Economic and Financial Report - Grupo ACS

The following reclassifications were made in the presentation of the financial statements for 2006 as a result of the
sale of the group Continental Auto and its consideration as a discontinued operation.
• Reclassification in the consolidated income statement of balances relating to Continental Auto under “Profit after
Tax from Discontinued Operations” amounting to EUR 20 million.
• Reclassification in the cash flow statement for 2006 of the changes in working capital and borrowings relating to
the ownership interest in Continental Auto. The net effect amounts to EUR 0.5 million.
In 2007 the ACS Group presented consolidated statements of income and expense recognised directly in equity
for the first time as a result of having fully consolidated the Unión Fenosa Group as from January 2007, since this
group chose to recognise its actuarial gains and losses directly in equity. In accordance with IAS 1, for comparison
purposes, the ACS Group prepared a statement of recognised income and expense for 2006. This statement was
not included in the financial statements for the year ended 31 December 2006 since at that date, the ACS Group
did not have any pension or similar obligations giving rise to actuarial gains and losses.
Annual Report 2007 ACS Group
Responsibility for the information and for the estimates made
The information in these financial statements is the responsibility of the directors of the Parent Company of the
Group.
The accompanying consolidated financial statements were prepared from the 2007 accounting records of ACS,
Actividades de Construcción y Servicios, S.A. and of its subsidiaries whose respective individual financial
statements were approved by the directors of each company and business segment, once they were adapted on
consolidation in conformity with International Financial Reporting Standards, as adopted by the European Union.
In the Group’s consolidated financial statements estimates were occasionally made in order to quantify certain of
the assets, liabilities, income, expenses and commitments reported herein. These estimates relate basically to the
following:
• The useful life of the property, plant and equipment and intangible assets (Notes 3.1 and 3.5)
• The impairment losses on certain assets (Notes 3.4 and 3.6)
• The measurement of goodwill and the assignment of assets on acquisitions (Note 3.4)
• The amount of certain provisions (Note 3.13)
• The assumptions used in the calculation of liabilities and commitments to employees (Note 3.12)
• Certain aggregates relating to the electricity system, and specifically, the deficit in income from operations
regulated in Spain.
• The interpretation of certain legislation relating to the regulation of the electricity industry, whose final economic
effects shall be determined by the decisions handed down by the competent agencies.
• The market value of derivatives, and particularly, the equity swaps mentioned in Notes 10 and 11.
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