| |
Audit
|
|
| ENERGY INFRASTRUCTURES AND MOBILITY | | | | | | | | | | | | | | | | | | | | |||||||||
|
SPAIN
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Grupo Serveo, S.L.
|
| | | | |
Ferrovial 004,
S.L.U. |
| | 24.8% | | |
17
|
| |
663
|
| |
585
|
| |
1,241
|
| |
44
|
| | | |
| CONSTRUCTION | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
CANADA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ontario Transit Group Inc. | | | | | | Ontario Transit FCCI (Hold Co) Inc. | | | 50.0% | | |
(9)
|
| |
875
|
| |
893
|
| |
214
|
| |
-
|
| | | |
|
SPAIN
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Via Olmedo Pedralba, S.A. | | | | | | Ferrovial Construccion, S.A. | | | 25.2% | | |
1
|
| |
5
|
| |
2
|
| |
4
|
| |
-
|
| |
3
|
|
| Boremer, S.A. | | | | | | Cadagua, S.A. | | | 50.0% | | |
1
|
| |
2
|
| |
1
|
| |
-
|
| |
-
|
| |
2
|
|
|
UNITED STATES
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pepper Lawson Horizon Intl. Group | | | | | | Webber Commercial Construction LLC | | | 70.0% | | |
-
|
| |
2
|
| |
2
|
| |
-
|
| |
-
|
| |
1
|
|
|
OMAN
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| International Water Treatment LLC | | | | | | Cadagua, S.A. | | | 37.5% | | |
2
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
4
|
|
|
POLAND
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PPHU Promos Sp. z o.o. | | | | | | Budimex SA | | | 26.3% | | |
1
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| | | |
| AIRPORTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
UNITED KINGDOM
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FGP Topco Limited | | |
P
|
| |
Hubco
Netherlands B.V. |
| | 25.0% | | |
-
|
| |
22,358
|
| |
25,465
|
| |
4,240
|
| |
389
|
| |
4
|
|
| AGS Airports Holdings Limited | | |
P
|
| |
Faero UK
Holding Limited |
| | 50.0% | | |
-
|
| |
1,476
|
| |
1,488
|
| |
228
|
| |
(26)
|
| |
2
|
|
|
QATAR
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FMM Company LLC | | |
P
|
| | Ferrovial Airports FMM B.V. | | | 49.0% | | |
19
|
| |
69
|
| |
29
|
| |
99
|
| |
15
|
| | | |
|
UNITED STATES
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| JFK NTO SPONSOR AGGREGATOR LLC. | | |
P
|
| | MARS NTO LLC | | | 51.0% | | |
471
|
| |
5,966
|
| |
5,162
|
| |
66
|
| |
7
|
| |
1
|
|
| TOLL ROADS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
%
Owner. |
| |
V. Eq.
Method |
| |
Assets.
|
| |
Liab.
|
| |
Reven.
|
| |
Results
|
| |
Audit
|
|
|
AUSTRALIA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nexus Infrastructure Holdings Unit Trust | | |
P
|
| | Cintra Toowoomba Ltd | | | 40.0% | | |
3
|
| |
1
|
| |
-
|
| |
-
|
| |
-
|
| | | |
| Nexus Infrastructure Unit Trust | | |
P
|
| | Nexus Infrastructure Holdings Unit Trust | | | 40.0% | | |
10
|
| |
46
|
| |
20
|
| |
33
|
| |
6
|
| | | |
| Nexus Infrastructure Holdings PTY Ltd | | |
P
|
| | Cintra Toowoomba Ltd | | | 40.0% | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| | | |
| Nexus Infrastructure PTY Ltd | | |
P
|
| | Nexus Infrastructure Holdings PTY Ltd | | | 40.0% | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| | | |
| Netflow Osars (Western) GP | | |
P
|
| | Cintra Osars (Western) Unit Trust | | | 50.0% | | |
