IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 FINANCIAL POSITION Balance sheet Consolidated assets totalled 437 million euros at 31 December 2017, an in- crease of 16million euros compared to the end of 2016. This net increase resulted essentially from: (i) Investment in expansion plans, especially Burger King e KFC (approx. 18.2 million euros) (ii) Refurbishment and diverse investments inPortugal and Spain (approx. +15.2 million euros); (iii) Increase in the assets value due to IAS 29 - “Hyperinflationary econo- my” (approx. 18million euros) (iv) Reduction of technical equipment fixed assets corresponding to amortizations and impairment for the financial year (approx. -32 mil- lion euros); (v) Increase of investments in treasury bonds in Angola by 5.5 million eu- ros and reduction of 4.9million in cash equivalents. (vi) Reduction of current assets other than “Cash and Banks” in the amount of 3 million euros. Consolidated liabilities amounted to 248million euros at 31 December 2017, that represents a decrease of 21 milion euros from 2016. At 31 December 2017, shareholders’ Equity stood at 188 million euros, an increase of 36 million euros compared to end 2016. The impact of applying IAS29 to equity shareholders was 7.6million euros. Dividends of nearly 2.2 million euros were distributed during the year. 113