IBERSOL | Annual Report 2020

Consolidated Financial Statements 2020 and another 24 million Euros to 2021, the remaining 47 million Euros referring to periods after 1 January 2022. AENA’s latest proposal mentioned above would result in a reduction of the minimum guaranteed rents payable for 2020 and 2021 by around 36 million Euros. It should be noted that the amount included in the lease liability recognized in Iber- sol’s consolidated accounts at 31 December 2020, and in accordance with IFRS 16, does not include any changes to the original amount provided for in the contracts. In preparing these financial statements, the Board of Directors took into account this situation and the Management’s best estimates as to its outcome, assessing its possible impact and the uncertainties that may be associated with it, disclosing, whenever relevant, alternative scenarios and sensitivity analyses, namely regarding to the impairment tests of the assets associated with the Travel and Spain opera- tion. At the date of publication of this report, we are ending another lockdown after a third wave of the pandemic, whose future evolution will be directly related to the rhythms and effectiveness of the vaccination processes, both locally and globally, which will condition mobility and consumption habits. Ibersol Group continues to monitor, together with financial institutions, compliance with the financing covenants for 2021, having guaranteed the respective waivers before the end of 2020 to comply with them. Ibersol Group has been updating financial plans and cash flow projections in line with pandemic developments and prospects for recovery, to allow due monitoring of the group’s financial capacity to settle its liabilities. At the end of the period, net interest-bearing debt (including debt in finance lease contracts) amounted to 121.2 million Euros, approximately 43.1 million Euros higher than the outstanding amount at the end of 2019 (78 million Euros) , to finance the needs generated by the pandemic crisis and coverage of expansion investment. As at 31 December 2020, the Group had surplus availability and other applica- tions that amounted to 50 million Euros and had contracted and unused lines that amounted to 46 million Euros. 2. MAIN ACCOUNTING POLICIES The main accounting policies adopted in the preparation of these consolidated fi- nancial statements are described below. These policies have been applied consist- ently in comparative periods. 2.1 PRESENTATION AND CONSOLIDATION BASIS, AND MAIN ACCOUNTING POL- ICIES These consolidated financial statements were prepared according to the Interna- tional Financial Reporting Standards (IFRS) issued by the International Account- ing Standards Board (IASB) and in accordance with interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or the previous Standards Interpretation Committee (SIC), as adopted and effective by the Euro- 310