IBERSOL Annual Report and Consolidated Accounts 2017

Consolidated financial analysis CONSOLIDATED NET PROFIT Consolidated profit before taxes stood at 33,9 million euros, an increase of 4.8million euros from2016 (29.1million euros). In 2017 gain of 6million euros on the net monetary position - IAS29 (Hyperinflationary Economies) - ac- counted as an independent item “Gain on the net monetary position”. Income tax The current tax in 2017 is 2.7 million euros. Tax credit were deducted for in- vestments made in Portugal (under RFAI) in the amount of 3.0million euros and recorded deferred tax assets for use of 1.1 million euros. Consolidated profit of the financial year Net consolidated profit of the financial year was 31.2 million euros, that compares with 23.3 million euros in 2016 representing an increase of 34,1%. Without Eat Out Group and considering the effect of the application of IAS29, net income increased 44.3%, from 20.4 million euros in 2016 to 29.4 million euros in 2017. 112