IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 38. SUBSEQUENT EVENTS At the beginning of this year of 2018, Angola’s foreign exchange policy for payments to foreign countries changed considerably, becoming available through sale to banks in the auction mode. The first auctions resulted in a currency devaluation for major currencies of around 40%. As mentioned in note 3.1.a.i, the subsidiaries in Angola have the currency liabilities hedged by USD-indexed assets as a way to minimize the devaluation impacts of the AKZ. As of the date of approval of this report, the last stage of the tendering procedure for the catering area at Barcelona airport took place in February in which Pansfood won the allocation of 4 lots corresponding to a share of 39,21%. which allows it to continue to be the largest restaurant operator at that airport. On March 1, 2018, draft investment tax contracts between the Portuguese State and Iber King and Iberusa subsidiaries were approved by the Council of Ministers (resolution no. 32/2018, published in Diário da República on 13/03/2018), which attribute Income tax cred- its. Impacts at Income tax level have already been considered in the 2017 accounts. 39. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors and authorised for emission on 05th April 2018. Shareholders are entitled not to approve the accounts authorized for issue by the Board of Directors and propose their amendment. 283