IBERSOL | 2016 Annual Report - page 112

Consolidated Financial Analysis
Net consolidated debt
At year’s end net remunerated debt stood at 110 million euros, 88 million
euros higher than debt at the end of 2015 (22 million euros). This diffe-
rential was mainly aimed at the acquisition of Eat Out Group (77 million
euros) and the strengthening of the number of treasury bonds of the An-
golan State as a currency hedging instrument (around 10 million euros).
Short term bank debt consists of Commercial Paper Programme issues
redeemable in 2017 and medium and long term debt that matures in 2017.
The gearing ratio (net debt/(net debt + equity)), which at end 2015 was
14.1%, rose to 41.9%.
The indicator for net debt over EBITDA at end 2016 was 2.3 times (0.7 in
2015) and the EBITDA interest coverage ratio was 21.0 times (compared
to 21.8 in 2015).
The Group’s financial structure, following the Eat Out Group acquisition
continues to be very robust.
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