IBERSOL | Annual Report 2021

CONSOLIDATED FINANCIAL STATEMENTS The following table shows the Group financial liabilities (relevant items), considering contractual cash-flows: < 1 year from 1 to 5 years > 5 years Bank loans and overdrafts 26 593 284 137 664 847 2 774 219 Lease liabilities 21 645 649 65 842 690 55 579 995 Other non-current liabilities - 4 176 - Accounts payable to suppliers and accrued costs (*) 63 520 159 - - Other current liabilities (**) 5 536 323 - - Total 117 295 415 203 511 713 58 354 214 (*) amount excluding remunerations to be paid (note 21). (**) amount excluding balances with the state and deferred income (note 22). 3.2 CAPITAL RISK a) Gearing ratio The company aims to maintain an equity level suitable to the characteristics of its main business (cash sales and account payable) and to ensure continuity and expan- sion. The capital structure balance is monitored based on the gearing ratio (defined as: (net remunerated debt / net remunerated debt + equity)) in order to place the ratio within a 50%-75% range. As at 31st December 2021 and 2020 the gearing ratio was of 48% and 74%, respec- tively, as follows: dec. 2021 dec. 2020 Lease liabilities 143 068 334 329 014 533 Bank loans 167 032 350 165 068 581 Other financial assets -2 179 955 -2 442 186 Cash and bank deposits -96 968 003 -50 550 293 Net indebtedness 210 952 726 441 090 634 Equity 228 663 582 156 405 905 Total capital 439 616 308 597 496 539 Gearing ratio 48% 74% 364