IBERSOL | Annual Report 2020

Consolidated Financial Statements CFU dec. 2020 dec. 2019 Restaurants Ribs 5.175.479 5.175.479 Frescco 1.476.821 1.476.821 Pizza Movil - 3.116.287 Pizza Hut 1.972.242 1.972.242 Sub-total 8.624.542 11.740.829 Counters Pans & Cº 11.850.160 11.850.160 Burger King 24.641.046 24.641.046 KFC 708.785 708.785 Sub-total 37.199.991 37.199.991 Concessions and Catering Concessions and travel 31.481.023 35.823.319 Catering 3.024.365 3.024.365 Sub-total 34.505.388 38.847.684 Others 179.721 179.721 TOTAL 80.509.642 87.968.225 Goodwill – Impairment tests Goodwill is not amortized. The Group performs impairment tests on goodwill annu- ally, or whenever there are signs of impairment, as mentioned in Note 2.9. For the purpose of impairment tests on CGU, the recoverable amount was deter- mined based on the value in use, according to the discounted cash flow method. The recoverable value of the CGU derives from assumptions related to the activity, namely, sales volumes, operating costs, planned investments, namely the opening, remodelling and closing of units, the impact of other market players, internal man- agement projections and historical performance. These projections result from the budgets for the following period and the esti- mated cash flows for a subsequent period of four years reflected in the medium and long-term plans approved by the Board of Directors. Covid-19 Given the current context of the Covid-19 pandemic, the Group chose to reflect, in its medium and long-term projections, more defensive growth expectations, consider- ing that the adverse economic effects would remain in the coming years. However, and despite the different business models and markets in which it operates, with expectations of recovery at different rates, it is reasonable to admit that the main impacts on cash flow may be felt in the next 2 years, but that all business units are 356