IBERSOL | Annual Report 2021

CONSOLIDATED FINANCIAL STATEMENTS dec. 2021 dec. 2020 Restaurants Ribs 5 175 479 5 175 479 FrescCo - 1 476 821 Pizza Hut 1 972 242 1 972 242 Sub-total 7 147 721 8 624 542 Counters Pans & Cº 11 850 160 11 850 160 Burger King 24 641 046 24 641 046 KFC 708 785 708 785 Sub-total 37 199 991 37 199 991 Concessions, Travel and Catering Concessions and Travel (SP) 30 630 919 30 630 919 Concessions and Travel (PT) 850 104 850 104 Catering 3 024 365 3 024 365 Sub-total 34 505 388 34 505 388 Others 179.721 179.721 TOTAL 79 032 821 80 509 642 Goodwill – Impairment tests Goodwill is not amortized. The Group performs impairment tests on goodwill annu- ally, or whenever there are signs of impairment, as mentioned in Note 2.9. For the purpose of impairment tests on CGU, the recoverable amount was deter- mined based on the value in use, according to the discounted cash flow method. The recoverable value of the CGU derives from assumptions related to the activity, namely, sales volumes, operating costs, planned investments, remodelling and clos- ing of units, the impact of other market players, internal management projections and historical performance. These projections result from the budgets for the following period and the esti- mated cash flows for a subsequent period of four years reflected in the medium and long-term plans approved by the Board of Directors. In terms of impairment losses, the effects of the pandemic on the restaurant sector and the pace of recovery, particularly in locations most dependent on the recovery of tourist traffic, namely in concessioned spaces, resulted in the maintenance of the application of different risks in determining the value recoverable from the tests car- ried out, depending on the business areas. With the exception of the results obtained in the analysis of the FrescCo operation in Spain, the remaining impairment tests did not result in impairment losses, which is in line with Management’s expectations, which effectively indicate that there are no other permanent losses in its businesses, with the clear expectation of business 384