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Construcciones y Auxiliar

de Ferrocarriles, S.A.

Financial Statements for the year ended

31 December 2020 and Directors' Report,

together with Auditor's Report I

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The following English translation is provided by the Company for information purposes only, based on the original

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MINSFNICOPNS

S MISOFDIMBDS IMMIMNS RSBD RINS RS SD PSMRSISP MDL SMRFNIP!SIS"PCFBSCPNSMINS FNICOPNSCRSCSISLMNIS RSOCNISDMDSBPCFISP R'NSMRSISO P#I!SPCOSMRI'P IS IP RNBCPISNNIONSICSPCDDMR'SNIC#S$P MDL S RSFN%!SCOBCRRIN!SMRP NIPFIFP!SNM'R DDMR'S RSNPMNS$O MRIR R!SPFPMNORIS RSMR RMR'%SADDSIMNS DFSCPSMNS MD DSCRS

ISCPBCP ISLNMIS

S · &RSP MDL SPCDDMR'SNIC#!SLMSCRNIMIFINSMINSO MRSMNICPM DS IMMI!SIS"PCFBSCPNS SLMSP R'SCSBPCFINSI ISMRDFN!S OCR'SCIPN!SPCOSM'NBSIP MRN!SICS P'MCR DS RS COOFIPS IP MRNS $MNDS RS DIPM%!S OIPCN!S IP ONS RS '()NS CPS

DCCOCIMNS

· MISP' PSICSFNN!SIS"PCFBSCPNS SLMSP R'SCS*PCOMNNMCRSFDD IIPS RS PC'RSFDSDDSBCLPSFNNSI ISO MRI MRSIMPSD PNMBSBCNMIMCRSMRS+FPCBS MRS,,S$-CD PMNSPMSIS"DC DS.CMDMIS' PS L PSCPSMINSCRIPMFIMCRSICSIS DCBORIS CS *PCOMNNMCRS IP RNBCPIS PCNNS IS LCPD%S &INS BPCFIS P R'S MNS COBDIS LMIS DCLOMNNMCRS FNNS BCLPS S CRRIMCR DS COFNIMCRS R'MRN!S DICF'SIMPSMOBCPI RSMRS-CD PMNS IMMIMNSMNSP NMR'!S SPDIMCRSCSISO P#IS IPRS · &RS CPPS ICS MRP NS MINS DFS CPMR'S MRS NFNI MR DS OCMDMIS RS CRIPMFIS ICS PCRMN IMCR!STAESMNS CBIMR'S SNM'RMM RISPCDSMRSPC'RSNCDFIMCRN!SNFS NSIS

CDDCLMR'/S

( MDL N/S+FPCBS NSCNRSISCRNCPIMFOSDSSTAESICSDCBS SPC'RS

IP MRSBPCICIBS

0FNN/S-CD PMNS NS1CMRSIS+FPCB RSTD RS2PC'RSADDM RS

3S"PCFBSBPCMNSNPMNSICSISOCNISMPNSFNICOPNS DDSCPSISLCPD/SPCOSBPM ISCPS

BFDMSOFRMMB DS RSP'MCR DSCPSR IMCR DSCMN!SICSCIPSPCDDMR'SNIC#SO RF IFPPNS RS BPM ISNNIONSCBP IMR'SCPSO MRIR RSCOB RMN!SMRDFMR'SCOBDSCPBCP ISNIPFIFPNS

MRSCR1FRIMCRSLMISRIMIMNSLMIS SMR RM DSBPCMDS

MIS SNIPCR'SBPNRSMRSISMRIPR IMCR DSO P#IS RSLMISB PIMFD PSCFNSCRS+FPCB!SIS "PCFBS NS PMCFNS ICPMNSMRSCFRIPMNSNFSFNS-B MR!S4CD R!S56!SEP R!SIS5-!S.MCS RS0P *MDS3S"PCFBS DNCS NSCMNS RSPCDDMR'SNIC#SDISO MRIR RSRIPNSMRSOCPSI RS ,SCFRIPMNSCRSISMSCRIMRRINS3MNSMRCPO IMCRS RSSCFRSCRSMINSCPBCP ISLNMIS

