Talgo S A : Abbreviated Consolidated Interim Financial Statements First Half 2023

TALGO, S.A. AND SUBSIDIARIES

Abbreviated Consolidated

Interim Financial Statements

30 June 2023

*Translation of abbreviated consolidated interim financial statements originally issued in Spanish has been translated by the Entity under its sole responsibility and is not considered official. In the event of a discrepancy, the Spanish-language version prevails."

TALGO, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30 JUNE 2023 AND 31 DECEMBER 2022

(Expressed in thousands of euros)

	Notes	30.06.2023	31.12.2022
ASSETS
Non-current assets
Tangible fixed assets	4	54 167	57 104
Intangible assets	5	77 579	72 295
Goodwill	6	112 439	112 439
Investment in associates	8	29	29
Deferred tax assets	15	22 897	23 072
Other financial assets	8	943		946
		268 054	265 885
Current assets
Stock	10	219 453	189 518
Customers and other accounts receivable	9	397 960	416 140
Derivative financial instruments	8	181	1 882
Other financial assets	8	221	83
Asset accruals		22 969	21 876
Cash and cash equivalents	11	140 928		239 385
		781 712		868 884
TOTAL ASSETS		1 049 766		1 134 769

Notes 1 to 21 form an integral part of the abbreviated consolidated interim statement of financial position ended 30 June 2023.

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TALGO, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30 JUNE 2023 AND 31 DECEMBER 2022

(Expressed in thousands of euros)

	Notes	30.06.2023	31.12.2022
EQUITY
Capital and reserves attributable to the owners of
the Parent company
Share capital	12	37 156	37 156
Share premium	12	871	871
Treasury stock	12	( 4 812)	( 4 812)
Other reserves	12	2 834	4 407
Retained earnings	12	251 110		243 559
		287 159		281 181
Non-controlling interests	12	3 826	3 895
Total equity		290 985	285 076
LIABILITIES
Non-current liabilities
Borrowings	13	288 108	264 488
Deferred tax liabilities	15	8 614	8 850
Provisions for other liabilities and charges	16	54 216	50 207
Government grants		2 867		2 907
		353 805	326 448
Current liabilities
Suppliers and other payables	14	334 210	410 222
Current tax liabilities		25	-
Borrowings	13	68 601	111 091
Provisions for other liabilities and charges	16	2 140		1 932
		404 976		523 245
Total liabilities		758 781		849 693
TOTAL EQUITY AND LIABILITIES		1 049 766		1 134 769

Notes 1 to 21 form an integral part of the abbreviated consolidated interim statement of financial position ended 30 June 2023.

2

TALGO, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2023 AND 2022

(Expressed in thousands of euros)

	Notes	30.06.2023	30.06.2022
Net turnover	3		288 569			217 713
Other income			1 267			1 056
Stock variation for work-in-progress and finished goods			7 548	(	10 111)
Work performed and capitalized			7 870			7 406
Procurement costs		( 145 934)	(	87 416)
Personnel costs	18	(	83 919)	(	73 372)
Other operating expenses		(	43 690)	(	36 084)
Amortization and depreciation charge	4,5	(	8 517)	(	8 603)
Other results			378			299

Operating profit			23 572		10 888
Financial income	19		1 508		938
Financial expenses	19	(	13 457)	(	3 504)
Net financial result		(	11 949)	(	2 566)
Profit/(Loss) before tax			11 623		8 322
Income tax charge	15	(	4 610)	(	2 997)
Profit/(Loss) for the period from continuing operations			7 013		5 325
Profit/(Loss) for the period			7 013		5 325
Attributable to:
Owners of the parent	12		7 095		5 489
Non-controlling interests		(	82)	(	164)
Basic earnings/(losses) per share attributable to the owners of the
Company
Continuing operations	12		0.06		0.04
Total			0.06		0.04
Diluted earnings/(losses) per share attributable to the owners of the
Company
Continuing operations	12		0.06		0.04
Total			0.06		0.04

Notes 1 to 21 form an integral part of the abbreviated consolidated interim statement of comprehensive income for the six months ended 30 June 2023.

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TALGO, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2023 AND 2022

(Expressed in thousands of euros)

		30.06.2023	30.06.2022
Result for the period		7 013			5 325
Other comprehensive income:
Direct assignment to equity:
Other income and expenses		-	(	25)
Cash flow hedge	(	2 033)			2 108
Tax effect of the equity assignment		508	(	528)
Transfer to results:
Cash flow hedge		-			-
Tax effect of the cash flow hedge		-			-
Foreign currency translation	(	48)			419
Total other comprehensive Income	(	1 573)			1 974
Total comprehensive income for the period		5 440			7 299
Attributable to:
-Owners of the parent		5 522			7 463
-Non-controlling interests	(	82)	(	164)
Total comprehensive income for the period		5 440			7 299

Notes 1 to 21 form an integral part of the abbreviated consolidated interim statement of comprehensive income for the six months ended 30 June 2023.

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