IBERSOL | Annual Report 2020

Main Events The increase in infections after the summer led to a second wave and an aggravation of the government-imposed measures, some of which are still in place: • curfew; • sporadic business closure; • limitation of opening hours; • restrictions on personal mobility; • closure of borders. Following the indications of the World Health Organisation and the National Health Boards, the Ibersol Group activated contingency plans that prioritised the safety of all clients and employees and en- sured protection of the supply chain. In order to protect jobs, in the face of this abrupt drop in activity, the Group’s companies signed on to the ERTE in Spain and the simplified and normal lay-off policies in Portugal during the months of March and April, respectively. In Portugal, the group signed up to the Extraordinary Incentive for the Normalisation of Business Activity and, in Spain, approximately 1.370 workers remained on the ERTE until 31 December. At the same time, cost reduction initiatives were enacted through the renegotiation of contracts, including the financial rebalancing of leases, which resulted in discounts that amounted to 10.4 million Eu- ros. During the year, however, it was not possible to renegotiate conces- sion contracts for the restaurants located at the Spanish airports, due to lack of agreement by the grantor, AENA. After having presented an initial proposal according to which min- imum guaranteed leases would be dependent on the evolution of air traffic compared to 2019, as the estimates of air traffic recovery drifted towards 2024, and even 2026, AENA proceeded to reduce its support for concessionaire entities. At the end of the year, follow- 16