EFTA Document EFTA01367274

Amendment #4 Page 845 of 868 lablr, neuel• 4 15 1 Estimates and assanptcos The main assumptions related to !din events and otter sources of estimates subject to variations as of the reportng date, welch Cue to their nature carry a nsk of casing adtustments to the asset and lebSty arrantS n text years hnancel statements, ate presented below Revenue recogntion for projects in progress The Company records revenue from construction actwtes usng the percentage of completion method recognizing revenue in melon t0 Ire progress of the Project This method emphasizes the imponarce of havIrg actuate estimates of the progress of the works unfit trey competion Maragemert consta MA), Mentors the estimates imtolved in these construction actentes and aqusts them when requ red Impairment of non-financial assets The Company estmates that there are no indicators of impairment for err, of its non financial assets as of the reporting date 6. Standards issued but not yet effective The standards and interpretations that are issued, but not yet effectrve as of Decem applicable to its activties when they become effective 31 2014 are disclosed below The Company 'Nerds to 800O these standards If FRS 9 Flnencral instrumenes in July 2014, the IASB issued Ire trial version of IFRS 9 Foams instruments when reflects all proses d tre Inanoal nstrumerls project and replaces IAS 39 FArenciar Instruments Recognition aid Measurement and all previous versions d IFRS 9 The standard introduces new requrements la cessification and measurement, impairment and hedge accounting 'FRS 9 is effective for annual periods begmrg on or after January 1 2016 vim eery appcaton permed Retrospective application is required, but comparative ireormation is not compulsory Earl/ applcation of previous versons of IFRS 9 (2009, 2010 and 2013) is permtled if the date of intial application is before February 1, 2015 FRS 14 Regulatory Defemai Accounts FRS 14 is an optional standard that allows an entity whose activities ate SubieCt to rate-regulation to conbaie apptying most d its exshng accositirg polices tor regulatory deferral account balances Leon its first-time adoption of IFRS IF RS 14 is effective for annual periods begnning on or alter January 1, 2016 OASIS Revenue from Contracts Mth Customers IFRS 15 was awed in May 2014 and establishes a new fn -step model that will apply to revenue ansog from contracts with ostomers Under IFRS 15 revenue is recognized at an amount that relects the COnSideraten to when an entity expects to be entitled in exchange for transfemng goods or services to a customer The principles in IFRS 15 provide a more structured approach to measuring and recognzing revenue The new revers.* standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS Either a full or modified retrospective application is requited for annual periods begt✓rng on or after January 1, 2017 with early adoption permitted F-525 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058802 CONFIDENTIAL SDNY_GM_00204986 EFTA01367274