CONSOLIDATED NET RESULT
The consolidated result before taxes was 3.4 million eu-
ros, a reduction of 5.7 million euros, i.e. a drop of 62.6%.
Corporate Tax
The effective tax in 2012 is 1.1 million euros, versus 2.9
million euros in 2011. This figure accompanies the evo-
lution of results and the use of available tax deferrals.
Due to the effect of deferred taxes, the amount of total
tax applicable for calculating the Net Result came to a
positive amount of 691,000 euros, corresponding to a
rate of 20.1%.
Consolidated Result for the Financial Year
The
net consolidated result for the financial year
was 2.74 million euros, compared to the figure of 6.55
million euros recorded in 2011, representing a drop of
58.1%.
Uncontrolled interests essentially involve the direct
and indirect stake of minority shareholders in the sub-
sidiary Ibersande (Pans & Cª) and amounted to 231,000
euros.
The
net consolidated result attributable to share-
holders
was 2.51 million euros, 59% less than the fig-
ure for 2011.
FINANCIAL SITUATION
Balance
Consolidated
Assets
were 224 million euros at 31 De-
cember 2012, about 4 million euros less than at end
2011.
This decrease basically resulted from fixed asset items
and corresponds to the following contributions:
(i) reduction of technical fixed assets referring to finan-
cial year amortizations and impairments (about -12
million euros);
(ii) investment in expansion and renovation plans in
Portugal and Spain, especially renovations (about
+7.5 million euros);
(iii) investment in Angola, about +3 million euros);
(iv) closing of units and correction of asset price (about
-2 million euros);
(v) increased third party debts (about +1 million euros);
(vi) increased SPE-IRC to recover (about +1 million euros);
(vii) reduction in available funds (about -2.5 million euros)
Consolidated Liabilities were 107 million euros at 31 De-
cember 2012, 6 million euros less than at end 2011.
At 31 December 2012 Equity Capital stood at 117 million
euros, 2 million euros more than the end 2011 figure.
About 1.0 million euros were distributed as dividends
during the financial year.
CAPEX
In 2012 CAPEX came to 10.0 million euros, correspond-
ing to investment in:
- expansion in Portugal and Spain: acquisition of conces-
sion of 2 spaces and renovation of 13 units (totalling 4
million euros);
- expansion in Angola: completion of first unit and in-
stallation of second KFC (3.2 million euros);
- various current and ongoing expenditures totalling 2.4
million euros.
Disinvestment also occurred due to the closure of 20
units (11 in Portugal and 9 in Spain).
Cash flow generated during the financial year was 14.8
million euros, an amount sufficient for financial cover-
age of CAPEX.
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2012
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