IBERSOL | Annual Report 2021

CONSOLIDATED FINANCIAL STATEMENTS The cost of inventories recognized in 2021 as an expense and included under “cost of sales” amounted to 88,351,603 Euros (2020: 73,729,378 Euros), as shown below: dec/ 2021 dec/ 2020 Opening balance 11 676 996 12 089 967 Currency conversion 343 490 -329 980 Purchases 95 540 820 76 870 326 Inventories changes -3 417 264 -3 223 939 Closing balance 15 792 439 11 676 996 Cost of sales 88 351 603 73 729 378 The value of stocks changes mainly relates to staff meals at the workplace (3,592,212 euros, as in note 24) and other adjustments. 14. CASH AND CASH EQUIVALENTS As at 31st December 2021 and 2020, Cash and cash equivalents were as follows: dec/2021 dec/2020 Cash 1 029 212 903 884 Bank deposits 95 938 291 49 645 909 Treasury applications 500 500 Cash and bank deposits in the balance sheet 96 968 003 50 550 293 Bank overdrafts - -916 Cash and cash equivalents in the cash flow statement (1) 96 968 003 50 549 377 (1) there are no significant cash and cash equivalents unavailable for use by the Ibersol Group. From this amount 3,137,549 Euros (2020: 3,778,400 Euros) are deposited in Angola, with restric- tions on its use outside the country, authorization from BNA (Banco Nacional de Angola) and access to the purchase of foreign currency is required. The amount of other payments / receipts relating to operating activities in the con- solidated cash flow statement include, essentially, payments to Social Security, VAT and related to other debtors and creditors, given the AENA effect – as of October, AENA rent payments will appear in payments to suppliers. 396