IBERSOL | 2019 Annual Report

Consolidated Financial Analysis OPERATIONAL RESULTS Consolidated operational income amounted to 498.7 million euros, 8.4% higher than the previous year. The EBITDA margin (without IFRS16) for the same period amounted to 60.1 million euros, a drop of 1.5%. The ope- rational results (without IFRS16) amounted to 28.0 million euros, which represents a 10.3% drop in relation to the same period. Sales and Other Operational Income The consolidated business volume at the end of the year reached a to- tal of 485.4 million euros, compared to the 450.11 million euros of 2018. The positive evolution of the restaurant market in Portugal, along with the effects of the openings which took place in 2018 and 2019, contribu- ted to a growth in business volume of 15.3% in Portugal. Spain saw more moderate growth in consumption in the restaurant ma- rket. The year was marked by a reconstruction of business volume in this region, following a reduction in the restaurant share in Barcelona Airport. Turnover 2019 Euro million % Ch. 19/18 Sales of Restaurants 469,5 8,5% Sales of Merchandise 12,3 -4,2% Services Rendered 3,6 -19,5% Net Sales & Services 485,4 7,8% 100