IBERSOL | Annual Report 2021

ANNUAL REPORT 2021 2 Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Recoverability of non-current assets (tangible fixed assets (214,373,712 euros), right-of-use assets (138,871,151 euros), goodwill (79,032,821 euros) and intangible assets (35,870,696 euros) See notes 2.4, 2.7, 2.8, 2.9 and 2.19 of the Main accounting policies, note 4.a) of the Main accounting estimates and judgments and notes 7, 8, 9 and 35 to the consolidated financial statements. The Risk Our response to the identified risk The recoverability of non-current assets is considered a key audit matter due to the materiality of the amounts involved and the complexity and subjectivity associated with impairment tests, namely due to the uncertainty inherent to the financial projections, which are based on the Board of Directors' expectations. These projections are materialised in valuation models based on business plans, which are underpinned by several assumptions not observable in the market, associated with discount rates, expected margins, short and long-term growth rates, investment plans and demand behaviour, amongst others. In 2021, as a result of the internal analysis of the recoverability of tangible fixed assets, right-of-use assets, goodwill and intangible assets, the Group recorded impairment losses amounting to approximately 6.3 million euros. Our audit procedures included amongst others, those that we describe below:  We have inquired the Board of Directors about the basis of their estimates and judgements and challenged the assumptions made;  We have evaluated the design and implementation of the main controls implemented by the Group in this area and the reasonableness of the budgeting procedures on which the projections are based, by comparing past performance with the estimates made in previous periods and by reference to macroeconomic and sectorial information and projections produced by independent external bodies;  We have analysed the basis of the projections made by the Board of Directors regarding the activity developed in the airports managed by AENA, considering the dispute between the Group and this entity, through the subsidiary Pansfood SAU, and also considering Law 13/2021, of October 2021, which regulates the rents payable in these airports. We have inquired the Group’s legal advisors on the prospects for the outcome of such actions, and on the potential impacts of alternative scenarios for the outcome of this dispute; 427