Consolidated balance sheet

Estación de AVE. Logroño

SyV's 2011 results confirm strong Ebitda generation by the Group's business, underpinned by efficient management of costs and investments and endeavours to reduce corporate debt.

Although the economic downturn undermined revenue, the company delivered a positive operating performance, with an increase in the Ebitda margin to 13.5% from 11.9% in 2010. Ebitda in the year amounted to €533 million, a decline of just 6.7%, compared with the 18.1% drop in revenue. This was achieved thanks to Ebitda growth in Services (+6%) and Concessions (+49%), stability in the Rental Property business (+2%) and a more normal performance in Residential Development (+2%).

Consolidated balance sheet Consolidada

Net profit in 2011 was hit by three major accounting impacts:

• The partial disposal of the investment in Repsol (10%) in December, reducing the stake to 10.01%. This sale generated a capital loss of€940 million due to the difference between the selling price and the carrying amount of the investment, with no impact on cash.

• The write-off, in keeping with criteria of prudence, of the entire carrying amount of certain concession assets (the Madrid-Levante motorway and the Madrid radial roads) after changes in the assumptions made in their valuation. The impairment also had no impact on cash flow, but detracted €445 million from net profit.

• The one-off recognition of working capital provisions and fair-value adjustments for a net €-117 million.