IBERSOL Annual Report and Consolidated Accounts 2017

Consolidated Financial Statements Years ended on December 31 st Note 2017 2016 Cash Flows from Operating Activities Receipts from clients 442.782.866 269.844.982 Payments to supliers -249.626.468 -157.562.500 Staff payments -115.763.958 -61.060.481 Payments/receipt of income tax -2.475.045 -3.885.008 Other paym./receipts related with operating activities 14 -7.940.117 -6.369.069 Flows from operating activities (1) 66.977.278 40.967.924 Cash Flows from Investment Activities Receipts from: Financial investments 71.955 14.661 Tangible fixed assets 921.295 57.670 Intangible assets Investment benefits 55.850 Interest received 27 1.318.456 2.467.671 Payments for: Financial Investments 5 128.522 73.512.271 Other financial assets 11 12.634.957 8.972.023 Tangible fixed assets 32.426.484 26.220.493 Intangible assests 1.317.843 1.568.864 Flows from investment activities (2) -37.154.526 -107.677.799 Cash flows from financing activities Receipts from: Loans obtained 17 4.702.567 111.767.637 Sale of own shares 16 1.675 Payments for: Loans obtained 17 27.041.669 10.874.643 Amortisation of financial leasing contracts 17 1.798.854 416.228 Interest and similar costs 17 6.462.963 3.799.777 Dividends paid 17 2.160.010 6.137.233 Acquisition of own shares 16 621 752 Flows from financing activities (3) -32.761.550 90.540.679 Change in cash & cash equivalents (4)=(1)+(2)+(3) -2.938.798 23.830.804 Perimeter changes effect 60.000 Exchange rate differences effect 38.448 -533.122 Cash & cash equivalents at the start of the period 37.782.889 14.425.207 Cash & cash equivalents at end of the period 14 34.882.539 37.782.889 IBERSOL S.G.P.S., S.A. CONSOLIDATED CASH FLOWSTATEMENTS FOR THE YEARS ENDED 31 DECEMBER, 2017 AND 2016 (value in euros) The Board of Directors, 206