07. FINANCIAL PERFORMANCE

Consolidated balance sheet

Balance de Situación Consolidado

BALANCE SHEET HIGHLIGHTS

The main changes were in "Bank borrowings", which decreased due to the partial repayment of the syndicated loan arranged to acquire the investment in Repsol, and "Non-current financial assets", which reflects the disposal of 10% of Repsol, reducing the company's interest to 10.01%.

NON-CURRENT ASSETS

•"Investment properties" includes €2,624 million of leased properties, mainly related to the Rental Property business.

•The SyV Group has investments in concession projects in operation (primarily motorways) of 1,119 million of euros, net of accumulated depreciation, and €476 million in projects under development.

•"Property, plant and equipment" amounted to a net €604 million and includes investments in power generation and cogeneration plants, water and sewage networks, and other service-related products, in addition to machinery, plant and other assets. Accumulated depreciation in the year amounted to 491 million of euros.

•"Financial assets" includes investments in associates amounting to €3,617 million, mainly in Repsol YPF and in Sacyr Concesiones' concession companies. The item also includes a 1,024 million of euros non-current receivable on concession assets resulting from the application of IFRIC 12. In addition, this item includes €880 million of deferred tax assets.