IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 At the same time, urgent precautionary measures were requested, mainly aiming at preventing AENA from executing the guarantees it has in its favour in the amount of 26 million Euros. On 26 March 2021, the Court ruled in favour of the precautionary measure. The severity of the third Covid-19 wave in this first quarter of 2021 resulted in a wors- ening of sanitary measures and the closure of the restoration activity enacted in mid-January and which lasted until April 19 for a conditional opening. To suspend or reduce working hours, the Group adhered to the simplified lay-off in Portugal and maintained ERTE in Spain. With the “support” “and support restoration” programs extended to non-SMEs but limited to companies with a turnover of less than 50 million Euros in 2019, we were only able to qualify for applications of approximately 1 million Euros. In terms of financing, we adhered to the extension of grace periods and terms in financing guaranteed by the State: i) Financing to support the Covid-19 economy, in Portugal, with adherence to anoth- er 9 months of grace period and maturity, which represents lower disbursements in the short term of 4.1 million Euros ii) ICO line of 20 million Euros, in Spain; with an increase of another year of grace period and extension of maturity by another 3 years (2025 to 2028), representing a reduction of disbursements in the short term of 2.5 mn Euros iii) Other ICO Financings, in Spain, with an increase in the grace period and maturity in 1 year, representing a reduction in short-term repayments of 0.5 million Euros iv) ICO lines in current account, in the amount of 15 million Euros, increased the term by another 1 year With the impact of this period of confinement on the activity and the delay in the European vaccination plans, the Group started negotiations to reinforce the avail- able financing lines. In mid-January a new confinement was decreed, the second within 10 months, re- sulting in a new period of closure of the restaurants, which lasted until 19 of April, with the expectation that the state of emergency will be lifted at 3 May. 35. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors and authorised for emission on 27 April 2021. Shareholders are entitled to not approve the accounts authorized for issue by the Board of Directors and propose their amendment. 389