IBERSOL | Annual Report 2021

ANNUAL REPORT 2021 Consequently, “Gearing”, which stood at 74% in 2020 dropped to 48%. The “Net debt to EBITDA” indicator at the end of 2021 was 1.6X (10.1X in 2020) and the EBITDA ratio of interest coverage is 8X (compared to 2X in 2020). Net Debt At the end of the financial year the net debt reached 211.0 million euros, which represents a reduction of 230.1 million euros compared to the debt recorded at the end of 2020 (441.1 million euros). (Millions Euros) 2021 2020 Var. Total loans 167,0 165,1 2,0% Cash and and bank deposits -97,0 -50,6 46,4% Other current and non-current liabilities -2,2 -2,4 -0,3% Net Bank Debt 67,9 112,1 -44,2% Liability for leases 143,1 329,0 -185,9% Net Debt 211,0 441,1 -230,1% Equity 228,7 156,4 72,3% Gearing (Net Debt/Net Debt + Equity) 48% 74% Ebitda 135,9 43,6 92,3% Net Debt / Ebitda 1,6X 10,1X Total Interests 16,6 20,4 -3,8% Interest Coverage 8x 2X 43