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Financial Report Valles Del Desierto Highway, Chile Consolidated Financial Statements and Consolidated Management Report

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Financial Report Valles Del Desierto Highway, Chile Consolidated Financial Statements and Consolidated Management Report Financial Report Valles del Desierto Highway, Chile Consolidated Financial Statements and Consolidated Management Report CONSOLIDATED FINANCIAL STATEMENTS and CONSOLIDATED MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2020, AND AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENT 3 4 Consolidated Financial Statements and Consolidated Management Report INDEX FINANCIAL REPORT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENT CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 17 SEPARATE CONSOLIDATED INCOME STATEMENT FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 19 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 21 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 22 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 24 CONSOLIDATED FINANCIAL STATEMENT 1. SACYR’S ACTIVITY 29 2. SCOPE OF CONSOLIDATION AND SUBSIDIARIES 30 3. BASIS OF PRESENTATION AND CONSOLIDATION 39 4. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS 58 4.1. AUTOPISTA DEL GUADALMEDINA CONCESIONARIA ESPAÑOLA, S.A. 58 5. PROPERTY, PLANT AND EQUIPMENT 59 6. LEASES 62 7. CONCESSION PROJECT 63 8. OTHER INTANGIBLE ASSETS 74 9. GOODWILL 76 9.1. MOVEMENTS 76 9.2. IMPAIRMENT TEST OF GOODWILL 77 10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 79 11. CONTRIBUTION BY PROPORTIONATELY CONSOLIDATED COMPANIES 97 12. RECEIVABLES FROM CONCESSIONS 97 13. NON-CURRENT AND CURRENT FINANCIAL ASSETS 101 14. TAX SITUATION 102 14.1. CONSOLIDATED TAX GROUP 102 14.2. YEARS OPEN FOR INSPECTION 103 14.3. TAX RATE 104 5 14.4. CHANGE IN DEFERRED TAXES 106 14.5. TAX LOSS CARRYFORWARDS AND NON-DEDUCTIBLE FINANCE COSTS 107 14.6. UNUSED TAX CREDITS 108 15. OTHER NON-CURRENT ASSETS 108 16. INVENTORIES 109 17. TRADE AND OTHER RECEIVABLES 109 18. CASH AND CASH EQUIVALENTS 110 19. EQUIT Y 111 20. DEFERRED INCOME 116 21. PROVISIONS 116 21.1. NON-CURRENT PROVISIONS 116 21.2. CURRENT PROVISIONS 118 22. CONTINGENT LIABILITIES 119 23. BANK BORROWINGS 120 24. OTHER SECURED FINANCIAL DEBT 133 25. NON-CURRENT PAYABLES 134 26. DERIVATIVE FINANCIAL INSTRUMENTS 135 26.1. DERIVATIVES ON REPSOL SHARES 140 26.2. OTHER OPTIONS 142 27. TRADE AND OTHER PAYABLES AND CURRENT PAYABLES TO ASSOCIATES 144 27.1 AVERAGE PERIOD FOR PAYMENTS TO SUPPLIERS 145 28. RISK MANAGEMENT AND CONTROL POLICY 145 28.1. CREDIT RISK 146 28.2. LIQUIDITY RISK 148 28.3. MARKET RISK 150 28.4. CAPITAL MANAGEMENT POLICY 152 29. REVENUE 153 30. SUPPLIES 155 31. OTHER OPERATING EXPENSES 155 6 Consolidated Financial Statements and Consolidated Management Report 32. GAINS AND LOSSES ON ACQUISITION/DISPOSAL OF ASSETS 155 33. FINANCE INCOME AND COSTS 156 34. EARNINGS PER SHARE 157 35. BACKLOG BY ACTIVITY 157 36. DIRECTORS’ AND SENIOR MANAGEMENT REMUNERATION AND OTHER BENEFITS 159 36.1. 2019 159 36.2. 