IBERSOL | 2019 Annual Report

Consolidated Financial Analysis NET CONSOLIDATED OUTCOME (without IFRS16) Result before Tax (without IFRS16) The consolidated result before tax (without IFRS16) amounted to 24.9 million euros, representing a reduction of 14.5%, or 4.2 million euros, compared to 2018 (29.1 million euros). Corporation tax (without IFRS16) Corporation tax (without IFRS16) in 2019 amounts to -2.2 million euros. Tax benefits of 4.5 million euros for investments in Portugal (according to the CFI) were deducted, and the provisions regarding tax credits resulting from corporation tax calculations of previous years were re- versed. The effective tax rate is negative because the tax credits used under the CFI are higher than the income tax. Consolidated Outcome for the Year (without IFRS16) The net consolidated outcome for the year (without IFRS16) amounted to 27.1 million euros, which, when compared to the 25.1 million euros for 2018 shows an increase of 8.2%. 108