IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 Subsequent Events At the beginning of the current year, faced with the impossibility of reaching a reasonable deal with AENA, we were forced to file injunctions to stop AENA from executing bank guarantees that were presented to guarantee the fulfil- ment of obligations regarding leasing contracts. In early March, these injunctions were decreed. At the same time, we filed a suit in which we asked the court to rebalance the leases, in line with reductions in airport traffic. In mid-January, a new lockdown was declared, the second in 10 months, which resulted in a new period of restaurant closure that extended to 19 April. It is expected that the state of emergency will be lifted on 3 May. The severity of the third wave of Covid-19 during this first quarter of 2021 led to a tightening of health measures and the closure of restaurant activity between mid-January and the 19 April, when they reopened conditionally. To suspend or reduce working hours, the Group signed up to the simplified lay- off scheme in Portugal and maintained the ERTE in Spain. The “apoiar” and the “apoiar restauração” programmes were extended to non- small and medium sized companies but limited to companies with a business volume under 50 million Euros in 2019, so we were only able to make applica- tions for approximately 1 million Euros. At the funding level, we took advantage of the extension of the grace periods and State guaranteed funding deadlines. i. Covid-19 economic support funding in Portugal, with 9 further months of grace period and maturity dates, which translates into 4.1 million Euros less expense in the short-term ii. ICO line of 20 million Euros in Spain; 1-year increase in grace period and extension of maturity by 3 more years (2025 to 2028), translating into 2.5 million Euros less expense in the short-term iii. Other ICO Funding in Spain, with a 1-year increase in grace period and matu- rity, translating into 0.5 million euros less expense in the short-term iv. Current account ICO lines totalling 15 million euros extended by 1 year Faced with the impact of this lockdown period on activity and the delay in European vaccination plans, the Group began negotiations for increasing avail- able credit lines. 209