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ACS, Actividades De Construcción Y Servicios, S.A. and Subsidiaries ACS, Actividades de Construcción y Servicios, S.A. and Subsidiaries Consolidated Financial Statements for the year ended 31 December 2014, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Consolidated Directors' Report ACS, Actividades de Construcción y Servicios, S.A. and Subsidiaries Consolidated Financial Statements for the year ended 31 December 2014, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union ACS, Actividades de Construcción y Servicios, S.A. and Subsidiaries - Consolidated Financial Statements INDEX Page - Consolidation statement of financial position at 31 December 2014 ....................................................................................................................... 5 - Consolidated income statement for the year ended 31 December 2014 ................................................................................................................. 7 - Consolidated statement of comprehensive income for the year ended 31 December 2014 .................................................................................... 8 - Consolidated statement of changes in equity for the year ended 31 December 2014 ............................................................................................. 9 - Consolidated statement of cash flows for the year ended 31 December 2014 ...................................................................................................... 10 - Notes to the Consolidated Financial Statements for the year ended 31 December 2014 ...................................................................................... 11 01.- Group Activity ................................................................................................................................................................................................... 11 02.- Basis of presentation of the consolidated financial statements and basis of consolidation .............................................................................. 14 02.01.- Basis of presentation .............................................................................................................................................................................. 14 02.02.- Basis of consolidation ............................................................................................................................................................................ 19 03.- Accounting policies ........................................................................................................................................................................................... 24 03.01.- Goodwill ................................................................................................................................................................................................. 24 03.02.- Other intangible assets .......................................................................................................................................................................... 25 03.03.- Property, plant and equipment ............................................................................................................................................................... 26 03.04.- Non-current assets in projects ................................................................................................................................................................ 27 03.05.- Investment property ............................................................................................................................................................................... 28 03.06.- Impairment of tangible assets, property, plant and equipment and intangible assets excluding goodwill .............................................. 29 03.07.- Inventories .............................................................................................................................................................................................. 29 03.08.- Non-current and other financial assets ................................................................................................................................................... 29 03.09.- Non-current assets held for sale, liabilities relating to non- current assets held for sale and discontinued operations ........................... 31 03.10.- Equity ..................................................................................................................................................................................................... 38 03.11.- Government grants ................................................................................................................................................................................ 39 03.12.- Financial liabilities .................................................................................................................................................................................. 39 03.13.- Provisions ............................................................................................................................................................................................... 40 03.14.- Risk management policy ........................................................................................................................................................................ 41 03.15.- Financial derivatives ............................................................................................................................................................................... 42 03.16.- Revenue recognition .............................................................................................................................................................................. 43 03.17.- Expense recognition ............................................................................................................................................................................... 44 03.18.- Offsetting ................................................................................................................................................................................................ 44 03.19.- Income tax .............................................................................................................................................................................................. 44 03.20.- Earnings per share ................................................................................................................................................................................. 44 03.21.- Foreign currency transactions ................................................................................................................................................................ 45 03.22.- Entities and branches located in hyperinflationary economies ............................................................................................................... 45 03.23.- Consolidated statements of cash flows .................................................................................................................................................. 45 03.24.- Entry into force of new accounting standards ......................................................................................................................................... 46 04.- Intangible assets ............................................................................................................................................................................................... 49 04.01.- Goodwill ................................................................................................................................................................................................. 49 04.02.- Other intangible assets .......................................................................................................................................................................... 51 05.- Property, plant and equipment.......................................................................................................................................................................... 53 06.- Non-current assets in projects .......................................................................................................................................................................... 54 07.- Investment property .......................................................................................................................................................................................... 57 08.- Joint agreements .............................................................................................................................................................................................. 57 09.- Investments in companies accounted for using the equity method ................................................................................................................... 58 10.- Financial assets ................................................................................................................................................................................................ 59 10.01.- Equity instruments .................................................................................................................................................................................
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