IBERSOL Annual Report 2018

Consolidated Financial Analysis NET CONSOLIDATED OUTCOME Result before Tax The consolidated result before tax amounted to 29.1 million euros, repre- senting a reduction of 14.1%, or 4.8 million euros, compared to 2017 (33.9 million euros). Corporation tax Corporation tax in 2018 amounts to 4.0 million euros. Tax benefits of 3.9 million euros for investments in Portugal (according to the CFI) were deducted. The actual corporation tax was 14%. Consolidated Result for the Year The net consolidated result for the year amounted to 25.1 million euros, which, when compared to the 31.2 million euros for 2017 shows a de- crease of 19.7%. Disregarding the effect of the application of IAS29, registered in au- tonomous item “Gains on net monetary position” (due to restatement in 2017 of 5.9 million euros and 1.2 million euros in 2018), the consolidated result would register a drop of 5.4% compared to 2017. 114