IBERSOL | Integrated Management Report - 2024

INTEGRATED MANAGEMENT REPORT 2024 31 December 2024 Portugal Angola Spain Group Turnover 254 874 721 14 390 309 205 035 815 474 300 845 Tangible and intangible fixed assets 123 130 757 7 121 472 71 201 933 201 454 162 Right-of-Use Assets 57 278 231 1 256 467 206 256 057 264 790 755 Investment property 12 539 186 - - 12 539 186 Goodwill 6 604 503 130 714 51 852 460 58 587 677 Deferred tax assets - - 9 207 174 9 207 174 Investments in assoc. and joint ventures 5 481 859 - - 5 481 859 Non-current accounts receivable 273 924 - 9 953 426 10 227 350 Debt instruments at amortised cost - 1 443 650 - 1 443 650 Total non-current assets 205 308 460 9 952 303 348 471 050 563 731 813 4.3. Operating income and expenses Accounting policies Employee benefits Short-term employee benefits, such as salaries, wages and social security contri- butions, are recorded under personnel expenses. The liabilities are recorded in the period in which all the employees, including the members of the Board of Directors, acquire the respective right, irrespective of the date of payment, with the balance outstanding at the date of the statement of financial position being shown under current payables. Expenses to be recognized and accrued income Expenses and income are recorded in the period to which they refer regardless of when paid or received, in accordance with the accrual accounting principle. The differences between the amounts received and paid and the corresponding in- come and expenses are registered under “Accounts receivable” or “Accounts pay- able” depending on whether they are receivable or payable amounts. Government grants Government grants are government aid in the form of transfer of resources to an entity in exchange for past or future compliance with certain conditions related to the entity’s operating activities. Government grants for financing staff training activities are recognized as income in the consolidated income statement over the period of time during which the Group incurred the related training expenses. 383