– SIGNIFICANT ACCOUNTING POLICIES 2.1 Statement of compliance

The consolidated annual accounts of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and its interpretations (IFRIC) endorsed by the European Union (hereinafter EU-IFRS).

All accounting policies have been consistently applied to the years ended 31 December 2005 and 2006, except for those mentioned in the following paragraph. The European Union has not issued any obligatory modifi cations for years beginning on 1 January 2006 which have required an adaptation of the comparative fi gures for 2005.

In accordance with paragraph 14 of IAS 8, in order to provide the most relevant information on the consolidated cash fl ows, the Company has voluntarily changed from using the direct method to the indirect method in the preparation of the consolidated cash fl ow statement for 2006. In order to ensure that this information is comparable, the consolidated cash fl ow statement for 2005, presented for comparative purposes, has been expressed using the indirect cash fl ow method.

The application of the indirect method in preparing the consolidated cash fl ow statement for 2005 has not resulted in any variations in the net cash fl ows from operating, investing and fi nancing activities compared to those shown in the 2005 annual accounts, prepared using the direct method.

Certain amounts for 2005 have been reclassifi ed in the accompanying consolidated annual accounts for the purpose of comparison with the current year. The most signifi cant income statement reclassifi cation has been the elimination of the caption changes in provisions and the reclassifi cation of those amounts to changes in inventories of fi nished products and work in progress and other operating expenses, based on the nature of the item. The most signifi cant balance sheet reclassifi cations have been the elimination of other current liabilities and current provisions and the reclassifi cation of those balances to trade and other payables.

The Group has not applied IFRS 7 Financial Instruments – Disclosures to these consolidated annual accounts since although the standard was issued at the date of presentation of the fi nancial statements, it is not obligatory until January 2007. In any event, the Group considers that the impact of application of IFRS 7 will only affect the disclosures provided.

In addition, IFRIC 7, 8 and 9 and the amendment to IFRS 1 entered into force on 1 January 2007. The Group considers that the impact of the application of these publications next year will be minimal.

2.2 Basis of preparation of the consolidated annual accounts

The accompanying consolidated annual accounts of the Group have been prepared by the board of directors of the Parent company to present fairly the consolidated equity and consolidated fi nancial position at 31 December 2006, as well as the consolidated results from its operations and changes in consolidated equity and cash fl ows of the Group for the year then ended.

The Group adopted the EU-IFRS at 1 January 2004 and at that date applied IFRS 1 - First Time Adoption of International Financial Reporting Standards.

The consolidated annual accounts are presented in Euros rounded to the nearest thousand. They are prepared on the historical cost basis, except for the following assets and liabilities, which have been measured at fair value: derivative fi nancial instruments, fi nancial assets at fair value through profi t or loss and available-for-sale fi nancial assets.

The preparation of the consolidated annual accounts in conformity with EU-IFRS requires management of the Parent company to make judgements, estimates and assumptions that affect the application of policies and therefore the reported amounts of assets and liabilities, income and expenses. The estimates are based on historical experience and other factors which are considered appropriate. The Group may modify these estimates in the light of subsequent events or changes in circumstances.

Aspects which involved a greater degree of judgement or for which the assumptions and estimates are signifi cant for the preparation of the consolidated annual accounts are detailed in note 4. Risks assumed by the Group which could have an effect on future years are identifi ed in note 3.

The accompanying consolidated annual accounts have been prepared on the basis of the individual accounting records of the Company and the companies forming the Acerinox Group. The consolidated annual accounts include certain adjustments and reclassifi cations made to bring the accounting and presentation principles used by different Group companies into line with those of the Company.

The consolidated annual accounts for 2005 were approved by the shareholders at their annual general meeting held on 1 June 2006. The Group’s consolidated annual accounts for 2006 are pending approval at the shareholders’ general meeting. The directors of the Company consider that these consolidated annual accounts will be approved by the shareholders without signifi cant changes.

2.3 Going concern and accruals basis

The directors have prepared these consolidated annual accounts on a going concern basis. Income and expenditure are recognised on an accruals basis, irrespective of the dates of collection or payment.

2.4 Basis of consolidation

a) Subsidiaries

Subsidiaries are entities in which the Group has the ability to control fi nancial and operating policies. This is generally where the Group holds more than half of the voting rights.

The fi nancial statements of subsidiaries are included in the consolidated annual accounts from the date that control commences to the date that control ceases.

The Group takes potential voting rights into account when measuring the level of control which it has over Group companies and, consequently, determining the method of consolidation.

Subsidiaries which comprise the Acerinox Group and are consolidated at 31 December 2006 and 2005 are listed in note 5.

Minority interests in Group equity are recognised under equity in the consolidated balance sheet while their share in the Group’s

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