3MNSDCNSPD IMCRNMBSLMISFNICOPNS DDCLNSIS"PCFBSICSBPCFSOCPSMMRIDS RSBPCMS

RSDDRISP R'SCS NNMNI RS RSO MRIR RSNPMNS

3S. R 'ORIS.CD!SBPNCR DMNS IIRIMCRS RSCR'CMR'SMOBPCORIS'FMSIS"PCFBSICS

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FNMRNNSPCOSCFPSFNICOPNS

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3SO MRSP NCRNSNFBBCPIMR'SINSBI IMCRNS PS NSCDDCLN/S

· 4PNBIMNSCPSPCPSCSISP MDL S RSFP RSOCMDMISIP RNBCPISNICPNS3NS BPNBIMNS SRSP IMMSSIS5<&E+S,,S CPDS( MDS. P#IS-IFSMRSIS NS

CSP MDL NS

· TCRIMRFCFNSDCBORISCSFP RSOCMDMISMRSLMSTAESMNSLDDSBCNMIMCRSLMISMINS

COMRSCPMR'S$P MDL S RSFN%S

· &RPRISNFNI MR MDMISCSP MDL SIP RNBCPISMRS'RP DS · EMPOSCOOMIORISCS FICPMIMNSICSNFNI MR DSOCMDMI!SIPCF'SISMOBIFNSCSIS +FPCB RS"PRS: D!S NSB PISCSIS+FPCB RS(NIPFIFPMR'S4D R!SMRSLMSIS"PCFBS

MONSICSO MOMNSMINSB PIMMB IMCRS

· TAE=NSBCNMIMSP IMR'SPCO!S RSPD IMCRNMBSLMI!S DDSMINSNI #CDPNS · -NIO IM!SPFPPMR'S BBDM IMCRSCSBRNSCRI MRORISBPC'P OON!S NSLDDS NSCNIS

RSMRRICPSPFIMCRS

· (CDDCFISCSISTCPBCP IS. R 'ORIS.CDS NS SICCDSCPSCI MRMR'SNRP'MNS RS MOBPCMR'S+RMPCRORI D!S-FNI MR MDMIS RS"CPR RS$+-"%SMRM ICPN!SCDDCLMR'S ISBPMRMBDNS RSCOOMIORINSNI ISMRSCFPS-FNI MR MDMIS4CDMS ' NID!STAES MONSICSIRSMINSCPMR'SCSNCDFIMCRNS RSCRNCDM ISMINSBCNMIMCRS NS SRO P#S MRSISOCNISMOBCPI RIS'C'P BM DS P NSLMISP' PSICSCDDIMSOCMDMI!SIPCF'S IMCRNSICS O #SOCMDMISNNIONS PCNNSISLCPDSOCPSNFNI MR D!SIMS RSN S3NS IMCRNS

LMDDSMRDF/S

· . #MR'S BPC'PNNS MRS MRI'P IS M'MI DMN IMCRS RS PNFPMIS CPS CFPS BPCNNN!S

BPCFINS RSNPMNS

· TCRIMRFMR'S MRNIORINS MRS IS IRCDC'M DS DCBORIS CS NFNI MR DS OCMDMIS NCDFIMCRNSNFS NSPC'R!SRP'S FOFD IMCR!SCNM'R!SISMRSLMSIS"PCFBS

MNS SD PS

· TCRNCDM IMR'SCFPS DFSBPCBCN DSCPSFNICOPNSIPCF'SISCOOPM DS RSIRM DS DCBORIS BD RNS CS CFPS COBCRRIN!S NM'R DDMR'S RS NNIONS FNMRNNNS $TAES -M'R DDMR'!STAES4CLPS>SAFICO IMCR!STAES3FPR#S>S+R'MRPMR'!STAES.MM(AS RSTAES +R'MRPMR'S >S .CPRM* IMCRN!S OCR'S CIPN%S MRS CPPS ICS MPNMS CFPS MRI'P IS

OCMDMISCPMR'S

· TCRNCDM IMR'SCFPSMRIPR IMCR DS'PCLISSBDCPMR'SIP MIMCR DS RS DIPR IMSO P#INS LMIS NM'RMM RIS BCIRIM D!S MRDFMR'!S LPS BBDM D!S I #MR'S RI 'S CS 1CMRIS