2020 160 37. RELATED PARTY TRANSACTIONS 163 37.1. CONTRACTS WITH RELATED PARTIES 168 37.2. OTHER INFORMATION 168 38. EVENTS AFTER THE REPORTING DATE 169 39. ENVIRONMENT 169 40. AUDIT FEES 170 41. PERSONNEL 170 42. SEGMENT INFORMATION 171 43. DISCLOSURES BY GEOGRAPHIC LOCATION 177 APPENDIX I: SCOPE OF CONSOLIDATION 2019 180 APPENDIX I: SCOPE OF CONSOLIDATION 2020 210 APPENDIX II: CONSOLIDATED TAX GROUP OF SACYR, S.A. IN 2019 244 APPENDIX II: CONSOLIDATED TAX GROUP OF SACYR, S.A. IN 2020 246 APPENDIX III: ALTERNATIVE PERFORMANCE MEASURES 248 CONSOLIDATED MANAGEMENT REPORT 1. SITUATION OF THE ENTITY: 255 2. ECONOMIC ENVIRONMENT 256 2.1. THE INTERNATIONAL ECONOMIC ENVIRONMENT 256 2.2. THE ECONOMIC ENVIRONMENT IN SPAIN. 257 3. OUR ACTIVITY IN 2020 259 3.1. ACTIVITIES OF THE SACYR GROUP 259 3.2. MOST SIGNIFICANT EVENTS IN 2020 260 7 3.3. ENGINEERING AND INFRASTRUCTURE ACTIVITY (SACYR INGENIERÍA E INFRAESTRUCTURAS-SOMAGUE – SACYR INDUSTRIAL). 263 3.4. PERFORMANCE OF THE CONCESSIONS DIVISION (SACYR CONCESIONES). 265 3.5. PERFORMANCE OF THE SERVICES DIVISION (SACYR SERVICIOS). 268 3.6. HOLDING IN REPSOL, S.A. 269 4. LIQUIDITY AND CAPITAL FUNDS 270 5. RISKS AND UNCERTAINTIES 270 6. EVENTS AFTER THE BALANCE-SHEET DATE 271 7. OUTLOOK 271 8. INNOVATION ACTIVITIES 271 9. ANNUAL CORPORATE GOVERNANCE REPORT 271 10. ACQUISITION AND DISPOSAL OF TREASURY SHARES 272 11. RISK MANAGEMENT AND CONTROL SYSTEM 273 12. NON-FINANCIAL INFORMATION STATEMENT 274 STATEMENT CERTIFYING SIGNATURES AND ENVIRONMENTAL STATEMENT 275 STATEMENT CERTIFYING SIGNATURES 275 ENVIRONMENTAL STATEMENT 275 CORPORATE GOVERNANCE ANNUAL REPORT OF CORPORATE GOVERNANCE FOR LISTED CORPORATIONS 283 A. OWNERSHIP STRUCTURE 283 B. GENERAL MEETING 291 C. STRUCTURE OF THE COMPANY ADMINISTRATION 295 D. RELATED OPERATIONS AND INTRAGROUP OPERATIONS: 329 E. CONTROL AND RISK MANAGEMENT SYSTEM 333 F. INTERNAL RISK CONTROL AND MANAGEMENT SYSTEMS REGARDING THE FINANCIAL INFORMATION ISSUING PROCESS (SCIIF) 339 G. DEGREE OF FOLLOW UP REGARDING THE CORPORATE GOVERNANCE RECOMMENDATIONS 347 H. OTHER INFORMATION OF INTEREST 361 8 Consolidated Financial Statements and Consolidated Management Report 9 10 Consolidated Financial Statements and Consolidated Management Report 11 12 Consolidated Financial Statements and Consolidated Management Report 13 14 Consolidated Financial Statements and Consolidated Management Report 15 16 Consolidated Financial Statements and Consolidated Management Report Sacyr Group Sacyr, S.A. and Subdidiaries CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER (THOUSANDS OF EUROS) ASSETS NOTE 2020 2019 A) NON-CURRENT ASSETS 9,954,680 9,309,909 I. Property, plant and equipment 5 318,071 334,174 II. Rights of use on leased assets 6 127,712 135,052 III. Concession projects 7 880,832 876,680 IV. Other intangible assets 8 34,209 21,572 V. Goodwill 9 96,148 96,327 VI. Investments accounted for using the equity method 10 1,255,962 1,844,856 VII. Receivables from concessions 12 5,590,902 4,576,454 VIII. Non-current financial assets 13 295,591 226,978 IX. Derivative financial instruments 26 248,650 110,714 X. Deferred tax assets 14.4 1,071,914 992,135 XI. Other non-current assets 15 34,689 94,967 B) CURRENT ASSETS 4,436,977 4,597,115 I. Non-current assets held for sale 4 0 347,254 II. Inventories 16 230,887 241,321 III. Trade and other receivables 17 1,921,300 1,971,128 - Trade