Página 4 - CONSOLIDATED FINANCIAL STATEMENTS AND MANAGEMENT REPORT

4 INDEX
INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS 6
CONSOLIDATED MANAGEMENT REPORT 8
ANNUAL CORPORATE GOVERNANCE REPORT 17
CONSOLIDATED BALANCE SHEETS 62
CONSOLIDATED COMPREHENSIVE PROFIT AND LOSS STATEMENTS 64
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 65
CONSOLIDATED CASH FLOW STATEMENTS 66
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 67
1. ACTIVITY AND COMPOSITION OF THE PARENT COMPANY 67
2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATION PRINCIPLES 67
2.1. BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS 67
2.1.1. STANDARDS AND INTERPRETATIONS EFFECTIVE IN THIS PERIOD 68
2.1.2. STANDARDS AND INTERPRETATIONS ISSUED AND NOT IN FORCE 68
2.2. INFORMATION ON 2011 69
2.3. CURRENCY OF PRESENTATION 69
2.4. RESPONSIBILITY FOR THE INFORMATION, ESTIMATES MADE AND SOURCES OF UNCERTAINTY 69
2.5. CONSOLIDATION PRINCIPLES APPLIED 69
3. PROFITS AND LOSSES ALLOCATION AND DISTRIBUTION 71
4. VALUATION STANDARDS 71
4.1. TANGIBLE FIXED ASSETS 71
4.2. REAL-ESTATE INVESTMENTS 72
4.3. CONSOLIDATION GOODWILL 72
4.4. INTANGIBLE ASSETS 72
4.5. IMPAIRMENT IN THE VALUE OF TANGIBLE AND INTANGIBLE ASSETS EXCLUDING GOODWILL 73
4.6. LEASES 73
4.7. FINANCIAL INSTRUMENTS 73
4.8. INVENTORIES 75
4.9. TRANSACTIONS AND BALANCES IN FOREIGN CURRENCY 75
4.10.CLASSIFICATION OF FINANCIAL ASSETS AND DEBTS INTO CURRENT AND NON-CURRENT 75
4.11.INCOME AND EXPENSES 75
4.12.OFFICIAL SUBSIDIES 76
4.13. TAX ON PROFITS 76
4.14.UNDERTAKINGS MADE TO THE PERSONNEL 76
4.15.ONEROUS AGREEMENTS 76
4.16.SHARE-BASED REMUNERATION SCHEMES 76
4.17.TREASURY SHARES 77
4.18.PROVISIONS 77
4.19. SEVERANCE PAYMENTS 77
4.20.BUSINESS COMBINATIONS 77
4.21.ENVIRONMENTAL POLICY 77
4.22.CONSOLIDATED CASH FLOW STATEMENTS 77
5. PROFIT (LOSS) PER SHARE 78
6. GOODWILL 78
7. INTANGIBLE ASSETS 79
7.1. RIGHTS OF USE 79
7.2. RENTAL AGREEMENT PREMIUMS 80
7.3. SOFTWARE APPLICATIONS 80
INDEX