IBERSOL | Annual Report 2020

Main Events ing the publishing of a legal bill that allowed tenants to apply for a 50% lease reduction or payment according to a two year morato- rium, AENA decided to adopt these principles and discard previous negotiations, proposing in their place a reduction of approximately 60% on minimum guaranteed leases in 2020 and a 50% reduction on leases due until September 2021, provided the concessionaires re- nounced their request for a contractual rebalancing of the provisions of the contracts. The scale of the reduction in traffic (close to 80% annually) makes business unviable and, therefore, should it not be possible to reach a reasonable agreement we shall be forced to go to court and request a rebalancing of the provisions of the contracts and move to make it impossible for AENA to execute the bank guarantees presented when the different contracts were signed. As a result, besides the variable leases paid during the year, we made the payment required to rebalance the instalments, according to the terms of the expert reports we requested. To understand the scale of this problem it should be explained that the business volume which would normally have been expected for a year in the Spanish airports is above 100 million Euros and the mini- mum guaranteed rents should reach approximately 34 million Euros. The current context determined that sales did not surpass 23 million Euros, whereas the minimum leases amounted to 35 million Euros. Despite this setback, we are convinced that in 2021, conditions will be created that allow for the conclusion agreements that put an end to this litigation. As of the publication date of this report, restrictions are being lifted following the third wave of the pandemic, whose evolution will be di- rectly related to the rhythm and success of the vaccination processes. Along with other financial institutions, Ibersol Group continues to 18