Consolidated Financial Analysis
EBITDA
EBITDA during the period attained 47.1 million euros, compared to the
previous year’s figure of 32.7 million euros. Sales growth in all geographies
where we operate, the reduction of the VAT rate in the second half of the
year in Portugal and the incorporation of Eat Out Group’s 2.4 million euros
were decisive for the 44.1% growth in consolidated EBITDA.
Higher turnover and instilled cost reduction dynamics led to a recovery of
the EBITDA margin, which rose from 15.3% in 2015 to 17.5% in 2016.
FINANCIAL RESULT
The financial year’s net financing cost was negative at 1.2 million euros, an
reduction of 3.1 million euros than in 2015. Excluding the financial income of
1.7 million euros obtained in the compensation of the Ex-Scuts, the annual
reduction would amount to 1.5 million euros. This amount is about 1 million
euros lower than the amount of the potential exchange differences recorded in
Angola in the year 2015.
The interest expenses and commissions associated with financing amounted
to 2.2 million euros, corresponding to an average cost of debt of 3.5%. 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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