Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 614

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 614
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, if resolved favourably, would have a positive impact of approximately 17basis points on the Group's CET1, using the amounts at the end of the year.

f) Environmental impact In view of the business activities carried on by the Group entities, the Group does not have any environmental liability, expenses, assets, provisions or contingencies that might be material with respect to its consolidated equity, financial position or results (see note 54.a). g) Events after the reporting perio d On 20 January 2025, Banco Santander, S.A. prepaid all the Tier 1 Contingently Convertible Preferred Securities with ISIN code XS179325004 and common code 179325004 in circulation, for a total nominal amount of EUR 187.6million and which trade on the Irish Stock Market 'Global Exchange Market' (the 'PPCC'). Under the authorization of the 2023 annual general meeting and also according to the 2024 shareholder remuneration policy, on 4 February 2025 the board resolved to execute a new share buyback programme for a maximum amount of approximately EUR 1,587million. The appropriate regulatory authorization has already been obtained and the execution of which began on 6 February 2025.

2. Accounting p olicies The accounting policies applied in preparing the consolidated financial statements were as follows:

a) Foreign currency transactions i. Presentation currency Banco Santander’s functional and presentation currency is the euro. Also, the presentation currency of the Group is the euro. ii. Translation of foreign currency balances Foreign currency balances are translated to euros in twoconsecutive stages: • Translation of foreign currency to the functional currency (currency of the main economic environment in which the entity operates). • Translation to euros of the balances held in the functional currencies of entities whose functional currency is not the euro. Translation of foreign currency to the functional currency Foreign currency transactions performed by consolidated entities (or entities accounted for using the equity method) not located in European Monetary Union ('EMU') countries are initially recognised in their respective currencies. Monetary items in foreign currency are subsequently translated to their functional currencies using the closing rate. Furthermore: • Non-monetary items measured at historical cost are translated to the functional currency at the exchange rate at the date of acquisition. • Non-monetary items measured at fair value are translated at the exchange rate at the date when the fair value was determined. • Income and expenses are translated at the average exchange rates for the year for all the transactions performed during the year. When applying this criterion,