IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 The group’s income tax prior to taxes is not the same as the theoretical amount that would result from applying the mean weighted income tax rate to the consolidated profit, as follows: 2020 2019 Pre-tax profit -70.449.203 12.318.035 Tax calculated at the appliacble tax rate in Portugal (22,5%) -15.851.071 2.771.558 Fiscal effect caused by: Income tax provisions - -3.211.467 Tax losses without deferred tax 4.922.780 - Insufficiency (excess) of income tax -3.279.848 -1.340.281 Tax credits (CFI) -38.375 -3.136.787 Deferred tax credits -17.293 -705.133 Special tax (independent) 38.375 521.954 Tax pours 401.131 212.372 Deferred tax adjustments and other effects -1.317.693 -433.992 Income Tax Expenses -15.141.994 -5.321.775 In 2020, the average tax rate is 21%. 27. INCOME PER SHARE Income per share in the periods ended 31 December 2020 and 2019 was calculated as follows: 2020 2019 Profit payable to shareholders -55.197.249 17.549.228 Average weighted number of ordinary shares issued 36.000.000 36.000.000 Average weighted number of own shares -3.599.981 -3.599.981 32.400.019 32.400.019 Basic earnings per share (€ per share) -1,70 0,54 Earnings diluted per share (€ per share) -1,70 0,54 Number of own shares at the end of the year 3.599.981 3.599.981 Since there are no potential voting rights, the basic earnings per share is equal to earn- ings diluted per share. 383