IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 Net Debt At the end of the period, net debt amounted to 441.1 million Euros, around 34.0 million Euros higher than the debt at the end of 2019 (407.1 million Euros). This increase is largely due to investment financing. Consequently, “Gearing” which stood at 66% at the end of 2019, in- creased to 74% in 2020. The “Net debt to EBITDA” indicator at the end of 2020 was 10.1X (3.4X in 2019) and the EBITDA ratio of interest coverage is 2X (compared to 6X in 2019). (Million of Euro) 2020 2019 Var. Total loans 165,1 121,2 43,9% Cash and and cash equivalents -50,6 -38,4 -12,1% Other current and non-current liabilities -2,4 -15,6 13,2% Net Bank Debt 112,1 67,1 45,0% Lease liabilities 329,0 340,0 -11,0% Net Debt 441,1 407,1 34,0 Equity 156,4 214,2 -57,8% Gearing (Net Debt/Net Debt + Equity) 74% 66% Ebitda 43,6 119,5 -76,0% Net Debt / Ebitda 10,1X 3,4X Total Interests 20,4 21,7 -1,3% Interest Coverage 2X 6X 39