Notes to the consolidated financial statements

Cash flow

Cash flows of infrastructure projects   

Cash flows from operating activities

Cash flows from operating activities of concession holder infrastructure project companies relate basically to cash inflows of operational projects, although they also include VAT refunds and payments of projects under construction.  Set out below is a breakdown of cash flows from operating activities of infrastructure projects:

 Cash flows from operating activities of concession holder infrastructure project companies

Cash flows from investing activities

The following table contains a breakdown of cash flows from investing activities of infrastructure projects, distinguishing between outflows that mostly relate to capex investments and inflows derived from divestments completed in 2007:

 Cash flows from investing activities of infrastructure projects

Divestments include the sale of BAA's shareholdings in Budapest Airport (1,839 million euro) and in the Australian airports (479 million euro). As regards toll roads, divestment flows relate to reductions in non-current restricted cash balances.

Cash flows from financing activities

Cash flows from financing activities include dividends paid and equity reimbursed by the concession companies to their shareholders, as well as amounts received by these companies for capital increases. In the case of fully-consolidated concession holder companies, the figures relate to 100% of the amounts paid and received, irrespective of the Group's interest in each company. No dividend or equity reimbursement is included in relation to equity-consolidated companies.

Interest flows relate to interest paid by the concession companies, plus other commissions and costs closely related to the obtainment of financing. These flows consist of interest expense for the period and other items that directly affect net debt for the period. This amount does not match the financing results reflected in the income statement, mainly due to differences between the accrual and payment of interest. The following table contains a more detailed breakdown:

 Cash flows from financing activities

Finally, this item includes the impact of exchange rates on borrowings denominated in foreign currencies, representing an inflow of 1,863 million euro in 2007 due to the depreciation of sterling against the euro, which has had a highly significant impact on BAA's net borrowings.

First pagePrevious pagePage (4 from 4)
downloadprint