IBERSOL Annual Report 2018

Consolidated Financial Analysis EBITDA The EBITDA over the period amounted to 61.0 million euros, which com- pares to 65.2 million of the previous year and equals a reduction of 6.5% compared to 2017. This was heavily influenced by the decreased activity in the airports in Spain, due to the partial loss of concessions in Barce- lona, the transition period to new concessions and the devaluation of Angolan currency, as mentioned previously. The gains of 4 million Ebitda in Portugal were offset by the reduction of contributions from Spain and Angola to the amount of 6 and 2 million euros, respectively. The total EBITDA margin was 13.6% of business volume, compared to 14.6% in 2017. FINANCIAL OUTCOME The Net Financing Cost for the year was round 3.0 million euros, around 2.4 million less than in 2017. The net interest supported and the commissions associated to these credit lines amounted to 3.4 million euros, which is equal to an aver- age debt cost of 2.5%. The downward trajectory of the average cost of financing can be attributed to changes in interest rates in Portugal and Spain and the lower weight of the debt in Angola. 112