IBERSOL Annual Report 2018

Consolidated Financial Analysis OPERATIONAL RESULTS Consolidated operational income amounted to 460 million euros, similar to the previous year. The EBITDA margin for the same period amounted to 61 million euros, a drop of 6.5%. The operational results amounted to 31.3 million euros, which represents a 6.3% drop in relation to the same period. Sales and Services Rendered The consolidated turnover at the end of the year reached a total of 450.11 million euros, compared to the 448.33 million euros of 2017. The positive evolution of the restaurant market in Portugal, along with the effects of the openings which took place in 2017 and 2018, contrib- uted to a growth in business volume of 11% in Portugal. More moderate growth was registered in Spain’s restaurant market. The drop in concessioned restaurants in the Barcelona Airport, due to termi- nation of respective contracts, led to a drop in business volume of 4%, including sale of merchandise to franchisees. Turnover 2018 euro million % Ch. 18/17 Sales of Restaurants 432,78 -1,8% Sales of Merchandise 12,83 401,2% Services Rendered 4,50 -11,0% Net Sales & Services 450,11 0,4% 104