42
|
| |
165
|
| |
81
|
| |
51
|
| |
2
|
| | | |
|
SPAIN
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Serranopark, S.A. | | |
P
|
| | Cintra Infraestructuras España, S.L.U. | | | 50.0% | | |
1
|
| |
74
|
| |
47
|
| |
7
|
| |
6
|
| |
2
|
|
| Autovía de Aragón Sociedad Concesionaria, S.A. | | |
P
|
| | Cintra Infraestructuras España, S.L.U. | | | 30.0% | | |
17
|
| |
146
|
| |
99
|
| |
49
|
| |
7
|
| |
1
|
|
| Bip & Drive, S.A. | | |
P
|
| | Cintra Infraestructuras España, S.L.U. | | | 20.0% | | |
5
|
| |
34
|
| |
13
|
| |
17
|
| |
4
|
| | | |
| Empresa Mant. y Explotación M30, S.A. | | | | | | Ferrovial Construccion, S.A. | | | 50.0% | | |
(34)
|
| |
224
|
| |
223
|
| |
35
|
| |
12
|
| |
5
|
|
| Madrid Calle 30, S.A. | | |
P
|
| | Empresa Mant. y Explotación M30, S.A. | | | 20.0% | | |
52
|
| |
655
|
| |
140
|
| |
146
|
| |
62
|
| |
8
|
|
|
CANADA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 407 International Inc | | |
P
|
| | Cintra 4352238 Investment Inc. | | | 43.2% | | |
928
|
| |
3,667
|
| |
7,797
|
| |
1,025
|
| |
403
|
| |
2
|
|
| 407 East Development Group General Partnership | | |
P
|
| | Cintra 407 East Development Group Inc | | | 50.0% | | |
15
|
| |
109
|
| |
63
|
| |
8
|
| |
3
|
| |
2
|
|
| OM&R 407 East Development Group General Partnership | | |
P
|
| | Cintra OM&R 407 East Development Group Inc | | | 50.0% | | |
1
|
| |
6
|
| |
4
|
| |
6
|
| |
1
|
| |
2
|
|
|
Entity
|
| |
Type
|
| |
Parent
|
| |
%
Owner. |
| |
V. Eq.
Method |
| |
Assets.
|
| |
Liab.
|
| |
Reven.
|
| |
Results
|
| |
Audit
|
|
| Blackbird Maintenance 407 GP | | |
P
|
| | Blackbird Maintenance 407 Cintra GP Inc | | | 50.0% | | |
1
|
| |
5
|
| |
4
|
| |
5
|
| |
-
|
| |
3
|
|
| Blackbird Infrastructures 407 GP | | |
P
|
| | Blackbird Infrastructures 407 Cintra GP Inc | | | 50.0% | | |
12
|
| |
94
|
| |
69
|
| |
7
|
| |
2
|
| |
3
|
|
|
COLOMBIA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Concesionaria Ruta del Cacao S.A.S. | | |
P
|
| | Cintra Infraestructuras Colombia S.A.S. | | | 30.0% | | |
22
|
| |
815
|
| |
739
|
| |
183
|
| |
51
|
| |
2
|
|
|
INDIA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| IRB Infrastructure Developers Limited | | | | | | Cintra INR Investments B.V. | | |
100.0%
|
| |
376
|
| |
4,803
|
| |
3,311
|
| |
828
|
| |
61
|
| |
3
|
|
|
IRELAND
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Eurolink Motorway Operation (N4-N6) Ltd | | |
P
|
| | Cintra Infraestructuras Irlanda, S.L.U. | | | 20.0% | | |
10
|
| |
207
|
| |
97
|
| |
37
|
| |
4
|
| |
2
|
|
| Eurolink Motorway Operations (M3) Ltd | | |
P
|
| | Cinsac Ltd | | | 20.0% | | |
9
|
| |
102
|
| |
58
|
| |
16
|
| |
3
|
| |
2
|
|
|
UNITED KINGDOM
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Scot Roads Partnership Holdings Ltd | | |
P
|
| |
Cintra
Infrastructures UK Ltd |
| | 20.0% | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| | | |
| Scot Roads Partnership Finance Ltd | | |
P
|
| |
Scot Roads Partnership
Holdings Ltd |
| | 20.0% | | |
-
|
| |
405
|
| |
405
|
| |
-
|
| |
-
|
| | | |
|
Entity
|
| |
Type
|
| |
Parent
|
| |
%
Owner. |
| |
V. Eq.
Method |
| |
Assets.
|
| |
Liab.
|
| |
Reven.
