IBERSOL | 2019 Annual Report

2019 ANNUAL REPORT 27. NET FINANCING COST Net financing cost in the years ending on 31st December 2019 and 2018 are broken down as follows: 2018 2018 Interest on rentals liabilities (IFRS16) 17 524 539 - Interest paid 3 659 132 4 054 505 Interest earned (1) -1 394 624 -1 772 469 Currency exchange differences - -72 399 Other financial costs and income 915 463 779 549 20 704 510 2 989 186 (1) essentially interest on treasury bonds and term deposits. Leases liability interest (IFRS16) by geography, is presented as follows: Spain 13 334 544 Portugal 3 692 736 Angola 497 259 The detail of other financial costs and income, is presented as follows: 2019 2018 Financial instruments - cash flow hedge (Note 20) -48 871 -57 884 Commercial paper programmes charges 499 210 650 753 Discounted value (Note 12) -246 330 51 106 Impairment reversal TB's (IFRS9) -233 396 -111 569 Other commissions 141 683 138 276 Other financial cost and gains 803 168 108 867 915 463 779 549 279