Consolidated Financial Analysis
EBITDA
EBITDA during the period attained 32.7 million euros, compared to
the previous year’s figure of 25.4 million euros. The sales recov-
ery occurring in the Iberian Peninsula and the operation of 4 more
restaurant in Angola were decisive for the positive 28.8% rise in
consolidated EBITDA.
Higher turnover and instilled cost reduction dynamics led to a re-
covery of the EBITDAmargin, which rose from 13.5% in 2014 to 15.3%
in 2015.
Financial Result
The financial year’s net financing cost was negative at 4.3 million
euros, an increase of 2.5 million euros than in 2014.
This increase corresponds almost entirely to the amount of potential
exchange differences recorded in Angola on 31 December.
The interest expenses and commissions associated with financing
amounted to EUR 1.5 million, corresponding to an average cost of
debt of 3.8%. The reduction in loans remuneration rates in Portugal
and Spain is mitigated by the increase in funding in Angola whose
nominal cost is much higher than the Group average.
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