79
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
FINANCIAL RESULT
The net finance cost for the year of 2.3 million euros was
nearly 140 thousand euros higher than in 2012. This in-
crease in net finance cost is due mainly to lower interest
rates on deposits and an increase in borrowings in An-
gola, the nominal cost of which is well above the aver-
age for the Group as a whole.
Interest expense remained unchanged compared to
2012 at 2.6 million euros, giving an average cost of debt
of 5.0%.
CONSOLIDATED NET PROFIT
Consolidated profit
before taxes was 4.2 million eu-
ros, an increase of 0.7 million euros, representing 21%
growth.
Income tax expense
Tax expense in 2013 was 0,9 million euros, compared
to 1.1 million in 2012, in line with the increase in prof-
it, the utilization of deferred tax assets and the deduc-
tion of the extraordinary tax credit for investment (Law
49/2013).
Due to the effect of the deferred taxes, the total amount
of tax payable for calculating net profit was 472 thou-
sand euros, giving an effective tax rate of 11.3%.
Consolidated profit for the year
The
consolidated net profit for the year
was 3.70 mil-
lion euros, compared to 2.74 million euros in 2012, an
increase of 34.7%.
Non-controlling interests relate essentially to the direct
and indirect holdings of minority shareholders in the
subsidiary Ibersande (Pans & Co.), amounting to 120
thousand euros.
The
consolidated net profit attributable to share-
holders of the parent
was 3.58 million euros, up 42.3%
on 2012.
FINANCIAL POSITION
Balance sheet
Consolidated
assets
totalled 218 million euros at 31 De-
cember 2013, approximately 6 million euros less than at
year-end 2012.
This decrease was mainly due to the following move-
ments in fixed assets:
(i) decrease in property, plant and equipment as a
result of depreciation and impairment for
the year (approx. -12 million euros);
(ii) investment in expansion plans and remodels
in Portugal and Spain, especially remodels
(approx. +10 million euros);
(iii) investment in Angola (approx. +3.3 million euros);
(iv) closure of units (approx. -0.5 million euros);
(v) decrease in accounts receivable
(approx. -1,6 million euros);
(vi) increase in inventories (+1.5 million euros),
as the Group holds the inventories for the
supply of the three restaurants in Angola;
(vii) decrease in State and Public Entities
(approx. -1 million euros);
(viii) decrease in cash and cash equivalents
(approx. -5 million euros).
