IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 FINANCIAL RESULT The financial year’s net financing cost was negative at 5.4 million euros, an increase of 4.2million euros than in 2016. This increase results froma higher level of indebtedness due to the financing agreement for the Eat Out Group acquisition in October 2016. It should also be noted that in the previous year the Group had benefited from a non-recurring income of 1.6million euros. The interest expenses and commissions associatedwith financing amounted to 4.5 million euros, corresponding to an average cost of debt of 2.8%. The reduction of the average cost of debt, results from the evolution of interest rates in Portugal and Spain and the lower weight of the debt in Angola. 111