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International Financial Reporting Standards as adopted by the European Union (EU-IFRSs),
in conformity with Regulation (EC) no. 1606/2002 of the European Parliament and of the
Council.
The Group's consolidated financial statements were prepared taking into account all the
mandatory accounting principles and rules and measurement bases with a material effect
on the consolidated financial statements, as well as the alternative treatments permitted
by the relevant standards in this connection, and, accordingly, they present fairly the
Group's consolidated equity and financial position at 31 December 2013 and the results of
its operations, the changes in consolidated equity and the consolidated cash flows in the
year then ended.
However, since the accounting policies and measurement bases used in preparing the
Group's consolidated financial statements for 2013 (EU-IFRSs) differ from those used by
the Group companies (Spanish National Chart of Accounts), the required adjustments and
reclassifications were made on consolidation to unify the policies and methods used and to
make them compliant with EU-IFRSs. In addition to the International Financial Reporting
Standards adopted by the EU (EU-IFRSs), all the requirements included in the Spanish
Commercial Code and the Spanish Limited Liability Companies Law were applied in these
consolidated financial statements, as well as such other aspects of Spanish accounting
regulations in force as might be applicable.
The 2014 consolidated financial statements of the Group and the 2014 separate financial
statements of the Group companies, which were formally prepared by the companies'
respective directors, will be submitted for approval at the related Annual General
Meetings, and it is considered that they will be approved without any changes.
The 2013 consolidated financial statements, which were approved by the shareholders at
the Annual General Meeting on April, 23 2014 and are included for comparison purposes,
were also prepared in accordance with EU-IFRSs applied on a basis consistent with that of
2013.
Standards and interpretations effective in 2014:
The standards and interpretations that came into force in 2014 and that were taken into
account in preparing the accompanying consolidated financial statements are described below: