IBERSOL Annual Report 2018

Consolidated Financial Statements to December 2019 from December 2019 to 2028 Bank loans and overdrafts 52.961.448 79.182.324 Other non-current liabilities - 150.344 Accounts payable to suppliers and accrued costs 71.264.274 - Other current liabilities 4.696.932 - Interest 2.901.560 3.308.462 Total 131.824.214 82.641.130 3.2 CAPITAL RISK a) Gearing ratio The company aims to maintain an equity level suitable to the characteristics of its main business (cash sales and credit from suppliers) and to ensure continuity and expansion. The capital structure balance is monitored based on the gearing ratio (defined as: net remunerated debt / net remunerated debt + equity) in order to place the ratio within a 35%-70% interval. On 31st December 2018 and 2017 the gearing ratio was of 27% and 31%, respectively, as follows: dec. 2018 dec. 2017 Bank loans 132.143.772 141.014.741 Other financial assets -19.608.860 -22.986.661 Cash and bank deposits -37.931.124 -34.902.883 Net indebtedness 74.603.788 83.125.197 Equity 203.170.093 188.620.193 Total capital 277.773.881 271.745.390 Gearing ratio 27% 31% 238