IBERSOL | 2019 Annual Report

2019 ANNUAL REPORT Movements in 2019 and 2018 in current and non-current loans, except financial leases and bank overdrafts, are as follows: 2019 2018 Initial balance 124 081 708 137 226 551 Currency translation and other adjustments -2 587 167 -5 456 591 Receipts 34 186 930 11 786 179 Payments 38 258 742 -19 474 431 Change in perimeter - - Final balance 117 422 729 124 081 708 Using the functional currency in which they were subscribed, total loans on 31st De- cember 2019 and 2018 were as follows: Dec/2019 Dec/2018 EUR 111 554 094 117 447 270 USD - 500 000 AOA 3 146 722 026 2 565 000 000 At the end of the year the Group had 18,6 million euros of unissued commercial paper programmes and available but not disposable credit lines. Long-term loans contracted under the acquisition of Eat Out Group include clauses with the following financial covenants: Covenants Financeiros Spain (EOG Consolidated) PORTUGAL (Consolidated) Debt/EBITDA 31.12.2019 2,5x até 1,5x from 2017 to 2021 with reductions of 0.25 per year 3,5x ou 4,5x EBITDA/Financial Cost 31.12.2019 5x - Equity/Assets 31.12.2019 - 30% As of December 31, 2019 and 2018, these Covenants are being complied with and are calculated from a “Frozen GAAP” perspective, not including the impacts, namely, of IFRS16. 269