RIFPNSCPS DDM RNS

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Cn2Imh tFu nAurxeradFcundFsnru hpi n

Main indicators (*)

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TCRIP INSMRSIS PS,!,DSA!BBSA?CS

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AgTjk8n0qVnc07O2xLTY2nnSSSSSS

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4PCMISCPSIS PSA;S,S,888CS

T NEDCLSDD,S,8;S,,?CS

+EFMISS8?,SBBDS,CS

SSSSSSSS

AgTwT7RVnVkAkVRqVnwRgn7O0gRnnS?A,SCS

SSSSSSSS

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O P#ISMRS,,S

· 3SPNFDINSCPS,,SLPS ISSIST9)&:;SCFIP #!SLMS S RSMOB IS CRSCISISTCOB RNSCBP IMCRNS$O MRDSMRSISMPNIS DSCSIS P%S RSMINSMR RM DS

PNFDIN!SFSO MRDSICSBCNFPSICSCPM'RSFPPRSPMN#S

S RI IS

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5RMPNM S $'IRS T BMI D%S RS "F PCS $4 DRM %S NI IMCRNS LMIS S RLS FICO IS NNIOS

POCIDSCRIPCDDSPCOSISTRIP DMNS3P MSTCRIPCDS$T3T%SRIPS3MNS IMCRSLMDDSPNFDISMRS RSMRP NSMRSCISISDMR=NS B MIS RSISPDM MDMISCSIS MDMIMNS-CRD!SISBMIIS GOIPMHSCFDS DNCSS'MRSICSIS PS NS SPNFDISCSISRLSCRIP INSLMIS(R!S+FN#CIPRS RS.MINFMNMSTCPBCP IMCR!SMRCDMR'S SICI DSCS?,SFRMIN!S DDSCSLMS PSOIPM' F'!S RS

ISO RF IFPSCSOCPSI RSD8S PNS

&RSISCRDSBPC1ISMIS L PSCPSISNFBBDSCSPCDDMR'SNIC#SMRS,,!S(RSRIPFNISCFPS COB RSLMISISDCBORISCSISILCS INSCSOIPM' F'SIP MRN!SISIRPSBPCNNS CPSLMS' RSMRS,;S3MNSMRDFS SICI DSCSD@SIP MRN!SCSLMSDSLMDDSMRP NSIS MD DSDISICSIP DSCRSISDMRNSCSISIMRISE+)+SNPM!SLMSRCLSCPOSB PISCSIS A:&ESRILCP#!SCBP ISS(RS)M 1PCN!S RSBSLMDDSCOBDIDSPBD SISMNIMR'SDISI IS BPCMNS S BIMSNPMSCRSISTP RJ NSCOOFIPSIP MRSDMRST;SNPMSMRSISRIPSCS . PMS

3MNSBPC1ISMNSISMPNISICSS L PSSIS(RS"PCFBS OCR'SIS DOCNIS+5(S8!SOMDDMCRS

ICSS L PS NSB PISCSMINSDISB RNMCRS RSPRL DSBD RN!S RSLS PSIPODSBPCFS ICS S PRSMINSIPFNISICSCCBP ISMRSMINSB RNMCRS RSOCPRMN IMCRSBD RNS

3CSBPCMSNPMSCRSMINSP MDSRILCP#!S+FN#CIPRS NSCNRSTAESICSO RF IFPSASRLSDIPMS

FRMINSO #MR'SFBSIS-PMNS;?!SLMSLMDDSCBP IS DCR'NMSIS-PMNS;S RS-PMNS;8!S

FPPRIDSMRSNPMS RS DNCSO RF IFPSSFNSMRSISB NIS

.MINFMNMSTCPBCP IMCRS NSCRS ' MRSNCLRSMINSIPFNISMRSTAE!SMNBD SMRSISB NISMRSBPC1INS NFS NS'MRSSCSIS. RMD S'M'IS( MDS3P RNMIS-NIOSMRSIS4MDMBBMRN!SIS&NI RFDS.IPCS RSISCRNIPFIMCRSCS SIP RNBCPISNNIOSMRST RPP !SAFNIP DM S9RSIMNSC NMCR!SISBPC1IS MNS #S RSMR RSSISK B RNS"CPRORIS RSL NSCPO DMNSSIS.MRMNIPSCS

