IBERSOL | Annual Report 2020

Consolidated Financial Performance In terms of impairment losses, the effects of the pandemic on the Group’s activities and the greater risk in determining the fair value of the impairment tests performed recognised recoverability losses of the following assets to the tune of 8.3 million Euros: • Property, plant and equipment in 5 restaurants – 0,8 million Euros; • Pizza Móvil Goodwill – 3,1 million Euros; • Spain Travel Goodwill – 4,4 million Euros. Given the fact that the forecasts for the recovery of air travel in Europe have been getting worse, due to delays in the Covid-19 vaccination pro- cesses, the Group adjusted its Travel forecasts to new predictions by airspace regulation entities, taking the recovery slowdown into account. Additional uncertainty regarding the negotiation process with the Span- ish airports concessioner led the group to also factor in an additional risk for this business, with a worsening discount rate, which led to the recognition of the imparity indicated above. EBITDA EBITDA for the period rose to 43.6 million Euros, compared to 119.5 mil- lion Euros of the previous period, which represents a reduction of 63.6% compared to 2019. The total EBITDA margin was 15.1% of business volume, compared to 24.6% in 2019. 34