IBERSOL | 2019 Annual Report

2019 ANNUAL REPORT The gains obtained in Portugal were offset by the reduction of contribu- tions from Spain. The total EBITDA margin (without IFRS16) was 12.4% of business volu- me, compared to 13.6% in 2018. FINANCIAL OUTCOME The Net Financing Cost for the year was around 3.2 million euros, around 0.2 million less than in 2018. The net interest supported (without IFRS16) and the commissions asso- ciated to these credit lines amoun- ted to 2.9 million euros, which is equal to an average debt cost of 2.1%. 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. 107