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TALGO, S.A. AND SUBSIDIARIES Consolidated annual accounts prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, for the year ended 31 December 2020 and the consolidated directors’ report *Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with International Financial Reporting Standards (IFRS) (see Note 35). In the event of a discrepancy, the Spanish- language version prevails. TALGO, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEARS 2020 AND 2019 (Expressed in thousands of euros) Note 31.12.2020 31.12.2019 ASSETS Non-current assets Tangible fixed assets 6 62 136 61 044 Intangible assets 7 53 095 44 946 Goodwill 8 112 439 112 439 Investments accounted for using the equity method 2.3, 10 29 29 Deferred tax assets 18 28 192 28 990 Other financial assets 10 1 079 2 513 256 970 249 961 Current assets Stock 12 145 336 129 784 Customers and other accounts receivable 11 260 233 165 107 Other financial assets 10 10 128 10 128 Asset accruals 1 899 2 367 Cash and cash equivalents 13 228 304 325 550 645 900 632 936 TOTAL ASSETS 902 870 882 897 Notes 1 to 35 form an integral part of the consolidated statement of financial position. 1 TALGO, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEARS 2020 AND 2019 (Expressed in thousands of euros) Note 31.12.2020 31.12.2019 EQUITY Capital and reserves attributable to the owners of the parent company Share capital 14 38 228 41 105 Share premium 14 871 6 784 Treasury Stock 14 ( 23 051) ( 62 562) Other reserves 15 1 479 3 177 Retained earnings 15 240 142 303 222 Total equity 257 669 291 726 LIABILITIES Non-current liabilities Borrowings 17 265 004 219 469 Derivative financial instruments 48 68 Deferred tax liabilities 18 8 420 7 646 Provisions for other liabilities and charges 19 53 475 44 180 Government grants 2 211 1 925 329 158 273 288 Current liabilities Suppliers and other payables 16 265 143 244 716 Current tax liabilities 252 166 Borrowings 17 48 000 65 829 Provisions for other liabilities and charges 19 2 648 7 172 316 043 317 883 Total liabilities 645 201 591 171 TOTAL EQUITY AND LIABILITIES 902 870 882 897 Notes 1 to 35 form an integral part of the consolidated statement of financial position. 2 TALGO, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARS 2020 AND 2019 (Expressed in thousands of euros) Note 2020 2019 Net turnover 5 487 100 401 695 Other income 1 882 3 136 Stock variation for work-in-progress and finished goods ( 245) 3 241 Work performed and capitalized by the Group 13 195 11 168 Procurement costs 22 ( 309 686) ( 167 220) Personnel costs 20 ( 123 710) ( 127 205) Other operating expenses 22 ( 55 286) ( 58 560) Amortization and depreciation charge 6, 7 ( 16 742) ( 15 815) Loss on disposal of fixed assets ( 19) ( 26) Other results 23 295 430 Operating profit ( 3 216) 50 844 Financial income 24 308 460 Financial expenses 24 ( 9 395) ( 8 368) Net financial cost 24 ( 9 087) ( 7 908) Results from entities accounted for by the equity method - ( 8) Profit before tax ( 12 303) 42 928 Income tax charge 25 ( 5 143) ( 4 462) Profit for the year from continuing operations ( 17 446) 38 466 Profit for the year ( 17 446) 38 466 Attributable to: Owners of the parent 26 ( 17 446) 38 466 Basic earnings/(loss) per share attributable to the owners of the Company Continuing operations 26 ( 0.14) 0.30 Total ( 0.14) 0.30 Diluted earnings/(loss) per share attributable to the owners of the Company Continuing operations 26 ( 0.14) 0.30 Total ( 0.14) 0.30 Notes 1 to 35 form an integral part of this consolidated statement of comprehensive income. 3 TALGO, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE YEARS 2020 AND 2019 (Expressed in thousands of euros) 31.12.2020 31.12.2019 Profit for the year ( 17 446) 38 466 Other comprehensive income: Cash flow hedges: Direct assignment to equity: Cash flow hedge 20 ( 68) Tax effect of the equity assignment ( 5) 17 Foreign currency translation differences ( 1 713) 377 Transfer to results: Cash flow hedge - - Tax effect of the cash flow hedge - - Total Other comprehensive income ( 1 698) 326 Total comprehensive income for the year ( 19 144) 38 792 Attributable to: -Owners of the parent ( 19 144) 38 792 -Non-controlling interests - - Total comprehensive income for the year ( 19 144) 38 792 Notes 1 to 35 form an integral part of this consolidated statement of recognised income and expense. 