IBERSOL | 2019 Annual Report

2019 ANNUAL REPORT On 31 December 2019 equity (without IFRS16) amounted to 224 million euros, an increase of 21 million euros compared to the end of 2018. A total of 3.4 million euros in dividends was distributed to shareholders of Ibersol SGPS during the year. CAPEX In 2019, the CAPEX reached the amount of 58 million euros, which corres- ponds to investments in: - expansion and conversion to definitive formats: opening of 56 new res- taurants (38 million euros); - refurbishing: 70 units in Portugal and Spain (15 million euros) - current miscellaneous investments worth 5 million euros. Operational cash flow (without IFRS16) generated during the year amoun- ted to 57 million euros, which was almost entirely enough for the financial coverage of the CAPEX. 111