IBERSOL Annual Report and Consolidated Accounts 2017

Consolidated financial analysis lion euros due to the application of IAS29 (Hyperinflationary Economies) to Angola assets and 1.1 million euros resulting from the annual depreciation of the brands value, recognized after the Goodwill revision in the Eat Out Group acquisition. Without Eat Out Group, depreciations amount of 18.6 million euros, which represents an increase from6.0% in 2016 to 6.5% of turnover in 2017, result- ing from the application of IAS29mentioned above. Impairment losses for tangible and intangible assets recognized in this fi- nancial year stood at 170.000 euros. EBITDA EBITDA in 2017 achieved to 65.3million euros, compared to 47.1million euros in the previous year, representing a growth of 38.6% compared with 2016. Ebitda without Eat Out Group, increased 5.3 million euros and amounted to 47.7 million euros, ie 12.7% over the previous year (2016: 42.3 million euros) Consolidated EBITDA margin was 14.6% and without Eat Out Group 16.7% of turnover comparedwith 17.1% in 2016 adjusted of the Eat Out Group integra- tion effects and non-recurring incomes. 110