IBERSOL | Annual Report 2021

ANNUAL REPORT 2021 annual rents of existing contracts are reduced in direct proportion to the variation in passenger traffic compared to those verified in 2019, with AENA being unable to claim the payment of a higher minimum guaranteed annual rent. This reduction in the RMGA is applicable in 2020, as well as in all subsequent years until the an- nual volume of passengers at airports is the same as it was in 2019. As a result of the application of the Law, AENA was able to determine the amounts of rent payable for the years 2020 and 2021 (43.3 million euros lower than the contractual rents), with future rents depending on the traffic that may occur. Thus, with the rents being variable until the 2019 traffic is reached again, such rents are no longer applicable for the purposes of applying IFRS16, which determined the derecognition of all lease assets and liabilities at airports managed by AENA on the date entry into force of the new law (1 October 2021). In terms of the financial position, the application of the law results in a relevant decrease in liabilities and assets, since the lease contributions associated with the contracts with AENA are now recognized as rent expenses since October 1st of 2021. The impact of the application of the new Ley 13/2021, on October 1st of 2021, on the consolidated results is an operating income of 61.4 million euros resulting from: • derecognition of non-payable rent lease liabilities referring to 2020 in the amount of 23.1 million euros; • derecognition of non-payable rent lease liabilities referring to the first nine months of 2021 in the amount of 15.1 million euros; • difference between the lease liability referring to future rents and the right of use in the amount of 23.1 million euros. Additionally, in the fourth quarter, the amount of 5.4 million euros was considered in external supplies and services, referring to rents paya- ble under the new law for the period fromOctober to December 2021. Also as a result of the new rules to be applied to rents and the re- spective accounting treatment of liabilities, Ibersol Group carried out a review of the business plans of the concessions in Spain, with the most recent traffic forecast from Eurocontrol – much lower than the 31