IBERSOL | 2019 Annual Report

Consolidated Financial Analysis FINANCIAL SITUATION Balance Consolidated assets (without IFRS16) amounted to 468 million euros on 31 December 2019, representing an increase of 24 million in relation to the 444 million from the end of 2018, the main transactions being: (i) Investments in the fulfilment of the expansion plans, especially Burger King and KFC and completion of new concessions in their final formats (around 38 million euros) (ii) Remodelling and varied investments in Portugal and Spain (around 15 million euros) (iii) Decrease in the technical fixed asset regarding the year’s amortisations and impairments (around -28 million euros) (iv) Decrease of 4 million euros in Investments in Angolan Trea- sury Bonds Consolidated liabilities (without IFRS16) amounted to 244,5 million eu- ros on the 31 December 2019, which represents a slight increase of 3.5 million euros, compared to the final value of 2018. 110