|
| |
Results
|
| |
Audit
|
|
| Scot Roads Partnership Project Ltd | | |
P
|
| |
Scot Roads Partnership
Holdings Ltd |
| | 20.0% | | |
-
|
| |
433
|
| |
433
|
| |
37
|
| |
-
|
| | | |
| Zero Bypass Holdings Ltd | | |
P
|
| |
Cintra Slovakia Ltd
|
| | 35.0% | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| | | |
| Zero Bypass Ltd | | |
P
|
| |
Zero Bypass
Holdings Ltd |
| | 35.0% | | |
14
|
| |
1,029
|
| |
972
|
| |
51
|
| |
-
|
| | | |
| RiverLinx Holdings Ltd | | |
P
|
| |
Cintra Silvertown
Ltd |
| | 22.5% | | |
-
|
| |
-
|
| |
-
|
| |
-
|
| |
-
|
| | | |
| RiverLinx Ltd | | |
P
|
| |
RiverLinx
Holdings Ltd |
| | 22.5% | | |
52
|
| |
1,500
|
| |
1,269
|
| |
275
|
| |
5
|
| | | |
| Total equity-accounted continuing operations | | |
|
| | | | | | | |
2,038
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
This ‘20FR12B/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
10/10/25 | ||||
1/1/25 | ||||
12/31/24 | ||||
12/16/24 | ||||
6/18/24 | ||||
5/2/24 | ||||
5/1/24 | ||||
Filed as of: | 4/16/24 | |||
Filed on: | 4/15/24 | |||
4/12/24 | ||||
4/11/24 | ||||
4/10/24 | ||||
4/5/24 | ||||
3/21/24 | ||||
3/14/24 | ||||
2/20/24 | ||||
2/15/24 | ||||
2/1/24 | ||||
1/18/24 | ||||
1/5/24 | 20FR12B, DRS, DRS/A | |||
1/1/24 | ||||
12/31/23 | ||||
12/29/23 | ||||
12/28/23 | ||||
12/20/23 | ||||
12/14/23 | ||||
12/6/23 | ||||
12/1/23 | ||||
11/30/23 | ||||
11/28/23 | ||||
11/22/23 | ||||
11/15/23 | ||||
10/23/23 | ||||
10/17/23 | ||||
10/16/23 | ||||
9/30/23 | ||||
9/27/23 | ||||
9/13/23 | ||||
9/12/23 | ||||
9/10/23 | ||||
9/8/23 | ||||
7/26/23 | ||||
7/25/23 | ||||
7/18/23 | ||||
7/17/23 | ||||
7/11/23 | ||||
6/26/23 | ||||
6/22/23 | ||||
6/16/23 | ||||
6/15/23 | ||||
6/14/23 | ||||
6/13/23 | ||||
6/5/23 | ||||
6/2/23 | ||||
5/17/23 | ||||
5/11/23 | ||||
4/28/23 | ||||
4/17/23 | ||||
4/13/23 | ||||
3/31/23 | ||||
3/30/23 | ||||
3/28/23 | ||||
3/8/23 | ||||
2/28/23 | ||||
2/1/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
12/30/22 | ||||
12/15/22 | ||||
12/14/22 | ||||
12/9/22 | ||||
12/1/22 | ||||
11/18/22 | ||||
10/11/22 | ||||
10/4/22 | ||||
7/19/22 | ||||
7/6/22 | ||||
6/30/22 | ||||
6/10/22 | ||||
5/26/22 | ||||
5/10/22 | ||||
2/24/22 | ||||
2/22/22 | ||||
2/17/22 | ||||
2/10/22 | ||||
1/31/22 | ||||
1/1/22 | ||||
12/31/21 | ||||
12/29/21 | ||||
12/28/21 | ||||
12/17/21 | ||||
12/16/21 | ||||
12/8/21 | ||||
12/1/21 | ||||
11/19/21 | ||||
11/4/21 | ||||
10/1/21 | ||||
7/26/21 | ||||
5/31/21 | ||||
2/22/21 | ||||
2/11/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
12/10/20 | ||||
10/12/20 | ||||
4/17/20 | ||||
12/19/19 | ||||
10/26/17 | ||||
10/25/17 | ||||
10/15/14 | ||||
4/5/12 | ||||
11/18/10 | ||||
10/5/10 | ||||
7/3/07 | ||||
10/5/99 | ||||
2/3/98 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/05/24 Ferrovial SE 20FR12B 6:61M Toppan Merrill/FA |