IBERSOL | Annual Report 2021

CONSOLIDATED FINANCIAL STATEMENTS Movements in 2021 and 2020 in current and non-current loans, except financial leases and bank overdrafts, are as follows: 2021 2020 1st January 165 068 581 121 162 682 Variations with impact on cash flows: Loan receipts obtained 34 298 753 76 368 848 Financial debt payments -32 227 604 -26 569 061 Variations without impact on cash flows: Variation effect of bank overdrafts (note 14) -916 -3 739 037 Financing assembly costs -344 259 -793 492 Capitalized interest and others 237 793 -1 361 359 31st December 167 032 350 165 068 581 Using the functional currency in which they were subscribed, total loans as at 31st December 2021 and 2020 were as follows: dec/2021 dec/2020 EUR 167 631 441 164 993 444 AOA 203 333 333 741 666 667 At the end of the period the Group had 38 million Euros of unissued commercial paper programmes and available but not disposable credit lines. Some of the Ibersol Group’s bank loan agreements and commercial paper programs with financial institutions, corresponding to a total amount owed as at 31st December 2021 of 44.1 million euros, include Financial Covenants (i.e. 26% of the total amount loans outstanding at that date. Such covenants can be summarized as follows: Financial Covenants (consolidated ratios) ND/EBITDA < 4,5x a 5,5x ND/EBITDA (without IFRS 16) < 3,5x a 4x ND/EBITDAR < 5x Equity/Assets > 30% Some contracts still have Debt/EBITDA adjusted for the effects of applying IFRS 16 (frozzen gapp). 404