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Euskaltel, S.A Euskaltel, S.A. Consolidated Annual Accounts 31 December 2017 Consolidated Directors’ Report 2017 (together with the Independent Auditor's Report) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) KPMG Auditores, S.L. Torre Iberdrola Plaza Euskadi, 5 Planta 17 48009 -Bilbao Auditor’s Report on the Annual Accounts issued by an Independent Auditor To the shareholders of Euskaltel, S.A.: REPORT ON THE CONSOLIDATED ANNUAL ACCOUNTS Opinion ________________________________________________________ We have audited the consolidated annual accounts of Euskaltel, S.A. (the Parent company) and its subsidiaries (the Group), which comprise the consolidated balance sheet at 31 December 2017, the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows, and the notes thereto, for the year ended at that date. In our opinion, the accompanying consolidated annual accounts present, in all material respects, a true and fair view of the consolidated equity and financial position of the Group at 31 December 2017, and of its consolidated financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU), and other applicable provisions in the financial reporting framework applicable in Spain. Basis for opinion_________________________________________________ We conducted our audit in accordance with prevailing standards regulating the audit of accounts in Spain. Our responsibilities under these standards are further described in the Auditor’s Responsibility for the audit of the consolidated annual accounts section of our report. We are independent of the Group in accordance with the ethical requirements, including independence requirements, that are applicable to our audit of the consolidated annual accounts in Spain, as required by standards regulating the audit of accounts in Spain. In this regard, we have not rendered services other than the audit of accounts and no situations or circumstances have arisen that have compromised the necessary independence, in accordance with the aforementioned regulatory standards. We believe that the audit evidence we have obtained is sufficient and appropriate for providing a basis for our opinion. KPMG Auditores S.L., a Spanish limited liability company Registered as no. S0702 on the Official Registry of Auditors and no. 10 on the and member firm of the KPMG network of independent Registry of Chartered Accountants. firms affiliated to Swiss company KPMG International Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9 Cooperative (”KPMG International”). Tax code: B-78510153 2 Key audit matters____________________________________________ Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated annual accounts of the current period. These matters were addressed in the context of our audit of the consolidated annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Business combination See Notes 3.2 and 5 to the annual accounts Key audit matter How the matter was dealt with in our audit On 26 July 2017 the Group’s parent company Our audit procedures have entailed, inter alia, acquired from an unrelated third party 100% of the reading the share purchase agreement for shares of Parselaya, S.L., indirect holder of 100% of Parselaya, S.L., and assessing the design and Telecable de Asturias, S.A. In accordance with the implementation of the key controls relating to the applicable financial reporting regulatory registration process of the business combination. framework, the Group has recorded the assets and liabilities acquired in the business combination at In this regard, with the assistance of our appraisal specialists, we have obtained the advisory report fair value, plus a goodwill of Euros 433 thousand, calculated as the difference between the values on the measurement carried out an independent assigned to the assets and liabilities acquired and expert commissioned by the Group and assessed the cost of the business combination. the methodology and the key assumptions used by the independent expert to identify and determine A high degree of judgement is required to estimate the fair values of the assets and liabilities acquired the fair value of the assets and liabilities identified. and the useful lives of certain assets acquired. We An inappropriate estimate, due to applying an have requested proof of the independent expert’s inadequate judgement or due to an error, could independence and we have assessed their lead to incorrect recognition of the assets and qualifications and experience. We have also liabilities acquired and, therefore, the goodwill assessed if the information stated on the arising from the combination. We consider this transaction in the consolidated annual accounts complies with the disclosure requirements of the transaction to be a key audit matter for the Group due to its significance, the impact on the regulatory framework applicable to business consolidated annual accounts and the inherent combinations. judgement associated thereto. 3 Intangible Asset Measurement - Goodwill See Notes 3.3 and 6 to the annual accounts Key audit matter How the matter was dealt with in our audit The Group has recognised significant amounts of Our audit procedures have entailed assessing the goodwill from the acquisitions of R Cable y design and implementation of the key controls Telecomunicaciones Galicia, S.A. and Parselaya, relating to the registration process of goodwill S.L. which were carried out in 2015 and 2017, measurement, and those established for preparing respectively. Irrespective of whether there is any and controlling Group budgets, assessing the indication of impairment, the applicable financial reasonableness of the budgets and their historical reporting regulatory framework requires that the rate of attainment, by comparing actual data with Group identify the Cash Generating Units (CGUs) to the initial forecasts. which the goodwill should be assigned and verify We have also performed detailed tests including, the recoverable value thereof at least annually, in inter alia, the following: order to assess by comparison with the carrying value, if it is necessary to record an impairment a) For the goodwill arising from the business adjustment. combination carried out in 2017, we have assessed whether the Group has allocated this The Group determines the recoverable amount of goodwill to the smallest CGU expected to benefit each Cash Generating Unit (CGU) based on its value from the synergies of this combination; in use and, therefore, its calculation is estimated by discounting future cash flows, which requires value b) We have assessed whether the methodology used judgements by the Directors when establishing by the Group for the impairment analysis and, in certain key assumptions. particular, whether the application of value in use as the calculation method for the Due to the high degree of uncertainty associated to recoverable amount is appropriate in the specific the judgement used by the Directors and the circumstances of the corresponding CGU; significance of the carrying amount of the goodwill, this is one of the main areas of focus of our audit. c) We have tested that the cash flow estimates used to determine the value in use are consistent with the budget approved by the Directors for the period it covers; d) We have assessed the reasonableness of the key assumptions used in the value in use calculation, including the increase in sales, the discounting rate, the long-term growth rate, EBITDA/Revenue margin and CAPEX/Revenue ratio, calculated using the budgets approved by the Directors. During this procedure, we have used our appraisal experts to assess the suitability of the discounting rate and the long- term growth rate used; and e) We have performed arithmetical verifications of the calculations done to determine the recoverable value and compared this with the carrying value of the corresponding CGU in order to determine whether it is necessary to record an impairment adjustment and, if applicable, to verify its proper recognition. Lastly, we have assessed the suitability and sufficiency of the information reported in the Group’s consolidated annual accounts regarding the value impairment verification, in accordance with the applicable financial reporting regulatory 4 Intangible Asset Measurement - Goodwill See Notes 3.3 and 6 to the annual accounts Key audit matter How the matter was dealt with in our audit framework and, in particular, we have ensured that the information regarding the sensitivity of the impairment evaluation results, in the event of changes in key assumptions included, have taken into account the possible changes in key assumptions and, therefore, adequately reflect the inherent appraisal risks. Estimation of supplier volume discount - Supply costs See Note 13.2 to the annual accounts Key audit matter How the matter was dealt with in our audit The supply cost of several Group companies is Our audit procedures have comprised, inter alia: reduced by means of certain volume discounts, the a) assessing the design and implementation of the application of which is subject to the fulfilment of a key controls relating to the supplies and specific
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