IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 The future (contractual) Cash Flows concerning these liabilities on 31 December 2017 are broken down as follows: FC 2019 FC 2020 FC 2021 FC 2022 FC 2023/24 FC 2025 Loan 31.371 33.388 35.536 37.822 72.765 8.762 Financial lease 52.110 55.462 59.030 62.826 113.819 - With no history of non-payment, Ibersol assigned a rating of “compliance with difficulties” to the Vidisco franchisee because the payment period exceed 60 days and there was a renegoti- ation of payment terms in 2014. 13. STOCKS On 31 December 2017 and 2016, stocks were broken down as follows: Dec. 2017 Dec. 2016 Raw material and consumables 11.795.797 11.422.624 Merchandise 369.091 199.568 12.164.888 12.164.888 Accumulated impairment losses 74.981 74.981 Net stocks 12.089.907 11.547.211 The increase in the value of stocks is essentially the result of the need to supply restaurants in Angola and group Eat Out acquisition (Note 5). The cost of stocks recognized in 2017 as an expense and included under “cost of sales” amounted to € 102.831.054 (in 2016: € 64.546.632), as shown below: Dec. 2017 Dec. 2016 Initial balance 11.622.192 7.786.052 Currency conversion -12.572 -293.950 Perimeter variation - 2.706.371 Stock purchases 107.338.968 69.051.573 Stock changes -3.952.646 -3.081.222 Final balance 12.164.888 11.622.192 Cost of sales 102.831.054 64.546.632 The value of stocks changes mainly relates to staff meals at the workplace and consumer packagings. 253