IBERSOL | Annual Report 2021

CONSOLIDATED FINANCIAL STATEMENTS sidered that there is an exchange rate risk. Financing contracted by Angolan sub- sidiaries is denominated in the local currency, the same currency in which income is generated. Given the limitations on payments abroad in the past, the Group adopted a policy of monthly monitoring of credit balances in foreign currency and its full coverage with the acquisition of Treasury Bonds of the Republic of Angola, indexed to the USD. In 2020 and 2021, the monetary policy adopted by the Angolan govern- ment allowed the fluidity of access to foreign currency necessary to meet payment commitments abroad and regularize all situations of delay. As at 31st December 2021 and 2020 currency exchange risk was as follows: Year 2020 Kwanzas Equivalent EUR USD(*) Equivalente EUR EUR Total (Euro) Financial Assets Cash and cash equivalents 2 999 003 480 3 763 749 4.759 3.996 10 654 3 778 400 Treasury bonds 2 076 445 638 2 605 939 - - - 2 605 939 Others 58 434 356 73 335 9.319 7.825 - 81 160 5 133 883 474 6 443 024 14.078 11.821 10 654 6 465 500 Financial Liabilites Loans 741 666 667 930 792 - - - 930 792 Suppliers 233 790 783 293 407 228 434 191 819 176 539 661 765 Others 8 603 908 10 798 - - - 10 798 984 061 358 1 234 997 228 434 191 819 176 539 1 603 354 Year 2021 Kwanzas Equivalent EUR USD(*) Equivalent EUR EUR Total (Euro) Financial Assets Cash and cash equivalents 1 985 351 043 3 122 957 4 746 4 225 10 366 3 137 549 Treasury bonds 1 524 073 958 2 397 368 - - - 2 397 368 Others 116 134 591 182 680 - - - 182 680 3 625 559 591 5 703 005 4 746 4 225 10 366 5 717 597 Financial Liabilites Loans 203 333 333 319 843 - - - 319 843 Suppliers 198 555 933 312 328 113 585 101 121 83 913 497 363 Others 16 381 909 25 769 - - - 25 769 418 271 176 657 941 113 585 101 121 83 913 842 975 (*) exchange rate USD / EUR 0.89 and 0.84, respectively, in 2021 and 2020. 360