IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 Using the functional currency in which they were subscribed, total loans on 31st December 2017 and 2016 were as follows: Dec. 2017 Dec. 2016 EUR 125.847.371 142.862.965 USD 1.000.000 1.500.000 AOA 1.981.500.000 2.931.708.333 At the end of the year the Group had 23,2 million euros of unissued commercial paper pro- grammes and available but not disposable credit lines. Long-term loans contracted under the acquisition of Eat Out Group include clauses with the following financial covenants: Financial Covenants Spain (Company) PORTUGAL (Consolidated) Debt/EBITDA 2,5x to 1,5x 3,5x ou 4,5x from 2017 to 2021 with reductions of 0.25 per year EBITDA/Financial Cost 5x - Equity/Assets - 30% These Covenants are being complied as in 31 December 2017 and 2016. The liabilities from financial leasing may be broken down as follows: Dec. 2017 Dec. 2016 Outstanding capital: Up to 1 year 1.463.577 1.822.031 Over 1 year and until 5 years 2.235.870 3.717.050 5 years 68.399 - 3.767.846 5.539.081 The future (contractual) Cash Flows concerning the above stated financial liabilities on 31 December 2017 are broken down as follows: FC 2018 FC 2019 FC 2020 FC 2021 FC 2022 FC 2023/38 Bank loans 7.593.061 12.156.411 7.487.608 5.466.078 7.942.027 581.367 Commercial paper programmes 24.250.000 23.750.000 15.000.000 15.000.000 18.000.000 0 Financial Leasing 1.463.577 1.320.024 653.471 259.036 3.339 68.399 Interest 2.058.064 1.551.964 1.082.698 707.684 256.969 5.440 261