Global Dominion Access S A : Mid Term Financial Statements 2022

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GLOBAL DOMINION ACCESS, S.A. AND

SUBSIDIARIES

Abbreviated consolidated interim financial statements for the six month period ended 30 June 2022

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

INDEX OF ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

ABBREVIATED CONSOLIDATED INTERIM BALANCE SHEET AT 30 JUNE, 2022 ......................................	1
ABBREVIATED CONSOLIDATED INTERIM COMPREHENSIVE INCOME STATEMENT FOR THE SIX
MONTH PERIOD ENDED 30 JUNE, 2022.............................................................................................	4
ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN NET WORTH FOR THE SIX
MONTH PERIOD ENDED 30 JUNE, 2022.............................................................................................	5
ABBREVIATED CONSOLIDATED INTERIM CASH FLOW STATEMENT FOR THE SIX MONTH PERIOD
ENDED 30 JUNE, 2022....................................................................................................................	7
EXPLANATORY NOTES FOR THE ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT
FOR THE SIX MONTH PERIOD ENDED 30 JUNE, 2022..........................................................................	8
1.	GENERAL INFORMATION .........................................................................................................	8
1.1.	ACTIVITY ........................................................................................................................	8
1.2.	GROUP STRUCTURE .........................................................................................................	9
1.3. CHANGES IN THE SCOPE OF CONSOLIDATION...................................................................	10
1.4. PREPARATION OF THE INTERIM FINANCIAL STATEMENTS ................................................	12
2.	ABBREVIATED OF THE MAIN ACCOUNTING POLICIES................................................................	12
2.1.	BASIS OF REPORTING.....................................................................................................	12
2.2.	CONSOLIDATION PRINCIPLES .........................................................................................	13
2.3.	SEGMENT FINANCIAL REPORTING...................................................................................	13
2.4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS....................................................	14
2.5. SIGNIFICANT JUDGEMENTS WHEN APPLYING ACCOUNTING POLICIES ...............................	16
2.6. NEW IFRS STANDARDS AND IFRIC INTERPRETATIONS ......................................................	17
2.7.	COMPARISON OF INFORMATION ......................................................................................	18
3.	FINANCIAL RISK MANAGEMENT .............................................................................................	18
3.1.	WORKING CAPITAL AND LIQUIDITY MANAGEMENT ............................................................	19
3.2.	CREDIT RISK .................................................................................................................	21
3.3.	CLIMATE CHANGE RISK ..................................................................................................	21
3.4.	OTHER CIRCUMSTANTIAL RISKS .....................................................................................	23
3.5.	FAIR VALUE ESTIMATION ...............................................................................................	23
4.	SEGMENT FINANCIAL REPORTING..........................................................................................	26
5.	PROPERTY, PLANT AND EQUIPMENT ......................................................................................	31
6.	GOODWILL AND INTANGIBLE ASSETS.....................................................................................	33
7.	FINANCIAL ASSETS AND DERIVATIVES ...................................................................................	35
8.	INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD ..................................................	36
9.	CASH AND OTHER CASH EQUIVALENTS ..................................................................................	37
10.	CAPITAL AND SHARE PREMIUM..............................................................................................	37
11.	BORROWINGS ......................................................................................................................	40
12.	OTHER LIABILITIES...............................................................................................................	45
13.	OBLIGATIONS TO PERSONNEL ...............................................................................................	46
14.	PROVISIONS.........................................................................................................................	47
15.	TAX SITUATION ....................................................................................................................	48
16.	EARNINGS PER SHARE ..........................................................................................................	51
17.	CASH GENERATED FROM OPERATIONS...................................................................................	52
18.	COMMITMENTS, GUARANTEES AND OTHER INFORMATION........................................................	52
19.	BUSINESS COMBINATIONS ....................................................................................................	53
20.	RELATED PARTY TRANSACTIONS ..........................................................................................	57
21.	DISCONTINUED ACTIVITIES ...................................................................................................	59
22.	SUBSEQUENT EVENTS..........................................................................................................	60
ANNEX I - Subsidiary Companies within the Scope of Consolidation ..................................................	61
ANNEX II - Joint Ventures (UTEs) within the Scope of Consolidation .................................................	617

I.

