IBERSOL | Annual Report 2021

ANNUAL REPORT 2021 (1) deferred taxes resulting from a temporary difference due to the application of IFRS 16 in the Group’s consolidated accounts, not applicable in the statutory accounts of subsidiaries in Spain. (2) deferred taxes that correspond to the difference in the net amount considered in the indi- vidual financial statements of the subsidiaries and the net amount to which they contribute in the consolidated financial statements. (3) amount referring, essentially to tax benefits. As at 31st December 2021, there are 147,000 euros of tax benefit associated with the capital increase and 9,847,534 euros of tax benefits not deducted, to be used in subsequent years, 1,337,879 euros of RFAI for 2019, 2,066,044 euros of 2020 RFAI, 4,731,689 euros from 2021 RFAI and 1,711,922 euros from CFEI II (1,142,477 euros de- ductible until 2025 and 569.45 euros until 2026, inclusive). It should be noted that these credits have a reporting period of 10 tax periods, a period whose count was suspended during 2020 and during the following tax period, according to Law No. 21/2021, of 21st of April. The detail of the reportable tax losses of the Spain jurisdiction is presented as follows: SP no limit SP no limit SP no limit SP no limit SP no limit SP no limit Total previous to 2015 2016 2018 2019 2020 2021 Spain 1 090 963 3 212 698 89 461 6 826 073 25 028 169 14 326 948 50 574 312 Total 1 090 963 3 212 698 89 461 6 826 073 25 028 169 14 326 948 50 574 312 Regarding the reportable tax losses of Spain, detailed above, the Group did not rec- ognize deferred tax assets on reportable tax losses generated in Spain in the amount of 22,553,272 Euros (corresponding to 5,638,318 Euros in deferred taxes), given that there is no reasonable certainty as to the recoverability of all tax losses carried for- ward. In analyzing the recoverability of deferred tax assets, the Group considered the best estimates of projections of future taxable profits against which tax losses, tax credits and deductible temporary differences can be used. In the analysis of the recoverability of deferred tax assets in Spain, business plans were prepared which, considering the tax rules of Spain and the specificities of the group of companies, constituted the basis for assessing their recoverability. As mentioned in notes 1, 8 and 9, the business plans associated with the travel seg- ment, namely, for airports in Spain, were carried out based on the effects arising from the application of Law 13/2021, as well as the most recent traffic estimates from the Eurocontrol, which point to a recovery in 2024 of 2019 traffic. 409