IBERSOL | 2019 Annual Report

Consolidated Financial Analysis Consolidated Net Debt (without IFRS16) At the end of the year, interest bearing net debt (without IFRS16) amounted to 78 million euros, around 3 million euros higher than the debt at the end of 2018 (74.8 million euros). Current liabilities (without IFRS16) are 53 million euros higher than cur- rent assets (without IFRS16) due to the financial allowance characteris- tic of this business. “Gearing (without IFRS16)” (net debt/(net debt+equity)) which stood at 27% at the end of 2018, dropped to 26%. The “Net debt to EBITDA” (without IFRS16) at the end of 2019 was 1.3 times (1.2 times in 2018) and the EBITDA ratio of interest coverage is 21 times (compared to 18 in 2018). The group’s financial structure continues to prove very solid. 112