IBERSOL Annual Report 2018

ANNUAL REPORT 2018 Consolidated Financial Analysis For comparative purposes, we must highlight the differential impacts that the application of two accounting standards had on 2018 and 2017 results: a) IAS 29- Financial report in Hyperinflationary Economies: applied for the first time in 2017 to the subsiaries of Angola generated a 6 million euros gain.In 2018, the gain was only 1.2 million eruros. b) AS 17 – Leases: the leases linearization of the new airport con- cession contracts concluded during the year, resulted in an ad- ditional cost of 1.3 million euros 2018 2017 Operating Incomes Sales 445.607.539 443.270.117 Rendered Services 4.503.303 5.058.9771 Other Operating Incomes 9.922.824 9.781.036 Total Operating Incomes 460.033.666 458.110.130 Operating Costs Cost of Sales 108.799.400 102.831.054 External supplies and services (*) 149.938.133 149.502.177 Personnel Costs 137.120.057 135.318.741 Amortisation, Depreciation and Impairm 29.794.531 31.922.475 Other Operating Costs 3.126.812 5.180.157 Total Operating Costs 428.778.933 424.754.604 Operating Results 31.254.733 33.355.526 EBIDTA 61.049.264 65.278.001 Net Financing Charges 2.989.186 5.397.611 Gains and Losses in Joint Ventures 39.456 2.755 Gains (losses) capital participation -370.000 0 Gains (losses) on the net monetary position (**) 1.206.056 5.980.424 Earnings before Taxes 29.141.059 33.941.094 Corporate Income Tax 4.070.309 2.701.589 Consolidated Result for the Year 25.070.750 31.239.505 (*) IAS 17 (**) IAS 29 103