ANNUAL REPORT 2015

CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES

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6. INVENTORIES

These are detailed as follows:

(*)

Finished goods also include goods for resale.

At 31 December 2015, the line-by-line consolidation of Oman Cables Industry (SAOG) has resulted in the

recording of Euro 90 million in inventories.

7. FINANCIAL ASSETS HELD FOR TRADING

These are detailed as follows:

Financial assets held for trading basically refer to units in funds that mainly invest in short and medium-term

government securities. These assets are mostly held by subsidiaries in Brazil and Argentina which invest

temporarily available liquidity in such funds.

The listed securities primarily refer to investments in funds denominated in Brazilian reals.