CONSOLIDATED FINANCIAL STATEMENTS
The discount rate is presented net of taxes and was calculated based on the WACC (Weighted
Average Cost of Capital).
SOL units impairment tests assumptions
The growth rate of sales of each unit depends on the expected evolution of traffic in the dif-
ferent sections of highways and capture rate of the service areas particularly the restaurants.
The decision to start charging tolls on highways (ex-scuts), affected very negatively the exploi-
tation of service areas (gas stations and restaurants) due to the sharp decline in traffic and,
simultaneously, to the change of consumer habits. In the last two years we began a traffic
recovery, although at a slow pace and very differentiated from sector to sector.
The critical variables of this business (SOL units) are identical to all other restaurants: the
number of transactions and income per transaction.
The income per transaction, that had suffered a substantial decrease in 2012, has been re-
covering with a tendency to stabilize. The evolution of the number of transactions, in some
locations, has not increase the same way as other food businesses because it depends on
specific circumstances:
- traffic evolution and alternative conditions in the different sections;
- capture traffic from units located in those sectors.
Whereas the capture seems to have been influenced by factors difficult to measure:
- Weight of the “low costs” in the fuel sale offer;
- Extension the convenience stores of gas stations;
- Pace of recovery of the consumer habits in the service areas.
Over the course of time the traffic evolution in each section is starting to show a consistent
trend, however the evolution of customer acquisition rate is, as mentioned, a variable that
has evolved in a less consistent way, due to factors whose impact it has proved difficult to
anticipate with a reasonable degree of security, since the previous year’s behaviour analysis
does not allows adequately foresee of the future evolution.
Regarding these fluctuations, the base scenario of each year, which is translated in the annual
budget, has been suffering adjustments that had been reflected in the referred impairments,
although it seeks to adopt a realistic perspective for the long term projection.
In 2015, the sensitivity analysis of the discount rate is presented as follows:
Discount rate
Impairment
Additional
impairment Notes
5.80%
3,791,703
6.30%
3,922,192
6.80%
4,080,721
Impairment accounted value
7.30%
4,130,080
49,359 (1)
7.80%
4,224,054
143,333 (1)
(1) For a discounted rate in perpetuity change of 0.5% and 1% would result in a further loss of 49.000 euros and 143.000 euros respectively.
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