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM BALANCE SHEET AT 30 JUNE, 2022

(Thousands of EUR)

ASSETS		Note	30.06.2022	31.12.2021
NON CURRENT ASSETS
Property, Plant and Equipment	5	109,767	125,286
Goodwill	6	298,777	302,820
Other intangible assets	6	49,534	50,717
Non-current financial assets	7	104,739	103,397
Investments accounted for using the equity method	8	17,474	16,658
Deferred tax assets			47,306	48,563
Other non-current assets			6,748	5,616
			634,345	653,057
CURRENT ASSETS
Inventories			79,728	70,351
Trade and other receivables			261,775	228,211
Assets per contract			132,072	101,988
Other current assets			17,195	14,692
Current tax assets			29,558	25,668
Other current financial assets	7	29,082	15,927
Cash and cash equivalents	9	274,674	254,205
			824,084	711,042
Assets held for sale	21	37,797	-
TOTAL ASSETS			1,496,226	1,364,099

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GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM BALANCE SHEET AT 30 JUNE, 2022

(Thousands of EUR)

EQUITY AND LIABILITIES		Note	30.06.2022	31.12.2021
NET EQUITY
Shareholders' equity attributable to parent company's
shareholders
Share capital	10	20,088	20,088
Own shares	10	(25,799)	(9,113)
Share premium	10	194,640	214,640
Retained earnings			166,394	141,637
Cumulative exchange differences			(28,230)	(29,731)
Shareholders' equity attributable to parent company's					337,521
shareholders			327,093
Non-controlling shares				51,688		48,872
			378,781	386,393
NON-CURRENT LIABILITIES
Deferred income			39	39
Non-current provisions	13/14	30,842	32,917
Long-term borrowed capital	11	164,469	157,117
Deferred tax liabilities			8,940	10,172
Non-current derivative financial instruments	11	-	131
Other non-current liabilities	12	40,249	60,909
			244,539	261,285
CURRENT LIABILITIES
Current provisions	14	6,453	5,126
Short-term borrowed capital	11	75,824	47,127
Trade and other payables			549,342	538,600
Contract liabilities			112,229	48,300
Current tax liabilities			32,461	24,464
Current derivative financial instruments	11	2,543	303
Other current liabilities	12		69,127		52,501
				847,979		716,421
Liabilities relating to non-current assets classified as held-					-
for-sale	21	24,927
TOTAL EQUITY AND LIABILITIES			1,496,226	1,364,099

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GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM PROFIT & LOSS ACCOUNT FOR THE SIX MONTH PERIOD ENDED 30 JUNE, 2022

(Thousands of EUR)

6 month period ending 30 June

	Note	2022	2021 (*)
CONTINUING OPERATIONS
OPERATING INCOME			580,714		556,795
Net Turnover			578,539	553,869
Other operating income			2,175	2,926
OPERATING EXPENSES			(547,538)		(526,950)
Consumption of raw materials and secondary materials			(311,739)	(318,060)
Employee benefit expenses			(153,858)	(137,479)
Amortisations	5/6		(23,116)	(22,874)
Other operating expenses			(62,859)	(53,162)
Profit/(loss) on sale/impairment of assets			(160)	(83)
Other income and expenses			4,194	4,708
OPERATING PROFIT			33,176		29,845
Finance income			3,096	1,254
Finance Costs			(7,135)	(8,006)
Net exchange differences			(1,682)	(2,218)
Variation in the fair value of assets and liabilities attributed to profit
and loss			194	1,587
Share in net income (loss) of associates	8		606	1,883
PROFIT BEFORE TAX			28,255		24,345
Income tax	15		(4,530)	(1,915)
PROFIT ON CONTINUING OPERATIONS AFTER TAXES			23,725		22,430
PROFIT (LOSS) ON DISCONTINUED ACTIVITIES AFTER TAX	21		(3,443)		(788)
PROFIT FOR THE FINANCIAL YEAR			20,282		21,642
PROFIT/(LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS			3,502		2,618
PROFIT ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS			16,780	19,024
(*) Figures restated (Note 2.7)
Basic and diluted earnings from continuing and discontinued activities
attributable to parent company shareholders (stated in euros per share)
- Basic and diluted earnings from continuing operations	16		0.1282	0.1207
- Basic and diluted earnings from discontinuing operations	16		(0.022)	(0.005)

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