3P RNBCPIS RSTCOOFRM IMCRNSCSIS(BFDMSCSIS5RMCRSCS. RO PS9FPSFRMINSLMDDSNPMS

ISMPFD PSP MDL SCSL R'CR!SLMSMNSISCFRIP=NSOCNISMOBCPI RISCOOPM DSMI!S RS DNCS CRSISDMRSI IS1CMRNSISMISICSIS BMI D!S< BM L!S RSICS. R D !SISNCRSOCNIS

MOBCPI RISCOOPM DSRIPS IPSL R'CRS

(IFPRMR'S ICS IS NM'R DDMR'S FNMRNN!S RS ICS IS &PM RS 4RMRNFD !S LMIS IS N OS MOS CS MRP NMR'S DMRS B MIS RS MOBPCMR'S IS PDM MDMIS CS MINS NNION!S A:&ES L PS TAES -M'R DDMR'SISCRNIPFIMCRSBPC1ISCPSISNMR'DIP #SNIMCRS FICO IMSD PMR'SDC#SNNIOS $0'A5%SLMISTRIP DMNS3P MSTCRIPCDS$T3T%SCPSISAP DEFRISS4MP SPCFISILRS

ISBPCMRNSCS-MDDS RS. D ' S

ADNC!S TAES -M'R DDMR'S RIPS MRICS RS PP R'ORIS LMIS IS 0FD' PM RS < IMCR DS ( MDL S &RP NIPFIFPSTCOB RS$<(&T%!S NS SOOPSCSISG+(3.-STAS)CDF #S:MM:HSCRNCPIMFO!S ICSPFPMNS RSOCPRMNSISNM'R DDMR'S RSIDCOOFRM IMCRNSNNIONSCSISNIMCRSCS DMRSCRRIMR'SIS BMI DS-CM SICSISMDD 'SCS)CDF #7SIMNSPCFISMRDFNSISNI IMCRNSCS -CM STRIP D!S9D S RS)CDF #S RSMNS SNIP I'MSBPC1ISCPS0FD' PM !S NSMISMRCDNSIS PRC IMCRSCSISNFPMIS RSNM'R DDMR'SNNIONS IS-CM STRIP D!SISCFRIP=NSO MRSNI IMCRS

RSIP RNBCPISFS

&RS+FPCB!STAES NSPRLSISIPFNISDSLMISNP DSFNICOPNSACPMR'D!STAESRIPS MRICS SP OLCP#S 'PORISLMIS+RISAFICRCOCS)CDIFPRC!S SCOB RSPCOSIS&I DM RSP'MCRS CST OB RM !SLMSMNSMRS P'SCSISP'MCR DS RSFP RSBFDMSP MDL SIP RNBCPISNPM!SCPS ISNFBBDSCSFBSICSIRSOIPCSFRMINS RSISMRI'P DSO MRIR RSIPCSCPS SBPMCSCSIPS PNS3NSRLSIP MRNSLMDDSNPMSIS4MNMRCD APN STRIPCSDMRSCSISTMISCS< BDNSOIPCS

RILCP#S

/I I&RSISCS5IPIS AS NMOMD PS NMIF IMCRS NS CFPPS MRS IS -LMNS BMI DS CS -IC#CDO!S LPS -'S A0S $-ICPNIC#CDONS'C# DIP M#%SPMNS SRLSCBIMCRSICSB RSISFPPRISNFBBDSMRSCPPSICS MRP NS IS RFOPS CS IP ONS ICS S BPCM!S LMS PS NBM DDS BIS ICS IS CFRIP=NSIPOSL IPSCRMIMCRN!SICS8,SFRMINS &RSISEMRRMNS BMI DSCS2DNMR#M!S26'S$2DNMR'MRS6 FBFR'MRS'MM#RRD MICN%!SISCOB RSMRS P'SCSCBP IMR'SISMI=NSBFDMSIP RNBCPISNNION!SCPPSRLSFRMINSPCOSTAE!SLMSLMDDS I #SISICI DSRFOPSCSNFFP RSDMRSIP MRNSO RF IFPSSCFPS"PCFBSICS,8S &RS0D'MFO!SISEDOMNSFNS RSIP OSBFDMSCBP ICP!S:S'M1R!SPMNSCRSCSISIRNMCRS CBIMCRNSMRDFSMRSISCRIP ISNM'RSMRS,@!SMRP NMR'SICSASISIP OSFRMINSICSNPMSIS MISCSARILPBS RSICS??SISICI DSRFOPSCSIP ONSICSSNFBBDMSICS IS