4 TALGO, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF TOTAL CHANGES IN EQUITY FOR THE YEARS 2020 AND 2019 (Expressed in thousands of euros) Share capital Share Treasury Other reserves Retained Total (Note 14) premium Stock (Note 15) earnings equity ( 4 046) Balance at 31 December 2018 41 105 6 784 2 851 281 421 328 115 Comprehensive income Profit or loss - - - - 38 466 38 466 Other comprehensive Income Currency translation differences - - - 377 - 377 Hedging Derivatives - - - ( 51) - ( 51) Total comprehensive Income - - - 326 38 466 38 792 Acquisition of treasury stock - - ( 58 516) - - ( 58 516) (Stock Repurchase plan, note 14) Other operations (compensation plan, - - - - 1 000 1 000 note 14) Other movements (note 25) - - - - ( 17 665) ( 17 665) Balance at 31 December 2019 41 105 6 784 ( 62 562) 3 177 303 222 291 726 Notes 1 to 35 form an integral part of this consolidated statement of total changes in equity. 5 TALGO, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF TOTAL CHANGES IN EQUITY FOR THE YEARS 2020 AND 2019 (Expressed in thousands of euros) Other Share capital Share Treasury Retained reserves Total equity Premium Stock Earnings (Note 14) (Note 15) Balance at 31 December 2019 41 105 6 784 ( 62 562) 3 177 303 222 291 726 Comprehensive Income Profit or loss - - - - ( 17 446) ( 17 446) Other comprehensive Income Currency translation differences - - - ( 1 713) - ( 1 713) Hedging derivative - - - 15 - 15 Total comprehensive Income - - - ( 1 698) ( 17 446) ( 19 144) Acquisition of Treasury Stock (Stock Repurchase Plan, note 14) - - ( 13 969) - - ( 13 969) Share capital reduction (note 14) ( 2 877) ( 5 913) 53 480 - ( 44 690) - Total transactions with owners ( 2 877) ( 5 913) 39 511 - ( 44 690) ( 13 969) Other operations (compensation plan, note 14) - - - - ( 1 000) ( 1 000) Other movements - - - - 56 56 Balance at 31 December 2020 38 228 871 ( 23 051) 1 479 240 142 257 669 Notes 1 to 35 form an integral part of this consolidated statement of total changes in equity. 6 TALGO, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEARS 2020 AND 2019 (Expressed in thousands of euros) 2020 2019 Cash flows from operating activities (note 27) ( 76 409) 62 163 Cash used in operations ( 9 150) ( 15 791) Interest paid ( 6 076) ( 7 079) Interest received 43 17 Tax paid ( 3 117) ( 8 729) Net cash flow generated from operating activities ( 85 559) 46 372 Cash flows from investing activities Purchases of property, plant and equipment (note 6) ( 8 839) ( 4 220) Purchases of intangible assets (note 7) ( 15 860) ( 14 491) Sale of tangible fixed assets (Note 6) - 5 350 Collection from disinvestments in group companies - 32 Other assets (note 10) - ( 10 000) Net cash used in investing activities ( 24 699) ( 23 329) Cash flows from financing activities Disbursements for loan repayments (note 17) ( 68 639) ( 51 330) Proceeds from borrowings (note 17) 95 886 29 021 Share-based payments granted ( 14 235) ( 58 917) Net cash used / (generated) in financing activities 13 012 ( 81 226) Net (decrease)/increase in cash, cash equivalents and bank overdrafts ( 97 246) ( 58 183) Cash, cash equivalents and bank overdrafts at the beginning of year (note 13) 325 550 383 733 Cash, cash equivalents and bank overdrafts at the end of year (note 13) 228 304 325 550 Notes 1 to 35 form an integral part of this consolidated statement of cash flows. 7 TALGO, S.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE FINANCIAL YEAR 2020 (Expressed in thousands of euros) 1. General Information Talgo, S.A. (hereinafter the “Parent company”) was constituted as a limited company in Spain on 30 September 2005. The Company’s registered office for corporate and tax purposes is in Las Rozas, Madrid (Spain) and is duly registered in the Commercial Registry of Madrid. On 28 March 2015, the change of name from Pegaso Rail International S.A. to Talgo S.A. was approved and registered in the Commercial Registry of Madrid on 9 April 2015. On 28 March 2015, the General Shareholder’s Meeting of the Parent company approved the application for the admission to trading of the Parent company’s shares on the Spanish stock exchange, as well as their inclusion in the Spanish Stock Exchange Interconnection System. On 23 April 2015, the National Securities Market Commission approved the prospectus and registered the supporting documents, annual accounts and prospectus in the official registers, as provided for by Article 92 of Law 24/1988, dated 28 July 1988 governing the Securities Market, in relation to the share Sales Offer aimed at qualifying investors, for the subsequent admission to trading of Talgo, S.A. shares on the Stock Exchanges of Madrid, Barcelona, Valencia and Bilbao. On 7 May 2015, an Initial Public Offering was made for 45% of the Company’s shares and they were admitted to trading on the aforementioned markets.
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