Annual Report and Consolidated Account
014
91
FINANCIAL RESULT
The financial year’s net financing cost was negative
at 1.8 million euros, nearly 420,000 euros lower than
in 2013. This net financing cost reduction is primarily
due to lower loan repayment rates which compensate
the higher financing in Angola, where nominal cost is
much higher than the Group’s average.
Interest amounted to 1.7 million euros, corresponding
to an average debt cost of 4.3%.
CONSOLIDATED NET PROFIT
Consolidated profit before taxes stood at 9.0 million
euros, up 4.9 million euros or 117%.
Income tax
The effective tax in 2014 is 2.8 million euros, versus 0.9
million euros in 2013. This accompanied the evolution
of results and the use of available tax losses. When
calculating tax the deduction of the extraordinary tax
credit for investment (Law 49/2013) was not posted,
because the application criteria for this financial year
are still being evaluated.
Due to the effect of deferred taxes, the total tax amount
used to ascertain the Net Profit was 1.1 million euros,
corresponding to a rate of 12.5%.
Consolidated profit of the financial year
Net consolidated profit of the financial year was 7.92
million euros, up 114% over the figure of 3.70 million
euros recorded in 2013.
Non-controlled interest is basically associated to direct
and indirect holdings of minority shareholders in the
Ibersande (Pans & Company) subsidiary and amounted
to 159,000 euros.
Consolidated net profit attributable to shareholders
was 7.76 million euros, up 117% over 2013.
FINANCIAL SITUATION
Balance sheet
Consolidated assets totalled 220 million euros at 31
December 2014, an increase of nearly 2 million euros
compared to end 2013.
This net increase can basically be ascribed to the items
for fixed assets and reduction of applications, which
in more detailed form correspond to the following
contributions:
(i) reduction of technical equipment fixed assets
corresponding to amortizations and impairment
for the financial year (approx. -14 million euros);
(ii) investment in expansion plans, especially Burger
King and KFC (approx. +16 million euros);
(iii) remodelling and diverse investments in Portugal
and Spain (approx. +7 million euros);
(iv) unit closures (approx. –0.6 million euros);
(v) increase of third party debts (approx. +0.9 million
euros);
(vi) increase of inventories (+0.9 million euros)
due to the need for more stock in Angola;
(vii) decrease of cash and cash equivalents
(approx. -8.5 million euros).
