IBERSOL | Annual Report 2020

Consolidated Financial Performance CONSOLIDATED NET RESULTS Profit/(loss) before taxes The consolidated result before taxes reached a total of -70.5 million Euros, which represents a reduction of 82.7 million Euros compared to 2019. The value of current taxes amounts to 0.5 million Euros and deferred tax- es are negative by approximately 15.6 million Euros. Financial Year Consolidated Results Due to the impact of the pandemic and restrictions to the operations of Ibersol Group, the consolidated net results for the period stood at -55.3 million Euros, compared to the 17.6 million Euros of 2019. FINANCIAL SITUATION Consolidated Financial Position Consolidated Assets stood at 728.7 million Euros as at 31 December 2020, which represents a reduction of 48.5 million Euros compared to the 777.3 million Euros of the end of 2019, the main transactions being: (i) Investment in expansion plans, especially with Burger King, KFC and Taco Bell (around 19.9 million Euros) (ii) Refurbishing and varied investments in Portugal and Spain (around 8.3 million Euros) (iii) Reduction of property, plant and equipment and intangible as- sets due to amortizations and imparments during the financial period (around -33.5 million Euros) (iv) Reduction of 13.7 million Euros in Angolan Treasury Bonds ap- plications 36