receivables for sales and services 469,602 321,351 - Receivable from construction contracts 837,093 992,213 - Personnel 1,699 1,861 - Receivable from public entities 214,342 275,650 - Other receivables 398,564 380,053 IV. Receivables from concessions 12 523,701 328,912 V. Current financial investments 13 63,947 74,880 VI. Derivative financial instruments 26 370,690 1,941 VII. Cash and cash equivalents 18 1,296,947 1,611,896 VIII. Other current assets 29,505 19,783 TOTAL ACTIVO 14,391,657 13,907,024 Notes 1 to 43 and Appendices I, II and III form an integral part of this consolidated statement of financial position. 17 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER (THOUSANDS OF EUROS) LIABILITIES NOTE 2020 2019 A) EQUITY 19 962,593 1,190,371 EQUITY OF THE PARENT 557,307 825,199 I. Share capital 604,572 582,006 II. Share premium 46,314 46,314 III. Reserves 275,416 685,675 IV. Profit for the year attributable to the Parent 35,697 (297,733) V. Treasury shares (54,320) (55,491) VI. Financial assets at fair value through equity (238) 1,983 VII. Hedging transactions (88,138) (80,459) VIII. Translation differences (262,011) (57,161) IX. Valuation adjustments 15 65 EQUITY OF NON-CONTROLLING INTERESTS 405,286 365,172 B) NON-CURRENT LIABILITIES 8,891,429 8,178,417 I. Deferred income 20 42,883 41,044 II. Non-current provisions 21.1 191,853 214,396 III. Bank borrowings 23 5,814,174 5,070,098 IV. Other secured financial debt 24 649,796 1,617,442 V. Non-current payables 25 1,398,113 591,085 VI. Non-current lease obligations 6 85,573 90,296 VII. Derivative financial instruments 26 210,993 209,410 VIII. Deferred tax liabilities 14.4 488,470 344,646 IX. Non-current payables to associates 9,574 0 C) CURRENT LIABILITIES 4,537,635 4,538,236 I. Liabilities associated with non-current assets held for sale 4 0 227,543 II. Bank borrowings 23 758,740 931,869 III. Other secured financial debt 24 967,646 0 IV. Trade and other payables 27 2,369,604 3,044,349 - Suppliers 1,597,553 2,466,051 - Personnel 55,056 52,295 - Current tax liabilities 57,599 46,048 - Payable to public entities 163,658 170,361 - Other payables 495,738 309,594 V. Current payables to associates 171,375 71,474 VI. Current lease obligations 6 30,739 38,338 VII. Derivative financial instruments 26 18,558 20,555 VIII. Current provisions 21.2 220,973 204,108 TOTAL LIABILITIES 14,391,657 13,907,024 Notes 1 to 43 and Appendices I, II and III form an integral part of this consolidated statement of financial position. 18 Consolidated Financial Statements and Consolidated Management Report Sacyr Group Sacyr, S.A. and Subsidiaries SEPARATE CONSOLIDATED INCOME STATEMENT FOR THE YEARS ENDED 31 DECEMBER 2020 AND 2019 SEPARATE CONSOLIDATED INCOME STATEMENT FOR THE YEARS ENDED ON 31 DECEMBER (THOUSANDS OF EUROS) SEPARATE INCOME STATEMENT NOTE 2020 2019 Revenue 29 4,547,878 4,169,467 Own work capitalised 676 8,668 Other operating income 301,635 354,039 Government grants released to the income statement 2,055 4,485 TOTAL OPERATING INCOME 4,852,244 4,536,659 Change in inventories 16 (4,753) (11,475) Supplies 30 (1,752,448) (1,621,973) Staff costs 41 (1,184,839) (1,187,378) Depreciation and amortisation expense (177,975)
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