IBERSOL | Annual Report 2020

Consolidated Financial Statements dec/ 2020 dec/ 2019 Opening balance 12.089.967 11.697.307 Currency conversion -329.980 -546.938 Changes in the perimeter - 40.909 Purchases 76.870.326 122.425.272 Inventories changes -3.223.939 -4.197.186 Closing balance 11.676.996 12.089.967 Cost of sales 73.729.378 117.329.396 The value of stocks changes mainly relates to staff meals at the workplace and con- sumer packagings. 14. CASH AND CASH EQUIVALENTS As at 31 December 2020 and 2019, Cash and cash equivalents were as follows: dec/2020 dec/2019 Cash 903.884 1.065.534 Bank deposits 49.645.909 37.358.723 Treasury applications 500 500 Cash and bank deposits in the balance sheet 50.550.293 38.424.757 Bank overdrafts -916 -3.739.953 Cash and cash equivalents in the cash flow statement (1) 50.549.377 34.684.804 (1) there are no significant cash and cash equivalents unavailable for use by the Ibersol Group. From this amount 3,763,749 Euros (2019: 761,361 Euros) are deposited in Angola, with restrictions on its use outside the country, authorization from BNA (Banco Nacional de Angola) and access to the purchase of foreign currency is required. Bank overdrafts include the creditor balances of current accounts with financial in- stitutions, included in the consolidated statement of financial position in the heading “bank loans” (Note 17). The amount of other payments / receipts relating to operating activities in the con- solidated cash flow statement include, essentially, payments to Social Security, VAT and related to other debtors and creditors. 366