3S PMCFNSMRMIM IMNSI #RSMRSISO MRIR RSFNMRNNSDMRS SRSBPCRSPFMIFDS NS

CRIP INS SRSCI MRSIPCF'CFIS+FPCBS RSMRSISAOPM RSCRIMRRIS &RSCBP IMCRS &RS&I D!SA.A3S-BA!SIS4 DPOCSBFDMSRIMISMRS P'SCSO R 'MR'SIP RNBCPISMRS-MMD=NS BMI DSMI!SR' 'STAESICS PPSCFISISO MRIR RSCPSISRISCFPS PNSCSMINSDISCS IP ONSNPMR'SISMI!SCRSCSISOCNISOCPRSIP OSNNIONSMRS&I DS

3S.DDJRSOIPCS L PSTAESISDCR'DSO MRIR RS#NSCPSD8SFRMINSO RF IFPS

SCFPSTCOB RS3MNSCRIP ISLMDDSO RSISCRIMRF IMCRSCSIS IMMIS DP S PPMSCFIS

PCOSIS ISINSFRMINSLPSBD SMRICSCBP IMCRS

&RS-B MR!SIS. D ' S.IPCSR' 'SFNSICSBPCMSISO MRIR RSNPMSCPSISRISMS PN!S RSEPPC PPMDNSSD S"RP DMI IS) DRM R SCNSTAESICSFRPI #SIS P 'DMS O MRIR RSNPMSCPSISOCICPSC'MNS RSBFNBFDDS PNSCSISFRMINSCS.IPC DRM =NS

ADS-PMNSIP MRNS

' NID!SFISSRCSO RNSDNNSMOBCPI RID!SISEFDSTDDNS RS2PC'RSKCMRIS5RPI #MR'S$ET2S K5%!SIS+FPCB RSTCOOMNNMCRS 'RS P'SLMISCCNIMR'SDCBORISCSFDSDDS RS PC'RSRP'!SNDISISBPCBCN DSDSSTAE!SIC'IPSLMIS SD P'S'PCFBSCSCOB RMNS CSIS DMPSCS(RS RSAM!SICSR OS1FNISILC!SICSDCBS SPC'RSIP MRSBPCICIBS $2,,%S&RSMINS PMCFNSB NN!SIMNSBPC1ISLMDDSRCOB NNSISNM'RS RSO RF IFPSCS RS MRRC IMSBPCICIB!S NSLDDS NSISINIMR'SPEFMPSCPSMINS DM IMCRS RS BBPC DS3S MOS MNSICSCI MRS S*PCOMNNMCRSBPCFISI IS RSCOBI!SMRSIPONSCSCBP IMR'SBPCPO R!S

LMISFPPRISMNDSIP MRN!SCISRLSNM'RS RSPFPMNSMDNS

+RIPBPMNMR'SMRMIM IMN!SNFS NSISMRMIM IMSPC'RMNSSIS+FPCB RSTCOOMNNMCR!S PS S NCFPSCSBPMS RSPC'RMNSCFPSPCDS NS RS IMSCPSMRSISM'ISCPS PCRMN IMCRS RS CFPSCPINSICSBPCMSNFNI MR DSOCMDMISNCDFIMCRNSI ISPNBISISRMPCRORIS 9I

ItFsh irtdpndcitBti,S

MIS SICI DSCS!,AS PNSO RF IFP!S,,SRSLMISPO P# DSM'FPNSCPSISTAES "PCFB=NSMRFNIPM DSFNMRNNS3C'IPSLMISISOCPSI RS8A!SLDNS RSCIPSPCDDMR'SNIC#S COBCRRINSMNB ISICSOCPSI RS,SCFRIPMNSLCPDLM!SISM'FPNSLPS OCR'SISNIS

MRSPRIS PNS

-P DSO RF IFPMR'SBPC1INSLPSCOBDISMRS,,S3NSMRDFSISILCSBPC1INSLMIS IS56SCBP ICPS

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