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2020 Applus Services S.A., Financial Statements

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2020 Applus Services S.A., Financial Statements Applus Services, S.A. Financial Statements for the year ended 31 December 2020 and Directors' Report, together with Independent Auditor's Report Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain and of financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Company in Spain (see Notes 2 and 14). In the event of a discrepancy, the Spanish-language version prevails. This declaration is a translation for informative purposes only of the original document issued in Spanish, which has been signed for approval by every Board member. In the event of discrepancy, the Spanish- language version prevails. The members of the Board of Directors of Applus Services, S.A. declare that, to the best of their knowledge, the individual financial statements of Applus Services, S.A. (comprising the statement of financial position, statement of profit or loss, the statement of changes in equity, the statement of cash flows and the explanatory notes) for the year ended at 31 December 2020, prepared in accordance with the accounting policies applicable and approved by the Board of Directors at its meeting on 18 February 2021, present fairly the equity, financial position and results of Applus Services, S.A., and that the management report accompanying such financial statements includes a fair analysis of the business’ evolution, results and the financial position of Applus Services, S.A, as well as a description of the principal risks and uncertainties that the company faces. The aforementioned Financial Statements and Director’s Report are integrated in the digital file with the 90D16BBF383FA44E016B04E72E39DB04E96388962F1D5AA7C05067F7E88E05AE hash code included in HTML file 213800M9XCA6NR98E873-2020-12-31.zip_213800M9XCA6NR98E873-2020-12-31- noix.html. All the Directors have signed to certify the above mentioned. Madrid, 18 February 2021 Mr. Christopher Cole Mr. Ernesto Gerardo Mata López Chairman Director Mr. John Daniel Hofmeister Mr. Fernando Basabe Armijo Director Director Mr. Richard Campbell Nelson Mr. Nicolás Villén Jiménez Director Director Ms. Maria Cristina Henríquez de Luna Basagoiti Ms. Maria José Esteruelas Director Director Ms. Essimari Kairisto Mr. Joan Amigó i Casas Director Director Deloitte, S.L. Avda. Diagonal, 654 08034 Barcelona Deloitte. Espana Tel: +34 932 80 40 40 www.deloitte.es Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain and offinancial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Company in Spain (see Notes 2 and 14). In the event of a discrepancy, the Spanish­ language version prevails. INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS To the Shareholders of Applus Services, S.A., Report on the Financial Statements Opinion We have audited the financia l statements of Applus Services, S.A. (the Company), which comprise the balance sheet as at 31 December 2020, and the statement of profit or loss, statement of changes in equity, statement of cash flows and notes to the financial statements for the year then ended. In our opinion, the accompanying financia l statements present fairly, in all material respects, the equity and financial position of the Company as at 31 December 2020, and its results and its cash flows for the year then ended in accordance with the regulatory financial reporting framework applicable to the Company (identified in Note 2.1 to the financial statements} and, in particular, with the accounting principles and rules contained therein. Basis for Opinion We conducted our audit in accordance with the audit regulations in force in Spain. Our responsibilities under those regulations are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements, including those pertaining to independence, that are relevant to our audit of the financial statements in Spain pursuant to the audit regulations in force. In this regard, we have not provided any services other than those relating to the audit of financial statements and there have not been any situations or circumstances that, in accordance with the aforementioned audit regulations, might have affected the requisite independence in such a way as to compromise our independence. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Deloitte, S.L. lnscrita en el Registro Mercantil de Madrid, tomo 13.650, secci6n 8', folio 188, hoja M-54414, inscripci6n 96'. C.I.F.: B-79104469. Domicilio social: Plaza Pablo Ruiz Picasso, 1, Torre Picasso, 28020, Madrid. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Impairment of ownership interests in, and loans to, Group companies and associates Description Procedures applied in the audit The Company has direct and indirect Our audit procedures consisted, among ownership interests in the share capital of others, of the evaluation of the Group companies and associates that are measurement of the recoverable amount of not listed on regulated markets, and has the aforementioned ownership interests granted loans thereto (see Notes 4.1, 5.1, and loans performed by Company 5.2 and 10.2), which at 31 December 2020 management, verifying both the amounted to EUR 1,590 million and EUR 389 appropriateness of the valuation method million, respectively. Also, in 2020 the used in relation to the investment held and Company recognised an impairment loss of the clerical accuracy of the calculations EUR 20 million on the aforementioned made. We also evaluated the ownership interests, and this amount was reasonableness of the cash flow projections charged to the statement of profit or loss, as and the discount rates by conducting a a result of the review of the recoverable critical analysis of the key assumptions of amount of the interests. the models used. In particular, we compared the revenue growth rates with The assessment of the recoverable amount the latest approved strategic plans and of these ownership interests and loans budgets and reviewed them for consistency requires the use of significant estimates and with both historical information and the judgements by management, both when market situation. Also, we evaluated choosing the valuation method and management's historical accuracy in the discounting future cash flows and when estimation process. considering the key operating assumptions used. As a result of the foregoing, as well as In addition, we evaluated the the significance of the investments and reasonableness of the discount rates loans held, this matter was determined to applied, taking into consideration the cost be a key matter in our audit. of capital of comparable organisations, as well as perpetuity growth rates, among others. - 2 - I - - - - ~ rment of ownership interests in, and loans to, Group companies and associates Description Procedures applied in the audit We involved internal business valuation experts to evaluate the reasonableness of the models and key assumptions used by the Company. Lastly, we evaluated whether the disclosures included in Notes 4.1, 5.1, 5.2 and 10.2 to the accompanying financial statements in connection with this matter were in conformity with those required by the applicable regulatory framework. Recovery of deferred tax assets Description Procedures applied in the audit Notes 8.1 and 8.5 to the accompanying Our audit procedures to address this matter financial statements detail the deferred tax included, among others, evaluating the assets amounting to EUR 24.2 million that methodology and assumptions used by the are recognised in the balance sheet at 2020 Company, as well as verifying the year-end, corresponding to tax losses, tax consistency thereof taking into account credits and temporary differences both historical information and the market amounting to EUR 19.5 million, EUR 4.3 situation and the applicable tax legislation, million and EUR 0.4 million, respectively. which was verified with the assistance of The Company is the head of the Spanish tax internal tax experts. We also reviewed the group described in Note 4.3. consistency of the models with the financial information used by Company management In addition, as indicated in Note 8.6, the in performing the impairment test on Company has unrecognised deferred tax ownership interests in, and loans to, Group assets corresponding to tax losses and tax companies, stressing those assumptions credits. that have the greatest effect on determining the recoverable amount of the tax assets. - 3 - Recovery of deferred tax assets Description Procedures applied in the audit At the end of each reporting period, We also analysed the historical accuracy of Company management assesses the management in the process of preparing recoverability of the tax assets recognised projections of future taxable profits for the based on the projections of future taxable purpose of analysing the recovery of tax profits used to analyse the recoverability of losses, comparing the actual figures for the tax losses in a timeframe of no more than year with the projections made in the ten years, taking into account current preceding year. legislation and the most recently approved Lastly, we also verified that the disclosures business plans. We identified this matter as required by the applicable accounting key in our audit, since the assessment of the regulations were included in the notes to recoverability of these assets requires a the accompanying financial statements.
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